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First Us Bancshares, Inc. (FUSB) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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FUSB Annual Reports

  • 10-K Annual Report March 2022
  • 10-K Annual Report March 2021
    10-K Annual Report March 2020
    10-K Annual Report March 2019
    10-K Annual Report March 2018
    10-K Annual Report March 2017

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 2021 RESULTS

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Reports Year-Over-Year Earnings Growth of 64.4% and Loan Growth of 11.1% (excluding PPP Loans)

 

BIRMINGHAM, AL (January 27, 2022) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $1.7 million, or $0.25 per diluted share, for the quarter ended December 31, 2021 (“4Q2021”), compared to $0.8 million, or $0.13 per diluted share, for the quarter ended September 30, 2021 (“3Q2021”) and $1.0 million, or $0.15 per diluted share, for the quarter ended December 31, 2020 (“4Q2020”). For the year ended December 31, 2021 (“Full-year 2021”), the Company’s net income totaled $4.5 million, or $0.66 per diluted share, compared to $2.7 million, or $0.40 per diluted share, for the year ended December 31, 2020 (“Full-year 2020”), an increase of 64.4%. The Company’s earnings growth in 2021 was driven by reductions in both interest and non-interest expense, as well as a decrease in the provision for loan and lease losses.  Although loan loss provisions decreased in 2021, the Company maintained its loan loss reserves as a percentage of total loans at levels consistent with the previous year and did not record negative provisions. Accordingly, loan loss provision expense was commensurate with the Company’s continued loan growth. Growth in loan volume during 4Q2021 totaled $2.1 million, bringing total loan growth for the year ended December 31, 2021, to $60.8 million, or 9.4%. Excluding Paycheck Protection Program (“PPP”) loans which have been administered by the Small Business Administration (“SBA”) in response to the COVID-19 pandemic, total loan growth for 2021 was $71.1 million, or 11.1%.

 

Strategic Initiatives

 

Progress continued during 4Q2021 on the Company’s strategic initiatives aimed at improving operating efficiency, focusing the Company’s loan growth activities, and fortifying asset quality. As previously announced, 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 resulted in pre-tax expense reductions at ALC netting to $1.3 million, comparing 4Q2021 to 3Q2021.  ALC’s 4Q2021 expense reductions were partially offset by one-time pre-tax charges totaling approximately $0.4 million associated with personnel, lease terminations, and other administrative costs associated with the branch closures.  As of December 31, 2021, approximately $0.9 million in total one-time pre-tax charges associated with ALC’s business cessation had been incurred.  This amount represents the majority of one-time charges currently expected in connection with this strategic initiative.  Future non-interest expenses at ALC are expected to consist primarily of personnel and operating expenses associated with collection of ALC’s remaining loan portfolio, as well as provision expense for loan losses or changes in loss estimates.

The expense reductions associated with the ALC strategy had a significant impact on the improvement of the Company’s earnings in 4Q2021.  These reductions are expected to contribute favorably to the Company’s earnings in future periods; however, revenues associated with loans at ALC will also decrease as ALC’s portfolio continues to pay down.  Loans at ALC totaled $40.8 million as of December 31, 2021, compared to $48.0 million as of September 30, 2021, a reduction of $7.2 million, or 15.0%, during the quarter.  Consistent with the reduction in loans, revenues earned on ALC’s loan portfolio decreased to $2.0 million in 4Q2021, compared to $2.3 million in 3Q2021, or a decrease of 13.0%. Management continues to expect that the majority of ALC’s loans will be paid off by the end of 2023.  Accordingly, the Company’s focus remains on loan growth in other areas of the Bank’s portfolio, as well as efforts to reduce the Bank’s ongoing operating expenses and improve the Company’s efficiency over time.

“We are pleased to end 2021 on a high note from an earnings standpoint,” stated James F. House, President and CEO of the Company. “Our ALC initiative, combined with the closure of four of the Bank’s branches in September, have driven substantial expense savings and improved profitability as we closed out the year.  We also achieved net loan growth during the quarter despite the substantial reductions in ALC’s loan portfolio. Though we remain focused on operational simplification and improvement, we have not lost sight of the importance of loan growth as a driver of long-term earnings,” continued Mr. House.

 

 

 

 

 

 

 

 

 


The following information was filed by First Us Bancshares Inc (FUSB) on Thursday, January 27, 2022 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
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
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)
Borrowings - Summary Of Long-Term Borrowings (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 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)
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 (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 - 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)
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)
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)
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 - Stock Option Activity (Details)
Stock Awards - Summary Of Assumptions Used In Black-Scholes Pricing Model (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: 0001564590-22-010052
Submitted to the SEC: Mon Mar 14 2022 3:01:33 PM EST
Accepted by the SEC: Mon Mar 14 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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