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, 2022 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 ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from _____________ to _____________ Commission File Number: 0-14549 First US Bancshares, Inc. (Exact Name of Registrant as Specified in Its Charter) WASHINGTON, D.C. 20549 Delaware 63-0843362 (State or Other Jurisdiction of Incorporation or Organization) 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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SE ...

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, 2022 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, 2021 OR Delaware 63-0843362 (State or Other Jurisdiction of Incorporation or Organization) 3291 U.S. Highway 280 Birmingham, Alabama 35243 (Address of Principal Executive Offices) (Zip Code) (205) 582-1200 (Registrant's telephone number, including area code) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company's financial position strengthened with total assets reaching **$956.7 million**, while net income for the nine months significantly increased to **$2.74 million** [Interim Condensed Consolidated Balance Sheets](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) Interim Condensed Consolidated Balance Sheets (Thousands of USD) | Balance Sheet Items | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$956,734** | **$890,511** | | Total cash and cash equivalents | $75,260 | $94,415 | | Investment securities available-for-sale | $117,560 | $84,993 | | Loans, net of allowance | $696,972 | $638,374 | | **Total Liabilities** | **$867,137** | **$803,833** | | Total deposits | $846,842 | $782,212 | | **Total Shareholders' Equity** | **$89,597** | **$86,678** | - Total assets increased by **$66.2 million**, or **7.4%**, from December 31, 2020, to September 30, 2021, primarily driven by growth in net loans and investment securities[13](index=13&type=chunk) - Total deposits grew by **$64.6 million**, or **8.3%**, during the first nine months of 2021, providing the primary funding for asset growth[13](index=13&type=chunk) [Interim Condensed Consolidated Statements of Operations](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Operations) Interim Condensed Consolidated Statements of Operations (Thousands of USD) | Income Statement Items (Nine Months Ended Sep 30) | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | Net interest income | $27,711 | $26,474 | | Provision for loan and lease losses | $1,517 | $2,476 | | Total non-interest income | $2,656 | $4,002 | | Total non-interest expense | $25,342 | $25,822 | | **Net income** | **$2,740** | **$1,662** | | **Diluted net income per share** | **$0.41** | **$0.25** | - Net income for the nine months ended September 30, 2021, increased by **64.9%** year-over-year, driven by a **$1.2 million** increase in net interest income and a **$1.0 million** decrease in the provision for loan and lease losses[16](index=16&type=chunk) - For the third quarter of 2021, net income more than doubled to **$0.837 million** from **$0.411 million** in Q3 2020[16](index=16&type=chunk) [Notes to Interim Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) - In September 2021, the company's subsidiary, Acceptance Loan Company, Inc. (ALC), ceased new business development and closed its 20 branch locations, resulting in pre-tax restructuring charges of approximately **$0.5 million** in Q3 2021[42](index=42&type=chunk)[43](index=43&type=chunk) - As of September 30, 2021, loans in pandemic-related deferment totaled **$0.8 million**, a significant decrease from **$8.1 million** as of December 31, 2020[73](index=73&type=chunk) - The company had 77 Paycheck Protection Program (PPP) loans with an aggregate principal balance of **$3.9 million** remaining outstanding as of September 30, 2021[77](index=77&type=chunk) - Subsequent to the quarter end, on October 1, 2021, the company completed a private placement of **$11.0 million** in subordinated notes maturing in 2031[98](index=98&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses strategic initiatives, including ALC branch closures, which contributed to a **$2.7 million** net income for the nine months and **$956.7 million** in total asset growth, alongside improved asset quality [Executive Overview](index=42&type=section&id=Executive%20Overview) - A key strategic initiative in Q3 2021 was the cessation of new business and closure of all 20 ALC branch locations to reduce expenses, improve asset quality, and focus on commercial and consumer indirect lending[180](index=180&type=chunk) - The company incurred pre-tax charges of approximately **$0.55 million** in Q3 2021 related to the ALC closures, with an additional **$0.5 million** in expenses expected in Q4 2021 and Q1 2022, which are anticipated to be offset by ongoing cost savings[181](index=181&type=chunk) Earnings Highlights (Nine Months Ended Sep 30) | Earnings Highlights (Nine Months Ended Sep 30) | 2021 | 2020 | | :--- | :--- | :--- | | Net Income | $2.7 million | $1.7 million | | Diluted EPS | $0.41 | $0.25 | - Total assets grew to **$956.7 million** at September 30, 2021, from **$890.5 million** at December 31, 2020, driven by loan and deposit growth[195](index=195&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) - Net interest income for the nine months ended Sep 30, 2021, increased by **$1.2 