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26.04.2023 16:15
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PR Newswire
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First US Bancshares, Inc. Reports First Quarter 2023 Diluted EPS Growth of 65% Over First Quarter 2022
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PR Newswire
BIRMINGHAM, Ala., April 26, 2023
BIRMINGHAM, Ala., April 26, 2023 /PRNewswire/ --
| First Quarter Highlights: | | | | | |
| | | | | | |
| Net Income | Diluted Earnings per share | Return on average assets | Return on average common | Return on average tangible | Loans to deposits |
| $2.1million | $0.33 | 0.85 % | 10.02 % | 11.05 % | 86.4 % |
First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the parent company of First US Bank (the "Bank"), today reported net income of $2.1 million, or $0.33 per diluted share, for the quarter ended March 31, 2023 ("1Q2023"), compared to $2.2 million, or $0.35 per diluted share, for the quarter ended December 31, 2022 ("4Q2022") and $1.4 million, or $0.20 per diluted share, for the quarter ended March 31, 2022 ("1Q2022"). Compared to 4Q2022, diluted earnings per share decreased by 5.7% due primarily to increased interest expense on deposits, combined with two less earning days in the quarter. Compared to 1Q2022, diluted earnings per share increased by 65.0% due to increased net interest income, combined with reduced provisions for credit losses.
The table below summarizes selected financial data for each of the periods presented.
| | | Quarter Ended | | |||||||||||||||||
| | | 2023 | | | 2022 | | ||||||||||||||
| | | March | | | December | | | September | | | June | | | March | | |||||
| Results of Operations: | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | |||||
| Interest income | | $ | 11,960 | | | $ | 11,621 | | | $ | 10,670 | | | $ | 9,525 | | | $ | 9,381 | |
| Interest expense | | | 2,526 | | | | 1,730 | | | | 1,155 | | | | 699 | | | | 672 | |
| Net interest income | | | 9,434 | | | | 9,891 | | | | 9,515 | | | | 8,826 | | | | 8,709 | |
| Provision for credit losses | | | 269 | | | | 527 | | | | 1,165 | | | | 895 | | | | 721 | |
| Net interest income after provision for credit losses | | | 9,165 | | | | 9,364 | | | | 8,350 | | | | 7,931 | | | | 7,988 | |
| Non-interest income | | | 829 | | | | 678 | | | | 1,088 | | | | 856 | | | | 829 | |
| Non-interest expense | | | 7,270 | | | | 7,106 | | | | 7,032 | | | | 6,878 | | | | 7,056 | |
| Income before income taxes | | | 2,724 | | | | 2,936 | | | | 2,406 | | | | 1,909 | | | | 1,761 | |
| Provision for income taxes | | | 652 | | | | 708 | | | | 546 | | | | 494 | | | | 400 | |
| Net income | | $ | 2,072 | | | $ | 2,228 | | | $ | 1,860 | | | $ Werbung Mehr Nachrichten zur First US Bancshares, Inc. Common Stock Aktie kostenlos abonnieren
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