BIRMINGHAM, Ala., April 26,
2023 /PRNewswire/ --
First Quarter
Highlights:
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
Diluted Earnings per
share
|
Return on average
assets
(annualized)
|
Return on average
common
equity (annualized)
|
Return on average
tangible
common equity (annualized) (1)
|
Loans to
deposits
|
$2.1million
|
$0.33
|
0.85 %
|
10.02 %
|
11.05 %
|
86.4 %
|
First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the
parent company of First US Bank (the "Bank"), today reported net
income of $2.1 million, or
$0.33 per diluted share, for the
quarter ended March 31, 2023 ("1Q2023"), compared to
$2.2 million, or $0.35 per diluted share, for the quarter ended
December 31, 2022 ("4Q2022") and
$1.4 million, or $0.20 per diluted share, for the quarter ended
March 31, 2022 ("1Q2022"). Compared to 4Q2022, diluted
earnings per share decreased by 5.7% due primarily to increased
interest expense on deposits, combined with two less earning days
in the quarter. Compared to 1Q2022, diluted earnings per
share increased by 65.0% due to increased net interest income,
combined with reduced provisions for credit losses.
The table below summarizes selected financial data for each of
the periods presented.
|
|
Quarter
Ended
|
|
|
|
2023
|
|
|
2022
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
March
31,
|
|
Results of
Operations:
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Interest
income
|
|
$
|
11,960
|
|
|
$
|
11,621
|
|
|
$
|
10,670
|
|
|
$
|
9,525
|
|
|
$
|
9,381
|
|
Interest
expense
|
|
|
2,526
|
|
|
|
1,730
|
|
|
|
1,155
|
|
|
|
699
|
|
|
|
672
|
|
Net interest
income
|
|
|
9,434
|
|
|
|
9,891
|
|
|
|
9,515
|
|
|
|
8,826
|
|
|
|
8,709
|
|
Provision for credit
losses
|
|
|
269
|
|
|
|
527
|
|
|
|
1,165
|
|
|
|
895
|
|
|
|
721
|
|
Net interest income
after provision for credit losses
|
|
|
9,165
|
|
|
|
9,364
|
|
|
|
8,350
|
|
|
|
7,931
|
|
|
|
7,988
|
|
Non-interest
income
|
|
|
829
|
|
|
|
678
|
|
|
|
1,088
|
|
|
|
856
|
|
|
|
829
|
|
Non-interest
expense
|
|
|
7,270
|
|
|
|
7,106
|
|
|
|
7,032
|
|
|
|
6,878
|
|
|
|
7,056
|
|
Income before income
taxes
|
|
|
2,724
|
|
|
|
2,936
|
|
|
|
2,406
|
|
|
|
1,909
|
|
|
|
1,761
|
|
Provision for income
taxes
|
|
|
652
|
|
|
|
708
|
|
|
|
546
|
|
|
|
494
|
|
|
|
400
|
|
Net income
|
|
$
|
2,072
|
|
|
$
|
2,228
|
|
|
$
|
1,860
|
|
|
$
|
1,415
|
|
|
$
|
1,361
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share
|
|
$
|
0.35
|
|
|
$
|
0.37
|
|
|
$
|
0.31
|
|
|
$
|
0.23
|
|
|
$
|
0.22
|
|
Diluted net income per
share
|
|
$
|
0.33
|
|
|
$
|
0.35
|
|
|
$
|
0.29
|
|
|
$
|
0.22
|
|
|
$
|
0.20
|
|
Dividends
declared
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
Key Measures (Period
End):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,026,054
|
|
|
$
|
994,667
|
|
|
$
|
989,277
|
|
|
$
|
955,385
|
|
|
$
|
968,646
|
|
Tangible assets
(1)
|
|
|
1,018,308
|
|
|
|
986,866
|
|
|
|
981,421
|
|
|
|
947,462
|
|
|
|
960,650
|
|
Total loans
|
|
|
775,889
|
|
|
|
773,873
|
|
|
|
750,271
|
|
|
|
714,637
|
|
|
|
678,330
|
|
Allowance for loan and
lease losses
|
|
|
11,599
|
|
|
|
9,422
|
|
|
|
9,373
|
|
|
|
8,751
|
|
|
|
8,484
|
|
Investment securities,
net
|
|
|
128,689
|
|
|
|
132,657
|
|
|
|
145,903
|
|
|
|
152,536
|
|
|
|
137,736
|
|
Total
deposits
|
|
|
897,885
|
|
|
|
870,025
|
|
|
|
846,537
|
|
|
|
844,296
|
|
|
|
853,117
|
|
Short-term
borrowings
|
|
|
25,000
|
|
|
|
20,038
|
|
|
|
40,106
|
|
|
|
10,088
|
|
|
|
10,062
|
|
Long-term
borrowings
|
|
|
10,744
|
|
|
|
10,726
|
|
|
|
10,708
|
|
|
|
10,690
|
|
|
|
10,671
|
|
Total shareholders'
equity
|
|
|
84,153
|
|
|
|
85,135
|
|
|
|
83,103
|
|
|
|
82,576
|
|
|
|
87,807
|
|
Tangible common equity
(1)
|
|
|
76,407
|
|
|
|
77,334
|
|
|
|
75,247
|
|
|
|
74,653
|
|
|
|
79,811
|
|
Book value per common
share
|
|
|
14.34
|
|
|
|
14.65
|
|
|
|
14.30
|
|
|
|
14.05
|
|
|
|
14.33
|
|
Tangible book value per
common share (1)
|
|
|
13.02
|
|
|
|
13.31
|
|
|
|
12.95
|
|
|
|
12.70
