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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 June 30, 2022

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 August 8, 2022

Common Stock, $0.01 par value

5,839,258 shares

 

 


 

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

 

 

 

PAGE

 

 

 

PART I. FINANCIAL INFORMATION

 

4

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

4

 

 

 

Interim Condensed Consolidated Balance Sheets at June 30, 2022 (Unaudited) and December 31, 2021

 

4

 

 

 

Interim Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

 

5

 

 

 

Interim Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

 

6

 

 

 

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

 

7

 

 

 

Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (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

 

41

 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

56

 

 

 

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, 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. Certain factors that could affect the accuracy of such forward-looking statements and cause actual results to differ materially from those projected in such forward-looking statements are identified in the Company’s filings with the Securities and Exchange Commission (“SEC”), and forward-looking statements contained herein or in other public statements of the Company or its senior management should be considered in light of those factors. Such factors may include the rate of growth (or lack thereof) in the economy generally and in the Company’s service areas; the impact of the current COVID-19 pandemic on the Company’s business, the Company’s customers, the communities that the Company serves and the United States economy, including the impact of actions taken by governmental authorities to try to contain the virus and protect against it, through vaccinations and otherwise, or address the impact of the virus on the United States economy (including, without limitation, the Coronavirus Aid, Relief and Economic Security (CARES) Act and subsequent federal legislation) and the resulting effect on the Company’s operations, liquidity and capital position and on the financial condition of the Company’s borrowers and other customers; the impact of changing accounting standards and tax laws on the Company’s allowance for loan losses and financial results; the impact of national and local market conditions on the Company’s business and operations; strong competition in the banking industry; the impact of changes in interest rates and monetary policy on the Company’s performance and financial condition; the pending discontinuation of LIBOR as an interest rate benchmark; the impact of technological changes in the banking and financial service industries and potential information system failures; cybersecurity and data privacy threats; the costs of complying with extensive governmental regulation; the possibility that acquisitions may not produce anticipated results and result in unforeseen integration difficulties; and other risk factors described from time to time in the Company’s public filings, including, but not limited to, the Company’s most recent Annual Report on Form 10-K. Relative to the Company’s dividend policy, the payment of cash dividends is subject to the discretion of the Board of Directors and will be determined in light of then-current conditions, including the Company’s earnings, leverage, operations, financial conditions, capital requirements and other factors deemed relevant by the Board of Directors. In the future, the Board of Directors may change the Company’s dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.

3


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

Cash and due from banks

 

$

10,487

 

 

$

10,843

 

Interest-bearing deposits in banks

 

 

23,274

 

 

 

50,401

 

Total cash and cash equivalents

 

 

33,761

 

 

 

61,244

 

Federal funds sold

 

 

80

 

 

 

82

 

Investment securities available-for-sale, at fair value

 

 

150,192

 

 

 

130,883

 

Investment securities held-to-maturity, at amortized cost

 

 

2,344

 

 

 

3,436

 

Federal Home Loan Bank stock, at cost

 

 

884

 

 

 

870

 

Loans, net of allowance for loan and lease losses of $8,751 and $8,320, respectively

 

 

705,886

 

 

 

700,030

 

Premises and equipment, net of accumulated depreciation of $22,486 and $21,916,
   respectively

 

 

24,786

 

 

 

25,123

 

Cash surrender value of bank-owned life insurance

 

 

16,286

 

 

 

16,141

 

Accrued interest receivable

 

 

2,650

 

 

 

2,556

 

Goodwill and core deposit intangible, net

 

 

7,923

 

 

 

8,069

 

Other real estate owned

 

 

276

 

 

 

2,149

 

Other assets

 

 

10,317

 

 

 

7,719

 

Total assets

 

$

955,385

 

 

$

958,302

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

Deposits:

 

 

 

 

 

 

Non-interest-bearing

 

$

179,899

 

 

$

174,501

 

Interest-bearing

 

 

664,397

 

 

 

663,625

 

Total deposits

 

 

844,296

 

 

 

838,126

 

Accrued interest expense

 

 

492

 

 

 

224

 

Other liabilities

 

 

7,243

 

 

 

9,189

 

Short-term borrowings

 

 

10,088

 

 

 

10,046

 

Long-term borrowings

 

 

10,690

 

 

 

10,653

 

Total liabilities

 

 

872,809

 

 

 

868,238

 

Shareholders’ equity:

 

 

 

 

 

 

Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,679,659 and
   
7,634,918 shares issued, respectively; 5,876,258 and 6,172,378 shares outstanding,
   respectively

 

 

75

 

 

 

75

 

Additional paid-in capital

 

 

14,263

 

 

 

14,163

 

Accumulated other comprehensive loss, net of tax

 

 

(6,584

)

 

 

(276

)

Retained earnings

 

 

100,838

 

 

 

98,428

 

Less treasury stock: 1,803,401 and 1,462,540 shares at cost, respectively

 

 

(26,016

)

 

 

(22,326

)

Total shareholders’ equity

 

 

82,576

 

 

 

90,064

 

Total liabilities and shareholders’ equity

 

$

955,385

 

 

$

958,302

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

8,742

 

 

$

9,668

 

 

$

17,589

 

 

$

19,158

 

Interest on investment securities

 

 

783

 

 

 

391

 

 

 

1,317

 

 

 

746

 

Total interest income

 

 

9,525

 

 

 

10,059

 

 

 

18,906

 

 

