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

Exhibit 99.1

FIRST US BANCSHARES, INC.

REPORTS SECOND QUARTER 2021 RESULTS

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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.