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First US Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net income of $2.2 million for the third quarter of 2024, an increase from $2.1 million in the same quarter of 2023. Earnings per diluted share were $0.36, compared to $0.33 in the previous year.
Net interest income for the quarter was $9.2 million, down from $9.5 million in the previous year, attributed to higher interest expenses.
Total assets increased to $1,100.2 million as of September 30, 2024, from $1,072.9 million at the end of 2023, driven by growth in deposits.
Loans decreased by $18.5 million during the nine months ended September 30, 2024, primarily due to payoffs in construction loans.
Nonperforming assets increased to $6.6 million, representing 0.60% of total assets, compared to $3.0 million at the end of 2023.
Deposits rose to $981.1 million, with core deposits comprising 85.0% of the total.
Shareholders' equity grew by $7.9 million during the nine months ended September 30, 2024, reflecting earnings and changes in accumulated other comprehensive loss.
The company repurchased 106,500 shares of its common stock during the nine months ended September 30, 2024, under its share repurchase program.
First US Bancshares continues to maintain capital ratios above the required levels to be considered well-capitalized under regulatory standards.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First US Bancshares Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.