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First Bancshares, Inc. Announces Operating Results for Quarter Ended June 30, 2024

MOUNTAIN GROVE, Mo., July 08, 2024 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX:FBSI) ("Company"), the holding company for Stockmens Bank ("Bank"), today announced its financial results for the quarter ended June 30, 2024. For the quarter ended June 30, 2024, the Company reported net income of $1,630,000 or $0.67 per share-diluted, compared to $1,735,000, or $0.71 per share-diluted for the comparable period in 2023. Year to date the Company reported net income of $3,283,000 or $1.35 per share-diluted compared to $3,522,000 or $1.44 per share-diluted for the same period in 2023. Year to date changes from the six months ended June 30, 2023 include a $371,000 increase in net interest income after provisions for credit losses and a $156,000 decrease in income tax expense, offset by a $28,000 decrease in non-interest income, a $402,000 increase in standard non-interest expenses, and a $336,000 adjustment due to an extraordinary income item in January 2023. This resulted in a $239,000 decrease in net income for the six months ended June 30, 2024, compared to the six months ended June 30, 2023. The Company has offset much of the increase in non-interest expenses through the continued deployment of excess cash balances into high quality, well-secured loan assets. Consolidated total assets decreased 4.58% to $516.78 million as of June 30, 2024, compared to $541.56 million on December 31, 2023. Since year end 2023, net loans increased 2.73% to $429.44 million, total deposits decreased 3.60% to $454.99 million, and GAAP capital increased 4.56% to $56.04 million. The Bank meets all regulatory requirements for "well-capitalized" status. About the Company First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado. Cautionary Note Regarding Forward-Looking Statements The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral "forward-looking statements" in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the Company's beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company's financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services' laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing. The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800 First Bancshares, Inc. and Subsidiaries Financial Highlights (unaudited) (In thousands, except per share amounts)                                               Quarter Ended   Six Months Ended       June 30,   June 30,         2024       2023       2024       2023   Operating Data:                                     Total interest income   $ 8,013     $ 7,142     $ 16,154     $ 13,171   Total interest expense     2,689       1,670       5,486       2,785     Net interest income     5,324