Core Insights - The company reported a net income of $2.2 million for the third quarter of 2024, with diluted earnings per share of $0.36, reflecting a focus on improving profitability and balance sheet strength [1][2][3] - Total deposits increased by $26.7 million, or 2.8%, during the third quarter, driven primarily by growth in interest-bearing demand deposits [6][7] - The company experienced a decrease in total loans of $15.8 million, or 1.9%, in the third quarter, attributed mainly to payoffs of construction loans [6][7] Financial Performance - Interest income for the third quarter was $15.0 million, compared to $14.5 million in the previous quarter, while interest expense rose to $5.8 million from $5.4 million [2][6] - Net interest income remained stable at $9.2 million compared to the previous quarter, but decreased by $0.3 million, or 3.1%, year-over-year [6][10] - The net interest margin for the third quarter was 3.60%, down from 3.69% in the previous quarter and 3.79% in the same quarter last year [6][10] Asset Quality - The allowance for credit losses on loans and leases was $10.1 million, representing 1.26% of total loans, a slight decrease from 1.28% at the end of 2023 [6][7] - Nonperforming assets increased to $6.6 million, or 0.60% of total assets, compared to $3.0 million, or 0.28%, at the end of 2023 [6][7] Shareholder Returns - The company declared a cash dividend of $0.05 per share, consistent with previous quarters [6][7] - Shareholders' equity increased to $98.5 million, or 8.95% of total assets, up from $90.6 million, or 8.44%, at the end of 2023 [6][7] Growth Strategy - The company opened a new banking center in Knoxville, Tennessee, and began renovations on another location in Daphne, Alabama, as part of its growth strategy [8][9]

