FIRST US BANCSHARES, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FIRST US BANCSHARES, INC. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

FIRST US BANCSHARES, INC. (FUSB) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Filed 10-Q for the period ending March 31, 2024. Company name: FIRST US BANCSHARES, INC. Central Index Key: 0000717806. Standard Industrial Classification: State Commercial Banks [6022]. Filing Date: 2024-05-10.

Why It Matters

For investors and stakeholders tracking FIRST US BANCSHARES, INC., this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the bank's current health, loan portfolio quality, and capital adequacy.

Risk Assessment

Risk Level: low — FIRST US BANCSHARES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for trends in loan performance, net interest margin, and capital ratios.

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing)
• 2024-05-10 — Filing Date (10-Q filing)
• 0000717806 — Central Index Key (Company identifier)
• 6022 — Standard Industrial Classification (Industry code for State Commercial Banks)

Key Players & Entities

• FIRST US BANCSHARES, INC. (company) — Filer name
• 0000717806 (company) — Central Index Key
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filed as of date
• 6022 (industry) — Standard Industrial Classification

FAQ

Industry Context

FIRST US BANCSHARES, INC. operates within the State Commercial Banks industry (SIC 6022). This sector is characterized by traditional banking services, including deposit-taking and lending.

Regulatory Implications

As a commercial bank, FIRST US BANCSHARES, INC. is subject to regulations from various federal and state agencies overseeing the banking industry.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze trends in loan growth, asset quality, and profitability compared to previous periods.
3. Assess the company's capital adequacy ratios and liquidity position.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FUSB The Nasdaq Stock Mar

Filing Documents

• fusb-20240331.htm (10-Q) — 5148KB
• fusb-ex31_1.htm (EX-31.1) — 13KB
• fusb-ex31_2.htm (EX-31.2) — 15KB
• fusb-ex32.htm (EX-32) — 13KB
• 0000950170-24-057688.txt (&nbsp;) — 24236KB
• fusb-20240331.xsd (EX-101.SCH) — 1880KB
• fusb-20240331_htm.xml (XML) — 7377KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 Interim Condensed Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023 4 Interim Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Interim Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6 Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 7 Interim Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 8 Notes to Interim Condensed Consolidated Financial Statements (Unaudited) 9

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 53

OTHER INFORMATION

PART II. OTHER INFORMATION 54

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 54

RISK FACTORS

ITEM 1A. RISK FACTORS 54

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 54

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 54

EXHIBITS

ITEM 6. EXHIBITS 55 Signature Page 56 2

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS FIRST US BANCSHARES, INC. AND SUBSIDIARIES INTERIM CONDENSED CONS OLIDATED BALANCE SHEETS (Dollars in Thousands, Except Share Amounts) March 31, December 31, 2024 2023 (Unaudited) ASSETS Cash and due from banks $ 18,557 $ 12,987 Interest-bearing deposits in banks 41,685 37,292 Total cash and cash equivalents 60,242 50,279 Federal funds sold 5,532 9,475 Investment securities available-for-sale, at fair value 125,380 135,565 Investment securities held-to-maturity, at amortized cost 983 1,104 Federal Home Loan Bank stock, at cost 1,494 1,201 Loans and leases held for investment 822,941 821,791 Less allowance for credit losses on loans and leases 10,436 10,507 Net loans and leases held for investment 812,505 811,284 Premises and equipment, net of accumulated depreciation 25,041 24,398 Cash surrender value of bank-owned life insurance 16,788 16,702 Accrued interest receivable 4,148 3,976 Goodwill and core deposit intangible, net 7,569 7,606 Other real estate owned 572 602 Other assets 10,287 10,748 Total assets $ 1,070,541 $ 1,072,940 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 142,944 $ 153,591 Interest-bearing 800,324 796,600 Total deposits 943,268 950,191 Accrued interest expense 1,714 2,030 Other liabilities 7,416 9,327 Short-term borrowings 15,000 10,000 Long-term borrowings 10,817 10,799 Total liabilities 978,215 982,347 Shareholders' equity: Common stock, par value $ 0.01 per share, 10,000,000 shares authorized; 7,794,911 and 7,738,201 shares issued, respectively; 5,787,441 and 5,735,075 shares outstanding, respectively 75 75 Additional paid-in capital 15,122 14,972 Accumulated other comprehensive loss, net of tax ( 6,621 ) ( 6,431 ) Retained earnings 111,777 109,959 Less treasury stock: 2,007,470

View Full Filing

View this 10-Q filing on SEC EDGAR