8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2021

The First Bancshares, Inc.

(Exact name of registrant as specified in its charter)

Mississippi	33-94288	64-0862173
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6480 U.S. Highway 98 West

Hattiesburg, Mississippi, 39402

(Address and Zip Code of principal executive offices)

(601) 268-8998

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	FBMS	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01.          Regulation FD Disclosure

On August 3, 2021, The First Bancshares, Inc. (the “Company”) issued a press release announcing that company representatives will participate in the 2021 Virtual KBW Community Bank Investor Conference, which is being held virtually on August 3, 2021 through August 5, 2021, and will have one-on-one meetings with certain bank stock analysts and investors. A copy of the press releases is attached hereto as Exhibit 99.1 and incorporated herein.

The Company has prepared presentation materials for use during meetings with certain bank stock analysts and current and potential investors at the KBW Conference (the “Conference Presentation”).  A copy of the Conference Presentation is attached hereto as Exhibit 99.2 and incorporated herein.

The information contained in this Item 7.01 and in Exhibits 99.1, and 99.2  attached to this Report is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, such information shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 9.01          Financial Statements and Exhibits

Exhibit 99.1      Press Release dated August 3, 2021 announcing participation at the 2021 Virtual KBW Community Bank Investor Conference

Exhibit 99.2      Investor Presentation for the 2021 Virtual KBW Community Bank Investor Conference

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	The First Bancshares, Inc.
Date:  August 3, 2021
	/s/ Donna T. (Dee Dee) Lowery
	Name: Donna T. (Dee Dee) Lowery
	Title:   EVP and CFO

EX-99.1

Exhibit 99.1

The First Bancshares to Participate in Virtual KBW Community Bank Investor Conference

HATTIESBURG, Miss.--(BUSINESS WIRE)--August 3, 2021--The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) will participate in the 2021 Virtual KBW Community Bank Investor Conference, which is being held virtually, on August 3, 2021 through August 5, 2021 and will have one-on-one meetings with certain bank stock analysts and investors.

The presentation prepared for use during these meetings will be available at the company’s website www.thefirstbank.com under Investor Relations>Presentations and Press Releases>Presentations.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.

Contacts

M. Ray “Hoppy” Cole, CEO or
DeeDee Lowery, CFO
601-268-8998

EX-99.2

Exhibit 99.2

 August 2021  NASDAQ: FBMS 

   2  This IP and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) changes in economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations; (3) interest rate risk; (4) changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to COVID-19; (5) risks related to the Company’s recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; (6) changes in management’s plans for the future; (7) credit risk associated with our lending activities; (8) changes in interest rates, loan demand, real estate values, or competition; (9) changes in accounting principles, policies, or guidelines; (10) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs related to the COVID-19 pandemic; (11) the impact of the COVID-19 pandemic on the Company’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations; (12) potential increases in the provision for loan losses resulting from the COVID-19 pandemic; and (13) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission, which are available on the SEC’s website, http://www.sec.gov. Undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments, except as required by law. Statements about the potential effects of the COVID-19 pandemic on the Company’s assets, business, liquidity, financial condition, prospects, and results of operations may constitute forward-looking statements and are subject to the risks that the actual effects may differ, possibly materially, from what is reflected in these forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the depth, dispersion and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, employees, third parties and the Company.   Forward Looking Statement 

 The First Bancshares: Building Shareholder Value  3 

   57.8%Q2 ‘21 Efficiency Ratio, Operating (1)  19.2%Total Capital Ratio as of June 30, 2021  5thLargest Bank Headquartered in MS  $5.5bnAssets as of June 30, 2021  12# of Closed Transactions since 2010 (2)  4  Our Company  Company Overview  84Locations in Gulf South: MS, LA, AL, FL & GA  1996Bank Established in Hattiesburg, MS      FBMS Location (84)  PENSACOLA  DESTIN  GULFPORT  HATTIESBURG  VALDOSTA  BATON ROUGE   Source: S&P Global Market Intelligence, Company documents(1) Refer to appendix for “Non-GAAP Reconciliation”(2) Includes 10 whole bank acquisitions, 1 branch acquisition and 1 mortgage company acquisition  1.42% Q2 ’21PTPP ROAA, Operating (1)  MOBILE  JACKSON  TALLAHASSEE 

