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 June 30, 2021 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 (State or Other Jurisdiction of In ...

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, 2021 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 (State or Other Jurisdiction of I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020 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 (State or Other Jurisdiction of Inco ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited interim condensed consolidated financial statements for First US Bancshares, Inc. as of September 30, 2020, and for the three and nine months then ended [Interim Condensed Consolidated Balance Sheets](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$852.9 million** at September 30, 2020, from **$788.7 million** at December 31, 2019, primarily driven by an increase in net loans from **$545.2 million** to **$627.6 million**, funded by a significant increase in total deposits to **$745.3 million**, with total shareholders' equity remaining stable at **$85.7 million** Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 (Unaudited) | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$852,941** | **$788,738** | | Cash and cash equivalents | $65,643 | $57,030 | | Loans, net | $627,605 | $545,243 | | **Total Liabilities** | **$767,283** | **$703,990** | | Total deposits | $745,336 | $683,662 | | Non-interest-bearing deposits | $152,942 | $112,729 | | **Total Shareholders' Equity** | **$85,658** | **$84,748** | [Interim Condensed Consolidated Statements of Operations](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Operations) Net income for the nine months ended September 30, 2020, significantly decreased to **$1.7 million** from **$3.4 million** in 2019, primarily due to lower net interest income and higher provision for loan and lease losses, resulting in diluted EPS dropping to **$0.25** from **$0.49** Key Performance Indicators (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net Interest Income | $26,474 | $27,753 | | Provision for loan and lease losses | $2,476 | $1,998 | | **Net Income** | **$1,662** | **$3,357** | | Diluted net income per share | $0.25 | $0.49 | | Dividends per share | $0.09 | $0.06 | [Notes to Interim Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the financial statements, emphasizing the COVID-19 pandemic's impact on economic outlook and operations, including loan deferment programs and Paycheck Protection Program participation - The COVID-19 pandemic has had a destabilizing effect on financial markets and economic activity, impacting the company's net interest income, provisions for loan losses, and noninterest income, with the ultimate financial impact remaining uncertain[28](index=28&type=chunk)[30](index=30&type=chunk) - The company has two reportable operating segments: First US Bank (the "Bank") and its finance company subsidiary, Acceptance Loan Company, Inc. ("ALC")[26](index=26&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses significant factors affecting financial condition and operations, focusing on COVID-19 impacts, including declining net income due to net interest margin compression and increased loan loss provisions, alongside loan portfolio growth and deposit increases - Net income for the nine months ended September 30, 2020, was **$1.7 million**, down from **$3.4 million** in the prior year, primarily due to a **$1.3 million** decrease in net interest income and a **$0.5 million** increase in the provision for loan and lease losses[190](index=190&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) - In response to COVID-19, the company granted payment deferments to over **1,800** borrowers, with active deferments totaling **$18.4 million** as of September 30, 2020[182](index=182&type=chunk) - The company originated **167** Paycheck Protection Program (PPP) loans with an aggregate principal balance of **$14.0 million**, which are **100%** guaranteed by the SBA[188](index=188&type=chunk) - Total assets increased to **$852.9 million** as of September 30, 2020, from **$788.7 million** at year-end 2019, driven by an **$83.0 million** increase in total loans and a **$61.6 million** increase in deposits[201](index=201&type=chunk)[202](index=202&type=chunk)[206](index=206&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages interest rate risk using financial simulation models, showing moderate asset-sensitivity to rising rates long-term and projected increases in market value of equity in both rising and falling rate scenarios Cumulative Change in Net Interest Income Forecast (in thousands) | Rate Change | 6 Months | 1 Year | 2 Years | 5 Years | | :--- | :--- | :--- | :--- | :--- | | +2% | $40 | $38 | $898 | $11,861 | | +1% | $137 | $272 | $1,013 | $7,458 | | -1% | $19 | $(80) | $(719) | $(4,718) | | -2% | $(147) | $(550) | $(2,038) | $(8,980) | Net Change in Market Value of Equity (in thousands) | Rate Change | Net Change in MVE | | :--- | :--- | | +2% | $1,296 | | +1% | $3,386 | | -1% | $1,576 | | -2% | $4,421 | [Controls and Procedures](index=55&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2020, with no material changes in internal control over financial reporting during the quarter - Management concluded that as of September 30, 2020, the company's disclosure controls and procedures were effective at the reasonable assurance