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First Us Bancshares Inc (FUSB) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

First Us Bancshares Inc

CIK: 717806 Ticker: FUSB

Exhibit 99.1

 

 

 

 

Contact:     Thomas S. Elley

205-582-1200

 

 

 

FIRST US BANCSHARES, INC.

REPORTS FOURTH QUARTER 2018 RESULTS

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Reports Earnings Growth Following Acquisition of The Peoples Bank

 

 

BIRMINGHAM, AL (January 28, 2019) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”) today announced unaudited results as of and for the fourth quarter ended December 31, 2018. Net income totaled $1.5 million, or $0.22 per diluted share, for the quarter, an improvement of $0.19 per diluted share compared to the third quarter of 2018. The improvement in earnings resulted primarily from additional earning assets acquired by the Company through the previously announced acquisition of The Peoples Bank (“TPB”). TPB was acquired by the Company and merged with the Company’s wholly-owned subsidiary, First US Bank (the “Bank”), on August 31, 2018.

 

“We are pleased to report significantly improved results due to our first full quarter of operations following the acquisition,” stated James F. House, President and CEO of the Company. “The fourth quarter was very active for our institution as we continued to integrate our banking teams and completed conversion of the assets and liabilities of The Peoples Bank into our core operating system. We are excited as we move into 2019 with a larger and more diverse platform from which to grow,” continued Mr. House.

 

For the year ended December 31, 2018, the Company’s net income totaled $2.5 million, or $0.37 per diluted share, compared to a net loss of $0.4 million, or ($0.06) per diluted share, for the year ended December 31, 2017. The 2018 full year results were positively impacted by four months of earnings following the acquisition of TPB. A table summarizing the assets acquired and liabilities assumed from TPB, along with the purchase accounting adjustments, is included in the financial tables herein. The net loss during 2017 was due to a one-time, non-cash charge of $2.5 million that resulted from the adjustment of deferred tax assets upon the enactment of the Tax Cuts and Jobs Act of 2017.

 

Other Fourth Quarter Financial Highlights

 

Growth in Net Interest IncomeNet interest income increased by $1.3 million, or 15.8%, in the fourth quarter of 2018 compared to the third quarter of 2018. Compared to the fourth quarter of 2017, net interest income increased by $2.4 million, or 32.4%. Net yield on interest-earning assets increased to 5.27% during the fourth quarter of 2018, compared to 5.25% during the third quarter of 2018 and 5.09% during the fourth quarter of 2017. Net income was enhanced by accretion of discounts and premiums on loans and time deposits acquired in the TPB transaction totaling $0.4 million during the fourth quarter of 2018, compared to $0.1 million during the previous quarter.

 

Improvement in Asset QualityNon-performing assets, including loans in non-accrual status and other real estate owned (OREO), decreased to $4.3 million as of December 31, 2018, compared to $5.3 million as of September 30, 2018, primarily due to the resolution during the fourth quarter of certain impaired loans acquired from TPB. As a percentage of total assets, non-performing assets totaled 0.54% as of December 31, 2018, compared to 0.66% of total assets as of September 30, 2018 and 0.96% of total assets as of December 31, 2017.   

 

Provision for Loan and Lease Losses The provision for loan and lease losses was $0.5 million during the fourth quarter of 2018, compared to $0.8 million during the third quarter of 2018 and $0.5 million during the fourth quarter of 2017. Provisioning decreased during the fourth quarter of 2018 in part due to reductions in loan volume at both the Bank and the Bank’s wholly-owned subsidiary, Acceptance Loan Company (“ALC”). Net loans at the Bank decreased $2.3 million during the fourth quarter, while net loans at ALC decreased by $2.7 million. The decrease in net loans at the Bank resulted primarily from the resolution of certain impaired loans acquired from TPB. At ALC, loan volume reductions resulted primarily from seasonal impacts in ALC’s indirect lending portfolio.

 

As of both December 31, 2018 and September 30, 2018, the allowance for loan and lease losses totaled $5.1 million, or 0.97% of gross loans outstanding, representing a decrease from 1.36% as of December 31, 2017. In accordance with generally accepted accounting principles for acquisition accounting, the loans acquired through the acquisition of TPB were recorded at fair value; accordingly, there was no allowance for loan losses associated with the acquired loan portfolio at the acquisition date. Management continues to evaluate the need for an allowance on the acquired portfolio, factoring in the remaining net discount on the loans, which totaled $1.9 million, or 1.27% of gross purchased loans, as of December 31, 2018. The allowance for loan and lease losses as a percentage of gross loans outstanding less gross purchased loans was 1.36% as of December 31, 2018.

