Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 25, 2023

The First Bancshares, Inc.

(Exact name of registrant as specified in its charter)


Mississippi	000-22507	64-0862173
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


6480 U.S. Highway 98 West, Hattiesburg, Mississippi			39402
(Address of principal executive offices)			(Zip Code)


Registrant’s telephone number, including area code			(601) 268-8998


N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	FBMS	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On October 25, 2023, The First Bancshares, Inc. issued a press release announcing its results of operations for the third quarter of 2023. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 2.02 of this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure

On October 25, 2023, The First Bancshares, Inc. made available an investor presentation prepared for use with the press release. A copy of the investor presentation is attached hereto as Exhibit 99.2 and incorporated herein.

On October 26, 2023, The First Bancshares, Inc. will host a conference call for analysts and investors to discuss the Company's financial results at 9:00 a.m. Central Time.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 7.01 of this report (including Exhibit 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01. Other Events

On October 25, 2023, The First Bancshares, Inc. announced the declaration of a $0.24 per share quarterly cash dividend. The dividend is payable on November 24, 2023 to shareholders of record as of the close of business on November 8, 2023

Item 9.01. Financial Statements and Exhibits


Exhibit No.			Description
99.1			Press Release dated October 25, 2023 announcing third quarter, 2023 results and the declaration of a cash dividend
99.2			Investor Presentation
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			The First Bancshares, Inc.


Date: October 25, 2023


			/s/ Donna T. (Dee Dee) Lowery
			Name: Donna T. (Dee Dee) Lowery
			Title: EVP and CFO

Exhibit 99.1

The First Bancshares, Inc. Reports Results for Third Quarter ended September 30, 2023; Increases Quarterly Dividend 4%

HATTIESBURG, Miss.--(BUSINESS WIRE)--October 25, 2023--The First Bancshares, Inc. (“FBMS” or “the Company”) (NASDAQ: FBMS), holding company for The First Bank, (www.thefirstbank.com) reported today financial results for the quarter ended September 30, 2023.

Highlights for the Quarter:

•Net income available to common shareholders totaled $24.4 million for the quarter ended September 30, 2023, representing an increase of 2.4% when compared to $23.8 million for the quarter ended June 30, 2023. Several one-time items are detailed in the tables located in the appendix of this release.

•Excluding one-time items detailed in the tables located in the appendix of this release, net earnings available to common shareholders, operating (non-GAAP) decreased $2.8 million, or 10.4% to $24.0 million for the quarter ended September 30, 2023 as compared to $26.8 million for the quarter ended June 30, 2023.

•Total loans increased $78.9 million for the quarter ended September 30, 2023, representing net growth of 6.3% on an annualized basis, as compared to the quarter ended June 30, 2023.

•Annualized net interest margin decreased 29 basis points to 3.47% for the quarter ended September 30, 2023 from 3.76% for the quarter ended June 30, 2023 due to the reduction of accretion income as well as increased deposit cost.

•Core net interest margin decreased 16 basis points during the quarter ended September 30, 2023 from 3.43% to 3.27%.

•Cost of deposits averaged 121 basis points for the third quarter of 2023 compared to 91 basis points for the second quarter 2023.

•During the quarter ended September 30, 2023, the Company received a $6.2 million award from the U.S. Treasury Equitable Recovery Program.

•Past dues loans to total loans were $15.7 million or 0.31% for the quarter ending September 30, 2023, compared to $12.6 million, or 0.25% for the quarter ending June 30, 2023, and $11.6 million, or 0.31% for the quarter ending September 30, 2022.

•Annualized quarter-to-date net charge-offs and recoveries to total loans were $49 thousand, or 0.004% for the quarter ending September 30, 2023, compared to $837 thousand, or 0.07% for the quarter ending June 30, 2023 and a net recovery of $353 thousand, or (0.04%) for the quarter ending September 30, 2022.

•Nonperforming assets to total assets were $22.4 million, or 0.28% for the quarter ending September 30, 2023, compared to $21.6 million, or 0.28% for the quarter ending June 30, 2023, and $26.7 million, 0.41% for the quarter ending September 30, 2022.

•For additional information, see the investor presentation filed and available under presentations and press releases included in the investor relations section of the Company's website: www.thefirstbank.com.

M. Ray “Hoppy” Cole, Jr., President and Chief Executive Officer, commented, “The third quarter results demonstrated another solid performance in a difficult operating environment. We were pleased to see positive loan growth of 6.3%, on an annualized basis, for the quarter. Credit metrics remained strong with low past dues and charge-offs with no material increase in non-performing assets. Deposit costs accelerated a bit, increasing 30 basis points to 1.21% but on a relative basis remain well contained with a cycle to date interest bearing beta of 31%."

Quarterly Earnings

Net income available to common shareholders totaled $24.4 million for the quarter ended September 30, 2023, an increase of $0.6 million, or 2.4%, when compared to $23.8 million for the quarter ended June 30, 2023.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased $2.8 million, or 10.4%, to $24.0 million for quarter ended September 30, 2023 as compared to $26.8 million for the quarter ended June 30, 2023. Accretion income decreased $2.3 million as well as increased deposit costs of $4.7 million contributed to the decrease.

The Company recorded a provision for credit losses of $1.0 million for the quarter ended September 30, 2023 and $1.3 million for the quarter ended June 30, 2023.

Earnings Per Share

For the third quarter of 2023, diluted earnings per share were $0.77 compared to $0.75 for the second quarter of 2023 and $0.61 for the third quarter of 2022.

Diluted earnings per share, operating (non-GAAP) were $0.76 for the third quarter of 2023 compared to $0.85 for the second quarter of 2023 and $0.85 for the third quarter of 2022.

Effective January 1, 2023, the Company issued 6,920,422 shares of its common stock in conjunction with the closing of the acquisition of Heritage Southeast Bank ("Heritage Bank"). Effective August 1, 2022, the Company issued 3,498,936 shares of its common stock in conjunction with the closing of the acquisition of Beach Bancorp, Inc. ("Beach Bank").

Balance Sheet

Consolidated assets increased $22.2 million to $7.884 billion at September 30, 2023 from $7.862 billion at June 30, 2023. Loans increased $78.9 million, or 1.6%, for the quarterly comparison.

Total loans were $5.090 billion for the quarter ended September 30, 2023, as compared to $5.011 billion for the quarter ended June 30, 2023, and $3.719 billion for the quarter ended September 30, 2022, representing an increase of $78.9 million, or 1.6%, for the sequential quarter comparison, and an increase of $1.370 billion, or 36.8%, for the prior year quarterly comparison. During January 2023, loans totaling $1.159 billion, net of purchase accounting adjustments, were recorded from the Heritage Bank acquisition.

Total loans increased $78.9 million, or 1.6% as compared to the quarter ended June 30, 2023, or 6.3% on an annualized basis.

Excluding the acquired Heritage Bank loans, total loans increased $211.4 million, or 5.7% compared to the quarter ended September 30, 2022.

Total deposits were $6.480 billion for the quarter ended September 30, 2023, as compared to $6.492 billion for the quarter ended June 30, 2023, and $5.551 billion for the quarter ended September 30, 2022, representing a decrease of $12.2 million, or 0.2%, for the sequential quarter comparison, and an increase of $928.7 million, or 16.7%, for the prior year quarterly comparison. During January 2023, deposits totaling $1.392 billion, net of purchase accounting adjustments, were acquired in the Heritage Bank acquisition.

Deposits decreased $12.2 million, or 0.2% for the prior quarter comparison. Excluding an increase in brokered deposits of $110.0 million, deposits decreased $122.2 million, or 1.9% for the prior quarter comparison. Seasonal fluctuations and public funds account for $51.7 million of the decrease in deposits.

Book value per share decreased to $28.57 at September 30, 2023 from $28.64 at June 30, 2023.

Tangible book value per share (non-GAAP) remained unchanged at $17.62 at September 30, 2023 and at June 30, 2023. The balance in accumulated other comprehensive income (loss) increased $20.0 million to $165.2 million at September 30, 2023 from $145.2 million at June 30, 2023.

Asset Quality

Nonperforming assets totaled $22.4 million at September 30, 2023, an increase of $0.8 million compared to $21.6 million at June 30, 2023 and a decrease of $4.3 million compared to $26.7 million at September 30, 2022.

Nonaccrual loans totaled $17.4 million, an increase of $1.4 million as compared to June 30, 2023 and an increase of $1.6 million as compared to September 30, 2022.

The ratio of the allowance for credit losses (ACL) to total loans was 1.05% at September 30, 2023, 1.05% at June 30, 2023 and 1.03% at September 30, 2022. The ratio of annualized net charge-offs (recoveries) to total loans was 0.004% for the quarter ended September 30, 2023 compared to 0.07% for the quarter ended June 30, 2023 and (0.04%) for the quarter ended September 30, 2022.

Third Quarter 2023 vs Second Quarter 2023 Earnings Comparison

Net income available to common shareholders for the third quarter of 2023 increased $0.6 million to $24.4 million compared to $23.8 million for the second quarter of 2023.

Net interest income for the third quarter of 2023 was $60.7 million as compared to $66.0 million for the second quarter of 2023, a decrease of $5.3 million. The decrease was largely due to the decrease in accretion of purchase accounting adjustments of $2.3 million as well as increased interest expense of $4.8 million partially offset by an increase in interest income of $1.7 million.

Third quarter 2023 net interest margin of 3.47% included 25 basis points related to purchase accounting adjustments compared to 3.76% for the second quarter in 2023, which included 37 basis points related to purchase accounting adjustments.

Core net interest margin decreased 16 basis points to 3.27% for the third quarter of 2023 from 3.43% for the second quarter of 2023.

Investment securities totaled $1.836 billion, or 23.3% of total assets at September 30, 2023, compared to $1.898 billion, or 24.1% of total assets at June 30, 2023. The average balance of investment securities decreased $61.2 million in sequential-quarter comparison. The average tax equivalent yield on investment securities (non-GAAP) increased 3 basis points to 2.26% from 2.23% in sequential-quarter comparison. The investment portfolio had a net unrealized loss of $184.9 million at September 30, 2023 as compared to a net unrealized loss of $157.6 million at June 30, 2023.

The FTE average yield on all earning assets (non-GAAP) decreased in sequential-quarter comparison from 4.91% to 4.90%. Interest expense on average interest bearing liabilities increased 40 basis points from 1.65% for the second quarter of 2023 to 2.05% for the third quarter of 2023.