|
|
|
|
13.02
|
|
Key
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (annualized)
|
|
|
0.85
|
%
|
|
|
0.90
|
%
|
|
|
0.75
|
%
|
|
|
0.58
|
%
|
|
|
0.58
|
%
|
Return on average
common equity (annualized)
|
|
|
10.02
|
%
|
|
|
10.60
|
%
|
|
|
8.78
|
%
|
|
|
6.55
|
%
|
|
|
6.17
|
%
|
Return on average
tangible common equity (annualized) (1)
|
|
|
11.05
|
%
|
|
|
11.70
|
%
|
|
|
9.69
|
%
|
|
|
7.21
|
%
|
|
|
6.77
|
%
|
Net interest
margin
|
|
|
4.13
|
%
|
|
|
4.27
|
%
|
|
|
4.10
|
%
|
|
|
3.91
|
%
|
|
|
3.97
|
%
|
Efficiency ratio
(2)
|
|
|
70.8
|
%
|
|
|
67.2
|
%
|
|
|
66.3
|
%
|
|
|
71.0
|
%
|
|
|
74.0
|
%
|
Total loans to
deposits
|
|
|
86.4
|
%
|
|
|
88.9
|
%
|
|
|
88.6
|
%
|
|
|
84.6
|
%
|
|
|
79.5
|
%
|
Total loans to
assets
|
|
|
75.6
|
%
|
|
|
77.8
|
%
|
|
|
75.8
|
%
|
|
|
74.8
|
%
|
|
|
70.0
|
%
|
Tangible common equity
to tangible assets (1)
|
|
|
7.50
|
%
|
|
|
7.84
|
%
|
|
|
7.67
|
%
|
|
|
7.88
|
%
|
|
|
8.31
|
%
|
Tier 1 leverage ratio
(3)
|
|
|
9.30
|
%
|
|
|
9.39
|
%
|
|
|
9.23
|
%
|
|
|
9.33
|
%
|
|
|
9.38
|
%
|
Allowance for loan
losses as % of loans
|
|
|
1.49
|
%
|
|
|
1.22
|
%
|
|
|
1.25
|
%
|
|
|
1.22
|
%
|
|
|
1.25
|
%
|
Nonperforming assets as
% of total assets
|
|
|
0.18
|
%
|
|
|
0.24
|
%
|
|
|
0.28
|
%
|
|
|
0.18
|
%
|
|
|
0.32
|
%
|
Net charge-offs as a
percentage of average loans
|
|
|
0.11
|
%
|
|
|
0.25
|
%
|
|
|
0.29
|
%
|
|
|
0.36
|
%
|
|
|
0.32
|
%
|
|
(1)
Refer to Non-GAAP reconciliation of tangible balances and measures
beginning on page 12.
|
(2)
Efficiency ratio = non-interest expense / (net interest income +
non-interest income)
|
(3)
First US Bank Tier 1 leverage ratio
|
|
CEO Commentary
"The first quarter results reflect the strength of our
well-positioned balance sheet," stated James F. House, President and CEO of the
Company. "In a quarter marked by banking sector volatility and
emerging economic challenges, the Company grew diluted earnings per
share by 65% year-over-year, while enhancing its liquidity
position. In addition, credit quality metrics continued to trend
positively during the quarter, reflective of the strategy we
implemented over 18 months ago aimed at, among other things,
shifting our consumer lending platforms to assets of higher credit
quality," continued Mr. House.
Strategic Focus and Impact on Asset Quality
Beginning in the third quarter of 2021, the Company implemented
strategic initiatives designed to improve operating efficiency,
focus the Company's loan growth activities, and fortify asset
quality. The most significant component of these initiatives
was the cessation of new business at the Bank's wholly owned
subsidiary, Acceptance Loan Company ("ALC"). This initiative,
which included the closure of ALC's branch lending locations, was
expected to both reduce the Company's expense structure and
ultimately improve asset quality following the paydown of ALC's
loans. Historically, ALC's loans have produced substantially
higher levels of charge-offs than the Bank's other loan
portfolios.
Consistent with management's expectations, as a result of this
initiative, the Company realized a reduction of 14.3% in
non-interest expense in 2022, compared to 2021. While
non-interest expense reductions were realized in 2022, charge-offs
of ALC's loans remained elevated in 2022 as the run-off of the loan
portfolio commenced. Although ALC's charge-offs began to
decrease in the latter part of 2022, more significant reductions
have occurred in 2023. Net charge-offs associated with ALC's
loans decreased to $0.1 million
during 1Q2023, compared to $0.4
million in 4Q2022, and $0.5
million in 1Q2022. Although the timing of future
charge-offs and recoveries cannot be fully predicted, management
expects continued reduction in net charge-offs over time as the
portfolio continues to decrease. As of March 31, 2023, remaining loans at ALC totaled
$16.9 million, compared to
$20.2 million as of December 31, 2022 and $33.8 million as of March
31, 2022.
