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About First US Bancshares, Inc. (FUSB)
First US Bancshares, Inc. is a well-established bank holding company with a legacy dating back to 1952. The Company has built its reputation by fostering long-term relationships and community trust across its regions. Operating primarily in Alabama, Tennessee, and Virginia, First US Bancshares offers a traditional suite of banking services that include commercial banking, personal banking, and specialized financial solutions. The Company has maintained a focus on providing diverse and reliable financial services, ranging from everyday banking products to comprehensive commercial loans, safe deposit services, and remote deposit capture.
Core Banking Operations
At its core, First US Bancshares conducts general commercial banking business. This encompasses a wide range of products designed for both individuals and businesses. Key offerings include:
- Deposit Services: Demand deposits, savings accounts, individual retirement accounts, and time deposits, all designed for reliable and secure funds management.
- Lending Services: A variety of personal and commercial loans targeted at small and medium-sized businesses, property managers, professionals, and individual borrowers.
- Additional Banking Solutions: Safe deposit box services that provide secure storage options and remote deposit capture technology to optimize transaction efficiency.
Business Model and Market Position
First US Bancshares has consistently focused on building a stable and customer-centric business model. The Company generates revenue primarily through traditional interest income from loans and deposits, augmented by noninterest income from fee-based services. With a strong emphasis on disciplined risk management and a commitment to robust asset quality, the bank has remained resilient amid varying market conditions. By leveraging a balanced approach to deposit growth and maintaining a diversified portfolio of lending products, the Company exemplifies prudent financial management. Its operations are characterized by steady yield enhancement through strategic investment in securities and traditional lending practices.
Commitment to Community and Relationship Banking
Since its inception, First US Bancshares has maintained a steadfast commitment to community service. The bank has grown by exceeding the expectations of its customers, employees, and shareholders. This community-centric approach emphasizes personalized banking experiences, local decision-making, and long-term relationship building. The Company’s dedication to local communities reinforces trust and sustains its reliable role as a provider of essential financial services.
Financial Prudence and Industry Keywords
The Company utilizes a careful balance between generating interest income and maintaining strong liquidity and capital ratios. With industry-specific strategies such as optimizing net interest margin and reallocating investment securities in response to a changing rate environment, First US Bancshares employs refined financial techniques that underscore its expertise in banking services. Keywords such as commercial banking, deposit services, and investment securities integrate seamlessly into its everyday operations, revealing a deep understanding of industry dynamics and regulatory requirements.
Operational Excellence and Strategic Focus
Operational excellence is evident in the Company’s continued focus on efficient branch management, smart asset allocations, and sound customer service practices. Its strategy has always revolved around strengthening the balance sheet, advancing cost management initiatives, and sustaining a high-quality loan portfolio. Investors and market researchers can appreciate the Company’s ability to maintain stability despite market volatility, making its methodology a model of consistent performance in the competitive regional banking landscape.
Clear Value Proposition
First US Bancshares stands out due to its long-term vision, community integration, and disciplined banking framework. The Company’s value proposition is centered on delivering financial services that are both accessible and reliable. With a focus on traditional banking combined with innovative solutions like remote deposit capture, First US Bancshares provides comprehensive financial support that meets the evolving needs of both individual and business clients.
Comprehensive Service Overview
For those seeking an understanding of the Company, this detailed overview addresses essential aspects of its operations, business model, and market positioning. From community banking and deposit growth strategies to risk management and investment approaches, First US Bancshares delivers a balanced perspective that aligns with long-term industry practices and demonstrates its expertise in financial services.
First US Bancshares (Nasdaq: FUSB) has declared a cash dividend of $0.07 per share, maintaining its consistent dividend distribution for the forty-third consecutive quarter. The dividend will be payable on April 1, 2025, to shareholders of record as of March 14, 2025.
President and CEO James F. House emphasized the company's commitment to rewarding shareholders while maintaining a strong capital foundation. This announcement demonstrates the company's continued focus on providing steady returns to its investors.
First US Bancshares (NASDAQ: FUSB) reported Q4 2024 net income of $1.7 million ($0.29 per diluted share), down from $2.2 million ($0.36 per share) in Q3 2024 and $2.3 million ($0.36 per share) in Q4 2023. Full-year 2024 net income was $8.2 million ($1.33 per diluted share), compared to $8.5 million ($1.33 per diluted share) in 2023.
Key Q4 2024 highlights include: total loan volume increased by $19.7 million (2.5%); net interest margin decreased to 3.41% from 3.60% in Q3; total deposits decreased by $8.6 million (0.9%); and core deposits represented 86.1% of total deposits. The company increased its quarterly cash dividend to $0.07 per share and repurchased 40,000 shares at an average price of $12.68.
