Mountain Grove-based First Bancshares Inc. (OTCQB: FBSI) posted a net loss of $1.4 million for its fiscal year that ended June 30, cutting its losses by by 65 percent compared to a net loss of $4.1 million in fiscal 2011.
For the fourth quarter, the bank holding company - which operates a Springfield branch of First Home Savings Bank at 2655 S. Campbell Ave. - reported earnings of roughly $100,000, a 105 percent gain compared to a net loss of $1.9 million in the same quarter of the prior fiscal year, according to a Sept. 14 news release.
For the year, First Bancshares showed a financial loss of 92 cents per diluted share, while it recorded earnings of 6 cents per diluted share during the quarter.
Fiscal 2012 financial notes:
- The company's net interest income fell 14.5 percent to $5.3 million from $6.3 million in fiscal 2011. An 18 percent decrease in interest income was partially offset by a 29 percent drop in interest expense. According to the release, decreases in interest income and interest expense were caused by a decline in market interest rates.
- Noninterest income increased 17 percent to $1.7 million, resulting primarily from a 100 percent gain in income on bank-owned life insurance and a 126 percent increase on the sale of securities.
- Net loans receivable totaled $95.5 million as of June 30, compared to $95.8 million at the time in the previous fiscal year. The drop included decreases of $2.3 million in single-family loans, $613,000 in commercial real estate loans, $209,000 in lands loans and $999,000 in consumer loans. Those decreases were offset by a $3.7 million increase in commercial business loans.
During its fourth quarter, First Bancshares informed Nasdaq Stock Market Inc. of its intent to voluntarily pull its common stock from the market by the end of May. It also planned to deregister its common stock via the U.S. Securities and Exchange Commission. The company expects to save about $200,000 annually through the moves, according to
Springfield Business Journal archives.
First Bancshares, which operates nine branches, has continued trading its stock on the over-the-counter bulletin board, and it plans to continue posting its quarterly and annual financial results. As of June 30, First Bancshares' assets were $193.4 million, the release said.
The company's pink sheet stock closed Sept. 17 at $5, compared to a 52-week range of $4.65 to $7.46.[[In-content Ad]]