The improved charge-off experience at ALC has favorably impacted
the Company's overall asset quality trends. Net charge-offs
totaled 0.11% of the Company's average loan balance during 1Q2023,
compared to 0.25% during 4Q2022 and 0.32% during 1Q2022. In
addition, the Company's nonperforming assets, including loans in
non-accrual status and OREO, decreased to $1.8 million as of March
31, 2023, compared to $2.3
million as of December 31,
2022, and $3.1 million as of
March 31, 2022. As a percentage
of total assets, non-performing assets totaled 0.18% as of
March 31, 2023, compared to 0.24% as
of December 31, 2022, and 0.32% as of
March 31, 2022.
Other First Quarter Financial Results
Loan Growth – The table below summarizes loan
balances by portfolio category as of the end of each of the most
recent five quarters as of March 31, 2023.
|
|
Quarter
Ended
|
|
|
2023
|
|
2022
|
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
|
(Dollars in
Thousands)
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Real estate
loans:
|
|
|
|
|
|
|
|
|
|
|
Construction, land
development and other land loans
|
|
$69,398
|
|
$53,914
|
|
$36,230
|
|
$40,647
|
|
$52,946
|
Secured by 1-4 family
residential properties
|
|
86,622
|
|
87,995
|
|
84,452
|
|
69,109
|
|
69,862
|
Secured by
multi-family residential properties
|
|
63,368
|
|
67,852
|
|
72,377
|
|
66,851
|
|
50,815
|
Secured by non-farm,
non-residential properties
|
|
198,266
|
|
200,156
|
|
200,707
|
|
187,032
|
|
177,698
|
Commercial and
industrial loans
|
|
65,708
|
|
73,546
|
|
65,935
|
|
65,909
|
|
68,102
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
Direct
|
|
8,435
|
|
9,851
|
|
11,950
|
|
14,891
|
|
17,149
|
Branch
retail
|
|
12,222
|
|
13,992
|
|
15,878
|
|
17,992
|
|
20,827
|
Indirect
|
|
271,870
|
|
266,567
|
|
262,742
|
|
252,206
|
|
220,931
|
Total loans held for
investment
|
|
$775,889
|
|
$773,873
|
|
$750,271
|
|
$714,637
|
|
$678,330
|
Allowance for loan and
lease losses
|
|
11,599
|
|
9,422
|
|
9,373
|
|
8,751
|
|
8,484
|
Net loans held for
investment
|
|
$764,290
|
|
$764,451
|
|
$740,898
|
|
$705,886
|
|
$669,846
|
Total loans increased by $2.0
million, or 0.3%, during 1Q2023. Loan volume increases
during the quarter were driven primarily by growth in the
construction, land development and other land category and the
consumer indirect category. The increase in construction,
land development and other land loans category was primarily
attributable to growth in construction fundings on multi-family
residential projects. Growth in consumer indirect was consistent
with continued demand for the products collateralized through the
Company's indirect program, including recreational vehicles,
campers, boats, horse trailers and cargo trailers. As of
March 31, 2023, the Company conducted
indirect lending in 17 states. Loan growth in 1Q2023 was
partially offset by decreases in the multi-family residential, and
other commercial and consumer categories. Loans in the direct
consumer and branch retail consumer categories were expected to
decrease as they comprise the majority of ALC's remaining loan
balances. Moving forward, management will continue efforts to
grow the loan portfolio in a diversified manner with appropriate
attention to the economic environment and the impact of elevated
interest rates on the credit quality of both current and
prospective borrowers.
Deposit Growth – Deposits totaled $897.9 million as of March 31, 2023,
compared to $870.0 million as of
December 31, 2022. Growth in deposits during the quarter
resulted from wholesale brokered deposit sources utilized by the
Company to increase liquidity on the Company's balance sheet in the
wake of bank failures that occurred during March 2023. During
the quarter, the Company acquired brokered deposits totaling
$35.0 million. Of the acquired
deposits, $20.0 million have
six-month maturities, while the remainder either mature or are
callable by the Company within 12 months. As of March 31, 2023, core deposits, which exclude time
deposits of $250 thousand or more and
all brokered deposits, totaled $761.7
million, or 84.8% of total deposits, compared to
$778.1 million, or 89.4% of total
deposits, as of December 31,
2022.
Deployment of Funds – The acquisition of brokered
deposits during the quarter drove an increase in the Company's
on-balance sheet cash and cash equivalent position by $38.3 million comparing March 31, 2023 to December
31, 2022. Management consistently seeks to deploy earning
assets in an efficient manner to maximize net interest income while
maintaining appropriate levels of liquidity to protect the safety
and soundness of the organization. Management's decisions,
particularly during the latter portion of 1Q2023 were focused on
enhancing the Company's liquidity position. As part of this focus,
management elected to hold higher levels of cash and cash
equivalents and did not seek to re-deploy excess cash into the
Company's investment securities portfolio during the quarter.
Investment securities, including both the available-for-sale and
held-to-maturity portfolios, totaled $128.7
million as of March 31, 2023, compared to $132.7 million as of December 31, 2022. The
expected average life of securities in the investment portfolio was
3.7 years as of March 31, 2023,
compared to 3.5 years as of December 31,
2022.
Net Interest Income and Margin – Net interest income
totaled $9.4 million in 1Q2023,
compared to $9.9 million in 4Q2022.
The decrease resulted from two less earnings days in the quarter,
as well as margin compression as interest-bearing liabilities
repriced faster than interest-earning assets amid the ongoing
rising interest rate environment. This was partially driven
by a shift in the mix of deposits from noninterest-bearing to
interest-bearing during the quarter. As of March 31, 2023, noninterest-bearing deposits
totaled $154.7 million, compared to
$169.8 million as of December 31, 2022, a decrease of 8.9%. By
contrast, interest-bearing deposits increased to $743.2 million as of March
31, 2023, compared to $700.2
million as of December 31,
2022, an increase of 6.1%.
