UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED: September 30, 2003
------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 33-94288
-------------
THE FIRST BANCSHARES, INC.
-----------------------------------
(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
MISSISSIPPI 64-0862173
(STATE OF INCORPORATION) (I.R.S. EMPLOYER IDENTIFICATION NO.)
6480 U.S. HIGHWAY 98 WEST
HATTIESBURG, MISSISSIPPI 39404-5549
---------------------------------- ------------------------------------
(ADDRESS OF PRINCIPAL (ZIP CODE)
EXECUTIVE OFFICES)
(601) 268-8998
------------------------------------------------
(ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NONE
--------------------------------------------------------------------
(FORMER NAME, ADDRESS AND FISCAL YEAR, IF CHANGED SINCE LAST REPORT)
INDICATE BY CHECK MARK WHETHER THE ISSUER: (1) HAS FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE
ACT OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD
THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN
SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS.
Yes [X] No [ ]
ON SEPTEMBER 30, 2003, 1,165,165 SHARES OF THE ISSUER'S COMMON STOCK, PAR
VALUE $1.00 PER SHARE, WERE OUTSTANDING.
TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT (CHECK ONE):
Yes [ ] No [X]
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE FIRST BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
($ amounts in thousands) (Unaudited)
September 30, December 31,
ASSETS 2003 2002
________ ________
Cash and due from banks $ 5,434 $ 6,638
Interest-bearing deposits with banks 639 652
Federal funds sold 3,627 4,810
________ ________
TOTAL CASH AND CASH EQUIVALENTS 9,700 12,100
Securities held-to-maturity, at amortized cost 15 25
Securities available-for-sale, at fair value 28,217 25,721
Loans held for sale 3,576 7,092
Loans 109,815 100,678
Allowance for loan losses (1,151) (1,228)
________ ________
LOANS, NET 108,664 99,450
Premises and equipment 8,278 7,986
Interest receivable 837 944
Cash surrender value 3,139 3,019
Other assets 1,144 1,090
________ ________
$163,570 $157,427
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing $ 19,389 $ 16,604
Time, $100,000 or more 28,368 33,551
Interest-bearing 76,520 67,966
________ ________
TOTAL DEPOSITS 124,277 118,121
Interest payable 179 240
Borrowed funds 16,206 16,637
Guaranteed preferred beneficial interests
in Company's subordinated debentures 7,000 7,000
Other liabilities 368 506
________ ________
TOTAL LIABILITIES 148,030 142,504
SUBORDINATED DEBENTURES - -
SHAREHOLDERS' EQUITY:
Common stock, $1 par value. Authorized
10,000,000 shares; 1,191,659 and
1,165,165 shares issued at September 30,
2003 and December 31, 2002, respectively. 1,192 1,165
Preferred stock, par value $1 per share,
10,000,000 shares authorized; no shares
issued and outstanding - -
Treasury stock, at cost, 26,494 shares and
no shares at September 30, 2003 and
December 31, 2002, respectively (464) -
Additional paid-in capital 12,949 12,512
Retained earnings 1,789 1,060
Accumulated other comprehensive income 74 186
________ ________
TOTAL SHAREHOLDERS' EQUITY 15,540 14,923
________ ________
$163,570 $157,427
======== ========
THE FIRST BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
($ amounts in thousands except earnings per share)
(Unaudited) (Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
______________ ______________
2003 2002 2003 2002
______ ______ ______ ______
INTEREST INCOME:
Loans, including fees $2,514 $2,412 $7,463 $6,552
Securities:
Taxable 146 195 438 614
Tax exempt 23 24 72 40
Federal funds sold 12 13 34 45
Other 21 - 62 45
______ ______ ______ ______
TOTAL INTEREST INCOME 2,716 2,644 8,069 7,296
INTEREST EXPENSE:
Deposits 543 675 1,741 2,213
Other borrowings 222 253 665 578
______ ______ ______ ______
TOTAL INTEREST EXPENSE 765 928 2,406 2,791
______ ______ ______ ______
NET INTEREST INCOME 1,951 1,716 5,663 4,505
PROVISION FOR LOAN LOSSES 135 50 346 259
______ ______ ______ ______
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,816 1,666 5,317 4,246
NONINTEREST INCOME:
Service charges on deposit accounts 346 369 1,019 980
Other service charges, commissions and
fees 100 114 303 270
______ ______ ______ ______
TOTAL NONINTEREST INCOME 446 483 1,322 1,250
NONINTEREST EXPENSES:
Salaries and employee benefits 1,020 884 2,995 2,346
Occupancy and equipment expense 318 293 911 762
Other operating expenses 496 491 1,463 1,353
______ ______ ______ ______
TOTAL NONINTEREST EXPENSES 1,834 1,668 5,369 4,461
______ ______ ______ ______
INCOME BEFORE INCOME TAXES 428 481 1,270 1,035
INCOME TAXES 142 164 424 355
______ ______ ______ ______
NET INCOME $ 286 $ 317 $ 846 $ 680
