# EDGAR Filing Document

**Accession Number:** 0000947559
**File Stem:** 0001157523-23-000130
**Filing Date:** 2023-1
**Character Count:** 29048
**Document Hash:** 45290cd1f6001a9b4544a97fa01f3307
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001157523-23-000130.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001157523-23-000130

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20230131

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BANCSHARES INC /MS/
- **CENTRAL INDEX KEY:** 0000947559
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 640862173
- **STATE OF INCORPORATION:** MS
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22507
- **FILM NUMBER:** 23572761

**BUSINESS ADDRESS:**
- **STREET 1:** 6480 US HIGHWAY 98 WEST
- **STREET 2:** SUITE A
- **CITY:** HATTIESBURG
- **STATE:** MS
- **ZIP:** 39402
- **BUSINESS PHONE:** 6012688998

**MAIL ADDRESS:**
- **STREET 1:** 6480 US HIGHWAY 98 WEST
- **STREET 2:** SUITE A
- **CITY:** HATTIESBURG
- **STATE:** MS
- **ZIP:** 39402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMUNITY CAPITAL CORP /MS/
- **DATE OF NAME CHANGE:** 19950705

#### 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): **January 31, 2023**

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**The First Bancshares, Inc.** 

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(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Mississippi**<br>| **000-22507**<br>| **64-0862173**<br>|
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

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| | |
|:---|:---|
| **6480 U.S. Hwy 98 West, Hattiesburg, MS**  | **39402**  |
| (Address of principal executive offices) | (Zip Code) |

---

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| | |
|:---|:---|
| Registrant's telephone number, including area code | **(601) 268-8998** |

---

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| |
|:---|
| **N/A** <br>|
| (Former name or former address, if changed since last report.) |

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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:

☐ 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:

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

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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 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. ☐

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure** |

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On January 31, 2023, The First Bancshares, Inc. (the "Company") issued a press release announcing that company representatives will participate in the Janney West Coast Bank CEO Forum, which is being held February 1<sup>st</sup> – 3<sup>rd</sup>, 2023 at The Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Scottsdale, Arizona, and will have one-on-one meetings with certain bank stock analysts and investors. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein.

On January 31, 2023, The First Bancshares, Inc. made available an investor presentation prepared for use during meetings with certain bank stock analysts and investors. A copy of the investor presentation is attached hereto as Exhibit 99.2 and incorporated herein.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 7.01 of this report (including Exhibits 99.1 and 99.2) shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits**  |
| [Exhibit 99.1](a53294532ex991.htm) | [Press Release dated January 31, 2023 announcing participation at the Janney West Coast Bank CEO Forum](a53294532ex991.htm) |
| [Exhibit 99.2](a53294532ex992.htm) | [Investor Presentation for the Janney West Coast Bank CEO Forum](a53294532ex992.htm) |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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#### 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.

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| | |
|:---|:---|
|  | The First Bancshares, Inc. |
| Date: January 31, 2023 |  |
|  | /s/ **Donna T. (Dee Dee) Lowery&nbsp;&nbsp;&nbsp;&nbsp;** <br>|
|  | Name: Donna T. (Dee Dee) Lowery |
|  | Title: EVP and CFO |

---

## Exhibit 99.1

**Exhibit 99.1**<br>

**** 

<br> # **The First Bancshares to Participate in the Janney West Coast Bank CEO Forum** 
HATTIESBURG, Miss.--(BUSINESS WIRE)--January 31, 2023--The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First Bank, (www.thefirstbank.com) will participate in the Janney West Coast Bank CEO Forum which is being held February 1<sup>st</sup> – 3<sup>rd</sup>, 2023 at The Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Scottsdale, Arizona, 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 Bank. 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** <br> **DeeDee Lowery, CFO** <br> **Phone: 601-268-8998**

## Exhibit 99.2

**Exhibit 99.2**<br>

**** 

<br> **![](a53294532ex992slide1.jpg)

January 2023 NASDAQ: FBMS

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![](a53294532ex992slide2.jpg)

