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The First Bancshares, Inc. (FBMS) Q3 2023 Earnings Call Transcript

The First Bancshares, Inc. (NASDAQ:FBMS) Q3 2023 Earnings Conference Call October 26, 2023 10:00 AM ET

Company Participants

Hoppy Cole – Chief Executive Officer

Dee Dee Lowery – Chief Financial Officer

George Noonan – Chief Credit Officer

J.J. Fletcher – Chief Lending Officer

Conference Call Participants

Will Jones – KBW

Kevin Fitzsimmons – D.A. Davidson

Brett Rabatin – Hovde Group

Matt Olney – Stephens

Hoppy Cole

[Call Starts Abruptly] I’ll give a few high level highlights of the quarter and then turn it over to other members of our teams in their respective areas. This morning I’ve got Dee Dee Lowery, our CFO with us; George Noonan, our Chief Credit Officer, and J.J. Fletcher, our Chief Lending Officer.

Generally, the quarter we thought was a solid quarter given what everyone knows, a very difficult operating environment. We had talked last quarter about some of the seasonality of our deposits as some of the loan growth we expected and some of that materialized this quarter.

Our GAAP net income for the quarter increased 2.5% to $24.4 million. However, operating income decreased $2.8 million or 10% due to some one-time items that were associated with the GAAP net income increase.

Core net interest margin compressed about 16 basis points and we talked about that last quarter that we felt like there’d be some compression the back half of the year. As many of you know, we have a seasonal deposit portfolio in terms of our public monies, and so part of that is that and also we felt like we have to be a bit more aggressive on deposits given what we thought would be our loan growth profile for the quarter, and that did materialize. So loans grew $78.9 million or 6.3% on annualized basis for the quarter, and J.J. will give us more color on that during his part

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