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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. (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.
First US Bancshares reported a net income of $950,000 for Q1 2021, a rise from $847,000 in Q1 2020. Total loans grew by $20.4 million, with significant increases in commercial real estate and indirect lending portfolios. Deposits rose by 4.6%, totaling $35.8 million. However, net interest margin fell to 4.40% due to ongoing compression from the low-interest rate environment. Non-performing assets improved, totaling $3.5 million. The company declared a cash dividend of $0.03 per share, maintaining strong capital ratios above regulatory requirements.
First US Bancshares, Inc. (Nasdaq: FUSB) has declared a cash dividend of $0.03 per share, payable on April 1, 2021, to shareholders of record by March 12, 2021. This marks the twenty-seventh consecutive quarter of dividend payments, reflecting the company's commitment to maintaining a strong capital base. President and CEO James F. House highlighted the importance of future evaluations for dividends to ensure alignment with financial objectives.
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