The First Bancshares, Inc. (FBMS): Business Model Canvas [Dec-2025 Updated]

You're analyzing a regional bank that successfully executed its community-first strategy right up until its acquisition by Renasant Corporation in April 2025. Before that deal closed, The First Bancshares, Inc. (FBMS) managed an $8.005 billion asset portfolio, funded largely by $6.605 billion in deposits gathered across five Southeastern states. That model-balancing high-touch service through its 116 branches with the scale needed to attract a major buyer-is what we need to dissect. It's a masterclass in building tangible local value. Dive below to see the nine building blocks that defined The First Bancshares, Inc. (FBMS)'s business model.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Key Partnerships

You're looking at the key external relationships that support the combined financial services powerhouse following the merger. Since The First Bancshares, Inc. (FBMS) officially merged into Renasant Corporation (RNST) on April 1, 2025, these partnerships reflect the integrated entity's operational backbone and strategic direction in late 2025.

Renasant Corporation for post-merger integration and scale

This is the most significant partnership, as it is now the parent entity. The merger created a financial services institution with approximately $26 billion in assets, up from The First Bancshares, Inc.'s year-end 2024 total assets of $8.005 billion. The full conversion and integration of The First's operations into Renasant's was targeted for completion in early August 2025. Analysts are forecasting a full-year 2025 Earnings Per Share (EPS) of approximately $2.82 for the former FBMS shares, reflecting the anticipated accretion from this combination.

The scale achieved is substantial:

• Combined asset size post-merger: $26 billion.
• Number of locations across the Southeast: Over 250.
• The First Bancshares, Inc. 2024 Net Income: $77.19 million.

Federal Home Loan Bank (FHLB) for liquidity and funding

Membership in a Federal Home Loan Bank provides essential, competitively-priced liquidity. FHLBanks provide liquidity through advances, which help member institutions fund loans and manage liabilities. At the end of 2024, the FHLBanks system had $737 billion of advances outstanding across approximately 6,500 members. Specific FHLB programs, like the FHLB Dallas SHARE 2025 advance program, made available $5 billion in reduced-rate advances, with a maximum advance per member capped at $1 billion.

The structure of FHLB advances offers flexibility:

Advance Type Example	Key Feature	Potential Benefit
SHARE 2025 Advance	Reduced interest rate	Affordable source of liquidity for housing affordability initiatives
Expander Advance	Option to increase principal later	Useful for replacing deposit runoff
Daily Rate Credit Advance	Overnight or short-term funding	Ability to prepay without a fee

Core banking software providers for digital operations

The technology backbone relies on core platform providers, which are critical outside vendors. In a late 2025 American Bankers Association survey, just over half, or 53%, of bankers reported being "extremely" or "somewhat" satisfied with their core platform provider. The top-rated provider in that survey achieved a satisfaction score of 4.03 on a 1 to 5 scale. Three core providers dominate the market for depository institutions, and switching can be difficult, affecting the ability to offer new services.

Local community development organizations for lending programs

The combined entity continues the commitment to community development, a core value of the original The First Bancshares, Inc. Renasant Corporation announced a $10.3 billion, five-year Community Benefit Plan, effective upon the Merger's completion, to foster economic growth and inclusion across the combined footprint. Furthermore, FHLB programs often channel funds through these local groups; for example, the FHLBank Chicago 2025 Community First Developer Program saw 42 organizations request over $9 million in funding, supported by 25 member institutions.

The focus areas for these partnerships include:

• Fostering economic growth in the Southeast.
• Expanding access to financial services and inclusion.
• Supporting affordable housing development initiatives.

Correspondent banks for specialized services and transactions

Correspondent banks provide services that a regional bank may not offer directly or efficiently in-house. These partnerships typically cover specialized areas like international wire transfers, complex treasury management services, or trust and custody functions. No specific financial amounts related to correspondent bank balances or fee structures for the combined Renasant entity were publicly detailed as of late 2025. Finance: draft 13-week cash view by Friday.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Key Activities

You're analyzing the core functions that defined The First Bancshares, Inc. (FBMS) leading up to its April 1, 2025, merger with Renasant Corporation. Even though the entity is now integrated, understanding these activities shows the engine that was combined.

