First US Bancshares, Inc. Reports Third Quarter 2025 Results
First US Bancshares (Nasdaq: FUSB) reported 3Q2025 net income of $1.9M ($0.32 diluted), up from $0.16M in 2Q2025 and down from $2.2M in 3Q2024. YTD net income is $3.9M versus $6.5M a year earlier. Provision for credit losses fell to $0.6M in 3Q2025 from $2.7M in 2Q2025 as previously identified commercial credit issues were largely resolved. Key balances: total loans $867.5M, total deposits $1.002B, ACL 1.23% of loans, and net charge-offs $1.3M in the quarter.
First US Bancshares (Nasdaq: FUSB) ha riportato l’utile netto del 3Q2025 di 1,9 milioni di dollari (0,32 dollari diluiti), in aumento rispetto a 0,16 milioni di dollari nel 2Q2025 e in diminuzione rispetto a 2,2 milioni di dollari nel 3Q2024. Utile netto YTD è di 3,9 milioni di dollari contro 6,5 milioni di dollari un anno prima. La provisions for credit losses è scesa a 0,6 milioni di dollari nel 3Q2025 da 2,7 milioni nel 2Q2025 poiché i problemi creditizi commerciali precedentemente identificati sono stati per lo più risolti. Indicatori chiave: prestiti totali 867,5 milioni di dollari, depositi totali 1,002 miliardi di dollari, ACL 1,23% dei prestiti, e perdite non causate nette (net charge-offs) 1,3 milioni di dollari nel trimestre.
First US Bancshares (Nasdaq: FUSB) informó utilidad neta del 3T2025 de 1,9 millones de dólares (0,32 diluido), frente a 0,16 millones en el 2T2025 y por debajo de 2,2 millones en el 3T2024. Utilidad neta acumulada al date es de 3,9 millones frente a 6,5 millones un año antes. La provisión para pérdidas crediticias cayó a 0,6 millones de dólares en el 3T2025 desde 2,7 millones en el 2T2025, ya que los problemas crediticios comerciales previamente identificados se resolvieron en gran medida. Balances clave: préstamos totales 867,5 millones de dólares, depósitos totales 1,002 mil millones de dólares, ACL 1,23% de los préstamos, y incurrencias netas 1,3 millones de dólares en el trimestre.
First US Bancshares (나스닥: FUSB)는 2025년 3분기 순이익 190만 달러(희석주당 0.32달러)를 발표했습니다. 이는 2분기의 16만 달러에서 증가했고 2024년 3분기의 220만 달러보다는 감소했습니다. 연간 당기 순이익(YTD)은 390만 달러로 작년 같은 기간의 650만 달러에 비해 낮습니다. 대손충당금은 3Q2025에 60만 달러로 하락했고 2Q2025의 270만 달러에서 감소했습니다. 이는 앞서 확인된 상업 대출 문제들이 대부분 해결되었기 때문입니다. 주요 잔액: 총 대출 8억6750만 달러, 총 예금 10억2000만 달러, 대출에 대한 ACL 1.23%, 그리고 이번 분기의 순손실(네트 차지오프) 130만 달러입니다.
First US BancShares (Nasdaq : FUSB) a affiché un bénéfice net du T3 2025 de 1,9 M$ (0,32 $ dilués), en hausse par rapport à 0,16 M$ au T2 2025 et en baisse par rapport à 2,2 M$ au T3 2024. Le bénéfice net YTD s’élève à 3,9 M$ contre 6,5 M$ il y a un an. La provision pour pertes sur crédits est tombée à 0,6 M$ au T3 2025, contre 2,7 M$ au T2 2025, car les problèmes de crédit commerciaux identifiés précédemment ont été largement résolus. Soldes clés : prêts totaux 867,5 M$, dépôts totaux 1,002 Md$, ACL 1,23 % des prêts, et charges nettes sur Créances 1,3 M$ au trimestre.
First US Bancshares (Nasdaq: FUSB) meldete Nettoeinkommen im 3Q2025 von 1,9 Mio. $ (verwässert 0,32 $ je Aktie), im Vergleich zu 0,16 Mio. $ im 2Q2025 und 2,2 Mio. $ im 3Q2024. YTD-Nettoeinkommen beträgt 3,9 Mio. $ gegenüber 6,5 Mio. $ vor einem Jahr. Die Rückstellungen für Kreditausfälle sanken auf 0,6 Mio. $ im 3Q2025 von 2,7 Mio. $ in 2Q2025, da zuvor identifizierte gewerbliche Kreditprobleme weitgehend gelöst wurden. Wichtige Salden: Gesamtdarlehen 867,5 Mio. $, Gesamtguthaben 1,002 Mrd. $, ACL 1,23% der Darlehen, und netto Ausfallquote (net charge-offs) 1,3 Mio. $ im Quartal.
First US Bancshares (ناسداك: FUSB) أبلغت عن صافي الدخل للربع الثالث من 2025 1.9 مليون دولار (0.32 دولار مخفّف)، ارتفاعاً من 0.16 مليون دولار في الربع الثاني من 2025 وانخفاضاً من 2.2 مليون دولار في الربع الثالث من 2024. صافي الدخل حتى تاريخه YTD 3.9 مليون دولار مقابل 6.5 مليون قبل عام. انخفضت مخصصات خسائر الائتمان إلى 0.6 مليون دولار في الربع الثالث من 2025 من 2.7 مليون دولار في الربع الثاني من 2025 حيث تم حل معظم القضايا الائتمانية التجارية التي تم تحديدها سابقاً. الأرصدة الأساسية: إجمالي القروض 867.5 مليون دولار، إجمالي الودائع 1.002 مليار دولار، ACL 1.23% من القروض، وخسائر قروض صافية 1.3 مليون دولار خلال الربع.
