First US Bancshares, Inc. reported a net income of $1.9 million, or $0.33 per diluted share, for the first quarter of 2026, reflecting an increase from $1.8 million, or $0.29 per diluted share, in the same period of 2025. The growth in net income was primarily driven by a rise in interest income, which totaled $14.9 million, up from $14.0 million year-over-year. This increase was attributed to a higher average balance of interest-earning assets, which rose by 8.4% to $1.1 billion. However, the net interest margin decreased to 3.37% from 3.53%, as the average yield on interest-earning assets declined more rapidly than the average rate on interest-bearing liabilities.
Total assets for the company increased to $1.165 billion as of March 31, 2026, compared to $1.155 billion at the end of 2025. The loan portfolio saw a slight decrease of $9.3 million, or 1.1%, primarily due to declines in construction and non-residential commercial real estate loans, offset by growth in multi-family residential and indirect consumer loans. The allowance for credit losses on loans and leases was $10.5 million, representing 1.25% of total loans, consistent with the previous quarter.
In terms of operational developments, First US Bancshares continues to focus on enhancing its customer service and technology. The company operates 15 full-service banking offices across Alabama, Tennessee, and Virginia, and is nearing the completion of a new banking center in Daphne, Alabama, which is expected to open in the second quarter of 2026. The company also reported a total deposit increase of $10.9 million, or 1.1%, driven by a rise in interest-bearing demand deposits.
Looking ahead, the company remains cautious amid ongoing economic uncertainties, including inflation and geopolitical tensions. Management is closely monitoring market conditions and believes it is well-positioned to adapt to various economic scenarios. The company continues to prioritize maintaining a strong capital position, with shareholders' equity totaling $104.6 million as of March 31, 2026, representing 9.0% of total assets. The company declared a cash dividend of $0.07 per share for both the first quarter of 2026 and 2025, indicating a commitment to returning value to shareholders while navigating a challenging financial landscape.
About FIRST US BANCSHARES, INC.
First US Bancshares, Inc. is a bank holding company operating First US Bank, a community-focused financial institution offering commercial banking services, including deposits, loans, and treasury services. Serving small to medium-sized businesses and individuals across multiple states, it emphasizes strong credit standards, digital banking, and strategic growth through organic expansion and acquisitions. The company operates in a heavily regulated environment, prioritizing safety, soundness, and community development.
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