First Bancshares Q4 2019 Earnings Report
Key Takeaways
The First Bancshares, Inc. reported a 72.8% increase in net income available to common shareholders in quarterly comparison and an increase in the quarterly dividend.
Net income available to common shareholders totaled $11.9 million, a 72.8% increase compared to Q4 2018.
Operating net earnings increased 44.0% to $13.2 million compared to Q4 2018.
Fully diluted earnings per share were $0.64, compared to $0.48 for the fourth quarter of 2018.
The company closed its acquisition of First Florida Bancorp, Inc. on November 1, 2019.
First Bancshares
First Bancshares
Forward Guidance
The Company announced the signing of an Agreement and Plan of Merger with Southwest Georgia Financial Corporation (“SGB”), parent company of Southwest Georgia Bank, headquartered in Moultrie, GA. Upon completion, the acquisition will add 8 full service offices servicing the areas of Moultrie, Valdosta, Albany and Tifton, Georgia. The closing of the transaction is expected to occur in the second quarter of 2020 and is subject to customary closing conditions, including regulatory approvals and approval by the shareholders of SGB.