Welcome to our dedicated page for First Us Bancsha news (Ticker: FUSB), a resource for investors and traders seeking the latest updates and insights on First Us Bancsha stock.
First US Bancshares, Inc. (NASDAQ: FUSB) is a bank holding company based in Birmingham, Alabama and the parent of First US Bank, which operates banking offices in Alabama, Tennessee, and Virginia. This news page aggregates Company announcements and third-party coverage related to FUSB, with a focus on its commercial banking activities and financial performance.
News about First US Bancshares, Inc. frequently includes quarterly and year-to-date financial results, where the Company reports net income, net interest income, provision for credit losses, non-interest income and expense, and key banking ratios such as net interest margin, efficiency ratio, and returns on average assets and equity. These releases also provide detailed tables covering loan and deposit balances, asset quality metrics, and capital measures.
Investors and analysts following FUSB can use this page to monitor updates on the Company’s loan portfolio, including real estate, commercial and industrial, and consumer direct and indirect loans. The Company’s disclosures highlight the role of its indirect consumer lending platform, which finances collateral such as boats, recreational vehicles, campers, horse trailers and cargo trailers, and has influenced provisions for credit losses and loan growth trends.
Additional news items cover capital management actions such as cash dividend declarations and changes to the share repurchase program, including expansions of authorized repurchase amounts and extensions of program duration. Governance and leadership developments, such as the election of new directors to the Board of Directors of the Company and First US Bank or the appointment of senior commercial lending executives and market leaders, also appear in press releases.
By reviewing the articles linked on this page, readers can track how First US Bancshares, Inc. communicates its financial results, capital decisions, board and management changes, and other material events that it reports through press releases and SEC filings.
First US Bancshares reported net income of $2.1 million for 2Q2024, matching 1Q2024 and marginally up from $2.0 million in 2Q2023. Diluted EPS stood at $0.34, consistent with 1Q2024 and up from $0.31 in 2Q2023. Year-to-date net income reached $4.2 million, up from $4.1 million in the same period in 2023, with diluted EPS increasing to $0.68 from $0.64. Key metrics for 2Q2024 included a net interest income of $9.2 million, a net interest margin of 3.69%, and a return on average assets of 0.80%. Total deposits grew by $11.2 million to $954.5 million, while total loans decreased slightly by $3.8 million to $819.1 million.
Non-interest income stood at $0.8 million, and non-interest expenses were $7.3 million. Asset quality remained strong with nonperforming assets at 0.27% of total assets. Shareholders' equity increased to $93.8 million, and tangible common equity rose to 8.02% of tangible assets. The company declared a $0.05 cash dividend and repurchased 77,000 shares. Regulatory capital ratios remained robust, ensuring the institution's well-capitalized status.
First US Bancshares, Inc. (Nasdaq: FUSB) has elected Robert C. Field as a new director of the company and its subsidiary, First US Bank. Mr. Field, a partner with over 35 years of experience at the Welden-Field group, will serve on the Audit Committee and the Asset/Liability Committee. His expertise spans real estate development, mortgage banking, and alternative investments. Mr. Field's background includes significant experience in multifamily investment, Low Income Housing Tax Credits, and FHA multifamily operations. He also has a history in banking, having been involved in the operation and sale of financial institutions. Mr. Field's appointment brings valuable industry knowledge and leadership to First US Bancshares' board.
First US Bancshares (Nasdaq: FUSB) announced a cash dividend of $0.05 per share, payable on July 1, 2024, to shareholders of record as of June 7, 2024.
This marks the fortieth consecutive quarter of dividend payments, as per the announcement by President and CEO James F. House.
The company aims to reward shareholders while maintaining a strong capital base.
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