FBMS - First Bancshares GAAP EPS of $0.61 beats by $0.15 revenue of $58.17M beats by $9.13M

• First Bancshares press release ( NASDAQ: FBMS ): Q3 GAAP EPS of $0.61 beats by $0.15 .
• Revenue of $58.17M (+17.3% Y/Y) beats by $9.13M .

• Net income available to common shareholders for the third quarter of 2022 totaled $14.0 million compared to $16.1 million for the third quarter of 2021, a decrease of $2.1 million or 12.9%.

• Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $3.5 million, or 21.9%, to $19.6 million for quarter ended September 30, 2022 as compared to $16.1 million for the quarter ended September 30, 2021.

• Net interest income for the third quarter of 2022 was $49.1 million, an increase of $9.1 million or 22.8% when compared to the third quarter of 2021. Fully tax equivalent (“FTE”) net interest income (non-GAAP) totaled $50.1 million and $40.7 million for the third quarter of 2022 and 2021, respectively. Purchase accounting adjustments decreased $0.3 million for the third quarter comparisons. Third quarter of 2022 FTE net interest margin (non-GAAP) was 3.50% which included 6 basis points related to purchase accounting adjustments compared to 3.25% for the same quarter in 2021, which included 10 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) increased 29 basis point in prior year quarterly comparison.

• Non-interest income decreased $0.6 million for the third quarter of 2022 as compared to the third quarter of 2021. This decrease was attributable to a $0.5 million decrease in mortgage income.

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