Stockmens Bank parent reports annual dip in profits

Stockmens Bank parent company First Bancshares Inc. (OTCQX: FBSI) posted a slight decrease in annual profits, with fourth-quarter net income coming in ahead of the prior year.

Mountain Grove-based First Bancshares, which operates a Springfield branch of Stockmens Bank at 1465 E. Sunshine St., had a 2.1% drop in 2024 net income to $6.6 million, compared with $6.7 million in 2023, according to a news release. Fourth-quarter profits increased 10.1% to $1.7 million from nearly $1.6 million a year earlier.

Garith R. Dedmon, president of Stockmens Bank, said in a statement that a one-time item in 2023 elevated results for that year.

“Year over year, total income presents a slight decline due to FBSI's use of available pandemic-era resources which added approximately $400,000 to the bottom line in 2023," Dedmon said in the statement. "Core income without these extraordinary items is ahead of the previous year by approximately $200,000."

Dedmon added that First Bancshares is projecting a growth year in 2025.

"FBSI expects to continue our strong earnings and organic capital growth in the coming year through active management of our net interest margin, strong core liquidity maintenance and expansion of the loan portfolio, with little to no asset quality concerns," he said in the statement.

First Bancshares' assets were $537.9 million and deposits were $472.6 million at the end of 2024, according to the release.

The company's over-the-counter stock closed yesterday at $24.60 per share. The FBSI stock's 52-week range is $24.55 to $32.20 per share.