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First Us Bancshares Inc (FUSB) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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 2021 RESULTS

────────

Reports Continued Loan Growth Combined with Earnings and Asset Quality Improvement

 

BIRMINGHAM, AL (July 28, 2021) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $953,000, or $0.14 per diluted share, for the quarter ended June 30, 2021 (“2Q2021”), compared to $950,000, or $0.14 per diluted share, for the quarter ended March 31, 2021 (“1Q2021”) and $404,000, or $0.06 per diluted share, for the quarter ended June 30, 2020 (“2Q2020”). For the six months ended June 30, 2021, the Company’s net income totaled $1,903,000, or $0.28 per diluted share, compared to $1,251,000, or $0.19 per diluted share, for the six months ended June 30, 2020.  

 

Loan growth for the quarter totaled $19.1 million, or an increase of 2.8%, compared to March 31, 2021. For the six-months ended June 30, 2021, total loan growth was $39.4 million, or 6.1%. During both quarters of 2021, growth was driven by the Bank’s indirect lending and construction portfolios. Due to earning asset growth, combined with continued reductions in interest expense, net interest income continued to improve during 2Q2021. Pre-provision net interest income increased by $248,000, or 2.7%, comparing 2Q2021 to 1Q2021, and by $689,000, or 8.0%, comparing 2Q2021 to 2Q2020. Year-to-date pre-provision net interest income as of June 30, 2021 exceeded the same period of 2020 by $867,000, or 5.0%.  

 

The Company’s non-performing assets, including loans in non-accrual status and other real estate owned (OREO), decreased to $2.1 million as of June 30, 2021, compared to $3.5 million as of March 31, 2021 and $4.4 million as of June 30, 2020. As a percentage of total assets, non-performing assets improved to 0.22% as of June 30, 2021, compared to 0.37% as of March 31, 2021 and 0.52% as of June 30, 2020.   

 

“We are pleased to have posted continued strong organic loan growth during the second quarter,” stated James F. House, President and CEO of the Company. “The interest rate environment remains challenging, and the deployment of funds into solid earning assets is critical to our ability to sustain and then grow earnings over time. At the same time, we remain focused on the credit quality of the assets we deploy. We were gratified to see another quarter of reduction in nonperforming assets. We believe that this asset quality improvement reflects adherence to our credit standards and the resiliency of our customer base,” 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 June 30, 2021.

 

 

Quarter Ended

 

 

 

2021

 

 

2020

 

 

 

June

30,

 

 

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

 

(Dollars in Thousands)

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction, land development and other land loans

 

$

53,425

 

 

$

48,491

 

 

$

37,282

 

 

$

35,472

 

 

$

31,384

 

Secured by 1-4 family residential properties

 

 

78,815

 

 

 

82,349

 

 

 

88,856

 

 

 

95,147

 

 

 

93,010

 

Secured by multi-family residential properties

 

 

53,811

 

 

 

54,180

 

 

 

54,326

 

 

 

49,197

 

 

 

48,807

 

Secured by non-farm, non-residential properties

 

 

191,398

 

 

 

193,626

 

 

 

184,528

 

 

 

183,754

 

 

 

160,683

 

Commercial and industrial loans

 

 

65,772

 

 

 

65,043

 

 

 

69,808

 

 

 

72,948

 

 

 

73,978

 

Paycheck Protection Program ("PPP") loans

 

 

11,587

 

 

 

14,795

 

 

 

11,927

 

 

 

13,950

 

 

 

13,793

 

Consumer loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct consumer

 

 

26,937

 

 

 

26,998

 

 

 

29,788

 

 

 

30,048

 

 

 

33,299

 

Branch retail

 

 

31,688

 

 

 

31,075

 

 

 

32,094

 

 

 

33,145

 

 

 

33,000

 

Indirect sales

 

 

176,116

 

 

 

153,940

 

 

 

141,514

 

 

 

125,369

 

 

 

89,932

 

Total loans

 

$

689,549

 

 

$

670,497

 

 

$

650,123

 

 

$

639,030

 

 

$

577,886

 

Less unearned interest, fees and deferred costs

 

 

4,067

 

 

 

3,792

 

 

 

4,279

 

 

 

4,240

 

 

 

5,401

 

Allowance for loan and lease losses

 

 

7,726

 

 

 

7,475

 

 

 

7,470

 

 

 

7,185

 

 

 

6,423

 

Net loans

 

$

677,756

 

 

$

659,230

 

 

$

638,374

 

 

$

627,605

 

 

$

566,062

 

 


The following information was filed by First Us Bancshares Inc (FUSB) on Wednesday, July 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 (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 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 - 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)
Short-Term Borrowings
Stock Awards
Stock Awards (Tables)
Stock Awards - Additional Information (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: 0001564590-21-043350
Submitted to the SEC: Wed Aug 11 2021 1:38:49 PM EST
Accepted by the SEC: Wed Aug 11 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks

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