First Bancshares grows earnings by 46%

Mountain Grove-based First Bancshares Inc. (OTCQB: FBSI) improved its third-quarter bottom line by nearly 46 percent.

The company posted net income of $86,000, or 6 cents per share, for the quarter ended Sept. 30, compared to $59,000, or 4 cents per share, a year earlier, according to a news release.

Company officials attributed the increase to a 5.6 percent boost in net interest income. The operator of First Home Bank brought in $1.4 million, a bump of $79,000 from third-quarter 2014.

Third-quarter financial notes:
    •    First Bancshares had no provision for loan losses during the quarter, compared to a $28,000 provision last year.
    •    Interest expense rose 6.4 percent to $281,000 from $264,000.
    •    Net loans receivable were $122.1 million at the end of the quarter, compared to $116 million as of Dec. 31, 2014.

As of Sept. 30, First Bancshares held assets of $206 million and deposits of $172.1 million. The company operates seven Missouri branches, including an office in Springfield at 1465 E. Sunshine St.

The company’s over-the-counter stock has a 52-week range of $6.50 to $8.50.