The First Bancshares, Inc. (FBMS) has reported a 14.86 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $2.56 million, or $0.45 a share in the quarter, compared with $2.23 million, or $0.39 a share for the same period last year.
Revenue during the quarter grew 18.19 percent to $13.02 million from $11.02 million in the previous year period. Net interest income for the quarter rose 8.40 percent over the prior year period to $10.07 million. Non-interest income for the quarter rose 56.36 percent over the last year period to $3.10 million.
The First Bancshares, Inc. has made provision of $0.14 million for loan losses during the quarter, down 42.80 percent from $0.25 million in the same period last year.
Net interest margin contracted 9 basis points to 3.70 percent in the quarter from 3.79 percent in the last year period. Efficiency ratio for the quarter deteriorated to 70.24 percent from 69.40 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
M. Ray "Hoppy" Cole, President & Chief Executive Officer, commented, "We are pleased to record another quarter of strong growth and improved profitability across our entire franchise. Our regional markets continue to offer us expansion opportunities as we continue to improve our market share throughout the Gulf South."
Liabilities outpace assets growth
Total assets stood at $1,266.64 million as on Sep. 30, 2016, up 11.32 percent compared with $1,137.85 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,153.98 million as on Sep. 30, 2016, up 11.36 percent from $1,036.23 million on Sep. 30, 2015.
Net loans stood at $846.88 million as on Sep. 30, 2016. Deposits stood at $1,071.79 million as on Sep. 30, 2016, up 11.20 percent compared with $963.84 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $196.79 million or 18.36 percent of total deposits on Sep. 30, 2016, compared with $187.54 million or 19.46 percent of total deposits on Sep. 30, 2015.
Investments stood at $251.68 million as on Sep. 30, 2016, down 0.56 percent or $1.43 million from year-ago. Shareholders equity stood at $112.66 million as on Sep. 30, 2016, up 10.86 percent or $11.04 million from year-ago.
Return on average assets moved up 3 basis points to 0.83 percent in the quarter from 0.80 percent in the last year period.
Nonperforming assets moved down 9.39 percent or $1.17 million to $11.30 million on Sep. 30, 2016 from $12.47 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.89 percent in the quarter, down from 1.10 percent in the last year period.
Book value per share was $17.60 for the quarter, up 11.96 percent or $1.88 compared to $15.72 for the same period last year.
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