Stockmens Bank parent records quarterly earnings decrease of 7.5%

Stockmens Bank parent company First Bancshares Inc. (OTCQX: FBSI) reported a 7.5% drop in first-quarter profits as higher expenses ate into the company's results.

First Bancshares, which operates a Springfield branch of Stockmens Bank at 1465 E. Sunshine St., reported first-quarter earnings of $1.65 million, compared with $1.8 million a year earlier, according to a news release. Diluted share earnings dipped to 68 cents from 73 cents per share year over year.

Net interest income for the company was $5.3 million, compared with $4.9 million a year earlier. Noninterest expenses grew to $3.3 million from $2.7 million.

"The bank has successfully offset the persistent increases in noninterest expenses through its ability to fund operations with core deposits and reprice earning assets at a relatively swift pace," officials said in the release.

First Bancshares held $539.5 million in assets and $478 million in deposits as of March 31. The company has eight Missouri branches.

The company's over-the-counter stock closed yesterday at $25.22 per share. The stock's 52-week range is $19.10 to $32.20 per share.