The First Bancshares(US:FBMS)2024-04-24 21:49Financial Performance - Net income available to common shareholders totaled $20.6 million for Q1 2024, an increase of 86.7% compared to $11.0 million for Q4 2023[4] - Net income available to common shareholders for the quarter ended 3/31/24 was $20,628,000, up from $16,271,000 in the same quarter last year, an increase of 26.5%[41] - Basic earnings per share for the quarter ended 3/31/24 was $0.66, compared to $0.52 in the same quarter last year, representing a growth of 26.9%[41] - Diluted earnings per common share increased to $0.65 in Q1 2024, up from $0.52 in Q1 2023, marking a growth of 25%[44] - Diluted earnings per share for Q1 2024 was $0.65, a significant increase of 85.71% compared to $0.35 in Q4 2023[47] Deposits and Loans - Total deposits increased by $247.5 million, or 3.8%, to $6.710 billion for Q1 2024 compared to $6.463 billion for Q4 2023[11] - Total loans decreased by $30.1 million, or 0.6%, to $5.140 billion for Q1 2024 compared to $5.170 billion for Q4 2023[10] - Total deposits rose to $6,599,287,000 as of 3/31/24, compared to $6,816,473,000 a year earlier, a decrease of 3.2%[41] - Total loans as of March 31, 2024, amounted to $5,144,193, a decrease of 0.55% from $5,172,957 on December 31, 2023[45] Interest Income and Margin - Total interest income for the quarter ended 3/31/24 was $91,663,000, an increase from $80,338,000 in the same quarter last year, representing a growth of 14.1%[41] - Net interest income for the quarter ended 3/31/24 was $57,341,000, down from $64,926,000 in the same quarter last year, a decrease of 11.7%[41] - Annualized net interest margin decreased by 8 basis points to 3.20% for Q1 2024 from 3.28% for Q4 2023[4] - The average yield on all earning assets increased from 5.04% in Q4 2023 to 5.12% in Q1 2024[22] - The yield on average earning assets improved to 5.12% in Q1 2024 from 5.04% in Q4 2023, showing an increase of 1.58%[48] Asset Quality - Nonperforming assets decreased to $18.4 million, or 0.23% of total assets, for Q1 2024 compared to $20.2 million, or 0.25%, for Q4 2023[14] - Provision for credit losses was zero in Q1 2024, compared to $11,000 thousand in Q1 2023, indicating improved credit quality[44] - The allowance for credit losses (ACL) as a percentage of total loans remained stable at 1.05% for the quarter ended 3/31/24, consistent with the previous quarters[41] - The allowance for credit losses (ACL) to nonperforming loans ratio was 463.25% as of March 31, 2024, indicating strong coverage[45] Shareholder Equity - Book value per share increased to $30.45 at March 31, 2024, from $30.22 at December 31, 2023[13] - Total shareholders' equity increased to $959,912 thousand as of March 31, 2024, compared to $949,034 thousand at December 31, 2023, reflecting a growth of 1.03%[42] - Common equity increased to $952,708,000 in Q1 2024 from $901,530,000 in Q4 2023, representing a growth of 5.67%[47] Operational Efficiency - The efficiency ratio improved to 61.15% for the quarter ended 3/31/24, compared to 58.15% in the same quarter last year, indicating a decline in operational efficiency[41] - Efficiency ratio improved to 61.14% in Q1 2024 from 62.00% in Q4 2023, indicating enhanced operational efficiency[48] Capital Ratios - Common equity tier 1 (CET1) ratio increased to 12.2% in Q1 2024, compared to 11.2% in Q1 2023, indicating a rise of 8.9%[50] - Total risk-based capital ratio rose to 15.2% in Q1 2024, up from 14.7% in Q1 2023, showing an increase of 3.4%[50] Other Financial Metrics - The annualized return on average assets (ROA) for the quarter ended 3/31/24 was 1.03%, up from 0.81% in the same quarter last year, an increase of 27.1%[41] - The annualized return on average common equity (operating) was 8.66% in Q1 2024, a decrease from 12.48% in Q1 2023, reflecting a decline of 30.9%[50] - Pre-tax, pre-provision operating earnings for Q1 2024 were $26,603 million, a decrease of 25.8% compared to $35,661 million in Q1 2023[50]