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First Bancshares Inc.
Mack Hering has led First Bancshares Inc., holding company for First Home Bank, since 1993.
First Bancshares Inc.
First Bancshares Inc. was established in 1993 as the bank holding company for First Home Bank, a Missouri-chartered savings bank headquartered in Mountain Grove, Missouri. Founder Mack L. Hering serves as President, CEO, and Chairman, with his son, Michael W. Hering, acting as CFO. The wealth generation came from the bank's long-duration mortgage portfolio and community deposit franchise built over three decades, not from an external liquidity event. First Home Bank originates one-to-four family residential mortgages, multifamily loans, and commercial real estate credits across Missouri and into select Southeastern markets. The bank's asset mix leans heavily on whole loans held in portfolio, augmented by investment securities and small business lending. Rather than selling into agency MBS pools, First Home consistently retains originated mortgages, earning net interest margin over the loan's life. Geographic concentration remains in the Ozarks region of southern Missouri, though recent expansion includes offices in Florida and Georgia. Confirmed lending segments include SBA 7(a) small-business loans and conventional multifamily acquisition finance. The company operates from Mountain Grove with additional loan production offices in Springfield, Missouri, and several Florida markets. Total assets stood at approximately $350 million as of mid-2024, placing it among the smaller publicly reporting thrift holding companies. Regulatory filings at the Office of Thrift Supervision show a consistent common equity tier 1 ratio above 12%. In January 2025, the firm announced the retirement of two long-serving board members, reducing the board from seven to five directors as part of a governance consolidation effort. No private equity backing, venture affiliates, or separate wealth management arms are associated with the firm. First Bancshares operates under the mutual holding company structure, with MHC members retaining majority voting control—a governance model that insulates management from activist pressure and quarterly earnings demands common among publicly traded peers. This allows the bank to hold 30-year fixed-rate mortgages without hedging and to operate with a cost of funds anchored by sticky rural deposit relationships rather than wholesale market pricing.
General information
Firm type
Asset Manager
Year founded
1993
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Mountain Grove
Corporate office
Mountain Grove, MO, United States
Principals
Mack L. Hering
President, CEO, and Chairman of the Board
Michael W. Hering
Senior Vice President and Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at First Bancshares Inc.?
Mack L. Hering, as President and CEO, oversees all lending and investment decisions. The firm does not operate a separate investment committee; loan approvals above certain thresholds require board review, with the Hering family maintaining operational continuity across the bank's 30-year history.
How does First Bancshares Inc. source its loan origination pipeline?
First Home Bank sources mortgages and commercial loans through walk-in retail branches in southern Missouri and from loan production offices in Florida and Georgia. The bank relies on local real estate agent referrals and direct borrower relationships rather than wholesale broker channels or digital origination platforms.
Does First Bancshares Inc. sell its originated loans or hold them on its balance sheet?
The bank retains most originated mortgages on its own balance sheet, following a portfolio lending model rather than an originate-to-sell strategy. This spread-based approach earns net interest margin over the life of the loan, with funding from core deposits and Federal Home Loan Bank advances.
Is First Bancshares Inc. structured as a family office or a traditional bank?
First Bancshares Inc. is a bank holding company for First Home Bank, a federally chartered savings association, not a family office. However, the mutual holding company structure and multi-decade Hering family management give it characteristics of a closely held, family-controlled enterprise operating in community banking.
What is First Bancshares Inc.'s known posture on co-investments alongside external partners?
The firm does not participate in co-investments or fund commitments. As a regulated depository institution, its investment activity is limited to whole loan origination and a securities portfolio composed primarily of agency MBS and municipal bonds, with no private equity or venture exposure.
How is First Bancshares Inc. related to First Home Bank?
First Bancshares Inc. is the parent holding company for First Home Bank, its sole operating subsidiary. The holding company structure was established in 1993 to provide greater flexibility for capital management and potential acquisitions, though no acquisitions have been completed.
Which sectors does First Bancshares Inc. explicitly avoid?
The bank avoids construction and development lending, subprime consumer credit, and leveraged buyout financing. Its regulatory filings and loan portfolio composition show no exposure to venture debt, crypto-backed loans, or speculative commercial real estate outside its core Midwest and Southeast markets.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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