   Continuity of Leadership through Multiple Business Cycles  5    Jerome BrownExecutive VPCommunity Development18 years experience  Carol DanielExecutive VPCredit Administrator40 years experience  Hayden MitchellExecutive VPLoan Ops & Mortgage 48 years experience  Ion MixonExecutive VPRisk Manager22 years experience  Jarrett NicholsonExecutive VPChief Administrative Officer28 years experience  Chris RyalsExecutive VPCOO28 years experience  M. Ray “Hoppy” Cole, Jr.President/CEO36 Years of Experience  Dee Dee LoweryExecutive VP, CFO32 Years of Experience    Responsible for devising and executing a disciplined and successful strategy of organic growth and strategic acquisitions  Eric WaldronPresidentMississippi Region26 years experience  George NoonanPresidentAlabama Region23 years experience  Wade NethPresidentFlorida Region35 years experience  Ronnie FugarinoPresidentLouisiana Region40 years experience  Mit ColeExecutive VP Private Banking13 years experience     

   Evolution of Our Franchise  December 31, 2009        June 30, 2021    Total Assets ($mm) – Organic and Acquisitive Growth  Source: S&P Global Market IntelligenceData as of 12/31 of each year, respectively; Q2 ‘21 data as of 6/30/21   FBMS Branch (9)                    FBMS Branch (82)  FBMS LPO (2)                                  6  Hattiesburg  Hattiesburg  Destin  Valdosta  Gulfport  Pensacola  2010 – Q2 ‘21 CAGR: 26% 

   Improving Geographic Diversification of our Balance Sheet  7  2015 Deposits by State  June 30, 2021 Deposits by State  Source: S&P Global Market Intelligence, Company documents2009 and 2015 data as of 6/30  2015 Loans by State  June 30, 2021 Loans by State  2009 Loans by State  2009 Deposits by State 

   Our Market Demographics  8   Source: S&P Global Market Intelligence Note: Demographic information may not be indicative of the characteristics of the particular markets in which we operate(1) Demographic data deposit weighted by county; deposit data as of 6/30/20  ‘21 – ‘26 Projected Population Growth (%)  ‘21 – ‘26 Projected Median HHI Growth (%)  2026 Projected Median HHI ($)  May 2021 Unemployment Rate (%)  (1)  (1)  (1)  (1) 

 9    2012  2013  2014  2015  2016  2017  2018  2019  2020  Q1 ‘21  Q2 ‘21  Average Stock Price ($)  $9.21  $12.99  $14.54  $16.40  $18.88  $29.06  $35.08  $31.79  $24.54  $33.57  $38.54  Average Market Capitalization ($)In Millions  $28.5  $57.3  $75.8  $88.1  $101.4  $277.4  $455.0  $542.9  $505.7  $707.5  $810.0  Average Daily Volume (shares)  1,679  3,841  4,453  7,387  3,819  24,078  34,841  48,983  77,982  55,710  52,817  Price/LTM EPS (x)  8.1x  14.6x  12.2x  11.8x  16.8x  29.7x  18.7x  15.1x  12.8x  12.8x  13.4x  Price/Tangible Book (%)  78.8%  130.6%  120.0%  140.0%  177.9%  230.0%  179.2%  188.2%  147.6%  168.2%  165.8%  Market Information and Historical Pricing  Source: S&P Global Market Intelligence, Company documentsCompany financial data and market data as of 6/30/21 

