First Bancshares triples profits

Mountain Grove-based First Bancshares Inc. (OTCQB: FBSI) recorded net income of $172,000 for its first quarter ended Sept. 30, a 251 percent jump from earnings of $49,000 in the same quarter a year ago.

The holding company, which operates a Springfield branch of First Home Savings Bank at 2655 S. Campbell Ave., reported earnings per share of 11 cents, up from 3-cent earnings for the quarter ended Sept. 30, 2012, according to a news release.

The company attributed its profit bump to a $229,000 increase in noninterest income and a $162,000 decrease in noninterest expense. Gains were partially offset by a $4,000 decrease in net interest income and a $264,000 decrease on sale of investments.

First-quarter financial highlights:

• The company recorded no provision for loan losses, the same as the first quarter of 2012.
• Net loans receivable rose 4.3 percent to $99.6 million.
• Retail repurchase agreements decreased 89.1 percent to $678,000, which the company attributes to a large competitively bid account that transferred during the quarter.

First Home Savings Bank held $36.8 million in deposits in the five-county Springfield metropolitan statistical area as of June 30, according to data released last month by the Federal Deposit Insurance Corp. The company held about 0.46 percent of the local market share.

As of Sept. 30, the company's assets were $187.6 million and deposits were $161.7 million. The company operates eight branches, all in Missouri, according to the release.