$FUSB
FIRST US BANCSHARES, INC.

2024 Q2 Form 10-Q Financial Statement

#000095017024057688 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $298.0K $299.0K
YoY Change 5.67% 4.91%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $193.0K $192.0K
YoY Change 6.04% 13.61%
% of Gross Profit
Depreciation & Amortization $422.0K $428.0K
YoY Change -5.59% -8.35%
% of Gross Profit
Operating Expenses $1.206M $990.0K
YoY Change -6.87% -18.85%
Operating Profit
YoY Change
Interest Expense $5.370M $5.237M
YoY Change 46.08% 107.32%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.739M $2.758M
YoY Change 2.55% 1.25%
Income Tax $612.0K $651.0K
% Of Pretax Income 22.34% 23.6%
Net Earnings $2.127M $2.107M
YoY Change 5.14% 1.69%
Net Earnings / Revenue 713.76% 704.68%
Basic Earnings Per Share $0.36 $0.36
Diluted Earnings Per Share $0.34 $0.34
COMMON SHARES
Basic Shares Outstanding 5.789M 5.787M
Diluted Shares Outstanding 6.208M 6.277M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $58.22M $60.24M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $24.90M $25.04M
YoY Change 3.52% 3.09%
Goodwill $7.435M $7.435M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.083B $1.071B
YoY Change 1.42% 4.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.026M $1.714M
YoY Change 29.62% 103.8%
Accrued Expenses $1.904M $1.980M
YoY Change 7.09% 5.88%
Deferred Revenue
YoY Change
Short-Term Debt $15.00M $15.00M
YoY Change -50.0% -40.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.930M $16.71M
YoY Change 17.63% -35.32%
LONG-TERM LIABILITIES
Long-Term Debt $10.84M $10.82M
YoY Change 0.68% 0.68%
Other Long-Term Liabilities $5.256M $7.416M
YoY Change -7.29% -0.2%
Total Long-Term Liabilities $16.09M $18.23M
YoY Change -2.07% 0.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.930M $16.71M
Total Long-Term Liabilities $16.09M $18.23M
Total Liabilities $989.5M $978.2M
YoY Change 0.72% 3.86%
SHAREHOLDERS EQUITY
Retained Earnings $113.6M $111.8M
YoY Change 7.03% 7.04%
Common Stock $15.28M $15.20M
YoY Change 3.58% 3.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.69M $28.03M
YoY Change 8.02% 4.99%
Treasury Stock Shares
Shareholders Equity $93.84M $92.33M
YoY Change
Total Liabilities & Shareholders Equity $1.083B $1.071B
YoY Change 1.42% 4.34%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $2.127M $2.107M
YoY Change 5.14% 1.69%
Depreciation, Depletion And Amortization $422.0K $428.0K
YoY Change -5.59% -8.35%
Cash From Operating Activities $2.547M $825.0K
YoY Change -25.57% -76.99%
INVESTING ACTIVITIES
Capital Expenditures $199.0K $967.0K
YoY Change 306.12% 595.68%
Acquisitions
YoY Change
Other Investing Activities -$14.53M $12.37M
YoY Change -60.24% 431.77%
Cash From Investing Activities -$14.72M $11.40M
YoY Change -59.8% 421.35%
FINANCING ACTIVITIES
Cash Dividend Paid $289.0K
YoY Change -1.7%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.16M -2.264M
YoY Change -74.26% -106.97%
NET CHANGE
Cash From Operating Activities 2.547M 825.0K
Cash From Investing Activities -14.72M 11.40M
Cash From Financing Activities 10.16M -2.264M
Net Change In Cash -2.022M 9.963M
YoY Change -132.4% -73.97%
FREE CASH FLOW
Cash From Operating Activities $2.547M $825.0K
Capital Expenditures $199.0K $967.0K
Free Cash Flow $2.348M -$142.0K
YoY Change -30.39% -104.12%

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CY2024Q1 fusb Reclassification Of Unrealized Gains On Terminated Derivative Contracts
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CY2023Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
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CY2024Q1 fusb Proceeds From Sale Of Premises And Equipment And Other Real Estate
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Increase Decrease In Deposits
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CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Income Taxes Paid Net
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CY2023Q1 fusb Foreclosed Assets Acquired In Settlement Of Loans
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CY2024Q1 us-gaap Nature Of Operations
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<div style="display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.537%;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">GENERAL</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">First US Bancshares, Inc., a Delaware corporation (“Bancshares” and, together with its subsidiary, the “Company”), is a bank holding company formed in 1983 registered under the Bank Holding Company Act of 1956, as amended (the “BHCA”). Bancshares operates one wholly owned banking subsidiary, First US Bank, an Alabama banking corporation (the “Bank”). Bancshares and the Bank are headquartered in Birmingham, Alabama. Previously, the Bank operated two wholly owned subsidiaries, Acceptance Loan Company and FUSB Reinsurance, Inc., both of which were legally dissolved in 2023, and all remaining assets and liabilities of these entities were transferred to the Bank prior to December 31, 2023.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Bank conducts a general commercial banking business and offers banking services such as demand, savings, individual retirement account and time deposits, personal and commercial loans, safe deposit box services and remote deposit capture. The Bank operates and serves its customers through 15 full-service banking offices located in Birmingham, Butler, Calera, Centreville, Gilbertown, Grove Hill, Harpersville, Jackson, Thomasville, Tuscaloosa and Woodstock, Alabama; Knoxville and Powell, Tennessee; and Rose Hill, Virginia; as well as loan production offices in Mobile, Alabama and the Chattanooga, Tennessee area. The Bank provides a wide range of commercial banking services to small- and medium-sized businesses, property managers, business executives, professionals and other individuals. The Bank also performs indirect lending through third-party retailers and currently conducts this lending in </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">17</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> states, including Alabama, Arkansas, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia. The Bank is the Company’s only reportable operating segment upon which management makes decisions regarding how to allocate resources and assess performance.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. The results of operations for any interim period are not necessarily indicative of results expected for the fiscal year ending December 31, 2024. While certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), management believes that the disclosures herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> (the "Company's 2023 Form 10-K").</span></p>
CY2024Q1 fusb Number Of States
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Reclassification</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain amounts in the prior period consolidated financial statements and the notes to the prior period consolidated financial statements have been reclassified to conform to the 2024 presentation. These reclassifications had no effect on the Company’s results of operations, financial position or net cash flow.</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Summary of Significant Accounting Policies</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain significant accounting policies followed by the Company are set forth in Note 2, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in the Company’s 2023 Form 10-K.</span></p>
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CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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