0000947559FALSE00009475592024-10-232024-10-23


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2024
The First Bancshares, Inc.
(Exact name of registrant as specified in its charter)

Mississippi000-2250764-0862173
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

6480 U.S. Highway 98 West, Hattiesburg, Mississippi
39402
(Address of principal executive offices)(Zip Code)

 Registrant’s telephone number, including area code(601) 268-8998

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock
FBMS
NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition

On October 23, 2024, The First Bancshares, Inc. issued a press release announcing its results of operations for the third quarter of 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 2.02 of this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01. Other Events

On October 23, 2024, The First Bancshares, Inc. announced the declaration of a $0.25 per share quarterly cash dividend. The dividend is payable on November 22, 2024 to shareholders of record as of the close of business on November 8, 2024.

Item 9.01. Financial Statements and Exhibits

Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 The First Bancshares, Inc.
  
  
Date: October 23, 2024
 
  
  
 
/s/ Donna T. (Dee Dee) Lowery
 Name: Donna T. (Dee Dee) Lowery
 Title: EVP and CFO



Exhibit 99.1
The First Bancshares, Inc. Reports Results for Third Quarter ended September 30, 2024
HATTIESBURG, Miss.--(BUSINESS WIRE)--October 23, 2024--The First Bancshares, Inc. (“FBMS” or “the Company”) (NYSE: FBMS), holding company for The First Bank, (www.thefirstbank.com) reported today financial results for the quarter ended September 30, 2024.
Highlights for the Quarter:
•Net income available to common shareholders totaled $18.6 million for the quarter ended September 30, 2024, representing a decrease of 5.7% when compared to $19.7 million for the quarter ended June 30, 2024. The Company recorded $1.0 million provision for credit losses for the quarter ended September 30, 2024 and $1.7 million provision for credit losses for the quarter ended June 30, 2024.
•Excluding one-time items detailed in the tables located in the appendix of this release, net earnings available to common shareholders, operating (non-GAAP) increased $0.5 million, or 2.7% to $20.5 million for the quarter ended September 30, 2024 as compared to $20.0 million for the quarter ended June 30, 2024.
•Total loans increased $67.7 million during the quarter ended September 30, 2024, which represented an annualized increase of 5.2%, as compared to the quarter ending June 30, 2024.
•Annualized net interest margin increased 7 basis points to 3.33% for the quarter ended September 30, 2024 from 3.26% for the quarter ended June 30, 2024.
•Core net interest margin (non-GAAP) increased 7 basis points during the quarter ended September 30, 2024 from 3.19% to 3.26%.
•Cost of deposits averaged 183 basis points and 178 basis points for the third and second quarter of 2024, respectively.
•Past due loans to total loans were $22.8 million or 0.43% for the quarter ending September 30, 2024, compared to $20.8 million, or 0.40% for the quarter ending June 30, 2024, and $15.7 million, or 0.31% for the quarter ending September 30, 2023.
•Annualized quarter-to-date net charge-offs to total loans were $0.4 million, or 0.03% for the quarter ending September 30, 2024, compared to $0.5 million, or 0.04% for the quarter ending June 30, 2024 and $49 thousand, or 0.004% for the quarter ending September 30, 2023.
•Nonperforming assets to total assets were $25.1 million, or 0.31% for the quarter ending September 30, 2024, compared to $21.1 million, or 0.26% for the quarter ending June 30, 2024, and $22.4 million, 0.28% for the quarter ending September 30, 2023.
•On July 29, 2024, the Company entered into a definitive merger agreement (the "Merger Agreement") with Renasant Corporation ("Renasant"), the holding company for Renasant Bank, whereby the Company will merge with and into Renasant, with Renasant continuing as the surviving corporation, and immediately thereafter, the Bank will merge with and into Renasant Bank (collectively, the "Merger"). Subject to the terms and conditions of the Merger Agreement, the companies will combine in an all-stock transaction in which all shareholders of the Company will receive 1.00 share of Renasant common stock for each share of Company common stock. The Merger has been approved by each company's board of directors and shareholders and is expected to close in the first half of 2025. Completion of the Merger is subject to customary closing conditions, including the receipt of required regulatory approvals.
M. Ray “Hoppy” Cole, Jr., President and Chief Executive Officer, commented, "We were excited to announce our potential merger with Renasant Bank during the quarter. Together we create a high performing southeastern franchise with a simple community bank model, focused on building relationships and growing our business.



In addition to our merger announcement, the quarter was characterized by continued strong performance in terms of profitability and growth. Loans increased by 5.0% on an annualized basis, core operating earnings increased 2.7% quarter over quarter and our margin expanded six basis points.

