Company Quick10K Filing
First US Bancshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 7 $69
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-15 Annual: 2018-12-31
10-Q 2018-11-13 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-05-07
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-03-15 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-03-15 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-10 Quarter: 2016-06-30
10-Q 2016-05-12 Quarter: 2016-03-31
10-K 2016-03-11 Annual: 2015-12-31
10-Q 2015-11-13 Quarter: 2015-09-30
10-Q 2015-08-13 Quarter: 2015-06-30
10-Q 2015-05-14 Quarter: 2015-03-31
10-K 2015-03-12 Annual: 2014-12-31
10-Q 2014-11-13 Quarter: 2014-09-30
10-Q 2014-08-13 Quarter: 2014-06-30
10-Q 2014-05-14 Quarter: 2014-03-31
10-K 2014-03-21 Annual: 2013-12-31
10-Q 2013-11-13 Quarter: 2013-09-30
10-Q 2013-08-14 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-28 Annual: 2012-12-31
10-Q 2012-11-13 Quarter: 2012-09-30
10-Q 2012-08-10 Quarter: 2012-06-30
10-Q 2012-05-11 Quarter: 2012-03-31
10-K 2012-03-30 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-12 Quarter: 2011-06-30
10-Q 2011-05-23 Quarter: 2011-03-31
10-K 2011-03-15 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-15 Annual: 2009-12-31
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-09-03 Regulation FD, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-07-09 Other Events, Exhibits
8-K 2019-05-02 Shareholder Vote
8-K 2019-05-02 Regulation FD, Exhibits
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-01-29 Regulation FD, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-08-31 M&A, Other Events, Exhibits
8-K 2018-08-16 Other Events, Exhibits
8-K 2018-08-13 Regulation FD, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-04-16 Enter Agreement, Other Events, Exhibits
8-K 2018-01-30 Earnings, Exhibits
FUSB 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 fusb-ex311_8.htm
EX-31.2 fusb-ex312_6.htm
EX-32 fusb-ex32_7.htm

First US Bancshares Earnings 2019-09-30

FUSB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
FBSS 80 718 653 0 0 6 12 80 6.6 1%
AMRB 79 689 608 0 0 5 9 72 8.5 1%
UBOH 75 855 767 0 0 8 21 55 2.7 1%
ASRV 73 1,191 1,089 0 0 8 23 45 1.9 1%
PBHC 71 1,013 925 0 0 3 17 81 4.7 0%
FUSB 69 777 693 0 0 4 13 24 1.8 1%
UBCP 65 649 592 1 0 5 12 39 0% 3.2 1%
CZFC 63 472 421 0 0 5 11 56 5.1 1%
BOTJ 62 690 631 2 0 5 12 29 0% 2.4 1%
PNBK 59 978 909 0 0 -0 17 8 0.5 -0%

10-Q 1 fusb-10q_20190930.htm 10-Q fusb-10q_20190930.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                         to                        

Commission File Number: 0-14549

First US Bancshares, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

63-0843362

(State or Other Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification No.)

 

3291 U.S. Highway 280

Birmingham, AL

35243

(Address of Principal Executive Offices)

(Zip Code)

 

(205) 582-1200

(Registrant’s Telephone Number, Including Area Code)

 

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

FUSB

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No    

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

Outstanding at November 4, 2019

Common Stock, $0.01 par value

6,222,230 shares

 

 


FIRST US BANCSHARES, INC. AND SUBSIDIARIES

 

 

 

PAGE

 

 

 

PART I.  FINANCIAL INFORMATION

 

4

 

 

 

ITEM  1. FINANCIAL STATEMENTS

 

4

 

 

 

Interim Condensed Consolidated Balance Sheets at September 30, 2019 (Unaudited) and December 31, 2018

 

4

 

 

 

Interim Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

5

 

 

 

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

6

 

 

 

Interim Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

8

 

 

 

Interim Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

9

 

 

 

Notes to Interim Condensed Consolidated Financial Statements (Unaudited)

 

10

 

 

 

ITEM  2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

45

 

 

 

ITEM  3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

57

 

 

 

ITEM  4. CONTROLS AND PROCEDURES

 

57

 

 

 

PART II. OTHER INFORMATION

 

58

 

 

 

ITEM  1. LEGAL PROCEEDINGS

 

58

 

 

 

ITEM  1A. RISK FACTORS

 

58

 

 

 

ITEM  2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

58

 

 

 

ITEM  6. EXHIBITS

 

59

 

 

 

Signature Page

 

60

 