Comparing 1Q2023 to 1Q2022, net interest income increased by
$0.7 million due to a combination of
margin expansion and growth in earning assets that occurred
primarily in 2022. Consistent with much of the banking
industry, the Company's margin expanded during the latter two
quarters of 2022, but contracted in 1Q2023, as the velocity of
changes in both funding mix and rate increases on funding sources
accelerated. The Company's total funding costs, including
both interest and noninterest-bearing deposits and borrowings,
increased by 37 basis points to 1.14% in 1Q2023, compared to 0.77%
in 4Q2022. Net interest margin was 4.13% in 1Q2023, compared
to 4.27% in 4Q2022 and 3.97% in 1Q2022.
CECL Adoption and Credit Provisioning – Effective
January 1, 2023, the Company adopted
the current expected credit loss (CECL) model to account for credit
losses on financial instruments, including loans. The
adoption of the CECL model resulted in a transition adjustment that
increased the Company's allowance for loan and lease losses by
$2.1 million, including $1.4 million associated with the Bank's loan
portfolio and $0.7 million associated
with ALC's run-off loan portfolio. In addition, the Company
recorded a reserve against off-balance sheet exposures associated
with unfunded loan commitments of $0.3
million, which is included in other liabilities.
The first table below summarizes changes in the Company's
allowance for loan and lease losses associated with the initial
adoption of CECL on January 1, 2023,
as well as activity during the remainder of 1Q2023. The
second table summarizes the allowance for loan and lease losses as
a percentage of total loans in each portfolio category as of both
December 31, 2022 (immediately prior
to CECL adoption) and January 1, 2023
(immediately following CECL adoption), compared to March 31, 2023.
|
|
As of and for the
Three Months Ended March 31, 2023
|
|
|
Construction,
Land
Development,
and Other
|
|
Real Estate
1-4
Family
|
|
Real
Estate
Multi-
Family
|
|
Non-
Farm Non-
Residential
|
|
Commercial
and
Industrial
|
|
Direct
Consumer
|
|
Branch
Retail
|
|
Indirect
Consumer
|
|
Total
|
|
|
(Dollars in
Thousands)
|
|
|
(Unaudited)
|
Allowance for loan
and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$517
|
|
$832
|
|
$646
|
|
$1,970
|
|
$919
|
|
$866
|
|
$518
|
|
$3,154
|
|
$9,422
|
Impact of adopting
CECL
|
|
(94)
|
|
(39)
|
|
(85)
|
|
(147)
|
|
(20)
|
|
47
|
|
628
|
|
1,833
|
|
2,123
|
Charge-offs
|
|
—
|
|
(8)
|
|
—
|
|
—
|
|
—
|
|
(215)
|
|
(155)
|
|
(156)
|
|
(534)
|
Recoveries
|
|
—
|
|
16
|
|
—
|
|
—
|
|
—
|
|
198
|
|
77
|
|
28
|
|
319
|
Provision
|
|
97
|
|
(32)
|
|
(52)
|
|
(61)
|
|
(117)
|
|
(4)
|
|
—
|
|
438
|
|
269
|
Ending
balance
|
|
$520
|
|
$769
|
|
$509
|
|
$1,762
|
|
$782
|
|
$892
|
|
$1,068
|
|
$5,297
|
|
$11,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan
and Lease Losses as a Percentage of Total Loans (Before and After
CECL Adoption)
|
December 31,
2022
|
|
0.95 %
|
|
0.94 %
|
|
0.95 %
|
|
0.99 %
|
|
1.25 %
|
|
8.61 %
|
|
3.64 %
|
|
1.18 %
|
|
1.22 %
|
January 1, 2023
(adoption)
|
|
0.78 %
|
|
0.90 %
|
|
0.83 %
|
|
0.91 %
|
|
1.22 %
|
|
9.08 %
|
|
8.05 %
|
|
1.87 %
|
|
1.49 %
|
March 31,
2023
|
|
0.75 %
|
|
0.89 %
|
|
0.80 %
|
|
0.89 %
|
|
1.19 %
|
|
10.57 %
|
|
8.74 %
|
|
1.95 %
|
|
1.49 %
|
The adoption of CECL was most impactful on the Company's
consumer indirect loan portfolio due primarily to the extension of
the loss estimate period to the estimated life of loans in this
category. The Company originates indirect loans with
maturities of up to 15 years; however, a significant number of
these loans have historically paid off prior to maturity. As
of both January 1, 2023 and
March 31, 2023, the estimated average
remaining life of the indirect portfolio was between four and five
years. The branch retail portfolio, which represents indirect
lending originated by ALC, was similarly impacted by the transition
to CECL. In addition, the Company's consumer portfolios were
impacted by current economic forecasts using data provided by the
Federal Reserve on inflation, unemployment, and the forecasted
movement of interest rates.
Non-interest Income – Non-interest income levels remained
consistent, totaling $0.8 million in
1Q2023, compared to $0.7 million in
4Q2022 and $0.8 million in
1Q2022.
Non-interest Expense – Non-interest expense totaled
$7.3 million in 1Q2023, compared to
$7.1 million in both 4Q2022 and
1Q2022. The increase comparing 1Q2023 to 4Q2022 resulted
primarily from increases in salaries and benefits expense.
