The First Bancshares, Inc. (FBMS) Bundle
An Overview of The First Bancshares, Inc. (FBMS)
General Summary of The First Bancshares, Inc.
The First Bancshares, Inc. (FBMS), established in 1996, is a bank holding company headquartered in Hattiesburg, Mississippi. It operates through its wholly-owned subsidiary, The First, A National Banking Association, which serves communities across Mississippi, Louisiana, Alabama, and Florida. FBMS offers a range of banking services including personal banking, business banking, and mortgage services. As of 2024, the company's total assets stand at approximately $1.8 billion, with a total equity of $190 million. The company reported total sales of $64 million in 2024.
Company's Financial Performance in the Latest Financial Reports
In the most recent financial reports for the year ending December 31, 2023, The First Bancshares, Inc. achieved a record-breaking revenue of $260 million, representing a year-over-year increase of 15%. This growth can be attributed primarily to significant increases in loan originations and deposit growth across its markets. Below is the financial performance breakdown:
| Financial Metric | 2023 Amount | 2022 Amount | Year-over-Year Change |
|---|---|---|---|
| Total Revenue | $260 million | $226 million | +15% |
| Net Income | $50 million | $42 million | +19% |
| Assets | $1.8 billion | $1.6 billion | +12.5% |
| Total Loans | $1.2 billion | $1 billion | +20% |
| Total Deposits | $1.6 billion | $1.4 billion | +14% |
Introduction to Company as a Leader in the Industry
The First Bancshares, Inc. is recognized as one of the leading community banks in the Southeast region of the United States. Its commitment to providing exceptional customer service and a diverse array of financial products has positioned it as a trusted name in banking. In 2023, FBMS earned accolades for its innovative approaches to banking and community engagement initiatives. The company's strategic expansion into new markets has further solidified its reputation within the industry.
Mission Statement of The First Bancshares, Inc. (FBMS)
Mission Statement Overview
The First Bancshares, Inc. (FBMS) is committed to serving our community through superior financial services. Our mission statement is a reflection of our dedication to growth, integrity, and excellence in banking. This mission guides our operational strategies and customer engagement, ultimately aligning with our long-term goals.
Core Component 1: Commitment to Customers
FBMS prioritizes our customers' needs, ensuring a responsive and personalized banking experience. This component emphasizes our commitment to delivering high-quality products and services tailored to individual needs.
According to the 2023 J.D. Power U.S. Direct Banking Satisfaction Study, FBMS received a customer satisfaction score of 85 out of 100, reinforcing our dedication to exceptional customer service.
Core Component 2: Community Engagement
Engagement with the communities we serve is vital to our mission. FBMS participates in various local initiatives, providing financial literacy programs and supporting local businesses.
In 2022, FBMS allocated over $750,000 in community development funding, which highlights our commitment to enhancing the economic well-being of the areas we serve.
Core Component 3: Employee Empowerment
Our employees are the backbone of our organization. FBMS strives to create a work environment that fosters development, innovation, and collaboration, allowing employees to thrive in their roles.
As of 2023, 78% of our employees reported high levels of job satisfaction, according to our internal employee engagement survey.
Statistical Data Supporting the Mission
| Year | Customer Satisfaction Score | Community Funding Allocated | Employee Satisfaction Percentage |
|---|---|---|---|
| 2021 | 83 | $500,000 | 75% |
| 2022 | 84 | $750,000 | 77% |
| 2023 | 85 | $1,000,000 | 78% |
Vision Statement of The First Bancshares, Inc. (FBMS)
Vision of The First Bancshares, Inc. (FBMS)
The vision of The First Bancshares, Inc. (FBMS) as of 2024 aims to articulate its ambitions and aspirations in the financial services sector. This vision encapsulates the company's goals for growth, service quality, and community engagement.
Commitment to Community Engagement
At the core of FBMS's vision is a strong commitment to enhancing community well-being through active engagement and support.
- Financial Literacy Programs: In 2023, FBMS invested $500,000 in local financial literacy initiatives.
- Community Sponsorships: Over 200 community events were sponsored in 2023, contributing approximately $300,000.
- Volunteer Hours: Employees dedicated more than 1,500 hours to volunteer activities in 2023.
Innovative Banking Solutions
FBMS envisions providing cutting-edge banking solutions that cater to the evolving needs of its customers.
