First US Bancshares, Inc. Reports First Quarter 2025 Results

Financial Performance - First US Bancshares, Inc. reported a net income of $1.8 million, or $0.29 per diluted share, for 1Q2025, which is an increase from $1.7 million in 4Q2024 but a decrease from $2.1 million in 1Q2024 [1][3] - Total interest income for 1Q2025 was $14.018 million, down from $14.277 million in 1Q2024, while interest expense was $5.121 million, leading to a net interest income of $8.897 million [3][29] - Non-interest income remained stable at $0.875 million in 1Q2025 compared to $0.865 million in 1Q2024 [13][29] Loan and Deposit Trends - Total loans increased by $25.3 million in 1Q2025, primarily driven by a $41.3 million growth in consumer indirect loans [6][4] - Total deposits decreased by $10.6 million, or 1.1%, during 1Q2025, attributed to reductions in interest-bearing demand deposit accounts [8][27] - Core deposits, excluding large time deposits and wholesale brokered deposits, totaled $813.9 million, or 84.6% of total deposits, as of March 31, 2025 [8][27] Asset Quality and Credit Losses - The provision for credit losses in 1Q2025 was $0.528 million, consistent with the previous quarter, reflecting continued loan growth [11][12] - Nonperforming assets totaled $5.0 million, or 0.44% of total assets, as of March 31, 2025, down from 0.50% in the previous quarter [12][11] Shareholder Returns and Equity - The Company declared a cash dividend of $0.07 per share in 1Q2025, consistent with the previous quarter [16][29] - Shareholders' equity increased to $101.2 million, or 8.98% of total assets, as of March 31, 2025, compared to $98.6 million in the previous quarter [15][27] Capital and Liquidity - The Bank maintained capital ratios above the "well-capitalized" threshold, with a common equity Tier 1 capital ratio of 11.08% as of March 31, 2025 [18][19] - The Company held $61.5 million in cash and securities purchased under reverse repurchase agreements, representing 5.5% of total assets [10][34]