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First Us Bancshares, Inc. (FUSB) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

FUSB Quarterly Reports

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 2022 RESULTS

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Expense Reductions Lead to Earnings Growth of 43.3% Compared to First Quarter of 2021

 

BIRMINGHAM, AL (April 27, 2022) – First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $1.4 million, or $0.20 per diluted share, for the quarter ended March 31, 2022 (“1Q2022”), compared to $1.0 million, or $0.14 per diluted share, for the quarter ended March 31, 2021 (“1Q2021”) and $1.7 million, or $0.25 per diluted share, for the quarter ended December 31, 2021 (“4Q2021”).

 

Growth in the Company’s earnings, comparing 1Q2022 to 1Q2021, resulted from reductions in both non-interest expense and, to a lesser extent, interest expense.  Non-interest expense reductions were driven by strategic initiatives launched in September 2021 that were previously announced by the Company.  The initiatives, which are aimed at improving operating efficiency, focusing the Company’s loan growth activities, and fortifying asset quality, included the cessation of new business development at the Bank’s wholly owned subsidiary, Acceptance Loan Company, Inc. (“ALC”).  Non-interest expense was reduced by $1.3 million in 1Q2022, compared to 1Q2021, and included substantial decreases in salaries and benefits, occupancy and equipment and other costs. Interest expense was reduced by $0.1 million as the Company’s total average funding costs decreased to 0.32% in 1Q2022, compared to 0.39% in 1Q2021.  The favorable earnings impact of expense reductions was partially offset by reductions in interest and fees on loans, and non-interest income and an increase in the provision for loan and lease losses.

 

Comparing 1Q2022 to 4Q2021, the reduction in net income resulted primarily from decreased interest and fees on loans and increased provisioning for loan and lease losses, partially offset by reductions in both interest and non-interest expense.  The increased loan loss provisioning in 1Q2022 was associated with the remaining ALC loan portfolio and reflected both an increase in charge-offs associated with the portfolio, as well as qualitative adjustments implemented by management in response to heightened inflationary trends and other economic uncertainties that emerged during 1Q2022. The ALC strategy and other efficiency initiatives adopted by the Company in 2021 contributed to significant reductions in non-interest expense in both 1Q2022 and 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 the portfolio continues to pay down.  ALC’s remaining loan portfolio totaled $35.8 million as of March 31, 2022, compared to $43.7 million as of December 31, 2021, a reduction of 18.1%.  Consistent with the reduction in loans, interest and fees on ALC’s loan portfolio were reduced to $1.6 million in 1Q2022, compared to $2.0 million, in 4Q2021, a decrease of 19.5%.  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 growth in the Bank’s other earning asset categories, as well as efforts to continue to reduce operating expenses and improve the Company’s efficiency over time.

 

“We are pleased to begin 2022 with significantly improved earnings compared to the same quarter in 2021,” stated James F. House, the Company’s President and CEO. “We continue to reap the cost-saving benefits of the strategic initiatives that we implemented in 2021.  Given the inflationary environment and trends in geopolitical events that have developed during the first quarter, economic uncertainty has increased. However, we believe that the initiatives we implemented in 2021 to reduce expense and simplify our business model will serve us well during these uncertain times,” continued Mr. House.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The following information was filed by First Us Bancshares Inc (FUSB) on Wednesday, April 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-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)
Borrowings - Summary Of Long-Term Borrowings (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 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)
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)
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: 0001564590-22-019778
Submitted to the SEC: Thu May 12 2022 1:46:38 PM EST
Accepted by the SEC: Thu May 12 2022
Period: Thursday, March 31, 2022
Industry: State Commercial Banks

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