First US Bancshares（纳斯达克代码：FUSB） 报告显示 2025 年第 3 季度净利润 190 万美元（摊薄每股 0.32 美元），较 2025 年第 2 季的 16 万美元有所上升，较 2024 年第 3 季的 220 万美元有所下降。年初至今净利润（YTD） 为 390 万美元，而一年前为 650 万美元。对信用损失的准备金在 2025 年第 3 季降至 60 万美元，较第 2 季的 270 万美元下降，因为之前识别的商业信贷问题大体得到解决。关键余额：总贷款 8.675 亿美元、总存款 10.02 亿美元、贷款的 ACL 为 1.23%，以及本季度的 净核销额 130 万美元。
- 3Q2025 net income of $1.936M (QoQ recovery)
- Provision for credit losses decreased to $0.566M from $2.717M in 2Q2025
- Nonperforming assets fell to 0.19% of assets from 0.50% at 12/31/2024
- YTD net income down to $3.863M from $6.456M (nine months)
- Net charge-offs of $1.3M in 3Q2025, including $1.0M commercial charge-off
- Allowance for credit losses modest at 1.23% of loans despite higher charge-offs
Insights
Q3 shows clear sequential recovery in credit and NII, but year‑to‑date results remain below prior year.
Net income improved to
Risks and dependencies include the remaining credit resolution from two commercial loans (partially resolved per the quarter) and elevated net charge‑offs year‑to‑date (
Watch the ACL coverage and charge‑off trajectory over the next
First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the parent company of First US Bank (the "Bank"), today reported net income of
The table below summarizes selected financial data for each of the periods presented.
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Quarter Ended |
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Nine Months Ended |
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2025 |
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2024 |
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|
2025 |
|
|
2024 |
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||||||||||||||||
|
|
|
September |
|
|
June |
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|
March |
|
|
December |
|
|
September |
|
|
September |
|
|
September |
|
|||||||
|
Results of Operations: |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|||||||
|
Interest income |
|
$ |
15,281 |
|
|
$ |
14,854 |
|
|
$ |
14,018 |
|
|
$ |
14,420 |
|
|
$ |
15,017 |
|
|
$ |
44,153 |
|
|
$ |
43,840 |
|
|
Interest expense |
|
|
5,619 |
|
|
|
5,378 |
|
|
|
5,121 |
|
|
|
5,672 |
|
|
|
5,832 |
|
|
|
16,118 |
|
|
|
16,439 |
|
|
Net interest income |
|
|
9,662 |
|
|
|
9,476 |
|
|
|
8,897 |
|
|
|
8,748 |
|
|
|
9,185 |
|
|
|
28,035 |
|
|
|
27,401 |
|
|
Provision for credit losses |
|
|
566 |
|
|
|
2,717 |
|
|
528 |
|
|
470 |
|
|
|
152 |
|
|
|
3,811 |
|
|
|
152 |
|
||
|
Net interest income after provision for credit losses |
|
|
9,096 |
|
|
|
6,759 |
|
|
|
8,369 |
|
|
|
8,278 |
|
|
|
9,033 |
|
|
|
24,224 |
|
|
|
27,249 |
|
|
Non-interest income |
|
|
860 |
|
|
|
849 |
|
|
|
875 |
|
|
|
982 |
|
|
|
901 |
|
|
|
2,584 |
|
|
|
2,601 |
|
|
Non-interest expense |
|
|
7,437 |
|
|
|
7,444 |
|
|
|
6,918 |
|
|
|
6,947 |
|
|
|
6,990 |
|
|
|
21,799 |
|
|
|
21,409 |
|
|
Income before income taxes |
|
|
2,519 |
|
|
|
164 |
|
|
|
2,326 |
|
|
|
2,313 |
|
|
|
2,944 |
|
|
|
5,009 |
|
|
|
8,441 |
|
|
Provision for income taxes |
|
|
583 |
|
|
|
9 |
|
|
|
554 |
|
|
|
599 |
|
|
|
722 |
|
|
|
1,146 |
|
|
|
1,985 |
|
|
Net income |
|
$ |
1,936 |
|
|
$ |
155 |
|
|
$ |
1,772 |
|
|
$ |
1,714 |
|
|
$ |
2,222 |
|
|
$ |
3,863 |
|
|
$ |
6,456 |
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Basic net income per share |
|
$ |
0.33 |
|
|
$ |
0.03 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.66 |
|
|
$ |
1.10 |
|
|
Diluted net income per share |
|
$ |
0.32 |
|
|
$ |
0.03 |
|
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
$ |
0.36 |
|
|
$ |
0.64 |
|
|
$ |
1.04 |
|
|
Dividends declared |
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.21 |
|
|
$ |
0.15 |
|
|
Key Measures (Period End): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
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Total assets |
|
$ |
1,147,175 |
|
|
$ |
1,143,379 |
|
|
$ |
1,126,967 |
|
|
$ |
1,101,086 |
|
|
$ |
1,100,235 |
|
|
|
|
|
|
|
||
|
Tangible assets (1) |
|
|
1,139,740 |
|
|
|
1,135,932 |
|
|
|
1,119,502 |
|
|
|
1,093,602 |
|
|
|
1,092,733 |
|
|
|
|
|
|
|
||
|
Total loans |
|
|
867,520 |
|
|
|
871,431 |
|
|
