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First Us Bancshares Inc (FUSB) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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 AND FULL YEAR 2019 RESULTS

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Reports 83% Growth in Full Year Earnings Compared to 2018

 

 

BIRMINGHAM, AL (January 27, 2020) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported fourth quarter 2019 net income of $1.2 million, compared to $1.1 million in the previous quarter and $1.5 million in the fourth quarter of 2018. Diluted net income per share was $0.18 in the fourth quarter of 2019, compared to $0.16 in the third quarter of 2019 and $0.22 in the fourth quarter of 2018.

 

For the year ended December 31, 2019, the Company’s net income totaled $4.6 million, or $0.67 per diluted share, compared to $2.5 million, or $0.37 per diluted share, for the year ended December 31, 2018. Additionally, net loans as of December 31, 2019 totaled $545.2 million, compared to $514.9 million as of December 31, 2018, an increase of $30.3 million, or 5.9%. This loan growth included $24.1 million attributable to the Bank’s commercial lending efforts, along with $6.1 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.

 

“We are pleased to wrap up 2019 with a strong quarter that punctuates a year of significant earnings improvement for our Company,” stated James F. House, President and CEO of the Company. “As a result of these improved earnings, for the first time since reinstating dividends in 2014, we were able to raise the Company’s dividend to shareholders during the fourth quarter,” continued Mr. House.

 

The improvement in earnings for the year ended December 31, 2019 compared to December 31, 2018 resulted primarily from additional earning assets and efficiencies of scale obtained as a result of the Company’s acquisition of The Peoples Bank (“TPB”) in August 2018.

 

Other Highlights

 

Net Interest Margin – As a result of the prevailing interest rate environment, the Company experienced margin compression during the fourth quarter of 2019.  Net interest margin was 5.12% for the fourth quarter of 2019, compared to 5.23% for the third quarter of 2019 and 5.27% for the fourth quarter of 2018. For the year ended December 31, 2019, net interest margin was 5.18%, compared to 5.27% for the year ended December 31, 2018.

 

Asset Quality – Non-performing assets, including loans in non-accrual status and other real estate owned (OREO), were $4.8 million as of December 31, 2019 and $4.3 million as of December 31, 2018. As a percentage of total assets, non-performing assets totaled 0.61% as of December 31, 2019, compared to 0.35% as of September 30, 2019 and 0.54% as of December 31, 2018.  

 

Provision for Loan and Lease Losses The provision for loan and lease losses was $0.7 million during the fourth quarter of 2019, compared to $0.9 million during the third quarter of 2019 and $0.5 million during the fourth quarter of 2018. For the year ended December 31, 2019, the Company’s loan loss provision totaled $2.7 million, compared to $2.6 million for the year ended December 31, 2018.

 

Non-interest Income – Non-interest income totaled $1.4 million during both the fourth quarter and third quarter of 2019, compared to $1.2 million during the fourth quarter of 2018. For the year ended December 31, 2019, non-interest income totaled $5.4 million, compared to $5.6 million for the year ended December 31, 2018. The decrease comparing the year ended December 31, 2019 to the year ended December 31, 2018 was mostly attributable to nonrecurring gains on the settlement of derivative contracts of $1.0 million that occurred during 2018. This decrease was partially offset by a full year of lease income recognized during the year ended December 31, 2019 associated with the lease-up of office space at the Company’s new headquarters location in Birmingham, Alabama. Lease-up of the space occurred at the end of the fourth quarter of 2018.

 


The following information was filed by First Us Bancshares Inc (FUSB) on Monday, January 27, 2020 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 Details (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
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)
Deferred Compensation Plans
Deferred Compensation Plans - Additional Information (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Scheduled Maturities Of The Bank's Time Deposits (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)
Description Of Business
Employee Benefit Plans
Employee Benefit Plans - Additional Information (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)
First Us Bancshares, Inc. (Parent Company Only) Financial Information
First Us Bancshares, Inc. (Parent Company Only) Financial Information (Tables)
First Us Bancshares, Inc. (Parent Company Only) Financial Information - Statements Of Balance Sheet (Detail)
First Us Bancshares, Inc. (Parent Company Only) Financial Information - Statements Of Cash Flow (Detail)
First Us Bancshares, Inc. (Parent Company Only) Financial Information - Statements Of Operations (Detail)
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 (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Consolidated Provision For Income Taxes (Details)
Income Taxes - Effects Of Temporary Differences Of Deferred Tax Assets And Deferred Tax Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate (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 (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Summary Of Information Concerning Long-Term Fhlb Advances And Other Borrowings (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)
Premises And Equipment
Premises And Equipment (Table)
Premises And Equipment - Additional Information (Details)
Premises And Equipment - Summary Of Premises And Equipment And Applicable Depreciable Lives (Details)
Premises And Equipment - Summary Of Premises And Equipment And Applicable Depreciable Lives (Details) (Parenthetical)
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) (Tables)
Quarterly Data (Unaudited) - Summary Of Quarterly Data (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Results For Reportable Segments (Details)
Shareholder's Equity
Shareholder's Equity (Tables)
Shareholder's Equity - Additional Information (Details)
Shareholder's Equity - Summary Of Actual Capital Amount And Well Capitalized Total Risk-Based, Tier I Risk-Based, And Tier I Leverage Ratios (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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Basic And Diluted Net Income Per Share (Details)
Summary Of Significant Accounting Policies - Disclosures Of Cash Flow Information And Non-Cash Transactions (Details)
Ticker: FUSB
CIK: 717806
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-011613
Submitted to the SEC: Wed Mar 18 2020 4:19:51 PM EST
Accepted by the SEC: Wed Mar 18 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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