First Bancshares, Inc. · OTC:FIBH
First Bancshares — Investor Presentation (May 2024)
20 slides from First Bancshares's investor presentation, May 23, 2024
Slide 1: 2023 Annual Report
2023 Annual Report NASDAQ: FBMS
Slide 2: Safe Harbor & Forward Looking Statements
2 Safe Harbor & Forward Looking Statements ABOUT THE FIRST BANCSHARES, INC. The First Bancshares, Inc. (“FBMS” or the “Company”), headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank. Founded in 1996, The First Bank has operations in Mississippi, Louisiana, Alabama, Flo
Slide 3: Company Overview
1.78% Cost of Deposits 15.2% Total Capital Ratio 5th Largest Bank Headquartered in MS $8.0bn Total Assets $23,000 Average Deposit Size (3) 3 Our Company Company Overview 77% Loans / Deposits 12.2% CET1 Ratio Data as of or for the three months ended 3/31/24 (1) Non-GAAP measure, refer to appendix for
Slide 4: Evolution of Our Franchise
New Orleans Mobile Baton Rouge Jackson Tallahassee Montgomery Shreveport Columbus Evolution of Our Franchise December 31, 2009 FBMS Branch (9) Hattiesburg Source: S&P Global Market Intelligence, Company documents Data as of 12/31 of each year, respectively; Q1 ’24 data as of 3/31/24 March 31, 2024 V
Slide 5: Improving Geographic Diversification of our Balance Sheet
Improving Geographic Diversification of our Balance Sheet 5 2015 Deposits by State March 31, 2024 Deposits by State 2009 and 2015 data as of 6/30 2015 Loans by State March 31, 2024 Loans by State2009 Loans by State 2009 Deposits by State Mississippi 100% Mississippi 100% Mississippi 70% Alabama 23%
Slide 6: Historical Performance Over Time
EPS Net Income ($mm) 6 Pre-tax Pre Provision Income ($mm), Operating (1) PTPP ROAA, Oper. (1) Annual data for the twelve months ended 12/31 of each respective year; quarterly data for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation”
Slide 7: Historical Profitability Trends
Historical Profitability Trends 7Data as of or for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” Reported ROAA (%) ROAA, Operating (%) (1) Reported ROATCE (%) (1) ROATCE, Operating (%) (1) PTPP ROAA, Oper. (1) 1.36% 1.36% 1.22% 0
Slide 8: Asset Quality Over Time
8 Asset Quality Over Time NPAs / Loans + OREO (%) NCOs / Average Loans (%) ACL / NPLs (%)ACL / Loans (%) Yearly data as of or for the twelve months ended each respective year; quarterly data for the three months ended each respective quarter 2.1% 1.5% 1.0% 0.5% 0.4% 0.4% 2019 2020 2021 2022 2023 Q1'
Slide 9: Capital Position
9 Capital Position TCE / TA (%) (1) Leverage Ratio (%) Total Risk Based Capital Ratio (%)CET1 Ratio (%) Data as of 12/31 of each year, respectively; quarterly data for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” 9.2% 8.3% 6.9%
Slide 10: Capital Appreciation & Returns to Shareholders
10 Capital Appreciation & Returns to Shareholders Tangible Book Value per Share ($) (1) Dividends Declared per Share ($) Shares Repurchased (%) (3) Data as of 12/31 of each year, respectively; quarterly data for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix f
Slide 11: Liquidity Position
11 Liquidity Position Gross Loans / Deposits (%) Funding Sources 84.9% 74.6% 68.9% 56.6% 55.8% 68.8% 80.0% 76.7% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 2019 2020 2020 (ex. PPP) 2021 2021 (ex. PPP) 2022 2023 Q1 '24 Outstanding / Remaining Usage Bank Sources Available ($mm) Pledged ($mm) Availability ($m
Slide 12: FBMS Performance vs. Peers
29 149 396 Southeast Public Banks* U.S. Public Banks* Private & Public Banks 9.7% 9.7% 17.7% Public Peers All Peers FBMS FBMS Performance vs. Peers 12 Nationwide Banking Institutions With Assets Between $2.0bn and $10.0bn 5-Year Asset CAGR MRQ Operating (1) Source: S&P Global Market Intelligence; Fa
Slide 13: FBMS Performance vs. Peers
97% 120% 187% U.S. Banks Southeast U.S. Banks FBMS FBMS Performance vs. Peers 13 Source: S&P Global Market Intelligence Data as of 5/8/24 Note: Total return includes reinvestment of dividends (1) Peer group excludes banks with less than 15 years of pricing data 15-Year Price Performance 10-Year Tota
Slide 14: Appendix
APPENDIX
Slide 15: Historical Financials
Historical Financials 15 Dollars in thousands, except for per share data Annual data as of or for the twelve months ended each respective year; quarterly data as of or for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” For the Yea
Slide 16: Non-GAAP Reconciliation
16 Non-GAAP Reconciliation The First Bancshares, Inc. Non-GAAP For the Year Ended December 31, For the Three Months Ended, June 30, September 30, December 31, March 31, (Dollars in thousands, except per share data) 2020 2021 2022 2023 2023 2023 2023 2024 Net Income Available to Common $52,506 $64,16
Slide 17: Non-GAAP Reconciliation (cont.)
17 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Three Months Ended, June 30, September 30, December 31, March 31, (Dollars in thousands) 2023 2023 2023 2024 Net Interest Income After Provision for Credit Losses $64,780 $59,704 $56,415 $57,341 Non Interest Income 12,423
Slide 18: Non-GAAP Reconciliation (cont.)
18 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Year Ended December 31, For the Three Months Ended, June 30, September 30, December 31, March 31, (Dollars in thousands) 2020 2021 2022 2023 2023 2023 2023 2024 Operating Expense Total non-interest expense $106,341 $114,5
Slide 19: Non-GAAP Reconciliation (cont.)
19 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Year Ended December 31, For the Three Months Ended, June 30, September 30, December 31, March 31, (Dollars in thousands, except per share data) 2019 2020 2021 2022 2023 2023 2023 2023 2024 Total common equity $543,658 $64
Slide 20: Non-GAAP Reconciliation (cont.)
20 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Three Months Ended, June 30, September 30, December 31, March 31, (Dollars in thousands) 2023 2023 2023 2024 Net Interest Income $66,030 $60,704 $57,665 $57,341 Tax-Exempt Investment Income (2,948) (2,929) (2,911) (2,946)