BIRMINGHAM, Ala., April 24, 2024 /PRNewswire/ -- First Quarter Highlights: Net Income Diluted Earnings per share Return on average assets (annualized) Return on average common equity (annualized) Return on average tangible common equity (annualized) (1) Loans to deposits $2.1 million $0.34 0.80 % 9.25 % 10.08 % 87.2 % 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 $0.34 per diluted share, for the quarter ended March 31, 2024 ("1Q2024"), compared to $2.3 million, or $0.36 per diluted share, for the quarter ended December 31, 2023 ("4Q2023") and $2.1 million, or $0.33 per diluted share, for the quarter ended March 31, 2023 ("1Q2023"). The table below summarizes selected financial data for each of the periods presented. Quarter Ended 2024 2023 March31, December31, September30, June30, March31, Results of Operations: (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income $ 14,277 $ 13,945 $ 13,902 $ 12,999 $ 11,960 Interest expense 5,237 4,835 4,419 3,676 2,526 Net interest income 9,040 9,110 9,483 9,323 9,434 Provision for (recovery of) credit losses - (434) 184 300 269 Net interest income after provision for (recovery of) credit losses 9,040 9,544 9,299 9,023 9,165 Non-interest income 865 916 837 799 829 Non-interest expense 7,147 7,401 7,319 7,151 7,270 Income before income taxes 2,758 3,059 2,817 2,671 2,724 Provision for income taxes 651 782 704 648 652 Net income $ 2,107 $ 2,277 $ 2,113 $ 2,023 $ 2,072 Per Share Data: Basic net income per share $ 0.36 $ 0.38 $ 0.35 $ 0.34 $ 0.35 Diluted net income per share $ 0.34 $ 0.36 $ 0.33 $ 0.31 $ 0.33 Dividends declared $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 Key Measures (Period End): Total assets $ 1,070,541 $ 1,072,940 $ 1,065,239 $ 1,068,126 $ 1,026,658 Tangible assets (1) 1,062,972 1,065,334 1,057,597 1,060,435 1,018,912 Total loans 822,941 821,791 815,300 814,494 775,889 Allowance for credit losses on loans and leases 10,436 10,507 11,380 11,536 11,599 Investment securities, net 126,363 136,669 127,823 124,404 128,689 Total deposits 943,268 950,191 927,038 932,628 897,885 Short-term borrowings 15,000 10,000 30,000 30,000 25,000 Long-term borrowings 10,817 10,799 10,781 10,763 10,744 Total shareholders' equity 92,326 90,593 87,408 85,725 84,757 Tangible common equity (1) 84,757 82,987 79,766 78,034 77,011 Book value per common share 15.95 15.80 14.88 14.59 14.45 Tangible book value per common share (1) 14.65 14.47 13.58 13.28 13.13 Key Ratios: Return on average assets (annualized) 0.80 % 0.86 % 0.80 % 0.79 % 0.85 % Return on average common equity (annualized) 9.25 % 10.31 % 9.65 % 9.48 % 10.02 % Return on average tangible common equity (annualized) (1) 10.08 % 11.29 % 10.58 % 10.41 % 11.05 % Net interest margin 3.65 % 3.67 % 3.79 % 3.88 % 4.13 % Efficiency ratio (2) 72.2 % 73.8 % 70.9 % 70.6 % 70.8 % Total loans to deposits 87.2 % 86.5 % 87.9 % 87.3 % 86.4 % Total loans to assets 76.9 % 76.6 % 76.5 % 76.3 % 75.6 % Common equity to total assets 8.62 % 8.44 % 8.21 % 8.03 % 8.26 % Tangible common equity to tangible assets (1) 7.97 % 7.79 % 7.54 % 7.36 % 7.56 % Tier 1 leverage ratio (3) 9.37 % 9.36 % 9.09 % 9.19 % 9.36 % Allowance for credit losses on loans and leases as % of total loans 1.27 % 1.28 % 1.40 % 1.42 % 1.49 % Nonperforming assets as % of total assets 0.28 % 0.28 % 0.29 % 0.15 % 0.18 % Net charge-offs as a percentage of average loans 0.09 % 0.19 % 0.10 % 0.14 % 0.11 % (1)  Refer to Non-GAAP reconciliation of tangible balances and measures beginning on page 8. (2)  Efficiency ratio = non-interest expense / (net interest income + non-interest income) (3)  First US Bank Tier 1 leverage ratio CEO Commentary "We are off to a solid start for 2024," stated James F. House, President and CEO of the Company. "While the economic and interest rate environments have certainly been volatile, our balance sheet remains well-positioned to weather the uncertainty. During the early months of 2024, we are taking advantage of market opportunities to improve asset yields, while simultaneously working to control expenses, and strengthen our balance sheet positioning. These efforts impacted the Company's first quarter results positively and we expect continued benefit as we move through 2024," continued Mr. House.     Financial Results Loan Growth – The table below summarizes loan balances by portfolio category as of the end of each of the most recent five quarters. Quarter Ended 2024 2023 March31, December31, September30, June30, March31, (Dollars in Thousands) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Real estate loans: Construction, land development and other land loans $102,282 $88,140 $90,051 $91,231 $69,398 Secured by 1-4 family residential properties 74,361 76,200 83,876 85,101 86,622 Secured by multi-family residential properties 62,145