 

 

The following information was filed by First Us Bancshares Inc (FUSB) on Tuesday, January 29, 2019 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parentheticals)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parentheticals)
Consolidated Statements Of Operations
Note 1 - Description Of Business
Note 10 - Deposits
Note 10 - Deposits (Details Textual)
Note 10 - Deposits (Tables)
Note 10 - Deposits - Scheduled Maturities Of The Bank's Time Deposits (Details)
Note 11 - Short-Term Borrowings
Note 11 - Short-Term Borrowings (Details Textual)
Note 12 - Long-Term Debt
Note 12 - Long-Term Debt (Details Textual)
Note 12 - Long-Term Debt (Tables)
Note 12 - Long-Term Debt - Summary Of Information Concerning Long-Term Fhlb Advances And Other Borrowings (Details)
Note 13 - Income Taxes
Note 13 - Income Taxes (Details Textual)
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes - Consolidated Provisions For Income Taxes (Details)
Note 13 - Income Taxes - Effects Of Temporary Differences Of Deferred Tax Assets And Deferred Tax Liabilities (Details)
Note 13 - Income Taxes - Schedule Of Effective Income Tax Rate (Details)
Note 14 - Employee Benefit Plans
Note 14 - Employee Benefit Plans (Details Textual)
Note 15 - Deferred Compensation Plans
Note 15 - Deferred Compensation Plans (Details Textual)
Note 16 - Stock Awards
Note 16 - Stock Awards (Details Textual)
Note 16 - Stock Awards (Tables)
Note 16 - Stock Awards - Fair Value Assumptions (Details)
Note 16 - Stock Awards - Stock Option Activity (Details)
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity (Details Textual)
Note 17 - Shareholders' Equity (Tables)
Note 17 - Shareholders' Equity - Summary Of Actual Capital Amount And Well Capitalized Total Risk-Based, Tier I Risk-Based, And Tier I Leverage Ratios (Details)
Note 18 - Derivative Financial Instruments
Note 18 - Derivative Financial Instruments (Details Textual)
Note 19 - Segment Reporting
Note 19 - Segment Reporting (Details Textual)
Note 19 - Segment Reporting (Tables)
Note 19 - Segment Reporting - Results For Reportable Segments (Details)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 2 - Summary Of Significant Accounting Policies (Tables)
Note 2 - Summary Of Significant Accounting Policies - Basic And Diluted Net Income Per Share (Details)
Note 2 - Summary Of Significant Accounting Policies - Disclosures Of Cash Flow Information And Non-Cash Transactions (Details)
Note 20 - Other Operating Expenses
Note 20 - Other Operating Expenses (Tables)
Note 20 - Other Operating Expenses - Components Of Other Operating Expenses (Details)
Note 21 - Operating Leases
Note 21 - Operating Leases (Details Textual)
Note 21 - Operating Leases (Tables)
Note 21 - Operating Leases - Future Minimum Rental Payments Required Under Operating Leases (Details)
Note 22 - Guarantees, Commitments And Contingencies
Note 22 - Guarantees, Commitments And Contingencies (Details Textual)
Note 22 - Guarantees, Commitments And Contingencies (Tables)
Note 22 - Guarantees, Commitments And Contingencies - Commitments And Contingent Liabilities (Details)
Note 23 - Fair Value Of Financial Instruments
Note 23 - Fair Value Of Financial Instruments (Details Textual)
Note 23 - Fair Value Of Financial Instruments (Tables)
Note 23 - Fair Value Of Financial Instruments - Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) (Details)
Note 23 - Fair Value Of Financial Instruments - Assets Measured At Fair Value On Non-Recurring Basis (Details)
Note 23 - Fair Value Of Financial Instruments - Assets Measured At Fair Value On Recurring Basis (Details)
Note 23 - Fair Value Of Financial Instruments - Estimated Fair Value And Related Carrying Or Notional Amounts Of Financial Instruments (Details)
