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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 September 30, 2023
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 6, 2023 |
Common Stock, $0.01 par value |
5,874,781 shares |
FIRST US BANCSHARES, INC. AND SUBSIDIARIES
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 adverse developments in the financial services industry; the effects of any government shutdown; loan losses may be greater than anticipated; our ability to ensure that sufficient cash flow and liquid assets are available to satisfy current and future financial obligations; 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 risk that internal controls and procedures might fail or be circumvented; the impact of changing tax laws on the Company’s financial results; the potential impact of climate change and related legislative and regulatory initiatives; the possibility that acquisitions may not produce anticipated results and result in unforeseen integration difficulties; the rate of growth (or lack thereof) in the economy generally and in the Company’s service areas; the volatility of our stock price and our dependence on the soundness of other financial institutions; 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, Except Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
Cash and due from banks |
|
$ |
10,311 |
|
|
$ |
11,844 |
|
Interest-bearing deposits in banks |
|
|
55,818 |
|
|
|
18,308 |
|
Total cash and cash equivalents |
|
|
66,129 |
|
|
|
30,152 |
|
Federal funds sold |
|
|
1,143 |
|
|
|
1,768 |
|
Investment securities available-for-sale, at fair value |
|
|
126,551 |
|
|
|
130,795 |
|
Investment securities held-to-maturity, at amortized cost |
|
|
1,272 |
|
|
|
1,862 |
|
Federal Home Loan Bank stock, at cost |
|
|
2,151 |
|
|
|
1,359 |
|
Loans and leases held for investment |
|
|
815,300 |
|
|
|
773,873 |
|
Less allowance for credit losses |
|
|
11,380 |
|
|
|
9,422 |
|
Net loans and leases held for investment |
|
|
803,920 |
|
|
|
764,451 |
|
Premises and equipment, net of accumulated depreciation |
|
|
24,259 |
|
|
|
24,439 |
|
Cash surrender value of bank-owned life insurance |
|
|
16,622 |
|
|
|
16,399 |
|
Accrued interest receivable |
|
|
3,522 |
|
|
|
3,011 |
|
Goodwill and core deposit intangible, net |
|
|
7,642 |
|
|
|
7,801 |
|
Other real estate owned |
|
|
617 |
|
|
|
686 |
|
Other assets |
|
|
11,411 |
|
|
|
11,944 |
|
Total assets |
|
$ |
1,065,239 |
|
|
$ |
994,667 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
Deposits: |
|
|
|
|
|
|
Non-interest-bearing |
|
$ |
157,652 |
|
|
$ |
169,822 |
|
Interest-bearing |
|
|
769,386 |
|
|
|
700,203 |
|
Total deposits |
|
|
927,038 |
|
|
|
870,025 |
|
Accrued interest expense |
|
|
1,864 |
|
|
|
607 |
|
Other liabilities |
|
|
8,148 |
|
|
|
8,136 |
|
Short-term borrowings |
|
|
30,000 |
|
|
|
20,038 |
|
Long-term borrowings |
|
|
10,781 |
|
|
|
10,726 |
|
Total liabilities |
|
|
977,831 |
|
|
|
909,532 |
|
Shareholders’ equity: |
|
|
|
|
|
|
Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,738,156 and
7,680,856 shares issued, respectively; 5,874,781 and 5,812,258 shares outstanding,
respectively |
|
|
75 |
|
|
|
75 |
|
Additional paid-in capital |
|
|
14,824 |
|
|
|
14,510 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(8,907 |
) |
|
|
(7,241 |
) |
Retained earnings |
|
|
107,976 |
|
|
|
104,460 |
|
