PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2020

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

NOTE T - PARENT COMPANY FINANCIAL INFORMATION

The balance sheets, statements of income and cash flows for The First Bancshares, Inc. (parent company only) follows:

Condensed Balance Sheets

	December 31,
($ in thousands)	2020		2019
Assets:
Cash and cash equivalents	$	67,231	$	5,941
Investment in subsidiary bank		720,159		616,807
Investments in statutory trusts		496		496
Bank owned life insurance		4,202		4,200
Other		2,659		2,292
	$	794,747	$	629,736
Liabilities and Stockholders’ Equity:
Subordinated debentures	$	144,592	$	80,678
Borrowed funds		4,647		5,354
Other		693		46
Stockholders’ equity		644,815		543,658
	$	794,747	$	629,736

Condensed Statements of Income

	Years Ended December 31,
($ in thousands)	2020		2019		2018
Income:
Interest and dividends	$	20	$	26	$	11
Dividend income		18,526		50,390		13,889
Other		892		1,062		1,865
		19,438		51,478		15,765
Expenses:
Interest on borrowed funds		5,593		4,918		3,454
Legal and professional		1,014		3,401		3,833
Other		4,361		2,418		1,755
		10,968		10,737		9,042
Income before income taxes and equity in undistributed income of subsidiary		8,470		40,741		6,723
Income tax benefit		2,545		2,291		1,496
Income before equity in undistributed income of Subsidiary		11,015		43,032		8,219
Equity in undistributed income of subsidiary		41,490		713		13,006
Net income	$	52,505	$	43,745	$	21,225

Condensed Statements of Cash Flows

	Years Ended December 31,
($ in thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	52,505	$	43,745	$	21,225
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed income of Subsidiary		(41,490)		(713)		(13,006)
Restricted stock expense		2,352		1,661		1,154
Other, net		329		1,185		1,364
Net cash provided by operating activities		13,696		45,878		10,737
Cash flows from investing activities:
Investment in subsidiary bank		—		—		(27,000)
Net outlays for acquisitions		1,726		(32,363)		(47,041)
Net cash used in investing activities		1,726		(32,363)		(74,041)
Cash flows from financing activities:
Dividends paid on common stock		(8,589)		(5,190)		(2,557)
Repurchase of restricted stock for payment of taxes		(494)		(63)		(23)
Common stock repurchased		(8,067)		(5,229)		—
Net proceeds from issuance of 2,012,500 shares		—		—		(237)
Proceeds (repayment) of borrowed funds		(707)		(173)		(16,000)
Issuance of subordinated debt		63,725		—		64,766
Net cash provided by (used in) financing Activities		45,868		(10,655)		45,949
Net increase (decrease) in cash and cash equivalents		61,290		2,860		(17,355)
Cash and cash equivalents at beginning of year		5,941		3,081		20,436
Cash and cash equivalents at end of year	$	67,231	$	5,941	$	3,081