The First Bancshares, Inc. (FBMS) Bundle
An Overview of The First Bancshares, Inc. (FBMS)
General Overview of The First Bancshares, Inc. (FBMS)
The First Bancshares, Inc. (FBMS) was founded in 1999 and has since grown into a significant player in the banking industry. The company is a bank holding company headquartered in Hattiesburg, Mississippi, and operates through its subsidiary, The First Bank. As of 2024, FBMS offers a comprehensive range of financial services, including retail banking, commercial banking, mortgage services, and investment services. The bank serves customers in Mississippi, Louisiana, Alabama, and Florida.
As of 2024, The First Bancshares reported total assets of approximately $7.966 billion. The company has seen a steady increase in its deposit base, with total deposits amounting to $6.561 billion as of September 30, 2024, reflecting a year-over-year growth of 1.4%.
| Metrics | 2024 | 2023 |
|---|---|---|
| Total Assets | $7.966 billion | $7.993 billion |
| Total Deposits | $6.561 billion | $6.476 billion |
| Net Loans | $5.263 billion | $5.174 billion |
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports for the nine months ended September 30, 2024, The First Bancshares reported a net income of $58.9 million, down from $64.4 million in the same period of 2023, marking a decrease of 8.6%. The net interest income for the same period was $174.1 million, a decline of $17.5 million compared to the previous year. This decrease was primarily due to increased interest expenses on deposits.
Non-interest income also saw a decline, totaling $38.2 million for the nine months ended September 30, 2024, down from $44.4 million in 2023, mainly attributed to a significant decrease in U.S. Treasury awards. Non-interest expenses decreased to $133.9 million from $140.3 million in the prior year, reflecting a reduction in acquisition charges and other operational costs.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Income | $58.9 million | $64.4 million |
| Net Interest Income | $174.1 million | $191.6 million |
| Non-Interest Income | $38.2 million | $44.4 million |
| Non-Interest Expense | $133.9 million | $140.3 million |
Introduction to Company as a Leader in the Industry
The First Bancshares, Inc. has established itself as a leader in the banking industry, recognized for its commitment to providing exceptional customer service and a diverse range of financial products. The company has strategically expanded its footprint across several states, enhancing its market position and operational capabilities.
As of September 30, 2024, the company’s total shareholders’ equity stood at $1.012 billion, representing approximately 12.7% of total assets, which underscores its strong capital position. The First Bancshares continues to focus on sustainable growth, leveraging technological advancements and customer-centric strategies to enhance its service offerings.
Investors and stakeholders are encouraged to explore further information about The First Bancshares, Inc. to understand the factors contributing to its ongoing success and industry leadership.
Mission Statement of The First Bancshares, Inc. (FBMS)
Mission Statement Overview
The mission statement of The First Bancshares, Inc. (FBMS) serves as a guiding principle for its operations, articulating the company's purpose and direction. It underscores the commitment to providing exceptional financial services while prioritizing customer satisfaction and community engagement. As of 2024, the mission statement emphasizes the importance of integrity, innovation, and excellence in service delivery, aligning with the company's long-term objectives.
Core Component 1: Customer Commitment
At the heart of FBMS's mission is a strong commitment to its customers. The company aims to deliver high-quality financial products and services tailored to meet the diverse needs of its clientele. This customer-centric approach is reflected in its service offerings, which include personal banking, commercial banking, and wealth management solutions. For instance, as of September 30, 2024, FBMS reported total deposits of $6.567 billion, indicating a robust trust from its customer base.
Core Component 2: Community Engagement
FBMS recognizes the significance of its role within the community. The company is dedicated to enhancing the quality of life in the regions it serves through various initiatives. This commitment is evident in its active participation in local events and support for community projects. In 2024, FBMS's community involvement included contributions to educational programs and local charities, reinforcing its dedication to social responsibility. The estimated uninsured deposits amounted to $2.289 billion as of September 30, 2024, showcasing the company's strong local presence.
Core Component 3: Financial Excellence
Financial excellence is a cornerstone of FBMS's mission statement. The company strives to maintain strong financial performance while adhering to sound banking practices. As of September 30, 2024, FBMS reported total assets of $7.957 billion, reflecting a stable financial position. Furthermore, the net income for the nine months ended September 30, 2024, was $58.9 million, highlighting the company's effective management and operational efficiency.
| Financial Metrics | As of September 30, 2024 |
|---|---|
| Total Assets | $7.957 billion |
| Total Deposits | $6.567 billion |
| Net Income | $58.9 million |
| Estimated Uninsured Deposits | $2.289 billion |
FBMS's mission statement reflects its dedication to customer satisfaction, community engagement, and financial excellence, guiding its strategic initiatives and operational practices as it moves forward into 2024.
Vision Statement of The First Bancshares, Inc. (FBMS)
Vision Statement Overview
The First Bancshares, Inc. (FBMS) aims to be a premier community bank, dedicated to providing comprehensive financial services while maintaining a commitment to customer satisfaction and community involvement. This vision encapsulates the company's goals and aspirations for growth and excellence in service delivery.