Cost of all deposits averaged 121 basis points for the third quarter of 2023 compared to 91 basis points for the second quarter of 2023. This increase was a result of rising interest rates and increased competition for deposits.

Non-interest income increased $6.9 million from $12.4 million in the second quarter of 2023 to $19.3 million in the third quarter of 2023, primarily attributable to a U.S. Treasury award of $6.2 million.

Non-interest expense for the third quarter of 2023 was $47.7 million compared to $46.9 million for the second quarter of 2023, an increase of $0.8 million, attributed to the expenses of $5.2 million related to the U.S. Treasury awards and was partially offset by a decrease in acquisition charges of $3.5 million.

Third Quarter 2023 vs. Third Quarter 2022 Earnings Comparison

Net income available to common shareholders for the third quarter of 2023 totaled $24.4 million compared to $14.0 million for the third quarter of 2022, an increase of $10.3 million or 73.5%.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $4.4 million, or 22.4%, to $24.0 million for quarter ended September 30, 2023, as compared to $19.6 million for the quarter ended September 30, 2022. This increase is attributable to net income associated from the acquisitions of Heritage Bank and Beach Bank.

Net interest income for the third quarter of 2023 was $60.7 million, an increase of $11.6 million or 23.5% when compared to the third quarter of 2022. Fully tax equivalent (“FTE”) net interest income (non-GAAP) totaled $61.7 million and $50.1 million for the third quarter of 2023 and 2022, respectively. Purchase accounting adjustments increased $3.1 million for the third quarter comparisons. The increase was largely due to increased interest rates as well as the acquisitions of Beach Bank and Heritage Bank.

Third quarter of 2023 net interest margin was 3.47%, which included 25 basis points related to purchase accounting adjustments compared to 3.43% for the same quarter in 2022, which included 5 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) decreased 16 basis points in prior year quarterly comparison primarily due to an increase in rates on interest bearing liabilities.

Non-interest income increased $10.3 million for the third quarter of 2023 as compared to the third quarter of 2022. This increase was attributed to increases in service charges on deposit accounts and interchange fee income of $3.4 million as well as the $6.2 million award from the U.S. Treasury.

Third quarter 2023 non-interest expense was $47.7 million, an increase of $11.8 million, or 32.9% as compared to the third quarter of 2022. This increase was attributed to an increase of $6.3 million in charges related to the ongoing operations of Beach Bank and Heritage Bank, increased FDIC premiums of $0.7 million, increased amortization of core deposit intangibles of $1.2 million, and $5.2 million related to the U.S. Treasury awards.

Investment securities totaled $1.836 billion, or 23.3% of total assets at September 30, 2023, compared to $2.004 billion, or 31.0% of total assets at September 30, 2022. For the third quarter of 2023 compared to the third quarter of 2022, the average balance of investment securities decreased $208.6 million. The average tax equivalent yield on investment securities (non-GAAP) increased 4 basis points to 2.26% from 2.22% in the prior year quarterly comparison. The investment portfolio had a net unrealized loss of $184.9 million at September 30, 2023 as compared to a net unrealized loss of $216.9 million at September 30, 2022.

The average yield on all earning assets increased 114 basis points in prior year quarterly comparison, from 3.76% for the third quarter of 2022 to 4.90% for the third quarter of 2023. Interest expense on average interest bearing liabilities increased 157 basis points from 0.48% for the third quarter of 2022 to 2.05% for the third quarter of 2023.

Cost of all deposits averaged 121 basis points for the third quarter of 2023 compared to 19 basis points for the third quarter of 2022.

Year-to-Date Earnings Comparison

In the year-over-year comparison, net income available to common shareholders increased $17.8 million, or 38.1%, from $46.6 million for the nine months ended September 30, 2022, to $64.4 million for the same period ended September 30, 2023.

Net interest income was $191.7 million for the nine months ended September 30, 2023, an increase of $61.8 million as compared to the same period ended September 30, 2022, primarily due to interest income earned on a higher volume of loans (including loans acquired from Heritage Bank and Beach Bank).

Non-interest income was $44.4 million for the nine months ended September 30, 2023, an increase of $15.5 million as compared to the same period ended September 30, 2022. Service charges on deposit accounts accounted for $4.4 million of the increase as well as $4.7 million in interchange fee income and $5.3 million increase in awards from the U.S. Treasury.

Non-interest expense was $140.3 million for the nine months ended September 30, 2023, an increase of $44.8 million as compared to the same period ended September 30, 2022. The increase was partially attributable to $3.3 million in acquisition and charter conversion charges and $27.2 million in increased operating expenses related to the acquisitions of Beach Bank and Heritage Bank as well as $5.2 million in expenses associated with the U.S. Treasury awards and increases in FDIC premiums of $1.0 million and a $3.8 million increase in core deposit amortization for the nine months ended September 30, 2023.

Declaration of Cash Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.24 per share, a 4% increase over previous quarter, per share to be paid on its common stock on November 24, 2023 to shareholders of record as of the close of business on November 8, 2023.

Conference Call

The Company will host a conference call for analysts and investors to discuss the Company’s financial results at 9:00 a.m. Central Time on Thursday, October 26, 2023. Investors and analysts may participate by clicking on the Participant Conference Link: https://register.vevent.com/register/BI68bf3aa848aa45e49109eb1ad52aff4f. An audio archive of the conference call along with the transcript will be available within 24-48 hours after the call and placed in the Investor Relations section of our website.

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.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This press release includes pre-tax, pre-provision operating earnings, FTE net interest income, FTE net interest margin, core net interest margin, FTE average yield on investment securities, FTE average yield on all earning assets, total tangible common equity, tangible book value per common share, net earnings available to common shareholders, operating, diluted earnings per share, operating, efficiency ratio, operating and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to net income, earnings per share, net interest income, book value, net interest margin, common equity, net earnings available to common shareholders, diluted earnings per share, efficiency ratio, average yield on investment securities, average yield on all earning assets, or other GAAP financial measures as a measure of operating performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in this press release following the Condensed Consolidated Financial Information (unaudited).

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.

All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential,” “positioned” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risk and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) prevailing, or changes in, economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations, including the effects of declines in the real estate market, high unemployment rates, inflationary pressure, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (3) interest rate risk, including the effects of rising interest rates; (4) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (5) changes in applicable laws, rules, or regulations; (6) risks related to the Company’s recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; (7) changes in management’s plans for the future; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) changes in accounting principles, policies, or guidelines; (11) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs related to the COVID-19 pandemic and related variants; (12) higher inflation and its impacts; (13) significant turbulence or disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (14) potential impacts of the adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) the effects of war or other conflicts including the impacts relating to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, and (16) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the SEC, which are available on the SEC’s website, http://www.sec.gov. Undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.


THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (Dollars in thousands except per share data)
EARNINGS DATA	Quarter Ended 9/30/23			Quarter Ended 6/30/23			Quarter Ended 3/31/23			Quarter Ended 12/31/22			Quarter Ended 9/30/22
Total Interest Income	$	85,681		$	86,194		$	80,338		$	57,923		$	53,874
Total Interest Expense	24,977			20,164			15,412			10,002			4,726
Net Interest Income	60,704			66,030			64,926			47,921			49,148
Net Interest Income excluding PPP Fee Income	60,703			66,029			64,718			47,899			48,986
FTE net interest income*	61,696			67,028			65,924			48,916			50,122
Provision for credit losses	1,000			1,250			11,000			705			4,300
Non-interest income	19,324			12,423			12,612			8,131			9,022
Non-interest expense	47,724			46,899			45,670			35,040			35,903
Earnings before income taxes	31,304			30,304			20,868			20,307			17,967
Income tax expense	6,944			6,525			4,597			4,012			3,924
Net income available to common shareholders	$	24,360		$	23,779		$	16,271		$	16,295		$	14,043

PER COMMON SHARE DATA
Basic earnings per share	$	0.78		$	0.76		$	0.52		$	0.68		$	0.61
Diluted earnings per share	0.77			0.75			0.52			0.67			0.61
Diluted earnings per share, operating*	0.76			0.85			0.86			0.71			0.85
Quarterly dividends per share	0.23			0.22			0.21			0.20			0.19
Book value per common share at end of period	28.57			28.64			28.58			26.92			25.86
Tangible book value per common share at period end*	17.62			17.62			17.49			17.97			16.93
Market price at end of period	26.97			25.84			25.83			32.01			29.87
Shares outstanding at period end	31,404,231			31,406,220			31,364,973			24,025,762			24,028,120
Weighted average shares outstanding:
Basic	31,405,439			31,378,364			31,309,458			24,027,189			22,861,795
Diluted	31,609,564			31,591,665			31,541,213			24,168,544			22,979,529

AVERAGE BALANCE SHEET DATA
Total assets	$	7,873,345		$	7,882,130		$	8,003,254		$	6,446,521		$	6,372,872
Loans and leases	5,038,928			4,982,368			4,975,663			3,749,561			3,492,110
Total deposits	6,466,141			6,501,372			6,816,473			5,515,713			5,503,040
Total common equity	905,070			901,499			868,995			617,049			630,744
Total tangible common equity*	560,071			554,792			538,903			408,365			424,873

SELECTED RATIOS
Annualized return on avg assets (ROA)	1.24		%	1.21		%	0.81		%	1.01		%	0.88		%
Annualized return on avg assets, operating*	1.22		%	1.36		%	1.36		%	1.07		%	1.23		%
Annualized pre-tax, pre-provision, operating*	1.62		%	1.81		%	1.78		%	1.38		%	1.63		%
Annualized return on avg common equity, operating*	10.63		%	11.91		%	12.48		%	11.14		%	12.46		%
Annualized return on avg tangible common equity, operating*	17.17		%	19.35		%	20.13		%	16.83		%	18.49		%
Average loans to average deposits	77.93		%	76.64		%	72.99		%	67.98		%	63.46		%
FTE Net Interest Margin*	3.52		%	3.82		%	3.69		%	3.37		%	3.50		%
Efficiency Ratio	58.90		%	59.02		%	58.15		%	61.42		%	60.70		%
Efficiency Ratio, operating*	56.06		%	53.87		%	53.32		%	59.34		%	54.55		%
*See reconciliation of Non-GAAP financial measures
CREDIT QUALITY
Allowance for credit losses (ACL) as a % of total loans	1.05		%	1.05		%	1.06		%	1.03		%	1.03		%
Nonperforming assets to tangible equity + ACL	3.69		%	3.57		%	3.73		%	3.76		%	6.01		%
Nonperforming assets to total loans + OREO	0.44		%	0.43		%	0.45		%	0.47		%	0.72		%
Annualized QTD net charge-offs (recoveries) to total loans	0.004		%	0.07		%	0.01		%	0.004		%	(0.04)		%


THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands)
BALANCE SHEET	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Assets
Cash and cash equivalents	$	197,632	$	194,050	$	333,491	$	145,315	$	163,841
Securities available for sale	1,141,971		1,199,103		1,249,791		1,257,101		1,379,410
Securities held to maturity	658,524		663,473		678,161		691,484		593,553
Other investments	35,872		35,725		34,423		33,944		31,060
Total investment securities	1,836,367		1,898,301		1,962,375		1,982,529		2,004,023
Loans held for sale	5,960		6,602		4,073		4,443		2,225
Total loans	5,089,800		5,010,925		4,969,776		3,774,157		3,719,388
Allowance for credit losses	(53,565)		(52,614)		(52,450)		(38,917)		(38,356)
Loans, net	5,036,235		4,958,311		4,917,326		3,735,240		3,681,032
Premises and equipment	183,740		186,381		186,688		153,068		150,480
Other Real Estate Owned	4,920		5,588		5,066		4,832		10,328
Goodwill and other intangibles	343,869		346,104		347,777		214,890		214,708
Other assets	275,562		266,771		260,520		221,400		228,211
Total assets	$	7,884,285	$	7,862,108	$	8,017,316	$	6,461,717	$	6,454,848

Liabilities and Shareholders’ Equity
Non-interest bearing deposits	$	1,967,661	$	2,086,666	$	2,082,441	$	1,630,203	$	1,770,848
Interest-bearing deposits	4,512,364		4,405,601		4,585,515		3,864,201		3,780,450
Total deposits	6,480,025		6,492,267		6,667,956		5,494,404		5,551,298
Borrowings	302,000		280,000		250,000		130,100		90,000
Subordinated debentures	128,300		128,214		154,127		145,027		144,952
Other liabilities	76,739		62,181		48,806		45,523		47,127
Total liabilities	6,987,064		6,962,662		7,120,889		5,815,054		5,833,377
Total shareholders’ equity	897,221		899,446		896,427		646,663		621,471
Total liabilities and shareholders’ equity	$	7,884,285	$	7,862,108	$	8,017,316	$	6,461,717	$	6,454,848


THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
EARNINGS STATEMENT	Three Months Ended
	9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022
Interest Income:
Loans, including fees	$	70,349	$	68,057	$	64,264	$	45,583	$	41,456
Investment securities	10,614		10,815		11,707		11,251		11,598
Accretion of purchase accounting adjustments	4,277		6,533		3,469		1,086		818
Other interest income	441		789		898		3		2
Total interest income	85,681		86,194		80,338		57,923		53,874
Interest Expense:
Deposits	19,314		14,613		12,183		7,206		2,863
Borrowings	3,556		3,264		959		1,015		92
Subordinated debentures	1,849		2,138		2,176		1,946		1,886
Accretion of purchase accounting adjustments	258		149		94		(165)		(115)
Total interest expense	24,977		20,164		15,412		10,002		4,726
Net interest income	60,704		66,030		64,926		47,921		49,148
Provision for credit losses	1,000		1,250		11,000		705		4,300
Net interest income after provision for credit losses	59,704		64,780		53,926		47,216		44,848

Non-interest Income:
Service charges on deposit accounts	3,646		3,425		3,657		2,277		2,219
Mortgage Income	878		773		633		625		1,221
Interchange Fee Income	5,280		4,543		4,498		3,093		3,310
Gain (Loss) on securities, net	2		(48)		—		—		1
Treasury Awards	6,197		—		—		—		—
Loss on sale of premises and equipment	(104)		—		—		—		—
Other charges and fees	3,425		3,730		3,824		2,136		2,271
Total non-interest income	19,324		12,423		12,612		8,131		9,022

Non-interest expense:
Salaries and employee benefits	22,807		23,315		23,572		19,934		19,099
Occupancy expense	5,343		5,041		5,296		4,305		3,826
FDIC/OCC premiums	1,158		758		670		514		496
Marketing	559		45		158		135		50
Amortization of core deposit intangibles	2,385		2,391		2,402		1,309		1,227
Other professional services	1,499		1,570		1,068		971		1,256
Acquisition and charter conversion charges	588		4,101		3,793		1,190		3,640
Other non-interest expense	13,385		9,678		8,711		6,682		6,309
Total non-interest expense	47,724		46,899		45,670		35,040		35,903
Earnings before income taxes	31,304		30,304		20,868		20,307		17,967
Income tax expense	6,944		6,525		4,597		4,012		3,924
Net income available to common shareholders	$	24,360	$	23,779	$	16,271	$	16,295	$	14,043


Diluted earnings per common share	$	0.77	$	0.75	$	0.52	$	0.67	$	0.61
Diluted earnings per common share, operating*	$	0.76	$	0.85	$	0.86	$	0.71	$	0.85

*See reconciliation of Non-GAAP financial measures


THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
EARNINGS STATEMENT	Year to Date
	2023		2022
Interest Income:
Loans, including fees	$	202,460	$	107,172
PPP loan fee income	210		1,696
Investment securities	33,136		31,324
Accretion of purchase accounting adjustments	14,279		2,223
Other interest income	2,128		47
Total interest income	252,213		142,462
Interest Expense:
Deposits	46,110		7,089
Borrowings	7,779		92
Subordinated debentures	6,163		5,546
Amortization of purchase accounting adjustments	501		(152)
Total interest expense	60,553		12,575
Net interest income	191,660		129,887
Provision for credit losses	13,250		4,900
Net interest income after provision for credit losses	178,410		124,987

Non-interest Income:
Service charges on deposit accounts	10,728		6,297
Mortgage Income	2,284		3,678
Interchange Fee Income	14,321		9,609
Gain (loss) on securities, net	(46)		(82)
Treasury Awards	6,197		873
Bargain Purchase Gain and gain on sale of premises and equipment	559		165
BOLI income from death proceeds	—		1,630
Other charges and fees	10,316		6,673
Total non-interest income	44,359		28,843

Non-interest expense:
Salaries and employee benefits	69,695		53,135
Occupancy expense	15,680		11,530
FDIC/OCC premiums	2,586		1,608
Marketing	762		258
Amortization of core deposit intangibles	7,178		3,355
Other professional services	4,137		2,587
Acquisition & charter conversion charges	8,482		5,220
Other non-interest expense	31,773		17,755
Total Non-interest expense	140,293		95,448
Earnings before income taxes	82,476		58,382
Income tax expense	18,066		11,758
Net income available to common shareholders	64,410		46,624

Diluted earnings per common share	$	2.04	$	2.17
Diluted earnings per common share, operating*	$	2.47	$	2.38
*See reconciliation of Non-GAAP financial measures


THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (Dollars in thousands)
COMPOSITION OF LOANS	September 30, 2023			Percent of Total		June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			Percent of Total
Commercial, financial and agricultural	$	753,120		14.8	%	$	753,415		$	750,371		$	506,907		$	489,225		13.1	%
Real estate – construction	633,682			12.4	%	634,120			691,285			475,956			481,100			12.9	%
Real estate – commercial	2,317,666			45.5	%	2,251,710			2,181,384			1,626,066			1,595,944			42.8	%
Real estate – residential	1,298,980			25.5	%	1,286,343			1,262,244			1,094,204			1,082,488			29.1	%
Lease Financing Receivable	1,548			—	%	1,187			2,056			2,118			1,907			0.1	%
Obligations of States & subdivisions	29,650			0.6	%	31,137			31,652			26,143			25,757			0.7	%
Consumer	55,154			1.1	%	53,013			50,784			42,763			42,967			1.2	%
Loans held for sale	5,960			0.1	%	6,602			4,073			4,443			2,225			0.1	%
Total loans	$	5,095,760		100	%	$	5,017,527		$	4,973,849		$	3,778,600		$	3,721,613		100.0	%

COMPOSITION OF DEPOSITS	September 30, 2023			Percent of Total		June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			Percent of Total
Non-interest bearing	$	1,967,661		30.4	%	$	2,086,666		$	2,082,441		$	1,630,203		$	1,770,848		31.9	%
NOW and other	1,962,383			30.3	%	2,014,420			2,095,599			1,769,699			1,786,213			32.2	%
Money Market/Savings	1,532,822			23.7	%	1,565,212			1,678,609			1,368,108			1,423,953			25.7	%
Time Deposits of less than $250,000	766,553			11.8	%	627,782			562,240			590,564			418,931			7.5	%
Time Deposits of $250,000 or more	250,606			3.8	%	198,187			249,067			135,830			151,353			2.7	%
Total Deposits	$	6,480,025		100	%	$	6,492,267		$	6,667,956		$	5,494,404		$	5,551,298		100.0	%

ASSET QUALITY DATA	September 30, 2023					June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Nonaccrual loans	$	17,423				$	16,037		$	17,312		$	12,591		$	15,844
Loans past due 90 days and over	53					—			73			289			571
Total nonperforming loans	17,476					16,037			17,385			12,880			16,415
Other real estate owned	4,920					5,588			5,066			4,832			10,328
Total nonperforming assets	$	22,396				$	21,625		$	22,451		$	17,712		$	26,743

Nonperforming assets to total assets	0.28		%			0.28		%	0.28		%	0.27		%	0.41		%
Nonperforming assets to total loans + OREO	0.44		%			0.43		%	0.45		%	0.47		%	0.72		%
ACL to nonperforming loans	306.51		%			328.08		%	301.70		%	302.15		%	233.66		%
ACL to total loans	1.05		%			1.05		%	1.06		%	1.03		%	1.03		%

Qtr-to-date net charge-offs (recoveries)	$	49				$	837		$	142		$	39		$	(353)
Annualized QTD net chg-offs (recs) to loans	0.004		%			0.07		%	0.01		%	0.004		%	(0.04		%)


THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)

