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First Us Bancshares Inc (FUSB) SEC Filing 10-Q Quarterly report for the period ending Monday, September 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 THIRD QUARTER 2019 RESULTS

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Reports Earnings Improvement and $33 Million in Loan Growth for Quarter

 

 

BIRMINGHAM, AL (October 28, 2019) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported third quarter 2019 net income of $1.1 million, compared to $0.2 million for the third quarter of 2018. Diluted net income per share was $0.16 in the third quarter of 2019, compared to $0.15 in the second quarter of 2019 and $0.03 in the third quarter of 2018.

 

Net loans for the Company increased by $33.0 million, or 25.6% on an annualized basis, during the third quarter of 2019. This growth included $30.8 million attributable to the Bank’s commercial lending efforts, along with $2.2 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 nine months ended September 30, 2019, the Company’s net income totaled $3.4 million, or $0.49 per diluted share, compared to $1.0 million, or $0.15 per diluted share, for the nine months ended September 30, 2018. Net loans as of September 30, 2019 totaled $544.5 million, compared to $514.9 million as of December 31, 2018, an increase of $29.6 million, or 7.7% on an annualized basis.

 

“We have experienced continued momentum in our lending efforts as the year has progressed,” stated James F. House, President and CEO of the Company. “Despite the additional loan loss provisioning that resulted from the substantial increase in loan volume during the quarter, we are pleased to report earnings improvement,” continued Mr. House.

 

The improvement in earnings for the three- and nine-month periods ended September 30, 2019 compared to the corresponding periods of 2018 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.

 

Other Highlights

 

Balance Sheet Efficiency and Consistent Margin – During the third quarter of 2019, management continued efforts to improve balance sheet efficiency by funding a portion of loan growth from the maturity or sale of investment securities, thereby shifting the mix of earning assets to a larger concentration of loans relative to other lower-earning assets. As a result of these efforts, coupled with reductions in higher-priced wholesale deposit funding sources, the Company maintained a relatively consistent net interest margin level in the third quarter of 2019. Net interest margin was 5.23% for the third quarter of 2019, compared to 5.21% for the second quarter of 2019 and 5.25% for the third quarter of 2018. For the nine months ended September 30, 2019, net interest margin was 5.20%, compared to 5.27% for the nine months ended September 30, 2018.

 

Stabilized Asset Quality – The Company experienced stabilized asset quality during the third quarter of 2019 compared to the previous quarter. Non-performing assets, including loans in non-accrual status and other real estate owned (OREO), were $2.7 million as of both September 30, 2019 and June 30, 2019, compared to $5.3 million as of September 30, 2018. As a percentage of total assets, non-performing assets totaled 0.35% as of both September 30, 2019 and June 30, 2019, compared to 0.66% as of September 30, 2018.  

 

Growth in Net Interest Income – Net interest income increased by $0.1 million, or 1.2%, in the third quarter of 2019 compared to the second quarter of 2019.  Compared to the third quarter of 2018, net interest income increased by $1.0 million, or 12.2%, in the third quarter of 2019.


The following information was filed by First Us Bancshares Inc (FUSB) on Monday, October 28, 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) (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) (Parentheticals)
Interim Condensed Consolidated Statements Of Operations
Acquisition Activity
Acquisition Activity (Tables)
Acquisition Activity - Additional Information (Details)
Acquisition Activity - Summary Of Assets Acquired And Liabilities Assumed In Tpb Transaction (Details)
Acquisition Activity - Summary Of Carrying Amount And Fair Value Adjustments Of Loans Acquired From Tpb (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Additional Information (Details)
Basis Of Presentation - Basic And Diluted Net Income Per Share (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)
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 Losses
Loans And Allowance For Loan 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 - Summary Of Acquired Loans (Details)
Long-Term Debt
Long-Term Debt - Additional Information (Details)
Other Operating Income And Expenses
Other Operating Income And Expenses (Tables)
Other Operating Income And Expenses - Other Operating Expenses (Details)
Other Operating Income And Expenses - Other Operating Income (Details)
Other Real Estate Owned And Repossessions
Other Real Estate Owned And Repossessions (Tables)
Other Real Estate Owned And Repossessions - Additional Information (Details)
Other Real Estate Owned And Repossessions - Summary Of Foreclosed Property Activity (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Results For Reportable Segments (Details)
Short-Term Borrowings
Short-Term Borrowings - Additional Information (Details)
Stock Awards
Stock Awards (Tables)
Stock Awards - Additional Information (Details)
Stock Awards - Fair Value Assumptions (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: 0001564590-19-040990
Submitted to the SEC: Wed Nov 06 2019 11:02:38 AM EST
Accepted by the SEC: Wed Nov 06 2019
Period: Monday, September 30, 2019
Industry: State Commercial Banks

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