|
848,335 |
|
|
|
823,039 |
|
|
|
803,308 |
|
|
|
|
|
|
|
||
|
Allowance for credit losses ("ACL") on loans and |
|
|
10,700 |
|
|
|
11,388 |
|
|
|
10,405 |
|
|
|
10,184 |
|
|
|
10,116 |
|
|
|
|
|
|
|
||
|
Investment securities, net |
|
|
164,493 |
|
|
|
157,137 |
|
|
|
161,946 |
|
|
|
168,570 |
|
|
|
145,044 |
|
|
|
|
|
|
|
||
|
Total deposits |
|
|
1,002,472 |
|
|
|
986,846 |
|
|
|
961,952 |
|
|
|
972,557 |
|
|
|
981,149 |
|
|
|
|
|
|
|
||
|
Short-term borrowings |
|
|
20,000 |
|
|
|
35,000 |
|
|
|
45,000 |
|
|
|
10,000 |
|
|
- |
|
|
|
|
|
|
|
|||
|
Long-term borrowings |
|
|
10,927 |
|
|
|
10,909 |
|
|
|
10,890 |
|
|
|
10,872 |
|
|
|
10,854 |
|
|
|
|
|
|
|
||
|
Total shareholders' equity |
|
|
104,238 |
|
|
|
101,892 |
|
|
|
101,231 |
|
|
|
98,624 |
|
|
|
98,491 |
|
|
|
|
|
|
|
||
|
Tangible common equity (1) |
|
|
96,803 |
|
|
|
94,445 |
|
|
|
93,766 |
|
|
|
91,140 |
|
|
|
90,989 |
|
|
|
|
|
|
|
||
|
Book value per common share |
|
|
18.08 |
|
|
|
17.70 |
|
|
|
17.64 |
|
|
|
17.31 |
|
|
|
17.23 |
|
|
|
|
|
|
|
||
|
Tangible book value per common share (1) |
|
|
16.79 |
|
|
|
16.41 |
|
|
|
16.34 |
|
|
|
16.00 |
|
|
|
15.92 |
|
|
|
|
|
|
|
||
|
Key Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Return on average assets (annualized) |
|
|
0.68 |
% |
|
|
0.06 |
% |
|
|
0.66 |
% |
|
|
0.63 |
% |
|
|
0.82 |
% |
|
|
0.46 |
% |
|
|
0.81 |
% |
|
Return on average common equity (annualized) |
|
|
7.48 |
% |
|
|
0.61 |
% |
|
|
7.21 |
% |
|
|
6.92 |
% |
|
|
9.21 |
% |
|
|
5.10 |
% |
|
|
9.23 |
% |
|
Return on average tangible common equity |
|
|
8.06 |
% |
|
|
0.66 |
% |
|
|
7.79 |
% |
|
|
7.49 |
% |
|
|
9.99 |
% |
|
|
5.51 |
% |
|
|
10.04 |
% |
|
Pre-tax pre-provision net revenue to average assets |
|
|
1.08 |
% |
|
|
1.03 |
% |
|
|
1.06 |
% |
|
|
1.02 |
% |
|
|
1.14 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
Net interest margin |
|
|
3.60 |
% |
|
|
3.59 |
% |
|
|
3.53 |
% |
|
|
3.41 |
% |
|
|
3.60 |
% |
|
|
3.57 |
% |
|
|
3.65 |
% |
|
Efficiency ratio (2) |
|
|
70.7 |
% |
|
|
72.1 |
% |
|
|
70.8 |
% |
|
|
71.4 |
% |
|
|
69.3 |
% |
|
|
71.2 |
% |
|
|
71.4 |
% |
|
Total loans to deposits |
|
|
86.5 |
% |
|
|
88.3 |
% |
|
|
88.2 |
% |
|
|
84.6 |
% |
|
|
81.9 |
% |
|
|
|
|
|
|
||
|
Total loans to assets |
|
|
75.6 |
% |
|
|
76.2 |
% |
|
|
75.3 |
% |
|
|
74.7 |
% |
|
|
73.0 |
% |
|
|
|
|
|
|
||
|
Common equity to total assets |
|
|
9.09 |
% |
|
|
8.91 |
% |
|
|
8.98 |
% |
|
|
8.96 |
% |
|
|
8.95 |
% |
|
|
|
|
|
|
||
|
Tangible common equity to tangible assets (1) |
|
|
8.49 |
% |
|
|
8.31 |
% |
|
|
8.38 |
% |
|
|
8.33 |
% |
|
|
8.33 |
% |
|
|
|
|
|
|
||
|
Tier 1 leverage ratio (3) |
|
|
9.19 |
% |
|
|
9.23 |
% |
|
|
9.55 |
% |
|
|
9.50 |
% |
|
|
9.49 |
% |
|
|
|
|
|
|
||
|
ACL on loans and leases as % of total loans |
|
|
1.23 |
% |
|
|
1.31 |
% |
|
|
1.23 |
% |
|
|
1.24 |
% |
|
|
1.26 |
% |
|
|
|
|
|
|
||
|
Nonperforming assets as % of total assets |
|
|
0.19 |
% |
|
|
0.33 |
% |
|
|
0.44 |
% |
|
|
0.50 |
% |
|
|
0.60 |
% |
|
|
|
|
|
|
||
|
Net charge-offs as a percentage of average loans |
|
|
0.61 |
% |
|
|
0.79 |
% |
|
|
0.13 |
% |
|
|
0.24 |
% |
|
|
0.12 |
% |
|
|
0.52 |
% |
|
|
0.10 |
% |
|
|
|
(1) Refer to the non-GAAP reconciliations beginning on page 10. |
|
(2) Efficiency ratio = non-interest expense / (net interest income + non-interest income) |
|
(3) First US Bank Tier 1 leverage ratio |
|
|
CEO Commentary
"We returned to solid earnings during the third quarter as the provision for credit losses on loans decreased substantially from the second quarter," stated James F. House, President and CEO of the Company. "The credit issues with two commercial loans that manifested earlier in the year have now been largely resolved, and net charge-offs associated with consumer indirect loans decreased to more normalized levels during the third quarter. In addition, we saw continued improvement in net interest income and margin, and pre-tax pre-provision net revenue, which increased by
Financial Results
Loans and Leases – The table below summarizes loan balances by portfolio category as of the end of each of the most recent five quarters.