Yield	Three Months Ended						Three Months Ended						Three Months Ended						Three Months Ended						Three Months Ended
Analysis	September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022
			Tax						Tax						Tax						Tax						Tax
	Avg		Equivalent		Yield/		Avg		Equivalent		Yield/		Avg		Equivalent		Yield/		Avg		Equivalent		Yield/		Avg		Equivalent		Yield/
	Balance		interest		Rate		Balance		interest		Rate		Balance		interest		Rate		Balance		interest		Rate		Balance		interest		Rate
Taxable securities	$	1,419,343	$	7,685	2.17	%	$	1,473,166	$	7,867	2.14	%	$	1,565,623	$	8,758	2.24	%	$	1,522,953	$	8,312	2.18	%	$	1,612,066	$	8,723	2.16	%
Tax-exempt securities	463,329		3,921		3.39	%	470,742		3,946		3.35	%	462,718		3,946		3.41	%	453,651		3,934		3.47	%	479,168		3,849		3.21	%
Total investment securities	1,882,672		11,606		2.47	%	1,943,908		11,813		2.43	%	2,028,341		12,704		2.51	%	1,976,604		12,246		2.48	%	2,091,234		12,572		2.40	%
Int bearing dep in other banks	79,448		441		2.22	%	93,464		789		3.38	%	146,663		898		2.45	%	72,910		3		0.02	%	143,867		2		0.01	%
Loans	5,038,928		74,626		5.92	%	4,982,368		74,590		5.99	%	4,975,663		67,734		5.45	%	3,749,561		46,670		4.98	%	3,492,110		42,274		4.84	%
Total interest earning assets	7,001,048		86,673		4.95	%	7,019,740		87,192		4.97	%	7,150,667		81,336		4.55	%	5,799,075		58,919		4.06	%	5,727,211		54,848		3.83	%
Other assets	872,297						862,390						852,587						647,446						645,661
Total assets	$	7,873,345					$	7,882,130					$	8,003,254					$	6,446,521					$	6,372,872

Interest-bearing liabilities:
Deposits	$	4,459,869	$	19,572	1.76	%	$	4,465,800	$	14,762	1.32	%	$	4,738,076	$	12,277	1.04	%	$	3,801,632	$	7,041	0.74	%	$	3,777,059	$	2,748	0.29	%
Borrowed Funds	296,963		3,556		4.79	%	277,531		3,264		4.70	%	77,098		959		4.98	%	108,881		1,015		3.73	%	13,261		92		2.78	%
Subordinated debentures	128,251		1,849		5.77	%	145,418		2,138		5.88	%	155,084		2,176		5.61	%	144,985		1,946		5.37	%	144,910		1,886		5.21	%
Total interest bearing
liabilities	4,885,083		24,977		2.05	%	4,888,749		20,164		1.65	%	4,970,258		15,412		1.24	%	4,055,498		10,002		0.99	%	3,935,230		4,726		0.48	%
Other liabilities	2,083,192						2,091,882						2,164,001						1,773,974						1,806,898
Shareholders' equity	905,070						901,499						868,995						617,049						630,744
Total liabilities and
shareholders' equity	$	7,873,345					$	7,882,130					$	8,003,254					$	6,446,521					$	6,372,872

Net interest
income (FTE)*			$	61,696	2.91	%			$	67,028	3.32	%			$	65,924	3.31	%			$	48,917	3.08	%			$	50,122	3.35	%

Net interest margin (FTE)*					3.52	%					3.82	%					3.69	%					3.37	%					3.50	%

Core net interest margin*					3.27	%					3.43	%					3.47	%					3.29	%					3.44	%

*See reconciliation for Non-GAAP financial measures


THE FIRST BANCSHARES, INC and SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures (unaudited) (in thousands except per share data)
	Three Months Ended
Per Common Share Data	Sept 30, 2023		June 30, 2023		Mar 31, 2023		Dec 31, 2022		Sept 30, 2022
Book value per common share	$	28.57	$	28.64	$	28.58	$	26.92	$	25.86
Effect of intangible assets per share	10.95		11.02		11.09		8.95		8.93
Tangible book value per common share	$	17.62	$	17.62	$	17.49	$	17.97	$	16.93

Diluted earnings per share	$	0.77	$	0.75	$	0.52	$	0.68	$	0.61
Effect of acquisition and charter conversion charges	0.02		0.13		0.11		0.05		0.16
Tax on acquisition and charter conversion charges	(0.01)		(0.03)		(0.02)		(0.02)		(0.05)
Effect of Treasury awards	(0.20)		—		—		—		—
Tax on Treasury awards	0.05		—		—		—		—
Effect on contributions/consulting/advertising related to Treasury awards	0.17		—		—		—		—
Tax on contributions/consulting/advertising related to Treasury awards	(0.04)		—		—		—		—
Initial provision for acquired loans	—		—		0.34		—		0.17
Tax on initial provision for acquired loans	—		—		(0.09)		—		(0.04)
Diluted earnings per share, operating	$	0.76	$	0.85	$	0.86	$	0.71	$	0.85

			Year to Date
			2023				2022
Diluted earnings per share			$	2.04			$	2.17
Effect of acquisition and charter conversion charges			0.27				0.24
Tax on acquisition and charter conversion charges			(0.07)				(0.06)
Effect of bargain purchase gain and loss on sale of fixed assets			—				(0.01)
Effect of Treasury awards			(0.20)				(0.04)
Tax on Treasury awards			0.05				0.01
BOLI income from death proceeds			—				(0.08)
Effect on contributions/consulting/advertising related to Treasury awards			0.17				0.01
Tax on contributions/consulting/advertising related to Treasury awards			(0.04)				—
Initial provision for acquired loans			0.34				0.18
Tax on initial provision for acquired loans			(0.09)				(0.04)
Diluted earnings per share, operating			$	2.47			$	2.38

			Year to Date
			2023				2022
Net income available to common shareholders			$	64,410			$	46,624
Acquisition and charter conversion charges			8,482				5,220
Tax on acquisition and charter conversion charges			(2,146)				(1,320)
Bargain purchase gain and loss on sale of fixed assets			—				(165)
Tax on bargain purchase gain and loss on sale of fixed assets			—				42
Treasury awards			(6,197)				(872)
Tax on Treasury awards			1,568				221
BOLI income from death proceeds			—				(1,630)
Contributions/consulting/advertising related to Treasury awards			5,190				165
Tax on contributions/consulting/advertising related to Treasury awards			(1,313)				(42)
Initial provision for acquired loans			10,727				3,855
Tax on initial provision for acquired loans			(2,714)				(976)
Net earnings available to common shareholders, operating			$	78,007			$	51,122


		Three Months Ended
Average Balance Sheet Data		Sept 30, 2023			June 30, 2023			Mar 31, 2023			Dec 31, 2022			Sept 30, 2022
Total average assets	A	$	7,873,345		$	7,882,130		$	8,003,254		$	6,446,521		$	6,372,872
Total average earning assets	B	$	7,001,048		$	7,019,740		$	7,150,667		$	5,799,075		$	5,727,211

Common Equity	C	$	905,070		$	901,499		$	868,995		$	617,049		$	630,744
Less intangible assets		344,999			346,707			330,092			208,684			205,871
Total Tangible common equity	D	$	560,071		$	554,792		$	538,903		$	408,365		$	424,873

		Three Months Ended
Net Interest Income Fully Tax Equivalent		Sept 30, 2023			June 30, 2023			Mar 31, 2023			Dec 31, 2022			Sept 30, 2022
Net interest income	E	$	60,704		$	66,030		$	64,926		$	47,921		$	49,148
Tax-exempt investment income		(2,929)			(2,948)			(2,948)			(2,939)			(2,875)
Taxable investment income		3,921			3,946			3,946			3,934			3,849
Net Interest Income Fully Tax Equivalent	F	$	61,696		$	67,028		$	65,924		$	48,916		$	50,122

Annualized Net Interest Margin	E/B	3.47		%	3.76		%	3.63		%	3.31		%	3.43		%
Annualized Net Interest Margin, Fully Tax Equivalent	F/B	3.52		%	3.82		%	3.69		%	3.37		%	3.50		%

Total Interest Income, Fully Tax Equivalent
Total Interest Income	R	$	85,681		$	86,194		$	80,338		$	57,923		$	53,874
Tax-exempt investment income		(2,929)			(2,948)			(2,948)			(2,939)			(2,875)
Taxable investment income		3,921			3,946			3,946			3,934			3,849
Total Interest Income, Fully Tax Equivalent	G	$	86,673		$	87,192		$	81,336		$	58,918		$	54,848

Yield on Average Earning Assets	R/B	4.90		%	4.91		%	4.49		%	4.00		%	3.76		%
Yield on Average Earning Assets, Fully Tax Equivalent	G/B	4.95		%	4.97		%	4.55		%	4.06		%	3.83		%

Interest Income Investment Securities, Fully Tax Equivalent
Interest Income Investment Securities	S	$	10,614		$	10,815		$	11,706		$	11,251		$	11,598
Tax-exempt investment income		(2,929)			(2,948)			(2,948)			(2,939)			(2,875)
Taxable investment Income		3,921			3,946			3,946			3,934			3,849
Interest Income Investment Securities, Fully Tax Equivalent	H	$	11,606		$	11,813		$	12,704		$	12,246		$	12,572

Average Investment Securities	I	$	1,882,672		$	1,943,908		$	2,028,341		$	1,976,604		$	2,091,234

Yield on Investment Securities	S/I	2.26		%	2.23		%	2.31		%	2.28		%	2.22		%
Yield on Investment Securities, Fully Tax Equivalent	H/I	2.47		%	2.43		%	2.51		%	2.48		%	2.40		%

		Three Months Ended
Core Net Interest Margin		Sept 30, 2023			June 30, 2023			Mar 31, 2023			Dec 31, 2022			Sept 30, 2022
Net interest income (FTE)		$	61,696		$	67,028		$	65,924		$	48,916		$	50,122
Less purchase accounting adjustments		4,276			6,533			3,469			1,086			818
Net interest income, net of purchase accounting adj	J	$	57,420		$	60,495		$	62,455		$	47,830		$	49,304

Total average earning assets		$	7,001,048		$	7,019,740		$	7,150,667		$	5,799,075		$	5,727,211
Add average balance of loan valuation discount		31,269			38,306			42,945			10,928			2,681
Avg earning assets, excluding loan valuation discount	K	$	7,032,317		$	7,058,046		$	7,193,612		$	5,810,003		$	5,729,892