level[263](index=263&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended September 30, 2020, that have materially affected, or are reasonably likely to materially affect, the company's internal controls[264](index=264&type=chunk) [PART II. OTHER INFORMATION](index=56&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=56&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course litigation, which management believes will not have a material adverse effect on its consolidated financial statements or results of operations - The company is party to ordinary course litigation which is not expected to have a material adverse effect on its financial condition or operations[267](index=267&type=chunk) [Risk Factors](index=56&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section highlights material risks, primarily the adverse impacts of the COVID-19 pandemic on financial markets, interest rates, credit quality, business operations, and cybersecurity, alongside risks from PPP participation - The COVID-19 pandemic is identified as a primary risk factor, with potential adverse impacts on financial markets, interest rates, loan quality, customer financial condition, business operations, and security[269](index=269&type=chunk)[270](index=270&type=chunk) - Participation in the SBA Paycheck Protection Program (PPP) exposes the company to litigation risk regarding its loan processing and credit risk if the SBA denies guarantees due to origination or servicing deficiencies[275](index=275&type=chunk)[277](index=277&type=chunk) [Issuer Purchases of Equity Securities](index=58&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q3 2020, **1,833** shares of common stock were purchased at an average price of **$6.54** per share by an independent trustee for the 401(k) Plan, with **54,961** shares remaining available for repurchase Issuer Purchases of Equity Securities (Q3 2020) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2020 | — | $— | | August 2020 | — | $— | | September 2020 | 1,833 | $6.54 | | **Total** | **1,833** | **$6.54** | - As of September 30, 2020, the company was authorized to repurchase up to **54,961** additional shares of common stock under its existing program before its expiration on December 31, 2020[279](index=279&type=chunk) [Exhibits](index=59&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including the company's articles of incorporation and bylaws, CEO and CFO certifications, and Interactive Data Files (XBRL) - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Act rules and Interactive Data Files[280](index=280&type=chunk)

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 June 30, 2020 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 (State or Other Jurisdiction of In ...

[Part I. Financial Information](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited interim condensed consolidated financial statements for Q1 2020, including balance sheets, statements of operations, comprehensive income, changes in shareholders' equity, cash flows, and detailed notes Condensed Consolidated Balance Sheet Highlights (Unaudited) | (In Thousands) | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | $788,565 | $788,738 | | Loans, net | $539,685 | $545,243 | | Total Deposits | $682,595 | $683,662 | | Total Liabilities | $704,233 | $703,990 | | Total Shareholders' Equity | $84,332 | $84,748 | Condensed Consolidated Statements of Operations Highlights (Unaudited) | (In Thousands, Except Per Share Data) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :--- | :--- | :--- | | Net Interest Income | $8,886 | $9,173 | | Provision for Loan and Lease Losses | $580 | $400 | | Non-interest Income | $1,297 | $1,265 | | Non-interest Expense | $8,494 | $8,453 | | Net Income | $847 | $1,234 | | Diluted Net Income per Share | $0.13 | $0.18 | [Interim Condensed Consolidated Balance Sheets](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets%20at%20March%2031%2C%202020%20(Unaudited)%20and%20December%2031%2C%202019) Total assets remained stable at approximately **$788.6 million** in Q1 2020, with slight decreases in net loans, total deposits, and shareholders' equity [Interim Condensed Consolidated Statements of Operations](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(Unaudited)) Net income for Q1 2020 decreased to **$847 thousand** from **$1.23 million** in Q1 2019, primarily due to lower net interest income and increased loan loss provisions [Interim Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(Unaudited)) Total comprehensive income significantly decreased to **$130 thousand** in Q1 2020 from **$2.08 million** in Q1 2019, driven by unrealized losses on cash flow hedge derivatives [Interim Condensed Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(Unaudited)) Shareholders' equity slightly decreased to **$84.3 million** in Q1 2020, primarily due to fair value changes in derivatives and treasury stock repurchases, partially offset by net income [Interim Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202020%20and%202019%20(Unaudited)) Net cash from operations decreased to **$1.0 million** in Q1 2020, while investing activities used **$0.3 million** and financing activities used **$1.6 million**, leading to a **$0.9 million** net decrease in cash [Notes to Interim Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes detail accounting policies, the significant impact of COVID-19 on