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First Us Bancshares, Inc. (FUSB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

First Us Bancshares Inc

CIK: 717806 Ticker: FUSB

 

Exhibit 99.1

 

img154360647_0.jpg 

 

 

FIRST US BANCSHARES, INC.

REPORTS SECOND QUARTER 2022 RESULTS

────────

Reports 45.9% Year-to-Date Earnings Growth Driven by Continued Expense Reduction

 

BIRMINGHAM, AL (July 27, 2022) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $1.4 million, or $0.22 per diluted share, for the quarter ended June 30, 2022 (“2Q2022”), compared to $1.0 million, or $0.14 per diluted share, for the quarter ended June 30, 2021 (“2Q2021”) and $1.4 million, or $0.20 per diluted share, for the quarter ended March 31, 2022 (“1Q2022”). Net income totaled $2.8 million for the six months ended June 30, 2022, compared to $1.9 million for the six months ended June 30, 2021, an increase of 45.9%. Diluted earnings per share totaled $0.42 for the six months ended June 30, 2022, compared to $0.28 per diluted share during the corresponding period of 2021.

 

Earnings improvement, comparing both 2Q2022 and the first six months of 2022 to corresponding periods in 2021, was driven primarily by reductions in non-interest expense following strategic initiatives that were initiated by the Company beginning in the third quarter of 2021. The strategic initiatives included the cessation of new business development at the Bank’s wholly owned subsidiary, Acceptance Loan Company, Inc. (“ALC”), as well as efforts to reorganize the Bank’s retail banking, technology and deposit operations functions. Due to these efforts, non-interest expense was reduced by $1.5 million, or 18.1%, comparing 2Q2022 to 2Q2021 and by $2.9 million, or 17.0%, comparing the six months ended June 30, 2022, to the six months ended June 30, 2021. Comparing 2Q2022 to 1Q2022, non-interest expense decreased by $0.2 million, or 2.5%.

 

“We are pleased to post a solid quarter of growth in loans and earnings per share,” stated James F. House, the Company’s President and CEO. “Our strategic focus on business simplification has been transformative for our Company. This emphasis, combined with a focus on loan and deposit pricing discipline and cost control, have led to solid improvement in operating efficiencies over the last three quarters. In addition, our continued focus on credit quality in our lending practices has further strengthened our balance sheet. Though a heightened level of economic and geopolitical concern certainly exists, we believe our Company is well-prepared to weather future challenges as they are presented,” continued Mr. House.

 

Other Second Quarter Financial Highlights

 

Loan Growth – The table below summarizes loan balances by portfolio category at the end of each of the most recent five quarters as of June 30, 2022.

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

 

 

June
30,

 

 

March
31,

 

 

December
31,

 

 

September
30,

 

 

June
30,

 

 

 

(Dollars in Thousands)

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction, land development and other land loans

 

$

40,625

 

 

$

52,817

 

 

$

67,048

 

 

$

58,175

 

 

$

53,425

 

Secured by 1-4 family residential properties

 

 

69,098

 

 

 

69,760

 

 

 

72,727

 

 

 

73,112

 

 

 

78,815

 

Secured by multi-family residential properties

 

 

66,848

 

 

 

50,796

 

 

 

46,000

 

 

 

51,420

 

 

 

53,811

 

Secured by non-farm, non-residential properties

 

 

187,041

 

 

 

177,752

 

 

 

197,901

 

 

 

198,745

 

 

 

191,398

 

Commercial and industrial loans

 

 

65,792

 

 

 

67,455

 

 

 

72,286

 

 

 

73,777

 

 

 

65,772

 

Paycheck Protection Program ("PPP") loans

 

 

116

 

 

 

643

 

 

 

1,661

 

 

 

3,902

 

 

 

11,587

 

Consumer loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct consumer

 

 

15,419

 

 

 

18,023

 

 

 

21,689

 

 

 

25,845

 

 

 

26,937

 

Branch retail

 

 

18,634

 

 

 

21,891

 

 

 

25,692

 

 

 

29,764

 

 

 

31,688

 

Indirect sales

 

 

252,206

 

 

 

220,931

 

 

 

205,940

 

 

 

194,154

 

 

 

176,116

 

Total loans

 

$

715,779

 

 

$

680,068

 

 

$

710,944

 

 

$

708,894

 

 

$

689,549

 

Less unearned interest, fees and deferred costs

 

 

1,142

 

 

 

1,738

 

 

 

2,594

 

 

 

3,729

 

 

 

4,067

 

Allowance for loan and lease losses

 

 

8,751

 

 

 

8,484

 

 

 

8,320

 

 

 

8,193

 

 

 