We look forward to the opportunities that lie ahead and the value we hope to create for our shareholders through this strategic partnership with Renasant."
Quarterly Earnings
Net income available to common shareholders totaled $18.6 million for the quarter ended September 30, 2024, a decrease of $1.1 million, or 5.7%, when compared to $19.7 million for the quarter ended June 30, 2024.
Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $0.5 million, or 2.7%, to $20.5 million for quarter ended September 30, 2024 as compared to $20.0 million for the quarter ended June 30, 2024.
The Company recorded $1.0 million provision for credit losses for the quarter ended September 30, 2024 and $1.7 million provision for credit losses for the quarter ended June 30, 2024.
Earnings Per Share
For the third quarter of 2024, diluted earnings per share were $0.59 compared to $0.62 for the second quarter of 2024 and $0.77 for the third quarter of 2023.
Diluted earnings per share, operating (non-GAAP) were $0.65 for the third quarter of 2024 compared to $0.63 for the second quarter of 2024 and $0.76 for the third quarter of 2023.
Balance Sheet
Consolidated assets increased $0.7 million to $7.966 billion at September 30, 2024 from $7.966 billion at June 30, 2024. Loans increased $67.7 million, or 1.3%, for the quarterly comparison and deposits decreased $65.4 million, or 1.0% for the quarterly comparison.
Total loans were $5.319 billion for the quarter ended September 30, 2024, as compared to $5.251 billion for the quarter ended June 30, 2024, and $5.090 billion for the quarter ended September 30, 2023, representing an increase of $67.7 million, or 1.3%, for the sequential quarter comparison, and an increase of $228.8 million, or 4.5%, for the prior year quarterly comparison.
Total deposits were $6.561 billion for the quarter ended September 30, 2024, as compared to $6.626 billion for the quarter ended June 30, 2024, and $6.480 billion for the quarter ended September 30, 2023, representing a decrease of $65.4 million, or 1.0%, for the sequential quarter comparison, and an increase of $80.7 million, or 1.2%, for the prior year quarterly comparison. Excluding a decrease in public funds of $39.8 million, deposits decreased $25.6 million, or 0.4% for the sequential quarter comparison. Non-interest bearing deposits as a percentage of total deposits decreased to 27.4% for the quarter ended September 30, 2024 compared to 28.2% for June 30, 2024.
Asset Quality
Nonperforming assets totaled $25.1 million at September 30, 2024, an increase of $4.0 million compared to $21.1 million at June 30, 2024 and an increase of $2.7 million compared to $22.4 million at September 30, 2023.
Nonaccrual loans totaled $16.3 million, an increase of $2.7 million as compared to June 30, 2024 and a decrease of $1.1 million as compared to September 30, 2023.
The ratio of the allowance for credit losses (ACL) to total loans was 1.05% at September 30, 2024, 1.05% at June 30, 2024 and 1.05% at September 30, 2023. The ratio of annualized net charge-offs to total loans was 0.03% for the quarter ended September 30, 2024 compared to 0.04% for the quarter ended June 30, 2024 and 0.004% for the quarter ended September 30, 2023.


Third Quarter 2024 vs. Second Quarter 2024 Earnings Comparison
Net income available to common shareholders for the third quarter of 2024 decreased $1.1 million to $18.6 million compared to $19.7 million for the second quarter of 2024. The Company recorded a $1.0 million provision for credit losses for the quarter ended September 30, 2024 and $1.7 million for the quarter ended June 30, 2024.
Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $0.5 million, or 2.7%, to $20.5 million for quarter ended September 30, 2024 as compared to $20.0 million for the quarter ended June 30, 2024.
Net interest income for the third quarter of 2024 was $59.0 million as compared to $57.8 million for the second quarter of 2024, an increase of $1.2 million. The increase was largely due to an increase in interest income on loans and partially offset by an increase in interest expense of $1.3 million.
Third quarter 2024 net interest margin of 3.33% included 11 basis points related to purchase accounting adjustments compared to 3.26% for the second quarter in 2024, which included 12 basis points related to purchase accounting adjustments.
Core net interest margin (non-GAAP) increased 7 basis points to 3.26% for the third quarter of 2024 from 3.19% for the second quarter of 2024.
Investment securities decreased $56.5 million to $1.715 billion, or 21.5% of total assets at September 30, 2024, compared to $1.771 billion, or 22.2% of total assets at June 30, 2024. The average balance of investment securities decreased $73.1 million in sequential-quarter comparison. The average yield on investment securities decreased 9 basis points to 2.56% from 2.65% in sequential-quarter comparison. The investment portfolio had a net unrealized loss of $91.6 million at September 30, 2024 as compared to a net unrealized loss of $129.0 million at June 30, 2024.
The average yield on all earning assets increased in sequential-quarter comparison from 5.14% to 5.27%. Interest expense on average interest bearing liabilities increased 10 basis points from 2.62% for the second quarter of 2024 to 2.72% for the third quarter of 2024.
Cost of all deposits averaged 183 basis points and 178 basis points for the third and second quarter of 2024, respectively.
Non-interest income decreased $1.1 million from $13.3 million in the second quarter of 2024 to $12.2 million in the third quarter of 2024, primarily attributable to a decrease in interchange fee income of $0.4 million and decrease of $0.7 million in other charges and fees.
Non-interest expense for the third quarter of 2024 was $46.4 million compared to $44.1 million for the second quarter of 2024, an increase of $2.3 million, attributable to expenses relating to the pending merger with Renasant.
Third Quarter 2024 vs. Third Quarter 2023 Earnings Comparison
Net income available to common shareholders for the third quarter of 2024 totaled $18.6 million compared to $24.4 million for the third quarter of 2023, a decrease of $5.8 million or 23.8%. This decrease is largely attributable to a decrease in a U.S. Treasury award of $6.2 million and a decrease in other non-interest expense of $5.2 million, offset by a decrease in net interest income of $1.7 million and increases in salaries and acquisition charges of $2.3 million and $2.0 million, respectively.
Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased $3.5 million, or 14.7%, to $20.5 million for quarter ended September 30, 2024, as compared to $24.0 million for the quarter ended September 30, 2023. This decrease is largely attributable to a decrease in a U.S. Treasury award of $6.2 million and a decrease in other non-interest expense of $5.2 million, offset by a decrease in net interest income of $1.7 million and increases in salaries of $2.3 million.
Net interest income for the third quarter of 2024 was $59.0 million, a decrease of $1.7 million or 2.8% when compared to the third quarter of 2023. Fully tax equivalent (“FTE”) net interest income (non-GAAP) totaled $60.0 million and $61.7 million for the third quarter of 2024 and 2023, respectively. The decrease was largely due to a decrease in purchase accounting adjustments of $2.3 million for the third quarter comparisons.


