First US Bancshares, Inc. Reports Second Quarter 2025 Results BIRMINGHAM, AL (July 30, 2025) – Second Quarter Highlights: First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the parent company of First US Bank (the "Bank"), today reported net income of $0.2 million, or $0.03 per diluted share, for the quarter ended June 30, 2025 ("2Q2025"), compared to $1.8 million, or $0.29 per diluted share, for the quarter ended March 31, 2025 ("1Q2025") and $2.1 million, or $0.34 per diluted share, for the quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 000-14549 First US Bancshares, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdi ...

BIRMINGHAM, AL (April 30, 2025) – First Quarter Highlights: | | | Diluted Earnings per | Return on average assets | Return on average common | Return on average tangible common equity (annualized) (1) | | --- | --- | --- | --- | --- | --- | | Period | Net Income | share | (annualized) | equity (annualized) | | | 1Q2025 | $1.8 million | $0.29 | 0.66% | 7.21% | 7.79% | First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the parent company of First US Bank (the "Bank"), today reported net income of $1.8 ...

BIRMINGHAM, Ala., April 30, 2025 /PRNewswire/ -- First Quarter Highlights: Period Net Income Diluted Earningsper share Return on average assets(annualized) Return on average commonequity (annualized) Return on average tangiblecommon equity (annualized) (1) 1Q2025 $1.8 million $0.29 0.66 % 7.21 % 7.79 % First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the parent company of First US Bank (the "Bank"), today reported net income of $1.8 million, or $0.29 per diluted share, for the qu ...

Operations and Strategy - Bancshares operates 15 full-service banking offices across Alabama, Tennessee, and Virginia, and conducts indirect lending in 17 states[17]. - The strategy focuses on loan and deposit growth, leveraging branch networks and digital capabilities, with plans for limited branching and potential acquisitions[18]. - The Bank's operations are limited by federal and state statutes, including requirements to maintain reserves against deposits and restrictions on loan types[32]. - The Bank's commercial real estate lending is subject to regulatory guidance to manage concentration risks, especially in challenging economic environments[40]. - The Company’s growth has been driven by strong demand in indirect lending and commercial real estate markets, but economic downturns and competition could limit future profitability[147]. Regulatory Environment - Bancshares is subject to extensive regulation by the Federal Reserve, ASBD, and FDIC, impacting its operations and profitability[26]. - The Dodd-Frank Act imposes restrictions on incentive compensation arrangements to mitigate inappropriate risk-taking by financial institutions[36]. - The CFPB has taken an aggressive regulatory approach, impacting consumer financial products and services, with potential changes under different administrations[35]. - The federal banking regulators proposed revisions to the Basel III Capital Rules in July 2023, which would not apply to the Company or the Bank due to their asset size being below $100 billion[55]. - The Growth Act allows community banks with total assets of less than $10 billion to access a simpler capital regime focused on Tier 1 leverage capital levels[52]. - The final rule to strengthen and modernize CRA regulations will be applicable starting January 1, 2026, with additional requirements on January 1, 2027[60]. - The Corporate Transparency Act requires entities to report beneficial ownership information, effective January 1, 2024, which may increase the Bank's anti-money laundering diligence activities and costs[67]. - Federal bank regulators have updated guidance on overdrafts, requiring banks to limit overdraft fees and monitor accounts to reduce reliance on high-cost credit[70]. - The Sarbanes-Oxley Act established new responsibilities for audit committees and expanded disclosure requirements for corporate insiders to enhance corporate governance[78]. - The GLBA requires financial institutions to maintain a comprehensive written information security program to protect customer information[80]. - The Company is required to notify the Federal Reserve or FDIC within 36 hours of significant computer security incidents that materially disrupt services[89]. - The Cyber Incident Reporting for Critical Infrastructure Act mandates reporting of covered cyber incidents to CISA within 72 hours[90]. - The SEC's amendments require public companies to disclose material cybersecurity incidents and management's role in cybersecurity risk management[91]. - The CFPB proposed a rule to promote "open banking," requiring financial institutions to provide consumers with access to certain transaction and account