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|
Quarter Ended |
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|
2025 |
|
2024 |
||||||
|
|
|
September |
|
June |
|
March |
|
December |
|
September |
|
|
|
(Dollars in Thousands) |
||||||||
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
Construction, land development and other land loans |
|
|
|
|
|
|
|
|
|
|
|
Secured by 1-4 family residential properties |
|
67,620 |
|
67,587 |
|
68,523 |
|
69,999 |
|
70,067 |
|
Secured by multi-family residential properties |
|
112,763 |
|
118,807 |
|
106,374 |
|
101,057 |
|
100,627 |
|
Secured by non-residential commercial real estate |
|
211,400 |
|
215,035 |
|
214,065 |
|
227,751 |
|
224,611 |
|
Commercial and industrial loans ("C&I") |
|
46,562 |
|
40,986 |
|
45,166 |
|
44,238 |
|
44,872 |
|
Consumer loans: |
|
|
|
|
|
|
|
|
|
|
|
Direct |
|
4,999 |
|
4,836 |
|
4,610 |
|
4,774 |
|
5,018 |
|
Indirect |
|
385,616 |
|
376,079 |
|
351,025 |
|
309,683 |
|
305,015 |
|
Total loans and leases held for investment |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans and leases |
|
10,700 |
|
11,388 |
|
10,405 |
|
10,184 |
|
10,116 |
|
Net loans and leases held for investment |
|
|
|
|
|
|
|
|
|
|
Total loans decreased by
Net Interest Income and Margin – Net interest income in 3Q2025 increased by
Provision for Credit Losses – During 3Q2025, the Company recorded a provision for credit losses of
Pre-tax Pre-provision Net Revenue ("PPNR") – PPNR totaled
Deposits – Total deposits increased by
Short-term Borrowings – As of September 30, 2025, the Company had
Deployment of Funds – As of September 30, 2025, the Company held cash, federal funds sold and securities purchased under reverse repurchase agreements totaling
Asset Quality – Nonperforming assets, including loans in non-accrual status and other real estate owned, totaled
Non-interest Income – Non-interest income remained relatively consistent, totaling
Non-interest Expense – Non-interest expense totaled
Shareholders' Equity – As of September 30, 2025, shareholders' equity totaled
Cash Dividend – In 3Q2025, the Company declared a cash dividend of
Share Repurchases – The Company did not repurchase shares of its common stock during 3Q2025. During the nine-month period ended September 30, 2025, the Company completed the repurchase of 40,000 shares of its common stock at a weighted average price of
Regulatory Capital – During 3Q2025, the Bank continued to maintain capital ratios at higher levels than required to be considered a "well-capitalized" institution under applicable banking regulations. As of September 30, 2025, the Bank's common equity Tier 1 capital and Tier 1 risk-based capital ratios were each
Liquidity – As of September 30, 2025, the Company continued to maintain funding capacity sufficient to provide adequate liquidity for loan growth, capital expenditures and ongoing operations. The Company benefits from a strong core deposit base, a liquid investment securities portfolio and access to funding from a variety of sources, including federal funds lines with other banking institutions, FHLB advances, the FRB's discount window, and brokered deposits. Refer to the Non-GAAP Financial Measures section for additional discussion of measures of the Company's liquidity.
Banking Center Growth – During 3Q2025, the Company continued its renovation of a banking center office in
About First US Bancshares, Inc.
First US Bancshares, Inc. (the "Company") is a bank holding company that operates banking offices in
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 risk related to the Company's credit, including that if loan losses are greater than anticipated; the increased lending risks associated with commercial real estate lending; potential weakness in the residential real estate market; liquidity risks; the impact of national and local market conditions on the Company's business and operations; the rate of growth (or lack thereof) in the economy generally and in the Company's service areas; the effects of significant changes to the structure and operations of the federal government; 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 effects of fiscal challenges facing the
|
FIRST US BANCSHARES, INC. AND SUBSIDIARY NET INTEREST MARGIN THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Dollars in Thousands) (Unaudited) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
||||||||||||||||||
|
|
|
September 30, 2025 |
|
|
September 30, 2024 |
|
||||||||||||||||||
|
|
|
Average |
|
|
Interest |
|
|
Annualized |
|
|
Average |
|
|
Interest |
|
|
Annualized |
|
||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Loans |
|
$ |
871,926 |
|
|
$ |
13,413 |
|
|
|
6.10 |
% |
|
$ |
821,444 |
|
|
$ |
