First Us Bancshares ( (FUSB) ) has released its Q3 earnings. Here is a breakdown of the information First Us Bancshares presented to its investors.
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First US Bancshares, Inc. is a banking institution based in Birmingham, Alabama, operating through its subsidiary, First US Bank, with a focus on providing financial services across Alabama, Tennessee, and Virginia. The company is publicly traded on the Nasdaq under the symbol FUSB.
In its recent earnings report for the third quarter of 2024, First US Bancshares announced a slight increase in net income to $2.2 million, translating to a diluted earnings per share of $0.36. This reflects a growth from both the previous quarter and the same period last year. For the first nine months of 2024, the bank’s net income reached $6.5 million, with an earnings per share of $1.04, up from $6.2 million and $0.97 per share during the same period in 2023.
Key financial highlights include a stable net interest income compared to the previous quarter, though it declined from the previous year due to a lower net interest margin amidst a challenging interest rate environment. The bank experienced a small decrease in loan volumes, primarily due to payoffs in construction loans, which was partially offset by gains in commercial real estate and multi-family residential loans. Meanwhile, the bank’s deposit base saw growth, with total deposits increasing by $26.7 million in the third quarter.
Non-interest income showed modest improvement, and non-interest expenses were reduced due to strategic staffing adjustments and lower operational costs. Shareholders’ equity rose to $98.5 million, driven by net earnings and a reduction in the company’s accumulated comprehensive loss. The bank also maintained strong capital ratios exceeding regulatory requirements, contributing to a stable liquidity position.
Looking ahead, First US Bancshares’ management remains optimistic about further enhancing the bank’s balance sheet and profitability through prudent growth strategies and effective deployment of funds. Despite market volatility, the company continues to focus on strengthening its financial position and exploring growth opportunities in its operating regions.
