First Bancshares Missouri Q2 profit rises helped by branch acquisition

Overview

• US community bank holding company for Stockmens Bank reported Q2 net income and EPS up yr/yr

• Company completed Colorado branch acquisition, boosting assets, loans, and deposits

• Net interest margin remained strong at 4.76% due to low-cost acquired deposits

Outlook

• Company expects future results to continue to improve based on strength of acquired branch

• Company continues to execute strategic growth strategies and self-capitalize for future opportunities

Result Drivers

• BRANCH ACQUISITION - Addition of Westcliffe, CO branch drove growth in assets, loans, and deposits, funded with organic capital and no debt

• LOW-COST DEPOSITS - Net interest margin remained strong at 4.76% due to low cost of funds from acquired deposit portfolio

• ACQUISITION EXPENSES - Efficiency ratio increased slightly due to acquisition expenses and larger asset base

Company press release: ID:nGNX1D0Y8S

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)