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, Inc. (Nasdaq: FUSB) has extended its share repurchase program, now set to expire on December 31, 2023. To date, the company has repurchased 1,045,972 shares, with 596,813 shares remaining for repurchase. The program allows for share repurchases through various methods, adhering to regulatory guidelines. The Board retains discretion over the execution of the program without obligation to purchase any specific number of shares.
First US Bancshares, Inc. (Nasdaq: FUSB) announced a 67% increase in its quarterly cash dividend, now at $0.05 per share, up from $0.03. The dividend is payable on January 3, 2023, to shareholders of record by December 9, 2022. This marks the 34th consecutive quarter of dividend payments, reflecting the Company's strong earnings growth in 2022. CEO James F. House highlighted the commitment to reward shareholders while maintaining a robust capital base.
First US Bancshares reported a 31.4% quarter-over-quarter earnings growth, with net income of $1.9 million or $0.29 per diluted share for 3Q2022, up from $0.8 million in 3Q2021. The nine-month net income rose to $4.6 million from $2.7 million in 2021. Strategic cost reductions resulted in non-interest expense down by 17.7% year-over-year. The company's total loans increased by $36.1 million or 5.0% in 3Q2022. However, shareholders' equity decreased to $83.1 million, partly due to declines in market value of investment securities amid rising interest rates.
First US Bancshares, Inc. (Nasdaq: FUSB) has declared a cash dividend of $0.03 per share, payable on October 3, 2022. Shareholders of record as of September 9, 2022 will receive this dividend, marking the thirty-third consecutive quarter of dividend payments. CEO James F. House expressed the company's commitment to evaluating future dividends, aligning them with a strong capital base and shareholder rewards.
First US Bancshares, Inc. (FUSB) reported a robust 45.9% year-to-date net income growth of $2.8 million for the first half of 2022, reflecting strategic expense reductions. 2Q2022 net income was $1.4 million, up from $1.0 million YoY. Significant non-interest expense decreases, totaling $1.5 million (18.1% reduction), were achieved due to the company’s focus on cost management and restructuring. Despite lower net interest income attributed to the cessation of ALC's operations, the total loan portfolio increased by 5.3% to $715.8 million, showcasing solid loan growth in key categories.
First US Bancshares, Inc. (Nasdaq: FUSB) has declared a cash dividend of $0.03 per share, marking the thirty-second consecutive quarter of dividend payments. The dividend will be paid on July 1, 2022, to shareholders of record by June 10, 2022. President and CEO James F. House emphasized the company’s commitment to maintaining a strong capital base while evaluating future dividend payments.
First US Bancshares reported 1Q2022 net income of $1.4 million, or $0.20 per share, a 43.3% increase from $1.0 million in 1Q2021. Key factors for growth included a $1.3 million reduction in non-interest expenses driven by strategic efficiency initiatives. However, net income decreased compared to $1.7 million in 4Q2021 due to lower loan interest and fees, and increased loan loss provisions of $0.7 million. As of March 31, 2022, total loans decreased by 4.3% to $680.1 million, while total deposits rose by 1.8% to $853.1 million.
First US Bancshares, Inc. (Nasdaq: FUSB) announced a cash dividend of $0.03 per share, payable on April 1, 2022, to shareholders of record by March 10, 2022. This marks the 31st consecutive quarter of dividend payments. CEO James F. House expressed confidence in continuing dividend evaluations to maintain a robust capital base. The company operates banking offices in Alabama, Tennessee, and Virginia and includes a consumer loan and insurance underwriting business.
First US Bancshares (FUSB) reported a significant year-over-year earnings growth of 64.4% for 2021, with net income reaching $4.5 million or $0.66 per diluted share. In Q4 2021, net income was $1.7 million, up from $0.8 million in Q3 2021. Loan growth was noted at 11.1% for the year, excluding PPP loans, totaling $71.1 million. However, total deposits decreased by $8.7 million in Q4 2021. The company continues to focus on operational efficiency and loan growth, despite challenges from the closure of its subsidiary’s branches.
First US Bancshares, Inc. (FUSB) announced a cash dividend of $0.03 per share, marking the thirtieth consecutive quarter of dividend payments. This dividend is set to be paid on January 4, 2022, to shareholders of record by December 10, 2021. President James F. House emphasized the company's commitment to maintaining a strong capital base while evaluating future dividends.
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.?
