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Jun 30, 2023
First Bancshares Q2 2023 Earnings Report
Reported strong second quarter results with increased net income and loan growth.
Key Takeaways
The First Bancshares reported a strong second quarter with net income available to common shareholders totaling $23.8 million, representing a 46.1% increase compared to the previous quarter. Total loans increased by $41.1 million, and the annualized net interest margin increased by 13 bps to 3.76%.
Net income available to common shareholders totaled $23.8 million, a 46.1% increase from the previous quarter.
Total loans increased by $41.1 million, representing net growth of 3.3% on an annualized basis.
Annualized net interest margin increased by 13 bps to 3.76%.
Cost of deposits averaged 91 bps for the second quarter, compared to 72 bps for the first quarter.
First Bancshares
First Bancshares
Forward Guidance
The First Bancshares believes it is well positioned for the current operating environment due to its conservative balance sheet structure and solid core earnings stream.
Positive Outlook
- Modest loan growth of 3.3% on an annualized basis.
- GAAP net interest margin expansion of 13 bps.
- Improvement in nonperforming assets.
- Consistent core operating earnings.
- Retail oriented, highly granular deposit base continues to perform well.