information[92]. - The Company is facing increased compliance costs and risks due to new climate-related regulations and supervisory expectations from federal banking agencies, particularly affecting institutions with over $100 billion in assets[141]. Financial Performance - Interest income for 2024 was $58,260,000, an increase of 10.3% from $52,806,000 in 2023[183]. - Net interest income decreased slightly to $36,149,000 in 2024 from $37,350,000 in 2023, reflecting a decline of 3.2%[183]. - Net income for 2024 was $8,170,000, down 3.7% from $8,485,000 in 2023[183]. - Total loans increased to $823,039,000 in 2024, compared to $821,791,000 in 2023, a growth of 0.2%[183]. - Total deposits rose to $972,557,000 in 2024, up from $950,191,000 in 2023, representing a 2.3% increase[183]. - The net interest margin for 2024 was 3.59%, down from 3.87% in 2023[183]. - The return on average assets for 2024 was 0.76%, a decrease from 0.82% in 2023[183]. - The common equity tier 1 risk-based capital ratio improved to 11.31% in 2024 from 10.88% in 2023[183]. - The allowance for credit losses on loans was $10,184,000 in 2024, slightly down from $10,507,000 in 2023[183]. - Non-interest income totaled $3.6 million in 2024, an increase from $3.4 million in 2023, driven by increases in lease income and other revenue sources[215]. Dividend and Shareholder Information - Bancshares declared total dividends of $0.22 per common share for the year ended December 31, 2024, compared to $0.20 per common share for 2023[175]. - The ability to pay dividends is subject to the Bank's operational results and regulatory restrictions, with no assurance of future dividend payments[148]. - The company expects to continue paying comparable cash dividends in the future, subject to operational results and regulatory requirements[175]. - A total of 40,691 shares were repurchased during the fourth quarter of 2024 at an average price of $12.66 per share[177]. - As of December 31, 2024, Bancshares was authorized to repurchase up to 912,813 shares of common stock under its share repurchase program[178]. - The Board of Directors authorized an additional 600,000 shares for repurchase in November 2024, extending the program expiration to December 31, 2025[178]. Risk Factors - The company faces liquidity risk, which could disrupt its ability to meet financial obligations, including demand for loans and deposit withdrawals[107]. - Economic conditions in the U.S. and local markets are sensitive to inflation and interest rates, which could constrain growth and profitability[110]. - The banking industry is highly competitive, with many competitors having greater resources and fewer regulatory constraints, which could affect market share[113][114]. - Rapid changes in market interest rates may adversely affect profitability, particularly net interest income[115]. - The Federal Reserve's interest rate increases have reached a 22-year high, creating challenges in balancing loan and deposit portfolios[116]. - A potential government shutdown could adversely affect the economy and the company's liquidity and earnings[119]. - The reliance on third-party vendors for data processing exposes the company to risks of operational interruptions and cybersecurity breaches, which could adversely affect financial results[125]. - The development and use of Artificial Intelligence (AI) present legal and regulatory challenges that could increase compliance costs and expose the company to liability[127]. - Changes in the regulatory landscape due to new administration could impact the company's performance and operational results[130]. - The company must comply with privacy and data protection laws, and any violations could lead to significant liabilities and reputational damage[131]. - Noncompliance with anti-money laundering regulations could result in significant penalties and restrictions on business operations[134]. - The company faces risks related to consumer protection laws, and failure to comply could lead to sanctions and adversely affect financial condition[135]. Cybersecurity - Cybersecurity is a critical focus area, with established processes for risk management and incident response, although no material incidents have occurred to date[164]. - The cybersecurity risk management process is overseen by senior management with over 90 years of collective experience in information security[167]. - The Company has a total of $293.3 million in commercial real estate (CRE) loans, representing 35.6% of its total loan portfolio as of December 31, 2024[105]. - The federal banking agencies have increased scrutiny on institutions with fast-growing CRE loan portfolios due to concerns about market weaknesses[105]. - The Company is implementing enhanced risk management policies for its growing CRE loan portfolio[105].