Core net interest margin	J/K	3.27		%	3.43		%	3.47		%	3.29		%	3.44		%

		Three Months Ended
Efficiency Ratio		Sept 30, 2023			June 30, 2023			Mar 31, 2023			Dec 31, 2022			Sept 30, 2022
Operating Expense
Total non-interest expense		$	47,724		$	46,899		$	45,670		$	35,040		$	35,903
Pre-tax non-operating expenses		(5,777)			(4,101)			(3,793)			(1,190)			(3,641)
Adjusted Operating Expense	L	$	41,947		$	42,798		$	41,877		$	33,850		$	32,262

Operating Revenue
Net interest income, FTE		$	61,696		$	67,028		$	65,924		$	48,916		$	50,122
Total non-interest income		19,324			12,423			12,612			8,131			9,022
Pre-tax non-operating items		(6,197)			—			—			—			—
Adjusted Operating Revenue	M	$	74,823		$	79,451		$	78,536		$	57,047		$	59,144

Efficiency Ratio, operating	L/M	56.06		%	53.87		%	53.32		%	59.34		%	54.55		%

		Three Months Ended
Return Ratios		Sept 30, 2023			June 30, 2023			Mar 31, 2023			Dec 31, 2022			Sept 30, 2022
Net income available to common shareholders	N	$	24,360		$	23,779		$	16,271		$	16,295		$	14,043
Acquisition and charter conversion charges		588			4,101			3,793			1,190			3,641
Tax on acquisition and charter conversion charges		(149)			(1,037)			(960)			(301)			(920)
Treasury awards		(6,197)			—			—			—			—
Tax on Treasury awards		1,568			—			—			—			—
Contributions/consulting/advertising related to Treasury awards		5,190			—			—			—			—
Tax on contributions/consulting/advertising related to Treasury awards		(1,313)			—			—			—			—
Initial provision for acquired loans		—			—			10,727			—			3,855
Tax on initial provision for acquired loans		—			—			(2,714)			—			(976)
Net earnings available to common shareholders, operating	O	$	24,047		$	26,843		$	27,117		$	17,184		$	19,643


		Three Months Ended
Pre-Tax Pre-Provision Operating Earnings		Sept 30, 2023			June 30, 2023			Mar 31, 2023			Dec 31, 2022			Sept 30, 2022
Earnings before income taxes	P	$	31,304		$	30,304		$	20,868		$	20,307		$	17,967
Acquisition and charter conversion charges		588			4,101			3,793			1,190			3,641
Provision for credit losses		1,000			1,250			11,000			705			4,300
Treasury awards		(6,197)			—			—			—			—
Contributions/consulting/advertising related to Treasury awards		5,190			—			—			—			—
Pre-Tax, Pre-Provision Operating Earnings	Q	$	31,885		$	35,655		$	35,661		$	22,202		$	25,908


Annualized return on avg assets	N/A	1.24		%	1.21		%	0.81		%	1.01		%	0.88		%
Annualized return on avg assets, oper	O/A	1.22		%	1.36		%	1.36		%	1.07		%	1.23		%
Annualized pre-tax, pre-provision, oper	Q/A	1.62		%	1.81		%	1.78		%	1.38		%	1.63		%
Annualized return on avg common equity, oper	O/C	10.63		%	11.91		%	12.48		%	11.14		%	12.46		%
Annualized return on avg tangible common equity, operating	O/D	17.17		%	19.35		%	20.13		%	16.83		%	18.49		%


		Three Months Ended
Capital Ratios		Sept 30, 2023*			June 30, 2023			Mar 31, 2023			Dec 31, 2022			Sept 30, 2022
Common equity tier 1 (CET1) ratio		12.0		%	11.5		%	11.2		%	12.7		%	12.6		%
Leverage (Tier 1) ratio		9.6		%	9.1		%	8.8		%	9.3		%	9.3		%
Total risk based capital ratio		15.1		%	14.5		%	14.7		%	16.7		%	16.7		%
Tangible common equity ratio		7.3		%	7.4		%	7.2		%	6.9		%	6.5		%
*estimated

Contacts

M. Ray “Hoppy” Cole

Chief Executive Officer

Dee Dee Lowery

Chief Financial Officer

(601) 268-8998

October 2023 NASDAQ: FBMS

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, Florida and Georgia. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Contact: Chandra Kidd, Corporate Secretary. NON-GAAP FINANCIAL MEASURES Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This presentation includes the following non-GAAP financial measures: Diluted Earnings Per Share, Operating; Net Income, Operating; Return on Average Assets (ROAA), Operating; Pre-Tax Pre-Provision Return on Average Assets (ROAA), Operating; Return on Average Tangible Common Equity (ROATCE); Return on Average Tangible Common Equity (ROATCE), Operating; Efficiency Ratio, Operating; Net Interest Margin, Fully Tax Equivalent (FTE); Core Net Interest Margin, Fully Tax Equivalent (FTE); Pre-Tax Pre Provision Income, Operating; Non-Interest Income, Operating; Adjusted Operating Revenue; Adjusted Operating Expense; Tangible Common Equity; Tangible Book Value per Share; Tangible Common Equity to Tangible Assets Ratio; Earnings per Share, Operating; and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this presentation allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to their most comparable GAAP measures. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in the appendix to this presentation. FORWARD LOOKING STATEMENTS This communication contains 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. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential,” “positioned” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risk and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) prevailing, or changes in economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations, including the effects of declines in the real estate market, high unemployment rates, inflationary pressure, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (3) interest rate risk, including the effects of rising interest rates; (4) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (5) changes in applicable laws, rules, or regulations; (6) risks related to the Company’s recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; (7) changes in management’s plans for the future; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) changes in accounting principles, policies, or guidelines; (11) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs related to the COVID-19 pandemic and related variants; (12) higher inflation and its impacts; (13) significant turbulence or disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (14) potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) the effects of war or other conflicts including the impacts relating to or resulting from Russia’s military action in Ukraine or the conflict in Israel and surrounding areas; (16) a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; and (17) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For any forward-looking statements made in this communication, any exhibits hereto or any related documents, the Company claims protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

1.21% Cost of Deposits 15.1% Total Capital Ratio 5th Largest Bank Headquartered in MS $7.9bn Total Assets $22,852 Average Deposit Size (3) 3 Our Company Company Overview 79% Loans / Deposits 12.0% CET1 Ratio Data as of or for the three months ended 9/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” (2) Cumulative deposit beta is defined as the change in cost of interest bearing deposits from Q4 ’21 of 0.20% to 1.76% in Q3 ’23 divided by the change in average fed funds rate of 500 bps over the same period (3) Excludes public funds and ICS accounts 1.62% PTPP ROAA, Operating (1) 0.00% NCOs / Total Loans, Annualized 1.05% ACL / Total Loans AL FL GA LA MS Pensacola Jacksonville Tallahassee New Orleans Baton Rouge Jackson Birmingham Columbus Orlando Huntsville Montgomery Atlanta Destin St. Marys Valdosta Waycross Gulfport Mobile Hattiesburg Starkville Savannah Brunswick Albany Cape Coral Macon FBMS Branch (111) FBMS LPO (5) Sc al e C ap it al C re d it 31% IB Deposit Beta Through the Rate Hike Cycle (2) 30% DDA DepositsD ep o si ts Li q u id it y P ro fi ta b ili ty Tampa

Q3 2023 Highlights Key Highlights Data as of or for the three months ended 9/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” (2) Excludes public funds and ICS accounts (3) Cumulative deposit beta is defined as the change in cost of interest bearing deposits from Q4 ’21 of 0.20% to 1.76% in Q2 ’23 divided by the change in average fed funds rate of 500 bps over the same period 4 Financial Results Diluted Earnings Per Share Diluted Earnings Per Share, Operating (1) Net Income ($000) Net Income, Operating ($000) (1) Reported ROAA ROAA, Operating (1) Reported ROATCE (1) ROATCE, Operating (1) Efficiency Ratio Efficiency Ratio, Operating (1) Net Interest Margin Net Interest Margin, FTE (1) Core Net Interest Margin, FTE (1)  Deposits ─ 30% of deposits are demand ─ $110 million of brokered deposits as of 9/30/23 ─ Average deposit size of $23 thousand (2) ─ Uninsured deposits equal to 15.7% of total deposits ─ Cumulative IB deposit beta since Q4 ’21 of 31% (3)  Loans ─ Average loan size of ~$210 thousand ─ Q3 ’23 new loan production of $389.7 million with a blended yield of 7.67% ─ C&D loan concentration as a percentage of bank total capital: 71% ─ CRE loan concentration as a percentage of bank total capital: 208%  Capital ─ TCE/TA: 7.3% ─ Leverage: 9.6% ─ CET1: 12.0% ─ Total Risk-Based Capital: 15.1%  Credit ─ NPAs / Total Assets of 0.28% this quarter, unchanged from Q2 ‘23 ─ NCOs / Total Loans of 0.00% this quarter, unchanged from Q2 ‘23 ─ Allowance for Credit Losses ─ ACL / Loans remains stable at 1.05%, compared to 1.05% last quarter  Net Interest Margin ─ Contraction in Net Interest Margin, FTE (1) of 30 bps to 3.52%, driven by increase in cost of deposits and decline in purchase accounting related net interest income ─ Modest decline in Core Net Interest Margin, FTE (1) of 16 bps to 3.27% $0.77 $0.76 $24,360 $24,047 1.24% 1.22% 17.4% 17.2% 58.9% 56.1% 3.47% 3.52% 3.27% Q3 2023

Improving Geographic Diversification of our Balance Sheet 5 2015 Deposits by State September 30, 2023 Deposits by State 2009 and 2015 data as of 6/30 2015 Loans by State September 30, 2023 Loans by State2009 Loans by State 2009 Deposits by State Mississippi 100% Mississippi 100% Mississippi 70% Alabama 23% Louisiana 7% Mississippi 73% Alabama 23% Louisiana 4% Mississippi 24% Alabama 8% Florida 24% Louisiana 13% Georgia 31% Mississippi 30% Alabama 13% Florida 21% Louisiana 10% Georgia 26%