- Digital Banking Growth: As of Q2 2023, digital banking users increased by 25% compared to the previous year, reaching a total of 100,000 users.
- Product Diversification: The launch of two new financial products in 2023 contributed to a 15% growth in service revenue.
- Investment in Technology: An investment of $2 million was made in upgrading digital platforms to enhance customer experience.
Financial Performance and Growth
The vision also includes a focus on robust financial performance and sustainable growth.
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Assets | $1.2 billion | $1.5 billion | $1.8 billion |
| Total Deposits | $1 billion | $1.2 billion | $1.4 billion |
| Net Income | $15 million | $18 million | $22 million |
| Return on Assets (ROA) | 1.25% | 1.20% | 1.30% |
| Return on Equity (ROE) | 10.5% | 11.2% | 11.8% |
Focus on Customer Experience
FBMS is dedicated to enhancing the customer experience through personalized service and transformative banking practices.
- Customer Satisfaction Score: As of 2023, the customer satisfaction score has reached 89%, a 5% increase since 2022.
- Response Time: The average customer inquiry response time has been reduced to 2 hours in 2023.
- Customer Retention Rate: The customer retention rate improved to 95% in 2023, reflecting strong loyalty among clients.
Employee Development and Satisfaction
FBMS recognizes that employee satisfaction and development are pivotal to achieving its vision.
- Training Investment: In 2023, FBMS allocated $250,000 for employee training and development programs.
- Employee Satisfaction Rate: Employee satisfaction reached 88% in the 2023 internal survey.
- Diversity Initiatives: 30% of new hires in 2023 were from diverse backgrounds, promoting inclusivity.
Core Values of The First Bancshares, Inc. (FBMS)
Integrity
Integrity is foundational to The First Bancshares, Inc. (FBMS) as it builds trust with customers, employees, and stakeholders. It is reflected in the adherence to ethical practices and compliance with regulations.
In 2023, FBMS was recognized with the American Banker's Best Bank to Work For award, which highlights its commitment to fostering an ethical workplace environment. Moreover, the Company maintains a 100% compliance rate with federal regulations regarding financial reporting and customer privacy.
Customer Commitment
Customer commitment represents the dedication FBMS has to provide exceptional service and support to its clients. Understanding client needs and providing tailored solutions is crucial.
In 2023, FBMS achieved a customer satisfaction score of 92%, significantly above the industry average of 82%. The Company also launched the Customer First Initiative, which included a dedicated support line and personalized banking services. This initiative increased customer retention rates by 15% year-over-year.
Community Engagement
Community engagement is vital for FBMS as it focuses on building strong relationships and supporting local initiatives. The Company actively invests in the communities it serves.
- $1.2 million donated to local charities and non-profits in 2023.
- Over 5,000 hours of volunteer work contributed by employees.
- Support for local programs, including education, healthcare, and affordable housing.
FBMS also partnered with local schools to provide financial literacy programs, benefiting over 2,000 students.
Innovation
Innovation drives FBMS to leverage technology for enhancing banking experiences. The Company continuously adapts to changes in the financial landscape through innovative solutions.
In 2023, FBMS invested $5 million in technology upgrades, including the launch of a new mobile banking app that resulted in a 40% increase in mobile users. The app features AI-driven personal finance tools that garnered a 4.8-star rating in app stores.
Teamwork
Teamwork emphasizes collaboration and cooperation among employees, essential for achieving common goals. FBMS fosters a culture where every employee feels valued.
The Company reported an employee turnover rate of only 8% in 2023, compared to the industry average of 15%. Team-building workshops and cross-departmental projects have been implemented, resulting in a 20% increase in project efficiency.
| Core Value | 2023 Achievements | Financial Commitment |
|---|---|---|
| Integrity | Awarded Best Bank to Work For, 100% compliance | N/A |
| Customer Commitment | Customer satisfaction score of 92% | N/A |
| Community Engagement | $1.2 million in donations, 5,000 volunteer hours | $1.2 million |
| Innovation | Launched new mobile app, 40% increase in users | $5 million technology investment |
| Teamwork | 8% employee turnover rate | N/A |
Excellence
Excellence drives FBMS to consistently provide superior banking products and services. The Company strives for high standards in all operations.
In 2023, FBMS received a 5-Star Rating from BauerFinancial for its financial strength and stability. Additionally, the bank’s loan portfolio grew by 12%, indicating a robust performance in lending practices.
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