First US Bancshares Inc (FUSB) Reports 36.6% EPS Growth for Nine-Month Period in 2023
First US Bancshares Inc (NASDAQ:FUSB) reported a net income of $2.1 million for Q3 2023, marking an increase from $2.0 million in Q2 2023 and $1.9 million in Q3 2022.
The company's diluted earnings per share (EPS) for the nine months ended September 30, 2023, grew by 36.6% compared to the same period in 2022.
First US Bancshares Inc (NASDAQ:FUSB) delivered improved operating results in Q3 2023 compared to the previous quarter and year-to-date results compared to the prior-year period.
The company's strategic initiatives have led to improved asset quality and operating efficiency.
First US Bancshares Inc (NASDAQ:FUSB) released its earnings report on October 25, 2023. The company reported a net income of $2.1 million, or $0.33 per diluted share, for the third quarter of 2023. This is an increase from $2.0 million, or $0.31 per diluted share, for the second quarter of 2023, and $1.9 million, or $0.29 per diluted share, for the third quarter of 2022. For the nine months ended September 30, 2023, net income totaled $6.2 million, or $0.97 per diluted share, compared to $4.6 million, or $0.71 per diluted share, for the same period in 2022. This represents a 36.6% increase in diluted earnings per share.
Company Performance and Financial Achievements
James F. House, President and CEO of the company, stated,
We delivered improved operating results in the third quarter compared to the previous quarter and in the year-to-date results compared to the prior-year period. The Companys year-over-year earnings improvement reflects the impact of our strategic efforts over the past two years to both transform the Companys asset quality and improve operating efficiency."
Key Financial Details
First US Bancshares Inc (NASDAQ:FUSB) reported total assets of $1,065,239 and total loans of $815,300 for the third quarter of 2023. The company's total deposits amounted to $927,038, and the total shareholders' equity was $87,408. The company's return on average assets (annualized) was 0.80%, and the return on average common equity (annualized) was 9.65%. The company's efficiency ratio stood at 70.9%.
Strategic Initiatives and Future Plans
First US Bancshares Inc (NASDAQ:FUSB) has executed strategic initiatives to improve operating efficiency, focus the companys loan growth activities, and fortify asset quality. The company has also made significant strides in transforming its asset quality and improving operating efficiency. As the company enters the fourth quarter, it is executing the final steps of these efforts and moving forward with strategic planning for the coming years.
Conclusion
First US Bancshares Inc (NASDAQ:FUSB) has demonstrated strong performance in the third quarter of 2023, with improved operating results and strategic initiatives contributing to its financial success. The company's focus on improving asset quality and operating efficiency has resulted in a significant increase in diluted earnings per share for the nine months ended September 30, 2023. As the company moves into the fourth quarter, it continues to execute its strategic plans and looks forward to further growth and success.
Explore the complete 8-K earnings release (here) from First US Bancshares Inc for further details.
This article first appeared on GuruFocus.
