Welcome to our dedicated page for First US Bancshares news (Ticker: FUSB), a resource for investors and traders seeking the latest updates and insights on First US Bancshares stock.
First US Bancshares, Inc. (Nasdaq: FUSB) is a bank holding company based in Birmingham, Alabama, that operates banking offices in Alabama, Tennessee, and Virginia through its subsidiary, First US Bank. Established in 1952, First US Bank has a longstanding commitment to exceeding the expectations of its customers, employees, and shareholders by offering a wide range of commercial banking services. These services include demand, savings, individual retirement accounts, time deposits, personal and commercial loans, safe deposit box services, and remote deposit capture.
Recent Achievements and Projects:
- Reported net income of $2.1 million for the quarter ending September 30, 2023, reflecting a 36.6% increase year-over-year.
- Implemented strategic initiatives to improve asset quality which led to the cessation of new business at Acceptance Loan Company, its consumer loan-focused subsidiary.
- Experienced substantial improvement in loan quality and growth in consumer lending programs, particularly in recreational vehicles, boats, and trailers.
- Recorded significant year-over-year earnings improvement due to higher interest rates and reduced credit loss provisions.
- Completed the transfer of all assets and liabilities of Acceptance Loan Company to the Bank by the end of 2023.
Financial Health:
The Company has maintained strong liquidity and capital positions, with core deposits comprising a significant portion of total deposits. As of December 31, 2023, core deposits totaled $819.5 million, or 86.2% of total deposits, indicating robust customer trust and financial stability. The Company has also strategically managed cash and investment portfolios to maximize returns while ensuring sufficient liquidity for operations.
Partnerships and Strategic Focus:
First US Bancshares has focused on strategic growth through new banking center development and enhancing their consumer lending portfolio. They have invested in expanding their indirect consumer lending program, which is now operational in 17 states, and have maintained high credit quality standards. The Company’s recent financial results underscore the positive impact of its strategic initiatives on profitability and efficiency.
Forward-Looking Statements:
First US Bancshares’ management remains optimistic about future growth opportunities. The Company continues to focus on developing long-term relationships with customers and enhancing its service offerings to meet diverse financial needs. With a solid capital base, strategic initiatives in place, and a customer-centric approach, First US Bancshares is well-positioned to navigate economic uncertainties and achieve sustainable growth.
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.
FAQ
What is the current stock price of First US Bancshares (FUSB)?
What is the market cap of First US Bancshares (FUSB)?
What services does First US Bancshares, Inc. offer?
Where does First US Bancshares, Inc. operate?
What recent financial achievements has First US Bancshares reported?
What strategic initiatives has First US Bancshares undertaken?
How has First US Bancshares improved its asset quality?
How is First US Bancshares managing its liquidity?
What are the future plans for First US Bancshares?
How does First US Bancshares ensure a high credit quality in its lending programs?
What impact do recent strategic initiatives have on First US Bancshares' financial performance?
What is the ticker symbol for First US Bancshares, Inc.?
