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First Us Bancshares Inc (FUSB) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

First Us Bancshares Inc

CIK: 717806 Ticker: FUSB

 

Exhibit 99.1

 


 

 

Contact:

Thomas S. Elley

 

205-582-1200

 

 

FIRST US BANCSHARES, INC.

REPORTS FIRST QUARTER 2021 RESULTS

────────

Reports Year-Over-Year Growth in Earnings and 3.1% Loan Growth for Quarter

 

BIRMINGHAM, AL (April 28, 2021) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $950,000, or $0.14 per diluted share, for the quarter ended March 31, 2021 (“1Q2021”), compared to $847,000, or $0.13 per diluted share, for the quarter ended March 31, 2020 (“1Q2020”) and $1,045,000, or $0.15 per diluted share, for the quarter ended December 31, 2020 (“4Q2020”).  

 

Growth in total loans for the quarter was $20.4 million, or an increase of 3.1%, compared to December 31, 2020. Loan growth was most pronounced in the Bank’s commercial real estate and indirect lending portfolios. Total deposits increased by 4.6%, or $35.8 million, during the first quarter of 2021 from the previous quarter.  

 

“We are pleased that we were able to keep loan growth going at a strong pace during the first quarter,” stated James F. House, President and CEO of the Company. “Deposit growth continued to be robust, and we were able to deploy a significant portion of that growth into earning assets during the quarter. In addition, credit metrics in the loan portfolio improved and nonperforming assets decreased. This all adds up to a strong start for 2021,” continued Mr. House.

 

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 March 31, 2021.

 

 

 

Quarter Ended

 

 

 

2021

 

 

2020

 

 

 

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

 

 

(Dollars in Thousands)

 

 

 

(Unaudited)

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction, land development and other land loans

 

$

48,491

 

 

$

37,282

 

 

$

35,472

 

 

$

31,384

 

 

$

31,927

 

Secured by 1-4 family residential properties

 

 

82,349

 

 

 

88,856

 

 

 

95,147

 

 

 

93,010

 

 

 

100,186

 

Secured by multi-family residential properties

 

 

54,180

 

 

 

54,326

 

 

 

49,197

 

 

 

48,807

 

 

 

44,029

 

Secured by non-farm, non-residential properties

 

 

193,626

 

 

 

184,528

 

 

 

183,754

 

 

 

160,683

 

 

 

156,222

 

Commercial and industrial loans

 

 

65,043

 

 

 

69,808

 

 

 

72,948

 

 

 

73,978

 

 

 

80,771

 

Paycheck Protection Program ("PPP") loans

 

 

14,795

 

 

 

11,927

 

 

 

13,950

 

 

 

13,793

 

 

 

 

Consumer loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct consumer

 

 

26,998

 

 

 

29,788

 

 

 

30,048

 

 

 

33,299

 

 

 

36,307

 

Branch retail

 

 

31,075

 

 

 

32,094

 

 

 

33,145

 

 

 

33,000

 

 

 

31,568

 

Indirect sales

 

 

153,940

 

 

 

141,514

 

 

 

125,369

 

 

 

89,932

 

 

 

69,982

 

Total loans

 

$

670,497

 

 

$

650,123

 

 

$

639,030

 

 

$

577,886

 

 

$

550,992

 

Less unearned interest, fees and deferred costs

 

 

3,792

 

 

 

4,279

 

 

 

4,240

 

 

 

5,401

 

 

 

5,353

 

Allowance for loan and lease losses

 

 

7,475

 

 

 

7,470

 

 

 

7,185

 

 

 

6,423

 

 

 

5,954

 

Net loans

 

$

659,230

 

 

$

638,374

 

 

$

627,605

 

 

$

566,062

 

 

$

539,685

 

 

 

 

 

 


The following information was filed by First Us Bancshares Inc (FUSB) on Wednesday, April 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-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) (Parenthetical)
Interim Condensed Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Basic And Diluted Net Income Per Share (Details)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Details)
Borrowings - Schedule Of Available Unused Lines Of Credit (Details)
Borrowings - Schedule Of Available Unused Lines Of Credit (Parenthetical) (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)
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)
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 And Lease Losses
Loans And Allowance For Loan And Lease Losses (Tables)
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)
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 Repossessed Assets
Other Real Estate Owned And Repossessed Assets (Tables)
Other Real Estate Owned And Repossessed Assets - Additional Information (Details)
Other Real Estate Owned And Repossessed Assets - Summary Of Foreclosed Property Activity (Details)
Other Real Estate Owned And Repossessed Assets - Summary Of Repossessed Assets Activity (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Results For Reportable Segments (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: 0001564590-21-026410
Submitted to the SEC: Tue May 11 2021 12:37:12 PM EST
Accepted by the SEC: Tue May 11 2021
Period: Wednesday, March 31, 2021
Industry: State Commercial Banks

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