The First Bancshares, Inc. Declares Quarterly Cash Dividend, Payable on February 22, 2018; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017
January 26, 2018 at 04:14 pm EST
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The First Bancshares, Inc. announced that its Board of Directors declared a cash dividend in the amount of $0.05 per share, an increase of $0.0125 per share, or 33.3%, to be paid on its common stock on February 22, 2018 to shareholders of record as of the close of business on February 5, 2018.
The company reported unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2017. For the quarter, the company reported total interest income of $17,143,000 compared to $11,868,000 a year ago. Net interest income was $15,221,000 compared to $10,692,000 a year ago. The increase is primarily due to interest income earned on a higher volume of loans. Earnings before income taxes were $6,265,000 compared to $3,177,000 a year ago. Net income available to common shareholders was $2,414,000 or $0.23 per diluted share compared to $2,112,000 or $0.26 per diluted share a year ago. Diluted earnings per share, operating were $0.45 compared to $0.30 a year ago. Book value per common share at Dec. 31, 2017 was $19.92 compared to $17.19 a year ago. Tangible common book value per common share at Dec. 31, 2017 was $17.71 compared to $15.46 a year ago. Annualized return on average assets was 0.53% compared to 0.72% a year ago. Annualized return on average assets, operating was 1.05% compared to 0.75% a year ago. Annualized return on average common equity, operating was 9.21% compared to 10.11% a year ago. Annualized return on average tangible common equity, operating was 10.49% compared to 12.10% a year ago.
For the year, the company reported total interest income of $66,069,000 compared to $44,604,000 a year ago. Net interest income was $59,160,000 compared to $40,289,000 a year ago. Net interest income increased $18.9 million in year-over-year comparison as interest income earned on a higher volume of loans attributed to this overall increase. Earnings before income taxes were $17,571,000 compared to $14,049,000 a year ago. Net income available to common shareholders was $10,616,000 or $1.11 per diluted share compared to $9,666,000 or $1.57 per diluted share a year ago. Net earnings available to common shareholders, operating were $16,870,000 compared to $9,905,000 a year ago. Diluted earnings per share, operating were $1.76 compared to $1.64 a year ago. Book value per common share at Dec. 31, 2017 was $19.92 compared to $17.19 a year ago. Tangible common book value per common share at Dec. 31, 2017 was $17.71 compared to $15.46 a year ago. Annualized return on average assets was 0.53% compared to 0.72% a year ago. Annualized return on average assets, operating was 1.05% compared to 0.75% a year ago. Annualized return on average common equity, operating was 9.21% compared to 10.11% a year ago. Annualized return on average tangible common equity, operating was 10.49% compared to 12.10% a year ago.
The First Bancshares, Inc. is a bank holding company for The First Bank (the First). The Company is a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that it serves. These services include consumer and commercial loans, deposit accounts and safe deposit services. It offers a full range of deposit services that are available in banks and savings institutions, including checking accounts, NOW accounts, savings accounts, and other time deposits of various types, ranging from daily money market accounts to longer-term certificates of deposit. It offers a full range of commercial and personal loans. Commercial loans include both secured and unsecured loans for working capital, business expansion, purchase of equipment and machinery, and others. Its segments include the Commercial/Retail Bank, the Mortgage Banking Division, and the Holding Company.
The First Bancshares, Inc. Declares Quarterly Cash Dividend, Payable on February 22, 2018; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017