Financial Performance - Fourth quarter net income was $1.7 million, or $0.29 per diluted share, down from $2.2 million, or $0.36 per diluted share in the previous quarter[2] - Full-year net income totaled $8.2 million, or $1.33 per diluted share, consistent with the previous year's earnings[2] - Net income for the year ended December 31, 2024, was $8,170 million, down 3.7% from $8,485 million in 2023[34] - Basic net income per share for Q4 2024 was $0.30, compared to $0.38 in Q4 2023, a decrease of 21.1%[34] - Net income for Q4 2024 was $1,714,000, down from $2,222,000 in Q3 2024, representing a decrease of approximately 22.8%[47] Interest Income and Expenses - Interest income for the fourth quarter was $14.42 million, while interest expense was $5.67 million, resulting in net interest income of $8.75 million[4] - Net interest income decreased by $0.4 million in Q4 2024 compared to both Q3 2024 and Q4 2023, with a net interest margin of 3.41%[9] - Total interest income for Q4 2024 was $14,420 million, an increase of 3.4% from $13,945 million in Q4 2023[34] - Net interest income after provision for credit losses decreased to $8,278 million in Q4 2024 from $9,544 million in Q4 2023, a decline of 13.3%[34] Asset and Loan Growth - Total assets increased to $1.101 billion as of December 31, 2024, compared to $1.072 billion a year earlier[4] - Total loans reached $823.04 million, up from $803.31 million in the previous quarter[4] - Total loan volume increased by $19.7 million, or 2.5%, in Q4 2024, driven by growth in construction, consumer indirect, and commercial real estate lending[8] - Total loans increased to $818,524 thousand with a net interest income of $36,149 thousand for the year ended December 31, 2024, compared to $795,446 thousand and $37,350 thousand for 2023, respectively[30] Deposits and Funding - Total deposits decreased by $8.6 million, or 0.9%, in Q4 2024, with core deposits totaling $837.7 million, or 86.1% of total deposits[10] - Total deposits increased to $972,557 thousand in 2024, up from $950,191 thousand in 2023, reflecting a growth of approximately 2.4%[32] - Interest-bearing deposits rose to $816,612 thousand in 2024, compared to $796,600 thousand in 2023, indicating a year-over-year increase of about 2.5%[32] - The company reported a total funding cost of $969,550 thousand with an average yield of 2.28% for the year ended December 31, 2024, compared to $933,946 thousand and 1.65% in 2023[30] Credit Losses and Nonperforming Assets - The provision for credit losses was $470,000 in the fourth quarter, compared to a recovery of $152,000 in the previous quarter[4] - The provision for credit losses was $0.5 million in Q4 2024, compared to a recovery of credit losses of $0.4 million in Q4 2023[12] - Nonperforming assets totaled $5.4 million as of December 31, 2024, representing 0.50% of total assets[13] - The allowance for credit losses on loans and leases was $10,184 thousand as of December 31, 2024, slightly down from $10,507 thousand in 2023[32] Operational Efficiency - The efficiency ratio for the fourth quarter was 71.4%, indicating a slight increase in operational efficiency compared to previous quarters[4] - Non-interest expense decreased to $6.9 million in Q4 2024 from $7.4 million in Q4 2023[15] - Total non-interest expense decreased to $28,356 million in 2024 from $29,141 million in 2023, a reduction of 2.7%[34] Shareholder Equity and Dividends - Shareholders' equity increased to $98.6 million, or 8.96% of total assets, as of December 31, 2024[16] - Cash dividends increased to $0.07 per share in Q4 2024, compared to $0.05 per share in previous quarters[17] - Shareholders' equity increased to $98,624 thousand in 2024 from $90,593 thousand in 2023, representing an increase of approximately 8.5%[32] - Total shareholders' equity rose to $98,624,000 in Q4 2024, compared to $98,491,000 in Q3 2024[47] Strategic Initiatives - CEO noted an uptick in loan growth in the fourth quarter and a focus on enhancing yield through opportunistic purchases[6] - The company aims to grow earning assets and reduce funding costs in response to the changing interest rate environment[6] - The Company opened a new banking center in Knoxville, Tennessee, and commenced renovation of a center in Daphne, Alabama, expected to open in 2025[22] - The company continues to focus on maintaining a strong capital position while exploring new market opportunities and product innovations[47]