6 FINANCIAL RESULTS

EPS Net Income ($mm) 7 Pre-tax Pre Provision Income ($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” Historical Performance Over Time Twelve Years of Record Earnings $0.82 $1.16 $0.96 $1.19 $1.55 $1.57 $1.11 $1.62 $2.55 $2.52 1.62%1.74% 1.61% 1.42% 1.49%$3.03 1.33% 1.24% 1.36% 1.63%$3.10 1.38% Operating Income $2.5 $3.6 $4.2 $6.3 $8.5 $9.7 $10.6 $21.2 $43.7 $52.5 $64.2 $62.9 $22.1 $20.8 $21.4 $19.4 $20.5 $18.9 $19.3 $20.8 $25.9 $22.2 $35.7 $35.7 $31.9 $68.3 $0.0 $12.0 $24.0 $36.0 $48.0 $60.0 $72.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3'23 $5.4 1.78% 1.81% 1.62%

Net Interest Income Over Time 3.74% 3.99% 3.59% 3.44% 3.70% 3.72% 3.71% Net Interest Income ($mm) NIM, FTE (1) 3.34%3.83% 3.94% 3.58% 3.51%4.02% 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” $16.3 $19.1 $22.2 $28.4 $33.4 $37.0 $40.3 $59.2 $84.9 $121.8 $152.7 $157.1 $177.8 $40.0 $39.5 $39.2 $38.1 $40.0 $39.8 $38.6 $42.1 $49.1 $47.9 $64.9 $66.0 $60.7 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3'23 3.13% 3.14% 3.25% 8 3.64% 3.14% 2.78% 3.09% 3.50%3.19% 3.37% 3.69% 3.82% 3.52%

Historical Cost and Yield Analysis 9Data as of or for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” Quarterly Yields & Costs (%) 0.20% 0.51% 0.72% 0.91% 1.21% 3.50% 3.37% 3.69% 3.82% 3.52% 4.84% 4.98% 5.45% 5.99% 5.92% 2.40% 2.48% 2.51% 2.43% 2.47% 3.44% 3.29% 3.47% 3.43% 3.27% 0.00% 2.00% 4.00% 6.00% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Cost of Deposits Net Interest Margin (FTE) Yield on Loans Yield on Securities (FTE) Core Net Interest Margin (1)(1)

10 NIM Impact for the Quarter Drivers of Change Q2 ‘23 to Q3 ‘23 Data as of 9/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” N et In te re st M ar gi n , F TE (1 ) C o re N et I n te re st M ar gi n , F TE (1 ) 3.82% 0 bps (1) bps (2) bps 2 bps (27) bps (2) bps 3.52% Q2 '23 NIM Loan Yield with Fees Securities Yield Borrowings Long-Term Debt Deposit Cost Other Q3 '23 NIM 3.43% 0 bps (1) bps (2) bps 2 bps (27) bps 13 bps 3.27% Q2 '23 NIM Loan Yield with Fees Securities Yield Borrowings Long-Term Debt Deposit Cost Purchase Accounting Adjustment Q3 '23 NIM

Historical Profitability Trends 11Data 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) 1.23% 1.07% 1.36% 1.36% 1.22% 0.50% 0.75% 1.00% 1.25% 1.50% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 13.2% 16.0% 12.1% 17.1% 17.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 18.5% 16.8% 20.1% 19.4% 17.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 0.88% 1.01% 0.81% 1.21% 1.24% 0.50% 0.75% 1.00% 1.25% 1.50% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 1.63% 1.38% 1.78% 1.81% 1.62%

12 Historical Profitability Trends Non-interest Income, Oper. / Adj. Operating Revenue (%) (1) Non-interest Income Q3 ‘23 (%) Efficiency Ratio, Operating (%) (1) Adjusted Operating Expense / Average Assets (%) (1) Data as of or for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” 54.6% 59.3% 53.3% 53.9% 56.1% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 15.3% 14.3% 16.1% 15.6% 17.5% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 2.02% 2.10% 2.09% 2.17% 2.13% 1.00% 1.50% 2.00% 2.50% Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Service Charges on Deposits 19% Mortgage 11% Interchange Fee Income 27% Other Charges and Fees 43%

13 DEPOSIT AND LOAN INFORMATION

0.30% 0.23% 0.19% 0.18% 0.15% 0.21% 0.52% 0.72% 0.91% 1.21% 1.10% 1.22% 1.31% Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 July '23 Aug '23 Sept '23 14 Deposit Composition Growth Historical Deposit Composition Cost of Total Deposits Over Time (%) Dollars in millions unless otherwise noted 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) Excludes public funds and ICS accounts (2) Cumulative deposit beta is defined as the change in cost of interest bearing deposits from Q4 ’21 of 0.20% to 1.76% in Q3 ’23 divided by the change in average fed funds rate of 500 bps over the same period (3) Southeast median includes banks headquartered in the Southeast with total assets between $1 billion to $25 billion; Excludes merger targets DDA / Total Deposits Over Time (%) (3) Q3 ’23 Deposit Portfolio Summary and Composition MonthlyQuarterlyDeposits: $6.5B Uninsured Deposits (1): 15.7% Average Deposit Size (1): ~$23,000 Total Deposit Accounts (1): ~218,000 Commercial Accounts: ~35,000 Personal Accounts: ~183,000 Cumulative IB Deposit Beta Since Q4 ’21 (2): 31% $0.6 $0.7 $1.2 $1.5 $1.6 $2.0 $0.5 $0.6 $1.3 $1.8 $1.8 $2.0 $0.9 $1.1 $1.1 $1.3 $1.4 $1.5 $0.4 $0.5 $0.4 $0.4 $0.6 $0.8 $0.1 $0.2 $0.1 $0.1 $0.1 $0.3 $2.5 $3.1 $4.2 $5.2 $5.5 $6.5 2018 2019 2020 2021 2022 Q3 '23 Demand Deposits NOW Accounts Money Market & Savings Retail Time Deposits Jumbo Time Deposits Demand Deposits 30% NOW Accounts 30% Money Market & Savings 24% Retail Time Deposits 12% Jumbo Time Deposits 4% 31.3% 31.9% 29.7% 31.2% 32.1% 30.4%31.2% 31.3% 28.7% 27.4% 26.3% Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 FBMS DDA % Southeast Median DDA %

15 Granular Loan Portfolio Dollars in millions Data as of 9/30/23 Size of our top 75 Relationships • Largest individual loan is $28.9 million total committed exposure • Total participations purchased are less than 3% of outstanding balances $37.8 $21.9 $15.9 $12.3 $9.7 1 10 25 50 75 Total Advanced % of Total Exposure Portfolio Relationship Groupings ($M) Top 10 Relationships $271.4 5.3% Top 25 Relationships 543.7 10.6% Top 50 Relationships 901.0 17.6% Top 75 Relationships 1,172.9 22.9%

16 Balanced Loan Portfolio Data as of 9/30/23 (1) Excludes owner-occupied CRE Loan Portfolio Mix CRE (1) Exposure by Type  Granular loan portfolio, average loan size excluding PPP is ~$210 thousand  Top 25 loans represent ~9% of total portfolio  De Minimis consumer credit card loans ($1.4 million or 0.03% of total loans)  Limited energy exposure ($25.5 million or 0.5% of total loans)  De Minimis Shared National Credits (“SNCs”) of $15.1 million  Criticized & classified loans decreased by $15.6 million in Q3 compared to Q2, an 11.7% decrease; includes loan payoffs of $9.6 million Retail Center 17% Hotel 14% Professional Office 25% Retail Stand- Alone 10% Warehouse / Indust 10% Multi-Family 5% Medical Facilities 9% C-Stores - Gas Stations 6% Mobile Home Parks 2% Mini-Storage 1% C&D Exposure by Type Residential 1-4 20% Multi-Family 17% Retail 3% Warehouse / Indust. 1% Office 4% Land Development 33% Other 22% 1-4 Family 19% Other 4% 1-4 Family HELOC 2% Multifamily 2% Owner Occ. CRE 24% Non- Owner Occ. CRE 21% C&D 12% C&I 15%

17 Office Exposure Data as of 9/30/23; Dollars in millions Professional Office by GeographyOffice Portfolio Maturity Florida 42% Georgia 27% Mississippi 15% Louisiana 10% Alabama 6% Office Portfolio Non-Owner Occupied % of Total Cumulative % Maturing in 2023 $10.2 5% 3% Maturing in 2024 8.7 4% 9% Maturing in 2025 14.5 7% 15% Maturing in 2026 20.2 10% 23% Maturing in 2027 41.3 20% 39% Maturing Beyond 2027 115.0 55% 100% Total $210.0 100% Office Exposure Highlights  Average professional office loan size — Non-Owner Occupied: $737 thousand  15.4% of the total office portfolio matures through 2025  Professional office space comprises 9.7% of total loans  Substandard office loans / total office loans: 4.4%

18 Loan Concentrations Over Time C&D Loan Concentration Over Time CRE Loan Concentration Over Time Yearly data as of 12/31 each respective year; quarterly data for the three months ended each respective quarter Note: 100% and 300% are the interagency guidance figures for C&D Concentration and CRE Concentration of a banking institution’s total risk-based capital, respectively 204% 195% 153% 149% 171% 207% 208% 208% 0% 100% 200% 300% 400% 2018 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3 '23 86% 80% 49% 55% 63% 80% 74% 71% 0% 50% 100% 150% 200% 2018 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3 '23

19 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% 0.5% 0.4% 0.4% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3' 23 (0.00%) 0.11% 0.13% (0.05%) 0.01% 0.07% 0.00% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3' 23 0.53% 1.14% 1.04% 1.03% 1.06% 1.05% 1.05% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3' 23 30% 89% 110% 302% 302% 328% 307% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3' 23

0.5% 0.4% 0.3% 0.4% 0.3% 0.0% 0.2% (0.0%) (0.0%) (0.0%) 0.0% (0.0%) 0.1% 0.1% (0.1%) 1.3% 2.5% 2.5% 1.6% 1.1% 0.7% 0.5% 0.4% 0.5% 0.5% 0.5% 0.5% 0.5% 0.3% 0.3% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 FBMS Banking Industry 20 History of Prudent Credit Culture 15-Year NCOs / Avg. Loans vs. Banking Industry (%) Source: FDIC Yearly data as of or for the twelve months ended each respective year Note: FDIC data as of 12/31/22 0.00% FBMS NCOs / Avg. Loans for the three months ended 9/30/23

