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Mar 31, 2020
First Bancshares Q1 2020 Earnings Report
Reported an increase in net income and experienced solid loan and deposit growth.
Key Takeaways
The First Bancshares, Inc. reported a strong quarter with an 8.9% increase in net income available to common shareholders. The company experienced solid loan and deposit growth, with improvements in net interest income and pre-tax, pre-provision earnings.
Net income available to common shareholders increased by 8.9% compared to the same quarter last year.
Pre-tax, pre-provision operating earnings increased by 29.9% year over year.
Provision for loan losses increased significantly due to anticipated economic effects of COVID-19.
The company approved 1,660 PPP loans through the SBA for $199.3 million as of April 24, 2020.
Forward Guidance
The impacts of the COVID-19 pandemic on the economy and the banking industry are rapidly evolving and the future effects are unknown at this time. The Company is working to adapt to the changing environment and proactively plan for contingencies.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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