operations, loan portfolio specifics, credit quality, and responses like loan deferments and PPP participation - The company's operations were significantly impacted by the **COVID-19 pandemic**, leading to destabilized financial markets and uncertain future performance[28](index=28&type=chunk)[29](index=29&type=chunk) - Over **1,400 borrowers** with approximately **$114.9 million** in principal balance were granted loan deferments by April 30, 2020, in response to COVID-19[75](index=75&type=chunk)[76](index=76&type=chunk) - Certain loan categories totaling **$79.7 million** (**14.5%** of the portfolio) were identified as at-risk due to the pandemic, including hotels/motels and dine-in restaurants[77](index=77&type=chunk)[84](index=84&type=chunk) - The company approved **132 loans** totaling **$13.6 million** under the SBA's Paycheck Protection Program (PPP) by April 30, 2020[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=46&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2020 financial performance, emphasizing the COVID-19 impact, company responses like loan deferments and PPP, and changes in net interest income and loan loss provisions Q1 2020 vs. Q1 2019 Performance Highlights | Metric (in thousands) | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Interest Income | $8,886 | $9,173 | | Provision for Loan/Lease Losses | $580 | $400 | | Net Income | $847 | $1,234 | - Net interest income decreased by **$0.3 million** year-over-year, with net interest margin compressing by **20 basis points** to **4.97%**[192](index=192&type=chunk) - The provision for loan and lease losses increased to **$0.6 million** from **$0.4 million** year-over-year, driven by COVID-19 economic impacts[194](index=194&type=chunk) - The company implemented its Pandemic Contingency Plan, offering loan deferments to over **1,400 borrowers** and funding **$13.6 million** in PPP loans[183](index=183&type=chunk)[184](index=184&type=chunk)[189](index=189&type=chunk) - During Q1 2020, the company repurchased **38,604 shares** of common stock at a weighted average price of **$11.70 per share**[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's market risk management, primarily focusing on interest rate risk using financial simulation models to assess impacts on net interest income and asset/liability values - The company's primary market risk is **interest rate risk**, managed to maximize net interest income while preserving capital[245](index=245&type=chunk) - Financial simulation models are used to measure interest rate exposure, analyzing scenarios including **+/- 1% to 4%** interest rate shocks[246](index=246&type=chunk)[249](index=249&type=chunk) - Management conducts monthly evaluations of interest rate impacts on short-term net interest margin and long-term profitability over a **five-year period**[249](index=249&type=chunk)[250](index=250&type=chunk) [Controls and Procedures](index=53&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2020, with no material changes to internal control over financial reporting during Q1 2020 - Management concluded that disclosure controls and procedures were **effective** at a reasonable assurance level as of March 31, 2020[253](index=253&type=chunk) - No material changes occurred in internal control over financial reporting during the quarter ended March 31, 2020[254](index=254&type=chunk) [Part II. Other Information](index=54&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=54&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course litigation, with management believing the outcome will not materially adversely affect financial statements or operations - The company is a party to certain ordinary course litigation and intends to defend itself vigorously[257](index=257&type=chunk) - Management believes the outcome of litigation is not expected to have a material adverse effect on financial condition or results of operations[257](index=257&type=chunk) [Risk Factors](index=54&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section updates risk factors, focusing on COVID-19 impacts including market volatility, low interest rates, credit deterioration, operational disruptions, and new risks from PPP participation - The **COVID-19 global pandemic** is a primary risk factor, with its ultimate effect on the business remaining highly uncertain[259](index=259&type=chunk) - Key pandemic risks include financial market volatility, low interest rates, increased credit risk from loan deferments, customer financial deterioration, and business disruptions[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) - Participation in the **SBA Paycheck Protection Program (PPP)** introduces risks such as potential litigation and the possibility of SBA denying loan guarantees[264](index=264&type=chunk)[267](index=267&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECU RITIES%20AND%20USE%20OF%20PROCEEDS) This section details Q1 2020 share repurchase activity, with **44,139 shares** purchased at an average price of **$11.12**, and **54,961 shares** remaining available under the program Issuer Purchases of Equity Securities (Q1 2020) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Publicly Announced Program | | :--- | :--- | :--- | :--- | | Jan 2020 | 0 | $— | 0 | | Feb 2020 | 20,905 | $11.78 | 20,905 | | Mar 2023 | 23,234 | $10.53 | 17,699 | | **Total** | **44,139** | **$11.12** | **38,604** | - As of March 31, 2020, **54,961 additional shares** remained authorized for repurchase under the program expiring December 31, 2020[269](index=269&type=chunk) [Exhibits](index=57&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including corporate documents, agreements, and required CEO/CFO certifications - The filing includes key corporate documents, compensation agreements, and required CEO and CFO certifications[270](index=270&type=chunk)