13,206 |
|
|
|
6.40 |
% |
|
Investment securities |
|
|
151,303 |
|
|
|
1,391 |
|
|
|
3.65 |
% |
|
|
144,821 |
|
|
|
1,121 |
|
|
|
3.08 |
% |
|
Federal Home Loan Bank stock |
|
|
1,328 |
|
|
|
21 |
|
|
|
6.27 |
% |
|
|
825 |
|
|
|
16 |
|
|
|
7.72 |
% |
|
Federal funds sold and securities purchased under |
|
|
4,850 |
|
|
|
54 |
|
|
|
4.42 |
% |
|
|
5,285 |
|
|
|
71 |
|
|
|
5.34 |
% |
|
Interest-bearing deposits in banks |
|
|
36,087 |
|
|
|
402 |
|
|
|
4.42 |
% |
|
|
43,191 |
|
|
|
603 |
|
|
|
5.55 |
% |
|
Total interest-earning assets |
|
|
1,065,494 |
|
|
|
15,281 |
|
|
|
5.69 |
% |
|
|
1,015,566 |
|
|
|
15,017 |
|
|
|
5.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Noninterest-earning assets |
|
|
64,765 |
|
|
|
|
|
|
|
|
|
64,632 |
|
|
|
|
|
|
|
||||
|
Total assets |
|
$ |
1,130,259 |
|
|
|
|
|
|
|
|
$ |
1,080,198 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Demand deposits |
|
$ |
195,955 |
|
|
|
386 |
|
|
|
0.78 |
% |
|
$ |
209,322 |
|
|
|
566 |
|
|
|
1.08 |
% |
|
Money market/savings deposits |
|
|
300,736 |
|
|
|
2,068 |
|
|
|
2.73 |
% |
|
|
244,022 |
|
|
|
1,650 |
|
|
|
2.69 |
% |
|
Time deposits |
|
|
345,916 |
|
|
|
2,914 |
|
|
|
3.34 |
% |
|
|
355,819 |
|
|
|
3,493 |
|
|
|
3.91 |
% |
|
Total interest-bearing deposits |
|
|
842,607 |
|
|
|
5,368 |
|
|
|
2.53 |
% |
|
|
809,163 |
|
|
|
5,709 |
|
|
|
2.81 |
% |
|
Noninterest-bearing demand deposits |
|
|
152,474 |
|
|
|
— |
|
|
|
— |
|
|
|
153,171 |
|
|
|
— |
|
|
|
— |
|
|
Total deposits |
|
|
995,081 |
|
|
|
5,368 |
|
|
|
2.14 |
% |
|
|
962,334 |
|
|
|
5,709 |
|
|
|
2.36 |
% |
|
Borrowings |
|
|
22,472 |
|
|
|
251 |
|
|
|
4.43 |
% |
|
|
11,769 |
|
|
|
123 |
|
|
|
4.16 |
% |
|
Total funding liabilities |
|
|
1,017,553 |
|
|
|
5,619 |
|
|
|
2.19 |
% |
|
|
974,103 |
|
|
|
5,832 |
|
|
|
2.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Other noninterest-bearing liabilities |
|
|
9,969 |
|
|
|
|
|
|
|
|
|
10,095 |
|
|
|
|
|
|
|
||||
|
Shareholders' equity |
|
|
102,737 |
|
|
|
|
|
|
|
|
|
96,000 |
|
|
|
|
|
|
|
||||
|
Total liabilities and shareholders' equity |
|
$ |
1,130,259 |
|
|
|
|
|
|
|
|
$ |
1,080,198 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net interest income |
|
|
|
|
$ |
9,662 |
|
|
|
|
|
|
|
|
$ |
9,185 |
|
|
|
|
||||
|
Net interest margin |
|
|
|
|
|
|
|
|
3.60 |
% |
|
|
|
|
|
|
|
|
3.60 |
% |
||||
|
FIRST US BANCSHARES, INC. AND SUBSIDIARY NET INTEREST MARGIN NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Dollars in Thousands) (Unaudited) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||
|
|
|
September 30, 2025 |
|
|
September 30, 2024 |
|
||||||||||||||||||
|
|
|
Average |
|
|
Interest |
|
|
Annualized |
|
|
Average |
|
|
Interest |
|
|
Annualized |
|
||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Loans |
|
$ |
851,561 |
|
|
$ |
38,643 |
|
|
|
6.07 |
% |
|
$ |
821,008 |
|
|
$ |
38,989 |
|
|
|
6.34 |
% |
|
Investment securities |
|
|
157,319 |
|
|
|
4,138 |
|
|
|
3.52 |
% |
|
|
140,898 |
|
|
|
3,094 |
|
|
|
2.93 |
% |
|
Federal Home Loan Bank stock |
|
|
1,330 |
|
|
|
71 |
|
|
|
7.14 |
% |
|
|
902 |
|
|
|
53 |
|
|
|
7.85 |
% |
|
Federal funds sold and securities purchased under |
|
|
4,850 |
|
|
|
160 |
|
|
|
4.41 |
% |
|
|
5,580 |
|
|
|
226 |
|
|
|
5.41 |
% |
|
Interest-bearing deposits in banks |
|
|
34,375 |
|
|
|
1,141 |
|
|
|
4.44 |
% |
|
|
35,748 |
|
|
|
1,478 |
|
|
|
5.52 |
% |
|
Total interest-earning assets |
|
|
1,049,435 |
|
|
|
44,153 |
|
|
|
5.63 |
% |
|
|
1,004,136 |
|
|
|
43,840 |
|
|
|
5.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Noninterest-earning assets |
|
|
64,034 |
|
|
|
|
|
|
|
|
|
66,076 |
|
|
|
|
|
|
|
||||
|
Total assets |
|
$ |
1,113,469 |
|
|
|
|
|
|
|
|
$ |
1,070,212 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Demand deposits |
|
$ |
203,880 |
|
|
|
1,317 |
|
|
|
0.86 |
% |
|
$ |
204,805 |
|
|
|
1,242 |
|
|
|
0.81 |
% |
|
Money market/savings deposits |
|
|
277,149 |
|
|
|
5,355 |
|
|
|
2.58 |
% |
|
|
250,528 |
|
|
|
5,161 |
|
|
|
2.75 |
% |
|
Time deposits |
|
|
344,310 |
|
|
|
8,690 |
|
|
|
3.37 |
% |
|
|
346,584 |
|
|
|
9,615 |
|
|
|
3.71 |
% |
|
Total interest-bearing deposits |
|
|
825,339 |
|
|
|
15,362 |
|
|
|
2.49 |
% |
|
|
801,917 |
|
|
|
16,018 |
|
|
|
2.67 |
% |
|
Noninterest-bearing demand deposits |
|
|
154,390 |
|
|
|
— |
|
|
|
— |
|
|
|
151,317 |
|
|
|
— |
|
|
|
— |
|
|
Total deposits |
|
|
979,729 |
|
|
|
15,362 |
|
|
|
2.10 |
% |
|
|
953,234 |
|
|
|
16,018 |
|
|
|
2.24 |
% |
|
Borrowings |
|
|
22,944 |
|
|
|
756 |
|
|
|
4.41 |
% |
|
|
13,710 |
|
|
|
421 |
|
|
|
4.10 |
% |
|
Total funding liabilities |
|
|
1,002,673 |
|
|
|
16,118 |
|
|
|
2.15 |
% |
|
|
966,944 |
|
|
|
16,439 |
|
|
|
2.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Other noninterest-bearing liabilities |