Financial Performance - The Company reported net income of $2.1 million, or $0.34 per diluted common share, for the three months ended June 30, 2024, compared to $2.0 million, or $0.31 per diluted common share, for the same period in 2023, reflecting a 5% increase in net income year-over-year [143]. - Net interest income decreased by $0.5 million, or 2.9%, for the six months ended June 30, 2024, compared to the same period in 2023, due to net interest margin compression [145]. - The Company declared cash dividends of $0.10 per share during both the six months ended June 30, 2024 and 2023 [153]. - Non-interest income increased by $72 thousand for the six months ended June 30, 2024, totaling $1.7 million compared to $1.628 million in 2023 [166]. - Total non-interest expense remained stable at $14.4 million for both the six months ended June 30, 2024 and 2023, despite increases in occupancy and professional services expenses [167]. - The provision for income taxes was $1.3 million for both periods, with effective tax rates of 23.0% in 2024 and 24.1% in 2023 [168]. Asset and Loan Management - Total assets increased by 1.0% to $1,083.3 million as of June 30, 2024, compared to $1,072.9 million as of December 31, 2023 [147]. - Total loans decreased by $2.7 million, or 0.3%, as of June 30, 2024, compared to December 31, 2023, indicating a slowdown in loan demand [148]. - The total loan portfolio decreased by $2.7 million, or 0.3%, to $819.1 million as of June 30, 2024, compared to $822.9 million as of December 31, 2023 [174]. - Loans maturing or repricing in one year or less amounted to $248.8 million as of June 30, 2024, compared to $241.2 million as of December 31, 2023 [183]. Credit Quality - Nonperforming assets totaled $2.9 million, or 0.27% of total assets, as of June 30, 2024, a slight improvement from $3.0 million, or 0.28%, as of December 31, 2023 [149]. - The allowance for credit losses on loans and leases was 1.25% of total loans as of June 30, 2024, down from 1.28% as of December 31, 2023 [146]. - No provision for credit losses was recorded for the six months ended June 30, 2024, compared to a provision of $0.6 million for the same period in 2023 [164]. - Net charge-offs were consistent at $0.4 million for the six months ended June 30, 2024, compared to $0.5 million in the prior year [165]. - The net charge-offs for the quarter were $209,000, with a net charge-off percentage of 0.10% of average loans [176]. Deposits and Funding - Deposits increased to $954.5 million as of June 30, 2024, up from $950.2 million as of December 31, 2023, primarily due to increased interest-bearing time deposits [150]. - Total deposits as of June 30, 2024, were $948,634, with interest-bearing deposits totaling $798,254 and a total funding cost of $963,326 [160]. - Core deposits totaled $813.4 million, or 85.2% of total deposits, as of June 30, 2024, compared to $819.5 million, or 86.2% of total deposits, as of December 31, 2023 [180]. - Estimated uninsured deposits totaled $206.7 million, or 21.6% of total deposits, as of June 30, 2024, compared to $200.3 million, or 21.1% of total deposits, as of December 31, 2023 [192]. - Total readily available liquidity was $370.6 million as of June 30, 2024, compared to $375.3 million as of December 31, 2023 [189]. Capital and Equity - Shareholders' equity increased by $3.2 million, or 3.6%, as of June 30, 2024, compared to December 31, 2023, primarily driven by earnings net of dividends paid [152]. - Shareholders' equity totaled $93.8 million, or 8.7% of total assets, as of June 30, 2024, compared to $90.6 million, or 8.4% of total assets, as of December 31, 2023 [182]. - As of June 30, 2024, the Bank's common equity Tier 1 capital and Tier 1 risk-based capital ratios were each 11.28%, with a total capital ratio of 12.47% and a Tier 1 leverage ratio of 9.46% [154]. Investment Portfolio - As of June 30, 2024, the total investment portfolio included available-for-sale securities totaling $144.0 million, representing 99.4% of the portfolio, an increase from $135.6 million (99.2%) as of December 31, 2023 [171]. - The gross unrealized losses in the available-for-sale portfolio decreased to $9.5 million as of June 30, 2024, from $10.1 million as of December 31, 2023 [173]. - Held-to-maturity securities amounted to $0.9 million, or 0.6% of the total investment portfolio, down from $1.1 million (0.8%) as of December 31, 2023 [172]. - The expected average life of securities in the investment portfolio was 4.3 years as of June 30, 2024, compared to 3.9 years as of December 31, 2023 [170]. - The investment securities portfolio had an estimated average life of 4.3 years as of June 30, 2024, compared to 3.9 years as of December 31, 2023 [184]. Strategic Initiatives - During Q2 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 early 2025 [155]. - The Company maintained excess funding capacity sufficient for loan growth, capital expenditures, and ongoing operations, benefiting from a strong core deposit base and a liquid investment securities portfolio [155]. - The Company purchased $50 million in interest rate floors during Q1 2024 to mitigate risk in down rate scenarios [155]. - The company did not purchase any additional derivative contracts during Q2 2024 [198]. Interest Rate Sensitivity - The average change in net interest margin for a +1% interest rate forecast is $849,000 for 1 year and $1,482,000 for 2 years [197]. - For a -1% interest rate forecast, the average change in net interest margin is -$1,075,000 for 1 year and -$1,956,000 for 2 years [197]. - The net interest margin is projected to change by $1,467,000 for a +2% interest rate forecast over 1 year [197]. - A -2% interest rate forecast results in an average change in net interest margin of -$2,235,000 for 1 year [197]. - The company experienced a net interest margin change of $1,824,000 for a +3% interest rate forecast over 1 year [197]. - For a -3% interest rate forecast, the average change in net interest margin is -$3,274,000 for 1 year [197]. - The company reported a cumulative change in net interest income of $1,482,000 for a +1% interest rate forecast over 2 years [197]. - The cumulative change in net interest income for a -2% interest rate forecast is -$4,406,000 for 2 years [197].

