SUMMARY OF ORGANIZATION

6 Months Ended

Jun. 30, 2020

SUMMARY OF ORGANIZATION

SUMMARY OF ORGANIZATION

NOTE 2 — SUMMARY OF ORGANIZATION

The First Bancshares, Inc., Hattiesburg, Mississippi (the "Company"), was incorporated June 23, 1995, under the laws of the State of Mississippi for the purpose of operating as a bank holding company. The Company’s primary asset is its interest in its wholly-owned subsidiary, The First, A National Banking Association (the “Bank” or “The First”).

At June 30, 2020, the Company had approximately $5.085 billion in assets, $3.162 billion in net loans, $4.217 billion in deposits, and $627.8 million in shareholders’ equity. For the six months ended June 30, 2020, the Company reported net income of $25.3 million. After-tax merger-related costs of $2.4 million were expensed during the six months ended June 30, 2020.

On May 26, 2020, the Company paid a cash dividend in the amount of $0.10 per share to shareholders of record as of the close of business on Thursday, May 11, 2020.

On February 21, 2020, the Company paid a cash dividend in the amount of $0.10 per share to shareholders of record as of the close of business on Friday, February 7, 2020.