Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend
In the linked quarter comparison, the bank’s net income decreased $1.0 million, or 17.55%, compared to net income of $5.9 million for the quarter ended December 31, 2023.
- In the linked quarter comparison, the bank’s net income decreased $1.0 million, or 17.55%, compared to net income of $5.9 million for the quarter ended December 31, 2023.
- Lower linked quarter net earnings were a result of higher salaries and employee benefits expense related to beginning of the year pay raises, bonuses, and equity-related benefits.
- “We are pleased with the first quarter and the stability of our core earnings as evidenced by a solid net interest margin and net interest income.
- The net interest margin was 3.99% for the first quarter of 2024 compared to 3.97% for the fourth quarter of 2023 and 3.98% for the first quarter of 2023.