First Bancshares posts $662K 2Q loss

Mountain Grove-based First Bancshares Inc. (Nasdaq: FBSI) reported a second-quarter net loss of $662,000, a 55 percent increase compared to a net loss of $1.5 million in the same quarter of the previous fiscal year.

The bank holding company, which operates a Springfield branch of First Home Savings Bank at 2655 S. Campbell Ave., recorded a net loss per diluted share of 43 cents, compared to a not loss of 95 cents in the second quarter of the prior fiscal year, according to a news release.

The company attributed its quarterly increase in earnings to a $360,000 decrease in provision for loan losses, a decrease of $617,000 in other noninterest expenses and a $197,000 decrease in income tax expenses.

Second-quarter highlights:

• Total interest income was $1.7 million, down 20.6 percent compared to $2.1 million in the same quarter of the prior fiscal year. Net interest expense fell 30 percent to $382,000, resulting in a net interest income of $1.3 million.
• Net loans receivable decreased 1.6 percent to $94.3 million at the end of the quarter, compared to $95.8 million at the end of its previous fiscal year. The company attributed the drop to a general decrease in loan demand resulting from challenging economic conditions within the bank's primary market area and in the U.S.
• At the end of the second quarter on Dec. 31, the company's assets were $198.3 million, and its deposits were $172 million.

First Bancshares Inc. shares were trading at $5.84 as of 10:22 a.m., compared to a 52-week range of $4.80 to $9.49.[[In-content Ad]]