Stockmens Bank parent records 3.5% earnings decrease in latest quarter

Stockmens Bank parent company First Bancshares Inc. (OTCQX: FBSI) posted a dip in quarterly profits.

Mountain Grove-based First Bancshares, which operates a Springfield branch of Stockmens Bank at 1465 E. Sunshine St., recorded profits of $1.58 million, a 3.5% decrease from $1.64 million a year earlier, according to a news release. Earnings per share were 65 cents for the quarter that ended Sept. 30, compared with 68 cents per share at the same time in 2023.

"Through conscientious management of interest rate risk and avoidance of debt securities, the bank positioned itself well to navigate the unprecedented run up in interest rates," company officials said in the release.

Total interest income during the latest quarter was $8.2 million, a 10.5% increase year over year. A 2.9% increase was reported in non-interest expenses to $3.6 million.

First Bancshares had assets of $517.6 million and deposits of $453 million at the end of the quarter, according to the release.

The company's over-the-counter stock closed yesterday at $25.20 per share. The FBSI stock's 52-week range is $22.90 to $32.30 per share.