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First Bancshares NasdaqGM:FBMS Stock Report

Last Price


Market Cap







14 Aug, 2022


Company Financials +
FBMS fundamental analysis
Snowflake Score
Future Growth5/6
Past Performance3/6
Financial Health6/6

FBMS Stock Overview

The First Bancshares, Inc. operates as the bank holding company for The First, A National Banking Association that provides general commercial and retail banking services.

First Bancshares Competitors

Price History & Performance

Summary of all time highs, changes and price drops for First Bancshares
Historical stock prices
Current Share PriceUS$30.53
52 Week HighUS$42.89
52 Week LowUS$26.95
1 Month Change7.54%
3 Month Change1.13%
1 Year Change-24.24%
3 Year Change-1.26%
5 Year Change12.45%
Change since IPO281.63%

Recent News & Updates

Aug 02
First Bancshares (NASDAQ:FBMS) Is Increasing Its Dividend To $0.19

First Bancshares (NASDAQ:FBMS) Is Increasing Its Dividend To $0.19

The First Bancshares, Inc. ( NASDAQ:FBMS ) will increase its dividend from last year's comparable payment on the 25th...

Shareholder Returns

FBMSUS BanksUS Market

Return vs Industry: FBMS underperformed the US Banks industry which returned -10.9% over the past year.

Return vs Market: FBMS underperformed the US Market which returned -10.2% over the past year.

Price Volatility

Is FBMS's price volatile compared to industry and market?
FBMS volatility
FBMS Average Weekly Movement3.7%
Banks Industry Average Movement3.7%
Market Average Movement7.7%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market3.2%

Stable Share Price: FBMS is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: FBMS's weekly volatility (4%) has been stable over the past year.

About the Company

1995794Hoppy Cole

The First Bancshares, Inc. operates as the bank holding company for The First, A National Banking Association that provides general commercial and retail banking services. The company operates through three segments: Commercial/Retail Bank, Mortgage Banking Division, and Holding Company. It offers deposit services, including checking, NOW, and savings accounts; other time deposits, such as daily money market accounts and longer-term certificates of deposit; and individual retirement and health savings accounts.

First Bancshares Fundamentals Summary

How do First Bancshares's earnings and revenue compare to its market cap?
FBMS fundamental statistics
Market CapUS$733.58m
Earnings (TTM)US$64.51m
Revenue (TTM)US$196.82m


P/E Ratio


P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FBMS income statement (TTM)
Cost of RevenueUS$0
Gross ProfitUS$196.82m
Other ExpensesUS$132.31m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)2.68
Gross Margin100.00%
Net Profit Margin32.77%
Debt/Equity Ratio25.8%

How did FBMS perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is FBMS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FBMS?

Other financial metrics that can be useful for relative valuation.

FBMS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.3x

Price to Earnings Ratio vs Peers

How does FBMS's PE Ratio compare to its peers?

FBMS PE Ratio vs Peers
The above table shows the PE ratio for FBMS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average11x
HONE HarborOne Bancorp
HMST HomeStreet
FMBH First Mid Bancshares
UVSP Univest Financial
FBMS First Bancshares

Price-To-Earnings vs Peers: FBMS is expensive based on its Price-To-Earnings Ratio (11.4x) compared to the peer average (11x).

Price to Earnings Ratio vs Industry

How does FBMS's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: FBMS is expensive based on its Price-To-Earnings Ratio (11.4x) compared to the US Banks industry average (10.1x)

Price to Earnings Ratio vs Fair Ratio

What is FBMS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FBMS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.4x
Fair PE Ratio19.1x

Price-To-Earnings vs Fair Ratio: FBMS is good value based on its Price-To-Earnings Ratio (11.4x) compared to the estimated Fair Price-To-Earnings Ratio (19.1x).

Share Price vs Fair Value

What is the Fair Price of FBMS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FBMS ($30.53) is trading below our estimate of fair value ($84.09)

Significantly Below Fair Value: FBMS is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is First Bancshares forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score


Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FBMS's forecast earnings growth (32.9% per year) is above the savings rate (1.9%).

Earnings vs Market: FBMS's earnings (32.9% per year) are forecast to grow faster than the US market (14.5% per year).

High Growth Earnings: FBMS's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FBMS's revenue (30.8% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: FBMS's revenue (30.8% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FBMS's Return on Equity is forecast to be low in 3 years time (11.9%).

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Past Performance

How has First Bancshares performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FBMS has high quality earnings.

Growing Profit Margin: FBMS's current net profit margins (32.8%) are higher than last year (32.4%).

Past Earnings Growth Analysis

Earnings Trend: FBMS's earnings have grown significantly by 34.4% per year over the past 5 years.

Accelerating Growth: FBMS's earnings growth over the past year (8.4%) is below its 5-year average (34.4% per year).

Earnings vs Industry: FBMS earnings growth over the past year (8.4%) underperformed the Banks industry 8.8%.

Return on Equity

High ROE: FBMS's Return on Equity (11.5%) is considered low.

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Financial Health

How is First Bancshares's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score


Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: FBMS's Assets to Equity ratio (10.8x) is moderate.

Allowance for Bad Loans: FBMS has a sufficient allowance for bad loans (137%).

Low Risk Liabilities: 97% of FBMS's liabilities are made up of primarily low risk sources of funding.

Loan Level: FBMS has an appropriate level of Loans to Assets ratio (51%).

Low Risk Deposits: FBMS's Loans to Deposits ratio (58%) is appropriate.

Level of Bad Loans: FBMS has an appropriate level of bad loans (0.8%).

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What is First Bancshares's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: FBMS's dividend (2.49%) is higher than the bottom 25% of dividend payers in the US market (1.47%).

High Dividend: FBMS's dividend (2.49%) is low compared to the top 25% of dividend payers in the US market (3.95%).

Stability and Growth of Payments

Stable Dividend: FBMS's dividends per share have been stable in the past 10 years.

Growing Dividend: FBMS's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (22.6%), FBMS's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: FBMS's dividends in 3 years are forecast to be well covered by earnings (21.7% payout ratio).

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Hoppy Cole (60 yo)





Mr. Milton Ray Cole, Jr., also known as Hoppy, has been the President of First BancShares Inc. since August 8, 2005 and The First Bank since 2009. Mr. Cole has been the Chief Executive Officer of First Ban...

CEO Compensation Analysis

Compensation vs Market: Hoppy's total compensation ($USD1.68M) is below average for companies of similar size in the US market ($USD3.86M).

Compensation vs Earnings: Hoppy's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: FBMS's management team is seasoned and experienced (15 years average tenure).

Board Members

Experienced Board: FBMS's board of directors are seasoned and experienced ( 24.6 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.3%.

Top Shareholders

Company Information

The First Bancshares, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: The First Bancshares, Inc.
  • Ticker: FBMS
  • Exchange: NasdaqGM
  • Founded: 1995
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$733.579m
  • Shares outstanding: 24.03m
  • Website:

Number of Employees


  • The First Bancshares, Inc.
  • 6480 U.S. Highway 98 West
  • Suite A
  • Hattiesburg
  • Mississippi
  • 39402
  • United States


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/14 00:00
End of Day Share Price2022/08/12 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.