Compared to 1Q2022, the increase resulted from increases in various
miscellaneous expense categories, partially offset by
year-over-year reductions in salaries and benefits.
Shareholders' Equity – As of March 31, 2023,
shareholders' equity totaled $84.2
million, compared to $85.1
million as of December 31, 2022. The decrease in
shareholders' equity resulted from the CECL transition adjustment
which reduced retained earnings by $2.4
million, and to a lesser extent, from reductions in
accumulated other comprehensive income associated with fair value
declines in the available-for-sale investment portfolio and other
reclassification adjustments. These reductions were partially
offset by earnings, net of dividends paid, for the quarter.
As of March 31, 2023, the Company's
ratio of tangible common equity to tangible assets totaled 7.50%,
compared to 7.84% as of December 31,
2022, and 8.31% as of March
31, 2022.
Cash Dividend – Consistent with 4Q2022, the Company
declared a cash dividend of $0.05 per
share on its common stock in 1Q2023. During each of the first
three quarters of 2022, the Company paid cash dividends of
$0.03 per common share. The
increased dividend in both 4Q2022 and 1Q2023 is commensurate with
earnings improvement experienced by the Company in both 1Q2023 and
full-year 2022.
Regulatory Capital – During 1Q2023, 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 March 31, 2023, the Bank's
common equity Tier 1 capital and Tier 1 risk-based capital ratios
were each 11.09%. As of March 31, 2023, its total
capital ratio was 12.34%, and its Tier 1 leverage ratio was
9.30%.
Liquidity – As of March 31, 2023, the Company
continued to maintain excess 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, Federal Home Loan Bank (FHLB) advances and brokered
deposits. In addition, the Company has access to the Federal
Reserve's discount window and its Bank Term Funding Program (BTFP),
the latter of which was established during 1Q2023 in response to
the recent liquidity events that have occurred in the banking
industry. Both the discount window and the BTFP allow
borrowing on pledged collateral that includes eligible investment
securities and, in certain circumstances, eligible loans. The
discount window allows borrowing under 90-day terms, while
borrowing terms under the BTFP are up to one year. The BTFP
also allows investment securities to be pledged as collateral at
100% of par value when par value is greater than fair value.
Management monitors the Company's liquidity position on a daily
basis, and maintains policies, guidelines and contingency funding
plans designed to ensure that adequate levels of liquidity are
maintained through a variety of circumstances. Leading up to
and in response to the liquidity events that occurred in the
banking industry during 1Q2023, management undertook a number of
procedures to both enhance the Company's liquidity position, as
well as to effectively communicate the Company's sound liquidity
position to deposit customers, borrowers, employees, and regulatory
authorities. Procedures undertaken included, but were not
limited to, the following:
- Communication with all Company employees on the safety and
soundness of the Company's liquidity and capital positions
- Daily monitoring by senior leadership of questions and concerns
from deposit customers
- Review and realignment of collateral pledging capacity with the
Federal Reserve and FHLB
- Accelerated procurement of wholesale brokered deposits to
enhance the Company's on-balance sheet liquidity position
- Roll out of promotional interest rates on selected deposit
products to attract new deposit growth
- Re-testing of federal funds line borrowing capabilities in the
week following bank failures
These procedures represent precautionary measures undertaken by
management as a matter of prudence and in accordance with the
Company's contingency funding plans, which are a component of the
Company's liquidity policies and procedures. While the
Company enhanced its liquidity position over the course of the
quarter through wholesale deposit fundings, core deposits remained
stable. Exclusive of wholesale brokered deposit fundings, the
Company's total deposits decreased by only $7.4 million, or 0.9%, comparing March 31, 2023 to December
31, 2022. Although events during the quarter strained
the banking industry as a whole, the Company's management remains
confident in the stability of the Company's core deposit base which
has served as the Company's primary funding source for many
years. Excluding wholesale brokered deposits, as of
March 31, 2023, the Company had over
29 thousand deposit accounts with an average balance of
approximately $27.3 thousand per
account. Estimated uninsured deposits (calculated as deposit
amounts per deposit holder in excess of $250
thousand, the maximum amount of federal deposit insurance)
totaled $165.9 million, or 18.5% of
total deposits, as of March 31, 2023.
As of December 31, 2022, estimated
uninsured deposits totaled $148.3
million, or 17.1% of total deposits.
The table below provides information on the Company's on-balance
sheet liquidity, as well as readily available sources of liquidity
as of both March 31, 2023 and
December 31, 2022.
