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First US Bancshares Inc. (FUSB0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a slight increase in total assets to $1,101,086,000 from $1,072,940,000 in the previous year. The increase is attributed to growth in deposits and investment securities.
Total loans increased marginally to $823,039,000 from $821,791,000, with growth primarily in multi-family and non-farm, non-residential properties, offset by decreases in other categories.
The company reported net income of $8,170,000 for the year, compared to $8,485,000 in the previous year. Earnings per diluted share remained stable at $1.33.
Net interest income decreased to $36,149,000 from $37,350,000, primarily due to increased interest expense as average rates on interest-bearing liabilities rose.
The provision for credit losses increased to $622,000 from $319,000, reflecting loan growth and adjustments in economic forecasts.
Non-interest income totaled $3,583,000, up from $3,381,000, driven by increases in lease income and bank-owned life insurance.
Non-interest expense decreased to $28,356,000 from $29,141,000, mainly due to lower salaries and benefits and other expenses.
Deposits grew to $972,557,000 from $950,191,000, with increases in interest-bearing deposits and certificates of deposit.
Shareholders' equity increased to $98,624,000 from $90,593,000, supported by earnings and reductions in accumulated other comprehensive loss.
The company declared cash dividends of $0.22 per share during 2024, up from $0.20 per share in 2023.
During 2024, First US Bancshares repurchased 146,500 shares of its common stock at an average price of $11.22 per share.
The company maintained capital ratios above the required levels to be considered well-capitalized under applicable banking regulations.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.