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FUSB First US Bancshares

First US Bancshares, Inc. is a bank holding company that operates banking offices in Alabama, Tennessee and Virginia through First US Bank (the 'Bank'). In addition, the Company's operations include Acceptance Loan Company, Inc., a consumer loan company ('ALC'), and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the Bank's and ALC's consumer loan customers.

Company profile

Ticker
FUSB
Exchange
CEO
James House
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
UNITED SECURITY BANCSHARES INC
SEC CIK
IRS number
630843362

FUSB stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

11 May 21
14 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Mar 21 Andrew C Bearden JR Phantom Stock Units Common Stock Grant Aquire A No No 9.3 559.4 5.2K 25,547.73
31 Mar 21 Robert S Briggs Phantom Stock Units Common Stock Grant Aquire A No No 9.3 1,082.43 10.07K 12,414.77
31 Mar 21 Sheri S Cook Phantom Stock Units Common Stock Grant Aquire A No No 9.3 125.84 1.17K 2,965.28
31 Mar 21 William G Harrison Phantom Stock Units Common Stock Grant Aquire A No No 9.3 18.72 174.1 5,839.65
31 Mar 21 David Peter Hale Phantom Stock Units Common Stock Grant Aquire A No No 9.3 503.75 4.68K 7,184.46

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

18.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 23 24 -4.2%
Opened positions 2 2
Closed positions 3 2 +50.0%
Increased positions 6 5 +20.0%
Reduced positions 4 3 +33.3%
13F shares
Current Prev Q Change
Total value 10.51M 10.67M -1.5%
Total shares 1.13M 1.19M -4.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Gendell Jeffrey L 274.42K $2.55M +13.5%
Renaissance Technologies 165.92K $1.54M +1.7%
RF Regions Financial 138.94K $1.29M 0.0%
Blair William & Co 115K $1.07M 0.0%
Context BH Capital Management 94.26K $877K -1.2%
Vanguard 79.62K $740K 0.0%
Sheaff Brock Investment Advisors 53.42K $497K 0.0%
Kennedy Capital Management 43.47K $404K +18.0%
Dimensional Fund Advisors 27.19K $253K 0.0%
Leavell Investment Management 25.46K $238K -1.9%
Largest transactions
Shares Bought/sold Change
Wellington Management 0 -96.35K EXIT
Gendell Jeffrey L 274.42K +32.74K +13.5%
Boothbay Fund Management 13.87K +13.87K NEW
California Public Employees Retirement System 0 -10.6K EXIT
Kennedy Capital Management 43.47K +6.62K +18.0%
MS Morgan Stanley 0 -5.54K EXIT
Renaissance Technologies 165.92K +2.72K +1.7%
BLK Blackrock 25.03K +2.37K +10.5%
Context BH Capital Management 94.26K -1.12K -1.2%
UBS UBS Group AG - Registered Shares 1.72K +897 +109.0%

Financial report summary

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Risks
  • If loan losses are greater than anticipated, our earnings may be adversely affected.
  • We may be required to increase our allowance for loan losses as a result of a recent change to an accounting standard.
  • Market and Industry Risks
  • The banking industry is highly competitive, which could result in loss of market share and adversely affect our business.
  • Rapid and significant changes in market interest rates may adversely affect our performance.
  • The performance of our investment portfolio is subject to fluctuations due to changes in interest rates and market conditions.
  • Changes in the policies of monetary authorities and other government action could adversely affect our profitability.
  • Uncertainty relating to the LIBOR calculation process and potential phasing out of LIBOR may adversely affect our results of operations.
  • Risks Related to Privacy and Technology
  • Technological changes in the banking and financial services industries may negatively impact our results of operations and our ability to compete.
  • Our information systems may experience a failure or interruption.
  • We use information technology in our operations and offer online banking services to our customers, and unauthorized access to our customers’ confidential or proprietary information as a result of a cyber-attack or otherwise could expose us to reputational harm and litigation and adversely affect our ability to attract and retain customers.
  • We depend on outside third parties for the processing and handling of our records and data, which exposes us to additional risk for cybersecurity breaches and regulatory action.
  • Risks Related to Legal, Reputational and Compliance Matters
  • We are subject to extensive governmental regulation, and the costs of complying with such regulation could have an adverse impact on our operations.
  • We are subject to laws regarding the privacy, information security and protection of personal information, and any violation of these laws or unauthorized disclosure of such information could damage our reputation and otherwise adversely affect our operations and financial condition.
  • Our FDIC deposit insurance premiums and assessments may increase and thereby adversely affect our financial results.
  • Bancshares’ liquidity is subject to various regulatory restrictions applicable to its subsidiaries.
  • The internal controls that we have implemented to mitigate risks inherent to the business of banking might fail or be circumvented.
  • We intend to engage in acquisitions of other banking institutions from time to time. These acquisitions may not produce revenue or earnings enhancements or cost savings at levels, or within time frames, originally anticipated and may result in unforeseen integration difficulties.
  • We may not be able to maintain consistent growth, earnings or profitability.
  • We cannot guarantee that we will pay dividends in the future.
  • Extreme weather could cause a disruption in our operations, which could have an adverse impact on our profitability.
  • Securities issued by us, including our common stock, are not insured.
  • Future issuances of additional securities by us could result in dilution of your ownership.
  • Our common stock price could be volatile, which could result in losses for individual shareholders.
  • Our performance and results of operations depend in part on the soundness of other financial institutions.
  • Liquidity risks could affect our operations and jeopardize our financial condition.
  • We depend on the services of our management team and board of directors, and the unexpected loss of key officers or directors may adversely affect our operations.
Management Discussion
  • The Company earned net income of $950 thousand, or $0.14 per diluted common share, during the three months ended March 31, 2021, compared to $847 thousand, or $0.13 per diluted common share, for the three months ended March 31, 2020.
  • Summarized condensed consolidated statements of operations are included below for the three-month periods ended March 31, 2021 and 2020, respectively.
  • Net interest income increased $0.2 million comparing the first quarter of 2021 to the first quarter of 2020. Although average total loans increased $104.8 million comparing the three months ended March 31, 2021 to the three months ended March 31, 2020, interest income decreased $0.5 million comparing the two periods. The decrease in interest income is primarily due to margin compression, which has remained a challenge for the Company due in part to the interest rate environment that has persisted since the onset of the COVID-19 pandemic. In response to the interest rate environment, management has continued to reprice deposit liabilities at lower rates upon maturity. Due to these repricing efforts, annualized average total funding costs decreased to 0.39% for the first quarter of 2021, compared to 0.87% for the first quarter of 2020, which resulted in a reduction in interest expense of $0.7 million comparing the first quarter of 2021 to the first quarter of 2020.
Content analysis
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