First Bancshares Inc. (FBSI, Financial) filed Quarterly Report for the period ended 2009-09-30.
First Bancshares, Inc. is a unitary savings and loan holding company for First Home Savings Bank that offers a range of community banking products and services in Missouri. It generates deposits and originates loans. The company offers various deposit products, including negotiable order of withdrawal accounts, money market accounts, regular savings accounts, certificates of deposit, and retirement savings plans. Its loan portfolio comprises residential mortgage loans, construction loans, commercial mortgage and land loans, commercial business loans, and consumer loans. The Bank conducts its business from its home office in Mountain Grove, and 10 full-service branch facilities in Marshfield, Ava, Gainesville, Sparta, Theodosia, Crane, Galena, Kissee Mills, Rockaway Beach and Springfield, Missouri. It also operates a loan origination office in Springfield, Missouri. First Bancshares Inc. has a market cap of $13.2 million; its shares were traded at around $8.52 with and P/S ratio of 0.9.
As of September 30, 2009, First Bancshares, Inc. had assets of $220.4 million, compared to $229.9 million at June 30. 2009. The decrease in total assets of $9.5 million, or 4.1%, was the result of a decrease of $2.1 million, or 4.5%, in securities, a decrease of $5.5 million, or 4.1%, in loans receivable, net, a decrease of $820,000, or 100.0%, in loans held for sale and a decrease of $2.2 million, or 100.0%, in BOLI. These decreases were partially offset by increases of $1.4 million in cash and cash equivalents and $509,000 in certificates of deposit purchased. Deposits decreased $8.1 million, and retail repurchase agreements decreased by $1.5 million. The decreases in deposits and retail repurchase agreements were the result of the current economic climate and generally lower interest rates on deposits.
The Company s deposits decreased by $8.1 million, or 4.3%, from $189.2 million as of June 30, 2009 to $181.1 million as of September 30, 2009. The decrease is the result of a number of factors, including depositors seeking higher yields available through non-bank entities and, in some cases, the need to use savings for living expenses as a result of loss of employment. The balance of the Company s retail repurchase agreements decreased by $1.5 million, or 27.2%, from $5.7 million at June 30, 2009 to $4.2 million at September 30, 2009.
As of September 30, 2009 the Company s stockholders equity totaled $24.2 million, compared to $23.8 million as of June 30, 2009. The $410,000 increase of was attributable to net income of $199,000 during the first quarter of fiscal 2010, and by a positive change in the mark-to-market adjustment, net of taxes, of $208,000 on the Company s available-for-sale securities portfolio. In addition, there was a $3,000 increase resulting from the accounting treatment of stock based compensation. There were no dividends paid during the period.
Non-performing assets increased from $5.0 million, or 2.2% of total assets, at June 30, 2009 to $5.3 million, or 2.4% of total assets at September 30, 2009. The Bank s non-performing assets consist of non-accrual loans, past due loans over 90 days, impaired loans not past due or past due less than 60 days, real estate owned and other repossessed assets. The increase in non-performing assets consisted of an increase of $196,000 in non-accrual loans and an increase of $448,000 in loans 90 days or more delinquent and still accruing interest. These increases were partially offset by decreases of $278,000 and $61,000 in real estate owned and other repossessed assets, respectively. The increase in non-accrual loans consisted of increases of $133,000 in non-accrual commercial real estate loans, $383,000 in non-accrual land loans, and $66,000 in non-accrual second mortgages. These increases were partially offset by decreases of $350,000 in non-accrual residential mortgages real estate loans and $35,000 in non-accrual consumer loans. At September 30, 2009, loans 90 days past due and still accruing consisted of one commercial real estate loan totaling $16,000, one land loan totaling $670,000 and one commercial business loan totaling $50,000. Almost all of the loans that became non-accrual or 90 days or more delinquent and still accruing as of September 30, 2009, were loans that had been on the Company s list of watch credits at June 30, 2009. The increase in non-performing assets is a result of two factors. First is the negative economic environment that has existed for nearly two years, which has had an adverse impact on individuals and businesses in the Company s primary market areas, where substantially all of the Company s problem loans are located. Second, there were
On the basis of management's review of its loans and other assets, at September 30, 2009, the Company had classified $6.7 million of its assets as substandard, $3.4 million as doubtful and none as loss. This compares to classifications at June 30, 2009 of $6.1 million as substandard, $4.2 million as doubtful and none as loss. The decrease in classified loans to $10.1 million at September 30, 2009 from $10.3 million at June 30, 2009 is believed to be an indication that the on-going, in-depth review and analysis of the Bank s loan portfolio since November 2008 is helping the Company make progress in resolving problem loan issues.