====== ====== ====== ======
EARNINGS PER SHARE - BASIC $ .25 $ .27 $ .72 $ .58
EARNINGS PER SHARE - ASSUMING
DILUTION $ .24 $ .26 $ .70 $ .57
DIVIDENDS PER SHARE $ - $ - $ .10 $ .10
THE FIRST BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
($ Amounts in Thousands)
(Unaudited)
Nine Months Ended
September 30,
__________________
2003 2002
________ ________
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 846 $ 680
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 510 372
Provision for loan losses 346 259
(Increase) decrease in interest receivable 107 (23)
(Increase) decrease in loans held-for-sale 3,515 (580)
Increase (decrease) in interest payable (61) 104
Other, net (199) (1,371)
________ ________
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 5,064 (559)
________ ________
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturities and calls of securities
available-for-sale 13,841 17,876
Maturities and calls of held-to-maturity
securities 9 7
Purchases of securities available-for-sale (16,508) (18,196)
Net increase in loans (9,560) (11,999)
Purchases of premises and equipment (735) (803)
Increase in cash surrender value (120) (1,207)
________ ________
NET CASH USED IN INVESTING ACTIVITIES (13,073) (14,322)
________ ________
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits 6,156 2,140
Net increase in borrowed funds (430) 6,863
Issuance of trust preferred securities - 7,000
Issuance of common stock 464 -
Purchase of treasury stock (464) -
Dividends paid on common stock (117) (117)
Exercise of stock options - 110
________ ________
NET CASH PROVIDED BY FINANCING ACTIVITIES 5,609 15,996
________ ________
NET INCREASE (DECREASE) IN CASH (2,400) 1,115
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 12,100 9,334
________ ________
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 9,700 $ 10,449
======== ========
CASH PAYMENTS FOR INTEREST $ 2,467 $ 2,895
CASH PAYMENTS FOR INCOME TAXES 255 267
THE FIRST BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE A -- BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial statements and with the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B of the Securities and Exchange Commission.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. However, in the opinion of management, all
adjustments (consisting of normal recurring adjustments) considered
necessary for a fair presentation have been included. Operating results
for the nine months ended September 30, 2003, are not necessarily
indicative of the results that may be expected for the year ended
December 31, 2003. For further information, please refer to the
consolidated financial statements and footnotes thereto included in the
Company's Form 10-KSB for the year ended December 31, 2002.
NOTE B -- 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 with respect to a then
proposed de novo bank, The First National Bank of South Mississippi,
Hattiesburg, Mississippi (the "Hattiesburg Bank"). The Hattiesburg Bank
opened for business on August 5, 1996, with a total capitalization of
$5.2 million.
On August 10, 1998, the Company filed a registration statement on
Form SB-2 relating to the issuance of up to 533,333 shares of Common Stock
in connection with the formation of the First National Bank of the Pine
Belt (Laurel Bank). The offering was closed on December 31, 1998, with
428,843 shares subscribed with an aggregate purchase price of $6.4
million. On January 19, 1999, the Laurel Bank received approval from its
banking regulator to begin banking operations, and the Company used
$5 million of the net proceeds to purchase 100% of the capital stock of
the Laurel Bank. Simultaneously, the 428,843 shares subscribed to in the
offering were issued. During the third quarter of 2003, the Banks
petitioned the Office of Comptroller of Currency to merge the two banks.
Merger approval has been received and a target date of January, 2004, has
been set.
The Hattiesburg and Laurel Banks are wholly-owned subsidiaries
of the Company. The Company's strategy is for the Hattiesburg Bank and
the Laurel Bank to operate on a decentralized basis, emphasizing each
Bank's local board of directors and management and their knowledge of
their local community. Each Bank's local board of directors acts to
promote its Bank and introduce prospective customers. The Company
believes that this autonomy allows each Bank to generate high-yielding
loans and to attract and retain core deposits. In 2002, the Hattiesburg
Bank received approval from banking regulators to operate a branch in
Picayune, Mississippi. Picayune operations consisted of a "Loan
Production Office" in the first quarter of 2003. Branch operations began
in June, 2003.
