First Bancshares

Oct 27, 2022

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Sep 30, 2022

First Bancshares Q3 2022 Earnings Report

Financial results were reported for the quarter ended September 30, 2022.

Key Takeaways

The First Bancshares, Inc. reported a net income available to common shareholders of $14.0 million for the quarter ended September 30, 2022. The company closed its acquisition of Beach Bancorp, Inc. effective August 1, 2022, and entered into a definitive agreement to acquire Heritage Southeast Bancorporation, Inc. during the quarter.

Closed acquisition of Beach Bancorp, Inc. effective August 1, 2022, adding 7 locations.

Entered into a definitive agreement to acquire Heritage Southeast Bancorporation, Inc., increasing presence in Southern Georgia.

Recorded initial purchase accounting adjustments related to the Beach Bank merger, including goodwill of $21.8 million.

Net income available to common shareholders totaled $14.0 million, a decrease of 10.9% compared to the previous quarter.