First Bancshares, Inc. · OTC:FIBH
First Bancshares — Investor Presentation (May 2023)
15 slides from First Bancshares's investor presentation, May 25, 2023
Slide 1: 2022 Annual Report
2022 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 has operations in Mississippi, Louisiana, Alabama, Flor
Slide 3: The First Bancshares: Building Shareholder Value
3 THE FIRST BANCSHARES: BUILDING SHAREHOLDER VALUE
Slide 4: Our Company: Company Overview
59.3% Q4 ‘ 22 Efficiency Ratio, Operating (1) 16.7% Total Capital Ratio as of December 31, 2022 6 th Largest Bank Headquartered in MS $6.5bn Assets as of December 31, 2022 14 # of Closed Transactions since 2010 (2) 4 Our Company Q4 ’22 Company Overview 90 Locations in Southeast: MS , LA, AL, FL & GA
Slide 5: Evolution of Our Franchise
New Orleans Mobile Baton Rouge Jackson Tallahassee Montgomery Shreveport Columbus Evolution of Our Franchise December 31, 2009 Total Assets ($mm) – Organic and Acquisitive Growth FBMS Branch (9) Hattiesburg Source: S&P Global Market Intelligence Data as of 12/31 of each year, respectively 5 March 31
Slide 6: Improving Geographic Diversification of our Balance Sheet
Improving Geographic Diversification of our Balance Sheet 6 2015 Deposits by State March 31, 2023 Deposits by State Source : S&P Global Market Intelligence 2009 and 2015 data as of 6 /30 2015 Loans by State March 31, 2023 Loans by State 2009 Loans by State 2009 Deposits by State Mississippi 100% Mis
Slide 7: Expansion into Georgia and Florida
Expansion into Georgia and Florida 7 Source : S&P Global Market Intelligence Data as of 3/31/23 (1) Heritage Southeast Bancorporation, Inc. data as of 12/31/22 Heritage Southeast Acquisition Highlights (1) Pro Forma Footprint ▪ Branches: 23 ▪ Total Deposits: ~$1.4B ▪ Number of Deposit Accounts: ~68
Slide 8: Pro Forma Branch Franchise
Pro Forma Branch Franchise 8 Source : S&P Global Market Intelligence FBMS Branch ( 90 ) FBMS LPO (2) HSBI Branch ( 23 ) MS Jacksonville Orlando Montgomery Mobile Tallahassee New Orleans Tampa Baton Rouge AL FL GA Birmingham Shreveport Columbus Huntsville Atlanta Jackson LA Establishes FBMS’ presence
Slide 9: Historical Performance Over Time: Twelve Years of Record Earnings
EPS Net Income ($mm) 9 Pre - tax Pre Provision Income ($mm), Operating (1) PTPP ROAA, Oper. (1) Annual d ata 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 Reconcil
Slide 10: FBMS Performance vs. Peers
31 149 373 Southeast Public Banks* U.S. Public Banks* Private & Public Banks 11.6% 10.9% 28.4% Public Peers All Peers FBMS FBMS Performance vs. Peers 10 Universe of Nationwide Banking Institutions With Assets Between $2.0bn and $10.0bn 5 - Year Asset CAGR MRQ Operating (1) Source : S&P Global Market
Slide 11: FBMS Performance vs. Peers
36% 49% 88% U.S. Banks Southeast U.S. Banks FBMS FBMS Performance vs. Peers 11 Source : S&P Global Market Intelligence Data as of 5/15/23 Note : Total return includes reinvestment of dividends (1) Peer group excludes banks with less than 10 years of pricing data 10 - Year Price Performance 10 - Year
Slide 12: Appendix
12 APPENDIX
Slide 13: Non-GAAP Reconciliation
Non - GAAP Reconciliation 13 The First Bancshares, Inc. Non-GAAP For the Three Months Ended, December 31, March 31, (Dollars in thousands) 2022 2023 Net Interest Income $47,216 $53,926 Non Interest Income 8,131 12,612 Non Interest Expense (35,040) (45,670) Adjustments: Add: Acquisition charges 1,190
Slide 14: Non-GAAP Reconciliation (cont.)
Non - GAAP Reconciliation (cont.) 14 The First Bancshares, Inc. Non-GAAP For the Three Months Ended, December 31, March 31, (Dollars in thousands) 2022 2023 Operating Expense Total non-interest expense $35,040 $45,670 Pre-tax non-operating expenses (1,190) (3,793) Adjusted operating expense 33,850 4
Slide 15: Non-GAAP Reconciliation (cont.)
Non - GAAP Reconciliation (cont.) 15 The First Bancshares, Inc. Return Ratios, Operating For the Three Months Ended December 31, March 31, (Dollars in thousands) 2022 2023 Net Income Available to Common $16,295 $16,271 Adjustments: Add: Acquisition and charter conversion charges 1,190 3,793 Less: Ta