Third quarter of 2024 net interest margin was 3.33%, which included 11 basis points related to purchase accounting adjustments compared to 3.47% for the same quarter in 2023, which included 25 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) increased 11 basis points in prior year quarterly comparison primarily due to an increase in rates on loans, partially offset by a corresponding increase in rates on interest bearing liabilities.
Non-interest income decreased $7.1 million for the third quarter of 2024 as compared to the third quarter of 2023. A decrease in U.S. Treasury awards of $6.2 million accounted for a majority of the change.
Third quarter 2024 non-interest expense was $46.4 million, a decrease of $1.3 million, or 2.8% as compared to the third quarter of 2023. Excluding acquisition charges, non-interest expense decreased $3.3 million of which salaries and employee benefits increased $2.3 million offset by a decrease in other expenses of $5.2 million.
Investment securities totaled $1.715 billion, or 21.5% of total assets at September 30, 2024, compared to $1.836 billion, or 23.3% of total assets at September 30, 2023. For the third quarter of 2024 compared to the third quarter of 2023, the average balance of investment securities decreased $168.2 million. The average yield on investment securities increased 30 basis points to 2.56% from 2.26% in the prior year quarterly comparison. The investment portfolio had a net unrealized loss of $91.6 million at September 30, 2024 as compared to a net unrealized loss of $184.9 million at September 30, 2023.
The average yield on all earning assets increased 37 basis points in prior year quarterly comparison, from 4.90% for the third quarter of 2023 to 5.27% for the third quarter of 2024. Interest expense on average interest bearing liabilities increased 67 basis points from 2.05% for the third quarter of 2023 to 2.72% for the third quarter of 2024.
Cost of all deposits averaged 183 basis points for the third quarter of 2024 compared to 121 basis points for the third quarter of 2023.
Year-to-Date Earnings Comparison
In the year-over-year comparison, net income available to common shareholders decreased $5.5 million, or 8.6%, from $64.4 million for the nine months ended September 30, 2023, to $58.9 million for the same period ended September 30, 2024.

Net interest income was $174.1 million for the nine months ended September 30, 2024, a decrease of $17.5 million as compared to the same period ended September 30, 2023, primarily due to an increase in interest expense on deposits partially offset by an increase in loan interest income.

Non-interest income was $38.2 million for the nine months ended September 30, 2024, a decrease of $6.1 million as compared to the same period ended September 30, 2023. A decrease in U.S. Treasury awards of $6.2 million accounted for the change.

Non-interest expense was $133.9 million for the nine months ended September 30, 2024, a decrease of $6.4 million as compared to the same period ended September 30, 2023. The decrease was primarily due to decreased acquisition charges of $5.5 million and other non-interest expense of $8.1 million, partially offset by an increase in salaries and employee benefits of $5.0 million.
Declaration of Cash Dividend
The Company announced that its Board of Directors declared a cash dividend of $0.25 per share to be paid on its common stock on November 22, 2024 to shareholders of record as of the close of business on November 8, 2024.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank (“The First”). Founded in 1996, The First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on the New York Stock Exchange under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.




Non-GAAP Financial Measures
Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This press release includes pre-tax, pre-provision operating earnings, FTE net interest income, FTE net interest margin, core net interest margin, FTE average yield on investment securities, FTE average yield on all earning assets, total tangible common equity, tangible book value per common share, net earnings available to common shareholders, operating, diluted earnings per share, operating, efficiency ratio, operating and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Fully-tax equivalent, or "FTE", financial metrics are measures used by management to evaluate the corresponding GAAP financial metrics in a manner that takes into account the tax benefits associated with income sources that are exempt from state or federal taxes. Core net interest margin is used by management to measure the net return on earnings assets, which includes investment securities, loans, and leases but excludes certain income and expense items that the Company's management considers to be non-core/adjusted in nature. Similarly, "operating" financial metrics, including operating efficiency ratio and operating earnings per share, are used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Management uses "tangible" financial metrics, including tangible common equity and tangible book value, to measure the value of the Company's assets net of intangible assets, such as goodwill. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to net income, earnings per share, net interest income, book value, net interest margin, common equity, net earnings available to common shareholders, diluted earnings per share, efficiency ratio, average yield on investment securities, average yield on all earning assets, or other GAAP financial measures as a measure of operating performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in this press release following the Condensed Consolidated Financial Information (unaudited).
Forward Looking Statements
This news release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential,” “positioned” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risk and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) prevailing, or changes in, economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations, including the effects of declines in the real estate market, high unemployment rates, inflationary pressure, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (3) interest rate risk, including the effects of elevated interest rates; (4) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (5) changes in applicable laws, rules, or regulations; (6) risks related to the Company’s recently completed acquisitions, and risks related to the Merger, including the fluctuations of the market value of the consideration to be paid to the Company's shareholders in the Merger, the risks related to combining our businesses, expenses related to the Merger and integration of the combined entity, the risks that the Merger may not occur, and the risk of litigation related to the Merger; (7) changes in management’s plans for the future; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) changes in accounting principles, policies, or guidelines; (11) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs related to the COVID-19 pandemic and related variants; (12) higher inflation and its impacts; (13) significant turbulence or disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (14) potential impacts of the adverse developments in


the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) the effects of war or other conflicts including the impacts relating to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, and (16) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.
These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the SEC, which are available on the SEC’s website, http://www.sec.gov. Undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.


THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(Dollars in thousands except per share data)
EARNINGS DATAQuarter
 Ended
 9/30/24		Quarter
 Ended
 6/30/24		Quarter
 Ended
 3/31/24		Quarter
 Ended
 12/31/23		Quarter
 Ended
 9/30/23
Total Interest Income$93,561 $91,027 $91,663 $88,720 $85,681 
Total Interest Expense34,547 33,233 34,322 31,055 24,977 
Net Interest Income59,014 57,794 57,341 57,665 60,704 
Net Interest Income excluding PPP Fee Income59,010 57,793 57,340 57,664 60,703 
FTE net interest income*60,004 58,797 58,339 58,651 61,696 
Provision for credit losses1,000 1,650 — 1,250 1,000 
Non-interest income12,242 13,319 12,679 2,346 19,324 
Non-interest expense46,394 44,089 43,425 44,433 47,724 
Earnings before income taxes23,862 25,374 26,595 14,328 31,304 
Income tax expense5,291 5,677 5,967 3,281 6,944 
Net income available to common shareholders$18,571 $19,697 $20,628 $11,047 $24,360 
     
PER COMMON SHARE DATA    
Basic earnings per share$0.59 $0.62 $0.66 $0.35 $0.78 
Diluted earnings per share0.59 0.62 0.65 0.35 0.77 
Diluted earnings per share, operating*0.65 0.63 0.65 0.59 0.76 
Quarterly dividends per share0.25 0.25 0.25 0.24 0.23 
Book value per common share at end of period32.11 30.83 30.45 30.22 28.57 
Tangible book value per common share at period end*21.50 20.15 19.70 19.35 17.62 
Market price at end of period32.13 25.98 25.95 29.33 26.97 
Shares outstanding at period end31,511,260 31,525,232 31,528,748 31,399,803 31,404,231 
Weighted average shares outstanding:
Basic31,516,823 31,527,592 31,475,254 31,401,612 31,405,439 
Diluted31,713,385 31,679,827 31,630,745 31,587,506 31,609,564 
     
AVERAGE BALANCE SHEET DATA    
Total assets$7,944,553 $7,939,783 $8,005,574 $7,917,303 $7,873,345 
Loans and leases5,288,321 5,202,006 5,158,071 5,145,228 5,038,928 
Total deposits6,560,761 6,625,500 6,599,287 6,440,774 6,466,141 
Total common equity975,359 963,445 952,708 901,530 905,070 
Total tangible common equity*639,891 625,586 612,470 558,889 560,071 
     
SELECTED RATIOS    
Annualized return on avg assets (ROA)0.94 %0.99 %1.03 %0.56 %1.24 %
Annualized return on avg assets, operating*1.03 %1.01 %1.03 %0.95 %1.22 %
Annualized pre-tax, pre-provision, operating*1.38 %1.38 %1.33 %1.31 %1.62 %
Annualized return on avg common equity, operating*8.41 %8.29 %8.66 %8.32 %10.63 %
Annualized return on avg tangible common equity, operating*12.82 %12.76 %13.48 %13.41 %17.17 %
Average loans to average deposits80.61 %78.51 %78.16 %79.89 %77.93 %
FTE Net Interest Margin*3.38 %3.32 %3.26 %3.33 %3.52 %
Efficiency Ratio64.22 %61.14 %61.15 %72.84 %58.90 %
Efficiency Ratio, operating*60.63 %60.65 %61.14 %62.00 %56.06 %
*See reconciliation of non-GAAP financial measures    
CREDIT QUALITY    
Allowance for credit losses (ACL) as a % of total loans1.05 %1.05 %1.05 %1.05 %1.05 %
Nonperforming assets to tangible equity + ACL3.42 %3.05 %2.72 %3.05 %3.69 %
Nonperforming assets to total loans + OREO0.47 %0.40 %0.36 %0.39 %0.44 %
Annualized QTD net charge-offs (recoveries) to total loans0.033 %0.036 %0.006 %0.061 %0.004 %
     



THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
BALANCE SHEETSeptember 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Assets
Cash and cash equivalents$214,135 $207,606 $339,964 $355,147 $197,632 
Securities available for sale1,060,014 1,124,462 1,088,568 1,042,365 1,141,971 
Securities held to maturity602,328 607,502 622,574 654,539 658,524 
Other investments52,386 39,293 34,094 37,754 35,872 
Total investment securities1,714,728 1,771,257 1,745,236 1,734,658 1,836,367 
Loans held for sale2,987 5,892 4,241 2,914 5,960 
Total loans5,318,590 5,250,893 5,139,952 5,170,042 5,089,800 
Allowance for credit losses(55,700)(55,133)(53,959)(54,032)(53,565)
Loans, net5,262,890 5,195,760 5,085,993 5,116,010 5,036,235 
Premises and equipment177,652 179,289 181,194 182,162 183,740 
Other Real Estate Owned7,314 6,356 6,743 8,320 4,920 
Goodwill and other intangibles334,178 336,561 338,946 341,332 343,869 
Other assets252,571 263,079 261,442 258,802 275,562 
Total assets$7,966,455 $7,965,800 $7,963,759 $7,999,345 $7,884,285 
      
