First Bancshares Inc. (OTC:FBSI) Stock Gains After Quarterly Earnings

Last Friday, First Bancshares Inc. (OTC:FBSI), the holding company of Stackmens Bank, was in the news cycle after it announced its financial results for the fiscal quarter that ended on September 30, 2024.

First Bancshares, Inc. Announces Operating Results for Quarter Ended September 30, 2024

In the above-mentioned fiscal quarter, First Bancshares posted net income of $1,576,000, or $0.65 per diluted share. However, it was lower than the net income of $1,635,000 in the prior year quarter, when the earnings per share were $0.68 per diluted share.

In the year so far, the company generated net income to the tune of $4,859,000, which translated to $2 a diluted share. In the same period in 2023, the net income had been $5,158,000, which worked out to earnings of $2.12 per diluted share.

Further Information

In the news release, First Bancshares noted that it managed interest rate risks and avoided debt securities at a time when interest rates went up at a historic rate. There was a rise in net interest income owing to the rise in interest rates, and it was strong enough to offset the inflationary pressure that had been unleashed on non-interest-related expenses.

However, it was reiterated that the bank would keep meeting targets through strong earnings, asset quality ratios, liquidity, and overall efficiency. At the end of the quarter, the consolidated assets with the bank reduced by 4.42% year on year to hit $717.65 million.