The First Bancshares (FBMS) Q4 2024 earnings summary

Executive summary

• Net income available to common shareholders was $18.3 million for Q4 2024, down 1.5% sequentially but up 65.6% year-over-year; full-year net income rose 2.3% to $77.2 million.

• Operating net earnings (non-GAAP) for Q4 2024 were $20.3 million, down 1.1% sequentially but up 8.25% year-over-year.

• The company announced a pending all-stock merger with Renasant Corporation, expected to close in the first half of 2025.

• Board declared a $0.25 per share cash dividend, payable February 26, 2025.

Financial highlights

• Total loans increased $88.6 million (1.7%) sequentially and $237.2 million (4.6%) year-over-year to $5.41 billion.

• Total deposits rose $44.1 million (0.7%) sequentially and $142.0 million (2.2%) year-over-year to $6.61 billion.

• Net interest income for Q4 2024 was $60.1 million, up $1.1 million sequentially and $2.5 million year-over-year.

• Non-interest income for Q4 2024 was $11.5 million, down $0.7 million sequentially but up $9.2 million year-over-year.

• Non-interest expense for Q4 2024 was $48.4 million, up $2.0 million sequentially and $3.9 million year-over-year.

• Diluted EPS for Q4 2024 was $0.58 (operating: $0.64); full-year diluted EPS was $2.44 (operating: $2.57).

Outlook and guidance

• Management highlighted strong loan growth, core net interest margin expansion, and the strategic value of the Renasant merger.

• The merger is expected to close in the first half of 2025, subject to regulatory approvals.