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Jun 30, 2024
First Bancshares Q2 2024 Earnings Report
Reported financial results for the quarter ended June 30, 2024.
Key Takeaways
The First Bancshares, Inc. reported a net income available to common shareholders of $19.7 million for the quarter ended June 30, 2024. Pre-tax pre-provision operating earnings (non-GAAP) totaled $27.4 million for the same period. Total loans increased by $110.9 million, and the annualized net interest margin increased by 6 basis points to 3.26%.
Net income available to common shareholders totaled $19.7 million, a decrease of 4.5% compared to the previous quarter.
Pre-tax pre-provision operating earnings (non-GAAP) increased by 2.9% to $27.4 million.
Total loans increased by $110.9 million, representing an annualized increase of 8.6%.
Annualized net interest margin increased 6 basis points to 3.26%.
First Bancshares
First Bancshares
Forward Guidance
The company is optimistic about its performance for the second half of 2024.
Positive Outlook
- Strong loan growth
- Improvement in net interest margin
- Credit quality continued to be solid
- Operating expenses were well controlled
- Markets continue to do well