Financial Performance - Net income for 2Q2024 was $2.1 million, or $0.34 per diluted share, unchanged from 1Q2024 and up from $2.0 million, or $0.31 per diluted share in 2Q2023[1]. - Net income for Q2 2024 was $2.1 million, with diluted earnings per share of $0.34, reflecting a year-to-date EPS growth of $0.04 compared to 2023[13]. - Net income for the three months ended June 30, 2024, was $2,127 million, compared to $2,023 million for the same period in 2023, representing an increase of 5.1%[31]. - Basic net income per share for the three months ended June 30, 2024, was $0.36, up from $0.34 in the same period of 2023, reflecting a growth of 5.9%[31]. Interest Income and Expenses - Net interest income for 2Q2024 totaled $9.2 million, an increase from $9.0 million in 1Q2024, but a decrease from $9.3 million in 2Q2023; net interest margin was 3.69% in 2Q2024, down from 3.88% in 2Q2023[5]. - The Company reported a net interest income of $18.22 million for 2Q2024, slightly down from $18.76 million in the previous quarter[28]. - Total interest income for the three months ended June 30, 2024, was $14,546 million, an increase from $12,999 million for the same period in 2023, representing a growth of 11.9%[31]. - Net interest income after provision for credit losses was $9,176 million for the three months ended June 30, 2024, compared to $9,023 million for the same period in 2023, reflecting a slight increase of 1.7%[31]. Non-Interest Income and Expenses - Non-interest income totaled $0.8 million in Q2 2024, consistent with Q2 2023, while total non-interest income for the six months ended June 30, 2024, was $1.7 million, up from $1.6 million in the same period of 2023[18]. - Total non-interest income for the three months ended June 30, 2024, was $835 million, up from $799 million in the same period of 2023, indicating a growth of 4.5%[31]. - Non-interest expense totaled $7.3 million in 2Q2024, compared to $7.1 million in 1Q2024 and $7.2 million in 2Q2023; total non-interest expense for the first six months of 2024 was $14.4 million[8]. - Total non-interest expense increased to $7,272 million for the three months ended June 30, 2024, compared to $7,151 million for the same period in 2023, marking a rise of 1.7%[31]. Loans and Deposits - Total loans decreased by $3.8 million, or 0.5%, in Q2 2024, with a total loan volume of $819.1 million as of June 30, 2024[16]. - Total loans increased to $819.59 million in 2Q2024, up from $792.38 million in 1Q2024, reflecting a growth rate of 3.5%[24]. - Total deposits increased to $948.63 million in 2Q2024, compared to $877.63 million in 1Q2024, representing an increase of 8.1%[28]. - Total deposits increased by $11.2 million, or 1.2%, during 2Q2024, primarily due to growth in non-interest bearing demand and interest-bearing time deposits[45]. Capital and Equity - As of June 30, 2024, the Bank's common equity Tier 1 capital and Tier 1 risk-based capital ratios were each 11.28%, total capital ratio was 12.47%, and Tier 1 leverage ratio was 9.46%[10]. - Shareholders' equity rose to $93.84 million as of June 30, 2024, compared to $90.59 million at the end of 2023[30]. - Shareholders' equity increased to $93.8 million, or 8.66% of total assets, as of June 30, 2024, up from $90.6 million, or 8.44% of total assets, as of December 31, 2023[47]. - Tangible common equity to tangible assets ratio was 8.02% as of June 30, 2024, compared to 7.97% in the previous quarter, indicating improved capital adequacy[41]. Economic Outlook and Management Commentary - Management remains cautiously optimistic about economic conditions, noting that inflation has slowed but may remain higher than market expectations[15]. - The Company anticipates potential risks related to credit losses and competition in the banking industry, which may affect future performance[22]. - The Board of Directors may adjust the dividend policy based on the Company's financial conditions and other relevant factors[22]. Liquidity and Funding - The Company maintained a strong core deposit base and access to various funding sources, ensuring adequate liquidity for loan growth and operations[49]. - The company reported strong liquidity indicators, with access to unsecured brokered deposits and on-balance sheet liquidity providing confidence in funding obligations during stressed environments[63]. - Liquidity from cash and federal funds sold increased to $63,740 thousand as of June 30, 2024, compared to $59,754 thousand as of December 31, 2023[61]. Share Repurchase and Dividends - The Company repurchased 77,000 shares of common stock at a weighted average price of $10.60 per share during 2Q2024, with 382,313 shares remaining available for repurchase[9]. - The Company declared a cash dividend of $0.05 per share for 2Q2024, consistent with previous quarters[19].

