First US Bancshares(US:FUSB) Prnewswireยท2024-10-24 20:15Core 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]