2 Safe Harbor & Forward Looking Statements FORWARD LOOKING STATEMENTS This communication contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements usually use words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. Such forward-looking statements are not guarantees of future performance. 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) prevailing, or changes in economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations, including the effects of declines in the real estate market, high unemployment rates, inflationary pressure, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (3) interest rate risk, including the effects of rising interest rates; (4) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (5) changes in applicable laws, rules, or regulations; (6) risks related to the Company's recently completed and pending 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; (7) changes in management's plans for the future; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) changes in accounting principles, policies, or guidelines; (11) 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 and related variants; (12) higher inflation and its impacts; (13) significant turbulence or disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (14) the effects of war or other conflicts including the impacts relating to or resulting from Russia's military action in Ukraine; (15) a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; and (16) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For any forward-looking statements made in this communication, any exhibits hereto or any related documents, the Company claims protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. ABOUT THE FIRST BANCSHARES, INC. The First Bancshares, Inc. ("FBMS" or the "Company"), headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank. 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. Contact: Chandra Kidd, Corporate Secretary. NON-GAAP FINANCIAL MEASURES FBMS reports its results in accordance with United States generally accepted accounting principles ("GAAP"). However, management believes that certain non-GAAP performance measures used in managing the business may provide meaningful information about underlying trends in its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, FBMS's reported results prepared in accordance with GAAP.

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3 The First Bancshares: Building Shareholder Value

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![](a53294532ex992slide4.jpg)

59.3% Q4 '22 Efficiency Ratio, Operating (1) 16.7% Total Capital Ratio as of December 31, 2022 6th Largest Bank Headquartered in MS $6.5bn Assets as of December 31, 2022 14 # of Closed Transactions since 2010 (2) 4 Our Company Company Overview 90 Locations in Southeast: MS, LA, AL, FL & GA 1996 Bank Established in Hattiesburg, MS Source: Company documents Non-GAAP measure, see reconciliation to closest GAAP measure in appendix Includes 11 whole bank acquisitions, 2 branch acquisitions and 1 mortgage company acquisition 1.33% Q4 '22 PTPP ROAA, Operating (1) FBMS Locations (90) STARKVILLE BATON ROUGE JACKSON TAMPA GULFPORT HATTIESBURG VALDOSTA TALLAHASSEE DESTIN PENSACOLA

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![](a53294532ex992slide5.jpg)

Continuity of Leadership through Multiple Business Cycles 5 Responsible for devising and executing a disciplined and successful strategy of organic growth and strategic acquisitions Jarrett Nicholson Executive VP Chief Operating Officer 29 years experience M. Ray "Hoppy" Cole, Jr. President/CEO 36 Years of Experience Dee Dee Lowery Executive VP, CFO 32 Years of Experience George Noonan Executive VP Chief Credit Officer 23 years experience Jerome Brown Executive VP Community Development 18 years experience Ion Mixon Executive VP Risk Manager 22 years experience JJ Fletcher Executive VP Chief Lending Officer 23 years experience Emily Agostinelli Chief Audit Officer 22 years experience

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![](a53294532ex992slide6.jpg)

Evolution of Our Franchise December 31, 2009 Total Assets ($mm) – Organic and Acquisitive Growth FBMS Branch (9) Hattiesburg Source: S&P Global Market Intelligence, Company documents Data as of 12/31 of each year, respectively 6 December 31, 2022 2010 – 2022 CAGR: 24% Valdosta Tallahassee Atlanta Mobile Jackson Montgomery Baton Rouge New Orleans Shreveport Houston Tampa Birmingham Orlando Hattiesburg Gulfport Pensacola FBMS Branch (88) FBMS LPO (2)

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Improving Geographic Diversification of our Balance Sheet 7 2015 Deposits by State December 31, 2022 Deposits by State Source: S&P Global Market Intelligence, Company documents 2009 and 2015 data as of 6/30 2015 Loans by State December 31, 2022 Loans by State 2009 Loans by State 2009 Deposits by State

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![](a53294532ex992slide8.jpg)

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 6/30/22; Pro forma for acquisition of Heritage Southeast Bancorporation, Inc. '23 – '28 Projected Population Growth (%) '23 – '28 Projected Median HHI Growth (%) 2028 Projected Median HHI ($) November 2022 Unemployment Rate (%) (1) (1) (1) (1)