|
March 31,
2023
|
|
|
December 31,
2022
|
|
|
(Dollars in
Thousands)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Liquidity from cash and
federal funds sold:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
68,427
|
|
|
$
|
30,152
|
|
Federal funds
sold
|
|
263
|
|
|
|
1,768
|
|
Liquidity from cash
and federal funds sold
|
|
68,690
|
|
|
|
31,920
|
|
Liquidity from
pledgable investment securities:
|
|
|
|
|
|
Investment securities
available-for sale, at fair value
|
|
127,007
|
|
|
|
130,795
|
|
Investment securities
held-to-maturity, at amortized cost
|
|
1,682
|
|
|
|
1,862
|
|
Less: securities
pledged
|
|
(51,899)
|
|
|
|
(54,717)
|
|
Less: estimated
collateral value discounts
|
|
(10,918)
|
|
|
|
(7,833)
|
|
Liquidity from
pledgable investment securities
|
|
65,872
|
|
|
|
70,107
|
|
Liquidity from unused
lendable collateral (loans) at FHLB
|
|
19,228
|
|
|
|
18,215
|
|
Unsecured lines of
credit with banks
|
|
28,000
|
|
|
|
45,000
|
|
Total readily
available liquidity
|
$
|
181,790
|
|
|
$
|
165,242
|
|
The table calculates readily available sources of liquidity,
including cash and cash equivalents, federal funds sold, and other
liquidity sources. Certain of the measures have not been
prepared in accordance with U.S. generally accepted accounting
principles ("GAAP"); however, management believes that the non-GAAP
measures are beneficial to the reader as they enhance the overall
understanding of the Company's liquidity position and can be used
as a supplement to GAAP-based measures of liquidity.
Specifically, liquidity from pledgable investment securities is a
non-GAAP measure used by management and regulators to analyze a
portion of the Company's liquidity. 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 Federal Reserve to obtain immediate
funding. Both available-for-sale and held-for-maturity
securities may be pledged at fair value with the FHLB and through
the Federal Reserve discount window. The amounts shown as
liquidity from pledgable investment securities represents total
investment securities as recorded on the balance sheet, less
reductions for securities already pledged and discounts expected to
be taken by the lender to determine collateral value. The
calculations are intended to reflect minimum levels of liquidity
readily available to the Company through the pledging of investment
securities, and do not contemplate the additional available
liquidity that could be available from the Federal Reserve through
the BTFP.
Other readily available sources of liquidity include unused
collateral in the form of loans that the Company had pledged with
the FHLB, as well as unsecured lines of credit with other
banks. 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 balance sheet date presented. As of
March 31, 2023 and December 31, 2022, the Company's total remaining
credit availability with the FHLB was $243.4
million and $246.8 million,
respectively, subject to the pledging of additional collateral
which may include eligible investment securities and loans.
In addition, the Company has access to additional sources of
liquidity that generally could be obtained over a period of
time. For example, the Company has access to unsecured
brokered deposits through the wholesale funding markets.
Management believes the Company's on-balance sheet and other
readily available liquidity provide strong indicators of the
Company's ability to fund obligations in a stressed liquidity
environment.
About First US Bancshares, Inc.
First US Bancshares, Inc. (the "Company") 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. ("ALC"), a consumer loan company. 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 risk related to the Company's credit, including
that if loan losses are greater than anticipated; 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; 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 impact of
changing accounting standards and tax laws on the Company's
allowance for loan and lease losses and financial results; 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.
FIRST US BANCSHARES,
INC. AND SUBSIDIARIES NET INTEREST
MARGIN THREE MONTHS ENDED March 31, 2023 AND
2022 (Dollars in
Thousands) (Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Annualized
Yield/
Rate %
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Annualized
Yield/
Rate %
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
$
|
770,871
|
|
|
$
|
10,982
|
|
|
|
5.78
|
%
|
|
$
|
696,695
|
|
|
$
|
8,847
|
|
|
|
5.15
|
%
|
Taxable investment
securities
|
|
|
129,840
|
|
|
|
680
|
|
|
|
2.12
|
%
|
|
|
130,306
|
|
|
|
485
|
|
|
|
1.51
|
%
|
Tax-exempt investment
securities
|
|
|
1,059
|
|
|
|
3
|
|
|
|
1.15
|
%
|
|
|
2,771
|
|
|
|
12
|
|
|
|
1.76
|
%
|
Federal Home Loan Bank
stock
|
|
|
1,634
|
|
|
|
28
|
|
|
|
6.95
|
%
|
|
|
879
|
|