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First Bancshares, Inc. is a unitary savings and loan holding company for First Home Savings Bank that offers a range of community banking products and services in Missouri. It generates deposits and originates loans. The company offers various deposit products, including negotiable order of withdrawal accounts, money market accounts, regular savings accounts, certificates of deposit, and retirement savings plans. Its loan portfolio comprises residential mortgage loans, construction loans, commercial mortgage and land loans, commercial business loans, and consumer loans. The Bank conducts its business from its home office in Mountain Grove, and 10 full-service branch facilities in Marshfield, Ava, Gainesville, Sparta, Theodosia, Crane, Galena, Kissee Mills, Rockaway Beach and Springfield, Missouri. It also operates a loan origination office in Springfield, Missouri. First Bancshares Inc. has a market cap of $13.2 million; its shares were traded at around $8.52 with and P/S ratio of 0.9.
Highlight of Business Operations:
As a result of the losses and projected losses attributed to failed institutions, the FDIC adopted a rule imposing on every insured institution a special assessment equal to 20 basis points of its assessment base as of June 30, 2009 to be collected on September 30, 2009. However, Congress increased the FDIC s borrowing authority from $30 billion to $100 billion (and up to $500 billion under special circumstances). As the result of the increase in borrowing authority, the special assessment was reduced to five basis points which, in the case of the Bank, amounted to $104,000 which was paid at the end of September 2009. As of June 30, 2009, $99,000 had been accrued toward this assessment. A proposal has been put forth to have the FDIC require financial institutions, with some exceptions, prepay up to 39 months of assessments during the first quarter of calendar 2010. Such a prepayment would improve the ability to handle the projected losses to the fund.As of September 30, 2009, First Bancshares, Inc. had assets of $220.4 million, compared to $229.9 million at June 30. 2009. The decrease in total assets of $9.5 million, or 4.1%, was the result of a decrease of $2.1 million, or 4.5%, in securities, a decrease of $5.5 million, or 4.1%, in loans receivable, net, a decrease of $820,000, or 100.0%, in loans held for sale and a decrease of $2.2 million, or 100.0%, in BOLI. These decreases were partially offset by increases of $1.4 million in cash and cash equivalents and $509,000 in certificates of deposit purchased. Deposits decreased $8.1 million, and retail repurchase agreements decreased by $1.5 million. The decreases in deposits and retail repurchase agreements were the result of the current economic climate and generally lower interest rates on deposits.
The Company s deposits decreased by $8.1 million, or 4.3%, from $189.2 million as of June 30, 2009 to $181.1 million as of September 30, 2009. The decrease is the result of a number of factors, including depositors seeking higher yields available through non-bank entities and, in some cases, the need to use savings for living expenses as a result of loss of employment. The balance of the Company s retail repurchase agreements decreased by $1.5 million, or 27.2%, from $5.7 million at June 30, 2009 to $4.2 million at September 30, 2009.
As of September 30, 2009 the Company s stockholders equity totaled $24.2 million, compared to $23.8 million as of June 30, 2009. The $410,000 increase of was attributable to net income of $199,000 during the first quarter of fiscal 2010, and by a positive change in the mark-to-market adjustment, net of taxes, of $208,000 on the Company s available-for-sale securities portfolio. In addition, there was a $3,000 increase resulting from the accounting treatment of stock based compensation. There were no dividends paid during the period.
Non-performing assets increased from $5.0 million, or 2.2% of total assets, at June 30, 2009 to $5.3 million, or 2.4% of total assets at September 30, 2009. The Bank s non-performing assets consist of non-accrual loans, past due loans over 90 days, impaired loans not past due or past due less than 60 days, real estate owned and other repossessed assets. The increase in non-performing assets consisted of an increase of $196,000 in non-accrual loans and an increase of $448,000 in loans 90 days or more delinquent and still accruing interest. These increases were partially offset by decreases of $278,000 and $61,000 in real estate owned and other repossessed assets, respectively. The increase in non-accrual loans consisted of increases of $133,000 in non-accrual commercial real estate loans, $383,000 in non-accrual land loans, and $66,000 in non-accrual second mortgages. These increases were partially offset by decreases of $350,000 in non-accrual residential mortgages real estate loans and $35,000 in non-accrual consumer loans. At September 30, 2009, loans 90 days past due and still accruing consisted of one commercial real estate loan totaling $16,000, one land loan totaling $670,000 and one commercial business loan totaling $50,000. Almost all of the loans that became non-accrual or 90 days or more delinquent and still accruing as of September 30, 2009, were loans that had been on the Company s list of watch credits at June 30, 2009. The increase in non-performing assets is a result of two factors. First is the negative economic environment that has existed for nearly two years, which has had an adverse impact on individuals and businesses in the Company s primary market areas, where substantially all of the Company s problem loans are located. Second, there were
On the basis of management's review of its loans and other assets, at September 30, 2009, the Company had classified $6.7 million of its assets as substandard, $3.4 million as doubtful and none as loss. This compares to classifications at June 30, 2009 of $6.1 million as substandard, $4.2 million as doubtful and none as loss. The decrease in classified loans to $10.1 million at September 30, 2009 from $10.3 million at June 30, 2009 is believed to be an indication that the on-going, in-depth review and analysis of the Bank s loan portfolio since November 2008 is helping the Company make progress in resolving problem loan issues.
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