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9 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Average Stock Price ($) $9.21 $12.99 $14.54 $16.40 $18.88 $29.06 $35.08 $31.79 $24.54 $37.66 $32.41 Average Market Capitalization ($) In Millions $28.5 $57.3 $75.8 $88.1 $101.4 $277.4 $455.0 $542.9 $505.7 $791.7 $714.3 Average Daily Volume (shares) 1,679 3,841 4,453 7,387 3,819 24,078 34,841 48,983 77,982 62,675 90,261 Price/LTM EPS (x) 8.1x 14.6x 12.2x 11.8x 16.8x 29.7x 18.7x 15.1x 12.8x 12.8x 10.9x Price/Tangible Book (%) (1) 78.8% 130.6% 120.0% 140.0% 177.9% 230.0% 179.2% 188.2% 147.6% 165.7% 178.1% Market Information and Historical Pricing Source: S&P Global Market Intelligence, Company documents Company financial data and market data as of 12/31/22 (1) Non-GAAP measure, see reconciliation to closest GAAP measure in appendix

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10 Overview of Potential Whole Bank Opportunities Source: S&P Global Market Intelligence Data as of most recent quarter available (1) Select Florida markets include banks and thrifts headquartered north of and including the Orlando, FL MSA; excludes merger targets and MHCs Opportunities by State Opportunities by Asset Size Includes all banks and thrifts headquartered in Alabama, Georgia, Louisiana, Mississippi, Tennessee, and select Florida (1) markets with total assets between $450 million and $5.0 billion Knoxville Nashville Atlanta Orlando Tallahassee New Orleans Baton Rouge Shreveport Jackson Memphis Jacksonville Tampa Birmingham Mobile Columbus Huntsville Chattanooga FL GA AL MS LA TN Montgomery

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Twelve 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 Reasons To Invest in The First

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12 Credit Highlights Franchise and Management Strength Southeast markets remain resilient through the COVID pandemic; unemployment well below national average 90 locations across 5 states; ranked in the top 10 by deposit market share by county / parish in ~78% of our franchise Geographically diversified loan portfolio Experienced, performance driven management team with local market knowledge Granular Loan and Deposit Portfolio 69% loan-to-deposit ratio Core funded franchise with 97.5% core deposits(2) and 0.52% cost of deposits Increased monitoring of hotel, restaurant and retail portfolio Prudent 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 revenue Solid PTPP ROAA, operating(1) (1.33% in Q4 '22) to support capital generation and potentially absorb any loan losses Capital ratios far in excess of well capitalized minimums (Q4 '22 CET1 Ratio of 12.7% and Total Capital Ratio of 16.7%) Q4 '22 59.3% efficiency ratio, operating (1) Source: S&P Global Market Intelligence, Company documents Data as of or for the three months ended 12/31/22 Non-GAAP measure, see reconciliation to closest GAAP measure in appendix Core deposits defined as total deposits less jumbo time deposits greater than $250,000

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Building Franchise Value Nine Acquisitions \| Closed 2018 – '23 Geography Mobile, AL MSA Tallahassee, FL MSA Tallahassee, FL MSA Hammond, LA MSA Destin, FL MSA Valdosta, GA MSA Starkville, MS Fort Walton Beach, FL Jonesboro, GA -- Date Closed March '18 April '18 November '18 March '19 November '19 April '20 December '21 August '22 January '23 -- Branches 9 5 6 7 6 8 7 7 23 78 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 Deposit Premium: $1.0M All Stock: $101.8M All Stock: $223.9M -- Assets $398.5M $213.1M $477.1M $375.7M $428.5M $535.7M $400M $619.7M $1.7B $5.1B Loans $269.9M $173.1M $331.6M $247.8M $248.9M $394.6M $40.5M $456.2M $1.1B $3.3B Deposits $357.3M $154.2M $428.1M $313.4M $372.3M $475.9M $410M $491.7M $1.5B $4.5B Detailed Internal & 3rd Party Loan Review -- Target Assets / FBMS Assets ~22% ~10% ~19% ~13% ~12% ~13% ~7% ~10% ~27% -- Total Gained: 13

