© Reuters.
MOUNTAIN GROVE, Mo. – First Bancshares, Inc. (OTCQX: FBSI), the parent company of Stockmens Bank, announced its financial results for the fourth quarter and full year ended December 31, 2023. The company recorded a net income of $1,562,000 or $0.65 per diluted share for the quarter, up from $1,195,000 or $0.49 per diluted share for the same period in 2022. For the full year, net income rose to $6,720,000 or $2.77 per share, compared to $5,283,000 or $2.16 per share in the prior year.
The increase in annual net income is attributed to a record net income at Stockmens Bank, which amounted to $7,307,000 for the year. The bank’s financial growth was supported by a $3,454,000 rise in net interest income after provisions for loan losses and a $93,000 increase in non-interest income. These gains were partially offset by a $1,779,000 increase in non-interest expenses and a $331,000 rise in income tax expenses.
First Bancshares also reported a substantial growth in assets, with consolidated total assets climbing 14.81% to $541.56 million as of December 31, 2023, from $471.72 million at the end of the previous year. This growth was driven by a 141.80% increase in liquid assets to $81.79 million, a 3.17% rise in net loans to $418.04 million, and a 12.19% increase in total deposits to $471.99 million. Furthermore, GAAP capital saw a 12.62% increase to $53.59 million, primarily due to the company’s organic earnings.
The bank maintains its well-capitalized status, meeting all regulatory requirements. First Bancshares operates through Stockmens Bank, which offers its services from its Colorado headquarters and multiple full-service offices across Missouri, Nebraska, and Colorado.
This financial update is based on a press release statement from First Bancshares, Inc. and focuses on the key financial achievements and growth metrics for the company and its subsidiary, Stockmens Bank.
InvestingPro Insights
First Bancshares, Inc. (FBSI) has shown a strong financial performance as reflected in its latest earnings report. To provide additional context for investors considering FBSI’s stock, InvestingPro data reveals a market capitalization of $63.16 million, underscoring the company’s position in the market. The P/E ratio stands at an attractive 9.97, suggesting that the stock may be trading at a reasonable price relative to its earnings. This is further supported by a PEG ratio of 0.53 for the last twelve months as of Q3 2023, indicating potential for growth when considering the earnings forecast.
InvestingPro Tips highlight that while the stock is currently in overbought territory according to the RSI, it has been trading at a low P/E ratio relative to near-term earnings growth, which could interest value investors. Moreover, the stock has experienced a strong return over the past month, with a 13.14% price total return, and has been profitable over the last twelve months. These insights, combined with the company’s reported financial growth, could be of interest to those seeking investment opportunities with a history of profitability and potential for continued growth.
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