Business
First US Bancshares, Inc. Reports Second Quarter and Year-to-Date Earnings: Six-month EPS Growth of 52% Over 2022
BIRMINGHAM, Ala., July 26, 2023 /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 26, 2023 /PRNewswire/ -- Second Quarter Highlights:\nNet Income\nDiluted Earnings per share\nReturn on average assets(annualized)\nReturn on average commonequity (annualized)\nReturn on average tangiblecommon equity (annualized) (1)\nLoans to deposits\n$2.0 million\n$0.31\n0.79 %\n9.48 %\n10.41 %\n87.3 %\nFirst US Bancshares, Inc. (Nasdaq: FUSB) (the \"Company\"), the parent company of First US Bank (the \"Bank\"), today reported net income of $2.0 million, or $0.31 per diluted share, for the quarter ended June 30, 2023 (\"2Q2023\"), compared to $2.1 million, or $0.33 per diluted share, for the quarter ended March 31, 2023 (\"1Q2023\") and $1.4 million, or $0.22 per diluted share, for the quarter ended June 30, 2022 (\"2Q2022\"). Net income totaled $4.1 million, or $0.64 per diluted share, for the six months ended June 30, 2023, compared to $2.8 million, or $0.42 per diluted share, for the six months ended June 30, 2022, an increase of 52.4% on diluted earnings per share.\nThe table below summarizes selected financial data for each of the periods presented.\nQuarter Ended\nSix Months Ended\n2023\n2022\n2023\n2022\nJune30,\nMarch31,\nDecember31,\nSeptember 30,\nJune 30,\nJune30,\nJune30,\nResults of Operations:\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\nInterest income\n$\n12,999\n$\n11,960\n$\n11,621\n$\n10,670\n$\n9,525\n$\n24,959\n$\n18,906\nInterest expense\n3,676\n2,526\n1,730\n1,155\n699\n6,202\n1,371\nNet interest income\n9,323\n9,434\n9,891\n9,515\n8,826\n18,757\n17,535\nProvision for credit losses\n300\n269\n527\n1,165\n895\n569\n1,616\nNet interest income after provision for credit losses\n9,023\n9,165\n9,364\n8,350\n7,931\n18,188\n15,919\nNon-interest income\n799\n829\n678\n1,088\n856\n1,628\n1,685\nNon-interest expense\n7,151\n7,270\n7,106\n7,032\n6,878\n14,421\n13,934\nIncome before income taxes\n2,671\n2,724\n2,936\n2,406\n1,909\n5,395\n3,670\nProvision for income taxes\n648\n652\n708\n546\n494\n1,300\n894\nNet income\n$\n2,023\n$\n2,072\n$\n2,228\n$\n1,860\n$\n1,415\n$\n4,095\n$\n2,776\nPer Share Data:\nBasic net income per share\n$\n0.34\n$\n0.35\n$\n0.37\n$\n0.31\n$\n0.23\n$\n0.69\n$\n0.45\nDiluted net income per share\n$\n0.31\n$\n0.33\n$\n0.35\n$\n0.29\n$\n0.22\n$\n0.64\n$\n0.42\nDividends declared\n$\n0.05\n$\n0.05\n$\n0.05\n$\n0.03\n$\n0....