|
|
9,521 |
|
|
|
|
|
|
|
|
|
9,816 |
|
|
|
|
|
|
|
||||
|
Shareholders' equity |
|
|
101,275 |
|
|
|
|
|
|
|
|
|
93,452 |
|
|
|
|
|
|
|
||||
|
Total liabilities and shareholders' equity |
|
$ |
1,113,469 |
|
|
|
|
|
|
|
|
$ |
1,070,212 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net interest income |
|
|
|
|
$ |
28,035 |
|
|
|
|
|
|
|
|
$ |
27,401 |
|
|
|
|
||||
|
Net interest margin |
|
|
|
|
|
|
|
|
3.57 |
% |
|
|
|
|
|
|
|
|
3.65 |
% |
||||
|
FIRST US BANCSHARES, INC. AND SUBSIDIARY INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in Thousands, Except Share and Per Share Data) |
||||||||
|
|
||||||||
|
|
|
September 30, |
|
|
December 31, |
|
||
|
|
|
2025 |
|
|
2024 |
|
||
|
|
|
(Unaudited) |
|
|
|
|
||
|
ASSETS |
|
|||||||
|
Cash and due from banks |
|
$ |
10,692 |
|
|
$ |
10,633 |
|
|
Interest-bearing deposits in banks |
|
|
43,998 |
|
|
|
36,583 |
|
|
Total cash and cash equivalents |
|
|
54,690 |
|
|
|
47,216 |
|
|
Federal funds sold and securities purchased under reverse repurchase agreements |
|
|
4,850 |
|
|
|
5,727 |
|
|
Investment securities available-for-sale, at fair value (amortized cost |
|
|
163,969 |
|
|
|
167,888 |
|
|
Investment securities held-to-maturity, at amortized cost, net of allowance for credit |
|
|
524 |
|
|
|
682 |
|
|
Federal Home Loan Bank stock, at cost |
|
|
1,266 |
|
|
|
1,256 |
|
|
Loans and leases held for investment |
|
|
867,520 |
|
|
|
823,039 |
|
|
Less allowance for credit losses on loans and leases |
|
|
10,700 |
|
|
|
10,184 |
|
|
Net loans and leases held for investment |
|
|
856,820 |
|
|
|
812,855 |
|
|
Premises and equipment, net of accumulated depreciation |
|
|
26,499 |
|
|
|
24,803 |
|
|
Cash surrender value of bank-owned life insurance |
|
|
17,289 |
|
|
|
17,056 |
|
|
Accrued interest receivable |
|
|
3,926 |
|
|
|
3,588 |
|
|
Goodwill and core deposit intangible, net |
|
|
7,435 |
|
|
|
7,484 |
|
|
Other real estate owned |
|
|
1,158 |
|
|
|
1,509 |
|
|
Other assets |
|
|
8,749 |
|
|
|
11,022 |
|
|
Total assets |
|
$ |
1,147,175 |
|
|
$ |
1,101,086 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|||||||
|
Deposits: |
|
|
|
|
|
|
||
|
Non-interest-bearing |
|
$ |
155,941 |
|
|
$ |
155,945 |
|
|
Interest-bearing |
|
|
846,531 |
|
|
|
816,612 |
|
|
Total deposits |
|
|
1,002,472 |
|
|
|
972,557 |
|
|
Accrued interest expense |
|
|
2,388 |
|
|
|
1,751 |
|
|
Other liabilities |
|
|
7,150 |
|
|
|
7,282 |
|
|
Short-term borrowings |
|
|
20,000 |
|
|
|
10,000 |
|
|
Long-term borrowings |
|
|
10,927 |
|
|
|
10,872 |
|
|
Total liabilities |
|
|
1,042,937 |
|
|
|
1,002,462 |
|
|
Shareholders' equity: |
|
|
|
|
|
|
||
|
Common stock, par value |
|
|
79 |
|
|
|
78 |
|
|
Additional paid-in capital |
|
|
15,725 |
|
|
|
15,540 |
|
|
Accumulated other comprehensive loss, net of tax |
|
|
(1,407) |
|
|
|
(4,344) |
|
|
Retained earnings |
|
|
119,520 |
|
|
|
116,865 |
|
|
Less treasury stock: 2,159,607 and 2,144,177 shares at cost, respectively |
|
|
(29,679) |
|
|
|
(29,515) |
|
|
Total shareholders' equity |
|
|
104,238 |
|
|
|
98,624 |
|
|
Total liabilities and shareholders' equity |
|
$ |
1,147,175 |
|
|
$ |
1,101,086 |
|
|
FIRST US BANCSHARES, INC. AND SUBSIDIARY INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in Thousands, Except Per Share Data) |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest and fees on loans |
|
$ |
13,413 |
|
|
$ |
13,206 |
|
|
$ |
38,643 |
|
|
$ |
38,989 |
|
|
Interest on investment securities |
|
|
1,391 |
|
|
|
1,121 |
|
|
|
4,138 |
|
|
|
3,094 |
|
|
Interest on deposits in banks |
|
|
402 |
|
|
|
603 |
|
|
|
1,141 |
|
|
|
1,478 |
|
|
Other |
|
|
75 |
|
|
|
87 |
|
|
|
231 |
|
|
|
279 |
|
|
Total interest income |
|
|
15,281 |
|
|
|
15,017 |
|
|
|
44,153 |
|
|
|
43,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest on deposits |
|
|
5,368 |
|
|
|
5,709 |
|
|
|
15,362 |
|
|
|
16,018 |
|
|
Interest on borrowings |
|
|
251 |
|
|
|
123 |
|
|
|
756 |
|
|
|
421 |
|
|
Total interest expense |
|
|
5,619 |
|
|
|
5,832 |
|
|
|
16,118 |
|
|
|
16,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income |
|
|
9,662 |
|
|
|
9,185 |
|
|
|
28,035 |
|
|
|
27,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Provision for credit losses |
|
|
566 |
|
|
|
152 |
|
|
|
3,811 |
|
|
|
152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income after provision for credit losses |
|
|
9,096 |
|
|
|
9,033 |
|
|
|
24,224 |
|
|
|
27,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Service and other charges on deposit accounts |
|
|
289 |
|
|
|
312 |
|
|
|
855 |
|
|
|
909 |
|
|
Lease income |
|
|
262 |
|
|
|
260 |
|
|
|
815 |
|
|
|
770 |
|
|
Other income, net |
|
|
309 |
|
|
|
329 |
|
|
|
914 |
|
|
|
922 |
|
|
Total non-interest income |
|
|
860 |
