NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3 for Hattiesburg, Mississippi based The First Bancshares, Inc., (NASDAQ: FBMS). KBRA also assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 to its subsidiary, The First, A National Banking Association. The Outlook for all long-term ratings is Stable.
The ratings are supported by a strong core deposit base and conservative ratio of loans to deposits, along with a proven track record of successful acquisitions, experienced management team, and solid performance during the financial crisis. The ratings are primarily constrained by relatively compact geographic footprint and a larger dependence on spread-derived income.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.