The primary operational activities centered on the core banking functions of lending and deposit-taking across its established Southeastern footprint. This required significant internal resources dedicated to execution and, critically in 2025, integration management.

Loan Origination and Servicing

Commercial and consumer loan origination and servicing was a major value-driver. For the full year ended December 31, 2024, total loans showed net growth of 4.6%, increasing by $237.2 million compared to the prior year period. You need to keep an eye on asset quality metrics, which were a key focus for performance goals in 2024.

Here are the key figures related to the loan portfolio as of year-end 2024:

Metric	Amount/Rate (As of Dec 31, 2024)
Total Loans Net Growth (Y/Y 2024)	4.6%
Total Loans Dollar Increase (Y/Y 2024)	$237.2 million
Nonaccrual Loans	$20.3 million
Allowance for Credit Losses (ACL) to Total Loans Ratio	1.04%

Deposit Gathering and Asset Management

Deposit gathering was essential for funding loan growth and managing the balance sheet. As of June 30, 2024, The First Bancshares, Inc. had gathered $6.6 billion in total deposits. This activity supported the management of the final reported asset base for the standalone company.

The key activity of managing the asset portfolio involved overseeing the balance sheet, which stood at approximately $8.005 billion in total assets at the end of 2024. This asset base included investment securities totaling $1.646 billion, representing 20.6% of total assets at December 31, 2024.

The geographic scope of the deposit gathering activity covered five Southeastern states:

• Mississippi
• Louisiana
• Alabama
• Florida
• Georgia

Regulatory Compliance and Risk Management

Maintaining regulatory compliance and robust risk management is a non-negotiable key activity for any bank. This function ensures the safety and soundness of operations, which directly impacts shareholder trust and regulatory standing. The focus on credit quality was explicitly tied to executive compensation goals for 2024.

Key risk indicators from the end of 2024 show the level of activity required in this area:

• Nonperforming Assets to Total Assets Ratio: 0.37% for the quarter ended December 31, 2024.
• Nonperforming assets totaled $29.9 million at December 31, 2024.

Integrating Operations into the Renasant Platform

The most significant key activity in the first half of 2025 was the integration following the merger consummated on April 1, 2025. This involved combining the business, operations, networks, systems, technologies, policies, and procedures of The First Bank into Renasant Bank. The goal was to create a larger, six-state Southeastern franchise with combined assets projected around $26 billion.

The integration effort was expected to involve substantial expenses and required aligning executive and operational teams immediately post-closing. Renasant specifically aimed to shave 30% of The First Bancshares' non-interest expenses for 2025, meaning significant operational streamlining was a direct, measurable activity post-merger.

The key milestones driving this activity were:

• Shareholder Approval: October 22, 2024.
• Merger Consummation: Before market open on April 1, 2025.
• Combined Entity Asset Projection: Approximately $26 billion.

Finance: draft the 13-week cash view incorporating post-merger integration costs by Friday.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Key Resources

The Key Resources for The First Bancshares, Inc. centered on its funding base, physical presence, human capital, and operational backbone, all supporting its regional community banking strategy before and immediately following the April 1, 2025 acquisition by Renasant Corporation.

The primary funding resource was its deposit base, which stood at $6.605 billion in total deposits as of December 31, 2024. This funding supported the asset base, with consolidated assets reaching $8.005 billion at the end of 2024.

The physical footprint provided essential local access and relationship building. The network included over 116 locations across five states: Mississippi, Louisiana, Alabama, Florida, and Georgia. This network comprised approximately 111 branches and five loan offices.

Human capital is a critical resource, represented by the team supporting the operations. The First Bancshares, Inc. employed 1,051 team members as of late 2024. This team included experienced local management and relationship bankers focused on community ties.

The core technology infrastructure supported modern banking needs. This included online internet banking services, automated teller machines, and mobile deposits.

Brand equity and reputation are built on community focus. The First Bancshares, Inc. has been recognized as one of the largest certified Community Development Financial Institutions in the nation. Since 2010, the bank awarded over $70 million in community investments.

