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First US Bancshares, Inc. Reports Fourth Quarter and Full Year 2019 Results
Reports 83% Growth in Full Year Earnings Compared to 2018 BIRMINGHAM, Ala., Jan. 27, 2020 (GLOBE NEWSWIRE) -- First US Bancshares, Inc. (Nasdaq: FUSB) (the
About this update from First Us Bancshares, Inc.
[{"type":"text","content":"Reports 83% Growth in Full Year Earnings Compared to 2018\nBIRMINGHAM, Ala., Jan. 27, 2020 (GLOBE NEWSWIRE) -- First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported fourth quarter 2019 net income of $1.2 million, compared to $1.1 million in the previous quarter and $1.5 million in the fourth quarter of 2018. Diluted net income per share was $0.18 in the fourth quarter of 2019, compared to $0.16 in the third quarter of 2019 and $0.22 in the fourth quarter of 2018.\n For the year ended December 31, 2019, the Company’s net income totaled $4.6 million, or $0.67 per diluted share, compared to $2.5 million, or $0.37 per diluted share, for the year ended December 31, 2018. Additionally, net loans as of December 31, 2019 totaled $545.2 million, compared to $514.9 million as of December 31, 2018, an increase of $30.3 million, or 5.9%. This loan growth included $24.1 million attributable to the Bank’s commercial lending efforts, along with $6.1 million in growth at the Bank’s wholly-owned subsidiary, Acceptance Loan Company (“ALC”). ALC’s growth was most pronounced in its indirect sales portfolio, which has been an area of focus for management over the past several years. “We are pleased to wrap up 2019 with a strong quarter that punctuates a year of significant earnings improvement for our Company,” stated James F. House, President and CEO of the Company. “As a result of these improved earnings, for the first time since reinstating dividends in 2014, we were able to raise the Company’s dividend to shareholders during the fourth quarter,” continued Mr. House. The improvement in earnings for the year ended December 31, 2019 compared to December 31, 2018 resulted primarily from additional earning assets and efficiencies of scale obtained as a result of the Company’s acquisition of The Peoples Bank (“TPB”) in August 2018. Other Highlights Net Interest Margin – As a result of the prevailing interest rate environment, the Company experienced margin compression during the fourth quarter of 2019. Net interest margin was 5.12% for the fourth quarter of 2019, compared to 5.23% for the third quarter of 2019 and 5.27% for the fourth quarter of 2018. For the year ended December 31, 2019, net interest margin was 5.18%, compared to 5.27% for the year ended December 31, 2018. Asset Qua...