Business
FIRST US BANCSHARES, INC. REPORTS SECOND QUARTER 2022 RESULTS
Reports 45.9% Year-to-Date Earnings Growth Driven by Continued Expense Reduction BIRMINGHAM, Ala., July 27, 2022 /PRNewswire/ -- First US Bancshares, Inc.
About this update from First Us Bancshares, Inc.
[{"type":"text","content":"Reports 45.9% Year-to-Date Earnings Growth Driven by Continued Expense Reduction \nBIRMINGHAM, Ala., July 27, 2022 /PRNewswire/ -- First US Bancshares, Inc. (Nasdaq: FUSB) (the \"Company\"), the parent company of First US Bank (the \"Bank\"), today reported net income of $1.4 million, or $0.22 per diluted share, for the quarter ended June 30, 2022 (\"2Q2022\"), compared to $1.0 million, or $0.14 per diluted share, for the quarter ended June 30, 2021 (\"2Q2021\") and $1.4 million, or $0.20 per diluted share, for the quarter ended March 31, 2022 (\"1Q2022\"). Net income totaled $2.8 million for the six months ended June 30, 2022, compared to $1.9 million for the six months ended June 30, 2021, an increase of 45.9%. Diluted earnings per share totaled $0.42 for the six months ended June 30, 2022, compared to $0.28 per diluted share during the corresponding period of 2021. \nEarnings improvement, comparing both 2Q2022 and the first six months of 2022 to corresponding periods in 2021, was driven primarily by reductions in non-interest expense following strategic initiatives that were initiated by the Company beginning in the third quarter of 2021. The strategic initiatives included the cessation of new business development at the Bank's wholly owned subsidiary, Acceptance Loan Company, Inc. (\"ALC\"), as well as efforts to reorganize the Bank's retail banking, technology and deposit operations functions. Due to these efforts, non-interest expense was reduced by $1.5 million, or 18.1%, comparing 2Q2022 to 2Q2021 and by $2.9 million, or 17.0%, comparing the six months ended June 30, 2022, to the six months ended June 30, 2021. Comparing 2Q2022 to 1Q2022, non-interest expense decreased by $0.2 million, or 2.5%.\n \"We are pleased to post a solid quarter of growth in loans and earnings per share,\" stated James F. House, the Company's President and CEO. \"Our strategic focus on business simplification has been transformative for our Company. This emphasis, combined with a focus on loan and deposit pricing discipline and cost control, have led to solid improvement in operating efficiencies over the last three quarters. In addition, our continued focus on credit quality in our lending practices has further strengthened our balance sheet. Though a heightened level of economic and geopolitical concern certainly exists, we believe our Company ...