Keefe Bruyette analyst Catherine Mealor upgraded First Bancshares to Outperform and raised her price target for the shares to $32 from $31 citing her higher estimates following the company's Q1 results.

M. Ray "Hoppy" Cole, Jr., President and Chief Executive Officer, commented, "We are pleased with our overall results for the quarter. Operating income increased 10% quarter over quarter due to reduced operating expenses and some stabilization in the margin. Total deposits increased $42 million or 0.6% year over year and although loans were down at quarter end, pipelines actually grew and are in a strong position for this point in the year. Credit quality remains stable with low past dues and low non-performing assets. All in all, a solid quarter and good start to the year."