First Bancshares posts $398K net loss in 2Q

Mountain Grove-based First Banchshares Inc. (OTCQB: FBSI) recorded a second-quarter net loss of $398,000. Though in the red, the figure represents a 40 percent increase compared to a loss of $662,000 in the same quarter of the prior fiscal year.

First Bancshares, which operates a Springfield branch of First Home Savings Bank at 2655 S. Campbell Ave., posted a loss per diluted share of 26 cents during the quarter ending Dec. 31, up from a loss of 43 cents per share in the same quarter in fiscal 2012, according to a news release. The company's current fiscal year ends June 30.

The company attributed the year-to-year gain to a $572,000 increase in noninterest income, partially offset by a $348,000 increase in noninterest income. During the quarter, noninterest income rose to $244,000, while noninterest expense increased to $1.8 million.

Fiscal 2013 financial notes:

• First Bancshares recorded no gains or losses on the sale of investment, compared to a loss of $18,000 during the quarter ending Dec. 31, 2011.
• Net interest income dropped 6.3 percent to $1.2 million from $1.3 million.
• Net loans receivable decreased by $1.4 million, or 1.5 percent, to $94.1 million, compared to $95.5 million as of June 30.

First Bancshares, which operates nine branches, had assets of $187.2 million and deposits of $161.7 million as of Dec. 31.

The company's pink sheet stock closed Jan. 22 at $5.50, compared to a 52-week range of $4.65 to $7.46.