First Bancshares boosts ’15 earnings on $2M tax benefit

Due largely to an income tax benefit, Mountain Grove-based First Bancshares Inc. (OTCQB: FBSI) improved its 2015 net income by 567 percent to $3.1 million from $465,000 in 2014.

During the year, the holding company of a First Home Bank branch in Springfield at 1465 E. Sunshine St. reported a $2.4 million income tax benefit, as well as a $390,000 increase in net interest income and an $87,000 boost in investment sales. The bank also marked a $3,000 decrease in provision for loan losses, according to a news release.

“With a record level of earnings and strong credit quality metrics for 2015, the company is well-positioned for 2016,” First Bancshares President and CEO Brad Weaver said in the release.

2015 financial notes:
    •    Fourth-quarter earnings rose 355 percent to $378,000, or 24 cents per share, from $83,000, or 5 cents per share, a year earlier.
    •    For the year, net interest income improved 7.5 perent to $5.6 million from $5.2 million in 2014.
    •    As of Dec. 31, net loans receivable totaled $124.5 million, a 7.3 percent boost from $116 million at the same time in 2014.

First Bancshares held assets of $213 million and deposits of $176.7 million as of Dec. 31. The company operates seven Missouri branches, including the Springfield location, according to the release.

The company’s over-the-counter stock closed yesterday at $8.32. It has a 52-week range of $6.75 to $9.