First Bancshares (FBSI) in Mountain Grove, Mo., said that fewer troubled loans helped it turn a profit in the fiscal fourth quarter that ended June 30.
The $193 million-asset company said Friday that it earned $100,000 in the quarter, compared to a loss of $1.9 million a year earlier. The company had no loan-loss provision in the fiscal fourth quarter, compared to a $466,000 provision a year earlier.
Noninterest income for the quarter totaled $866,000, including $584,000 from securities gains and $24,000 from bank-purchased life insurance. Net interest income fell 18% from a year earlier, to $1.3 million.
For the fiscal year, the company lost $1.4 million, which was an improvement from the $4.1 million it lost in fiscal 2011.