First Bancshares Inc. (FBSI, Financial) filed Quarterly Report for the period ended 2010-09-30.
First Bancshares Inc. has a market cap of $11.23 million; its shares were traded at around $7.24 with and P/S ratio of 0.99.
As of September 30, 2010, First Bancshares, Inc. had assets of $214.8 million, compared to $211.7 million at June 30. 2010. The increase in total assets of $3.1 million, or 1.5%, was the result of an increase of $6.4 million, or 31.9%, in cash and cash equivalents, and an increase of $1.7 million, or 43.8%, in real estate owned. These increases were partially offset by a decrease of $4.8 million in net loans receivable. Deposits increased $4.0 million, and retail repurchase agreements decreased by $703,000. The increase in deposits related primarily to additional deposits from one large deposit customer.
Loans receivable, net totaled $103.9 million at September 30, 2010, a decrease of $4.8 million, or 4.4%, from $108.7 million at June 30. 2010. The decrease in loans is, in part, the result of decreased originations because of the current uncertainty in the economy, both local and national. These problems have affected many sectors of the economy and have created concerns for individuals and businesses. Housing sales, both new and existing, consumer confidence and other indicators of economic health in our market area have decreased over the last year to 18 months. Additionally, net loans totaling $1.9 million were transferred to real estate owned during the quarter ended September 30, 2010.
The Company s deposits increased by $4.0 million, or 2.2%, from $180.1 million as of June 30, 2010 to $184.1 million as of September 30, 2010. The increase was primarily the result of a large end of month deposit into a customer s non-interest bearing checking account. This particular customer has occasional large, short term deposits. The balance of the Company s retail repurchase agreements decreased by $703,000, or 13.1%, from $5.4 million at June 30, 2010 to $4.6 million at September 30, 2010.
As of September 30, 2010 the Company s stockholders equity totaled $22.5 million, compared to $22.6 million as of June 30, 2010. The $77,000 decrease was attributable to the net loss of $66,000 during the first quarter of fiscal 2011, and by a negative change in the mark-to-market adjustment, net of taxes, of $12,000 on the Company s available-for-sale securities portfolio. In addition, there was a $1,000 increase resulting from the accounting treatment of stock based compensation. There were no dividends paid during the quarter ended September 30, 2010.
Non-performing assets decreased from $13.1 million, or 6.2% of total assets, at June 30, 2010 to $12.5 million, or 5.8% of total assets at September 30, 2010. 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 90 days, real estate owned and other repossessed assets. The decrease in non-performing assets consisted of a decrease of $2.1 million in non-accrual loans and a decrease of $144,000 in impaired loans not past due. These decreases were partially offset by increases of $1.6 million and $32,000 in real estate owned and other repossessed assets, respectively. The decrease in non-accrual loans consisted of a decrease of $2.1 million in non-accrual commercial real estate loans that was partially offset by an increase of $21,000 in non-accrual residential mortgages. At both September 30, 2010 and June 30, 2010, there were no loans 90 days past due and still accruing. The higher level in non-performing assets during the past two years is a result of two factors. First is the negative economic environment that has existed during that time period, 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 concerns regarding the Bank s underwriting of some of the loans that were originated prior to May 2008. Starting in November 2008, the Company undertook an extensive review of the loan portfolio through which significant strides were made in identifying, analyzing and providing reserves on problem loans. Since May 2008 the Bank has required that all loan originations, renewals and modifications to be approved by the Directors Loan Committee. As discussed below, management believes the allowance for loan losses as of September 30, 2010, was adequate to absorb the known and inherent risks of loss in the loan portfolio at that date.
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First Bancshares Inc. has a market cap of $11.23 million; its shares were traded at around $7.24 with and P/S ratio of 0.99.
Highlight of Business Operations:
On September 30, 2010, the Company had total assets of $214.8 million, net loans receivable of $103.9 million, total deposits of $184.0 million and stockholders equity of $22.5 million. The Company s common shares trade on The Nasdaq Global Market of The NASDAQ Stock Market LLC under the symbol “FBSI.”As of September 30, 2010, First Bancshares, Inc. had assets of $214.8 million, compared to $211.7 million at June 30. 2010. The increase in total assets of $3.1 million, or 1.5%, was the result of an increase of $6.4 million, or 31.9%, in cash and cash equivalents, and an increase of $1.7 million, or 43.8%, in real estate owned. These increases were partially offset by a decrease of $4.8 million in net loans receivable. Deposits increased $4.0 million, and retail repurchase agreements decreased by $703,000. The increase in deposits related primarily to additional deposits from one large deposit customer.
Loans receivable, net totaled $103.9 million at September 30, 2010, a decrease of $4.8 million, or 4.4%, from $108.7 million at June 30. 2010. The decrease in loans is, in part, the result of decreased originations because of the current uncertainty in the economy, both local and national. These problems have affected many sectors of the economy and have created concerns for individuals and businesses. Housing sales, both new and existing, consumer confidence and other indicators of economic health in our market area have decreased over the last year to 18 months. Additionally, net loans totaling $1.9 million were transferred to real estate owned during the quarter ended September 30, 2010.
The Company s deposits increased by $4.0 million, or 2.2%, from $180.1 million as of June 30, 2010 to $184.1 million as of September 30, 2010. The increase was primarily the result of a large end of month deposit into a customer s non-interest bearing checking account. This particular customer has occasional large, short term deposits. The balance of the Company s retail repurchase agreements decreased by $703,000, or 13.1%, from $5.4 million at June 30, 2010 to $4.6 million at September 30, 2010.
As of September 30, 2010 the Company s stockholders equity totaled $22.5 million, compared to $22.6 million as of June 30, 2010. The $77,000 decrease was attributable to the net loss of $66,000 during the first quarter of fiscal 2011, and by a negative change in the mark-to-market adjustment, net of taxes, of $12,000 on the Company s available-for-sale securities portfolio. In addition, there was a $1,000 increase resulting from the accounting treatment of stock based compensation. There were no dividends paid during the quarter ended September 30, 2010.
Non-performing assets decreased from $13.1 million, or 6.2% of total assets, at June 30, 2010 to $12.5 million, or 5.8% of total assets at September 30, 2010. 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 90 days, real estate owned and other repossessed assets. The decrease in non-performing assets consisted of a decrease of $2.1 million in non-accrual loans and a decrease of $144,000 in impaired loans not past due. These decreases were partially offset by increases of $1.6 million and $32,000 in real estate owned and other repossessed assets, respectively. The decrease in non-accrual loans consisted of a decrease of $2.1 million in non-accrual commercial real estate loans that was partially offset by an increase of $21,000 in non-accrual residential mortgages. At both September 30, 2010 and June 30, 2010, there were no loans 90 days past due and still accruing. The higher level in non-performing assets during the past two years is a result of two factors. First is the negative economic environment that has existed during that time period, 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 concerns regarding the Bank s underwriting of some of the loans that were originated prior to May 2008. Starting in November 2008, the Company undertook an extensive review of the loan portfolio through which significant strides were made in identifying, analyzing and providing reserves on problem loans. Since May 2008 the Bank has required that all loan originations, renewals and modifications to be approved by the Directors Loan Committee. As discussed below, management believes the allowance for loan losses as of September 30, 2010, was adequate to absorb the known and inherent risks of loss in the loan portfolio at that date.
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