Liabilities and Shareholders’ Equity     
Non-interest bearing deposits$1,796,746 $1,870,305 $1,836,952 $1,849,013 $1,967,661 
Interest-bearing deposits4,763,966 4,755,812 4,873,403 4,613,859 4,512,364 
Total deposits6,560,712 6,626,117 6,710,355 6,462,872 6,480,025 
Borrowings207,500 182,400 110,000 390,000 302,000 
Subordinated debentures123,645 123,558 123,472 123,386 128,300 
Other liabilities62,915 61,840 60,020 74,053 76,739 
Total liabilities6,954,772 6,993,915 7,003,847 7,050,311 6,987,064 
Total shareholders’ equity1,011,683 971,885 959,912 949,034 897,221 
Total liabilities and shareholders’ equity$7,966,455 $7,965,800 $7,963,759 $7,999,345 $7,884,285 



THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
EARNINGS STATEMENTThree Months Ended
9/30/20246/30/20243/31/202412/31/20239/30/2023
Interest Income:
Loans, including fees$80,123 $76,269 $76,172 $74,357 $70,349 
Investment securities10,989 11,833 11,248 10,803 10,614 
Accretion of purchase accounting adjustments2,008 2,067 2,627 3,235 4,277 
Other interest income441 858 1,616 325 441 
Total interest income93,561 91,027 91,663 88,720 85,681 
Interest Expense:
Deposits29,763 29,247 29,182 24,489 19,314 
Borrowings2,607 1,956 3,022 4,500 3,556 
Subordinated debentures1,961 1,814 1,887 1,807 1,849 
Accretion of purchase accounting adjustments216 216 231 259 258 
Total interest expense34,547 33,233 34,322 31,055 24,977 
Net interest income59,014 57,794 57,341 57,665 60,704 
Provision for credit losses1,000 1,650 — 1,250 1,000 
Net interest income after provision for credit losses58,014 56,144 57,341 56,415 59,704 
      
Non-interest Income:     
Service charges on deposit accounts3,709 3,334 3,367 3,447 3,646 
Mortgage Income927 972 704 582 878 
Interchange Fee Income4,460 4,893 4,195 4,593 5,280 
Gain (Loss) on securities, net225 14 (48)(9,670)2 
Treasury Awards— — — — 6,197 
Loss on sale of premises and equipment(344)163 — (524)(104)
Other charges and fees3,265 3,943 4,461 3,918 3,425 
Total non-interest income12,242 13,319 12,679 2,346 19,324 
Non-interest expense:
Salaries and employee benefits25,131 25,045 24,508 23,717 22,807 
Occupancy expense5,659 5,490 5,714 5,688 5,343 
FDIC/OCC premiums973 1,020 1,008 1,263 1,158 
Marketing49 59 139 71 559 
Amortization of core deposit intangibles2,384 2,385 2,385 2,385 2,385 
Other professional services1,457 2,028 1,833 2,309 1,499 
Acquisition and charter conversion charges2,592 352 8 593 588 
Other non-interest expense8,149 7,710 7,830 8,407 13,385 
Total non-interest expense46,394 44,089 43,425 44,433 47,724 
Earnings before income taxes23,862 25,374 26,595 14,328 31,304 
Income tax expense5,291 5,677 5,967 3,281 6,944 
Net income available to common shareholders$18,571 $19,697 $20,628 $11,047 $24,360 
Diluted earnings per common share$0.59 $0.62 $0.65 $0.35 $0.77 
Diluted earnings per common share, operating*$0.65 $0.63 $0.65 $0.59 $0.76 
*See reconciliation of non-GAAP financial measures


THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
EARNINGS STATEMENTYear to Date
20242023
Interest Income:
Loans, including fees$232,559 $202,460 
PPP loan fee income5 210 
Investment securities34,070 33,136 
Accretion of purchase accounting adjustments6,702 14,279 
Other interest income2,915 2,128 
Total interest income276,251 252,213 
Interest Expense:
Deposits88,192 46,110 
Borrowings7,585 7,779 
Subordinated debentures5,662 6,163 
Amortization of purchase accounting adjustments663 501 
Total interest expense102,102 60,553 
Net interest income174,149 191,660 
Provision for credit losses2,650 13,250 
Net interest income after provision for credit losses171,499 178,410 
Non-interest Income:  
Service charges on deposit accounts10,410 10,728 
Mortgage Income2,603 2,284 
Interchange Fee Income13,548 14,321 
Gain (loss) on securities, net191 (46)
Treasury Awards— 6,197 
(Loss) gain on sale of premises and equipment(181)559 
Other charges and fees11,669 10,316 
Total non-interest income38,240 44,359 
   
Non-interest expense:  
Salaries and employee benefits74,684 69,695 
Occupancy expense16,863 15,680 
FDIC/OCC premiums3,001 2,586 
Marketing247 762 
Amortization of core deposit intangibles7,154 7,178 
Other professional services5,318 4,137 
Acquisition & charter conversion charges2,952 8,482 
Other non-interest expense23,689 31,773 
Total non-interest expense133,908 140,293 
Earnings before income taxes75,831 82,476 
Income tax expense16,935 18,066 
Net income available to common shareholders58,896 64,410 
   