Note 24 - First Us Bancshares, Inc. (Parent Company Only) Financial Information
Note 24 - First Us Bancshares, Inc. (Parent Company Only) Financial Information (Tables)
Note 24 - First Us Bancshares, Inc. (Parent Company Only) Financial Information - Statements Of Balance Sheets (Details)
Note 24 - First Us Bancshares, Inc. (Parent Company Only) Financial Information - Statements Of Cash Flows (Details)
Note 24 - First Us Bancshares, Inc. (Parent Company Only) Financial Information - Statements Of Statements Of Operations (Details)
Note 25 - Quarterly Data (Unaudited)
Note 25 - Quarterly Data (Unaudited) (Tables)
Note 25 - Quarterly Data (Unaudited) - Summary Of Quarterly Data (Details)
Note 3 - Acquisition Activity
Note 3 - Acquisition Activity (Details Textual)
Note 3 - Acquisition Activity (Tables)
Note 3 - Acquisition Activity - Assets Acquired And Liabilities Assumed (Details)
Note 3 - Acquisition Activity - Loans Acquired (Details)
Note 3 - Acquisition Activity - Pro Forma Financial Information (Details)
Note 4 - Investment Securities
Note 4 - Investment Securities (Details Textual)
Note 4 - Investment Securities (Tables)
Note 4 - Investment Securities - Available-For-Sale And Held-To-Maturity (Details)
Note 4 - Investment Securities - Scheduled Maturities Of Investment Securities Available-For-Sale And Held-To-Maturity (Details)
Note 4 - Investment Securities - Securities In A Continuous Unrealized Loss Position (Details)
Note 5 - Loans And Allowance For Loan Losses
Note 5 - Loans And Allowance For Loan Losses (Details Textual)
Note 5 - Loans And Allowance For Loan Losses (Tables)
Note 5 - Loans And Allowance For Loan Losses - Acquired Loans (Details)
Note 5 - Loans And Allowance For Loan Losses - Acquired Loans (Details) (Parentheticals)
Note 5 - Loans And Allowance For Loan Losses - Aging Analysis Of Past Due Loans (Details)
Note 5 - Loans And Allowance For Loan Losses - Allowance For Loan Losses (Details)
Note 5 - Loans And Allowance For Loan Losses - Impaired Loans (Details)
Note 5 - Loans And Allowance For Loan Losses - Loan Portfolio (Details)
Note 5 - Loans And Allowance For Loan Losses - Loans By Credit Quality Indicator (Details)
Note 5 - Loans And Allowance For Loan Losses - Loans Modified In A Troubled Debt Restructuring (Details)
Note 5 - Loans And Allowance For Loan Losses - Non-Accruing Loans (Details)
Note 6 - Other Real Estate Owned And Repossessions
Note 6 - Other Real Estate Owned And Repossessions (Details Textual)
Note 6 - Other Real Estate Owned And Repossessions (Tables)
Note 6 - Other Real Estate Owned And Repossessions - Foreclosed Property Activity (Details)
Note 7 - Goodwill And Other Intangible Assets
Note 7 - Goodwill And Other Intangible Assets (Details Textual)
Note 7 - Goodwill And Other Intangible Assets (Tables)
Note 7 - Goodwill And Other Intangible Assets - Estimated Remaining Amortization Expense (Details)
Note 7 - Goodwill And Other Intangible Assets - Summary Of Goodwill And Other Intangible Assets (Details)
Note 8 - Premises And Equipment
Note 8 - Premises And Equipment (Details Textual)
Note 8 - Premises And Equipment (Tables)
Note 8 - Premises And Equipment - Summary Of Premises And Equipment And Applicable Depreciable Lives (Details)
Note 8 - Premises And Equipment - Summary Of Premises And Equipment And Applicable Depreciable Lives (Details) (Parentheticals)
Note 9 - Investment In Limited Partnership
Note 9 - Investment In Limited Partnership (Details Textual)
Significant Accounting Policies (Policies)
Ticker: FUSB
CIK: 717806
Form Type: 10-K Annual Report
Accession Number: 0001437749-19-005012
Submitted to the SEC: Fri Mar 15 2019 8:08:29 AM EST
Accepted by the SEC: Fri Mar 15 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

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