FIRST BANCSHARES INC /MS/: M&A transaction — FBMS completes Heritage Southeast Bancorp acquisition; HSBI 2022 net income $5.8M, down 58% YoY

FIRST BANCSHARES INC /MS/

HSBI total assets $1.58B at Dec 31, 2022, down from $1.655B; loans $1.176B, deposits $1.394B.
HSBI 2022 net income $5.8M ($0.83 diluted EPS) vs $13.8M ($1.92) in 2021, decline driven by higher transaction expenses.
Noninterest expenses rose to $67.5M from $52.4M, including $6.7M in professional fees from pending transactions.
HSBI recorded $15.5M other comprehensive loss in 2022 from unrealized securities losses; equity fell to $142.2M.
Acquisition closed Jan 1, 2023; HSBI merged into FBMS, with The First Bank as surviving bank.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FIRST BANCSHARES INC /MS/ completed an acquisition involving Heritage Southeast Bancorporation, Inc. (closed 2023-01-01).

Action: acquisition
Counterparty: Heritage Southeast Bancorporation, Inc.
Closing: 2023-01-01

Exact text from the filing

the Company had completed its previously-announced merger (the “Merger”) with Heritage Southeast Bancorporation, Inc., a Georgia corporation (“HSBI”), pursuant to that certain Agreement and Plan of Merger by and between FBMS and HSBI, dated as of July 27, 2022 (the “Merger Agreement”). At the closing, HSBI merged with and into FBMS, with FBMS as the surviving corporation, followed by the merger of HSBI’s wholly-owned subsidiary bank, Heritage Southeast Bank, with and into the FBMS’s wholly-owned subsidiary bank, The First Bank, with The First Bank as the surviving bank.

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Source: SEC EDGAR

accession 0001104659-23-032810

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