Diluted earnings per common share$1.86 $2.04 
Diluted earnings per common share, operating*$1.93 $2.47 
*See reconciliation of non-GAAP financial measures


THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(Dollars in thousands)
COMPOSITION OF LOANSSeptember 30,
2024		Percent
 of Total		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		Percent
 of Total
Commercial, financial and agricultural$716,391 13.5 %$710,808 $737,511 $765,422 $753,120 14.8 %
Real estate – construction625,521 11.8 %639,931 633,804 629,660 633,682 12.4 %
Real estate – commercial2,472,332 46.4 %2,435,853 2,356,552 2,377,864 2,317,666 45.5 %
Real estate – residential1,431,342 26.9 %1,387,102 1,330,589 1,311,395 1,298,980 25.5 %
Lease Financing Receivable1,915 — %1,749 1,794 1,292 1,548 — %
Obligations of States & subdivisions25,905 0.5 %27,286 28,541 29,316 29,650 0.6 %
Consumer45,184 0.8 %48,164 51,161 55,094 55,154 1.1 %
Loans held for sale2,987 0.1 %5,892 4,241 2,914 5,960 0.1 %
Total loans$5,321,577 100 %$5,256,785 $5,144,193 $5,172,957 $5,095,760 100.0 %
        
COMPOSITION OF DEPOSITSSeptember 30,
2024		Percent
 of Total		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		Percent
 of Total
Non-interest bearing$1,796,746 27.4 %$1,870,305 $1,836,952 $1,849,013 $1,967,661 30.4 %
NOW and other2,002,693 30.5 %2,075,566 2,135,343 1,914,792 1,962,383 30.3 %
Money Market/Savings1,566,648 23.9 %1,573,194 1,656,688 1,623,311 1,532,822 23.7 %
Time Deposits of less than $250,000921,056 14.0 %825,460 816,153 813,877 766,553 11.8 %
Time Deposits of $250,000 or more273,569 4.2 %281,591 265,219 261,879 250,606 3.8 %
Total Deposits$6,560,712 100 %$6,626,116 $6,710,355 $6,462,872 $6,480,025 100.0 %
        
ASSET QUALITY DATASeptember 30,
2024		 June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		 
Nonaccrual loans$16,284  $13,553 $10,961 $10,691 $17,423  
Loans past due 90 days and over1,455 1,174 687 1,163 53  
Total nonperforming loans17,739  14,727 11,648 11,854 17,476  
Other real estate owned7,314  6,356 6,743 8,320 4,920  
Total nonperforming assets$25,053  $21,083 $18,391 $20,174 $22,396  
  
Nonperforming assets to total assets0.31 % 0.26 %0.23 %0.25 %0.28 % 
Nonperforming assets to total loans + OREO0.47 % 0.40 %0.36 %0.39 %0.44 % 
ACL to nonperforming loans314.00 % 374.37 %463.25 %455.81 %306.51 % 
ACL to total loans1.05 % 1.05 %1.05 %1.05 %1.05 % 
  
Qtr-to-date net charge-offs (recoveries)$433  $476 $73 $783 $49  
Annualized QTD net chg-offs (recs) to loans0.033 % 0.036 %0.006 %0.061 %0.004 % 


THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
 
YieldThree Months EndedThree Months EndedThree Months EndedThree Months EndedThree Months Ended
AnalysisSeptember 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
TaxTaxTaxTaxTax
AvgEquivalentYield/AvgEquivalentYield/AvgEquivalentYield/AvgEquivalentYield/AvgEquivalentYield/
BalanceinterestRateBalanceinterestRateBalanceinterestRateBalanceinterestRateBalanceinterestRate
Taxable securities$1,269,082 $8,064 2.54 %$1,328,780 $8,868 2.67 %$1,342,644 $8,303 2.47 %$1,375,695 $7,892 2.29 %$1,419,343 $7,685 2.17 %
Tax-exempt securities445,376 3,915 3.52 %458,752 3,968 3.46 %468,432 3,944 3.37 %446,348 3,897 3.49 %463,329 3,921 3.39 %
Total investment securities1,714,458 11,979 2.79 %1,787,532 12,836 2.87 %1,811,076 12,247 2.70 %1,822,043 11,789 2.59 %1,882,672 11,606 2.47 %
Int bearing dep in other banks92,122 441 1.92 %99,290 858 3.46 %189,785 1,616 3.41 %70,193 325 1.85 %79,448 441 2.22 %
Loans5,288,321 82,131 6.21 %5,202,006 78,336 6.02 %5,158,071 78,798 6.11 %5,145,228 77,592 6.03 %5,038,928 74,626 5.92 %
Total interest earning assets7,094,901 94,551 5.33 %7,088,828 92,030 5.19 %7,158,932 92,661 5.18 %7,037,464 89,706 5.10 %7,001,048 86,673 4.95 %
Other assets849,652 850,955 846,642 879,839 872,297 
Total assets$7,944,553 $7,939,783 $8,005,574 $7,917,303 $7,873,345 
Interest-bearing liabilities:
Deposits$4,740,726 $29,979 2.53 %$4,795,120 $29,463 2.46 %$4,803,277 $29,412 2.45 %$4,533,386 $24,748 2.18 %$4,459,869 $19,572 1.76 %
Borrowed Funds214,192 2,607 4.87 %157,045 1,956 4.98 %254,505 3,023 4.75 %361,445 4,500 4.98 %296,963 3,556 4.79 %
Subordinated debentures123,596 1,961 6.35 %123,510 1,814 5.87 %123,424 1,887 6.12 %126,925 1,807 5.69 %128,251 1,849 5.77 %
Total interest bearing
liabilities5,078,514 34,547 2.72 %5,075,675 33,233 2.62 %5,181,206 34,322 2.65 %5,021,756 31,055 2.47 %4,885,083 24,977 2.05 %
Other liabilities1,890,680 1,900,663 1,871,660 1,994,017 2,083,192 
Shareholders' equity975,359 963,445 952,708 901,530 905,070 
Total liabilities and
shareholders' equity$7,944,553 $7,939,783 $8,005,574 $7,917,303 $7,873,345 
Net interest
income (FTE)*$60,004 2.61 %$58,797 2.57 %$58,339 2.53 %$58,651 2.63 %$61,696 2.91 %
Net interest margin (FTE)*3.38 %3.32 %3.26 %3.33 %3.52 %
Core net interest margin*3.26 %3.19 %3.10 %3.14 %3.27 %
 
