Profile: First Bancshares Inc (FBMS.OQ)
24 Feb 2017
The First Bancshares, Inc., incorporated on June 23, 1995, is a bank holding company for The First, A National Banking Association (the Bank) located in Hattiesburg, Mississippi. The Company and the Bank engage in a general commercial and retail banking business for small to medium-sized businesses, professional concerns and individuals. The Bank provides a range of banking services in its primary market area of South Mississippi, South Alabama and Louisiana.
The Bank offers a portfolio of loans, including mortgage loans held for sale; commercial, financial and agricultural; real estate, such as mortgage-commercial, mortgage-residential and construction; lease financing receivable, and consumer and other loans. Its loans held for sale consist of mortgage loans originated by the Bank and sold into the secondary market. The Banks' total loans amount to approximately $769.74 million.
The Banks' investment securities portfolio is categorized into available-for-sale and held-to-maturity. The Bank primarily invests in securities of the United States Government agencies and mortgage-backed securities; states and municipal subdivisions; corporate obligations, and mutual funds. The Banks' total available-for-sale securities amount to approximately $239.73 million. The Bank's held-to-maturity securities include the United States Government agencies, and states and municipal subdivisions. The Banks' total held-to-maturity securities amount to approximately $7.09 million.
Sources of Funds
The Bank offers a range of deposit services, including noninterest-bearing accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, savings accounts, time deposits less than $100,000 and time deposits of $100,000 or over. Its total deposits amount to approximately $916.69 million. Borrowed funds consist of advances from the Federal Home Loan Bank (FHLB) of Dallas, federal funds purchased and reverse repurchase agreements. The Bank's advances from the FHLB totals approximately $100 million.
First Bancshares Inc
6480 U S Highway 98
HATTIESBURG MS 39402-8417