UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2007
FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Missouri 000-22842 43-1654695
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File number) Identification No.)
142 East First Street, Mountain Grove, Missouri 65711
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including are code: (417) 926-5151
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NA
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2 (b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4 (c))
Section 2 Financial Information
Item 2.02 Results of Operations and Financial Condition
On April 23, 2007, First Bancshares, Inc. issued a news release announcing
earnings for the quarter ended March 31, 2007. A copy of the press release is
attached as Exhibit 99.1 to this report and is incorporated herein, by
reference.
Section 9 Financial Statements and Exhibits.
Item 9.01 Financial Statements and Exhibits.
c) Exhibits.
99.1 Press Release of First Bancshares, Inc., dated April 23, 2007.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 23, 2007 FIRST BANCSHARES, INC.
/s/Ronald J. Walters
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Ronald J. Walters
Senior Vice President and Chief
Financial Officer
(Principal Financial and Accounting
Officer)
Exhibit Index
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Exhibit
Number Description of Exhibit
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99.1 Press Release of First Bancshares, Inc. dated April 23, 2007
FIRST BANCSHARES, INC. ANNOUNCES THIRD QUARTER FISCAL 2007 RESULTS
Mountain Grove, Missouri (April 23, 2007) - First Bancshares, Inc. (NASDAQ -
FstBksh : FBSI), the holding company for First Home Savings Bank ("Bank"),
today announced earnings for the third quarter of its fiscal year ending June
30, 2007.
For the quarter ended March 31, 2007, the Company had net income of $192,000,
or $0.12 per share diluted, compared to net income of $276,000, or $0.18 per
share diluted for the comparable period in 2006. Net income for the
nine-month period ended March 31, 2007 was $265,000, or $0.17 per share
diluted, compared to $394,000, or $0.25 per share - diluted for the nine month
period ended March 31, 2006. The reduction in net income for both the quarter
and nine-month periods ended March 31, 2007 when compared to the prior year is
attributable to a reduction in net interest income, and increases in
compensation and benefits expense, occupancy expense and professional fees.
These items were partially offset by a decrease in the provision for loan
losses, an increase in non-operating income and a slight decrease in other
operating expenses.
Total consolidated assets at March 31, 2007 were $241.6 million, compared to
$228.4 million at June 30, 2006, representing an increase of $13.2 million, or
5.8%. Stockholders' equity at March 31, 2007 was $26.6 million, or 11.0% of
assets, compared with $26.3 million, or 11.5% of assets, at June 30, 2006.
Book value per common share increased to $17.17 at March 31, 2007 from $16.93
at June 30, 2006. The increase in equity was primarily attributable to net
income of $265,000 for the nine month period and to a positive change of
$170,000, net of taxes, in the market value of available-for-sale securities,
net of the effect of income tax.
Net loans receivable increased $12.4 million, or 8.7%, to $154.4 million at
March 31, 2007 from $142.0 million at June 30, 2006. Customer deposits
increased $9.0 million, or 5.0%, to $188.1 million at March 31, 2007 from
$179.1 million at June 30, 2006. Non-performing assets increased during the
third fiscal quarter by $2.2 million. This was the result of loans with two
borrowers becoming non-performing. In one case, a borrower with loans totaling
$1.6 million, filed for bankruptcy protection. In the other case, a $620,000
loan became non-performing when a pending sale of the collateral property
failed to materialize. There are Small Business Administration guarantees on
these loans and they have been included in the reserve analysis for the
quarter ended March 31, 2007.
The Company currently has a stock repurchase plan in place. The plan,
authorizing the repurchase of up to 164,336 shares, has been in effect since
May 28, 2004. From May 28, 2004 through March 31, 2007, 94,918 shares had
been repurchased under that plan at a cost of $1,957,000 or an average cost
per share of $20.61. During the quarter ended March 31, 2007, 400 shares of
common stock were purchased at a cost of $16.65 per share.
First Bancshares, Inc. is the holding company for First Home Savings Bank, a
FDIC-insured savings bank chartered by the State of Missouri that conducts
business from its home office in Mountain Grove, Missouri, ten full service
offices in Marshfield, Ava, Gainesville, Sparta, Springfield, Theodosia,
Crane, Galena, Kissee Mills and Rockaway Beach, Missouri, and a loan
origination office in Springfield, Missouri.
The Company and its wholly-owned subsidiaries, First Home Savings Bank and
SCMG, Inc. may from time to time make written or oral "forward-looking
statements," including statements contained in its filings with the Securities
and Exchange Commission, in its reports to stockholders, and in other
communications by the Company, which are made in good faith by the Company
pursuant to the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995.
These forward-looking statements include statements with respect to the
Company's beliefs, expectations, estimates and intentions that are subject to
significant risks and uncertainties, and are subject to change based on
various factors, some of which are beyond the Company's control. Such
statements address the following subjects: future operating results; customer
growth and retention; loan and other product demand; earnings growth and
expectations; new products and services; credit quality and adequacy of
reserves; technology, and our employees. The following factors, among others,
could cause the Company's financial performance to differ materially from the
expectations, estimates and intentions expressed in such forward-looking
statements: the strength of the United States economy in general and the
strength of the local economies in which the Company conducts operations; the
effects of, and changes in, trade, monetary, and fiscal policies and laws,
including interest rate policies of the Federal Reserve Board; inflation,
interest rate, market, and monetary fluctuations; the timely development and
acceptance of new products and services of the Company and the perceived
overall value of these products and services by users; the impact of changes
in financial services' laws and regulations; technological changes;
acquisitions; changes in consumer spending and savings habits; and the success
of the Company at managing and collecting assets of borrowers in default and
managing the risks of the foregoing.
The foregoing list of factors is not exclusive. Additional discussion of
factors affecting the Company's business and prospects is contained in the
Company's periodic filing with the SEC. The Company does not undertake, and
expressly disclaims any intent or obligation, to update any forward-looking
statement, whether written or oral, that may be made from time to time by or
on behalf of the Company.
Contact: Daniel P. Katzfey, President and
Chief Executive Officer (417) 926-5151
First Bancshares, Inc. and Subsidiaries
Financial Highlights
(In thousands, except per share amounts)
Quarter Nine Months
Ended March 31, Ended March 31,
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2007 2006 2007 2006
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Operating Data:
Total interest income $ 3,437 $ 3,179 $ 10,081 $ 9,670
Total interest expense 1,913 1,555 5,347 4,393
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Net interest income 1,524 1,624 4,734 5,277
Provision for loan losses 40 77 280 914
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Net interest income after
provision for loan losses 1,484 1,547 4,454 4,363
Non-interest income 691 438 1,919 1,547
Non-interest expense 1,975 1,714 6,080 5,567
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Income (loss) before income tax 200 271 293 343
Income tax expense (benefit) 8 (5) 28 (51)
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Net income $ 192 $ 276 $ 265 $ 394
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Net income per share-basic $ 0.12 $ 0.18 $ 0.17 $ 0.25
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Net income per share-diluted $ 0.12 $ 0.18 $ 0.17 $ 0.25
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At At
March 31, June 30,
Financial Condition Data: 2007 2006
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Total assets $ 241,589 $ 228,395
Loans receivable, net 154,394 141,987
Non-performing assets 3,549 1,341
Cash and cash equivalents,
including interest-bearing
deposits 27,817 23,474
Investment securities 40,064 43,921
Customer deposits 188,089 179,141
Borrowed funds 26,133 22,000
Stockholders' equity 26,638 26,291
Book value per share 17.17 16.93