Here are the key end-of-2024 figures that defined the resource base:

Resource Metric	Value as of December 31, 2024	Unit
Total Deposits	6.605 billion	USD
Total Assets	8.005 billion	USD
Total Locations (Branches & Loan Offices)	Over 116	Count
Total Employees	1,051	Count
Net Income (FY 2024)	77.2 million	USD

The operational resources also included specific service capabilities:

• Deposit services: checking, NOW accounts, savings accounts, and longer-term certificates of deposit.
• Loan portfolio: commercial loans, consumer loans, and real estate construction/acquisition loans.
• Financial services: wealth management services.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose The First Bancshares, Inc. (FBMS), especially now that it's part of a much larger organization following the April 1, 2025 merger with Renasant Corporation. The value proposition centers on blending scale with local service.

Full-service financial products with a community bank's personal touch.

The First Bancshares, Inc. offers a full range of financial services, which includes consumer and commercial loans, various deposit accounts like checking, NOW accounts, and savings, plus specialized offerings such as individual retirement and health savings accounts. This breadth of product is delivered with the close customer relationships you expect from a community-focused institution. They serve small to medium-sized businesses, individuals, professional concerns, governmental authorities, and nonprofit organizations.

Tailored commercial lending for small to medium-sized businesses.

For businesses, the value is in the tailored approach to credit. They provide commercial loans that cover working capital needs, business expansion, and the purchase of essential equipment and machinery. This focus on the small to medium-sized business segment is key to their regional strategy.

Comprehensive mortgage banking and wealth management services.

The offering extends beyond standard banking. You get comprehensive mortgage banking services, covering the origination of loans for purchasing existing residential homes, new construction, and refinancing. Furthermore, The First Bancshares, Inc. provides dedicated financial and wealth management services, which is a critical component of their full-service model, operating through a distinct Mortgage Banking Division.

Regional expertise in Mississippi, Louisiana, Alabama, Florida, and Georgia.

The deep-rooted knowledge across the Gulf Coast and Southeast is a major draw. The First Bancshares, Inc. has cemented its presence across five states. This multi-state footprint, which includes over 116 locations as of late 2025, allows them to understand and serve the specific economic nuances of each community they operate in.

Stability as part of a larger, post-merger $26 billion asset institution.

The merger fundamentally changed the scale of the institution. While The First Bancshares, Inc. reported total assets of $8.0 billion USD as of December 31, 2024, the combined entity post-merger targets a much larger scale, creating a six-state franchise. Analysts were forecasting the combined entity to have approximately $25 billion in total assets based on June 30, 2024, figures, which supports the value proposition of enhanced stability and reduced concentration risk. This scale is what helps them compete effectively.

Here's a quick look at the scale shift that underpins this value proposition:

Metric	The First Bancshares, Inc. (Pre-Merger, Dec 31, 2024)	Projected Combined Entity (Based on Jun 30, 2024 Data)
Total Assets	$8.0 billion	Approximately $25 billion
Total Loans	$5.3 billion (As of Jun 30, 2024)	Approximately $18 billion
Total Deposits	$6.605 billion (As of Dec 31, 2024)	Approximately $21 billion
Geographic Footprint	5 States (MS, LA, AL, FL, GA)	6 States (Implied expansion/combined footprint)
2024 Net Income (FBMS Standalone)	$77.19 million	N/A (Combined entity figures not directly available for 2024)

The operational segments that deliver these value propositions include the Commercial/Retail Bank, the Mortgage Banking Division, and the Holding Company structure itself. You can see the commitment to community focus in their operational structure.

• Full range of deposit services offered.
• Commercial loans for working capital and expansion.
• Consumer loans for automobiles and home improvements.
• Online internet banking and mobile deposits available.
• Cash management services for commercial clients.

The expectation for the former FBMS shares was an accretion leading to a forecasted full-year 2025 Earnings Per Share (EPS) of approximately $2.82, showing the market's view on the value generated by this new structure.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Customer Relationships

The customer relationship strategy for The First Bancshares, Inc. franchise, as it integrated into the larger entity following the April 2025 merger, remains rooted in its community banking model, which emphasizes close, personal connections with local customers.

High-touch, personalized service is delivered through a physical footprint that, as of the end of 2023, comprised 70 banking locations across Mississippi and Alabama. This network supported a business model characterized by personalized service and local decision-making, targeting small to medium-sized businesses, professional concerns, and individuals.