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14 Financial results

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EPS Net Income ($mm) 15 Pre-tax Pre-Provision Income ($mm), Operating (1) PTPP ROAA, Oper. (1) Source: S&P Global Market Intelligence, Company documents Annual data for the twelve months ended 12/31 of each respective year; quarterly data for the three months ended each respective quarter (1) Non-GAAP measure, see reconciliation to closest GAAP measure in appendix Historical Performance Over Time Twelve Years of Record Earnings $0.82 $1.16 $0.96 $1.19 $1.55 $1.57 $1.11 $1.62 $2.55 $2.52 1.62% 1.74% 1.75% 1.79% 1.87% 1.61% 1.42% 1.49% $3.03 1.33% 1.24% 1.36% 1.63% $3.10 1.33% Operating Income $5.4

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![](a53294532ex992slide16.jpg)

Net Interest Income Over Time 3.74% 3.99% 3.59% 3.44% 3.70% 3.72% 3.71% Net Interest Income ($mm) NIM 3.34% 3.83% 3.94% 4.06% 3.93% 3.63% 3.58% 3.51% 4.02% Source: S&P Global Market Intelligence, Company documents Annual data for the twelve months ended 12/31 of each respective year; quarterly data for the three months ended each respective quarter 3.13% 3.14% 3.25% 16 3.64% 3.14% 2.78% 3.09% 3.50% 3.19% 3.37%

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Execution of Strategic Vision 17 Source: S&P Global Market Intelligence, Company documents Pricing data as of 1/25/23 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 $30.06 3/22/13 $20.0M Preferred Stock Offering 4/30/13 Acquired First National Bank of Baldwin County 12/14/15 Acquired Mortgage Connection, LLC 10/24/16 $63.3M Preferred Stock Offering 1/1/17 Acquired Gulf Coast Community Bank 1/1/17 Acquired Iberville Bank 10/26/17 $58.4M Common Stock Offering 3/1/18 Acquired South West Banc Shares, Inc. 4/1/18 Acquired Sunshine Financial, Inc. 5/1/18 $66.0M Subordinated Debt Offering 10/31/18 Acquired FMB Banking Corp. 3/1/19 Acquired FPB Financial Corp. 10/31/19 Acquired First Florida Bancorp, Inc. 7/1/14 Acquired BCB Holding Company, Inc. 4/3/20 Acquired Southwest Georgia Financial Corporation 9/25/20 $65.0M Subordinated Debt Offering 12/3/21 Acquired 7 branches from divested deposits of BXS-CADE 8/1/22 Acquired Beach Bancorp, Inc. 1/1/23 Acquired Heritage Southeast Bancorporation, Inc.

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Historical Profitability Trends 18 Source: S&P Global Market Intelligence, Company Documents Data as of or for the three months ended each respective quarter (1) Non-GAAP measure, see reconciliation to closest GAAP measure in appendix Reported ROAA (%) ROAA, Operating (%) (1) Reported ROATCE (%) (1) ROATCE, Operating (%) (1) PTPP ROAA, Oper. (1) 1.33% 1.24% 1.36% 1.63% 1.33%

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19 Historical Profitability Trends Non-interest Income, Oper. / Adj. Operating Revenue (%) (1) Non-interest Income Q4 '22 (%) 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 (1) Non-GAAP measure, see reconciliation to closest GAAP measure in appendix

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Historical Balance Sheet Growth 20 Assets ($mm) Source: S&P Global Market Intelligence, Company documents Data as of 12/31 of each year, respectively Loans ($mm) Deposits ($mm) PPP Loans 2012 – 2022 CAGR: 25% 2012 – 2022 CAGR: 25% 2012 – 2022 CAGR: 25%

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21 Strong Balance Sheet & Earnings Power Total Risk-Based Capital (%) Core Deposits (%) (2) ROATCE, Operating (%) (1) Loans / Deposits (%) 2.4 percentage points higher than peers 1.5 percentage points higher than peers 18.5 percentage points lower than peers 7.1 percentage points higher than peers Source: S&P Global Market Intelligence, Company documents Peer data as of or for the twelve months ended 12/31/22 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 Non-GAAP measure, see reconciliation to closest GAAP measure in appendix Core deposits defined as total deposits less jumbo time deposits greater than $250,000

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22 Loan & deposit information

