First Bancshares posts net loss in 3Q, names CEO

First Bancshares Inc. (Nasdaq: FBSI), the holding company for one First Home Savings Bank branch in Springfield, recorded a $614,000 net loss during its third quarter, compared to a net loss of $109,000 in the same quarter of fiscal 2010.

Loss per share was 40 cents during the quarter, compared to a loss of 7 cents per share in the third quarter of its previous fiscal year, according to a May 11 news release.

Third-quarter highlights:

• Total assets were $204.2 million as of March 31.
• The company sold $17,000 worth of loans and $9,000 worth of repossessed assets.
• Noninterest income was $366,000, up from $337,000 in the corresponding quarter of fiscal 2010.

A day before releasing its third-quarter results, First Bancshares Inc. named R. Bradley Weaver chairman, director and CEO of the bank's board of directors, effective May 16. The company expects that its board will vote to name Weaver chairman, director and CEO of First Banchares Inc., as well.

 He will replace Thomas Sutherland, who will stay on as a director of the bank, according to a separate news release.

First Bancshares Inc. is the holding comany for 11 First Home Savings Bank branches.

The company's shares were trading at $6.02 as of 9:20 a.m., compared to a 52-week range of $5.76 to $9.70.[[In-content Ad]]