Business
First US Bancshares, Inc. Reports Third Quarter and Year-to-Date Earnings: Nine-month EPS Growth of 36.6% Over 2022
BIRMINGHAM, Ala., Oct. 25, 2023 /PRNewswire/ -- Third 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., Oct. 25, 2023 /PRNewswire/ -- Third 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$0.33\n0.80 %\n9.65 %\n10.58 %\n87.9 %\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 September 30, 2023 (\"3Q2023\"), compared to $2.0 million, or $0.31 per diluted share, for the quarter ended June 30, 2023 (\"2Q2023\") and $1.9 million, or $0.29 per diluted share, for the quarter ended September 30, 2022 (\"3Q2022\"). Net income totaled $6.2 million, or $0.97 per diluted share, for the nine months ended September 30, 2023, compared to $4.6 million, or $0.71 per diluted share, for the nine months ended September 30, 2022, an increase of 36.6% on diluted earnings per share.\nThe table below summarizes selected financial data for each of the periods presented.\nQuarter Ended\nNine Months Ended\n2023\n2022\n2023\n2022\nSeptember30,\nJune30,\nMarch31,\nDecember31,\nSeptember 30,\nSeptember30,\nSeptember30,\nResults of Operations:\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\n(Unaudited)\nInterest income\n$\n13,902\n$\n12,999\n$\n11,960\n$\n11,621\n$\n10,670\n$\n38,861\n$\n29,576\nInterest expense\n4,419\n3,676\n2,526\n1,730\n1,155\n10,621\n2,526\nNet interest income\n9,483\n9,323\n9,434\n9,891\n9,515\n28,240\n27,050\nProvision for credit losses\n184\n300\n269\n527\n1,165\n753\n2,781\nNet interest income after provision for credit losses\n9,299\n9,023\n9,165\n9,364\n8,350\n27,487\n24,269\nNon-interest income\n837\n799\n829\n678\n1,088\n2,465\n2,773\nNon-interest expense\n7,319\n7,151\n7,270\n7,106\n7,032\n21,740\n20,966\nIncome before income taxes\n2,817\n2,671\n2,724\n2,936\n2,406\n8,212\n6,076\nProvision for income taxes\n704\n648\n652\n708\n546\n2,004\n1,440\nNet income\n$\n2,113\n$\n2,023\n$\n2,072\n$\n2,228\n$\n1,860\n$\n6,208\n$\n4,636\nPer Share Data:\nBasic net income per share\n$\n0.35\n$\n0.34\n$\n0.35\n$\n0.37\n$\n0.31\n$\n1.04\n$\n0.76\nDiluted net income per share\n$\n0.33\n$\n0.31\n$\n0.33\n$\n0.35\n$\n0.29\n$\n0.97\n$\n0.71\nDividends decla...