Item 8.01 Other Events.
On May 15, 2009, First Bancshares, Inc. ("Company"), the holding company for
First Home Savings Bank ("Bank"), announced that the Bank had prepaid $19.0
million of advances from the Federal Home Loan Bank of Des Moines. As a result,
the Bank incurred a prepayment penalty of $1.2 million which, net of the effect
of income taxes, will result in an increase of approximately $760,000, or $0.49
per diluted share, in the Company's net loss for the fiscal year ending June 30,
2009. For further information see the Company's press release attached hereto as
Exhibit 99.1, which is incorporated herein by reference.
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