First Bancshares Q1 2023 Earnings Report
Key Takeaways
The First Bancshares reported net income available to common shareholders of $16.3 million for the quarter ended March 31, 2023, which remained flat compared to the previous quarter; excluding one-time items, operating net earnings available to common shareholders increased by $9.9 million, or 57.8%, to $27.1 million.
Closed acquisition of Heritage Southeast Bancorporation effective January 1, 2023, adding approximately $1.6 billion of assets and twenty four locations.
Completed systems conversion related to the acquisition of Heritage Bank during the quarter.
Total loans, excluding Heritage Bank acquired loans, increased 1.0% for the quarter, representing net growth of $36.7 million, or 4.0% on an annualized basis.
Net interest margin increased 32 bps to 3.63% for the quarter ended March 31, 2023 from 3.31% for the quarter ended December 31, 2022.