 

19,904

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

584

 

 

 

705

 

 

 

1,100

 

 

 

1,448

 

Interest on borrowings

 

 

115

 

 

 

42

 

 

 

271

 

 

 

80

 

Total interest expense

 

 

699

 

 

 

747

 

 

 

1,371

 

 

 

1,528

 

Net interest income

 

 

8,826

 

 

 

9,312

 

 

 

17,535

 

 

 

18,376

 

Provision for loan and lease losses

 

 

895

 

 

 

498

 

 

 

1,616

 

 

 

899

 

Net interest income after provision for loan and lease losses

 

 

7,931

 

 

 

8,814

 

 

 

15,919

 

 

 

17,477

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service and other charges on deposit accounts

 

 

294

 

 

 

240

 

 

 

593

 

 

 

506

 

Net gain on sales and prepayments of investment securities

 

 

 

 

 

22

 

 

 

 

 

 

22

 

Lease income

 

 

211

 

 

 

202

 

 

 

425

 

 

 

411

 

Other income, net

 

 

351

 

 

 

345

 

 

 

667

 

 

 

821

 

Total non-interest income

 

 

856

 

 

 

809

 

 

 

1,685

 

 

 

1,760

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

4,052

 

 

 

4,992

 

 

 

8,382

 

 

 

9,906

 

Net occupancy and equipment

 

 

841

 

 

 

1,020

 

 

 

1,607

 

 

 

2,059

 

Computer services

 

 

430

 

 

 

485

 

 

 

807

 

 

 

950

 

Fees for professional services

 

 

280

 

 

 

354

 

 

 

548

 

 

 

711

 

Other expense

 

 

1,275

 

 

 

1,548

 

 

 

2,590

 

 

 

3,169

 

Total non-interest expense

 

 

6,878

 

 

 

8,399

 

 

 

13,934

 

 

 

16,795

 

Income before income taxes

 

 

1,909

 

 

 

1,224

 

 

 

3,670

 

 

 

2,442

 

Provision for income taxes

 

 

494

 

 

 

271

 

 

 

894

 

 

 

539

 

Net income

 

$

1,415

 

 

$

953

 

 

$

2,776

 

 

$

1,903

 

Basic net income per share

 

$

0.23

 

 

$

0.15

 

 

$

0.45

 

 

$

0.30

 

Diluted net income per share

 

$

0.22

 

 

$

0.14

 

 

$

0.42

 

 

$

0.28

 

Dividends per share

 

$

0.03

 

 

$

0.03

 

 

$

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 COMPREHENSIVE INCOME

(Dollars in Thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Net income

 

$

1,415

 

 

$

953

 

 

$

2,776

 

 

$

1,903

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains on securities available-for-sale
   arising during period, net of tax (benefit) expense of ($
1,241), $1,
   ($
2,418) and ($35), respectively

 

 

(3,733

)

 

 

3

 

 

 

(7,259

)

 

 

(103

)

Reclassification adjustment for net gains on securities available-for
   -sale realized in net income, net of tax of $
0, $5, $0 and $5,
   respectively

 

 

 

 

 

(17

)

 

 

 

 

 

(17

)

Unrealized holding gains (losses) arising during the period on
   effective cash flow hedge derivatives, net of tax expense (benefit)
   of $
0, $0, $313 and $161, respectively

 

 

1

 

 

 

(1

)

 

 

937

 

 

 

484

 

Reclassification adjustment for net gains on cash flow hedge derivatives realized in net income, net of tax expense of $5, $0, $5, $0, respectively

 

 

14

 

 

 

 

 

 

14

 

 

 

 

Other comprehensive income (loss)

 

 

(3,718

)

 

 

(15

)

 

 

(6,308

)

 

 

364

 

Total comprehensive income (loss)

 

$

(2,303

)

 

$

938

 

 

$

(3,532

)

 

$

2,267

 

 

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 three months ended June 30, 2022 and 2021 (Unaudited)

 

 

 

Common
Stock
Shares
Outstanding

 

 

Common
Stock

 

 

Additional
Paid-in Capital

 

 

Accumulated
Other
Comprehensive
Income
(Loss)

 

 

Retained
Earnings

 

 

Treasury
Stock,
at Cost

 

 

Total
Shareholders’
Equity

 

Balance, March 31, 2021

 

 

6,213,641

 

 

$

75

 

 

$

13,889

 

 

$

327

 

 

$

95,486

 

 

$

(21,860

)

 

$

87,917

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

953

 

 

 

 

 

 

953

 

Net change in fair value of
   securities available-for-sale,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

 

 

 

 

 

 

(14

)

Net change in fair value of
   derivative instruments, net
   of tax

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Dividends declared: $.03 per
   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(187

)

 

 

 

 

 

(187

)

Impact of stock-based
   compensation plans, net

 

 

 

 

 

 

 

 

110

 

 

 

 

 

 

 

 

 

 

 

 

110

 

Reissuance of treasury stock as
   compensation

 

 

1,168

 

 

 

 

 

 

(18

)

 

 

 

 

 

 

 

 

18

 

 

 

 

Balance, June 30, 2021

 

 

6,214,809

 

 

$

75

 

 

$

13,981

 

 

$

312

 

 

$

96,252

 

 

$

(21,842

)

 

$

88,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2022

 

 

6,129,519

 

 

$

75

 

 

$

14,278

 

 

$

(2,866

)

 

$