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23 Loan Portfolio Overview Q4 '22 Loan Composition Historical Loan Composition Dollars in millions, unless otherwise noted Source: S&P Global Market Intelligence, Company documents Data as of 12/31 each respective year Granular loan portfolio, average loan size excluding PPP is ~$197 thousand Top 25 loans represent ~9.9% of total portfolio De Minimis consumer credit card loans ($1.6 million or 0.04% of total loans) Limited energy exposure ($24.2 million or 0.6% of total loans) No Shared National Credits ("SNCs")

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24 Loan Growth Over Time Quarterly Loan Growth (Ex. PPP) Over Time Source: S&P Global Market Intelligence, Company documents Quarterly data as of the three months ended each respective quarter; Quarterly loan growth annualized

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25 Granular Loan Portfolio Dollars in millions Source: Company Documents Data as of 12/31/22 Size of our top 75 Relationships Largest individual loan is $29.2 million total committed exposure Total participations purchased are less than 3% of outstanding balances

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26 Loan Concentrations Over Time C&D Loan Concentration Over Time CRE Loan Concentration Over Time Source: S&P Global Market Intelligence, Company documents Note: 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

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27 Asset Quality Over Time NPAs / Loans + OREO (%) NCOs / Average Loans (%) ACL / NPLs (%) ACL / Loans (%) Source: S&P Global Market Intelligence, Company documents Yearly data as of or for the twelve months ended each respective year; Q4 '22 data for the three months ended 12/31/22

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28 History of Prudent Credit Culture 15-Year NCOs / Avg. Loans vs. Banking Industry (%) Source: S&P Global Market Intelligence, Company documents, FDIC Yearly data as of or for the twelve months ended each respective year; Q3 '22 data for the three months ended 9/30/22 Note: FDIC data as of 9/30/22 0.00% FBMS NCOs / Avg. Loans for the three months ended 12/31/22

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29 Attractive Deposit Portfolio Historical Deposit Composition ($bn) Cost of Total Deposits Over Time (%) Dollars in millions unless otherwise noted Source: S&P Global Market Intelligence, Company documents 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 12/31/22 (1) Core deposits defined as total deposits less jumbo time deposits greater than $250,000 97.5% core deposits (1) 29.7% non-interest bearing demand deposits Q4 '22 Deposit Composition

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30 Capital & Liquidity

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31 Capital Position TCE / TA (%) (1) Leverage Ratio (%) Total Risk Based Capital Ratio (%) CET1 Ratio (%) Source: S&P Global Market Intelligence, Company documents Data as of 12/31 of each year, respectively (1) Non-GAAP measure, see reconciliation to closest GAAP measure in appendix

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32 Capital Appreciation & Returns to Shareholders Tangible Book Value per Share ($) (1) Dividends Declared per Share ($) Shares Repurchased (%) (3) Source: S&P Global Market Intelligence, Company documents; Data as of 12/31 of each year, respectively; Q4 '22 data as of or for the three months ended 12/31/22 (1) Non-GAAP measure, see reconciliation to closest GAAP measure in appendix (2) Q4 '22 dividend declared per share annualized (3) Represents shares repurchased in period stated divided by common shares outstanding at prior period end (2) Dollars Returned to Shareholders ($M)

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33 Liquidity Position Source: S&P Global Market Intelligence, Company documents Data as of 12/31 of each year, respectively Gross Loans / Deposits (%) Funding Sources Liquidity Highlights As of December 31, the Company's liquidity ratio was 24.9%, as compared to the internal liquidity policy guidelines of 10% minimum Other liquidity ratios reviewed include the following along with policy guidelines:

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34 Appendix

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35 Deposit Market Share by State Mississippi Florida Alabama Louisiana Georgia Source: S&P Global Market Intelligence Data as of 6/30/22 Note: Deposits capped at $1.0 bn per branch Note: Deposit data pro forma for pending transactions

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36 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 Intelligence Data as of 6/30/22 Note: Deposits capped at $1.0 bn per branch Note: Deposit data pro forma for pending transactions

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Historical Financials 37 Source: Company documents 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 in appendix

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38 Non-GAAP Reconciliation

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39 Non-GAAP Reconciliation (cont.)

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40 Non-GAAP Reconciliation (cont.)

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41 Non-GAAP Reconciliation (cont.)

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![](a53294532ex992slide42.jpg)

42 Non-GAAP Reconciliation (cont.)**

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