2


FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). In addition, First US Bancshares, Inc. (“Bancshares” and, together with its subsidiaries, the “Company”), through its senior management, from time to time makes forward-looking statements concerning its expected future operations and performance and other developments. The words “estimate,” “project,” “intend,” “anticipate,” “expect,” “believe,” “continues” and similar expressions are indicative of forward-looking statements. Such forward-looking statements are necessarily estimates reflecting the Company’s best judgment based on current information and involve a number of risks and uncertainties, and various factors could cause results to differ materially from those contemplated by such forward-looking statements. Such factors could include those identified from time to time in the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements, including the risk factors described in Part I, Item 1A of the Company's Annual Report on Form 10-K as of and for the year ended December 31, 2018. Specifically, with respect to statements relating to the sufficiency of the allowance for loan and lease losses, loan demand, cash flows, growth and earnings potential and expansion, these factors include, but are not limited to, the rate of growth (or lack thereof) in the economy generally and in the Company’s service areas, market conditions and investment returns, changes in interest rates, the pending discontinuation of LIBOR as an interest rate benchmark, the availability of quality loans in the Company’s service areas, the relative strength and weakness in the consumer and commercial credit sectors and in the real estate markets, collateral values and cybersecurity threats. With respect to the Company’s acquisition of The Peoples Bank, these factors include, but are not limited to, difficulties, delays and unanticipated costs in integrating the organizations’ businesses or realized expected cost savings and other benefits; business disruptions as a result of the integration of the organizations, including possible loss of customers; diversion of management time to address integration-related issues; and changes in asset quality and credit risk as a result of the transaction. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to revise forward-looking statements to reflect circumstances or events that occur after the dates on which the forward-looking statements are made, except as required by law.

3


PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

Cash and due from banks

 

$

12,358

 

 

$

9,796

 

Interest-bearing deposits in banks

 

 

23,077

 

 

 

39,803

 

Total cash and cash equivalents

 

 

35,435

 

 

 

49,599

 

Federal funds sold

 

 

10,080

 

 

 

8,354

 

Investment securities available-for-sale, at fair value

 

 

96,550

 

 

 

132,487

 

Investment securities held-to-maturity, at amortized cost

 

 

17,759

 

 

 

21,462

 

Federal Home Loan Bank stock, at cost

 

 

713

 

 

 

703

 

Loans, net of allowance for loan and lease losses of $5,585 and $5,055, respectively

 

 

544,519

 

 

 

514,867

 

Premises and equipment, net of accumulated depreciation

 

 

29,319

 

 

 

27,643

 

Cash surrender value of bank-owned life insurance

 

 

15,469

 

 

 

15,237

 

Accrued interest receivable

 

 

2,348

 

 

 

2,816

 

Goodwill and core deposit intangible, net

 

 

8,934

 

 

 

9,312

 

Other real estate owned

 

 

1,248

 

 

 

1,505

 

Other assets

 

 

9,556

 

 

 

7,954

 

Total assets

 

$

771,930

 

 

$

791,939

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

Deposits

 

$

677,640

 

 

$

704,725

 

Accrued interest expense

 

 

548

 

 

 

424

 

Other liabilities

 

 

9,731

 

 

 

6,826

 

Short-term borrowings

 

 

221

 

 

 

527

 

Total liabilities

 

 

688,140

 

 

 

712,502

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,568,053 and

   7,562,264 shares issued, respectively; 6,222,230 and 6,298,062 shares outstanding,

   respectively

 

 

75

 

 

 

75

 

Surplus

 

 

13,730

 

 

 

13,496

 

Accumulated other comprehensive loss, net of tax

 

 

(573

)

 

 

(2,377

)

Retained earnings

 

 

91,731

 

 

 

88,668

 

Less treasury stock: 1,345,823 and 1,264,202 shares at cost, respectively

 

 

(21,173

)

 

 

(20,414

)

Noncontrolling interest

 

 

 

 

 

(11

)

Total shareholders’ equity

 

 

83,790

 

 

 

79,437

 

Total liabilities and shareholders’ equity

 

$

771,930

 

 

$

791,939

 

 

The accompanying notes are an integral part of these Interim Condensed Consolidated Statements.

4


FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

10,114

 

 

$

8,395

 

 

$

29,620

 

 

$

22,815

 

Interest on investment securities

 

 

913

 

 

 

1,057

 

 

 

3,143

 

 

 

3,146

 

Total interest income

 

 

11,027

 

 

 

9,452

 

 

 

32,763

 

 

 

25,961

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

1,622

 

 

 

1,120

 

 

 

4,952

 

 

 

2,619

 

Interest on borrowings

 

 

58

 

 

 

4

 

 

 

58

 

 

 

198

 

Total interest expense

 

 

1,680

 

 

 

1,124

 

 

 

5,010

 

 

 

2,817

 

Net interest income

 

 

9,347

 

 

 

8,328

 

 

 

27,753

 

 

 

23,144

 

Provision for loan and lease losses

 

 

883

 

 

 

789

 