Commitment to Community
FBMS emphasizes its role in the community by fostering economic development through local lending initiatives and community engagement programs. The bank's community involvement is reflected in its support for local businesses and charitable organizations. As of September 30, 2024, FBMS has reported total loans of $5.263 billion, demonstrating its commitment to providing financial solutions that support local economies.
Customer-Centric Approach
At the core of FBMS’s vision is a strong customer-centric philosophy. The bank aims to exceed customer expectations through personalized service and innovative banking solutions. For the nine months ended September 30, 2024, FBMS reported net interest income of $174.1 million, indicating a robust performance driven by customer engagement and tailored financial products.
Innovation in Banking Services
FBMS is committed to adopting new technologies to enhance customer experience and operational efficiency. The bank has integrated digital banking solutions that allow customers to manage their finances conveniently. As of September 30, 2024, the bank's total assets stood at $7.966 billion, reflecting its growth and adaptation to market demands.
Financial Stability and Growth
The vision of FBMS includes a focus on financial stability and sustainable growth. The bank aims to achieve a strong financial position while expanding its service offerings. As of September 30, 2024, the bank's total shareholders’ equity was reported at $1.012 billion, highlighting its financial strength and capacity for future growth.
Table: Financial Overview of The First Bancshares, Inc. (As of September 30, 2024)
| Financial Metric | Amount (in billions) |
|---|---|
| Total Assets | $7.966 |
| Total Loans | $5.263 |
| Total Deposits | $6.561 |
| Total Shareholders' Equity | $1.012 |
| Net Interest Income | $174.1 million |
| Net Income | $58.9 million |
Focus on Employee Development
FBMS recognizes that its employees are vital to achieving its vision. The bank invests in employee training and development programs to ensure a knowledgeable and skilled workforce. For the nine months ended September 30, 2024, non-interest expenses, including salaries and employee benefits, amounted to $133.9 million.
Long-Term Strategic Goals
The long-term goals of FBMS include expanding its market presence and enhancing shareholder value while maintaining a commitment to community service. The bank's strategic initiatives are designed to foster sustainable growth and profitability. The company has authorized a new share repurchase program in 2024, allowing for the repurchase of up to $50 million in shares, reflecting its confidence in its financial future.
Core Values of The First Bancshares, Inc. (FBMS)
Integrity
The First Bancshares, Inc. (FBMS) emphasizes integrity as a core value, which is essential for building trust with customers, employees, and stakeholders. This commitment is demonstrated through transparent communication and ethical business practices.
In 2024, FBMS has maintained compliance with all regulatory requirements, reflecting its dedication to integrity. The company’s total assets stood at approximately $7.957 billion as of September 30, 2024, indicating a stable financial foundation built on ethical practices.
Customer Focus
Customer focus is central to FBMS's operations, aiming to meet the diverse needs of its clientele. The bank has introduced several initiatives to enhance customer experience, including digital banking upgrades and personalized financial services.
As of September 30, 2024, FBMS reported net interest income of $174.1 million, which reflects its ability to attract and retain customers through competitive offerings. The bank's total deposits increased by $90.1 million, or 1.4%, indicating strong customer engagement.
Community Commitment
FBMS is committed to supporting the communities it serves, recognizing that its success is intertwined with the well-being of local residents. The bank actively engages in community development initiatives and philanthropic activities.
In 2024, FBMS allocated a portion of its earnings to local charities and community programs, contributing to a comprehensive community investment strategy. The bank's total non-interest income was $38.2 million for the nine months ended September 30, 2024, showcasing its financial capacity to support community initiatives.
Excellence
The pursuit of excellence drives FBMS to continuously improve its services and operational efficiency. This value is reflected in its investment in employee training and development to enhance service delivery.
For the nine months ended September 30, 2024, FBMS reported a decrease in non-interest expense to $133.9 million, down by $6.4 million from the previous year, demonstrating efficient management practices. The bank's focus on excellence has resulted in a strong operational performance, with net income of $58.9 million.
Teamwork
FBMS values teamwork as a critical component of its corporate culture, fostering collaboration among employees to achieve common goals. The bank encourages a supportive work environment that emphasizes collective success.
As of September 30, 2024, the bank's workforce has expanded, contributing to a robust organizational structure. The increase in salaries and employee benefits by $5.0 million reflects the commitment to investing in its team.
| Core Value | Key Initiatives | Financial Impact |
|---|---|---|
| Integrity | Compliance with regulations | Total assets: $7.957 billion |
| Customer Focus | Digital banking upgrades | Net interest income: $174.1 million |
| Community Commitment | Philanthropic activities | Non-interest income: $38.2 million |
| Excellence | Employee training and development | Net income: $58.9 million |
| Teamwork | Supportive work environment | Increase in salaries: $5.0 million |
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Resources:
- The First Bancshares, Inc. (FBMS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of The First Bancshares, Inc. (FBMS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View The First Bancshares, Inc. (FBMS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.