• High-touch service is the core differentiator against larger national banks.
• Local decision-making empowers branch staff for quicker client responses.
• The bank offers a full range of financial services to individuals and businesses.

For commercial clients, the relationship focus translates into dedicated attention, a key component in securing and growing the loan portfolio. The bank's offerings include commercial lending, retail banking, and wealth management services, all designed to meet the diverse needs of its consumer and business clientele.

Digital self-service complements the in-person experience. The First Bank, the subsidiary, has supported its relationship model with digital tools, including on-line internet banking services, automated teller machines, and mobile deposit capabilities. This blend allows clients to handle routine transactions digitally while reserving branch time for complex needs.

Community engagement and local decision-making are strategic imperatives, as the core philosophy centers on growing the communities served. The franchise historically maintained a strong regional presence, concentrating its operations within the banking markets of Mississippi and Alabama.

The emphasis on long-term, trust-based relationships is the key driver for customer acquisition and retention, which underpins the revenue generation through net interest income. The transition in 2025 marked a significant shift in scale, moving from the established regional footprint to a much larger platform. The quality of these relationships was a recognized asset in the transaction.

Here's the quick math on the scale shift impacting the client base:

Metric	FBMS (Pre-Merger, Late 2024/Early 2025 Context)	Combined Entity (Post-Merger, Late 2025 Context)
Total Assets	Approximately $8.005 billion (End of 2024)	Approximately $26.0 billion
Geographic Footprint	Operations in Mississippi, Louisiana, Alabama, Georgia, and Florida (as of 2020)	Significantly expanded beyond original FBMS footprint
Total Banking Locations	70 locations (As of Q4 2023)	Combined total (Not specified, but substantially larger)

What this estimate hides is the integration challenge; maintaining the high-touch feel across a much larger asset base of $26.0 billion, up from the former $8.005 billion, requires careful management of the relationship infrastructure.

Finance: draft 13-week cash view by Friday.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Channels

You're looking at how The First Bancshares, Inc. (FBMS) gets its value proposition to the customer base across the Gulf Coast and Southeast. It's a mix of traditional brick-and-mortar presence and modern digital tools. The scale of their physical footprint is a key differentiator in their regional markets.

Physical branch network of over 116 locations.

The First Bancshares, Inc. maintains a significant physical presence, operating a network of over 116 locations as of late 2025 context, which includes both branches and loan offices. These physical touchpoints are strategically located across five states: Mississippi, Louisiana, Alabama, Florida, and Georgia. This scale helps support their total asset base, which stood at approximately $8.005 billion at the end of 2024. For context on the human element supporting these channels, the company reported 1,051 employees in a recent filing.

Online and mobile banking platforms for retail and business.

The digital channel is crucial, even for a regional player. While specific user adoption rates for The First Bancshares, Inc. aren't public, the market context shows the importance of this channel. In the U.S. alone, digital banking users are projected to reach nearly 216.8 million by 2025. Furthermore, a significant majority of consumers, around 77 percent, prefer to manage their bank accounts through a mobile app or a computer. The First Bancshares, Inc. offers internet banking services, mobile deposit, and automatic drafts to serve both retail and business clients within this environment.

Loan production offices for specialized lending.

The network of over 116 locations includes dedicated Loan Production Offices (LPOs). These LPOs are staffed facilities, separate from full-service branches, focused on providing lending-related services, such as loan information and applications for commercial and real estate lending. The First Bancshares, Inc. operates these offices alongside its full-service banking and financial service offices, and motor bank facilities, to drive loan originations across its footprint.

Automated Teller Machines (ATMs) for cash access.

Cash access remains a necessary function, supported by the ATM network. The overall U.S. ATM market size was estimated to grow to $38.88 billion in 2025. The First Bancshares, Inc. provides access through its own network of Automated Teller Machines (ATMs) to ensure customers can handle basic transactions conveniently, complementing the digital offerings.

Direct sales force for commercial and wealth management.

For higher-value services, the bank relies on its direct sales capabilities. This component includes specialized personnel focused on originating commercial loans-secured and unsecured loans for working capital and equipment-and providing financial and wealth management services. This high-touch approach is necessary for securing the commercial/retail bank and wealth management revenue streams that support the bank's financial performance.

