First Bancshares Q4 2021 Earnings Report
Key Takeaways
First Bancshares, Inc. reported net income available to common shareholders of $15.8 million for Q4 2021. The company closed its acquisition of seven branches from Cadence Bank and was notified of eligibility to receive $175 million under the Emergency Capital Investment Program.
Closed acquisition of seven branches from Cadence Bank, including $40.5 million in loans and $410.2 million in deposits.
Recorded a bargain purchase gain of $1.3 million related to the Cadence acquisition.
Average loans, excluding PPP and acquired Cadence loans, increased by $17.9 million, or 0.63% compared to the previous quarter.
The U.S. Department of Treasury informed the Company of their eligibility to receive $175 million of capital under the Emergency Capital Investment Program.
First Bancshares
First Bancshares
Forward Guidance
The company feels well positioned to continue its strategic plan of building a high performing community bank across the South.