                                                                                                                                                                                                                                                                                                                                     Shreveport  Jacksonville  New Orleans  Birmingham  Mobile  Columbus  Huntsville  Montgomery  Tallahassee  Atlanta  Baton Rouge  Jackson  LA  MS  AL  FL  GA  10  Overview of Potential Whole Bank Opportunities        Source: S&P Global Market IntelligenceData as of most recent quarter availableNote: Excludes banks and thrifts in north Georgia, greater Atlanta region and only includes banks and thrifts in north Florida; excludes merger targets and MHCs  Opportunities by State  Opportunities by Asset Size  Includes all banks and thrifts headquartered in Alabama, Louisiana, Mississippi and select Florida and Georgia markets with total assets between $450 million and $2.0 billion 

 Ten Years of Record Earnings  Superior Performance and Execution  Strategically Focused on Acquisitive and Organic Growth  Strong Capital Structure  Situated in Growing Markets  Shareholder Value and Return Demonstrated  Successful Leadership Team  11  Seven ReasonsTo Invest in The First     

   Moved as many as practical employees to work by remote accessIncreased the frequency of facility janitorial servicesRotated access as much as practical for employees whose function could not be performed remotelyProvided lunch daily to on site personnel to limit their off premise exposure during the day; rotate purchasing our meals from our restaurant clients in each market to help support them during this emergencyInformed employees of CDC and Internal recommendations, procedures and protocols concerning: social distancing, business travel, sanitation and disinfection; weekly system wide calls to re-enforce procedures; distributed inventory of masks, sanitizers, and disinfectants   12  COVID-19 Pandemic Response   Source: Company documents Data as of 6/30/21(1) Total loans as of 6/30/21 excludes $157.8 million of PPP related loans  Customers & Communities  Paycheck Protection Program (PPP)  Employees  Enacted the Pandemic section of our internal Business Continuity PlanRestricted access to lobbies to “by appointment only” and maintained full drive thru serviceAssisted customers by granting modifications, peaking at $676 million at April 30, 2020 or ~22% of loans; modifications have since declined to $35 million as of June 30, 2021 or 1.2% of loans (1)Improved and upgraded electronic delivery and execution of documents system wide to limit in person exposure but maintain business volume      Participated actively in the Paycheck Protection Program to assist our commercial customersAs of June 30, we have 2,210 PPP loans totaling $157.8 million (~5% of total loans)Funded loans to a variety of industries including Hotels, Restaurants, Retail, Convenience Stores and HealthcareAverage loan size of $71,000   

   13  Credit Highlights    Franchise and Management Strength   Gulf South markets remain resilient through the COVID pandemic; unemployment well below national average84 locations across 5 states; ranked in the top 10 by deposit market share by county / parish in ~74% of our franchiseGeographically diversified loan portfolioExperienced, performance driven management team with local market knowledge    Granular Loan and Deposit Portfolio   65% loan-to-deposit ratioCore funded franchise with 97% core deposits and 0.30% cost of depositsIncreased monitoring of hotel, restaurant and retail portfolioPrudent credit culture and pristine asset quality in light of deferrals    Strong Profitability and Capital Position  Consistent historic improvement in profitability metrics and differentiated sources of revenueSolid PTPP ROAA (1.42% in Q2 ‘21) to support capital generation and potentially absorb any loan lossesCapital ratios far in excess of well capitalized minimums (Q2 ’21 CET1 Ratio of 13.9% and Total Capital Ratio of 19.2%)Q2 ‘21 57.8% efficiency ratio, operating   Source: S&P Global Market IntelligenceData as of or for the three months ended 6/30/21 

   14  Geography  Mobile, AL MSA  Tallahassee, FL MSA  Tallahassee, FL MSA  Hammond, LAMSA  Destin, FLMSA  Valdosta, GA MSA    Date Closed  March ‘18  April ‘18  November ‘18  March ‘19  November ‘19  April ‘20    Branches  9  5  6  7  6  8  41  Purchase Price  Cash & Stock: $60.0M  Cash & Stock: $30.5M  Cash & Stock: $80.0M  All Stock: $86.1M   Cash & Stock: $84.3M  All Stock: $47.9M  --  Assets  $398.5M  $213.1M  $477.1M  $375.7M  $428.5M  $535.7M  $2.4B  Loans  $269.9M  $173.1M  $331.6M  $247.8M  $248.9M  $394.6M  $1.7B  Deposits  $357.3M  $154.2M  $428.1M  $313.4M  $372.3M  $475.9M  $2.1B  Detailed Internal & 3rd Party Loan Review                Target Assets / FBMS Assets  ~22%  ~10%  ~19%  ~13%  ~12%  ~13%    TotalGained:  Building Franchise ValueSix Acquisitions | Closed 2018 – ‘21 

