First Bancshares Q1 2022 Earnings Report
Key Takeaways
The First Bancshares, Inc. reported a net income available to common shareholders of $16.8 million for the quarter ended March 31, 2022, representing an increase of $1.0 million, or 6.6%, compared to the previous quarter. The company also announced a definitive agreement to acquire Beach Bancorp, Inc. which will deepen their presence in Florida.
Diluted earnings per share increased $0.06, to $0.81, or 8%, when comparing first quarter ending March 31, 2022 to fourth quarter ending December 31, 2021.
Total loans, excluding Paycheck Protection Program (“PPP”) loans increased $32.4 million, or 4.4% on an annualized basis, as compared to the quarter ended December 31, 2021.
Total deposits increased $211.0 million, or 4.0%, as compared to the quarter ended December 31, 2021.
The Company purchased 600,000 shares of stock under the share buyback program.
First Bancshares
First Bancshares
First Bancshares Revenue by Segment
Forward Guidance
The company expects to benefit from the rising interest rate environment with substantial excess liquidity and an asset/liability mix that should generate margin expansion over the next several quarters.