Less treasury stock: 1,863,375 and 1,868,598 shares at cost, respectively |
|
|
(26,560 |
) |
|
|
(26,669 |
) |
Total shareholders’ equity |
|
|
87,408 |
|
|
|
85,135 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,065,239 |
|
|
$ |
994,667 |
|
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, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
12,584 |
|
|
$ |
9,750 |
|
|
$ |
35,330 |
|
|
$ |
27,339 |
|
Interest on investment securities |
|
|
685 |
|
|
|
756 |
|
|
|
2,043 |
|
|
|
1,927 |
|
Interest on deposits in banks |
|
|
598 |
|
|
|
136 |
|
|
|
1,362 |
|
|
|
265 |
|
Other |
|
|
35 |
|
|
|
28 |
|
|
|
126 |
|
|
|
45 |
|
Total interest income |
|
|
13,902 |
|
|
|
10,670 |
|
|
|
38,861 |
|
|
|
29,576 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
4,222 |
|
|
|
864 |
|
|
|
9,681 |
|
|
|
1,964 |
|
Interest on borrowings |
|
|
197 |
|
|
|
291 |
|
|
|
940 |
|
|
|
562 |
|
Total interest expense |
|
|
4,419 |
|
|
|
1,155 |
|
|
|
10,621 |
|
|
|
2,526 |
|
Net interest income |
|
|
9,483 |
|
|
|
9,515 |
|
|
|
28,240 |
|
|
|
27,050 |
|
Provision for credit losses |
|
|
184 |
|
|
|
1,165 |
|
|
|
753 |
|
|
|
2,781 |
|
Net interest income after provision for credit losses |
|
|
9,299 |
|
|
|
8,350 |
|
|
|
27,487 |
|
|
|
24,269 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service and other charges on deposit accounts |
|
|
302 |
|
|
|
311 |
|
|
|
869 |
|
|
|
904 |
|
Lease income |
|
|
241 |
|
|
|
210 |
|
|
|
707 |
|
|
|
635 |
|
Other income, net |
|
|
294 |
|
|
|
567 |
|
|
|
889 |
|
|
|
1,234 |
|
Total non-interest income |
|
|
837 |
|
|
|
1,088 |
|
|
|
2,465 |
|
|
|
2,773 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
4,120 |
|
|
|
4,007 |
|
|
|
12,310 |
|
|
|
12,389 |
|
Net occupancy and equipment |
|
|
897 |
|
|
|
861 |
|
|
|
2,625 |
|
|
|
2,468 |
|
Computer services |
|
|
464 |
|
|
|
417 |
|
|
|
1,315 |
|
|
|
1,224 |
|
Insurance expense and assessments |
|
|
423 |
|
|
|
310 |
|
|
|
1,156 |
|
|
|
970 |
|
Fees for professional services |
|
|
331 |
|
|
|
263 |
|
|
|
735 |
|
|
|
811 |
|
Other expense |
|
|
1,084 |
|
|
|
1,174 |
|
|
|
3,599 |
|
|
|
3,104 |
|
Total non-interest expense |
|
|
7,319 |
|
|
|
7,032 |
|
|
|
21,740 |
|
|
|
20,966 |
|
Income before income taxes |
|
|
2,817 |
|
|
|
2,406 |
|
|
|
8,212 |
|
|
|
6,076 |
|
Provision for income taxes |
|
|
704 |
|
|
|
546 |
|
|
|
2,004 |
|
|
|
1,440 |
|
Net income |
|
$ |
2,113 |
|
|
$ |
1,860 |
|
|
$ |
6,208 |
|
|
$ |
4,636 |
|
Basic net income per share |
|
$ |
0.35 |
|
|
$ |
0.31 |
|
|
$ |
1.04 |
|
|
$ |
0.76 |
|
Diluted net income per share |
|
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.97 |
|
|
$ |
0.71 |
|
Dividends per share |
|
$ |
0.05 |
|
|
$ |
0.03 |
|
|
$ |
0.15 |
|
|
$ |
0.09 |
|
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 (LOSS)
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net income |
|
$ |
2,113 |
|
|
$ |
1,860 |
|
|
$ |
6,208 |
|
|
$ |
4,636 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding losses on securities available-for-sale
arising during period, net of tax benefit of $58, $350, $425,
and $2,768, respectively |
|
|
(167 |
) |
|
|
(1,048 |
) |
|
|
(1,271 |
) |
|
|
(8,307 |
) |
Unrealized holding gains (losses) arising during the period on
effective cash flow hedge derivatives, net of tax benefit (expense)
of $0, ($130), $18 and ($443), respectively |
|
|
— |
|
|
|
393 |
|
|
|
(50 |
) |
|
|
1,330 |
|
