UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) |
July 26, 2013 |
The First Bancshares, Inc. |
(Exact name of registrant as specified in its charter) |
Mississippi |
33-94288 |
64-0862173 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
6480 U.S. Hwy 98 West, Hattiesburg, MS |
39402 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code |
(601) 268-8998 |
N/A |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 |
Results of Operations and Financial Condition |
On July 26, 2013, The First Bancshares, Inc. issued a press release announcing its preliminary results of operations for the quarter ended June 30, 2013. A copy of the press release is attached hereto and incorporated herein as Exhibit 99.1. In accordance with general instruction B.2 of Form 8-K, this information is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.
Item 7.01. |
Regulation FD Disclosure |
On July 26, 2013, The First Bancshares, Inc. announced its declaration of a $0.0375 per share quarterly cash dividend. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.
Item 9.01 |
Financial Statements and Exhibits |
(c) Exhibits
99.1 Press Release dated July 26, 2013
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
The First Bancshares, Inc. |
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(Registrant) | ||||
Date: |
July 26, 2013 |
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/s/ Dee Dee Lowery |
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Name: Dee Dee Lowery |
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Title: EVP and CFO |
Exhibit 99.1
The First Bancshares, Inc. Reports 2nd Quarter 2013 Earnings and Declaration of Dividend
HATTIESBURG, Miss.--(BUSINESS WIRE)--July 26, 2013--The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) today reported earnings for the quarter ended June 30, 2013. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be August 12, 2013 with a payable date of August 27, 2013.
Net income available to common stockholders for the three months ended June 30, 2013 amounted to $706,000, or $.18 per diluted share, compared to $931,000, or $.30 per diluted share for the same quarter in 2012, a decrease of $225,000 or 24.2%. Net income available to common shareholders exclusive of merger related costs for the three months ended June 30, 2013 was $1,134,000, a 21.8% increase over the same quarter in 2012.
Net income available to common stockholders for the six months ended June 30, 2013 amounted to $1,825,000, or $.51 per diluted share, compared to $1,796,000, or $.58 per diluted share for the same period in 2012, an increase of $29,000 or 1.6% in net income available to common shareholders. Net income available to common shareholders exclusive of merger related costs for the six months ended June 30, 2013 was $2,200,000, a 22.5% increase over the same period in 2012.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are pleased with the continued growth in all areas of our company. We achieved substantial growth in loans and deposits during the quarter as a result of the acquisition of First National Bank of Baldwin County and throughout our legacy markets. Profitability also improved showing a 20% increase in net income year over year when adjusted for merger related costs. The integration of First National Bank of Baldwin County will be completed during the third quarter resulting in some additional merger related expenses; however, our core business continues to perform well.”
The following are key highlights for the six months ended June 30, 2013:
Net Interest Income and Non-Interest Income
Net interest income for the quarter ended June 30, 2013, was $6.8 million, a $1.3 million increase compared to the second quarter of 2012. This improvement was primarily a result of increased loan volume in existing markets as well as loan growth associated with the acquisition of First National Bank of Baldwin County.
Non-interest income increased for the second quarter of 2013 to $1,890,000 as compared to $1,510,000 for the second quarter of 2012. An increase in fee income associated with higher loan and deposit volumes attributed to this increase.
Non-Interest Expense
Non-interest expense increased for the second quarter of 2013 to $7,245,000 as compared to $5,414,000 for the second quarter of 2012. This reflects an increase of 33.8% in non-interest expense primarily related to an increase in operating costs associated with the acquisition of First National Bank of Baldwin County as well as an increase in salaries and employee benefits associated with the start of our private banking division. One-time acquisition costs expensed during the second quarter of 2013 amounted to $635,500.
Total Assets, Net Loans and Deposits
Total assets increased between March 31, 2013, and June 30, 2013 by $176.6 million, or 22.4%. Deposits saw an increase of $180.1 million or 27.1% over the same period. Total loans, net of unearned interest, increased $132.4 million or 31.1% between March 31, 2013, and June 30, 2013. Assets of $188.5 million, loans of $124.2 million and deposits of $185.8 were acquired from First National Bank of Baldwin County on April 30, 2013.
