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First Us Bancshares Inc (FUSB) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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 2020 RESULTS

────────

Full Year Loan Growth of 17.1% and $634,000 Linked Quarter Increase in Net Income

 

BIRMINGHAM, AL (January 28, 2021) – 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 December 31, 2020 (“4Q2020”), compared to $0.4 million, or $0.06 per diluted share, for the quarter ended September 30, 2020 (“3Q2020”) and $1.2 million, or $0.18 per diluted share, for the quarter ended December 31, 2019 (“4Q2019”). For the year ended December 31, 2020, the Company’s net income totaled $2.7 million, or $0.40 per diluted share, compared to $4.6 million, or $0.67 per diluted share, for the year ended December 31, 2019.

 

Growth in net income comparing 4Q2020 to the previous quarter of 2020 was driven by improved net interest income and reduced loan loss provisioning and non-interest expense, partially offset by reductions in non-interest income. Total loans averaged $644.8 million during 4Q2020, compared to $609.6 million during 3Q2020, an increase of $35.2 million, or 5.8%, for the quarter. As of December 31, 2020, net loans totaled $638.4 million, compared to $545.2 million as of December 31, 2019, representing growth of $93.1 million, or 17.1%, for the year.  

 

James F. House, President and CEO of the Company, stated, “By any account, this was an extraordinarily challenging year. The impact of the COVID-19 pandemic was felt throughout the economy and had a dramatic impact on our operations. As we close the door on 2020, we are gratified by the accomplishments of our team despite this difficult environment. In the fourth quarter, net interest income continued to improve, we gained additional clarity on the strength of our loan portfolio, and we wrapped up a year of substantial growth in earning assets. We believe that these positive outcomes have given us a solid foundation upon which to build in 2021.”

 

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 December 31, 2020.

 

 

 

Quarter Ended

 

 

 

2020

 

 

2019

 

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

 

December

31,

 

 

 

(Dollars in Thousands)

 

 

 

(2020 Loan Balances are Unaudited)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction, land development and other land loans

 

$

37,282

 

 

$

35,472

 

 

$

31,384

 

 

$

31,927

 

 

$

30,820

 

Secured by 1-4 family residential properties

 

 

88,856

 

 

 

95,147

 

 

 

93,010

 

 

 

100,186

 

 

 

104,537

 

Secured by multi-family residential properties

 

 

54,326

 

 

 

49,197

 

 

 

48,807

 

 

 

44,029

 

 

 

50,910

 

Secured by non-farm, non-residential properties

 

 

184,528

 

 

 

183,754

 

 

 

160,683

 

 

 

156,222

 

 

 

162,981

 

Commercial and industrial loans

 

 

69,808

 

 

 

72,948

 

 

 

73,978

 

 

 

80,771

 

 

 

90,957

 

Paycheck Protection Program (“PPP”) loans

 

 

11,927

 

 

 

13,950

 

 

 

13,793

 

 

 

 

 

 

 

Consumer loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct consumer

 

 

29,788

 

 

 

30,048

 

 

 

33,299

 

 

 

36,307

 

 

 

38,040

 

Branch retail

 

 

32,094

 

 

 

33,145

 

 

 

33,000

 

 

 

31,568

 

 

 

32,305

 

Indirect sales

 

 

141,514

 

 

 

125,369

 

 

 

89,932

 

 

 

69,982

 

 

 

45,503

 

Total loans

 

$

650,123

 

 

$

639,030

 

 

$

577,886

 

 

$

550,992

 

 

$

556,053

 

Less unearned interest, fees and deferred costs

 

 

4,279

 

 

 

4,240

 

 

 

5,401

 

 

 

5,353

 

 

 

5,048

 

Allowance for loan and lease losses

 

 

7,470

 

 

 

7,185

 

 

 

6,423

 

 

 

5,954

 

 

 

5,762

 

Net loans

 

$

638,374

 

 

$

627,605

 

 

$

566,062

 

 

$

539,685

 

 

$

545,243

 

 

 

 


The following information was filed by First Us Bancshares Inc (FUSB) on Thursday, January 28, 2021 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
Borrowings
Borrowings - Additional Information (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)
Derivative Financial Instruments - Schedule Of Hedging Derivative Instruments' Effect On Company's Consolidated Statement Of Income (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)
Description Of Business
Description Of Business - Additional Information (Details)
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 And Lease Losses
Loans And Allowance For Loan And Lease Losses - Additional Information (Details)
Loans And Allowance For Loan And Lease Losses - Aging Analysis Of Past Due Loans (Details)
Loans And Allowance For Loan And Lease Losses - Allowance For Loan Losses (Details)
Loans And Allowance For Loan And Lease Losses - Impaired Loans (Details)
Loans And Allowance For Loan And Lease Losses - Loans By Credit Quality Indicators (Details)
Loans And Allowance For Loan And Lease Losses - Loans Modified In A Troubled Debt Restructuring (Details)
Loans And Allowance For Loan And Lease Losses - Non-Accruing Loans (Details)
Loans And Allowance For Loan And Lease Losses - Schedule Of Loan Portfolio (Details)
Loans And Allowance For Loan And Lease Losses - Schedule Of Loan Portfolio (Parenthetical) (Details)
Loans And Allowance For Loan And Lease Losses - Summarizes Of All Covid19 Loan Payment Deferment And The Percentage Of Loans (Details)
Loans And Allowance For Loan And Lease Losses - Summarizes The At Risk Categories And The Relative Percentage Of The Loan Portfolio (Details)
Loans And Allowance For Loan And Lease Losses - Summary Of Acquired Loans (Details)
Loans And Allowance For Loan Losses (Tables)
Other Operating Income And Expense
Other Operating Income And Expense (Tables)
Other Operating Income And Expense - Additional Information (Details)
Other Operating Income And Expense - Other Operating Expense (Details)
Other Operating Income And Expense - 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)
Other Real Estate Owned And Repossessions - Summary Of Repossessed Assets 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)
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: 0001564590-21-013208
Submitted to the SEC: Mon Mar 15 2021 5:24:53 PM EST
Accepted by the SEC: Mon Mar 15 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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