On February 11, 2003, the Company filed a registration statement on
Form S-2 relating to the issuance of up to 45,000 shares of Common Stock
in connection with the opening of a branch in Picayune, Mississippi. The
maximum offering price per share of the $1 par value stock was $17.50 with
an offering period that terminated July 31, 2003, after a total of 26,494
shares were sold. In accordance with the Form S-2 described use of funds,
the Company purchased 26,494 shares of treasury stock at $17.50 per
share.
The Hattiesburg Bank and the Laurel Bank engage in general commercial
banking business, emphasizing in its marketing the Bank's local management
and ownership. The Banks offer a full range of banking services designed
to meet the basic financial needs of its customers. These services include
checking accounts, NOW accounts, money market deposit accounts, savings
accounts, certificates of deposit, and individual retirement accounts. The
Banks also offer short to medium-term commercial, mortgage, and personal
loans. At September 30, 2003, the Company had approximately $163.6 million
in consolidated assets, $109.8 million in consolidated loans, $124.3 million
in consolidated deposits, and $15.5 million in consolidated shareholders'
equity. For the nine months ended September 30, 2003, the Company reported
a consolidated net income of $846,000. For the same period, the Hattiesburg
Bank reported net income of $839,000, and the Laurel Bank net income of
$162,000.
In the first quarter of 2002 and 2003, the Company declared and paid
dividends of $.10 per common share.
NOTE C -- EARNINGS PER COMMON SHARE
Basic per share data is calculated based on the weighted-average number of
common shares outstanding during the reporting period. Diluted per share
data includes any dilution from potential common stock outstanding, such
as exercise of stock options.
For the Three Months Ended
September 30, 2003
_____________________________________
Net Income Shares Per Share
(Numerator) (Denominator) Data
_________ ___________ __________
Basic per share $286,000 1,165,165 $ .25
=====
Effect of dilutive shares:
Stock options - 38,445
________ _________
Diluted per share $286,000 1,203,610 $ .24
======== ========= =====
For the Nine Months Ended
September 30, 2003
_____________________________________
Net Income Shares Per Share
(Numerator) (Denominator) Data
_________ ___________ __________
Basic per share $846,000 1,170,347 $ .72
=====
Effect of dilutive shares:
Stock options - 38,445
________ _________
Diluted per share $846,000 1,208,792 $ .70
======== ========= =====
For the Three Months Ended
September 30, 2002
_____________________________________
Net Income Shares Per Share
(Numerator) (Denominator) Data
_________ ___________ __________
Basic per share $317,000 1,165,165 $ .27
=====
Effect of dilutive shares:
Stock options - 35,145
________ _________
Diluted per share $317,000 1,200,310 $ .26
======== ========= =====
For the Nine Months Ended
September 30, 2002
_____________________________________
Net Income Shares Per Share
(Numerator) (Denominator) Data
_________ ___________ __________
Basic per share $680,000 1,165,165 $ .58
=====
Effect of dilutive shares:
Stock options - 35,137
________ _________
Diluted per share $680,000 1,200,302 $ .57
======== ========= =====
NOTE D - STOCK-BASED COMPENSATION
The Company has a stock-based employee compensation plan which is
accounted for under the recognition and measurement principles of
Accounting Principles Board ("APB") Opinion No. 25, Accounting for Stock
Issued to Employees, and related Interpretations. No stock-based employee
compensation cost is reflected in net income, as all stock options granted
under these plans had an exercise price equal to the market value of the
underlying common stock on the date of grant. The following table
illustrates the effect on net income and earnings per share as if the
Company had applied the fair value recognition provisions of Financial
Accounting Standards Board ("FASB") SFAS No. 123, Accounting for Stock-
Based Compensation, to stock-based employee compensation.