Core Insights - First US Bancshares, Inc. reported a net income of $1.7 million for the fourth quarter of 2024, a decrease from $2.2 million in the previous quarter and $2.3 million in the same quarter of 2023. For the full year 2024, net income totaled $8.2 million, slightly down from $8.5 million in 2023 [1][3][4] Financial Performance - **Net Income and Earnings Per Share**: The diluted earnings per share for 4Q2024 was $0.29, down from $0.36 in both 3Q2024 and 4Q2023. For the full year, diluted earnings per share remained stable at $1.33 [1][3] - **Interest Income and Expense**: Interest income for 4Q2024 was $14.42 million, while interest expense was $5.67 million, leading to a net interest income of $8.75 million. This represents a decrease from $9.11 million in 4Q2023 [3][8] - **Net Interest Margin**: The net interest margin for 4Q2024 was 3.41%, down from 3.67% in 4Q2023, primarily due to reductions in the federal funds rate and market interest rates [8][24] Loan and Deposit Trends - **Loan Growth**: Total loans increased by $19.7 million, or 2.5%, in 4Q2024, driven by growth in construction, consumer indirect, and commercial real estate lending. For the full year, total loans increased by $1.2 million, or 0.2% [7][11] - **Deposits**: Total deposits decreased by $8.6 million, or 0.9%, in 4Q2024, mainly due to the payoff of $10 million in callable wholesale brokered time deposits. Core deposits increased to $837.7 million, representing 86.1% of total deposits [9][27] Asset Quality and Provisions - **Provision for Credit Losses**: The company recorded a provision for credit losses of $0.5 million in 4Q2024, compared to a recovery of $0.4 million in 4Q2023. The allowance for credit losses as a percentage of total loans was 1.24% as of December 31, 2024 [11][12] - **Nonperforming Assets**: Nonperforming assets increased to $5.4 million, or 0.50% of total assets, as of December 31, 2024, compared to $3.0 million, or 0.28%, in the previous year [12] Shareholder Returns and Equity - **Dividends**: The company increased its cash dividend to $0.07 per share in 4Q2024, up from $0.05 in previous quarters. For the full year, cash dividends totaled $0.22 per share [16] - **Share Repurchases**: In 4Q2024, the company repurchased 40,000 shares at an average price of $12.68 per share, with a total of 146,500 shares repurchased for the year [17] - **Shareholders' Equity**: As of December 31, 2024, shareholders' equity was $98.6 million, or 8.96% of total assets, an increase from $90.6 million, or 8.44%, in 2023 [15][28] Strategic Initiatives - **Banking Center Growth**: The company opened a new banking center in Knoxville, Tennessee, and began renovations on another center in Daphne, Alabama, expected to open in 2025 [20]

Core Viewpoint - First US Bancshares, Inc. has expanded its share repurchase program, authorizing an additional 600,000 shares for repurchase and extending the program's expiration to December 31, 2025 [1] Share Repurchase Program - The company has repurchased a total of 1,289,972 shares to date, with 352,813 shares remaining available for repurchase [1] - The repurchase program was originally approved on January 19, 2006 [1] - Repurchases may occur through various methods, including open market transactions and privately negotiated transactions, subject to regulatory requirements [2] Company Overview - First US Bancshares, Inc. operates banking offices in Alabama, Tennessee, and Virginia through First US Bank [3] - The company's stock is traded on the Nasdaq Capital Market under the symbol "FUSB" [3]

Financial Performance - The Company reported net income of $2.2 million, or $0.36 per diluted common share, for the three months ended September 30, 2024, compared to $2.1 million, or $0.33 per diluted common share, for the same period in 2023[179]. - For the nine months ended September 30, 2024, net interest income totaled $27.4 million, a decrease of $0.8 million, or 3.0%, from $28.2 million for the same period in 2023[182]. - For the three months ended September 30, 2024, net interest income was $9,185 million, with a net interest margin of 3.60%[197]. - Non-interest income increased by $0.1 million to $2.601 million for the nine months ended September 30, 2024, compared to $2.465 million in 2023[205]. - Total non-interest expense decreased to $21.4 million for the nine months ended September 30, 2024, from $21.7 million in the same period of 2023[206]. Asset and Loan Management - Total assets increased by 2.5% to $1,100.2 million as of September 30, 2024, compared to $1,072.9 million as of December 31, 2023[185]. - Total loans decreased