|
|
|
901 |
|
|
|
2,584 |
|
|
|
2,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Salaries and employee benefits |
|
|
3,759 |
|
|
|
3,837 |
|
|
|
11,440 |
|
|
|
11,815 |
|
|
Net occupancy and equipment |
|
|
987 |
|
|
|
958 |
|
|
|
2,799 |
|
|
|
2,806 |
|
|
Computer services |
|
|
431 |
|
|
|
449 |
|
|
|
1,264 |
|
|
|
1,336 |
|
|
Insurance expense and assessments |
|
|
348 |
|
|
|
348 |
|
|
|
1,098 |
|
|
|
1,153 |
|
|
Fees for professional services |
|
|
363 |
|
|
|
299 |
|
|
|
1,048 |
|
|
|
1,004 |
|
|
Other expense |
|
|
1,549 |
|
|
|
1,099 |
|
|
|
4,150 |
|
|
|
3,295 |
|
|
Total non-interest expense |
|
|
7,437 |
|
|
|
6,990 |
|
|
|
21,799 |
|
|
|
21,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income before income taxes |
|
|
2,519 |
|
|
|
2,944 |
|
|
|
5,009 |
|
|
|
8,441 |
|
|
Provision for income taxes |
|
|
583 |
|
|
|
722 |
|
|
|
1,146 |
|
|
|
1,985 |
|
|
Net income |
|
$ |
1,936 |
|
|
$ |
2,222 |
|
|
$ |
3,863 |
|
|
$ |
6,456 |
|
|
Basic net income per share |
|
$ |
0.33 |
|
|
$ |
0.38 |
|
|
$ |
0.66 |
|
|
$ |
1.10 |
|
|
Diluted net income per share |
|
$ |
0.32 |
|
|
$ |
0.36 |
|
|
$ |
0.64 |
|
|
$ |
1.04 |
|
|
Dividends per share |
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.21 |
|
|
$ |
0.15 |
|
Non-GAAP Financial Measures
In addition to the financial results presented in this press release that have been prepared in accordance with
The non-GAAP measures and ratios that have been provided in this press release include measures of liquidity, pre-tax pre-provision net revenue, tangible assets and equity, and certain ratios that include tangible assets and equity. Discussion of these measures and ratios is included below, along with reconciliations of such non-GAAP measures to GAAP amounts included in the consolidated financial statements previously presented in this press release.
Liquidity Measures
The table below provides information combining the Company's on-balance sheet liquidity with readily available off-balance sheet sources of liquidity as of both September 30, 2025 and December 31, 2024.
|
|
September 30, |
|
|
December 31, |
|
||
|
|
(Dollars in Thousands) |
|
|||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||
|
Liquidity from cash, federal funds sold and securities purchased under reverse repurchase |
|
|
|
|
|
||
|
Cash and cash equivalents |
$ |
54,690 |
|
|
$ |
47,216 |
|
|
Federal funds sold and securities purchased under reverse repurchase agreements |
|
4,850 |
|
|
|
5,727 |
|
|
Total liquidity from cash, federal funds sold and securities purchased under reverse repurchase |
|
59,540 |
|
|
|
52,943 |
|
|
Liquidity from pledgable investment securities: |
|
|
|
|
|
||
|
Investment securities available-for sale, at fair value |
|
163,969 |
|
|
|
167,888 |
|
|
Investment securities held-to-maturity, at amortized cost |
|
524 |
|
|
|
682 |
|
|
Less: securities pledged |
|
(59,255) |
|
|
|
(72,110) |
|
|
Less: estimated collateral value discounts |
|
(10,585) |
|
|
|
(10,164) |
|
|
Total liquidity from pledgable investment securities |
|
94,653 |
|
|
|
86,296 |
|
|
Liquidity from unused lendable collateral (loans) at FHLB |
|
20,785 |
|
|
|
45,388 |
|
|
Liquidity from unused lendable collateral (loans and securities) at FRB |
|
200,895 |
|
|
|
165,061 |
|
|
Unsecured lines of credit with banks |
|
48,000 |
|
|
|
48,000 |
|
|
Total readily available liquidity |
$ |
423,873 |
|
|
$ |
397,688 |
|
The table above calculates readily available liquidity by combining cash and cash equivalents, federal funds sold, securities purchased under reverse repurchase agreements and unencumbered investment security values on the Company's consolidated balance sheet with off-balance sheet liquidity that is readily available through unused collateral pledged to the FHLB and FRB, as well as unsecured lines of credit with other banks. Liquidity from pledgable investment securities and total readily available liquidity are non-GAAP measures used by management and regulators to analyze a portion of the Company's liquidity. Management uses these measures to evaluate the Company's liquidity position.
Pledgable investment securities are considered by management as a readily available source of liquidity since the Company has the ability to pledge the securities with the FHLB or FRB to obtain immediate funding. Both available-for-sale and held-to-maturity securities may be pledged at fair value with the FHLB and through the FRB discount window. The amounts shown as liquidity from pledgable investment securities represent total investment securities as recorded on the consolidated balance sheet, less reductions for securities already pledged and discounts expected to be taken by the lender to determine collateral value.
