First US Bancshares(US:FUSB) Prnewswireยท2025-01-27 21:15Core Insights - First US Bancshares, Inc. reported a net income of $1.7 million for the fourth quarter of 2024, a decrease from $2.2 million in the previous quarter and $2.3 million in the same quarter of 2023. For the full year 2024, net income totaled $8.2 million, slightly down from $8.5 million in 2023 [1][3][4] Financial Performance - Net Income and Earnings Per Share: The diluted earnings per share for 4Q2024 was $0.29, down from $0.36 in both 3Q2024 and 4Q2023. For the full year, diluted earnings per share remained stable at $1.33 [1][3] - Interest Income and Expense: Interest income for 4Q2024 was $14.42 million, while interest expense was $5.67 million, leading to a net interest income of $8.75 million. This represents a decrease from $9.11 million in 4Q2023 [3][8] - Net Interest Margin: The net interest margin for 4Q2024 was 3.41%, down from 3.67% in 4Q2023, primarily due to reductions in the federal funds rate and market interest rates [8][24] Loan and Deposit Trends - Loan Growth: Total loans increased by $19.7 million, or 2.5%, in 4Q2024, driven by growth in construction, consumer indirect, and commercial real estate lending. For the full year, total loans increased by $1.2 million, or 0.2% [7][11] - Deposits: Total deposits decreased by $8.6 million, or 0.9%, in 4Q2024, mainly due to the payoff of $10 million in callable wholesale brokered time deposits. Core deposits increased to $837.7 million, representing 86.1% of total deposits [9][27] Asset Quality and Provisions - Provision for Credit Losses: The company recorded a provision for credit losses of $0.5 million in 4Q2024, compared to a recovery of $0.4 million in 4Q2023. The allowance for credit losses as a percentage of total loans was 1.24% as of December 31, 2024 [11][12] - Nonperforming Assets: Nonperforming assets increased to $5.4 million, or 0.50% of total assets, as of December 31, 2024, compared to $3.0 million, or 0.28%, in the previous year [12] Shareholder Returns and Equity - Dividends: The company increased its cash dividend to $0.07 per share in 4Q2024, up from $0.05 in previous quarters. For the full year, cash dividends totaled $0.22 per share [16] - Share Repurchases: In 4Q2024, the company repurchased 40,000 shares at an average price of $12.68 per share, with a total of 146,500 shares repurchased for the year [17] - Shareholders' Equity: As of December 31, 2024, shareholders' equity was $98.6 million, or 8.96% of total assets, an increase from $90.6 million, or 8.44%, in 2023 [15][28] Strategic Initiatives - Banking Center Growth: The company opened a new banking center in Knoxville, Tennessee, and began renovations on another center in Daphne, Alabama, expected to open in 2025 [20]