At June 30, 2013, The First Bancshares, Inc. reported total loans of $557.8 million, total assets of $965.4 million, total deposits of $843.3 million and stockholders’ equity of $82.6 million. Return on average assets was .53% and return on average equity was 5.64% for the annualized six months exclusive of merger related expenses of $977,000 and a non-interest income award of $415,000.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in south Mississippi, Louisiana and south Alabama. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.
Forward Looking Statement
This news release contains statements regarding the projected performance of The First Bancshares, Inc. and its subsidiary. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; and legislation or regulatory changes which adversely affect the ability of the combined Company to conduct business combinations or new operations. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information on The First Bancshares, Inc. is available in its filings with the Securities and Exchange Commission, available at the SEC’s website, http://www.sec.gov.
THE FIRST BANCSHARES, INC. FINANCIAL HIGHLIGHTS (Unaudited) |
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($ amounts in thousands except earnings per share, book value and total share volume) |
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For the three months | For the six months | |||||||||||||||
ended June 30, | ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest income | $ | 7,609 | $ | 6,609 | $ | 14,259 | $ | 13,275 | ||||||||
Interest expense | 823 | 1,101 | 1,582 | 2,282 | ||||||||||||
Net interest income | 6,786 | 5,508 | 12,677 | 10,993 | ||||||||||||
Provision for loan losses | 349 | 221 | 660 | 373 | ||||||||||||
Net interest income after provision for loan losses | 6,437 | 5,287 | 12,017 | 10,620 | ||||||||||||
Non-interest income | 1,890 | 1,510 | 3,820 | 2,985 | ||||||||||||
Non-interest expense | 7,245 | 5,414 | 13,224 | 10,936 | ||||||||||||
Income before income taxes | 1,082 | 1,383 | 2,613 | 2,669 | ||||||||||||
Income taxes | 270 | 346 | 576 | 661 | ||||||||||||
Net income | 812 | 1,037 | 2,037 | 2,008 | ||||||||||||
Preferred Stock Accretion & Dividends | 106 | 106 | 212 | 212 | ||||||||||||
Net income applicable to Common Stock | 706 | 931 | 1,825 | 1,796 | ||||||||||||
Earnings per share applicable to common stockholders | ||||||||||||||||
Basic | $ | .18 | $ | .30 | $ | .52 | $ | .58 | ||||||||
Diluted | .18 | .30 | .51 | .58 | ||||||||||||
Dividends per share | .0375 | .0375 | .075 | .075 | ||||||||||||
June 30, | December 31, | June 30, | |||||||||||||
2013 | 2012 | 2012 | |||||||||||||
Total assets | $ | 965,437 | $ | 721,386 | $ | 700,616 | |||||||||
Cash and due from banks | 76,900 | 29,813 | 22,366 | ||||||||||||
Federal funds sold | 4,941 | 1,064 | 764 | ||||||||||||
Investment securities | 256,485 | 222,863 | 238,187 | ||||||||||||
Loans, net of unearned interest | 557,771 | 413,698 | 385,551 | ||||||||||||
Allowance for loan losses as % of net loans |
.97 | % | 1.16 | % | 1.16 | % | |||||||||
Loans past due 90 days and still accruing |
352 | 158 | 1,205 | ||||||||||||
Non-accrual loans | 1,886 | 3,401 | 2,303 | ||||||||||||
Non-accrual securities | 1,950 | 1,950 | 1,950 | ||||||||||||
Other real estate owned | 5,686 | 6,782 | 6,744 | ||||||||||||
Total nonperforming assets | 9,874 | 12,291 | 12,202 | ||||||||||||
Deposits-interest bearing | 661,015 | 487,002 | 483,547 | ||||||||||||
Deposits non-interest bearing | 182,324 | 109,625 | 104,482 | ||||||||||||
Total deposits | 843,339 | 596,627 | 588,029 | ||||||||||||
Borrowed funds | 16,500 | 36,771 | 28,291 | ||||||||||||
Subordinated debentures | 10,310 | 10,310 | 10,310 | ||||||||||||
Stockholders’ equity | 82,617 | 65,885 | 63,300 | ||||||||||||
Tangible book value (per share) | $ | 10.20 | $ | 11.97 | $ | 10.99 | |||||||||
Total shares outstanding | 5,093,455 | 3,107,102 | 3,135,361 | ||||||||||||
CONTACT:
The First Bancshares, Inc.
M. Ray “Hoppy” Cole, CEO,
601-268-8998
or
DeeDee Lowery, CFO, 601-268-8998