First US Bancshares Files Q2 2024 10-Q

TL;DR

USFB 10-Q filed: Q2 financials out, showing bank performance.

AI Summary

First US Bancshares, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial metrics and business segments are presented, reflecting the company's ongoing activities in the commercial banking sector.

Why It Matters

This filing provides investors and analysts with a detailed look at First US Bancshares' financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a financial institution, First US Bancshares is subject to inherent risks related to market fluctuations, credit, and regulatory changes.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240809 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• FIRST US BANCSHARES, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• 3291 U.S. HIGHWAY 280 (address) — Company's business and mailing address
• BIRMINGHAM (location) — City of company's address
• AL (location) — State of company's address
• 35243 (zip_code) — Zip code of company's address

FAQ

Key Financial Figures

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

Filing Documents

• fusb-20240630.htm (10-Q) — 5840KB
• fusb-ex10_1.htm (EX-10.1) — 16KB
• fusb-ex31_1.htm (EX-31.1) — 13KB
• fusb-ex31_2.htm (EX-31.2) — 15KB
• fusb-ex32.htm (EX-32) — 13KB
• 0000950170-24-094495.txt ( ) — 25439KB
• fusb-20240630.xsd (EX-101.SCH) — 1885KB
• fusb-20240630_htm.xml (XML) — 7660KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 Interim Condensed Consolidated Balance Sheets at June 30, 2024 (Unaudited) and December 31, 2023 4 Interim Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Interim Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 7 Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 9 Notes to Interim Condensed Consolidated Financial Statements (Unaudited) 10

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 40

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 54

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 55

OTHER INFORMATION

PART II. OTHER INFORMATION 56

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 56

RISK FACTORS

ITEM 1A. RISK FACTORS 56

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 56

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 56

EXHIBITS

ITEM 6. EXHIBITS 57 Signature Page 58 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) June 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and due from banks $ 11,601 $ 12,987 Interest-bearing deposits in banks 46,619 37,292 Total cash and cash equivalents 58,220 50,279 Federal funds sold 5,520 9,475 Investment securities available-for-sale, at fair value 144,008 135,565 Investment securities held-to-maturity, at amortized cost 868 1,104 Federal Home Loan Bank stock, at cost 1,494 1,201 Loans and leases held for investment 819,126 821,791 Less allowance for credit losses on loans and leases 10,227 10,507 Net loans and leases held for investment 808,899 811,284 Premises and equipment, net of accumulated depreciation 24,896 24,398 Cash surrender value of bank-owned life insurance 16,875 16,702 Accrued interest receivable 3,787 3,976 Goodwill and core deposit intangible, net 7,532 7,606 Other real estate owned 542 602 Other assets 10,672 10,748 Total assets $ 1,083,313 $ 1,072,940 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 150,763 $ 153,591 Interest-bearing 803,692 796,600 Total deposits 954,455 950,191 Accrued interest expense 2,026 2,030 Other liabilities 7,160 9,327 Short-term borrowings 15,000 10,000 Long-term borrowings 10,836 10,799 Total liabilities 989,477 982,347 Shareholders' equity: Common stock, par value $ 0.01 per share, 10,000,000 shares authorized; 7,818,931 and 7,738,201 shares issued, respectively; 5,744,254 and 5,735,075 shares outstanding, respectively 78 75 Additional paid-in capital 15,200 14,972 Accumulated other comprehensive loss, net of tax ( 6,368 ) ( 6,431 ) Retained earnings 113,615 109,959 Less treasury stock: 2,074,677

View Full Filing

View this 10-Q filing on SEC EDGAR