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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, Inc. (Nasdaq: FUSB) reported a net income of $2.1 million, or $0.33 per diluted share, for Q1 2023, marking a 5.7% decrease from Q4 2022 ($2.2 million) but a 65% increase from Q1 2022 ($1.4 million). Total assets grew to $1.026 billion, with total loans rising 0.3% to $775.9 million. The company improved its credit quality, reducing net charge-offs to 0.11% of average loans and nonperforming assets to 0.18% of total assets. However, net interest income fell 4.6% due to higher interest expense and fewer earning days. First US Bank maintains good liquidity with a Tier 1 leverage ratio of 9.30% and continues to navigate economic challenges while enhancing its capital position. A cash dividend of $0.05 per share was declared, consistent with Q4 2022.
On February 22, 2023, First US Bancshares (Nasdaq: FUSB) announced a cash dividend of
First US Bancshares reported a net income of $2.2 million for 4Q2022, equating to $0.35 per diluted share, a rise compared to $1.9 million in 3Q2022 and $1.7 million in 4Q2021. For FY2022, net income reached $6.9 million, reflecting a 60.6% increase in diluted earnings per share. The improvement was attributed to a $4.7 million reduction in non-interest expenses, driven by strategic initiatives initiated in 2021. Loan balances rose to $775.1 million, a 3.1% increase in 4Q2022. Despite challenges from rising interest rates, the company remains optimistic about its positioning, reporting a net interest margin of 4.27% in 4Q2022 and a 67% increase in dividends.
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