Profile: First Bancshares Inc (FBMS.OQ)

FBMS.OQ on NASDAQ Stock Exchange Global Market

25 Nov 2015
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The First Bancshares, Inc., incorporated on September 30, 1993, is a bank holding company for The First, A National Banking Association (the Bank) located in Hattiesburg, Mississippi. The Company and its subsidiary bank engage in a general commercial and retail banking business for small to medium-sized businesses, professional concerns and individuals. The First is a wholly owned subsidiary bank of the Company. The Company offers a range of deposit services and commercial and personal loans; The First offers products, such as mortgage loans. The Bank provides a range of banking services in its primary market area of South Mississippi, South Alabama and Louisiana.

The Bank services include on-line Internet banking services, voice response telephone inquiry service, commercial sweep accounts, cash management services, safe deposit boxes, travelers checks, direct deposit of payroll and social security checks, and automatic drafts for various accounts. The Bank is associated with the Interlink, Plus, Pulse, Star, and Community Cash networks of automated teller machines that may be used by the Bank's customers throughout Mississippi and other regions. The Bank also offers VISA and MasterCard credit card services through a correspondent bank.

Lending Activities

The Bank offers a range of commercial, financial and agricultural loans; real estate loans and consumer and other loans. Its commercial loans include both secured and unsecured loans for working capital (including loans secured by inventory and accounts receivable), business expansion (including acquisition of real estate and improvements) and purchase of equipment and machinery. Its real estate loans include mortgage-commercial loans, mortgage-residential loans and construction loans. Consumer loans include equity lines of credit and secured and unsecured loans for financing automobiles, home improvements, education and personal investments. The Bank also makes real estate construction and acquisition loans. The Bank has mortgage loan divisions, which originate loans to purchase existing or construct new homes and to refinance existing mortgages. As of December 31, 2014, the commercial, financial and agricultural loans totaled $106.1 million; real estate loans were $576.943 million and consumer and other loans were $18.48 million. As of December 31, 2014, the net loans were $700.54 million.

Investment Activities

The investment securities portfolio is categorized into available-for-sale and held-to-maturity. The Company primarily invests in securities of the United States Government agencies, municipals, and corporate obligations. Its available-for-sale securities include the United States Government agencies and mortgage-backed securities, states and municipal subdivisions, corporate obligations and mutual funds. As of December 31, 2014, the total available-for-sale was $254.7 million. Its held-to-maturity securities include the United States Government agencies and states and municipal subdivisions. As of December 31, 2014, the total held-to-maturity was $8.193 million. As of December 31, 2014, investment securities were $270.2 million. Short-term investments consist of Federal Funds Sold, funds in due from banks and interest-bearing deposits with banks, averaged $24.8 million in 2014.

Sources of Funds

The Bank offers a range of deposit services, including checking accounts, negotiable order of withdrawal (now) accounts, savings accounts, and other time deposits of various types, ranging from daily money market accounts to longer-term certificates of deposit. All deposit accounts are insured by the Federal Deposit Insurance Corporation (the FDIC). In addition, the Bank offers certain retirement account services, such as Individual Retirement Accounts (IRAs). The Company's core deposits were $772.1 million as of December 31, 2014. As of December 31, 2014, total deposits were $892.8 million.

Borrowed funds consist of advances from the Federal Home Loan Bank (FHLB) of Dallas, federal funds purchased and reverse repurchase agreements. As of December 31, 2014, advances from the FHLB totaled $84.5 million.

Company Address

First Bancshares Inc

6480 U S Highway 98
HATTIESBURG   MS   39402-8417
P: +1601.2688998
F: +1601.2688904

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