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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 (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.
First US Bancshares, Inc. (FUSB) reported a net income of $837 thousand ($0.13 per diluted share) for 3Q2021, a decrease from $953 thousand in 2Q2021 but an increase from $411 thousand in 3Q2020. Year-to-date net income reached $2.7 million ($0.41 per diluted share), up from $1.7 million in the same period last year. Loan growth was $19.3 million in 3Q2021, totaling $58.8 million (9.0%) year-to-date. Strategic initiatives included the closure of 20 branches, leading to anticipated expense reductions. The company declared a cash dividend of $0.03 per share, maintaining strong capital ratios.
First US Bancshares, Inc. (Nasdaq: FUSB) announced the completion of an $11.0 million private placement of fixed-to-floating rate subordinated notes, maturing October 1, 2031. The notes, qualifying as Tier 2 capital, were sold to institutional accredited investors. Initial interest is set at 3.50% per annum, resetting quarterly after October 1, 2026. Proceeds will be used for corporate purposes, including possible common stock repurchases and supporting growth plans. The offering was not registered under federal securities laws and is subordinated to senior indebtedness.
First US Bancshares, Inc. (FUSB) has announced the immediate cessation of business at its subsidiary, Acceptance Loan Company, Inc. (ALC), and the closure of its 20 branch locations in Alabama and Mississippi. This decision follows board approval on August 25, 2021, as part of a strategy to reduce expenses and focus on loan growth in other areas. The closures are expected to result in approximately $1.2 million in pre-tax charges, with ongoing cost savings anticipated by the end of 2021. ALC will continue to service its existing loan portfolio until its planned closure by the end of 2023.
First US Bancshares, Inc. (Nasdaq: FUSB) announced a cash dividend of $0.03 per share, marking the twenty-ninth consecutive quarter of dividends. The dividend will be payable on October 1, 2021, to shareholders on record as of September 10, 2021. President and CEO James F. House stated the company will assess future dividend payments to maintain a strong capital base. This announcement reflects First US Bancshares' commitment to returning value to shareholders while ensuring financial stability.
First US Bancshares reported a net income of $953,000 for 2Q2021, staying consistent with the previous quarter. Loan growth for the quarter reached $19.1 million, a 2.8% increase, driven primarily by indirect lending and construction portfolios. Non-performing assets decreased to $2.1 million, improving credit quality. The bank's total deposits rose by $19.8 million, or 2.4%, during the same period, while pre-provision net interest income improved by $248,000. However, net interest margin faced compression at 4.31% due to the prevailing interest rates. A cash dividend of $0.03 was declared.
First US Bancshares, Inc. (FUSB) announced the election of Marlene M. McCain as a director, effective immediately. McCain, a certified public accountant with over 40 years of experience, will serve on the Company’s Audit Committee and the Bank's Retail, Operations, and Compliance Committee. Her background includes significant roles in public accounting and financial management, enhancing the board's expertise. CEO James F. House welcomed her, emphasizing her valuable insights for the Company’s growth strategies and initiatives.
First US Bancshares, Inc. (Nasdaq: FUSB) has declared a cash dividend of $0.03 per share, payable on July 1, 2021, to shareholders of record by June 11, 2021. This marks the twenty-eighth consecutive quarter the company has paid a dividend. James F. House, President and CEO, expressed commitment to maintaining a strong capital base while evaluating future dividend payments.
On April 28, 2021, First US Bancshares, Inc. (Nasdaq: FUSB) announced an expansion of its existing share repurchase program. Having repurchased 587,824 shares, the Company is now authorized to buy back an additional 1,000,000 shares, extending the program's expiration to December 31, 2022. This initiative is expected to enhance shareholder value and reflects management's confidence in the Company's future performance. The program allows repurchases through open market or negotiated transactions, adhering to applicable regulations.
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