The First, A National Banking Association (FBMS) 2022年年度报告「NASDAQ」.pdf

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1、2022 Annual ReportMessage from the Executive Team Our strafranchise and building shareholder value by expanding into markets with above-average demographic profiles for income and population growth.Our strategy has been to grow through both acquisitive and organic means,opening new markets by acquir

2、ing banks and attracting talented local community bankers.During 2022,we have continued to execute our strategy by recording record organic loan growth and closing two acquisitions,Beach Bancorp(Beach Bank)on August 1,2022 and Heritage Southeast Bancorporation(Heritage)effective January 1,2023.Finan

3、cial Results Our company continues to generate increasing profitability and returns while significantly growing its asset base.Net income operating(excluding one-time items)increased 6.1%from$64.4 million in 2021 to$68.3 million for 2022.This increase in operating income produced a Return on Assets

4、Operating(ROA)of 1.10%and a Return on Tangible Common Equity Operating(ROTCE)of 16%for the year.Net interest income increased$14 million or 9%during 2022,driven by higher loan volumes and an improved net interest margin due to a higher interest rate environment.Non-interest income decreased$500,000

5、to$37 million due primarily to lower Mortgage Division volume.Our company is a top performer in our peer group in terms of expense control and operating efficiency with an Efficiency Ratio of 57%.Total assets grew$385 million in 2022,representing a 6.3%increase year over year.Total loans increased 2

6、7.5%and total deposits increased$268 million or 5.1%during 2022.Over the last 10 years,we have achieved compound average annual growth of 25%in total assets.Asset quality remained strong as the company ended the year with net recoveries on charged-off loans and a 42%decrease in non-performing assets