by $18.5 million, or 2.2%, as of September 30, 2024, primarily due to payoffs of construction loans[186]. - Average total loans were $821.0 million for the nine months ended September 30, 2024, compared to $795.0 million during the same period in 2023[186]. - Total loans amounted to $3.281 billion as of September 30, 2024, with an allowance for credit losses of $10.116 million, representing 1.26% of total loans[218]. - The total loan portfolio decreased by $18.5 million, or 2.2%, as of September 30, 2024, compared to December 31, 2023[215]. Credit Quality - Nonperforming assets increased to $6.6 million, or 0.60% of total assets, as of September 30, 2024, compared to $3.0 million, or 0.28% of total assets, as of December 31, 2023[187]. - The provision for credit losses totaled $0.2 million for the nine months ended September 30, 2024, down from $0.8 million for the same period in 2023[183]. - The company's allowance for credit losses (ACL) on loans and leases was 1.26% of total loans as of September 30, 2024, slightly down from 1.28% at the end of 2023[203]. - The allowance for credit losses on loans and leases was $10.1 million as of September 30, 2024, compared to $11.4 million as of September 30, 2023[215]. Deposits and Equity - Deposits totaled $981.1 million as of September 30, 2024, an increase from $950.2 million as of December 31, 2023, driven by increased interest-bearing time and demand deposits[188]. - Shareholders' equity increased by $7.9 million, or 8.7%, as of September 30, 2024, primarily due to earnings net of dividends paid and share repurchases[190]. - Total deposits rose to $981.1 million, a 3.3% increase from $950.2 million as of December 31, 2023, with core deposits making up 85.0% of total deposits[222]. - The Company declared cash dividends of $0.15 per share during both the nine months ended September 30, 2024 and 2023[191]. Capital and Liquidity - As of September 30, 2024, the Bank's common equity Tier 1 capital and Tier 1 risk-based capital ratios were each 11.45%, with a total capital ratio of 12.63% and a Tier 1 leverage ratio of 9.49%[192]. - The Company reported total readily available liquidity of $431.3 million as of September 30, 2024, compared to $375.3 million as of December 31, 2023[235]. - The Company had $165.2 million in borrowing capacity with the FRB's discount window as of September 30, 2024, compared to $161.7 million as of December 31, 2023[233]. - Management believes the Company has adequate sources of liquidity to cover its contractual obligations over the next twelve months[239]. Operational Developments - During the nine months ended September 30, 2024, the Company opened a new banking center in Knoxville, Tennessee, and commenced renovation of a banking center in Daphne, Alabama, expected to open in 2025[194]. - The Company repurchased 106,500 shares of common stock at an average price of $10.67 per share during the nine months ended September 30, 2024[227].

Financial Performance - Total interest income for Q3 2024 was $15.017 million, an increase from $14.546 million in Q2 2024, and $13.945 million in Q3 2023[1] - Net interest income after provision for credit losses was $9.033 million in Q3 2024, compared to $9.176 million in Q2 2024 and $9.299 million in Q3 2023[1] - Net income for Q3 2024 was $2.222 million, up from $2.127 million in Q2 2024 and $2.113 million in Q3 2023[1] - Diluted net income per share for Q3 2024 was $0.36, compared to $0.34 in Q2 2024 and $0.33 in Q3 2023[1] - Net interest income for 3Q2024 was $9.1 million, a decrease of $0.3 million or 3.1% compared to 3Q2023, with a net interest margin of 3.60%[4] - Net interest income for the nine months ended September 30, 2024 was $27,401,000, down from $28,240,000 in the same period of 2023[17] - Net income for the third quarter of 2024 was $2,222 thousand, up from $2,113 thousand in the same quarter of 2023, reflecting a growth of 5.2%[22] - Basic net income per share increased to $0.38 for the third quarter of 2024, compared to $0.35 for the same period in 2023, a rise of 8.6%[22] Asset and Loan Management - Total loans decreased by $15.8 million, or 1.9%, in Q3 2024, primarily due to payoffs of construction loans[3] - Average total loans for the nine months ended September 30, 2024, were $821.0 million, compared to $795.0 million during the same period in 2023, reflecting a year-over-year increase[3] - Total loans for Q3 2024 were $821,444,000 with an annualized yield of 6.40%, compared to $821,294,000 and 6.08% in Q3 2023[16] - For the nine months