Core Insights - The company reported a net income of $2.1 million for Q2 2024, showing a slight increase from $2.1 million in Q1 2024 but a decrease from $2.3 million in Q2 2023 [4][12] - Total assets reached $1,083.3 million as of June 30, 2024, up from $1,072.9 million at the end of 2023 [4][12] - The net interest margin improved to 3.69% in Q2 2024, compared to 3.65% in Q1 2024, but decreased from 3.88% in Q2 2023 [4][12] Financial Performance - Interest income for Q2 2024 was $14.5 million, an increase from $14.3 million in Q1 2024 and $13.9 million in Q4 2023 [4][12] - Net interest income was $9.2 million for Q2 2024, up from $9.0 million in Q1 2024 but down from $9.3 million in Q2 2023 [4][12] - Non-interest income totaled $0.8 million in Q2 2024, consistent with Q2 2023 but down from $0.9 million in Q1 2024 [4][12] Loan and Deposit Trends - Total loans decreased by $3.8 million, or 0.5%, in Q2 2024, primarily due to reductions in commercial and industrial loans [4][12] - Total deposits increased by $11.2 million, or 1.2%, during Q2 2024, driven by growth in non-interest bearing demand and interest-bearing time deposits [4][12] - The allowance for credit losses on loans was 1.25% of total loans as of June 30, 2024, down from 1.28% at the end of 2023 [4][12] Shareholder Metrics - The company declared a cash dividend of $0.05 per share in Q2 2024, consistent with previous quarters [4][12] - Shareholders' equity increased to $93.8 million, or 8.66% of total assets, compared to $90.6 million, or 8.44% of total assets, at the end of 2023 [4][12] - The tangible common equity ratio was 8.02% as of June 30, 2024, up from 7.79% at the end of 2023 [4][12] Strategic Developments - The company opened a new banking center in Knoxville, Tennessee, and began renovations on another center in Daphne, Alabama, as part of its growth strategy [5][12] - Management is focused on enhancing the investment portfolio to take advantage of the higher interest rate environment [12]

BIRMINGHAM, Ala., July 24, 2024 /PRNewswire/ -- First US Bancshares, Inc. (the "Company") (Nasdaq: FUSB) announced today that the Company's Board of Directors has elected Robert C. Field as a director of the Company and its subsidiary, First US Bank (the "Bank"), effective immediately. Mr. Field will serve on the Audit Committee of the Board of Directors of the Company and the Asset/Liability Committee of the Board of Directors of the Bank. Mr. Field graduated Magna Cum Laude from the University of Alabama ...

BIRMINGHAM, Ala., May 22, 2024 /PRNewswire/ -- First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company") announced today that the Company's Board of Directors has declared a cash dividend of $0.05 per share. The dividend is payable on July 1, 2024, to shareholders of record at the close of business on June 7, 2024. "We are pleased to announce a dividend for the fortieth consecutive quarter" stated James F. House, the Company's President and Chief Executive Officer. "We will continue to evaluate future divide ...

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, 2024 Delaware 63-0843362 (State or Other Jurisdiction of Incorporation or Organization) 3291 U.S. Highway 280 Birmingham, AL 35243 (Address of Principal Executive Offices) (Zip Code) Commission File Number: 0-14549 (205) 582-1200 OR (Registrant's Telephone Number, Including Area Code) ☐ TRANSITION ...

First US Bancshares, Inc. Reports First Quarter 2024 Earnings BIRMINGHAM, AL (April 24, 2024) – First Quarter Highlights: | | | | Return on average | Return on average | | | --- | --- | --- | --- | --- | --- | | | Diluted Earnings per | Return on average assets | common equity | tangible common equity | | | Net Income | share | (annualized) | (annualized) | (1) (annualized) | Loans to deposits | | $2.1 million | $0.34 | 0.80% | 9.25% | 10.08% | 87.2% | First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company" ...

