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Sep 30, 2024
First Bancshares Q3 2024 Earnings Report
Reported financial results for the quarter ended September 30, 2024.
Key Takeaways
The First Bancshares, Inc. reported a net income available to common shareholders of $18.6 million for the quarter ended September 30, 2024, a decrease of 5.7% compared to the previous quarter. Total loans increased by $67.7 million, and the annualized net interest margin increased by 7 basis points to 3.33%. The company also announced a definitive merger agreement with Renasant Corporation, expected to close in the first half of 2025.
Net income available to common shareholders totaled $18.6 million, a decrease of 5.7% compared to the previous quarter.
Operating (non-GAAP) net earnings available to common shareholders increased by 2.7% to $20.5 million.
Total loans increased by $67.7 million, representing an annualized increase of 5.2%.
Annualized net interest margin increased by 7 basis points to 3.33%.
Forward Guidance
The First Bancshares anticipates a merger with Renasant Corporation in the first half of 2025, aiming to create a high-performing southeastern franchise. The merger is subject to customary closing conditions, including regulatory approvals.
Positive Outlook
- Merger with Renasant Corporation expected to close in the first half of 2025.
- Combination will create a high-performing southeastern franchise.
- Focus on building relationships and growing business.
- Continued strong performance in terms of profitability and growth.
- Opportunity to create value for shareholders through strategic partnership.
Challenges Ahead
- Merger is subject to customary closing conditions, including regulatory approvals.
- Fluctuations of the market value of the consideration to be paid to the Company's shareholders in the Merger.
- Expenses related to the Merger and integration of the combined entity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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