($ amounts in thousands except for per share data)
Quarter Ended
September 30,
________________
2003 2002
_____ _____
Net income, as reported $ 286 $ 317
Deduct: Total stock-based employee
compensation expense determined
under fair value based method
for all awards, net of related
tax effects (1) (28)
_____ _____
Pro forma net income $ 285 $ 289
===== =====
Earnings per share:
Basic - as reported $ .25 $ .27
Basic - pro forma .24 .25
Diluted - as reported .24 .26
Diluted - pro forma .24 .24
Nine Months Ended
September 30,
________________
2003 2002
_____ _____
Net income, as reported $ 846 $ 680
Deduct: Total stock-based employee
compensation expense determined
under fair value based method
for all awards, net of related
tax effects (41) (81)
_____ _____
Pro forma net income $ 805 $ 599
===== =====
Earnings per share:
Basic - as reported $ .72 $ .58
Basic - pro forma .69 .51
Diluted - as reported .70 .57
Diluted - pro forma .67 .50
NOTE E - COMPREHENSIVE INCOME
The following table discloses Comprehensive Income for the periods reported
in the Consolidated Statements of Income:
(In thousands)
Quarter Ended
September 30,
______________
2003 2002
____ ____
Net Income $286 $317
Other Comprehensive Income (loss) net of tax:
Unrealized holding gains (losses) on securities
during the period, net of taxes (61) 32
____ ____
Comprehensive Income $225 $349
==== ====
Accumulated Comprehensive Income $ 74 $177
==== ====
Nine Months Ended
September 30,
_____________
2003 2002
____ ____
Net Income $846 $680
Other Comprehensive Income (Loss) net of tax:
Unrealized holding gains (losses) on securities
during the period, net of taxes (112) 66
____ ____
Comprehensive Income $734 $746
==== ====
Accumulated Comprehensive Income $ 74 $177
==== ====
ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The following discussion contains "forward-looking statements" relating
to, without limitation, future economic performance, plans and objectives
of management for future operations, and projections of revenues and other
financial items that are based on the beliefs of the Company's management,
as well as assumptions made by and information currently available to the
Company's management. The words "expect," "estimate," "anticipate," and
"believe," as well as similar expressions, are intended to identify
forward-looking statements. The Company's actual results may differ
materially from the results discussed in the forward-looking statements,
and the Company's operating performance each quarter is subject to various
risks and uncertainties that are discussed in detail in the Company's
filings with the Securities and Exchange Commission, including the "Risk
Factors" section in the Company's Registration Statement on Form SB-2
(Registration Number 333-61081) as filed with and declared effective by
the Securities and Exchange Commission.
The Hattiesburg Bank completed its first full year of operations in 1997
and has grown substantially since opening on August 5, 1996. The Laurel
Bank has been in operation since January 19, 1999. Comparisons of the
Company's results for the periods presented should be made with an
understanding of the subsidiary Banks' short histories.
The subsidiary Banks represent virtually all of the assets of the
Company. The Hattiesburg Bank reported total assets of $109.4 million
at September 30, 2003, compared to $107.1 million at December 31, 2002.
Loans increased $2.6 million, or 3.4%, during the first nine months of
2003. Deposits at September 30, 2003, totaled $85.3 million compared to
$83.0 million at December 31, 2002. For the nine month period ended
September 30, 2003, the Hattiesburg Bank reported net income of $839,000,
compared to $655,000 for the nine months ended September 30, 2002. At
September 30, 2003, the Laurel Bank had total assets of $52.7, compared to
$48.8 million at December 31, 2002. Loans increased $3.0 million, or 10.0%
during the first nine months of 2003. Deposits at September 30, 2003,
totaled $43.2 million compared to the December 31, 2002, balance of $40.5
million. For the nine month period ended September 30, 2003, the Laurel
Bank reported net income of $162,000 compared to $151,000 for the nine
months ended September 30, 2002.
NONPERFORMING ASSETS AND RISK ELEMENTS. Diversification within the loan
portfolio is an important means of reducing inherent lending risks. At
September 30, 2003, the subsidiary Banks had no concentrations of ten
percent or more of total loans in any single industry nor any geographical
area outside their immediate market areas.
At September 30, 2003, the subsidiary banks had loans past due as follows:
($ In Thousands)
Past due 30 through 89 days $1,104
Past due 90 days or more and still accruing 216
The accrual of interest is discontinued on loans which become ninety days
past due (principal and/or interest), unless the loans are adequately
secured and in the process of collection. Nonaccrual loans totaled
$236,000 at September 30, 2003. Any other real estate owned is carried at
fair value, determined by an appraisal. Other real estate owned totaled
$290,000 at September 30, 2003. A loan is classified as a restructured
loan when the interest rate is materially reduced or the term is extended
beyond the original maturity date because of the inability of the borrower
to service the debt under the original terms. The subsidiary Banks had no
restructured loans at September 30, 2003.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity is adequate with cash and cash equivalents of $9.7 million
as of September 30, 2003. In addition, loans and investment securities
repricing or maturing within one year or less exceed $50.5 million at
September 30, 2003. Approximately $12.0 million in loan commitments are
expected to be funded within the next six months and other commitments,
primarily standby letters of credit, totaled $151,000 at September 30,
2003.
There are no known trends or any known commitments of uncertainties that
will result in the subsidiary banks' liquidity increasing or decreasing
in a material way. In addition, the Company is not aware of any
recommendations by any regulatory authorities which would have a material
effect on the Company's liquidity, capital resources or results of
operations.