Reclassification adjustments on cash flow hedge derivatives realized in net income, net of tax benefit (expense) of $39, ($9), $116 and ($14), respectively |
|
|
(118 |
) |
|
|
27 |
|
|
|
(345 |
) |
|
|
41 |
|
Other comprehensive loss |
|
|
(285 |
) |
|
|
(628 |
) |
|
|
(1,666 |
) |
|
|
(6,936 |
) |
Total comprehensive income (loss) |
|
$ |
1,828 |
|
|
$ |
1,232 |
|
|
$ |
4,542 |
|
|
$ |
(2,300 |
) |
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 September 30, 2023 and 2022 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
Shares
Outstanding |
|
|
Common
Stock |
|
|
Additional
Paid-in Capital |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Retained
Earnings |
|
|
Treasury
Stock,
at Cost |
|
|
Total
Shareholders’
Equity |
|
Balance, June 30, 2022 |
|
|
5,876,258 |
|
|
$ |
75 |
|
|
$ |
14,263 |
|
|
$ |
(6,584 |
) |
|
$ |
100,838 |
|
|
$ |
(26,016 |
) |
|
$ |
82,576 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,860 |
|
|
|
— |
|
|
|
1,860 |
|
Net change in fair value of
securities available-for-sale,
net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,048 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,048 |
) |
Net change in fair value of
derivative instruments, net
of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
420 |
|
|
|
— |
|
|
|
— |
|
|
|
420 |
|
Dividends declared: $.03 per
share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(175 |
) |
|
|
— |
|
|
|
(175 |
) |
Impact of stock-based
compensation plans, net |
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
Impact of common stock share repurchases |
|
|
(64,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(653 |
) |
|
|
(653 |
) |
Balance, September 30, 2022 |
|
|
5,812,258 |
|
|
$ |
75 |
|
|
$ |
14,386 |
|
|
$ |
(7,212 |
) |
|
$ |
102,523 |
|
|
$ |
(26,669 |
) |
|
$ |
83,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2023 |
|
|
5,874,765 |
|
|
$ |
75 |
|
|
$ |
14,675 |
|
|
$ |
(8,622 |
) |
|
$ |
106,157 |
|
|
$ |
(26,560 |
) |
|
$ |
85,725 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,113 |
|
|
|
— |
|
|
|
2,113 |
|
Net change in fair value of
securities available-for-sale,
net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(167 |
) |
|
|
— |
|
|
|
— |
|
|
|
(167 |
) |
Net change in fair value of
derivative instruments, net
of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(118 |
) |
|
|
— |
|
|
|
— |
|
|
|
(118 |
) |
Dividends declared: $.05 per
share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(294 |
) |
|
|
— |
|
|
|
(294 |
) |
Impact of stock-based
compensation plans, net |
|
|
— |
|
|
|
— |
|
|
|
149 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
149 |
|
Reissuance of treasury stock as
compensation |
|
|
16 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance, September 30, 2023 |
|
|
5,874,781 |
|
|
$ |
75 |
|
|
$ |
14,824 |
|
|
$ |
(8,907 |
) |
|
$ |
107,976 |
|
|
$ |
(26,560 |
) |
|
$ |
87,408 |
|
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 CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in Thousands, Except Share and Per Share Data)
For the nine months ended September 30, 2023 and 2022 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
Shares
Outstanding |
|
|
Common
Stock |
|
|
Additional
Paid-in Capital |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Retained
Earnings |
|
|
Treasury
Stock,
at Cost |
|
|
Total
Shareholders’
Equity |
|
Balance, December 31, 2021 |
|
|
6,172,378 |
|
|