million** YoY, primarily due to a **$1.5 million** reduction in interest expense from repricing deposit liabilities, with average total funding costs decreasing to **0.36%** from **0.68%**[186](index=186&type=chunk)[188](index=188&type=chunk) - Net interest margin decreased to **4.29%** for the first nine months of 2021 from **4.72%** in the prior year period, pressured by the low interest rate environment and a shift in loan portfolio mix[215](index=215&type=chunk) - The provision for loan and lease losses decreased to **$1.5 million** for the nine months of 2021 from **$2.5 million** in 2020, partly due to improved credit quality from reductions in ALC's higher-risk consumer portfolio[190](index=190&type=chunk)[220](index=220&type=chunk) - Non-interest income decreased by **$1.3 million** for the nine months of 2021 compared to 2020, mainly due to lower secondary market mortgage fees (following the division's discontinuance), reduced service charges, and fewer gains on sales of securities and assets[223](index=223&type=chunk) - Non-interest expense decreased by **$0.5 million** for the nine months of 2021, primarily from lower salaries and benefits, partially offset by **$0.5 million** in one-time expenses in Q3 related to ALC branch closures[226](index=226&type=chunk) [Balance Sheet Analysis](index=49&type=section&id=Balance%20Sheet%20Analysis) - Total loans increased by **$58.8 million** in the first nine months of 2021, led by growth in indirect lending (**+$52.6 million**) and real estate lending (**+$16.4 million**)[196](index=196&type=chunk) - Nonperforming assets as a percentage of total assets improved to **0.35%** as of September 30, 2021, from **0.45%** at year-end 2020[200](index=200&type=chunk)[236](index=236&type=chunk) - Total deposits increased by **8.3%** to **$846.8 million** as of September 30, 2021, with core deposits (excluding time deposits >$250k) growing to **93.9%** of total deposits[239](index=239&type=chunk) - Shareholders' equity increased to **$89.6 million** as of September 30, 2021, from **$86.7 million** at year-end 2020, and the company declared a dividend of **$0.09 per share** for the nine-month period[244](index=244&type=chunk)[245](index=245&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company primarily manages interest rate risk using financial simulation models, with a **+100 basis point** parallel rate shock projected to increase net interest income by **$0.476 million** over one year, and a **-100 basis point** shock projected to decrease it by **$0.835 million** Projected Cumulative Change in Net Interest Income (Thousands of USD) | Interest Rate Scenario | Cumulative Change in Net Interest Income (1 Year) | | :--- | :--- | | +2% | +$528 thousand | | +1% | +$476 thousand | | -1% | -$835 thousand | | -2% | -$1,416 thousand | Projected Net Change in Market Value of Equity (Millions of USD) | Interest Rate Scenario | Net Change in Market Value of Equity | | :--- | :--- | | +2% | +$1.5 million | | +1% | +$3.1 million | | -1% | -$15.0 million | | -2% | -$7.7 million | - The company has identified all contracts referencing LIBOR and is preparing for its discontinuance by evaluating alternative reference rates[265](index=265&type=chunk) [Controls and Procedures](index=56&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal control over financial reporting - Based on an evaluation as of September 30, 2021, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[267](index=267&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter ended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, these controls[268](index=268&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=57&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course litigation which is not expected to have a material adverse effect on its financial condition or results of operations - The Company is party to certain ordinary course litigation, which is not expected to have a material adverse effect on its consolidated financial statements or results of operations[271](index=271&type=chunk) [Risk Factors](index=57&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - There have been no material changes to the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020[272](index=272&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q3 2021, 2,643 shares were purchased for the 401(k) Plan, with no direct company repurchases, leaving 1,054,961 shares available under the extended program - During Q3 2021, **2,643 shares** were purchased in open-market transactions for the company's 401(k) Plan at an average price of **$10.60 per share**, with no shares purchased as part of the publicly announced repurchase program[273](index=273&type=chunk) - On April 28, 2021, the Board of Directors approved the repurchase of an additional **1,000,000 shares** and extended the share repurchase program to December 31, 2022, with **1,054,961 shares** available for repurchase as of September 30, 2021[273](index=273&type=chunk) [Exhibits](index=58&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial statements in Inline XBRL format - The report includes standard exhibits such as CEO/CFO certifications (Exhibits 31.1, 31.2, 32) and financial data in Inline XBRL format (Exhibits 101, 104)[275](index=275&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, 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 ...