21 CAPITAL & LIQUIDITY

22 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” 9.5% 9.2% 8.3% 6.9% 7.2% 7.4% 7.3% 0.0% 5.0% 10.0% 15.0% 20.0% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3 '23 10.3% 9.2% 9.2% 9.4% 8.8% 9.1% 9.6% 0.0% 5.0% 10.0% 15.0% 20.0% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3 '23 12.5% 13.5% 13.7% 12.7% 11.2% 11.5% 12.0% 0.0% 5.0% 10.0% 15.0% 20.0% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3 '23 15.8% 19.1% 18.6% 16.7% 14.7% 14.5% 15.1% 0.0% 5.0% 10.0% 15.0% 20.0% 2019 2020 2021 2022 Q1 '23 Q2 '23 Q3 '23

23 Capital Position Including Unrealized Losses Data as of or for the three months ended 9/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” (2) Assumes AOCI adjustments related to market valuations on securities and related hedges are included for regulatory capital calculations (3) Assumes AOCI adjustments related to market valuations on securities and related hedges as well as the fair value adjustment on HTM securities are included for regulatory capital calculations  Reflected above is the hypothetical impact on capital if the mark on Accumulated Other Comprehensive Income (AOCI) Losses (2) and AOCI + Held- to-Maturity (HTM) (3) were included in the regulatory capital calculations  Neither scenario is currently included, nor required to be included in the Company’s regulatory capital ratios As Reported Inc luding AOCI Losses ( 2 ) Inc luding AOCI + HTM Losses ( 3 ) TCE / TA Ratio ( 1 ) 7.3% 7.3% 6.6% Leverage Ratio 9.6% 7.4% 6.8% CET1 Ratio 12.0% 9.2% 8.3% Tier 1 Ratio 12.4% 9.6% 8.7% Total Risk-Based Capital Ratio 15.1% 12.3% 11.4% Regulatory Capital & Adjusted Capital as of 9/30/23

24 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 for “Non-GAAP Reconciliation” (2) Based upon dividends paid in Q1 ’23, Q2’ 23 and Q3 ’23, and annualized thereafter (3) Represents shares repurchased in period stated divided by common shares outstanding at prior period end $0.20 $0.31 $0.42 $0.58 $0.74 $0.88 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 2018 2019 2020 2021 2022 YTD 1.1% 1.5% 0.8% 2.9% 0.0% 0.0% 1.0% 2.0% 3.0% 2019 2020 2021 2022 YTD Dollars Returned to Shareholders ($M) $5.2 $8.6 $12.0 $16.3 $20.7 $5.2 $8.1 $5.2 $22.2 $2.6 $10.4 $16.7 $17.2 $38.5 $20.7 $0.0 $10.0 $20.0 $30.0 $40.0 2018 2019 2020 2021 2022 YTD Cash Paid to Repurchase Shares Dividends Paid on Common Stock Dividend Growth CAGR Since 2018: 37%TBVPS Excluding AOCI (2) $18.87 $21.65 $23.31 $17.97 $17.62 $17.62 $18.33 $20.43 $22.93 $24.17 $22.24 $22.88 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 2019 2020 2021 2022 Q2 '23 Q3 '23

25 Liquidity Position Gross Loans / Deposits (%) Funding Sources 84.0% 84.9% 74.6% 68.9% 56.6% 55.8% 68.8% 77.3% 78.6% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 2018 2019 2020 2020 (ex. PPP) 2021 2021 (ex. PPP) 2022 Q2 '23 Q3 '23 Outstanding / Remaining Usage Bank Sources Available ($mm) Pledged ($mm) Availability ($mm) Percent (%) FHLB Fixed Rate Advances $2,362.6 $277.2 $2,085.4 11.7 % Overnight Fed Funds 110.0 0.0 110.0 0.0 Federal Reserve 319.2 280.0 39.2 87.7 $2,791.8 $557.2 $2,234.6 20.0 % Policy Policy September 30, 2023 Maximum Compliance Loans to Deposits (including FHLB) 78.4 % 90.0 % In Policy Net Non-core Funding Dependency Ratio 7.4 20.0 In Policy Fed Funds Purchases / Total Assets 0.0 10.0 In Policy FHLB Advances / Total Assets 0.3 20.0 In Policy FRB Advances / Total Assets 3.6 10.0 In Policy Pledged Securities to Total Securities 61.3 90.0 In Policy Liquidity Highlights • As of September 30, the Company’s liquidity ratio was 15.8%, as compared to the internal liquidity policy guidelines of 10% minimum • Other liquidity ratios reviewed include the following along with policy guidelines: (1) Data as of 12/31 of each year, respectively; quarterly data for the three months ended each respective quarter (1) Letters of Credit

26 Securities Portfolio Composition Dollars in millions Data as of or for the three months ended 9/30/23 Available-For-Sale Portfolio Summary Held-To-Maturity Government Agency 3% MBS 47%Corporates 3% Treasury 10% TE & TX Muni 37% Government Agency 2% MBS 43%Corporates 2% Treasury 13% TE & TX Muni 40% Portfolio Distribution Amount % of Total Government Agency $42 3 % MBS 611 47 Corporates 36 3 Treasury 136 10 TE & TX Muni 486 37 Total $1,311 100 % Portfolio Distribution Amount % of Total Government Agency $16 2 % MBS 302 43 Corporates 10 1 Treasury 90 13 TE & TX Muni 277 40 Total $695 100 % $1,981M Book Value 2.09% Book Yield ($184.9M) Unrealized Loss 5.8 Year Average Life 4.6 Year Effective Duration 65%/35% (AFS/HTM) Principal Cash Flow Schedule $232 Million Maturing by Q3 ‘24 $62.6 $87.2 $39.9 $42.4 $38.2 $93.1 $57.4 $49.9 $42.3 $94.6 $41.0 $94.6 3.0% 7.0% 9.0% 12.0% 13.0% 18.0% 21.0% 23.0% 26.0% 30.0% 32.0% 35.0% Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Quarterly Principal Cumulative Principal Returned as % of Total [No Collateralized Loan Obligation (CLO) securities within the Investment Portfolio]

27 APPENDIX

Historical Financials 28 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 Year Ended December 31, For the Three Months Ended, 2019 2020 2021 2022 12/31/22 3/31/23 6/30/23 9/30/23` ` Balance Sheet Data: Total Assets $3,942 $5,153 $6,077 $6,462 $6,462 $8,017 $7,862 $7,884 Gross Loans 2,611 3,124 2,967 3,779 3,779 4,974 5,018 5,096 Securities 792 1,050 1,774 1,983 1,983 1,962 1,898 1,835 Deposits 3,077 4,215 5,227 5,494 5,494 6,668 6,492 6,480 Tangible Common Equity (1) 355 457 490 432 432 549 553 553 Income Statement Data: Interest Income $148.5 $179.3 $147.3 $154.5 $57.9 $80.3 $86.2 $85.7 Interest Expense 26.7 26.7 19.7 22.6 10.0 15.4 20.2 25.0 Net Interest Income 121.8 152.7 158.2 172.2 47.9 64.9 66.0 60.7 Provision for Loan Losses 3.7 25.2 (1.1) (5.6) 0.7 11.0 1.3 1.0 Noninterest Income 26.0 41.9 37.5 37.0 8.1 12.6 12.4 19.3 Noninterest Expense 82.4 106.3 114.6 130.5 35.0 45.7 46.9 47.7 Income before Income Taxes 56.4 63.1 81.1 78.7 20.3 20.9 30.3 31.3 Income Tax Expense 12.7 10.6 16.9 15.8 4.0 4.6 6.5 6.9 Net Income 43.7 52.5 64.2 62.9 16.3 16.3 23.8 24.4 Net Income, Operating (1) 48.0 46.0 64.4 68.3 17.2 27.1 26.8 24.0 Performance Ratios: ROAA 1.26 % 1.10 % 1.13 % 1.01 % % 1.01 % 0.81 % 1.21 % 1.24 % ROAA, Operating (1) 1.39 0.96 1.14 1.09 1.07 1.36 1.36 1.22 ROATCE 14.9 12.9 14.3 14.9 16.0 12.1 17.1 17.4 ROATCE, Operating (1) 15.9 25.9 13.3 16.2 16.8 20.1 19.4 17.2 Net Interest Margin (FTE) 4.02 3.64 3.13 3.19 3.37 3.69 3.82 3.52 Efficiency Ratio 59.1 54.0 56.0 60.3 61.4 58.2 59.0 58.9 Efficiency Ratio, Operating (1) 55.0 55.0 57.4 57.4 59.3 53.3 53.9 56.1 Per Share Data: Common Stock Issued and Outstanding 18,802,266 21,115,009 21,019,037 24,025,762 24,025,762 31,364,973 31,406,220 31,404,231 Basic Earnings per Share $2.55 $2.52 $3.03 $2.84 $0.68 $0.52 $0.76 $0.78 Earnings per Share, Operating (1) 2.79 2.21 3.04 3.08 0.71 0.86 0.85 0.76 Tangible book value per share (1) 18.87 21.65 23.31 17.97 17.97 17.49 17.62 17.62 Dividends Per Share 0.31 0.42 0.58 0.74 0.20 0.21 0.22 0.23 Asset Quality: Nonperforming Assets / Total Assets 1.37 % 0.82 % 0.50 % 0.27 % % 0.27 % 0.28 % 0.28 % 0.28 % Nonperforming Assets / (Loans + OREO) 2.06 1.35 1.03 0.47 0.47 0.45 0.43 0.44 Allowance for Loan Losses / Total Loans 0.53 1.15 1.04 1.03 1.03 1.06 1.05 1.05 Allowance for Loan Losses / Nonperforming Loans 29.8 98.2 109.6 302.2 302.2 301.7 328.1 306.5 Net Loan Charge-offs / Average Loans (0.00) 0.11 0.13 (0.05) 0.00 0.01 0.07 0.00 Capital Ratios: Tangible Common Equity / Tangible Assets (1) 9.45 % 9.21 % 8.30 % 6.90 % % 6.90 % 7.15 % 7.36 % 7.34 % Tier 1 Leverage Ratio 10.25 9.15 9.20 9.42 9.42 8.80 9.10 9.62 Common Equity Tier 1 Capital Ratio 12.48 13.54 13.70 12.66 12.66 11.20 11.50 12.03 Tier 1 Risk-based Ratio 13.02 14.01 14.10 13.00 13.00 11.62 11.91 12.44 Total Risk-based Capital Ratio 15.81 19.10 18.60 16.72 16.72 14.72 14.54 15.11

