BIRMINGHAM, Ala., July 29, 2026 /PRNewswire/ -- First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the parent company of First US Bank (the "Bank"), today reported net income of $1.8 million, or $0.31 per diluted share, for the quarter ended June 30, 2026 ("2Q2026"), compared to $1.9 million, or $0.33 per diluted share, for the quarter ended March 31, 2026 ("1Q2026") and $0.2 million, or $0.03 per diluted share, for the quarter ended June 30, 2025 ("2Q2025"). For the six months ended June 30, 2026, net income totaled $3.7 million, or $0.64 per diluted share, compared to $1.9 million, or $0.32 per diluted share, for the six months ended June 30, 2025. The increase in earnings in both 2Q2026 and the six months ended June 30, 2026, compared to the corresponding periods of 2025, resulted primarily from a decrease in the provision for credit losses on loans and leases.
The table below summarizes selected financial data for each of the periods presented.
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
June | March | December | September | June | June | June | ||||||||||||||||||||||
Results of Operations: (Dollars in Thousands) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Interest income | $ | 14,657 | $ | 14,940 | $ | 15,262 | $ | 15,281 | $ | 14,854 | $ | 29,597 | $ | 28,872 | ||||||||||||||
Interest expense | 5,157 | 5,725 | 5,839 | 5,619 | 5,378 | 10,882 | 10,499 | |||||||||||||||||||||
Net interest income | 9,500 | 9,215 | 9,423 | 9,662 | 9,476 | 18,715 | 18,373 | |||||||||||||||||||||
Provision for credit losses | 939 | 254 | 220 | 566 | 2,717 | 1,193 | 3,245 | |||||||||||||||||||||
Net interest income after provision for credit losses | 8,561 | 8,961 | 9,203 | 9,096 | 6,759 | 17,522 | 15,128 | |||||||||||||||||||||
Non-interest income | 1,318 | 840 | 995 | 860 | 849 | 2,158 | 1,724 | |||||||||||||||||||||
Non-interest expense | 7,643 | 7,341 | 7,271 | 7,437 | 7,444 | 14,984 | 14,362 | |||||||||||||||||||||
Income before income taxes | 2,236 | 2,460 | 2,927 | 2,519 | 164 | 4,696 | 2,490 | |||||||||||||||||||||
Provision for income taxes | 483 | 515 | 798 | 583 | 9 | 998 | 563 | |||||||||||||||||||||
Net income | $ | 1,753 | $ | 1,945 | $ | 2,129 | $ | 1,936 | $ | 155 | $ | 3,698 | $ | 1,927 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||
Basic net income per share | $ | 0.31 | $ | 0.34 | $ | 0.37 | $ | 0.33 | $ | 0.03 | $ | 0.65 | $ | 0.33 | ||||||||||||||
Diluted net income per share | $ | 0.31 | $ | 0.33 | $ | 0.36 | $ | 0.32 | $ | 0.03 | $ | 0.64 | $ | 0.32 | ||||||||||||||
Dividends declared | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.14 | $ | 0.14 | ||||||||||||||
Key Measures (Period End): | ||||||||||||||||||||||||||||
Total assets | $ | 1,147,619 | $ | 1,165,236 | $ | 1,154,785 | $ | 1,147,175 | $ | 1,143,379 | ||||||||||||||||||
Tangible assets (1) | 1,140,184 | 1,157,801 | 1,147,350 | 1,139,740 | 1,135,932 | |||||||||||||||||||||||
Total loans | 860,635 | 843,697 | 853,018 | 867,520 | 871,431 | |||||||||||||||||||||||
Allowance for credit losses ("ACL") on loans and leases | 10,882 | 10,536 | 10,704 | 10,700 | 11,388 | |||||||||||||||||||||||
Investment securities, net | 165,959 | 181,545 | 168,540 | 164,493 | 157,137 | |||||||||||||||||||||||
Total deposits | 997,956 | 1,038,849 | 1,027,962 | 1,002,472 | 986,846 | |||||||||||||||||||||||
Short-term borrowings | 25,000 | — | — | 20,000 | 35,000 | |||||||||||||||||||||||
Long-term borrowings | 10,982 | 10,963 | 10,945 | 10,927 | 10,909 | |||||||||||||||||||||||
Total shareholders' equity | 104,285 | 104,634 | 105,648 | 104,238 | 101,892 | |||||||||||||||||||||||
Tangible common equity (1) | 96,850 | 97,199 | 98,213 | 96,803 | 94,445 | |||||||||||||||||||||||
Book value per common share | 18.88 | 18.67 | 18.53 | 18.08 | 17.70 | |||||||||||||||||||||||
Tangible book value per common share (1) | 17.54 | 17.34 | 17.23 | 16.79 | 16.41 | |||||||||||||||||||||||
Common shares outstanding | 5,523,209 | 5,604,123 | 5,699,696 | 5,765,137 | 5,755,064 | |||||||||||||||||||||||
Key Ratios: | ||||||||||||||||||||||||||||
Return on average assets (annualized) | 0.62 | % | 0.67 | % | 0.74 | % | 0.68 | % | 0.06 | % | 0.65 | % | 0.35 | % | ||||||||||||||
Return on average common equity (annualized) | 6.73 | % | 7.46 | % | 8.04 | % | 7.48 | % | 0.61 | % | 7.09 | % | 3.86 | % | ||||||||||||||
Return on average tangible common equity (annualized) (1) | 7.24 | % | 8.02 | % | 8.65 | % | 8.06 | % | 0.66 | % | 7.63 | % | 4.17 | % | ||||||||||||||
Pre-tax pre-provision net revenue to average assets (annualized) (1) | 1.12 | % | 0.94 | % | 1.09 | % | 1.08 | % | 1.03 | % | 1.03 | % | 1.05 | % | ||||||||||||||
Net interest margin | 3.56 | % | 3.37 | % | 3.46 | % | 3.60 | % | 3.59 | % | 3.46 | % | 3.56 | % | ||||||||||||||
Efficiency ratio (2) | 70.7 | % | 73.0 | % | 69.8 | % | 70.7 | % | 72.1 | % | 71.8 | % | 71.5 | % | ||||||||||||||
Total loans to deposits | 86.2 | % | 81.2 | % | 83.0 | % | 86.5 | % | 88.3 | % | ||||||||||||||||||
Total loans to assets | 75.0 | % | 72.4 | % | 73.9 | % | 75.6 | % | 76.2 | % | ||||||||||||||||||
Common equity to total assets | 9.09 | % | 8.98 | % | 9.15 | % | 9.09 | ... |