Quarterly profits rise nearly 12% for Stockmens Bank parent company

Stockmens Bank parent company First Bancshares Inc. (OTCQX: FBSI) reported an 11.9% increase in second-quarter profits.

Mountain Grove-based First Bancshares, which operates a Springfield branch of Stockmens Bank at 1465 E. Sunshine St., posted net income of $1.8 million, or 75 cents per share, according to a news release. That compares with earnings of $1.6 million, or 67 cents per share, a year earlier.

Garith R. Dedmon, president of Stockmens Bank, said in a statement that loan production and cost management were factors that led to the quarterly increase in profits.

"The increase in net income is driven by strong loan production, management of the bank’s cost of funds and a net interest margin in excess of 4.5%," Dedmon said. "Additionally, the bank continues to operate efficiently and control noninterest expenses."

First Bancshares' assets were $544.1 million and deposits were $468.3 million at the end of the second quarter, according to the release.

The company's over-the-counter stock closed yesterday at $27 per share. The FBSI stock's 52-week range is $24.10 to $27.61 per share.