 

 

1,998

 

 

 

2,149

 

Net interest income after provision for loan and lease losses

 

 

8,464

 

 

 

7,539

 

 

 

25,755

 

 

 

20,995

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service and other charges on deposit accounts

 

 

472

 

 

 

489

 

 

 

1,375

 

 

 

1,400

 

Credit insurance income

 

 

175

 

 

 

198

 

 

 

426

 

 

 

516

 

Net gain on sales and prepayments of investment securities

 

 

45

 

 

 

 

 

 

67

 

 

 

105

 

Net gain on settlement of derivative contracts

 

 

 

 

 

981

 

 

 

 

 

 

981

 

Mortgage fees from secondary market

 

 

91

 

 

 

128

 

 

 

380

 

 

 

389

 

Other income, net

 

 

631

 

 

 

316

 

 

 

1,722

 

 

 

993

 

Total non-interest income

 

 

1,414

 

 

 

2,112

 

 

 

3,970

 

 

 

4,384

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

5,089

 

 

 

4,643

 

 

 

15,272

 

 

 

13,743

 

Net occupancy and equipment

 

 

1,055

 

 

 

983

 

 

 

3,190

 

 

 

2,745

 

Computer services

 

 

421

 

 

 

328

 

 

 

1,105

 

 

 

937

 

Fees for professional services

 

 

316

 

 

 

242

 

 

 

879

 

 

 

781

 

Acquisition expenses

 

 

 

 

 

1,492

 

 

 

 

 

 

1,492

 

Other expense

 

 

1,665

 

 

 

1,454

 

 

 

5,057

 

 

 

4,237

 

Total non-interest expense

 

 

8,546

 

 

 

9,142

 

 

 

25,503

 

 

 

23,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

1,332

 

 

 

509

 

 

 

4,222

 

 

 

1,444

 

Provision for income taxes

 

 

214

 

 

 

269

 

 

 

865

 

 

 

431

 

Net income

 

$

1,118

 

 

$

240

 

 

$

3,357

 

 

$

1,013

 

Basic net income per share

 

$

0.17

 

 

$

0.04

 

 

$

0.52

 

 

$

0.17

 

Diluted net income per share

 

$

0.16

 

 

$

0.03

 

 

$

0.49

 

 

$

0.15

 

Dividends per share

 

$

0.02

 

 

$

0.02

 

 

$

0.06

 

 

$

0.06

 

 

The accompanying notes are an integral part of these Interim Condensed Consolidated Statements.

5


FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in Thousands, Except Share and Per Share Data)

For the three months ended September 30, 2019 and 2018 (Unaudited)

 

 

 

Common

Stock

Shares

Outstanding

 

 

Common

Stock

 

 

Surplus

 

 

Accumulated

Other

Comprehensive

Income

(Loss)

 

 

Retained

Earnings

 

 

Treasury

Stock,

at Cost

 

 

Non-

controlling

Interest

 

 

Total

Shareholders’

Equity

 

Balance, June 30, 2018

 

 

6,092,264

 

 

$

73

 

 

$

10,970

 

 

$

(2,187

)

 

$

87,203

 

 

$

(20,414

)

 

$

(11

)

 

$

75,634

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

240

 

 

 

 

 

 

 

 

 

240

 

Net change in fair value of

   securities available-for-sale,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

39

 

 

 

 

 

 

 

 

 

 

 

 

39

 

Net change in fair value of

   derivative instruments, net

   of tax

 

 

 

 

 

 

 

 

 

 

 

(734

)

 

 

 

 

 

 

 

 

 

 

 

(734

)

Dividends declared: $.02 per

   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(126

)

 

 

 

 

 

 

 

 

(126

)

Impact of stock-based

   compensation plans, net

 

 

93

 

 

 

 

 

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

118

 

Issuance of common stock

 

 

204,355

 

 

 

2

 

 

 

2,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,299

 

Balance, September 30, 2018

 

 

6,296,712

 

 

$

75

 

 

$

13,385

 

 

$

(2,882

)

 

$

87,317

 

 

$

(20,414

)

 

$

(11

)

 

$

77,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2019

 

 

6,306,161

 

 

$

75

 

 

$

13,646

 

 

$

(338

)

 

$

90,737

 

 

$

(20,372

)

 

$

 

 

$

83,748

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,118

 

 

 

 

 

 

 

 

 

1,118

 

Net change in fair value of

   securities available-for-sale,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

88

 

Net change in fair value of

   derivative instruments, net

   of tax

 

 

 

 

 

 

 

 

 

 

 

(323

)

 

 

 

 

 

 

 

 

 

 

 

(323

)

Dividends declared: $.02 per

   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(124

)

 

 

 

 

 

 

 

 

(124

)

Impact of stock-based

   compensation plans, net

 

 

269

 

 

 

 

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84

 

Treasury stock repurchases

 

 

(84,200

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(801

)

 

 

 

 

 

(801

)

Balance, September 30, 2019

 

 

6,222,230

 

 

$

75

 

 

$

13,730

 

 

$

(573

)

 

$

91,731

 

 

$

(21,173

)

 

$

 

 

$

83,790

 

 

The accompanying notes are an integral part of these Interim Condensed Consolidated Statements.

