|Over a month ago|
First Bancshares upgraded to Overweight from Equal Weight at Stephens » 08:1705/1205/12/20
Stephens analyst Matt…
Stephens analyst Matt Olney upgraded First Bancshares to Overweight from Equal Weight with a price target of $25, up from $24. The bank's tier 1 asset classes at risk represent 8% of loans, which is in line with the peer median, and he sees adequate buffers that should be able to absorb higher net charge-offs without additional capital, Olney tells investors.
First Bancshares announces renewal of share repurchase plan » 08:4705/0705/07/20
First Bancshares announced the renewal of its share repurchase program that previously expired on December 31, 2019. Under the program, the company may, but is not required to, from time to time repurchase up to $15M of shares of its common stock in any manner determined appropriate by the company's management.
First Bancshares reports Q1 EPS 47c, consensus 59c » 20:5304/2904/29/20
Reports Q1 NII $34.1M vs.…
Reports Q1 NII $34.1M vs. $27.1M last year. Reports Q1 net interest margin 3.93% vs. 3.89% last year. Q1 provision for loan losses totaled $7.1 million for the quarter of which $5.6 million was related to COVID-19 as compared to $0.9 million for the sequential quarter comparison.
|Over a quarter ago|
Southwest Georgia Financial says special shareholders meeting to be virtual-only » 17:2203/2403/24/20
Southwest Georgia Financial Corporation (SGB) announced notice of a change in location of its Special Meeting of Shareholders to be held on Friday, March 27, 2020 at 10:00 a.m. Eastern Time. In light of public health concerns regarding the coronavirus, or COVID-19, and the restriction of public gatherings of 10 or more people in Georgia, the Special Meeting has been changed to be held in a virtual meeting format only. The purpose of the Special Meeting is to consider and vote on certain proposals relating to the previously announced Agreement and Plan of Merger, dated as of December 18, 2019, by and between SGB and The First Bancshares, Inc. (FBMS), pursuant to which SGB will merge with and into First Bancshares, with First Bancshares as the surviving company. Shareholders as of the close of business on February 12, 2020, which is the record date for the Special Meeting, can attend the virtual meeting.
First Bancshares raises quarterly dividend to 10c from 8c per share » 20:5401/2101/21/20
The dividend is payable…
The dividend is payable on February 21, 2020 to shareholders of record as of the close of business on February 7, 2020.
First Bancshares reports Q4 EPS 72c, consensus 74c » 20:5401/2101/21/20
Reports Q4 NII $33.8M vs.…
Reports Q4 NII $33.8M vs. $25.5M last year. Reports Q4 net interest margin 4.06% vs. 4.08% last year.
First Bancshares acquires Southwest Georgia Financial » 17:2112/1812/18/19
First Bancshares (FBMS)…
First Bancshares (FBMS) and Southwest Georgia Financial (SGB) signed an Agreement and Plan of Merger pursuant to which First Bancshares has agreed to acquire SGB. SGB will be merged with and into First Bancshares. Upon consummation of the Merger, each SGB shareholder will receive 1.00 share of The First Bancshares's common stock in exchange for each share of SGB common stock. This equates to $34.50 per share or approximately $88M in the aggregate. At September 30, SGB had approximately $548M in consolidated assets, $395M in loans, $466M in deposits and $48M in consolidated stockholders' equity. SGB serves the areas of Moultrie, Valdosta, Albany and Tifton, Georgia through eight full service offices. The Merger Agreement has been approved by both boards. The closing of the transaction is expected to occur in 2Q20 subject to customary conditions, including regulatory approvals and approval by the shareholders of SGB. Upon completion of the transaction, the combined company, including The First Bancshares's acquisition of First Florida Bancorp, which closed on October 31, will have approximately $4.5B in total assets, $3.6B in total deposits and $3.0B in total loans.
First Bancshares reports Q3 EPS 71c, consensus 71c » 16:5110/2110/21/19
Reports Q3 tangible book…
Reports Q3 tangible book value per share $19.39. Ray Cole, president and CEO, commented, "We are pleased with the continued improvement in the earnings of our Company. The substantial increase in operating earnings year over year and on a linked quarter basis are reflective of our teams focus on the successful integration of multiple acquisitions over the last year. During the quarter we announced our upcoming merger with First Florida Bancorp. First Florida is a high performing, well run bank headquartered in Destin. Our partnership is a perfect strategic fit adding additional market share in Florida and opening up new markets for us in Destin, Panama City and the surrounding areas."
First Bancshares initiated with a Buy rating at DA Davidson » 20:4410/0910/09/19
DA Davidson analyst Kevin…
DA Davidson analyst Kevin Fitzsimmons initiated coverage of First Bancshares with a Buy rating and $36 price target. The analyst sees a higher-growth profile for the company's Gulf Coast franchise and more upside than downside at current share levels.
Stephens to hold a forum » 05:5509/2509/25/19
ABCB, BFST, CADE, EGBN, FBMS, GNTY, HBNC, IBKC, MBIN, NBHC, OLBK, PB, RBNC, SFNC, TCBK, UBSH, WSBC, WTEC
9th Annual Bank Forum…
9th Annual Bank Forum will be held in Little Rock, Arkansas on September 23-25.