Asset quality metrics showed nonperforming assets at 0.50% of total assets, up from 0.28% year-over-year. The bank maintained strong capital ratios, with a Tier 1 leverage ratio of 9.50%.
First US Bancshares (Nasdaq: FUSB) announced the election of two new directors, Staci M. Pierce and Tracy E. Thompson, to its Board of Directors and its subsidiary, First US Bank. Pierce, CEO of Action Enterprise Holdings, will serve on the Compensation Committee and Directors' Loan Committee. Thompson, CEO and co-founder of Focus Health Group, will serve on the Directors' Loan Committee and the newly-created Tennessee New Business Committee. Pierce brings executive experience in transportation and environmental services, while Thompson contributes expertise in healthcare, banking, and real estate development.
First US Bancshares announced an expansion of its share repurchase program, with the Board of Directors authorizing an additional 600,000 shares for repurchase. The company has already repurchased 1,289,972 shares to date, with 352,813 shares still available under the current program. The repurchase program's expiration has been extended from December 31, 2024, to December 31, 2025. Purchases may be made through open market or private transactions, subject to regulatory requirements and can be suspended at any time.
First US Bancshares announced a 40% increase in its quarterly cash dividend to $0.07 per share, up from $0.05 per share. The dividend will be paid on January 2, 2025, to shareholders of record as of December 13, 2024. This marks the company's forty-second consecutive quarterly dividend payment. The increase reflects the company's earnings growth and stability, while maintaining commitment to a strong capital base.
First US Bancshares reported net income of $2.2 million, or $0.36 per diluted share, for Q3 2024, compared to $2.1 million ($0.34 per share) in Q2 2024. For the nine months ended September 30, 2024, net income totaled $6.5 million ($1.04 per diluted share), up from $6.2 million ($0.97 per share) in the same period of 2023. Total deposits increased by $26.7 million (2.8%) during Q3 2024. However, total loan volume decreased by $15.8 million (1.9%) in Q3 2024, primarily due to construction loan payoffs. The company maintained strong capital ratios with a tangible common equity to tangible assets ratio of 8.33%.
First US Bancshares (Nasdaq: FUSB) has declared a cash dividend of $0.05 per share, payable on October 1, 2024. Shareholders of record as of September 13, 2024, will receive the dividend. This marks the forty-first consecutive quarter of dividend payments, reflecting the company's commitment to rewarding shareholders while maintaining a strong capital base.
Company President and CEO, James F. House, emphasized ongoing evaluation of future dividends to ensure shareholder rewards and capital strength.
First US Bancshares reported net income of $2.1 million for 2Q2024, matching 1Q2024 and marginally up from $2.0 million in 2Q2023. Diluted EPS stood at $0.34, consistent with 1Q2024 and up from $0.31 in 2Q2023. Year-to-date net income reached $4.2 million, up from $4.1 million in the same period in 2023, with diluted EPS increasing to $0.68 from $0.64. Key metrics for 2Q2024 included a net interest income of $9.2 million, a net interest margin of 3.69%, and a return on average assets of 0.80%. Total deposits grew by $11.2 million to $954.5 million, while total loans decreased slightly by $3.8 million to $819.1 million.
Non-interest income stood at $0.8 million, and non-interest expenses were $7.3 million. Asset quality remained strong with nonperforming assets at 0.27% of total assets. Shareholders' equity increased to $93.8 million, and tangible common equity rose to 8.02% of tangible assets. The company declared a $0.05 cash dividend and repurchased 77,000 shares. Regulatory capital ratios remained robust, ensuring the institution's well-capitalized status.
First US Bancshares, Inc. (Nasdaq: FUSB) has elected Robert C. Field as a new director of the company and its subsidiary, First US Bank. Mr. Field, a partner with over 35 years of experience at the Welden-Field group, will serve on the Audit Committee and the Asset/Liability Committee. His expertise spans real estate development, mortgage banking, and alternative investments. Mr. Field's background includes significant experience in multifamily investment, Low Income Housing Tax Credits, and FHA multifamily operations. He also has a history in banking, having been involved in the operation and sale of financial institutions. Mr. Field's appointment brings valuable industry knowledge and leadership to First US Bancshares' board.
First US Bancshares (Nasdaq: FUSB) announced a cash dividend of $0.05 per share, payable on July 1, 2024, to shareholders of record as of June 7, 2024.
This marks the fortieth consecutive quarter of dividend payments, as per the announcement by President and CEO James F. House.
The company aims to reward shareholders while maintaining a strong capital base.
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