First Bancshares Inc (OTCMKTS:FBSI) Stock In Focus After Q3 Results

Holding company for Stockmens Bank, First Bancshares Inc (OTCMKTS:FBSI), on October 7, 2022, announced the financial results for the quarter ending September 30, 2022.

Market Stats

On Friday, FBSI stock ended flat at $17.87 with more than 60 shares, compared to its average volume of 242 shares. The stock moved within a range of $17.87 – 17.87 after opening trading at $18.25.

First Bancshares, Inc. Announces Third Quarter 2022 Results

The company had net income of $1,667,000 or $0.68 per share-diluted vis-à-vis $1,335,000, or $0.52 per share-diluted of previous year. The firm had a net income of $4,088,000 or $1.67 per share as compared to $3,715,000 or $1.43 per share in the previous year. Furthermore, the firm had a year-to-date change from nine months ending September 30, 2021, including a $1,031,000 increase in net interest income and a modest $21,000 loss on investments in 2022.

The company had a $373,000 increase in net income for the year. However, the increase in non-interest expenses was due to higher personnel as well as fixed asset expenses due to branch additions in Akron and Hartville. Additionally, there was an increase in competing with employee demand in the marketplace.

First Bancshares Inc’s total assets were $473.75 million on September 30, 2022. The firm’s net loans increased 15.49% to $393.54 million while the total deposits surged 6.08% to $420.64 million. Its capital changes were due to the payment of cash dividends to shareholders as well as losses in the securities portfolio, increasing to $1,431,000 on September 30, 2022.     

Traders Corner

FBSI stock is trading above the 20-Day and 50-Day Moving averages of $17.67 and $17.46 respectively. Moreover, the stock is trading above the 200-Day moving average of $16.48.