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First Us Bancshares, Inc. (FUSB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 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 THIRD QUARTER 2021 RESULTS

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Reports Year-Over-Year Earnings and Loan Growth and Advancement of Strategic Initiatives

 

BIRMINGHAM, AL (October 27, 2021) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $837 thousand, or $0.13 per diluted share, for the quarter ended September 30, 2021 (“3Q2021”), compared to $953 thousand, or $0.14 per diluted share, for the quarter ended June 30, 2021 (“2Q2021”) and $411 thousand, or $0.06 per diluted share, for the quarter ended September 30, 2020 (“3Q2020”). For the nine months ended September 30, 2021, the Company’s net income totaled $2.7 million, or $0.41 per diluted share, compared to $1.7 million, or $0.25 per diluted share, for the nine months ended September 30, 2020. Loan growth during 3Q2021 totaled $19.3 million, bringing year-to-date loan growth to $58.8 million, or 9.0%, for the nine months ended September 30, 2021.

 

Advancement of Strategic Initiatives

 

During 3Q2021, the Company made progress on strategic initiatives aimed at improving operating efficiency, focusing the Company’s loan growth activities, and fortifying asset quality. On September 3, 2021, the Bank’s wholly-owned subsidiary, Acceptance Loan Company, Inc. (“ALC”), ceased new business development and permanently closed its 20 branch lending locations in Alabama and Mississippi to the public. This initiative is expected to result in expense reduction beginning in the fourth quarter of 2021 (“4Q2021”), while at the same time focusing management’s efforts on growth in the Bank’s other loan portfolios.  

In connection with the ALC branch closures, the Company recorded pre-tax charges of approximately $550 thousand during 3Q2021. These one-time expenses included severance and related personnel costs, lease termination costs, fixed asset valuation adjustments, termination of technology contracts, and other costs to administer the branch closures. The Company expects to incur approximately $500 thousand in additional expenses in the coming months primarily related to personnel expenses associated with one-time payments to ALC personnel that continue to manage the remaining loan portfolio, as well as expenses associated with the ultimate termination of ALC’s remaining branch leases. It is expected that the majority of the remaining one-time expenses will be incurred during 4Q2021 and the first quarter of 2022 and will be fully offset by ongoing cost savings that result from the closures.

In addition to the ALC branch closures, on September 3, 2021, four of the Bank’s previously existing banking offices were closed. The decision to close these banking offices was based on analysis of banking center activity, profitability and Community Reinvestment Act assessment. The closures included banking centers located in Bucksville, Columbiana and south Tuscaloosa, Alabama, as well as Ewing, Virginia.

 

“We are pleased that we have completed these major strategic initiatives, while at the same time posting loan growth and substantially improved year-over-year earnings,” stated James F. House, President and CEO of the Company. “We are continuing to transform our Company to an organization that can operate more efficiently with a focus on those lending areas that we believe will sustain our growth for many years to come,” continued Mr. House.



The following information was filed by First Us Bancshares Inc (FUSB) on Wednesday, October 27, 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 Operations (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)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges - Additional Information (Details)
Restructuring Charges - Scheduled Of Restructuring Charges (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: 0001564590-21-056103
Submitted to the SEC: Wed Nov 10 2021 2:19:42 PM EST
Accepted by the SEC: Wed Nov 10 2021
Period: Thursday, September 30, 2021
Industry: State Commercial Banks

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