First Bancshares Q4 2023 Earnings Report
Key Takeaways
The First Bancshares, Inc. reported a net income available to common shareholders of $11.0 million for Q4 2023, a decrease of 54.7% compared to the previous quarter. The decrease was partially attributable to a pre-tax loss of $9.7 million on the sale of available-for-sale securities and other one-time items.
Net income available to common shareholders totaled $11.0 million, a decrease of 54.7% compared to the quarter ended September 30, 2023.
Excluding one-time items, net earnings available to common shareholders (non-GAAP) decreased 22.1% to $18.7 million compared to the quarter ended September 30, 2023.
Total loans increased $80.2 million, or 6.3% on an annualized basis, as compared to the quarter ended September 30, 2023.
Net interest margin decreased 19 basis points during the quarter ended December 31, 2023, from 3.47% to 3.28%.
First Bancshares
First Bancshares
Forward Guidance
The First Bancshares, Inc. did not provide specific forward guidance in the provided document. The document focused on reporting the financial results for the quarter ended December 31, 2023, and highlights for the year.