FIRST US BANCSHARES, INC. Files 2023 Annual Report (10-K)

TL;DR

<b>FIRST US BANCSHARES, INC. has filed its 2023 10-K annual report.</b>

AI Summary

FIRST US BANCSHARES, INC. (FUSB) filed a Annual Report (10-K) with the SEC on March 14, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company is classified under SIC code 6022 (State Commercial Banks). Business and mailing address located at 3291 U.S. HIGHWAY 280, BIRMINGHAM, AL 35243. Phone number on file is 2055821084. Previous company names include FIRST US BANCSHARES INC and UNITED SECURITY BANCSHARES INC.

Why It Matters

For investors and stakeholders tracking FIRST US BANCSHARES, INC., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — FIRST US BANCSHARES, INC. shows low risk based on this filing. The filing is a standard 10-K report, indicating routine disclosure rather than an immediate event-driven situation.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand FIRST US BANCSHARES, INC.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-14 — Filing Date (Date of submission)
• 6022 — SIC Code (Industry classification)
• 2055821084 — Business Phone (Contact number)

Key Players & Entities

• FIRST US BANCSHARES, INC. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date
• 6022 (industry_code) — Standard Industrial Classification
• 3291 U.S. HIGHWAY 280 (address) — Business address street
• BIRMINGHAM (location) — Business address city
• AL (location) — Business address state
• 35243 (zip_code) — Business address zip

FAQ

Industry Context

FIRST US BANCSHARES, INC. operates within the commercial banking sector, as indicated by its SIC code 6022.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, though specific regulatory details are not provided in this header information.

What Investors Should Do

1. Analyze the full 10-K filing for detailed financial statements and management discussion.
2. Examine the company's balance sheet and income statement for the fiscal year 2023.
3. Review any disclosed risk factors and their potential impact on the company's operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-14: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing information for the 2023 10-K, with no prior filing data provided in this snippet for comparison.

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share FUSB The Nasdaq Stock Mar
• $10.5 million — ans from ALC's portfolio, which totaled $10.5 million as of December 31, 2023, through final
• $1 billion — r financial institutions with more than $1 billion in assets which prohibit incentive comp
• $10 billion — essment system for banks with less than $10 billion in assets, the assessment rate is deter

Filing Documents

• fusb-20231231.htm (10-K) — 6398KB
• fusb-ex21.htm (EX-21) — 5KB
• fusb-ex23.htm (EX-23) — 7KB
• fusb-ex31_1.htm (EX-31.1) — 12KB
• fusb-ex31_2.htm (EX-31.2) — 12KB
• fusb-ex32.htm (EX-32) — 10KB
• fusb-ex97.htm (EX-97) — 63KB
• 0000950170-24-031518.txt (&nbsp;) — 28000KB
• fusb-20231231.xsd (EX-101.SCH) — 2387KB
• fusb-20231231_htm.xml (XML) — 7685KB

Forward-Looking Statements

Forward-Looking Statements 4 PART I 1

Risk Factors

Risk Factors 15 1B Unresolved Staff Comments 24 1C Cybersecurity 24 2

Legal Proceedings

Legal Proceedings 26 4 Mine Safety Disclosures 26 PART II 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 6 Reserved 27 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 105 9A

Controls and Procedures

Controls and Procedures 105 9B Other Information 105 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III 10 Directors, Executive Officers and Corporate Governance* 106 11

Executive Compensation*

Executive Compensation* 106 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters* 107 13 Certain Relationships and Related Transactions, and Director Independence* 108 14 Principal Accountant Fees and Services* 108 PART IV 15 Exhibits and Financial Statement Schedules 109 16 Form 10-K Summary 112

Signatures

Signatures 113 * Portions of the definitive proxy statement for the registrant's 2024 Annual Meeting of Shareholders to be held on April 25, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K. 3 FORWARD-LOOKI NG STATEMENTS

B usiness

Item 1. B usiness. First US Bancshares, Inc., a Delaware corporation ("Bancshares" and, together with its subsidiaries, the "Company"), is a bank holding company formed in 1983 registered under the Bank Holding Company Act of 1956, as amended (the "BHCA"). Bancshares operates one banking subsidiary, First US Bank, an Alabama banking corporation (the "Bank"). Prior to its name change on October 11, 2016, Bancshares was known as United Security Bancshares, Inc. Bancshares and the Bank are headquartered in Birmingham, Alabama. The Bank conducts a general commercial banking business and offers banking services such as demand, savings, individual retirement account and time deposits, personal and commercial loans, safe deposit box services and remote deposit capture. The Bank operates and serves its customers through 15 full-service banking offices located in Birmingham, Butler, Calera, Centreville, Gilbertown, Grove Hill, Harpersville, Jackson, Thomasville, Tuscaloosa and Woodstock, Alabama; Knoxville and Powell, Tennessee; and Rose Hill, Virginia; as well as loan production offices in Mobile, Alabama and the Chattanooga, Tennessee area. The Bank provides a wide range of commercial banking services to small- and medium-sized businesses, property managers, business executives, professionals and other individuals. The Bank also performs indirect lending through third-party retailers and currently conducts this lending in 17 states, including Alabama, Arkansas, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia. Previously, the Bank had two wholly owned subsidiaries: Acceptance Loan Company, Inc., an Alabama corporation ("ALC"), and FUSB Reinsurance, Inc., an Arizona corporation ("FUSB Reinsurance"). Both ALC and FUSB Reinsurance were dissolved in 2023, after all remaining assets and liabilities of these entities were transferred to the Bank. As used herein, unles

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View this 10-K filing on SEC EDGAR