Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend

DUBLIN, Ga., May 03, 2024 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $4.9 million for the quarter ending March 31, 2024, representing an increase of $787 thousand, or 19.17%, compared to net income of $4.1 million for the quarter ended March 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. Net interest income before provision for credit losses was in line with prior quarter levels. 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.

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