First Bancshares, Inc. Announces Securities Portfolio Repositioning and 2023 Fourth Quarter Earnings Call Information

First Bancshares, Inc. (NASDAQ: FBMS) (the “Company”), holding company of The First Bank (“The First”), has announced the repositioning of a portion of its securities portfolio and information regarding its 2023 Fourth Quarter earnings call.

Securities Portfolio Repositioning

In December 2023, The First sold $123 million in available-for-sale securities with a weighted average book yield of 1.12% and average remaining life of 3 years. The First recognized a pre-tax loss on the sale of $9.7 million. The First reinvested the proceeds of the sale in available-for-sale bonds in the amount of $92 million with a weighted average life of 6 years and an average book yield of 5.33%. The First also used $30 million of the proceeds to repay borrowings from the Federal Reserve Bank under the Bank Term Funding Program with a rate of 4.82%.

The balance sheet repositioning is expected to result in increases in net interest margin of 8 basis points, net interest income of $4.7 million, and earnings per share of $0.11 with an estimated earn back period of 2.1 years.

Fourth Quarter 2023 Earnings Call Information

The First Bancshares will announce 2023 fourth quarter results following the NASDAQ’s closing on Wednesday, January 24, 2024. The Company will hold executive management’s quarterly conference call on Thursday, January 25, 2024 at 11:00 AM Eastern Time (10:00 Central Time).

The webcast is accessible by clicking on the following link:

https://register.vevent.com/register/BIf4b652d4e9ff4cd5a10ec44d884e148 ...

The webcast will be archived on www.thefirstbank.com after the call.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank (“The First”). Founded in 1996, The First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.

Forward Looking Statements

This news release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.