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First Us Bancshares Inc (FUSB) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

First Us Bancshares Inc

CIK: 717806 Ticker: FUSB

Exhibit 99.1

 

 

 

Contact: Thomas S. Elley
  205-582-1200

 

 

FIRST US BANCSHARES, INC.

REPORTS SECOND QUARTER 2019 RESULTS

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Reports Quarterly Loan Growth and Year-Over-Year Earnings Improvement

 

 

BIRMINGHAM, AL (July 29, 2019) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $1.0 million, or $0.15 per diluted share, for the quarter ended June 30, 2019, compared to $0.4 million, or $0.06 per diluted share, for the quarter ended June 30, 2018, an increase of 179.9%. The improvement in earnings compared to the 2018 period resulted primarily from additional earning assets and efficiencies of scale obtained through the previously-announced acquisition of The Peoples Bank (“TPB”). TPB was acquired by the Company and merged with the Bank on August 31, 2018. Compared to the first quarter of 2019, earnings in the second quarter of 2019 decreased by $0.2 million, primarily resulting from an increase in the provision for loan and lease losses due to increased loan volume during the second quarter. Net loans increased $8.8 million, or 7.0% on an annualized basis, during the second quarter of 2019. This growth included $3.7 million attributable to the Bank’s commercial lending efforts, along with $5.1 million in growth at the Bank’s wholly-owned subsidiary, Acceptance Loan Company (“ALC”). ALC’s growth was most pronounced in its indirect sales portfolio, which has been an area of focus for management over the past several years.

 

For the six months ended June 30, 2019, the Company’s net income totaled $2.2 million, or $0.33 per diluted share, compared to $0.8 million, or $0.12 per diluted share, for the six months ended June 30, 2018. Net loans as of June 30, 2019 totaled $511.5 million, compared to $514.9 million as of December 31, 2018, a decrease of $3.4 million, or 0.7%. The decrease in net loans over the six-month period was attributable to the first quarter of 2019 and resulted primarily from the pay-off of a significant loan relationship at the Bank, coupled with seasonal trends in ALC’s portfolio, during the first quarter.

 

“We are pleased to report a quarter of solid loan growth,” stated James F. House, President and CEO of the Company. “The loan growth that we experienced during the second quarter offset the majority of reductions from the first quarter. In addition, we continue to enjoy significant improvement in earnings since the acquisition of The Peoples Bank in 2018. Our team remains focused on generating quality loan growth at both the Bank and ALC,” continued Mr. House.

 

Other Highlights

 

Expansion into New Markets During the second quarter of 2019, the Bank received regulatory approval to open a loan production office in the Chattanooga, Tennessee area. Expansion of the Bank’s presence into the Chattanooga area is consistent with the Company’s strategy to gain a foothold in or near larger metropolitan markets that management believes have strong potential for future growth. The opening of the Chattanooga-area office followed the opening of a loan production office in Mobile, Alabama during the first quarter of 2019.

 

Balance Sheet Management and Reduction in Wholesale Funding – In an effort to improve the efficiency of the Company’s balance sheet and reduce interest expense, during the first six months of 2019, management reduced wholesale deposit funding sources by allowing $28.3 million in brokered deposits to mature without renewal. The reduction in wholesale deposits was partially offset by organic growth in deposits at the Bank of approximately $6.4 million. As of June 30, 2019, the Company’s brokered deposits balances totaled $5.0 million.

 

Improvement in Asset Quality – The Company continued to experience improvement in asset quality during the second quarter of 2019. Non-performing assets, including loans in non-accrual status and other real estate owned (OREO), decreased to $2.7 million as of June 30, 2019, compared to $3.1 million as of March 31, 2019 and $3.9 million as of June 30, 2018. As a percentage of total assets, non-performing assets totaled 0.35% as of June 30, 2019, compared to 0.39% as of March 31, 2019 and 0.61% as of June 30, 2018.

 

 

The following information was filed by First Us Bancshares Inc (FUSB) on Monday, July 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-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 (Current Period Unaudited)
Interim Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
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) (Parentheticals)
Interim Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Interim Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parentheticals)
Interim Condensed Consolidated Statements Of Operations (Unaudited)
Note 1 - General
Note 1 - General (Details Textual)
Note 10 - Income Taxes
Note 10 - Income Taxes (Details Textual)
Note 11 - Deferred Compensation Plans
Note 11 - Deferred Compensation Plans (Details Textual)
Note 12 - Stock Awards
Note 12 - Stock Awards (Details Textual)
Note 12 - Stock Awards (Tables)
Note 12 - Stock Awards - Fair Value Assumptions (Details)
Note 12 - Stock Awards - Stock Option Activity (Details)
Note 13 - Leases
Note 13 - Leases (Details Textual)
Note 13 - Leases (Tables)
Note 13 - Leases - Components Of Lease Expense (Details)
Note 13 - Leases - Future Minimum Operating Lease Payments (Details)
Note 14 - Segment Reporting
Note 14 - Segment Reporting (Details Textual)
Note 14 - Segment Reporting (Tables)
Note 14 - Segment Reporting - Results For Reportable Segments (Details)
Note 15 - Guarantees, Commitments And Contingencies
Note 15 - Guarantees, Commitments And Contingencies (Details Textual)
Note 15 - Guarantees, Commitments And Contingencies (Tables)
Note 15 - Guarantees, Commitments And Contingencies - Commitments And Contingent Liabilities (Details)
Note 16 - Fair Value Of Financial Instruments
Note 16 - Fair Value Of Financial Instruments (Details Textual)
Note 16 - Fair Value Of Financial Instruments (Tables)
Note 16 - Fair Value Of Financial Instruments - Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) (Details)
Note 16 - Fair Value Of Financial Instruments - Assets Measured At Fair Value On Non-Recurring Basis (Details)
Note 16 - Fair Value Of Financial Instruments - Assets Measured At Fair Value On Recurring Basis (Details)
Note 16 - Fair Value Of Financial Instruments - Estimated Fair Value And Related Carrying Or Notional Amounts Of Financial Instruments (Details)
Note 2 - Basis Of Presentation
Note 2 - Basis Of Presentation (Details Textual)
Note 2 - Basis Of Presentation (Tables)
Note 2 - Basis Of Presentation - Basic And Diluted Net Income Per Share (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 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 - 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 - Short-Term Borrowings
Note 8 - Short-Term Borrowings (Details Textual)
Note 9 - Long-Term Debt
Note 9 - Long-Term Debt (Details Textual)
Significant Accounting Policies (Policies)

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: 0001437749-19-015778
Submitted to the SEC: Wed Aug 07 2019 11:04:48 AM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks

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