6


FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in Thousands, Except Share and Per Share Data)

 

For the nine months ended September 30, 2019 and 2018 (Unaudited)

 

 

 

Common

Stock

Shares

Outstanding

 

 

Common

Stock

 

 

Surplus

 

 

Accumulated

Other

Comprehensive

Income

(Loss)

 

 

Retained

Earnings

 

 

Treasury

Stock,

at Cost

 

 

Non-

controlling

Interest

 

 

Total

Shareholders’

Equity

 

Balance, January 1, 2018

 

 

6,081,744

 

 

$

73

 

 

$

10,755

 

 

$

(868

)

 

$

86,673

 

 

$

(20,414

)

 

$

(11

)

 

$

76,208

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,013

 

 

 

 

 

 

 

 

 

1,013

 

Net change in fair value of

   securities available-for-sale,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,681

)

 

 

 

 

 

 

 

 

 

 

 

(1,681

)

Net change in fair value of

   derivative instruments, net

   of tax

 

 

 

 

 

 

 

 

 

 

 

(333

)

 

 

 

 

 

 

 

 

 

 

 

(333

)

Dividends declared: $.06 per

   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(369

)

 

 

 

 

 

 

 

 

(369

)

Impact of stock-based

   compensation plans, net

 

 

10,613

 

 

 

 

 

 

333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

333

 

Issuance of common stock

 

 

204,355

 

 

 

2

 

 

 

2,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,299

 

Balance, September 30, 2018

 

 

6,296,712

 

 

$

75

 

 

$

13,385

 

 

$

(2,882

)

 

$

87,317

 

 

$

(20,414

)

 

$

(11

)

 

$

77,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2019

 

 

6,298,062

 

 

$

75

 

 

$

13,496

 

 

$

(2,377

)

 

$

88,668

 

 

$

(20,414

)

 

$

(11

)

 

$

79,437

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,357

 

 

 

 

 

 

 

 

 

3,357

 

Net change in fair value of

   securities available-for-sale,

   net of tax

 

 

 

 

 

 

 

 

 

 

 

2,127

 

 

 

 

 

 

 

 

 

 

 

 

2,127

 

Net change in fair value of

   derivative instruments, net

   of tax

 

 

 

 

 

 

 

 

 

 

 

(323

)

 

 

 

 

 

 

 

 

 

 

 

(323

)

Dividends declared: $.06 per

   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(377

)

 

 

 

 

 

 

 

 

(377

)

Impact of stock-based

   compensation plans, net

 

 

5,789

 

 

 

 

 

 

276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

276

 

Reissuance of treasury stock as

   compensation

 

 

2,579

 

 

 

 

 

 

(42

)

 

 

 

 

 

 

 

 

42

 

 

 

 

 

 

 

Treasury stock repurchases

 

 

(84,200

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(801

)

 

 

 

 

 

(801

)

Discontinuation of partnership

   consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83

 

 

 

 

 

 

11

 

 

 

94

 

Balance, September 30, 2019

 

 

6,222,230

 

 

$

75

 

 

$

13,730

 

 

$

(573

)

 

$

91,731

 

 

$

(21,173

)

 

$

 

 

$

83,790

 

 

The accompanying notes are an integral part of these Interim Condensed Consolidated Statements.

 

7


FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Net income

 

$

1,118

 

 

$

240

 

 

$

3,357

 

 

$

1,013

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) on securities available-for-sale

   arising during period, net of tax expense (benefit) of $40, $13,

   $726 and $(533), respectively

 

 

122

 

 

 

39

 

 

 

2,178

 

 

 

(1,602

)

Reclassification adjustment for net gains on securities available-for

   -sale realized in net income, net of tax of $11, $0, $16 and $26,

   respectively

 

 

(34

)

 

 

 

 

(51

)

 

 

(79

)

Unrealized holding gains (losses) arising during the period on

   effective cash flow hedge derivatives, net of tax expense

   (benefit) of $(108), $0, $(108) and $133, respectively

 

 

(323

)

 

 

(3

)

 

 

(323

)

 

 

398

 

Reclassification adjustment for net gains on cash flow hedge

   derivatives realized in net income, net of tax of $0, $243, $0

   and $243, respectively

 

 

 

 

(731

)

 

 

 

 

(731

)

Other comprehensive income (loss)