First Bancshares, Inc. Holds Annual Shareholder Meeting
Press Release Date: May 4, 2018
First Bancshares, Inc., holding company for First National Bank of Bellevue and sole shareholder of First Bellevue Properties, held their annual Shareholder Meeting on Wednesday, April 25 in their Bellevue office.
The business portion of the meeting resulted in the re-election of three of their tenured board members: Sharon Barnes, Vice President of Barnes Nursery, Inc.; John A. Coppeler, Attorney of Law – Flynn Py & Kruse; and Adam L. Crockett, Co-Owner of Green Hills Golf Course & Inn, Inc.
The consolidated results of the company reported a solid fiscal year 2017 and finished with strong earnings. The actual bottom line was lower due to changes in the tax code just prior to year-end. While the company will experience lower tax rates in 2018 and beyond, this change required an adjustment on tax deferred assets and liabilities resulting in a one-time charge of roughly $393,000. This affects net income for the prior year, however the lower tax rate will allow that one-time expense to be recouped in 2018 and future years will receive the full benefit of the lower tax rate.
Net interest income rose again in 2017 by almost 15% over the prior year and non-interest income increased by over 40%. Expenses were managed during the year, which resulted in a slight increase of just over 1%. Net income before taxes were reported to be over $243,000 or 9% greater than 2016.
First Bancshares, Inc. is optimistic that 2018 will continue to see solid growth in their balance sheet along with continued improvement in net earnings.
Additional First Bancshares Board of Directors consists of Chairman Steven L Mays, DVM, Doctor of Veterinary Medicine; Duffield E. Milkie, Vice President/General Counsel – Cedar Fair L.P.; Dean J. Miller, President/CEO – First Bancshares, Inc.; Melvin H. Miller, Retired President/Chairman – Janotta & Herner, Inc.; James V. Stouffer, Jr., President/CEO – Catawba Island Club; Michael K. Winthrop, President/CEO – The Bellevue Hospital; and Gordon A. Gibbs, Director Emeritus.
First National Bank, a community bank with seven banking offices located in Bellevue, Catawba Island, Clyde, Fremont, Port Clinton, Put-In-Bay and Sandusky, is the primary operating company of First Bancshares. First Bancshares, Inc. is also the sole shareholder of First Bellevue Properties, a real estate and other asset holding subsidiary.
The shares of First Bancshares, Inc. are traded under the ticker symbol FIBH on the OTC Pink Sheet Exchange.
For more information, please visit their website at www.fnblifetime.com or by calling 419-483-7340.