First Bancshares Q3 2021 Earnings Report
Key Takeaways
First Bancshares reported net income available to common shareholders of $16.1 million for the quarter ended September 30, 2021, representing an increase of $0.5 million, or 3.4%, compared to the quarter ended June 30, 2021. The company recognized $0.4 million more in PPP loan fee income during the third quarter 2021 as compared to the second quarter 2021.
Average loans, excluding PPP loans, increased $9.0 million, 0.3% as compared to the quarter ended June 30, 2021, or 1.2% on an annualized basis.
Net income available to common shareholders totaled $16.1 million for the quarter ended September 30, 2021, representing an increase of $0.5 million, or 3.4%, compared to $15.6 million for the quarter ended June 30, 2021.
Total interest income increased $1.2 million, or 2.8% from $43.2 million for quarter end June 30, 2021 to $44.4 million for quarter end September 30, 2021.
Total cost of deposits decreased 23% from 0.30% at quarter end June 30, 2021 to 0.23% at quarter end September 30, 2021, resulting in an increase of 11 bps to the net interest margin.
First Bancshares
First Bancshares
Forward Guidance
Management expressed optimism about increasing growth opportunities as they continue to expand their southeastern presence.