*See reconciliation for non-GAAP financial measures


THE FIRST BANCSHARES, INC and SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures (unaudited)
(in thousands except per share data)
Three Months Ended
 
Per Common Share Data
Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Book value per common share$32.11 $30.83 $30.45 $30.22 $28.57 
Effect of intangible assets per share10.61 10.68 10.75 10.87 10.95 
Tangible book value per common share$21.50 $20.15 $19.70 $19.35 $17.62 
     
Diluted earnings per share$0.59 $0.62 $0.65 $0.35 $0.77 
Effect of acquisition and charter conversion charges0.08 0.01 — 0.02 0.02 
Tax on acquisition and charter conversion charges(0.02)— — (0.01)(0.01)
Effect of Treasury awards— — — — (0.20)
Tax on Treasury awards— — — — 0.05 
Effect on contributions/consulting/advertising related to Treasury awards— — — — 0.17 
Tax on contributions/consulting/advertising related to Treasury awards— — — — (0.04)
Loss on securities repositioning— — — 0.31 — 
Tax loss on securities repositioning— — — (0.08)— 
Diluted earnings per share, operating$0.65 $0.63 $0.65 $0.59 $0.76 
     
Year to Date
2024 2023 
Diluted earnings per share$1.86 $2.04  
Effect of acquisition and charter conversion charges0.09 0.27  
Tax on acquisition and charter conversion charges(0.02)(0.07) 
Effect of Treasury awards— (0.20)
Tax on Treasury awards— 0.05 
Effect on contributions/consulting/advertising related to Treasury awards— 0.17 
Tax on contributions/consulting/advertising related to Treasury awards— (0.04)
Initial provision for acquired loans— 0.34 
Tax on initial provision for acquired loans— (0.09)
Diluted earnings per share, operating$1.93  $2.47  
     
Year to Date
20242023 
Net income available to common shareholders$58,896 $64,410  
Acquisition and charter conversion charges2,952 8,482  
Tax on acquisition and charter conversion charges(747)(2,146) 
Treasury awards— (6,197)
Tax on Treasury awards— 1,568 
Contributions/consulting/advertising related to Treasury awards— 5,190 
Tax on contributions/consulting/advertising related to Treasury awards— (1,313)
Initial provision for acquired loans— 10,727 
Tax on initial provision for acquired loans— (2,714)
Net earnings available to common shareholders, operating$61,101 $78,007  
     
 Three Months Ended
Average Balance Sheet DataSept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Total average assetsA$7,944,553 $7,939,783 $8,005,574 $7,917,303 $7,873,345 
Total average earning assetsB$7,094,901 $7,088,828 $7,158,932 $7,037,464 $7,001,048 
Common EquityC$975,359 $963,445 $952,708 $901,530 $905,070 
Less intangible assets335,468 337,859 340,238 342,641 344,999 
Total Tangible common equityD$639,891 $625,586 $612,470 $558,889 $560,071 
  Three Months Ended
Net Interest Income Fully Tax EquivalentSept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Net interest incomeE$59,014 $57,794 $57,341 $57,665 $60,704 
Tax-exempt investment income(2,925)(2,965)(2,946)(2,911)(2,929)
Taxable investment income3,915 3,968 3,944 3,897 3,921 
Net Interest Income Fully Tax EquivalentF$60,004 $58,797 $58,339 $58,651 $61,696 
Annualized Net Interest MarginE/B3.33 %3.26 %3.20 %3.28 %3.47 %
Annualized Net Interest Margin, Fully Tax EquivalentF/B3.38 %3.32 %3.26 %3.33 %3.52 %
       
Total Interest Income, Fully Tax Equivalent
Total Interest IncomeR$93,561 $91,027 $91,663 $88,720 $85,681 
Tax-exempt investment income(2,925)(2,965)(2,946)(2,911)(2,929)
Taxable investment income3,915 3,968 3,944 3,897 3,921 
Total Interest Income, Fully Tax EquivalentG$94,551 $92,030 $92,661 $89,706 $86,673 
Yield on Average Earning AssetsR/B5.27 %5.14 %5.12 %5.04 %4.90 %
Yield on Average Earning Assets, Fully Tax EquivalentG/B5.33 %5.19 %5.18 %5.10 %4.95 %
Interest Income Investment Securities, Fully Tax Equivalent
Interest Income Investment SecuritiesS$10,989 $11,833 $11,248 $10,803 $10,614 
Tax-exempt investment income(2,925)(2,965)(2,946)(2,911)(2,929)
Taxable investment Income3,915 3,968 3,944 3,897 3,921 
Interest Income Investment Securities, Fully Tax EquivalentH$11,979 $12,836 $12,246 $11,789 $11,606 
Average Investment SecuritiesI$1,714,458 $1,787,532 $1,811,076 $1,822,043 $1,882,672 
Yield on Investment SecuritiesS/I2.56 %2.65 %2.48 %2.37 %2.26 %
Yield on Investment Securities, Fully Tax EquivalentH/I2.79 %2.87 %2.70 %2.59 %2.47 %
       