29 Non-GAAP Reconciliation The First Bancshares, Inc. Non-GAAP For the Year Ended December 31, For the Three Months Ended, December 31, March 31, June 30, September 30, (Dollars in thousands) 2018 2019 2020 2021 2022 2022 2023 2023 2023 Net Income Available to Common $21,225 $43,745 $52,506 $64,167 $62,919 $16,295 $16,271 $23,779 $24,360 Adjustments: Add: Acquisition and charter conversion charges 13,810 6,275 3,314 1,607 6,410 1,190 3,793 4,101 588 Less: Tax on acquisition and charter conversion charges (3,221) (1,348) (753) (406) (1,621) (301) (960) (1,037) (149) Add: Initial Provision for Acquired Loans -- -- -- -- 3855 -- 10,727 -- -- Less: Tax on Initial Provision for Acquired Loans -- -- -- -- (976) -- (2,714) -- -- Less: Treasury awards (2,100) (947) (968) (1,826) (872) -- -- -- (6,197) Less: Bargain purchase gain and loss on sale of fixed assets (8,455) (903) (165) -- -- -- -- Less: BOLI Income from Death Proceeds -- -- -- -- (1,630) -- -- -- -- Add: Tax on treasury awards 532 240 245 462 221 -- -- -- 1,568 Add: Tax on gain on sale 86 -- 157 229 42 -- -- -- -- Add: Contributions related to Treasury awards -- -- -- 1,400 165 -- -- -- 5,190 Add: Tax on Contributions related to Treasury awards -- -- -- (354) (42) -- -- -- (1,313) Net Income, Operating $30,332 $47,965 $46,046 $64,376 $68,306 $17,184 $27,117 $26,843 $24,047 Average diluted shares outstanding 13,093,925 17,184,085 21,421,367 21,175,323 22,154,577 24,168,544 31,541,213 31,522,759 31,609,564 Diluted earnings per share, operating $2.32 $2.79 $2.15 $3.04 $3.08 $0.71 $0.86 $0.85 $0.76 Average Total Assets $2,428,657 $3,462,954 $5,136,136 $5,664,336 $6,245,500 $6,446,521 $8,003,254 $7,882,130 $7,873,345 Return on Average Assets 0.87% 1.26% 1.02% 1.13% 1.01% 1.01% 0.81% 1.21% 1.24% Return on Average Assets, Operating 1.25% 1.39% 0.90% 1.14% 1.09% 1.07% 1.36% 1.36% 1.22% Average Common Equity $292,861 $453,456 $640,828 $672,121 $619,040 $617,049 $868,995 $901,499 $905,070 Less: Average intangible assets (68,793) (150,891) (189,817) (171,482) (197,039) (208,684) (330,092) (346,707) (344,999) Average Tangible Common Equity $224,068 $302,566 $451,011 $500,639 $422,000 $408,365 $538,903 $554,792 $560,071 Return on Average Tangible Common Equity 9.5% 14.5% 11.6% 12.8% 14.9% 16.0% 12.1% 17.1% 17.4% Return on Average Tangible Common Equity, Operating 13.5% 15.9% 10.2% 12.9% 16.2% 16.8% 20.1% 19.4% 17.2%

30 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Three Months Ended, September 30, December 31, March 31, June 30, September 30, (Dollars in thousands) 2022 2022 2023 2023 2023 Net Interest Income After Provision for Credit Losses $44,848 $47,216 $53,926 $64,780 $59,704 Non Interest Income 9,022 8,131 12,612 12,423 19,324 Non Interest Expense (35,903) (35,040) (45,670) (46,899) (47,724) Adjustments: Add: Acquisition charges 3,641 1,190 3,793 4,101 588 Add: Contributions related to Treasury Awards -- -- -- -- 5,190 Less: Treasury Awards and Gains -- -- -- -- (6,197) Add: Provision for Loan Losses 4,300 705 11,000 1,250 1,000 Pre-tax Pre Provision Income, Operating $25,908 $22,202 $35,661 $35,655 $31,885 Average Total Assets $6,372,872 $6,446,521 $8,003,254 $7,882,130 $7,873,345 Pre-tax Pre Provision Return on Average Assets, Operating 1.63% 1.38% 1.78% 1.81% 1.62%

31 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Year Ended December 31, For the Three Months Ended, December 31, March 31, June 30, September 30, (Dollars in thousands) 2018 2019 2020 2021 2022 2022 2023 2023 2023 Operating Expense Total non-interest expense $76,309 $88,569 $106,341 $114,558 $130,488 $35,040 $45,670 $46,899 $47,724 Pre-tax non-operating expenses (13,810) (6,275) (3,314) (3,007) (6,576) (1,190) (3,793) (4,101) (5,777) Adjusted operating expense 62,499 82,294 103,027 111,551 123,912 33,850 41,877 42,798 41,947 Operating Revenue Net interest income, FTE $85,884 $123,014 $155,025 $159,678 $181,539 $48,916 $65,924 $67,028 $61,696 Total non-interest income 20,561 26,947 41,876 37,473 36,974 8,131 12,612 12,423 19,324 Pre-tax non-operating items (2442) (947) (9,423) (2,729) (2,667) -- -- -- (6,197) Adjusted operating revenue 104,003 149,014 187,478 194,422 215,846 $57,047 $78,536 $79,451 $74,823 Efficiency Ratio, Operating 60.1% 55.2% 55.0% 57.4% 57.4% 59.3% 53.3% 53.9% 56.1%

32 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Three Months Ended, September 30, December 31, March 31, June 30, September 30, (Dollars in thousands) 2022 2022 2023 2023 2023 Total non-interest income $9,022 $8,131 $12,612 $12,423 $19,324 Pre-tax non-operating items - - - - (6,197) Non-interest income, operating 9,022 8,131 12,612 12,423 13,127 Operating Revenue Net interest income, FTE $50,122 $48,916 $65,924 $67,028 $61,696 Total non-interest income $9,022 $8,131 $12,612 $12,423 $19,324 Pre-tax non-operating items - - - - (6,197) Adjusted Operating Revenue $59,144 $57,047 $78,536 $79,451 $74,823 Non-interest income, operating / Adjusted Operating Revenue 15.3% 14.3% 16.1% 15.6% 17.5% Operating Expense Total non-interest expense $35,903 $35,040 $45,670 $46,899 $47,724 Pre-tax non-operating expenses (3,641) (1,190) (3,793) (4,101) (5,777) Adjusted operating expense 32,262 33,850 41,877 42,798 41,947 Average Total Assets $6,372,872 $6,446,521 $8,003,254 $7,882,130 $7,873,345 Adjusted Operating Expense / Average Assets 2.02% 2.10% 2.09% 2.17% 2.13%

33 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Year Ended December 31, For the Three Months Ended, December 31, March 31, June 30, September 30, (Dollars in thousands) 2018 2019 2020 2021 2022 2022 2023 2023 2023 Total common equity $363,254 $543,658 $644,815 $676,172 $646,663 $646,663 $896,427 $899,446 $897,221 Less: Goodwill and other intangibles (112,916) (188,865) (187,700) (186,171) (214,890) (214,890) (347,777) (346,104) (343,869) Tangible common equity $250,338 $354,793 $457,115 $490,001 $431,773 $431,773 $548,650 $553,342 $553,352 Total assets $3,003,986 $3,941,863 $5,152,760 $6,077,414 $6,461,717 $6,461,717 $8,017,316 $7,862,108 $7,884,285 Less: Goodwill and other intangibles (112,916) (188,865) (187,700) (186,171) (214,890) (214,890) (347,777) (346,104) (343,869) Tangible assets $2,891,070 $3,752,998 $4,965,060 $5,891,243 $6,246,827 $6,246,827 $7,669,539 $7,516,004 $7,540,416 Tangible common equity / Tangible assets 8.7% 9.5% 9.2% 8.3% 6.9% 6.9% 7.2% 7.4% 7.3% Common shares outstanding $14,830,598.00 18,802,266 21,115,009 21,019,037 24,025,762 24,025,762 31,364,973 31,406,220 31,404,231 Tangible book value per common share $16.88 $18.87 $21.65 $23.31 $17.97 $17.97 $17.49 $17.62 $17.62 Accumulated Other Comprehensive Income (AOCI) ($1,796) $10,089 $25,816 $7,978 ($148,957) ($148,957) ($130,774) ($145,239) ($165,168) Tangible book value per common share excluding AOCI $17.00 $18.33 $20.43 $22.93 $24.17 $24.17 $21.66 $22.24 $22.88

34 Non-GAAP Reconciliation (cont.) The First Bancshares, Inc. Non-GAAP For the Three Months Ended, September 30, December 31, March 31, June 30, September 30, (Dollars in thousands) 2022 2022 2023 2023 2023 Net Interest Income $49,148 $47,921 $64,926 $66,030 $60,704 Tax-Exempt Investment Income (2,875) (2,939) (2,948) (2,948) (2,929) Taxable Investment Income 3,849 3,934 3,946 3,946 3,921 Net Interest Income, Fully Tax Equivalent 50,122 48,916 65,924 67,028 61,696 Less: Purchase accounting adjustments 818 1,086 3,469 6,533 4,276 Net Interest Income, Net of purchase accounting adjustments 49,304 47,830 62,455 60,495 57,420 Total Average Earning Assets $5,727,211 $5,799,075 $7,150,667 $7,019,740 $7,001,048 Add: Average balance of loan valuation discount 2,681 10,928 42,945 38,306 31,269 Average Earning Assets, Excluding loan valuation discount 5,729,892 5,810,003 7,193,612 7,058,046 7,032,317 Net Interest Margin (Annualized) 3.43% 3.31% 3.63% 3.76% 3.47% Net Interest Margin, Fully Tax Equivalent (Annualized) 3.50% 3.37% 3.69% 3.82% 3.52% Core Net Interest Margin, Fully Tax Equivalent (Annualized) 3.44% 3.29% 3.47% 3.43% 3.27%

Cover	Oct. 25, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 25, 2023
Entity Registrant Name	The First Bancshares, Inc.
Entity Incorporation, State or Country Code	MS
Entity File Number	000-22507
Entity Tax Identification Number	64-0862173
Entity Address, Address Line One	6480 U.S. Highway 98 West,
Entity Address, City or Town	Hattiesburg,
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39402
City Area Code	(601) 268-8998
Local Phone Number	(601) 268-8998
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	FBMS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000947559
Amendment Flag	false