First US Bancshares(US:FUSB) Prnewswireยท2024-07-24 20:15Core 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]