First Bancshares ends fiscal year with profit turnaround

Mountain Grove-based First Bancshares Inc. (OTCQB: FBSI) posted fiscal 2014 net income of $595,000, representing a 739.8 percent jump after recording a net loss of $93,000 for the year ended June 30, 2013.

The holding company, which operates a Springfield branch of First Home Bank at 2655 S. Campbell Ave., reported earnings per share of 38 cents for the year, compared to a loss of 6 cents per share for fiscal 2013, according to a news release.

First Banchares attributed the profit gain to a $251,000 increase in net interest income, a $253,000 boost in noninterest income and a decrease of $414,000 in noninterest expense. Partially offsetting favorable figures was a $230,000 decrease on the sale of investments.

Fiscal 2014 financial notes:

• The company's fourth-quarter earnings rose 23 percent to $143,000 from $116,000 in the same quarter a year earlier.
• Net loans receivable increased 15 percent to $109.9 million as of June 30, compared to $95.5 million at the end of fiscal 2013.
• The company's provision for loan losses moved up to $5.1 million in fiscal 2014 from $4.8 million a year earlier.

As of June 30, First Bancshares' assets were $192.5 million and deposits were $166.4 million. The company operates eight branches, all in Missouri, according to the release.[[In-content Ad]]