7,726

 

Net loans

 

$

705,886

 

 

$

669,846

 

 

$

700,030

 

 

$

696,972

 

 

$

677,756

 

 

 


The following information was filed by First Us Bancshares Inc (FUSB) on Wednesday, July 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside First Us Bancshares Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Interim Condensed Consolidated Balance Sheets (Unaudited)
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Interim Condensed Consolidated Statements Of Cash Flows (Unaudited)
Interim Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Interim Condensed Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Interim Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Interim Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Interim Condensed Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Basic And Diluted Net Income Per Share (Details)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Details)
Borrowings - Schedule Of Available Unused Lines Of Credit (Details)
Borrowings - Schedule Of Available Unused Lines Of Credit (Parenthetical) (Details)
Borrowings - Summary Of Long-Term Borrowings (Details)
Deferred Compensation Plans
Deferred Compensation Plans - Additional Information (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Schedule Of Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivative Financial Instruments - Schedule Of Cumulative Basis Adjustments For Fair Value Hedges (Parenthetical) (Details)
Derivative Financial Instruments - Schedule Of Hedging Derivative Instruments' Effect On Company's Consolidated Statement Of Operations (Details)
Derivative Financial Instruments - Schedule Of Notional Amount And Fair Value Of Derivative Instruments Included On Company's Consolidated Balance Sheets On A Net Basis (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Details)
Fair Value Of Financial Instruments - Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) (Details)
Fair Value Of Financial Instruments - Assets Measured At Fair Value On Non-Recurring Basis (Details)
Fair Value Of Financial Instruments - Assets Measured At Fair Value On Recurring Basis (Details)
Fair Value Of Financial Instruments - Estimated Fair Value And Related Carrying Or Notional Amounts Of Financial Instruments (Details)
General
General - Additional Information (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Estimated Remaining Amortization Expense (Details)
Goodwill And Other Intangible Assets - Summary Of Goodwill And Other Intangible Assets (Details)
Guarantees, Commitments And Contingencies
Guarantees, Commitments And Contingencies (Tables)
Guarantees, Commitments And Contingencies - Additional Information (Details)
Guarantees, Commitments And Contingencies - Summary Of Commitment And Contingent Liabilities (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Details)
Investment Securities - Available-For-Sale And Held-To-Maturity (Details)
Investment Securities - Scheduled Maturities Of Investment Securities Available-For-Sale And Held-To-Maturity (Details)
Investment Securities - Securities In Continuous Unrealized Loss Position (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Future Minimum Operating Lease Payments (Details)
Loans And Allowance For Loan And Lease Losses
Loans And Allowance For Loan And Lease Losses (Tables)
Loans And Allowance For Loan Losses - Additional Information (Details)
Loans And Allowance For Loan Losses - Aging Analysis Of Past Due Loans (Details)
Loans And Allowance For Loan Losses - Allowance For Loan Losses (Details)
Loans And Allowance For Loan Losses - Impaired Loans (Details)
Loans And Allowance For Loan Losses - Loans By Credit Quality Indicators (Details)
Loans And Allowance For Loan Losses - Loans Modified In A Troubled Debt Restructuring (Details)
Loans And Allowance For Loan Losses - Non-Accruing Loans (Details)
Loans And Allowance For Loan Losses - Schedule Of Loan Portfolio (Details)
Loans And Allowance For Loan Losses - Schedule Of Loan Portfolio (Parenthetical) (Details)
Other Operating Income And Expense
Other Operating Income And Expense (Tables)
Other Operating Income And Expense - Other Operating Expense (Details)
Other Operating Income And Expense - Other Operating Income (Details)
Other Real Estate Owned And Repossessed Assets
Other Real Estate Owned And Repossessed Assets (Tables)
Other Real Estate Owned And Repossessed Assets - Additional Information (Details)
Other Real Estate Owned And Repossessed Assets - Summary Of Foreclosed Property Activity (Details)
Other Real Estate Owned And Repossessed Assets - Summary Of Repossessed Assets Activity (Details)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges - Additional Information (Details)
Restructuring Charges - Scheduled Of Restructuring Charges (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Results For Reportable Segments (Details)
Stock Awards
Stock Awards (Tables)
Stock Awards - Additional Information (Details)
Stock Awards - Stock Option Activity (Details)

Material Contracts, Statements, Certifications & more

First Us Bancshares Inc provided additional information to their SEC Filing as exhibits

Ticker: FUSB
CIK: 717806
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-016391
Submitted to the SEC: Wed Aug 10 2022 2:41:04 PM EST
Accepted by the SEC: Wed Aug 10 2022
Period: Thursday, June 30, 2022
Industry: State Commercial Banks

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