Here is a snapshot of the scale metrics related to The First Bancshares, Inc. channels and operational size as of the latest available data:

Channel Component	Metric/Detail	Latest Available Figure
Physical Footprint (Branches & LPOs)	Total Locations Across States	Over 116
Geographic Reach	States of Operation	MS, LA, AL, FL, GA
Scale Proxy	Total Employees	1,051
Digital Channel Context	Projected US Digital Users (2025)	216.8 million
Asset Base Context	Total Assets (End of 2024)	$8.005 billion

The digital preference in the market is clear, with 96 percent of consumers rating their online and mobile banking experience as good or better. Still, the physical network of over 116 locations is what anchors The First Bancshares, Inc. in its specific regional markets.

You should review the Q3 2025 earnings release for any specific updates on branch consolidation or LPO expansion following the expected merger close in the first half of 2025. Finance: draft 13-week cash view by Friday.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Customer Segments

You're looking at the customer base for The First Bancshares, Inc. (FBMS) following the April 1, 2025, merger with Renasant Corporation. This combination significantly expanded the reach and scale of the customer service model across the Gulf Coast and Southeast.

The core customer segments The First Bancshares, Inc. serves are clearly defined by their financial needs and organizational structure. These groups are the recipients of the general commercial and retail banking services offered by The First Bank, the banking subsidiary.

The geographic concentration of these customers is a key feature of The First Bancshares, Inc. model, focusing on a specific regional cluster.

• Customers across five Southeastern US states: Mississippi, Louisiana, Alabama, Georgia, and Florida.
• The operational network includes over 116 locations, comprising branches and loan offices across this footprint.

The customer segments are served with a range of products, from basic deposit accounts to specialized lending.

• Individuals seeking retail banking, mortgages, and consumer loans.
• Small to medium-sized businesses (SMBs) needing commercial loans for working capital and expansion.
• Professional concerns and high-net-worth individuals, supported by private banking and wealth management services.
• Municipal entities and non-profit organizations, which require specialized deposit and treasury services.

To give you a sense of the scale and the credit quality environment these segments operated in as of the end of 2024, which sets the baseline for 2025 performance, here are some relevant financial metrics. Remember, the full-year 2025 figures reflect the merged entity post-April 1, 2025, with analysts forecasting an EPS of approximately $2.82 for the former FBMS shares.

Metric	Value as of December 31, 2024	Context
Total Locations	Over 116	Branches and loan offices across the five-state footprint.
Past Due Loans to Total Loans Ratio	0.40%	Total past due loans were $21.8 million for the quarter ending December 31, 2024.
Allowance for Credit Losses (ACL) to Total Loans	1.04%	Indicates the coverage set aside for potential credit losses as of December 31, 2024.
Nonperforming Assets to Total Assets Ratio	0.37%	Nonperforming assets totaled $29.9 million for the quarter ended December 31, 2024.

The First Bancshares, Inc. provides commercial loans covering working capital, business expansion, and equipment purchase. For individuals, the offerings include consumer loans for automobiles, home improvements, and education, alongside originating loans for residential home purchase, construction, and refinancing.

The company explicitly serves these groups across its operational footprint:

• Mississippi
• Louisiana
• Alabama
• Georgia
• Florida

The focus remains on delivering the product breadth of larger regional banks with the personalized service of a community-focused institution, which is how they aim to retain and grow these customer segments.

Finance: draft 13-week cash view by Friday.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Cost Structure

The Cost Structure for The First Bancshares, Inc. (FBMS) is heavily influenced by funding costs and personnel, reflecting its core banking operations as of the end of 2024 data.

Significant interest expense on deposits remains a major cost driver, especially as the rate environment shifted throughout 2024.

Personnel costs are substantial, supporting the operational scale of The First Bancshares, Inc. (FBMS).

The overall operational overhead is captured within the total non-interest expense figure for the year.

The maintenance of the physical footprint and associated overhead contributes to operating costs.

Technology infrastructure and meeting stringent regulatory requirements are non-negotiable expenses for The First Bancshares, Inc. (FBMS).