ended September 30, 2024, total loans were $821,008,000 with an annualized yield of 6.34%, compared to $795,033,000 and 5.94% in the same period of 2023[17] Deposits and Funding - Total deposits increased by $26.7 million, or 2.8%, during 3Q2024, with core deposits totaling $833.5 million, representing 85.0% of total deposits[5] - Total deposits rose to $981,149 thousand as of September 30, 2024, an increase of 3.3% from $950,191 thousand on December 31, 2023[19] - Total deposits increased to $962,334,000 in Q3 2024, with interest-bearing deposits at $809,163,000, up from $775,296,000 in Q3 2023[16] - Demand deposits for Q3 2024 were $209,322,000, with an interest rate of 1.08%, compared to $206,540,000 and 0.34% in Q3 2023[16] - Time deposits increased to $355,819,000 in Q3 2024, with an interest rate of 3.91%, up from $323,824,000 and 3.03% in Q3 2023[16] - Total funding costs for Q3 2024 were $974,103,000, with an average cost of 2.38%, compared to 1.83% in Q3 2023[16] Capital and Equity - Total assets increased to $1,100.235 million in Q3 2024 from $1,083.313 million in Q2 2024[1] - Shareholders' equity increased to $98.5 million, or 8.95% of total assets, as of September 30, 2024, compared to $90.6 million, or 8.44% of total assets, as of December 31, 2023[10] - As of September 30, 2024, the Bank's common equity Tier 1 capital ratio was 11.46%, maintaining higher levels than required for a "well-capitalized" institution[11] - Tangible common equity increased to $90,989 thousand as of September 30, 2024, from $86,304 thousand in the previous quarter[32] - Tangible book value per common share rose to $15.92 as of September 30, 2024, compared to $15.03 in the previous quarter[32] - Total shareholders' equity increased to $98,491 thousand as of September 30, 2024, up from $90,593 thousand on December 31, 2023, representing a growth of 8.3%[19] Efficiency and Management - The efficiency ratio improved to 69.3% in Q3 2024, down from 72.6% in Q2 2024[2] - The Tier 1 leverage ratio was 9.49% in Q3 2024, slightly up from 9.46% in Q2 2024[2] - The company is focused on sound growth strategies to enhance profitability and strengthen its balance sheet[2] - Management emphasizes the importance of tangible common equity measures for assessing capital adequacy in comparison to other organizations[30] - The Company’s calculations of tangible equity may not be comparable with those of other organizations due to the lack of standardized definitions[31] Non-Interest Income and Expenses - Noninterest income totaled $0.9 million in 3Q2024, an increase from $0.8 million in both 2Q2024 and 3Q2023[8] - Non-interest expense decreased to $7.0 million in 3Q2024, down from $7.3 million in both 2Q2024 and 3Q2023[9] - Non-interest income for the three months ended September 30, 2024, was $901 thousand, compared to $837 thousand for the same period in 2023, a growth of 7.7%[22] - Total non-interest expense decreased to $6,990 thousand for the third quarter of 2024, down from $7,319 thousand in the same quarter of 2023, a reduction of 4.5%[22] Credit Quality - The provision for credit losses was $0.2 million for both 3Q2024 and 3Q2023, with a total provision of $0.2 million for the nine months ended September 30, 2024, down from $0.8 million in the same period of 2023[7] - Nonperforming assets increased to $6.6 million as of September 30, 2024, representing 0.60% of total assets, compared to 0.28% as of December 31, 2023[8] - Provision for credit losses was $152 thousand for the three months ended September 30, 2024, compared to $184 thousand for the same period in 2023, a decrease of 17.4%[22] Liquidity - Total liquidity from cash, federal funds sold, and securities purchased under reverse repurchase agreements reached $97,833 thousand as of September 30, 2024, compared to $59,754 thousand on December 31, 2023, an increase of 63.7%[26] - The Company’s liquidity measures indicate strong capability to fund obligations in a stressed liquidity environment[27] - As of September 30, 2024, the Company had total remaining credit availability with the FHLB of $294.8 million, up from $279.4 million as of December 31, 2023[27] - Estimated uninsured deposits totaled $233.4 million, representing 23.8% of total deposits as of September 30, 2024, an increase from $200.3 million or 21.1% as of December 31, 2023[28] Expansion and Development - The Company opened a new banking center in Knoxville, Tennessee, and commenced renovation of a banking center in Daphne, Alabama, expected to open in early 2025[13]