SUMMARY OF ORGANIZATION

9 Months Ended

Sep. 30, 2018

Notes To Financial Statements [Abstract]

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 September 30, 2018, the Company had approximately $2.5 billion in assets, $1.7 billion in net loans, $2.0 billion in deposits, and 0.3 billion in stockholders' equity. For the nine months ended September 30, 2018, the Company reported net income of $14.4 million. After tax merger related costs of $3.0 million were expensed during the nine months ended September 30, 2018.

On August 22, 2018, the Company paid a cash dividend in the amount of $0.05 per share to shareholders of record as of the close of business on Tuesday, August 7, 2018.

On May 22, 2018, the Company paid a cash dividend in the amount of $0.05 per share to shareholders of record as of the close of business on Monday, May 7, 2018.

On February 22, 2018, the Company paid a cash dividend in the amount of $0.05 per share to shareholders of record as of the close of business on Friday, February 5, 2018.