PART I [Business](index=4&type=section&id=Item%201.%20Business) First US Bancshares is a regulated bank holding company operating in commercial banking, consumer finance, and credit reinsurance - First US Bancshares, Inc. operates as a bank holding company with its main subsidiary being First US Bank, which provides general commercial banking services through **20 full-service offices** and two loan production offices across Alabama, Tennessee, and Virginia[14](index=14&type=chunk)[15](index=15&type=chunk) - The company has two key non-bank subsidiaries: Acceptance Loan Company, Inc. (ALC), a consumer finance company operating in **11 states**, and FUSB Reinsurance, Inc., which underwrites credit insurance for the Bank's and ALC's customers[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - On August 31, 2018, the company completed the acquisition of The Peoples Bank (TPB) for approximately **$24.8 million**, adding **$166.5 million in assets** and resulting in **$7.4 million of goodwill**[17](index=17&type=chunk) - The company is extensively regulated by the Federal Reserve, FDIC, and the Alabama State Banking Department (ASBD), imposing restrictions on activities, investments, capital adequacy, and dividend payments[24](index=24&type=chunk) [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks from credit losses, economic conditions, interest rate fluctuations, and operational threats - The company is exposed to credit risk, where loan losses could exceed the allowance, a risk heightened by the upcoming **Current Expected Credit Loss (CECL) model** implementation[64](index=64&type=chunk)[65](index=65&type=chunk) - Business operations are sensitive to economic conditions, with the report highlighting the emerging risk of **COVID-19** potentially disrupting economic activity and loan repayments[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - The company faces significant interest rate risk and uncertainty from the planned discontinuation of **LIBOR** after 2021, which may require costly implementation of substitute indices[79](index=79&type=chunk)[82](index=82&type=chunk)[85](index=85&type=chunk) - Operational risks include potential failures of information systems, cybersecurity threats, and reliance on third-party vendors for data processing[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [Unresolved Staff Comments](index=25&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved comments from SEC staff - None[109](index=109&type=chunk) [Properties](index=25&type=section&id=Item%202.%20Properties) The company owns most of its office properties, which are deemed adequate for current operations - The Bank owns all of its offices without encumbrances, except for its leased locations in Knoxville and Powell, Tennessee, while its subsidiary ALC owns one office and leases others[110](index=110&type=chunk) [Legal Proceedings](index=25&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course litigation not expected to have a material adverse effect - The company is party to ordinary course litigation, which management believes will not have a material adverse effect on its consolidated financial statements[111](index=111&type=chunk) [Mine Safety Disclosures](index=25&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[112](index=112&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=26&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock (FUSB) trades on Nasdaq, with dividends declared and shares repurchased in 2019 - Bancshares' common stock is listed on the Nasdaq Capital Market under the symbol **"FUSB"**[115](index=115&type=chunk) - Total dividends declared were **$0.09 per common share in 2019** and **$0.08 per common share in 2018**[116](index=116&type=chunk) Issuer Purchases of Equity Securities (Q4 2019) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Publicly Announced Programs | Maximum Shares that May Yet Be Purchased Under the Programs | | :--- | :--- | :--- | :--- | :--- | | October 1-31, 2019 | — | $ — | — | 158,103 | | November 1-30, 2019 | 48,833 | $ 10.39 | 48,833 | 109,270 | | December 1-31, 2019 | 15,705 | $ 10.82 | 15,705 | 93,565 | | **Total** | **64,538** | **$ 10.50** | **64,538** | **93,565** | [Selected Financial Data](index=27&type=section&id=Item%206.