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First US Bancshares (FUSB)

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
FIRST US BANCSHARES INC, UNITED SECURITY BANCSHARES INC
SEC CIK
Subsidiaries
Acceptance Loan Company, Inc. • FUSB Reinsurance, Inc. ...
IRS number
630843362

FUSB stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

12 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 97.84M 97.84M 97.84M 97.84M 97.84M 97.84M
Cash burn (monthly) (no burn) 2.34M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 6.7M n/a n/a n/a n/a
Cash remaining n/a 91.13M n/a n/a n/a n/a
Runway (months of cash) n/a 39.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Mar 22 Andrew C Bearden JR Phantom Stock Units Common Stock Grant Acquire A No No 11.66 451.58 5.27K 26,461.7
31 Mar 22 Robert S Briggs Phantom Stock Units Common Stock Grant Acquire A No No 11.66 36.75 428.51 15,278.43
31 Mar 22 Sheri S Cook Phantom Stock Units Common Stock Grant Acquire A No No 11.66 101.58 1.18K 3,395.83
31 Mar 22 John C Gordon Common Stock Common Stock Grant Acquire A No No 11.66 331.74 3.87K 19,631.87
31 Mar 22 David Peter Hale Common Stock Common Stock Grant Acquire A No No 11.66 406.65 4.74K 8,908.03
17.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 22 20 +10.0%
Opened positions 3 3
Closed positions 1 3 -66.7%
Increased positions 4 6 -33.3%
Reduced positions 5 3 +66.7%
13F shares Current Prev Q Change
Total value 12.38M 12.24M +1.1%
Total shares 1.06M 1.16M -8.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Gendell Jeffrey L 282.52K $3.29M +0.2%
Renaissance Technologies 153.02K $1.78M -0.3%
RF Regions Financial 125.28K $1.46M 0.0%
Blair William & Co 102.68K $1.2M -10.5%
Context BH Capital Management 94.26K $1.1M 0.0%
Vanguard 77.47K $903K -54.7%
Sheaff Brock Investment Advisors 53.42K $623K 0.0%
Dimensional Fund Advisors 29.78K $346K +1.1%
HRT Financial 28.03K $325K NEW
BLK Blackrock 22.48K $262K +12.0%
Largest transactions Shares Bought/sold Change
Vanguard 77.47K -93.54K -54.7%
SNV Synovus Financial 0 -32.25K EXIT
HRT Financial 28.03K +28.03K NEW
Blair William & Co 102.68K -12.08K -10.5%
Jane Street 11.33K +11.33K NEW
BLK Blackrock 22.48K +2.41K +12.0%
Gendell Jeffrey L 282.52K +500 +0.2%
Renaissance Technologies 153.02K -455 -0.3%
Dimensional Fund Advisors 29.78K +313 +1.1%
UBS UBS Group AG - Registered Shares 505 +44 +9.5%

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.
  • Risks Related to Our Market and Industry
  • 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.
  • 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.
  • Changes in tax laws and interpretations and tax challenges may adversely affect our financial results.
  • 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.
  • 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.
  • 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
  • Net interest income is calculated as the difference between interest and fee income generated from earning assets and the interest expense paid on deposits and borrowed funds. Fluctuations in interest rates, as well as volume and mix changes in earning assets and interest-bearing liabilities, can materially impact net interest income. The Company’s earning assets consist of loans, taxable and tax-exempt investments, Federal Home Loan Bank stock, federal funds sold by the Bank and interest-bearing deposits in banks. Interest-bearing liabilities consist of interest-bearing demand deposits and savings and time deposits, as well as short-term borrowings.
  • Net interest income for the three months ended March 31, 2022 decreased by $0.4 million compared to the three months ended March 31, 2021.  The decrease in net interest income comparing the two periods resulted from a decrease in interest and fees on loans, partially offset by an increase in interest on investment securities and a decrease in interest expense.  Average yield on interest-earning assets decreased to 4.28% in the first quarter of 2022, compared to 4.78% for the corresponding quarter of 2021, while aggregate funding costs, including noninterest-bearing deposits and borrowings, decreased to 0.32% in the first quarter of 2022, compared to 0.39% in the first quarter of 2021.  Net interest margin was reduced by 43 basis points to 3.97% during the first quarter of 2022, compared to 4.40% during the first quarter of 2021.
  • During the first quarter of 2022, both interest income and interest expense continued to be impacted by the relatively low interest rate environment that began in early 2020 at the onset of the COVID-19 pandemic.  However, a number of benchmark interest rates increased during the first quarter of 2022, and it is expected that the Company’s net interest income will continue to be impacted by changes in the interest rate environment.  Management’s interest rate risk modeling generally indicates that both net interest margin and net interest income would benefit over time in a rising interest rate environment and would decrease in a reducing interest rate environment.  In addition, the Company’s strategy to cease new business development at ALC is expected to reduce average yields on loans in the near term until the ALC portfolio has paid down to nominal levels. Management expects that growth in loan volume with loans of sufficient credit quality will enhance net interest income as earning assets are shifted from lower earning cash and federal funds sold balances into loan assets.  However, the environment for both loan and deposit generation is highly competitive and subject to the interest rate environment.  Reductions in either loan volume or deposit levels could result in downward pressure on net interest income.

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