Business
First US Bancshares, Inc. Reports Second Quarter and Year-to-Date Earnings: Six-month Diluted EPS Growth of $0.04 Over 2023
BIRMINGHAM, Ala., July 24, 2024 /PRNewswire/ -- Second 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., July 24, 2024 /PRNewswire/ -- Second Quarter Highlights:\n\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$2.1 million\n$0.34\n0.80 %\n9.23 %\n10.05 %\n85.8 %\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 $0.34 per diluted share, for the quarter ended June 30, 2024 (\"2Q2024\"), compared to $2.1 million, or $0.34 per diluted share, for the quarter ended March 31, 2024 (\"1Q2024\") and $2.0 million, or $0.31 per diluted share, for the quarter ended June 30, 2023 (\"2Q2023\"). For the six months ended June 30, 2024, net income totaled $4.2 million, or $0.68 per diluted share, compared to $4.1 million, or $0.64 per diluted share.\nThe table below summarizes selected financial data for each of the periods presented.\nQuarter Ended\nSix Months Ended\n2024\n2023\n2024\n2023\nJune30,\nMarch31,\nDecember31,\nSeptember30,\nJune30,\nJune30,\nJune30,\nResults of Operations:\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\nInterest income\n$\n14,546\n$\n14,277\n$\n13,945\n$\n13,902\n$\n12,999\n$\n28,823\n$\n24,959\nInterest expense\n5,370\n5,237\n4,835\n4,419\n3,676\n10,607\n6,202\nNet interest income\n9,176\n9,040\n9,110\n9,483\n9,323\n18,216\n18,757\nProvision for (recovery of) credit losses\n-\n-\n(434)\n184\n300\n—\n569\nNet interest income after provision for (recovery of) creditlosses\n9,176\n9,040\n9,544\n9,299\n9,023\n18,216\n18,188\nNon-interest income\n835\n865\n916\n837\n799\n1,700\n1,628\nNon-interest expense\n7,272\n7,147\n7,401\n7,319\n7,151\n14,419\n14,421\nIncome before income taxes\n2,739\n2,758\n3,059\n2,817\n2,671\n5,497\n5,395\nProvision for income taxes\n612\n651\n782\n704\n648\n1,263\n1,300\nNet income\n$\n2,127\n$\n2,107\n$\n2,277\n$\n2,113\n$\n2,023\n$\n4,234\n$\n4,095\nPer Share Data:\nBasic net income per share\n$\n0.36\n$\n0.36\n$\n0.38\n$\n0.35\n$\n0.34\n$\n0.72\n$\n0.69\nDiluted net income per share\n$\n0.34\n$\n0.34\n$\n0.36\n$\n0.33\n$\n0.31\n$\n0.68\n$\n0.64\nDividends declared\n$\n0.05\n$\n0.05\n$\n0.05\n$\n0.05\n$\n0.05\n$\n0.10\n$\n0.10\nKey Measures (Period End):\nTotal assets\n$\n1...