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Mar 31, 2023
First Bancshares Q1 2023 Earnings Report
Reported financial results for the quarter ended March 31, 2023.
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.
Revenue by Segment
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