FIRST US BANCSHARES, INC. DECLARES CASH DIVIDEND

On February 22, 2023, First US Bancshares (Nasdaq: FUSB) announced a cash dividend of $0.05 per share, payable on April 3, 2023.

Rhea-AI Summary

On February 22, 2023, First US Bancshares (Nasdaq: FUSB) announced a cash dividend of $0.05 per share, payable on April 3, 2023. This marks the thirty-fifth consecutive quarter of dividend payments and the second consecutive increase to $0.05. CEO James F. House highlighted the growth in earnings for 2022 as a driving factor behind this decision, affirming the company's commitment to rewarding shareholders while maintaining a strong capital base. Shareholders of record must hold their shares by the close of business on March 10, 2023.

Positive

• Declared a cash dividend of $0.05 per share.
• Thirty-fifth consecutive quarter of dividend payments.
• Second consecutive quarter with increased dividend amount.
• Strong growth in earnings reported for 2022.

Negative

• None.

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BIRMINGHAM, Ala., Feb. 22, 2023 /PRNewswire/ -- First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company") announced today that the Company's Board of Directors has declared a cash dividend of $0.05 per share payable on April 3, 2023, to shareholders of record at the close of business on March 10, 2023. 

The dividend represents the thirty-fifth consecutive quarter that the Company has paid a dividend, and the second consecutive quarter since the Company raised the dividend to $0.05 per share.

"We are pleased to announce a dividend that is reflective of the strong growth in earnings that our Company has experienced in 2022," stated James F. House, the Company's President and Chief Executive Officer. "We will continue to evaluate future dividend payments to ensure the Company's shareholders are rewarded, while maintaining a strong capital base," concluded Mr. House.

About First US Bancshares, Inc.

First US Bancshares, Inc. is a bank holding company that operates banking offices in Alabama, Tennessee and Virginia through First US Bank (the "Bank"). In addition, the Company's operations include Acceptance Loan Company, Inc., a consumer loan company ("ALC"), and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the Bank's and ALC's consumer loan customers. The Company files periodic reports with the U.S. Securities and Exchange Commission (the "SEC"). Copies of its filings may be obtained through the SEC's website at www.sec.gov or at www.firstusbank.com. More information about the Company and the Bank may be obtained at www.firstusbank.com. The Company's stock is traded on the Nasdaq Capital Market under the symbol "FUSB."

Forward-Looking Statements

This press release contains forward-looking statements, as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. The Company undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, the Company, through its senior management, may make from time to time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of the Company's senior management based upon current information and involve a number of risks and uncertainties.

Certain factors that could affect the accuracy of such forward-looking statements and cause actual results to differ materially from those projected in such forward-looking statements are identified in the public filings made by the Company with the SEC, and forward-looking statements contained in this press release or in other public statements of the Company or its senior management should be considered in light of those factors. Such factors may include the rate of growth (or lack thereof) in the economy generally and in the Company's service areas; the impact of the current COVID-19 pandemic on the Company's business, the Company's customers, the communities that the Company serves and the United States economy, including the impact of actions taken by governmental authorities to try to contain the virus and protect against it, through vaccinations and otherwise, or address the impact of the virus on the United States economy (including, without limitation, the Coronavirus Aid, Relief and Economic Security (CARES) Act and subsequent federal legislation) and the resulting effect on the Company's operations, liquidity and capital position and on the financial condition of the Company's borrowers and other customers; the impact of changing accounting standards and tax laws on the Company's allowance for loan losses and financial results; the impact of national and local market conditions on the Company's business and operations; strong competition in the banking industry; the impact of changes in interest rates and monetary policy on the Company's performance and financial condition; the pending discontinuation of LIBOR as an interest rate benchmark; the impact of technological changes in the banking and financial service industries and potential information system failures; cybersecurity and data privacy threats; the costs of complying with extensive governmental regulation; the possibility that acquisitions may not produce anticipated results and result in unforeseen integration difficulties; and other risk factors described from time to time in the Company's public filings, including, but not limited to, the Company's most recent Annual Report on Form 10-K. Relative to the Company's dividend policy, the payment of cash dividends is subject to the discretion of the Board of Directors and will be determined in light of then-current conditions, including the Company's earnings, leverage, operations, financial conditions, capital requirements and other factors deemed relevant by the Board of Directors. In the future, the Board of Directors may change the Company's dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.

Contact:	Thomas S. Elley
	(205) 582-1200

View original content:https://www.prnewswire.com/news-releases/first-us-bancshares-inc-declares-cash-dividend-301753706.html

SOURCE First US Bancshares, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the dividend amount declared by First US Bancshares (FUSB)?

First US Bancshares declared a cash dividend of $0.05 per share.

When will the dividend for FUSB be paid?

The dividend will be paid on April 3, 2023.

What is the record date for FUSB's dividend?

The record date for the dividend is March 10, 2023.

How many consecutive quarters has FUSB paid dividends?

FUSB has paid dividends for thirty-five consecutive quarters.

Why did FUSB increase its dividend amount?

The increase in dividend is attributed to strong growth in earnings experienced by the company in 2022.