Here's a quick look at some of the key cost metrics:

Cost Component Category	Financial Metric/Period	Amount/Rate
Interest Expense on Deposits	Cost of All Deposits Average (Q4 2024)	178 basis points
Total Non-Interest Expense	Full Year Ended December 31, 2024	$182.3 million
Personnel Costs (Salaries/Benefits)	Year-over-Year Increase (2024 vs 2023)	$8.7 million increase
Personnel Costs (Salaries/Benefits)	Sequential Quarter Increase (Q4 2024 vs Q3 2024)	$3.8 million increase
Personnel Headcount	Employees as of December 31, 2024	1,051 employees

The cost structure includes several key categories that you need to monitor:

• Significant interest expense on deposits, averaging 178 basis points (Q4 2024).
• High personnel costs for over 1,000 employees.
• Non-interest expense of $182.3 million (2024) for operations.
• Branch network maintenance and occupancy costs.
• Technology and regulatory compliance expenses.

To be fair, the increase in salary expense for the year ended December 31, 2024, was partially offset by a decrease in acquisition and other expenses of $12.2 million.

The First Bancshares, Inc. (FBMS) - Canvas Business Model: Revenue Streams

You're looking at the core ways The First Bancshares, Inc. (FBMS) makes money, which, as a community bank, is heavily weighted toward traditional lending and investing activities. The primary driver is the spread between what they earn on assets and what they pay out on liabilities, known as Net Interest Income (NII).

For the fiscal year ending December 31, 2024, the Total Interest Income reached $\mathbf{\$369.84}$ million. This income is generated from their primary earning assets, which are their loan and investment portfolios. Specifically, Interest Income on Loans was $\mathbf{\$321.67}$ million, while Interest Income on Investments contributed $\mathbf{\$48.17}$ million for the same period. This is the engine of the revenue model.

The resulting Net Interest Income (NII) for FY 2024 was $\mathbf{\$234.27}$ million. This figure reflects the interest earned after subtracting the Total Interest Expense, which stood at $\mathbf{\$135.57}$ million in 2024. To give you a sense of the recent trend, the Q4 2024 NII was $\mathbf{\$60.1}$ million, showing sequential growth of $\mathbf{\$1.1}$ million from Q3 2024, largely due to a decrease in interest expense.

Beyond the balance sheet spread, The First Bancshares, Inc. (FBMS) generates revenue from various fee-based services, categorized as Total Non-Interest Income. For the full year 2024, this total was $\mathbf{\$49.16}$ million. It's important to note that this figure experienced some pressure, with one report mentioning a decline in Q4 2024 due to lower service charges/fees.

We can detail some of the components contributing to that non-interest income:

• Interest Income from Deposits and Money Market Investments was $\mathbf{\$3.44}$ million in FY 2024.
• Mortgage Banking Activities contributed $\mathbf{\$3.35}$ million in FY 2024.
• The company recorded a net loss on the sale of assets and investments in 2024, with Gain (Loss) on Sale of Assets at $-\mathbf{\$0.18}$ million and Gain (Loss) on Sale of Investments at $-\mathbf{\$0.11}$ million.
• The remaining revenue, categorized as Other Non-Interest Income, was $\mathbf{\$32.28}$ million for the year.

While the specific line items for wealth management and treasury management service fees aren't explicitly isolated from the $\mathbf{\$32.28}$ million 'Other Non-Interest Income' or the general 'service charges and deposit fees' mentioned in the Q4 commentary, these activities are definitely embedded within the non-interest income structure, supporting the overall fee-based revenue stream.

Here's a quick look at the key annual revenue components for FY 2024 in millions of USD:

Revenue Component	FY 2024 Amount (Millions USD)
Total Interest Income	369.84
Net Interest Income	234.27
Total Non-Interest Income	49.16
Mortgage Banking Activities	3.35
Other Non-Interest Income	32.28

The total reported Revenue for The First Bancshares, Inc. in 2024 was $\mathbf{\$279.64}$ million, which is the sum of Net Interest Income and Total Non-Interest Income, minus certain adjustments or provisions depending on the exact definition used, but using the primary components, it's clear NII is the dominant factor. Finance: draft the Q1 2025 revenue projection based on Q4 2024 trends by Monday.