Largely due to higher net interest income, Mountain Grove-based First Bancshares Inc. (OTCQB: FBSI) improved third-quarter earnings by 99 percent to $171,000 from $86,000 a year earlier.
The bank, which operates a Springfield First Home Bank branch at 1465 E. Sunshine St., reported earnings per share of 11 cents, a 5-cent uptick from this time last year, according to a news release.
During the quarter, net interest income rose 7.6 percent to $1.5 million, and the company posted a $7,000 gain on the sale of investments. Forward movement was partially offset by a $9,000 decrease in noninterest income and a $20,000 increase in noninterest expenses.
“The solid increase in quarterly net income compared with the same quarter last year provides support for our fundamental operating plan to increase loan asset volume while maintaining very high asset quality,” said R. Bradley Weaver, First Home Bank chairman, president and CEO, in the release.
Third-quarter financial notes:
• First Home Bank posted no provision for loan losses, on par with the same quarter last year.
• Net loans receivable rose 6.5 percent to $132.6 million from the end of 2015.
• Total interest expense increased 10.7 percent to $1.8 million, while noninterest expense moved up 1.4 percent to $1.5 million compared with the same quarter last year.
First Home Bank held assets of $220.4 million and deposits of $183.4 million as of Sept. 30. The company operates seven branches, according to the release.
The company’s over-the-counter stock closed Oct. 25 at $10.50 per share, compared with a 52-week range of $8.32 to $11 per share.
