First US Bancshares Files Q3 2024 10-Q

TL;DR

USFB Q3 10-Q filed. Financials look stable, CMBS and Treasuries noted.

AI Summary

First US Bancshares, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position and performance, including assets, liabilities, and equity. Specific financial instruments like Commercial Mortgage-Backed Securities and U.S. Treasury Securities are mentioned in relation to fair value measurements.

Why It Matters

This filing provides investors with a detailed look at the financial health and operational performance of First US Bancshares, Inc. during the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-08 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FIRST US BANCSHARES, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date
• 0000717806 (company) — Central Index Key for First US Bancshares, Inc.
• Commercial Mortgage Backed Securities (dollar_amount) — Financial instrument mentioned in fair value measurements
• U.S. Treasury Securities (dollar_amount) — Financial instrument mentioned in fair value measurements

FAQ

Key Financial Figures

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

Filing Documents

• fusb-20240930.htm (10-Q) — 6014KB
• fusb-ex31_1.htm (EX-31.1) — 14KB
• fusb-ex31_2.htm (EX-31.2) — 15KB
• fusb-ex32.htm (EX-32) — 13KB
• 0000950170-24-123874.txt ( ) — 25881KB
• fusb-20240930.xsd (EX-101.SCH) — 1901KB
• fusb-20240930_htm.xml (XML) — 7741KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 Interim Condensed Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 4 Interim Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Interim Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 6 Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 Interim Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 42

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 56

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 57

OTHER INFORMATION

PART II. OTHER INFORMATION 58

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 58

RISK FACTORS

ITEM 1A. RISK FACTORS 58

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 58

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 58

EXHIBITS

ITEM 6. EXHIBITS 59 Signature Page 60 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 and Per Share Data) September 30, December 31, 2024 2023 (Unaudited) ASSETS Cash and due from banks $ 10,867 $ 12,987 Interest-bearing deposits in banks 71,442 37,292 Total cash and cash equivalents 82,309 50,279 Federal funds sold and securities purchased under reverse repurchase agreements 15,524 9,475 Investment securities available-for-sale, at fair value 144,275 135,565 Investment securities held-to-maturity, at amortized cost 769 1,104 Federal Home Loan Bank stock, at cost 781 1,201 Loans and leases held for investment 803,308 821,791 Less: allowance for credit losses on loans and leases 10,116 10,507 Net loans and leases held for investment 793,192 811,284 Premises and equipment, net of accumulated depreciation 25,042 24,398 Cash surrender value of bank-owned life insurance 16,966 16,702 Accrued interest receivable 3,668 3,976 Goodwill and core deposit intangible, net 7,502 7,606 Other real estate owned 538 602 Other assets 9,669 10,748 Total assets $ 1,100,235 $ 1,072,940 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 155,024 $ 153,591 Interest-bearing 826,125 796,600 Total deposits 981,149 950,191 Accrued interest expense 2,030 2,030 Other liabilities 7,711 9,327 Short-term borrowings - 10,000 Long-term borrowings 10,854 10,799 Total liabilities 1,001,744 982,347 Shareholders' equity: Common stock, par value $ 0.01 per share, 10,000,000 shares authorized; 7,819,565 and 7,738,201 shares issued, respectively; 5,715,388 and 5,735,075 shares outstanding, respectively 78 75 Additional paid-in capital 15,349 14,972 Accumulated other comprehensive loss, net of tax ( 3,479 ) ( 6,431 )

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View this 10-Q filing on SEC EDGAR