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

First Us Bancshares Inc

CIK: 717806 Ticker: FUSB

 

Exhibit 99.1

 

img154360647_0.jpg 

 

 

FIRST US BANCSHARES, INC.

REPORTS THIRD QUARTER 2022 RESULTS

────────

Reports 31.4% Quarter-Over-Quarter Earnings Growth

 

BIRMINGHAM, AL (October 26, 2022) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $1.9 million, or $0.29 per diluted share, for the quarter ended September 30, 2022 (“3Q2022”), compared to $0.8 million, or $0.13 per diluted share, for the quarter ended September 30, 2021 (“3Q2021”) and $1.4 million, or $0.22 per diluted share, for the quarter ended June 30, 2022 (“2Q2022”). Net income totaled $4.6 million for the nine months ended September 30, 2022, compared to $2.7 million for the nine months ended September 30, 2021. Diluted earnings per share totaled $0.71 for the nine months ended September 30, 2022, compared to $0.41 per diluted share during the corresponding period of 2021.

 

Earnings improvement, comparing both 3Q2022 and the nine months ended September 30, 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. As a result of these efforts, non-interest expense was reduced by $1.5 million, or 17.7%, comparing 3Q2022 to 3Q2021 and by $4.4 million, or 17.3%, comparing the nine months ended September 30, 2022, to the nine months ended September 30, 2021. Comparing 3Q2022 to 2Q2022, non-interest expense decreased by $0.2 million, or 2.2%.

 

“The business simplification efforts that we launched in 2021, combined with solid loan growth during the past two quarters have contributed to strong earnings growth both in the third quarter and for the year,” stated James F. House, President and CEO of the Company. “As we move forward, our team remains very focused on the economic challenges that have emerged, including the potential impacts of inflation, rising interest rates and a slowing economy on our borrowers and depositors. We believe that our balance sheet is well-positioned for the volatile environment that we are entering,” 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 September 30, 2022.

 

 

Quarter Ended

 

 

 

2022

 

 

2021

 

 

 

September
30,

 

 

June
30,

 

 

March
31,

 

 

December
31,

 

 

September
30,

 

 

 

(Dollars in Thousands)

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

(Unaudited)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction, land development and other land loans

 

$

36,740

 

 

$

40,625

 

 

$

52,817

 

 

$

67,048

 

 

$

58,175

 

Secured by 1-4 family residential properties

 

 

84,911

 

 

 

69,098

 

 

 

69,760

 

 

 

72,727

 

 

 

73,112

 

Secured by multi-family residential properties

 

 

72,446

 

 

 

66,848

 

 

 

50,796

 

 

 

46,000

 

 

 

51,420

 

Secured by non-farm, non-residential properties

 

 

200,505

 

 

 

187,041

 

 

 

177,752

 

 

 

197,901

 

 

 

198,745

 

Commercial and industrial loans

 

 

65,920

 

 

 

65,792

 

 

 

67,455

 

 

 

72,286

 

 

 

73,777

 

Paycheck Protection Program ("PPP") loans

 

 

31

 

 

 

116

 

 

 

643

 

 

 

1,661

 

 

 

3,902

 

Consumer loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct consumer

 

 

12,279

 

 

 

15,419

 

 

 

18,023

 

 

 

21,689

 

 

 

25,845

 

Branch retail

 

 

16,278

 

 

 

18,634

 

 

 

21,891

 

 

 

25,692

 

 

 

29,764

 

Indirect sales

 

 

262,742

 

 

 

252,206

 

 

 

220,931

 

 

 

205,940

 

 

 

194,154

 

Total loans

 

$

751,852

 

 

$

715,779

 

 

$

680,068

 

 

$

710,944

 

 

$

708,894

 

Less unearned interest, fees and deferred costs

 

 

1,581

 

 

 

1,142

 

 

 

1,738

 

 

 

2,594

 

 

 

3,729

 

Allowance for loan and lease losses

 

 

9,373

 

 

 

8,751

 

 

 

8,484

 

 

 

8,320

 

 

 

8,193

 

Net loans

 

$

740,898

 

 

$

705,886

 

 

$

669,846

 

 

$

700,030

 

 

$

696,972

 

 

 


The following information was filed by First Us Bancshares Inc (FUSB) on Wednesday, October 26, 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: 0000950170-22-023700
Submitted to the SEC: Wed Nov 09 2022 1:32:11 PM EST
Accepted by the SEC: Wed Nov 09 2022
Period: Friday, September 30, 2022
Industry: State Commercial Banks

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