First Bancshares, Inc. Holds Annual Shareholder Meeting
Press Release Date: April 30, 2019
Bellevue, Ohio – First Bancshares, Inc., holding company for First National Bank of Bellevue and sole owner of First Bellevue Properties, held their annual Shareholder Meeting on April 24, 2019 at the Bellevue main office.
The business portion of the meeting resulted in the re-election of three tenured board members with terms expiring in 2022: Steven L. Mays, DVM, Doctor of Veterinary Medicine; James V. Stouffer, Jr., President/CEO – Catawba Island Club; and Michael K. Winthrop, President/CEO – The Bellevue Hospital.
2018 reflects a record year of earnings for the company. Some detailed highlights include an increase in net interest income of over $214,000 which is over 2.7% higher than 2017 along with an increase of non-interest earnings of over $173,000. Operating expenses were slightly higher in 2018 mainly due to an increase in personnel expenses and occupancy expense. In 2017, the company reported that due to the tax reform, there was a one-time adjustment which increased the tax liability due to reevaluation of tax deferred assets. The lower tax rates in 2018 allowed for the company to recoup most of that adjustment and is reflected in net income for the year. The record earnings resulted in a 1.16% Return on Asset ratio and Return on Equity of 13.85% for the year.
The balance sheet grew by almost $13M equating to a 6% increase. Solid growth in the loan portfolio drove much of this and higher deposit totals allowed the bank to fund a good portion of the increased loan balances.
Beginning in early March, a main office renovation project was started that includes roughly 2,500 square feet of additional space added to the west end of the existing building. With the bank’s growth over the last several years, the existing footprint has been maximized. Given the changing the dynamics of the industry and shifting of lobby traffic to electronic delivery of product and services, the revamping of work space was necessary to become more efficient with staffing and equipment needs.
Additional First Bancshares Board of Directors consists of Sharon Barnes, Vice President of Barnes Nursery, Inc.; John A. Coppeler, Attorney of Law – Flynn Py & Kruse; Adam L. Crockett, Co-Owner of Green Hills Golf Course & Inn, Inc.; 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.; 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.