%20Selected%20Financial%20Data) Five-year financial data shows significant asset growth, recovering net income, and improving asset quality Selected Financial Highlights (2015-2019) | Metric (in thousands, except per share) | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $4,566 | $2,490 | $(411) | $1,224 | $2,595 | | Diluted net income (loss) per share | $0.67 | $0.37 | $(0.07) | $0.19 | $0.41 | | Total assets | $788,738 | $791,939 | $625,581 | $606,892 | $575,782 | | Loans, net | $545,243 | $514,867 | $346,121 | $322,772 | $255,432 | | Total deposits | $683,662 | $704,725 | $517,079 | $497,556 | $479,258 | | Total shareholders' equity | $84,748 | $79,437 | $76,208 | $76,241 | $77,030 | | Return on average assets | 0.58% | 0.36% | (0.07)% | 0.21% | 0.46% | | Return on average equity | 5.51% | 3.26% | (0.52)% | 1.56% | 3.41% | | Nonperforming assets as % of total assets | 0.61% | 0.54% | 0.95% | 1.20% | 1.59% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income rose to $4.6 million in 2019, driven by the TPB acquisition and organic loan growth Consolidated Results of Operations (2019 vs. 2018) | Metric (in thousands) | 2019 | 2018 | | :--- | :--- | :--- | | Net interest income | $36,942 | $32,788 | | Provision for loan losses | $2,714 | $2,622 | | Non-interest income | $5,366 | $5,610 | | Non-interest expense | $33,782 | $32,385 | | **Net income** | **$4,566** | **$2,490** | - The improvement in 2019 earnings was primarily driven by additional earning assets and efficiencies gained from the **August 2018 acquisition of The Peoples Bank (TPB)**, as well as organic loan growth[141](index=141&type=chunk) - Net loans increased by **$30.3 million (5.9%)** to **$545.2 million** at year-end 2019, reflecting growth in both the Bank's commercial lending and ALC's indirect sales portfolio[141](index=141&type=chunk)[151](index=151&type=chunk) - The company's effective tax rate decreased to **21.4% in 2019** from 26.6% in 2018, mainly because certain non-deductible expenses related to the TPB acquisition were not incurred in 2019[149](index=149&type=chunk) [Results of Operations](index=33&type=section&id=RESULTS%20OF%20OPERATIONS) Net interest income grew 12.7% from higher loan volume, while non-interest income and expenses were impacted by the TPB acquisition - Net interest income increased by **$4.2 million (12.7%)** in 2019, primarily due to a **$113.2 million increase** in average interest-earning assets, largely from the TPB acquisition[145](index=145&type=chunk)[163](index=163&type=chunk) - Non-interest income decreased by **$0.2 million**, mainly because of a non-recurring **$1.0 million gain** on the settlement of derivative contracts in 2018[147](index=147&type=chunk)[173](index=173&type=chunk) - Non-interest expense increased by **$1.4 million**, primarily reflecting a full year of operating expenses from the acquired TPB operations, partially offset by **$1.6 million in non-recurring acquisition expenses** from 2018[148](index=148&type=chunk)[174](index=174&type=chunk) [Balance Sheet Analysis](index=38&type=section&id=BALANCE%20SHEET%20ANALYSIS) Assets stood at $788.7 million, with loan growth funded by reduced securities and a strategic decrease in brokered deposits - The investment securities portfolio decreased from **$153.9 million in 2018 to $108.4 million in 2019** as management redeployed maturing securities to fund loan growth[154](index=154&type=chunk)[180](index=180&type=chunk) - Net loans grew to **$545.2 million** from $514.9 million, with the allowance for loan and lease losses increasing to **1.05% of gross loans**, up from 0.97% in 2018[151](index=151&type=chunk)[152](index=152&type=chunk) - Total deposits decreased to **$683.7 million** from $704.7 million, primarily due to a managed reduction of **$25.9 million in brokered deposits** to lower interest expense[156](index=156&type=chunk)[195](index=195&type=chunk) - Shareholders' equity rose to **$84.7 million** from $79.4 million, benefiting from net income and a decrease in accumulated other comprehensive loss[200](index=200&type=chunk)[202](index=202&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with simulations showing sensitivity to rate changes - The company's primary market risk is interest rate risk, managed using financial simulation models to measure potential impacts on net interest income and equity value[216](index=216&type=chunk)[217](index=217&type=chunk) Cumulative Change in Net Interest Income Forecast (pre-tax) | Rate Scenario | 1 Year | 2 Years | 5 Years | | :--- | :--- | :--- | :--- | | +2% | $399k | $994k | $10,610k | | +1% | $409k | $989k | $6,676k | | -1% | ($1,512k) | ($3,952k) | ($15,497k) | | -2% | ($2,664k) | ($7,085k) | ($27,378k) | Net Change in Market Value of Equity Forecast | Rate Scenario | Net Change (in thousands) | | :--- | :--- | | +2% | ($2,828) | | +1% | $443 | | -1% | ($7,877) | | -2% | ($14,053) | [Financial Statements and Supplementary Data](index=51&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements and management's report on internal controls - Management assessed its internal control over financial reporting as **effective** as of December 31, 2019, based on the COSO framework[226](index=226&type=chunk)[227](index=227&type=chunk) - The independent registered public accounting firm, Carr, Riggs & Ingram, LLC, issued an **unqualified opinion**, stating that the consolidated financial statements present fairly in conformity with U.S. GAAP[230](index=230&type=chunk) [Consolidated Financial Statements](index=53&type=section&id=Consolidated%20Financial%20Statements) The financial statements detail the company's financial position, with total assets of $788.7 million and net income of $4.6 million for 2019 Consolidated Balance Sheet Highlights (as of Dec 31) | Account (in thousands) | 2019 | 2018 | | :--- | :--- | :--- | | Total cash and cash equivalents | $57,030 | $49,599 | | Loans, net of allowance | $545,243 | $514,867 | | Total assets | $788,738 | $791,939 | | Total deposits | $683,662 | $704,725 | | Total liabilities | $703,990 | $712,502 | | Total shareholders' equity | $84,748 | $79,437 | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account (in thousands) | 2019 | 2018 | | :--- | :--- | :--- | | Net interest income | $36,942 | $32,788 | | Provision for loan and lease losses | $2,714 | $2,622 | | Non-interest income | $5,366 | $5,610 | | Non-interest expense | $33,782 | $32,385 | | **Net income** | **$4,566** | **$2,490** | [Notes to Consolidated Financial Statements](index=58&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the TPB acquisition, loan portfolio quality, and the Bank's "well-capitalized" status - The company adopted ASU 2016-02 (Leases) on January 1, 2019, resulting in the recognition of a right-of-use asset of **$3.5 million** and a lease liability of **$3.6 million**[284](index=284&type=chunk) - The implementation of ASU 2016-13 (CECL) has been delayed and is now effective for fiscal years beginning after December 15, 2022[290](index=290&type=chunk) - As of December 31, 2019, the Bank's capital ratios, including a **Common Equity Tier 1 ratio of 12.78%**, exceeded the levels required to be considered **"well-capitalized"**[393](index=393&type=chunk) - The company uses derivative instruments (interest rate swaps) for hedging purposes, holding five forward interest rate swap contracts as of December 31, 2019[212](index=212&type=chunk)[402](index=402&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=112&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[456](index=456&type=chunk) [Controls and Procedures](index=112&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of year-end 2019 - Based on an evaluation as of December 31, 2019, management concluded that the company's disclosure controls and procedures are **effective** at the reasonable assurance level[458](index=458&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended December 31, 2019, that have materially affected, or are reasonably likely to materially affect, these controls[459](index=459&type=chunk) [Other Information](index=112&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[461](index=461&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=113&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This information is incorporated by reference from the 2020 proxy statement - The required information for this item is incorporated by reference from the company's definitive proxy statement for the 2020 Annual Meeting of Shareholders[465](index=465&type=chunk) [Executive Compensation](index=113&type=section&id=Item%2011.%20Executive%20Compensation) This information is incorporated by reference from the 2020 proxy statement - The required information for this item is incorporated by reference from the company's definitive proxy statement for the 2020 Annual Meeting of Shareholders[466](index=466&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=113&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Details on equity compensation plans are provided, with other ownership information incorporated by reference Securities Authorized for Issuance under Equity Compensation Plans (as of Dec 31, 2019) | Plan Category | Number of securities to be issued upon exercise (a) | Weighted-average exercise price of outstanding options (b) | Number of securities remaining available for future issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by shareholders | 566,508 | $9.75 | 551,438 | | Equity compensation plans not approved by shareholders | — | — | — | | **Total** | **566,508** | **$9.75** | **551,438** | - Other information required by this item is incorporated by reference from the company's definitive proxy statement for the 2020 Annual Meeting of Shareholders[470](index=470&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=114&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) This information is incorporated by reference from the 2020 proxy statement - The required information for this item is incorporated by reference from the company's definitive proxy statement for the 2020 Annual Meeting of Shareholders[471](index=471&type=chunk) [Principal Accountant Fees and Services](index=114&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This information is incorporated by reference from the 2020 proxy statement - The required information for this item is incorporated by reference from the company's definitive proxy statement for the 2020 Annual Meeting of Shareholders[472](index=472&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=115&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements and all exhibits filed with the Form 10-K - This item lists the consolidated financial statements and all exhibits filed with the Annual Report on Form 10-K[474](index=474&type=chunk)[475](index=475&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ 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 (State or Other Jurisdiction of Incorporation or Organization) 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 p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact Name of Registrant as Specified in Its Charter) Delaware 63-0843362 (State or Other Jurisdiction of Incorporation or Organization) 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 June 30, 2019 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: 0-145 ...

Table of Contents 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, 2019 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 (State or Other ...