The unused lendable collateral value at the FHLB presented in the table represents only the amount immediately available to the Company from loans already pledged by the Company to the FHLB as of each consolidated balance sheet date presented. As of September 30, 2025 and December 31, 2024, the Company's total remaining credit availability with the FHLB was
Excluding wholesale brokered deposits, as of September 30, 2025, the Company had approximately 28 thousand deposit accounts with an average balance of approximately
Pre-tax Pre-provision Net Revenue
The Company utilizes pre-tax pre-provision net revenue ("PPNR") as a supplemental measure of profitability in addition to earnings measures defined by GAAP, including income before income taxes and net income. PPNR measures the Company's profitability before accounting for the provisions for credit losses and income taxes. Management believes PPNR provides a means to effectively measure the Company's core operating profitability on a trended basis. In management's experience, PPNR and PPNR as a percentage of average assets are commonly used by stock analysts and investors in conjunction with their evaluation of financial institutions. The table below reconciles the Company's calculation of PPNR to amounts recorded in accordance with GAAP.
|
|
|
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||||||||||
|
|
|
|
|
September |
|
|
June |
|
|
March |
|
|
December |
|
|
September |
|
|
September |
|
|
September |
|
|||||||
|
|
|
|
|
(Dollars in Thousands) |
|
|||||||||||||||||||||||||
|
|
|
|
|
(Unaudited Reconciliation) |
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income |
|
|
|
$ |
1,936 |
|
|
$ |
155 |
|
|
$ |
1,772 |
|
|
$ |
1,714 |
|
|
$ |
2,222 |
|
|
$ |
3,863 |
|
|
$ |
6,456 |
|
|
Add: Provision for income taxes |
|
|
|
|
583 |
|
|
|
9 |
|
|
|
554 |
|
|
|
599 |
|
|
|
722 |
|
|
|
1,146 |
|
|
|
1,985 |
|
|
Add: Provision for credit losses |
|
|
|
|
566 |
|
|
|
2,717 |
|
|
|
528 |
|
|
|
470 |
|
|
|
152 |
|
|
|
3,811 |
|
|
|
152 |
|
|
Pre-tax pre-provision net |
|
|
|
$ |
3,085 |
|
|
$ |
2,881 |
|
|
$ |
2,854 |
|
|
$ |
2,783 |
|
|
$ |
3,096 |
|
|
$ |
8,820 |
|
|
$ |
8,593 |
|
|
Average assets |
|
|
|
$ |
1,130,259 |
|
|
$ |
1,122,342 |
|
|
$ |
1,087,338 |
|
|
$ |
1,086,071 |
|
|
$ |
1,080,198 |
|
|
$ |
1,113,469 |
|
|
$ |
1,070,212 |
|
|
PPNR as a percentage of average |
|
|
|
|
1.08 |
% |
|
|
1.03 |
% |
|
|
1.06 |
% |
|
|
1.02 |
% |
|
|
1.14 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
Tangible Balances and Measures
In addition to capital ratios defined by GAAP and banking regulators, the Company utilizes various tangible common equity measures when evaluating capital utilization and adequacy. These measures, which are presented in the financial tables in this press release, may also include calculations of tangible assets. As defined by the Company, tangible common equity represents shareholders' equity less goodwill and identifiable intangible assets, while tangible assets represent total assets less goodwill and identifiable intangible assets.
Management believes that the measures of tangible equity are important because they reflect the level of capital available to withstand unexpected market conditions. In addition, presentation of these measures allows readers to compare certain aspects of the Company's capitalization to other organizations. In management's experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets that typically result from the use of the purchase accounting method in accounting for mergers and acquisitions.
These calculations are intended to complement the capital ratios defined by GAAP and banking regulators. Because GAAP does not include these measures, management believes that there are no comparable GAAP financial measures to the tangible common equity ratios that the Company utilizes. Despite the importance of these measures to the Company, there are no standardized definitions for the measures, and, therefore, the Company's calculations may not be comparable with those of other organizations. In addition, there may be limits to the usefulness of these measures to investors. Accordingly, management encourages readers to consider the Company's consolidated financial statements in their entirety and not to rely on any single financial measure. The table below reconciles the Company's calculations of these measures to amounts reported in accordance with GAAP.
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
||||||||||
|
|
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||
|
|
|
|
|
September |
|
June |
|
March |
|
December |
|
September |
|
September |
|
September |
|
|
|
|
|
(Dollars in Thousands, Except Per Share Data) |
||||||||||||
|
|
|
|
|
(Unaudited Reconciliation) |
||||||||||||
|
TANGIBLE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Goodwill |
|
|
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
|
|
|
|
Less: Core deposit intangible |
|
|
|
— |
|
12 |
|
30 |
|
49 |
|
67 |
|
|
|
|
|
Tangible assets |
|
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Goodwill |
|
|
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
|
|
|
|
Less: Core deposit intangible |
|
|
|
— |
|
12 |
|
30 |
|
49 |
|
67 |
|
|
|
|
|
Tangible common equity |
|
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Average goodwill |
|
|
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
7,435 |
|
Less: Average core deposit |
|
|
|
4 |
|
21 |
|
39 |
|
58 |
|
80 |
|
21 |
|
115 |
|
Average tangible shareholders' |
|
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (in |
|
(e) |
|
5,765 |
|
5,755 |
|
5,739 |
|
5,696 |
|
5,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common |
|
(b)/(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to |
|
(b)/(a) |
|
8.49 % |
|
8.31 % |
|
8.38 % |
|
8.33 % |
|
8.33 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible |
|
(1) |
|
8.06 % |
|
0.66 % |
|
7.79 % |
|
7.49 % |
|
9.99 % |
|
5.51 % |
|
10.04 % |
|
|
|
|
(1) |
Calculation of Return on average tangible common equity (annualized) = ((net income (d) / number of days in period) * number of days in year) / average tangible shareholders' equity (c) |
|
Contact: |
Thomas S. Elley |
|
|
205-582-1200 |
View original content:https://www.prnewswire.com/news-releases/first-us-bancshares-inc-reports-third-quarter-2025-results-302598530.html
SOURCE First US Bancshares, Inc.
FAQ
What were First US Bancshares (FUSB) 3Q2025 earnings per share and net income?
How did First US Bancshares (FUSB) provision for credit losses change in 3Q2025?
What is First US Bancshares (FUSB) total loans and deposits as of September 30, 2025?
What drove the improvement in First US Bancshares (FUSB) quarterly profitability in 3Q2025?
How large were net charge-offs at First US Bancshares (FUSB) in 3Q2025 and what caused them?
What is First US Bancshares (FUSB) allowance for credit losses ratio and how does it compare to year-end 2024?
