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Sep 30, 2023
First Bancshares Q3 2023 Earnings Report
Reported financial results for the quarter ended September 30, 2023.
Key Takeaways
The First Bancshares, Inc. reported a solid performance in Q3 2023 with net income available to common shareholders totaling $24.4 million, a 2.4% increase compared to the previous quarter. Loan growth was positive at 6.3% annualized, and credit metrics remained strong. Deposit costs increased, but remained well-contained.
Net income available to common shareholders increased 2.4% to $24.4 million.
Total loans increased by $78.9 million, representing an annualized growth of 6.3%.
Net interest margin decreased 29 basis points to 3.47% due to reduced accretion income and increased deposit costs.
Nonperforming assets to total assets were 0.28%.
First Bancshares
First Bancshares
Forward Guidance
The First Bancshares, Inc. did not provide specific forward guidance in the provided document.