Financial Performance - Interest income for 2023 increased to $52,806,000 from $41,197,000 in 2022, representing a growth of 28.5%[152]. - Net interest income remained stable at $37,350,000 in 2023 compared to $36,941,000 in 2022, showing a slight increase of 1.1%[152]. - Net income rose to $8,485,000 in 2023, up from $6,864,000 in 2022, reflecting a growth of 23.6%[152]. - Basic net income per share increased to $1.42 in 2023 from $1.13 in 2022, a rise of 25.7%[152]. - Total assets grew to $1,072,940,000 in 2023, compared to $994,667,000 in 2022, marking an increase of 7.9%[152]. - Total loans increased to $821,791,000 in 2023 from $773,873,000 in 2022, a growth of 6.2%[152]. - Total deposits rose to $950,191,000 in 2023, up from $870,025,000 in 2022, indicating a growth of 9.2%[152]. - The allowance for credit losses on loans increased to $10,507,000 in 2023 from $9,422,000 in 2022, reflecting a rise of 11.5%[152]. - The net interest margin decreased to 3.87% in 2023 from 4.07% in 2022, a decline of 4.9%[152]. - Non-interest income slightly decreased to $3.4 million in 2023 from $3.5 million in 2022, primarily due to the absence of gains on the sale of premises and equipment[186]. - Non-interest expense rose to $29.1 million in 2023 from $28.1 million in 2022, with increases attributed to regulatory assessments and check fraud[187]. Regulatory Environment - Bancshares is subject to extensive regulation by the Federal Reserve, ASBD, and FDIC, impacting its operations and profitability[29]. - The Federal Reserve requires bank holding companies to serve as a source of financial strength to their subsidiary depository institutions[32]. - The Dodd-Frank Act imposes restrictions on incentive compensation arrangements to mitigate inappropriate risks within financial institutions[37]. - The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 allows community banks with total assets of less than $10 billion to access a simpler capital regime focused on Tier 1 leverage capital levels[51]. - The proposed revisions to the Basel III Capital Rules introduced in July 2023 would not apply to the Company or the Bank due to their total consolidated assets being less than $100 billion[54]. - The Bank must maintain a specified capital conservation buffer to avoid limitations on paying dividends and engaging in share repurchases[48]. - The Anti-Money Laundering Act of 2020 aims to modernize U.S. bank secrecy and anti-money laundering laws, requiring financial institutions to establish comprehensive programs[60]. - The SEC adopted amendments in July 2023 requiring public companies to enhance disclosures regarding cybersecurity risk management and incident reporting[68]. - The Consumer Financial Protection Bureau proposed a rule on October 19, 2023, promoting "open banking" which would require financial institutions to provide consumers with access to their transaction and account information[71]. - The federal banking regulators are expected to adopt a formal climate risk management framework for larger banking organizations in the coming months, focusing on the impact of climate-related risks on financial stability[76]. Operational Highlights - The Bank operates 15 full-service banking offices across Alabama, Tennessee, and Virginia, and conducts indirect lending in 17 states[17]. - Bancshares aims to grow loan production offices to support limited branching and expand its customer base through digital banking offerings[20]. - As of December 31, 2023, the Bank had 153 full-time equivalent employees, with 79% of the workforce being female and 19% racially or ethnically diverse[21][26]. - The Company emphasizes a competitive total rewards program, including bonus opportunities and a Company matched 401(k) Plan, to attract and retain talent[23]. - The Bank received a "satisfactory" rating in its most recent Community Reinvestment Act evaluation[57]. Market and Economic Conditions - The financial services industry is expected to become more competitive due to technological advances, which may diminish the importance of traditional depository institutions[28]. - Economic conditions in the U.S. and local markets, characterized by high inflation and interest rates, could adversely affect growth and profitability[84]. - The banking industry is highly competitive, with significant competition from various financial institutions, which may affect market share[87]. - Changes in interest rates can significantly impact net interest income and the valuation of assets and liabilities[88]. - Federal budget deficit concerns and potential political conflicts may negatively impact financial markets and the company's financial position[91]. Cybersecurity and Compliance - The company relies on third-party vendors for processing and handling records, exposing it to additional risks for cybersecurity breaches[97]. - The company is subject to extensive governmental regulation, which could adversely impact operations and financial results if compliance is not maintained[100]. - The company faces risks related to privacy and data protection laws, which could lead to increased costs and potential litigation if violations occur[101]. - The company must notify the Federal Reserve or FDIC within 36 hours of significant computer security incidents that disrupt its operations[67]. - The company has implemented several cybersecurity processes and controls to manage risks associated with cybersecurity threats[125]. - The Information Technology Steering Committee of the Board of Directors oversees the company's cybersecurity risk management process, meeting at least quarterly[135]. - Bancshares' management team has over 90 years of collective experience in managing information security and developing cybersecurity strategies[137]. Shareholder Returns and Capital Management - Bancshares declared total dividends of $0.20 per common share for the year ended December 31, 2023, compared to $0.14 per common share in 2022[144]. - During the fourth quarter of 2023, Bancshares repurchased a total of 138,729 shares at an average price of $10.33 per share[146]. - As of December 31, 2023, Bancshares was authorized to repurchase up to 459,313 shares under its share repurchase program[147]. - The Company intends to engage in acquisitions, which may not yield anticipated revenue or cost savings and could result in integration difficulties[110]. - Regulatory restrictions may limit the ability of the company to pay dividends, impacting shareholder returns[116]. - The Company declared cash dividends of $0.20 per share in 2023, up from $0.14 per share in 2022[194]. - The Company completed share repurchases totaling 137,500 shares at a weighted average price of $10.34 per share during 2023[195].

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 September 30, 2023 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: 0-14549 First US Bancshares, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 63-0843362 ( ...