 Financial results  15 

   EPS  Net Income ($mm)  16  Pre-tax Pre Provision Income ($mm), Operating (1)  PTPP ROAA, Oper. (1)   Source: S&P Global Market Intelligence Annual data for the twelve months ended 12/31 of each respective year; quarterly data for the three months ended each respective quarter(1) Refer to appendix for “Non-GAAP Reconciliation”  Historical Performance Over TimeTen Years of Record Earnings  $0.82  $1.16  $0.96  $1.19  $1.55  $1.57  $1.11  $1.62  $2.55  $2.52  1.61%  1.79%  1.62%  1.87%  1.74%  2.03%  1.75%  1.42% 

   4.05%  Net Interest Income Over Time  17  3.74%  3.99%  3.59%  3.44%  3.70%  3.72%  3.71%  Net Interest Income ($mm)  NIM  3.63%  3.83%  3.93%  3.58%  4.06%  3.51%  3.93%  3.34%  4.00%  Source: S&P Global Market IntelligenceAnnual data for the twelve months ended 12/31 of each respective year; quarterly data for the three months ended each respective quarter  4.00%  3.14% 

 Execution of Strategic Vision  18  Source: S&P Global Market Intelligence, Company documentsPricing data as of 7/23/21  Price Performance since 12/31/08  In 2009, FBMS formulated a strategic vision focused on branch expansion and acquisition of banks with assets less than $500 million in MS, AL, LA, FL and GA  $9.04  $36.95  3/22/13$20.0M Preferred Stock Offering  4/30/13Acquired First National Bank of Baldwin County  7/1/14Acquired BCB Holding Company, Inc.  12/14/15Acquired Mortgage Connection, LLC  10/24/16$63.3M Preferred Stock Offering  1/1/17Acquired Gulf Coast Community Bank  1/1/17Acquired Iberville Bank  10/26/17$58.4M Common Stock Offering`  3/1/18Acquired South West Banc Shares, Inc.  4/1/18Acquired Sunshine Financial, Inc.  5/1/18$66.0M Subordinated Debt Offering  10/31/18Acquired FMB Banking Corp.  3/1/19Acquired FPB Financial Corp.  10/31/19 Acquired First Florida Bancorp, Inc.  4/3/20 Acquired Southwest Georgia Financial Corporation  9/25/20$65.0M Subordinated Debt Offering 

   Historical Profitability Trends  19   Source: S&P Global Market Intelligence, Company Documents Data as of or for the three months ended each respective quarter(1) Refer to appendix for “Non-GAAP Reconciliation” * Inclusive of $7.0 million bargain purchase gain  Reported ROAA (%)  ROAA, Operating (%) (1)  Reported ROATCE (%) (1)  ROATCE, Operating (%) (1)    1.75%    1.74%    1.62%    1.61%  PTPP ROAA, Oper. (1)    1.42% 

   20  Historical Profitability Trends  Non-interest Income, Oper. / Adj. Operating Revenue (%) (1)  Non-interest Income YTD (%)  Efficiency Ratio, Operating (%) (1)  Adjusted Operating Expense / Average Assets (%) (1)   Source: S&P Global Market Intelligence, Company Documents Data as of or for the three months ended each respective quarter, YTD data for the three months ended 6/30/21(1) Refer to appendix for “Non-GAAP Reconciliation”  

   Historical Balance Sheet Growth  21  Assets ($mm)  Source: S&P Global Market IntelligenceData as of 12/31 of each year, respectively; Q2 ’21 data as of 6/30/21  Loans ($mm)  Deposits ($mm)  2011 – Q2 ‘21 CAGR: 24%  2011 – Q2 ‘21 CAGR: 25%  2011 – Q2 ‘21 CAGR: 25% 