|
|
8
|
|
|
|
3.69
|
%
|
Federal funds
sold
|
|
|
2,591
|
|
|
|
29
|
|
|
|
4.54
|
%
|
|
|
81
|
|
|
|
—
|
|
|
|
—
|
|
Interest-bearing
deposits in banks
|
|
|
20,526
|
|
|
|
238
|
|
|
|
4.70
|
%
|
|
|
57,859
|
|
|
|
29
|
|
|
|
0.20
|
%
|
Total interest-earning
assets
|
|
|
926,521
|
|
|
|
11,960
|
|
|
|
5.24
|
%
|
|
|
888,591
|
|
|
|
9,381
|
|
|
|
4.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
|
62,818
|
|
|
|
|
|
|
|
|
|
64,958
|
|
|
|
|
|
|
|
Total
|
|
$
|
989,339
|
|
|
|
|
|
|
|
|
$
|
953,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
$
|
227,382
|
|
|
$
|
195
|
|
|
|
0.35
|
%
|
|
$
|
250,612
|
|
|
$
|
126
|
|
|
|
0.20
|
%
|
Savings
deposits
|
|
|
193,878
|
|
|
|
553
|
|
|
|
1.16
|
%
|
|
|
197,016
|
|
|
|
140
|
|
|
|
0.29
|
%
|
Time
deposits
|
|
|
270,780
|
|
|
|
1,389
|
|
|
|
2.08
|
%
|
|
|
210,727
|
|
|
|
249
|
|
|
|
0.48
|
%
|
Total interest-bearing
deposits
|
|
|
692,040
|
|
|
|
2,137
|
|
|
|
1.25
|
%
|
|
|
658,355
|
|
|
|
515
|
|
|
|
0.32
|
%
|
Noninterest-bearing
demand deposits
|
|
|
166,548
|
|
|
|
—
|
|
|
|
—
|
|
|
|
175,285
|
|
|
|
—
|
|
|
|
—
|
|
Total
deposits
|
|
|
858,588
|
|
|
|
2,137
|
|
|
|
1.01
|
%
|
|
|
833,640
|
|
|
|
515
|
|
|
|
0.25
|
%
|
Borrowings
|
|
|
37,221
|
|
|
|
389
|
|
|
|
4.24
|
%
|
|
|
20,715
|
|
|
|
157
|
|
|
|
3.07
|
%
|
Total funding
costs
|
|
|
895,809
|
|
|
|
2,526
|
|
|
|
1.14
|
%
|
|
|
854,355
|
|
|
|
672
|
|
|
|
0.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing liabilities
|
|
|
9,693
|
|
|
|
|
|
|
|
|
|
9,692
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
83,837
|
|
|
|
|
|
|
|
|
|
89,502
|
|
|
|
|
|
|
|
Total
|
|
$
|
989,339
|
|
|
|
|
|
|
|
|
$
|
953,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
|
|
$
|
9,434
|
|
|
|
|
|
|
|
|
$
|
8,709
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
|
|
|
4.13
|
%
|
|
|
|
|
|
|
|
|
3.97
|
%
|
FIRST US BANCSHARES,
INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED
BALANCE SHEETS (Dollars in Thousands, Except Per Share
Data)
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
Cash and due from
banks
|
|
$
|
11,970
|
|
|
$
|
11,844
|
|
Interest-bearing
deposits in banks
|
|
|
56,457
|
|
|
|
18,308
|
|
Total cash and cash
equivalents
|
|
|
68,427
|
|
|
|
30,152
|
|
Federal funds
sold
|
|
|
263
|
|
|
|
1,768
|
|
Investment securities
available-for-sale, at fair value
|
|
|
127,007
|
|
|
|
130,795
|
|
Investment securities
held-to-maturity, at amortized cost
|
|
|
1,682
|
|
|
|
1,862
|
|
Federal Home Loan Bank
stock, at cost
|
|
|
1,590
|
|
|
|
1,359
|
|
Loans held for
investment
|
|
|
775,889
|
|
|
|
773,873
|
|
Less allowance for loan
and lease losses
|
|
|
11,599
|
|
|
|
9,422
|
|
Net loans held for
investment
|
|
|
764,290
|
|
|
|
764,451
|
|
Premises and equipment,
net of accumulated depreciation
|
|
|
24,290
|
|
|
|
24,439
|
|
Cash surrender value of
bank-owned life insurance
|
|
|
16,472
|
|
|
|
16,399
|
|
Accrued interest
receivable
|
|
|
2,898
|
|
|
|
3,011
|
|
Goodwill and core
deposit intangible, net
|
|
|
7,746
|
|
|
|
7,801
|
|
Other real estate
owned
|
|
|
617
|
|
|
|
686
|
|
Other assets
|
|
|
10,772
|
|
|
|
11,944
|
|
Total
assets
|
|
$
|
1,026,054
|
|
|
$
|
994,667
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest-bearing
|
|
$
|
154,661
|
|
|
$
|
169,822
|
|
Interest-bearing
|
|
|
743,224
|
|
|
|
700,203
|
|
Total
deposits
|
|
|
897,885
|
|
|
|
870,025
|
|
Accrued interest
expense
|
|
|
841
|
|
|
|
607
|
|
Other
liabilities
|
|
|
7,431
|
|
|
|
8,136
|
|
Short-term
borrowings
|
|
|
25,000
|
|
|
|
20,038
|
|
Long-term
borrowings
|
|
|
10,744
|
|
|
|
10,726
|
|
Total
liabilities
|
|
|
941,901
|
|
|
|
909,532
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Common stock, par value
$0.01 per share, 10,000,000 shares authorized; 7,738,156 and
7,680,856 shares issued, respectively; 5,866,866
and 5,812,258 shares outstanding,
respectively
|
|
|
75
|
|
|
|
75
|
|
Additional paid-in
capital
|
|
|
14,663
|
|
|
|
14,510
|
|
Accumulated other
comprehensive loss, net of tax
|
|
|
(7,714)
|
|
|
|
(7,241)
|
|
Retained
earnings
|
|
|
103,823
|
|
|
|
104,460
|
|
Less treasury stock:
1,871,290 and 1,868,598 shares at cost, respectively
|
|
|
(26,694)
|
|
|
|
(26,669)
|
|
Total shareholders'
equity
|
|
|
84,153
|
|
|
|
85,135
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,026,054
|
|
|
$
|
994,667
|
|
FIRST US BANCSHARES,
INC. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Dollars in Thousands, Except
Per Share Data)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Interest
income:
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
10,982
|
|
|
$
|
8,847
|
|
Interest on investment
securities
|
|
|
978
|
|
|
|
534
|
|
Total interest
income
|
|
|
11,960
|
|
|
|
9,381
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
Interest on
deposits
|
|
|
2,137
|
|
|
|
516
|
|
Interest on
borrowings