Total consolidated equity capital at September 30, 2003, is $15.5 million,
or approximately 9.5% of total assets. The Hattiesburg Bank and Laurel
Bank currently have adequate capital positions to meet the minimum capital
requirements for all regulatory agencies. Their capital ratios as of
September 30, 2003, are as follows:
Hattiesburg Laurel
Bank Bank
_____ _____
Tier 1 leverage 10.57% 9.82%
Tier 1 risk-based 13.81% 12.50%
Total risk-based 14.77% 13.35%
On March 26, 2002, The First Bancshares Statutory Trust 1 (the Trust),
a wholly-owned subsidiary trust of the Company, issued $7,000,000 of
redeemable cumulative trust preferred securities. The Trust used the
funds to acquire floating rate subordinated debentures from the Company.
The debentures bear an initial interest rate of 5.59% which is adjusted
annually at June 26 to the 3-month LIBOR plus 3.60%. The debentures have
a maturity of 30 years. These debentures qualify as Tier 1 capital up
to 25% of other components of Tier 1 capital.
RESULTS OF OPERATIONS
The Company had a consolidated net income of $846,000 for the nine months
ended September 30, 2003, compared with consolidated net income of
$680,000 for the same period last year.
Net interest income for the first nine months ended September 30, 2003,
increased to $5.7 million from $4.5 million for the first nine months
ended September 30, 2002, or an increase of 25.7%. Earning assets through
September 30, 2003, increased $10.2 million and interest-bearing
liabilities also increased $7.2 million compared to September 30, 2002,
reflecting increases of 7.5% and 5.9%, respectively.
Noninterest income for the nine months ended September 30, 2003, was
$1.322 million, compared to $1.250 million for the same period in 2002,
reflecting an increase of $72,000, or 5.8%. Included in noninterest
income is service charges on deposit accounts, which for the nine
months ended September 30, 2003, totaled $1,019,000, compared to
$980,000 for the same period in 2002, and is a reflection of the
continuing growth of the deposit base, as well as improvement in the
fee pricing structure.
The provision for loan losses was $346,000 in the first nine months of
2003 compared to $259,000 in the first nine months of 2002. The
allowance for loan losses of $1.2 million at September 30, 2003
(approximately 1.0% of loans) is considered by management to be adequate
to cover losses inherent in the loan portfolio. The level of this
allowance is dependent upon a number of factors, including the total
amount of past due loans, general economic conditions, and management's
assessment of potential losses. This evaluation is inherently subjective
as it requires estimates that are susceptible to significant change.
Ultimately, losses may vary from current estimates and future additions
to the allowance may be necessary. Thus, there can be no assurance that
charge-offs in future periods will not exceed the allowance for loan
losses or that additional increases in the loan loss allowance will not
be required. Management evaluates the adequacy of the allowance for
loan losses quarterly and makes provisions for loan losses based on this
evaluation.
Noninterest expenses increased by $908,000, or 20.4%, for the nine
months ended September 30, 2003, when compared with the same period in
2002. This increase is primarily due to the continued growth of the two
financial institutions and the related services being offered.
ITEM 3. - CONTROLS AND PROCEDURES
As of the end of the period covered by this report, an evaluation under
the direction and with the participation of our principal executive
officer and principal financial officer was performed to determine the
effectiveness of the design and operation of the disclosure controls
and procedures. The principal executive officer and the principal
financial officer concluded that our disclosure controls and
procedures are effective in timely alerting them to material
information required to be included in our periodic SEC reports.
There have been no significant changes in the Corporation's internal
controls or in other factors subsequent to the date of the evaluation
that could significantly affect these controls.
PART II -- OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULT UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit No.
___________
31.1 Certification of principal executive officer
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
31.2 Certification of principal financial officer
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
32.1 Certification of principal executive officer
pursuant to 18 U. S. C. Section 1350, as
adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
32.2 Certification of principal financial officer
pursuant to 18 U. S. C. Section 1350, as
adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
b) The Company did not file any reports on Form 8-K during the
quarter ended September 30, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE FIRST BANCSHARES, INC.
--------------------------
(Registrant)
November 13, 2003 /S/ DAVID E. JOHNSON
______________________________ _________________________________
(Date) David E. Johnson, President and
Chief Executive Officer
November 13, 2003 /S/ DAVID O. THOMS
______________________________ _________________________________
(Date) David O. Thoms, Senior
Vice President and Principal
Accounting and Financial Officer