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First Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $18.6 million, down from $24.4 million in the same quarter the previous year. The decrease is largely attributed to a reduction in a U.S. Treasury award and increased expenses.
Net interest income for the quarter was $59.0 million, a decrease from $60.7 million in the previous year, with the net interest margin at 3.33%, compared to 3.47% last year.
Non-interest income decreased to $12.2 million from $19.3 million, primarily due to a decrease in government awards/grants.
Non-interest expense was $46.4 million, slightly down from $47.7 million, with increases in salaries and acquisition charges offset by decreases in other expenses.
The company's total assets were reported at $7.966 billion, with loans, including loans held for sale, increasing to $5.322 billion.
Deposits totaled $6.561 billion, reflecting a slight increase from the previous quarter.
The allowance for credit losses was $55.7 million, representing 1.05% of total loans, consistent with the previous quarter.
First Bancshares announced a merger agreement with Renasant Corporation (RNST-1.50%), expected to close in the first half of 2025, subject to regulatory approvals.
The company declared a cash dividend of $0.25 per share, payable on November 22, 2024, to shareholders of record as of November 8, 2024.
The filing also details various financial agreements and recent accounting standard updates that are not expected to materially impact the company's financial statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Bancshares Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.