Three Months Ended
Core Net Interest MarginSept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Net interest income (FTE)$60,004 $58,797 $58,339 $58,651 $61,696 
Less purchase accounting adjustments2,008 2,067 2,627 3,235 4,276 
Net interest income, net of purchase accounting adjJ$57,996 $56,730 $55,712 $55,416 $57,420 
Total average earning assets$7,094,901 $7,088,828 $7,158,932 $7,037,464 $7,001,048 
Add average balance of loan valuation discount20,306 22,341 24,675 27,573 31,269 
Avg earning assets, excluding loan valuation discountK$7,115,207 $7,111,169 $7,183,607 $7,065,037 $7,032,317 
Core net interest marginJ/K3.26 %3.19 %3.10 %3.14 %3.27 %
Three Months Ended
Efficiency RatioSept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Operating Expense
Total non-interest expense$46,394 $44,089 $43,425 $44,433 $47,724 
Pre-tax non-operating expenses(2,592)(352)(8)(594)(5,777)
Adjusted Operating ExpenseL$43,802 $43,737 $43,417 $43,839 $41,947 
Operating Revenue
Net interest income, FTE$60,004 $58,797 $58,339 $58,651 $61,696 
Total non-interest income12,242 13,319 12,679 2,346 19,324 
Pre-tax non-operating items— — — 9,708 (6,197)
Adjusted Operating RevenueM$72,246 $72,116 $71,018 $70,705 $74,823 
Efficiency Ratio, operatingL/M60.63 %60.65 %61.14 %62.00 %56.06 %
Three Months Ended
Return RatiosSept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Net income available to common shareholdersN$18,571 $19,697 $20,628 $11,047 $24,360 
Acquisition and charter conversion charges2,592 352 8 593 588 
Tax on acquisition and charter conversion charges(656)(89)(2)(150)(149)
Treasury awards— — — — (6,197)
Tax on Treasury awards— — — — 1,568 
Contributions/consulting/advertising related to Treasury awards— — — — 5,190 
Tax on contributions/consulting/advertising related to Treasury awards— — — — (1,313)
Loss on securities repositioning— — — 9,708 — 
Tax loss on securities repositioning— — — (2,457)— 
Net earnings available to common shareholders, operatingO$20,507 $19,960 $20,634 $18,741 $24,047 
Three Months Ended
Pre-Tax Pre-Provision Operating EarningsSept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Earnings before income taxesP$23,862 $25,374 $26,595 $14,328 $31,304 
Acquisition and charter conversion charges2,592 352 8 593 588 
Provision for credit losses1,000 1,650 — 1,250 1,000 
Treasury awards— — — — (6,197)
Contributions/consulting/advertising related to Treasury awards— — — — 5,190 
Loss on securities repositioning— — — 9,708 — 
Pre-Tax, Pre-Provision Operating EarningsQ$27,454 $27,376 $26,603 $25,879 $31,885 
Annualized return on avg assetsN/A0.94 %0.99 %1.03 %0.56 %1.24 %
Annualized return on avg assets, operO/A1.03 %1.01 %1.03 %0.95 %1.22 %
Annualized pre-tax, pre-provision, operQ/A1.38 %1.38 %1.33 %1.31 %1.62 %
Annualized return on avg common equity, operO/C8.41 %8.29 %8.66 %8.32 %10.63 %
Annualized return on avg tangible common equity, operatingO/D12.82 %12.76 %13.48 %13.41 %17.17 %
Three Months Ended
Capital RatiosSept 30, 2024*June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023
Common equity tier 1 (CET1) ratio12.5 %12.4 %12.2 %12.1 %12.0 %
Leverage (Tier 1) ratio10.3 %10.0 %9.7 %9.7 %9.6 %
Total risk based capital ratio15.4 %15.3 %15.2 %15.0 %15.1 %
Tangible common equity ratio8.9 %8.3 %8.1 %7.9 %7.3 %
*estimated

Contacts

M. Ray “Hoppy” Cole
Chief Executive Officer
Dee Dee Lowery
Chief Financial Officer
(601) 268-8998

v3.24.3
Cover
Oct. 23, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 23, 2024
Entity Registrant Name The First Bancshares, Inc.
Entity Incorporation, State or Country Code MS
Entity File Number 000-22507
Entity Tax Identification Number 64-0862173
Entity Address, Address Line One 6480 U.S. Highway 98 West,
Entity Address, City or Town Hattiesburg,
Entity Address, State or Province MS
Entity Address, Postal Zip Code 39402
City Area Code (601) 268-8998
Local Phone Number (601) 268-8998
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol FBMS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000947559
Amendment Flag false
First Bancshares (NYSE:FBMS)
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From Oct 2024 to Nov 2024 Click Here for more First Bancshares Charts.
First Bancshares (NYSE:FBMS)
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From Nov 2023 to Nov 2024 Click Here for more First Bancshares Charts.