Morris State Bancshares Announces Quarterly Earnings and Declares Fourth Quarter Dividend

DUBLIN, Ga., Oct. 25, 2023 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $4.5 million for the quarter ending September 30, 2023, representing a decrease of $315 thousand, or 6.55%, compared to net income of $4.8 million for the quarter ended June 30, 2023. The Company also announced diluted earnings per share of $2.12 for quarter, representing a 0.15% decrease from diluted earnings per share of $2.27 for the prior quarter. Net earnings for the third quarter were driven by the bank’s lower provisioning for income taxes due to the accretion of deferred tax assets (DTA’s) related to a prior merger and the accelerated use of solar tax credits associated with solar projects coming online as supply chain issues improved through the year. 

Read more at globenewswire.com