Business
First US Bancshares, Inc. Reports First Quarter 2023 Diluted EPS Growth of 65% Over First Quarter 2022
BIRMINGHAM, Ala., April 26, 2023 /PRNewswire/ -- First Quarter Highlights: Net Income Diluted Earnings per share Return on average assets(annualized) Return
About this update from First Us Bancshares, Inc.
[{"type":"text","content":"BIRMINGHAM, Ala., April 26, 2023 /PRNewswire/ -- \nFirst Quarter Highlights:\nNet Income\nDiluted Earnings per share\nReturn on average assets(annualized)\nReturn on average common equity (annualized)\nReturn on average tangible common equity (annualized) (1)\nLoans to deposits\n$2.1million\n$0.33\n0.85 %\n10.02 %\n11.05 %\n86.4 %\n \nFirst 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 $0.20 per diluted share, for the quarter ended March 31, 2022 (\"1Q2022\"). Compared to 4Q2022, diluted earnings per share decreased by 5.7% due primarily to increased interest expense on deposits, combined with two less earning days in the quarter. Compared to 1Q2022, diluted earnings per share increased by 65.0% due to increased net interest income, combined with reduced provisions for credit losses.\nThe table below summarizes selected financial data for each of the periods presented.\nQuarter Ended\n2023\n2022\nMarch31,\nDecember 31,\nSeptember 30,\nJune 30,\nMarch 31,\nResults of Operations:\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\nInterest income\n$\n11,960\n$\n11,621\n$\n10,670\n$\n9,525\n$\n9,381\nInterest expense\n2,526\n1,730\n1,155\n699\n672\nNet interest income\n9,434\n9,891\n9,515\n8,826\n8,709\nProvision for credit losses\n269\n527\n1,165\n895\n721\nNet interest income after provision for credit losses\n9,165\n9,364\n8,350\n7,931\n7,988\nNon-interest income\n829\n678\n1,088\n856\n829\nNon-interest expense\n7,270\n7,106\n7,032\n6,878\n7,056\nIncome before income taxes\n2,724\n2,936\n2,406\n1,909\n1,761\nProvision for income taxes\n652\n708\n546\n494\n400\nNet income\n$\n2,072\n$\n2,228\n$\n1,860\n$\n1,415\n$\n1,361\nPer Share Data:\nBasic net income per share\n$\n0.35\n$\n0.37\n$\n0.31\n$\n0.23\n$\n0.22\nDiluted net income per share\n$\n0.33\n$\n0.35\n$\n0.29\n$\n0.22\n$\n0.20\nDividends declared\n$\n0.05\n$\n0.05\n$\n0.03\n$\n0.03\n$\n0.03\nKey Measures (Period End):\nTotal assets\n$\n1,026,054\n$\n994,667\n$\n989,277\n$\n955,385\n$\n968,646\nTangible assets (1)\n1,018,308\n986,866\n981,421\n947,462\n960,...