secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCSHARES INC /MS/ (—)
CIK:        0000947559
Form:       8-K/A
Filed at:   2023-03-15T23:59:59+00:00
Accession:  0001104659-23-032810
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FBMS completes Heritage Southeast Bancorp acquisition; HSBI 2022 net income $5.8M, down 58% YoY
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/947559/000110465923032810/0001104659-23-032810-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/947559/000110465923032810/tm239543d1_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-032810

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