|
|
|
389
|
|
|
|
156
|
|
Total interest
expense
|
|
|
2,526
|
|
|
|
672
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
|
9,434
|
|
|
|
8,709
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
|
269
|
|
|
|
721
|
|
|
|
|
|
|
|
|
Net interest income
after provision for credit losses
|
|
|
9,165
|
|
|
|
7,988
|
|
|
|
|
|
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
Service and other
charges on deposit accounts
|
|
|
285
|
|
|
|
299
|
|
Lease
income
|
|
|
231
|
|
|
|
214
|
|
Other income,
net
|
|
|
313
|
|
|
|
316
|
|
Total non-interest
income
|
|
|
829
|
|
|
|
829
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
4,222
|
|
|
|
4,330
|
|
Net occupancy and
equipment
|
|
|
835
|
|
|
|
766
|
|
Computer
services
|
|
|
421
|
|
|
|
377
|
|
Fees for professional
services
|
|
|
245
|
|
|
|
268
|
|
Other
expense
|
|
|
1,547
|
|
|
|
1,315
|
|
Total non-interest
expense
|
|
|
7,270
|
|
|
|
7,056
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
2,724
|
|
|
|
1,761
|
|
Provision for income
taxes
|
|
|
652
|
|
|
|
400
|
|
Net income
|
|
$
|
2,072
|
|
|
$
|
1,361
|
|
Basic net income per
share
|
|
$
|
0.35
|
|
|
$
|
0.22
|
|
Diluted net income per
share
|
|
$
|
0.33
|
|
|
$
|
0.20
|
|
Dividends per
share
|
|
$
|
0.05
|
|
|
$
|
0.03
|
|
Non-GAAP Financial Measures
In addition to the financial results presented in this press
release that have been prepared in accordance with U.S. generally
accepted accounting principles ("GAAP"), the Company's management
believes that certain non-GAAP financial measures and ratios are
beneficial to the reader. These non-GAAP measures have been
provided to enhance overall understanding of the Company's current
financial performance and position. Management believes that these
presentations provide meaningful comparisons of financial
performance and position in various periods and can be used as a
supplement to the GAAP-based measures presented in this press
release. The non-GAAP financial results presented should not be
considered a substitute for the GAAP-based results. Management
believes that both GAAP measures of the Company's financial
performance and the respective non-GAAP measures should be
considered together.
The non-GAAP measures and ratios that have been provided in this
press release include measures of 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.
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
|
|
|
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
March
31,
|
|
|
|
|
|
(Dollars in
Thousands, Except Per Share Data)
|
|
|
|
|
|
(Unaudited
Reconciliation)
|
|
TANGIBLE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
1,026,054
|
|
|
$
|
994,667
|
|
|
$
|
989,277
|
|
|
$
|
955,385
|
|
|
$
|
968,646
|
|
Less:
Goodwill
|
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
Less: Core deposit
intangible
|
|
|
|
|
311
|
|
|
|
366
|
|
|
|
421
|
|
|
|
488
|
|
|
|
561
|
|
Tangible
assets
|
|
(a)
|
|
$
|
1,018,308
|
|
|
$
|
986,866
|
|
|
$
|
981,421
|
|
|
$
|
947,462
|
|
|
$
|
960,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
|
|
$
|
84,153
|
|
|
$
|
85,135
|
|
|
$
|
83,103
|
|
|
$
|
82,576
|
|
|
$
|
87,807
|
|
Less:
Goodwill
|
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
Less: Core deposit
intangible
|
|
|
|
|
311
|
|
|
|
366
|
|
|
|
421
|
|
|
|
488
|
|
|
|
561
|
|
Tangible common
equity
|
|
(b)
|
|
$
|
76,407
|
|
|
$
|
77,334
|
|
|
$
|
75,247
|
|
|
$
|
74,653
|
|
|
$
|
79,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
|
|
|
$
|
83,837
|
|
|
$
|
83,390
|
|
|
$
|
84,085
|
|
|
$
|
86,650
|
|
|
$
|
89,502
|
|
Less: Average
goodwill
|
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
|
|
7,435
|
|
Less: Average core
deposit intangible
|
|
|
|
|
337
|
|
|
|
392
|
|
|
|
451
|
|
|
|
523
|
|
|
|
596
|
|
Average tangible
shareholders' equity
|
|
(c)
|
|
$
|
76,065
|
|
|
$
|
75,563
|
|
|
$
|
76,199
|
|
|
$
|
78,692
|
|
|
$
|
81,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
(d)
|
|
$
|
2,072
|
|
|
$
|
2,228
|
|
|
$
|
1,860
|
|
|
$
|
1,415
|
|
|
$
|
1,361
|
|
Common shares
outstanding (in thousands)
|
|
(e)
|
|
|
5,867
|
|
|
|
5,812
|
|
|
|
5,812
|
|
|
|
5,876
|
|
|
|
6,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE
MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
common share
|
|
(b)/(e)
|
|
$
|
13.02
|
|
|
$
|
13.31
|
|
|
$
|
12.95
|
|
|
$
|
12.70
|
|
|
$
|
13.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
|
(b)/(a)
|
|
|
7.50
|
%
|
|
|
7.84
|
%
|
|
|
7.67
|
%
|
|
|
7.88
|
%
|
|
|
8.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible common equity
(annualized)
|
|
(1)
|
|
|
11.05
|
%
|
|
|
11.70
|
%
|
|
|
9.69
|
%
|
|
|
7.21
|
%
|
|
|
6.77
|
%
|
|
|
(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-first-quarter-2023-diluted-eps-growth-of-65-over-first-quarter-2022-301808623.html
SOURCE First US Bancshares, Inc.