The First Bancshares Reports Q4 2024 Results

The First Bancshares ( (FBMS) ) has released its Q4 earnings. Here is a breakdown of the information The First Bancshares presented to its investors.

The First Bancshares, Inc. is a financial holding company headquartered in Hattiesburg, Mississippi, primarily operating through its subsidiary, The First Bank, across the southeastern United States. The company is engaged in providing a broad range of banking services and products.

The First Bancshares reported a net income of $18.3 million for the fourth quarter of 2024, reflecting a slight decrease compared to the previous quarter. This performance was marked by strong loan growth and an increase in core net interest margin, despite a decrease in net earnings available to common shareholders after excluding one-time items.

Among the key financial metrics, total loans increased by $88.6 million, while the net interest margin improved to 3.37%. The company saw a decrease in the cost of deposits and a reduction in past due loans compared to the previous quarter. Additionally, a merger agreement with Renasant Corporation is expected to close in the first half of 2025, which could potentially bolster the company’s market position.

Looking ahead, The First Bancshares’ management is optimistic about the company’s strategic direction, particularly with the upcoming merger. The focus remains on building value for stakeholders and sustaining its growth trajectory through strategic partnerships and operational efficiencies.