     Source: S&P Global Market Intelligence Note: Assets shown as of next quarter after close; dates are as of transaction close, unless otherwise specified      3/22/2013$22.0M Equity OfferingAssets: $789 million    4/23/2013Acquired First Baldwin Bancshares, Inc. Assets: $965 million  7/1/2014Acquired BCB Holding Company, Inc. Assets: $989 million    1/1/2017Acquired Gulf Coast Community BankAssets: $1.8 billion  12/14/2015Acquired Mortgage Connection, LLCAssets: $1.1 billion    10/24/2016$63.3M Equity OfferingAssets: $1.3 billion    1/1/2017Acquired Iberville BankAssets: $1.8 billion    10/26/2017$58.4M Common Stock OfferingAssets: $1.8 billion  3/1/2018Acquired South West Banc Shares, Inc.Assets: $2.3 billion    4/1/2018Acquired Sunshine Financial, Inc. Assets: $2.5 billion    5/1/2018$66.0M Subordinated Debt OfferingAssets: $2.5 billion  10/31/2018Acquired FMB Banking CorporationAssets: $3.0 billion    3/2/2019Acquired FPB Financial Corp.Assets: $3.5 billion     10/31/2019Acquired First Florida BancorpAssets: $3.9 billion  4/3/2020Acquired SGBAssets: $5.1 billion  Executing Upon Growth Strategy  Tangible Book Value Per Share Growth  22  Building Upon a Proven Track Record  12/31/20  12/31/19  12/31/18  12/31/17  12/31/16  12/31/15  12/31/14    9/25/2020$65.0M Subordinated Debt OfferingAssets: $5.2 billion            6/30/21 

   23  Strong Balance Sheet & Earnings Power  TCE+ALL / Loans (%)  Core Deposits (%)  Efficiency Ratio (%)  Loans / Deposits (%)  230 bps higher than peers  70 bps lower than peers  15 percentage points lower than peers  4 percentage points higher than peers   Source: S&P Global Market Intelligence Data as of or for most recent quarter available Note: Peers include all major exchange traded banks headquartered in AL, AR, FL, GA, KY, LA, MS, NC, SC, TN, VA and WV with total assets between $1 billion and $10 billion 

 Loan & deposit information  24 

   25  Loan Portfolio Overview  Q2 ‘21 Loan Composition  Historical Loan Composition  Dollars in millions, unless otherwise notedSource: S&P Global Market IntelligenceData as of 12/31 each respective year; Q2 ‘21 data as of 6/30/21    Granular loan portfolio, average loan size excluding PPP is ~$155 thousandTop 25 loans represent ~8% of total portfolioDe Minimis consumer credit card loans ($1.9 million or 0.1% of total loans)Limited energy exposure ($23.8 million or 0.8% of total loans)No Shared National Credits (“SNCs”) 

   26  COVID-19 Loan Modifications  Loan Modifications Resulting from COVID-19 as of 6/30/21  Loan Modification Trends   Dollars in millions Source: Company documents(1) Total loans as of 6/30/21 excludes $157.8 million of PPP-related loans  Aggregate Loan Modification Trends  (1)  Loan Modification Changes in Escalated Monitoring Portfolio Segments 

   27  Escalated Monitoring  Dollars in millionsSource: Company DocumentsData as of 6/30/21 

   28  Loan Concentrations Over Time  C&D Loan Concentration Over Time  CRE Loan Concentration Over Time  Source: S&P Global Market IntelligenceNote: 100% and 300% are the interagency guidance figures for C&D Concentration and CRE Concentration of a banking institution’s total risk-based capital, respectively 

   29  Overview of PPP Activity  As of June 30, 2021, we have 2,210 PPP loans totaling $157.8 million with average loan size of $71,000Net fees total $7.1 million at June 30, 2021    Dollars in millionsSource: Company documents 

   30  Loan Reserves Detail & Nonperforming AssetsJune 30, 2021  Dollars in millionsSource: Company documents  RESERVES  TOTAL LOANS $3.037 BILLION $32.5 MILLION 1.07%  LOAN BALANCES  ALLL/CREDIT MARK  ALLL/MARK TO LOANS  NON PERFORMING ASSETS  BALANCES  % OF LOANS + OREO  LEGACY $24.5 MILLION 0.8%  TOTAL NON PERFORMING ASSETS $37.0 MILLION 1.2%  ACQUIRED $12.5 MILLION 0.4% 

   31  Asset Quality Over Time  NPAs / Loans + OREO (%)  NCOs / Average Loans (%)  Reserves / NPLs (%)  Reserves / Loans (%)  Source: S&P Global Market IntelligenceYearly data as of or for the twelve months ended each respective year; quarterly data as of or for the three months ended each respective quarter 

   32  History of Prudent Credit Culture  15-Year NCOs / Avg. Loans vs. Banking Industry (%)  Source: S&P Global Market Intelligence, FDICYearly data as of or for the twelve months ended each respective year; Note: FDIC data as of 12/31/2020 

   33  Attractive Deposit Portfolio  Q2 ‘21 Deposit Composition (1)  Historical Deposit Composition ($bn)  Cost of Total Deposits Over Time (%)   Dollars in millions unless otherwise noted Source: S&P Global Market Intelligence Annual data as of or for the twelve months ended each respective year; Quarterly data as of or for the three months ended each respective quarter; deposit mix as of 6/30/21(1) Deposits without reclassification; At June 30, 2021, $711.7 million in noninterest deposit balances and $837.9 million in NOW deposit accounts were reclassified as money market accounts  97% core deposits29.8% non-interest bearing demand deposits   

 Capital & Liquidity  34 

   35  Capital & Liquidity Position  TCE / TA (%) (1)  Leverage Ratio (%)  Total Risk Based Capital Ratio (%)  CET1 Ratio (%)   Source: S&P Global Market Intelligence Data as of 12/31 of each year, respectively; Q2 ‘21 data as of 6/30/21(1) Non-GAAP measure, see reconciliation to closest GAAP measure in appendix 

 Appendix  36 

   37  Deposit Market Share by State  Mississippi  Florida  Alabama  Louisiana  Georgia  Source: S&P Global Market IntelligenceData as of 6/30/20Note: Deposits capped at $1.0 bn per branchNote: Deposit data pro forma for pending transactions 

   38  Deposit Market Share by Select MSAs  Tallahassee, FL MSA  Gulfport-Biloxi, MS MSA  Fort Walton Beach-Destin, FL MSA  Mobile, AL MSA  Baton Rouge, LA MSA  Hattiesburg, MS MSA  Source: S&P Global Market IntelligenceData as of 6/30/20Note: Deposits capped at $1.0 bn per branchNote: Deposit data pro forma for pending transactions 

   Historical Financials  39   Source: S&P Global Market Intelligence Annual data as of or for the twelve months ended each respective year; quarterly data as of or for the three months ended each respective quarter(1) Non-GAAP measure, see reconciliation to closest GAAP measure 

   40  Non-GAAP Reconciliation 

   41  Non-GAAP Reconciliation (cont.) 

   42  Non-GAAP Reconciliation (cont.) 

   43  Non-GAAP Reconciliation (cont.) 

   44  Non-GAAP Reconciliation (cont.) 

XML

Document and Entity Information	Aug. 03, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 03, 2021
Entity Registrant Name	The First Bancshares, Inc.
Entity Incorporation, State or Country Code	MS
Entity File Number	33-94288
Entity Tax Identification Number	64-0862173
Entity Address, Address Line One	6480 U.S. Highway 98 West
Entity Address, City or Town	Hattiesburg
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39402
City Area Code	601
Local Phone Number	268-8998
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000947559
Title of 12(b) Security	Common Stock
Trading Symbol	FBMS
Security Exchange Name	NASDAQ