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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number: 000-14549

First US Bancshares, Inc.

(Exact Name of Registrant as Specified in Its Charter)

     Delaware

     63-0843362

     (State or Other Jurisdiction of
Incorporation or Organization)

     (IRS Employer
Identification No.)

     3291 U.S. Highway 280
Birmingham, AL

     35243

     (Address of Principal Executive Offices)

     (Zip Code)

(205) 582-1200

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FUSB	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class	Outstanding at May 1, 2025
Common Stock, $0.01 par value	5,738,352 shares

FIRST US BANCSHARES, INC. AND SUBSIDIARY


		PAGE

PART I. FINANCIAL INFORMATION		4

ITEM 1. FINANCIAL STATEMENTS		4

Interim Condensed Consolidated Balance Sheets at March 31, 2025 (Unaudited) and December 31, 2024		4

Interim Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)		5

Interim Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024 (Unaudited)		6

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited)		7

Interim Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)		8

Notes to Interim Condensed Consolidated Financial Statements (Unaudited)		9

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		40

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		54

ITEM 4. CONTROLS AND PROCEDURES		55

PART II. OTHER INFORMATION		56

ITEM 1. LEGAL PROCEEDINGS		56

ITEM 1A. RISK FACTORS		56

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		56

ITEM 5. OTHER INFORMATION		56

ITEM 6. EXHIBITS		57

Signature Page		58

FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). In addition, First US Bancshares, Inc. (“Bancshares” and, together with its subsidiaries, the “Company”), through its senior management, from time to time makes forward-looking statements concerning its expected future operations, performance and other developments. The words “estimate,” “project,” “intend,” “anticipate,” “expect,” “believe,” “continues” and similar expressions are indicative of forward-looking statements. Such forward-looking statements are necessarily estimates reflecting the Company’s best judgment based on current information and involve a number of risks and uncertainties. Certain factors that could affect the accuracy of such forward-looking statements and cause actual results to differ materially from those projected in such forward-looking statements are identified in the Company’s filings with the Securities and Exchange Commission (the “SEC”), and forward-looking statements contained herein or in other public statements of the Company or its senior management should be considered in light of those factors. Such factors may include adverse developments in the financial services industry; the effects of any government shutdown; loan losses may be greater than anticipated; our ability to ensure that sufficient cash flow and liquid assets are available to satisfy current and future financial obligations; the increased lending risks associated with commercial real estate lending; potential weakness in the residential real estate market; liquidity risks; the impact of national and local market conditions on the Company’s business and operations; the effects of significant changes to the structure and operations of the federal government; strong competition in the banking industry; the impact of changes in interest rates and monetary policy on the Company’s performance and financial condition; the effects of fiscal challenges facing the U.S. government or any potential government shutdown; the impact of technological changes in the banking and financial service industries and potential information system failures; cybersecurity and data privacy threats; the risks and challenges presented by the development and use of artificial intelligence (“AI”); the costs of complying with extensive governmental regulation; the risk that internal controls and procedures might fail or be circumvented; the impact of changing accounting standards and tax laws on the Company’s financial results; the potential impact of climate change and related legislative and regulatory initiatives; the possibility that acquisitions may not produce anticipated results and result in unforeseen integration difficulties; the volatility of our stock price and our dependence on the soundness of other financial institutions; and other risk factors described from time to time in the Company’s public filings, including, but not limited to, the Company’s most recent Annual Report on Form 10-K. Relative to the Company’s dividend policy, the payment of cash dividends is subject to the discretion of the Board of Directors and will be determined in light of then-current conditions, including the Company’s earnings, leverage, operations, financial conditions, capital requirements and other factors deemed relevant by the Board of Directors. In the future, the Board of Directors may change the Company’s dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRST US BANCSHARES, INC. AND SUBSIDIARY

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands, Except Share and Per Share Data)


	March 31,			December 31,
	2025			2024
	(Unaudited)
ASSETS
Cash and due from banks	$	10,547		$	10,633
Interest-bearing deposits in banks		45,494			36,583
Total cash and cash equivalents		56,041			47,216
Federal funds sold and securities purchased under reverse repurchase agreements		5,451			5,727
Investment securities available-for-sale, at fair value (amortized cost $165,341 and $174,597; net of allowance for credit losses of $- and $-)		161,314			167,888
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $- and $-, (fair value 2025 - $602, 2024 - $642)		632			682
Federal Home Loan Bank stock, at cost		1,978			1,256
Loans and leases held for investment		848,335			823,039
Less: allowance for credit losses on loans and leases		10,405			10,184
Net loans and leases held for investment		837,930			812,855
Premises and equipment, net of accumulated depreciation		24,558			24,803
Cash surrender value of bank-owned life insurance		17,145			17,056
Accrued interest receivable		3,763			3,588
Goodwill and core deposit intangible, net		7,465			7,484
Other real estate owned		1,328			1,509
Other assets		9,362			11,022
Total assets	$	1,126,967		$	1,101,086
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	153,747		$	155,945
Interest-bearing		808,205			816,612
Total deposits		961,952			972,557
Accrued interest expense		1,698			1,751
Other liabilities		6,196			7,282
Short-term borrowings		45,000			10,000
Long-term borrowings		10,890			10,872
Total liabilities		1,025,736			1,002,462
Shareholders’ equity:
Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,899,625 and 7,840,348 shares issued, respectively; 5,739,286 and 5,696,171 shares outstanding, respectively		79			78
Additional paid-in capital		15,308			15,540
Accumulated other comprehensive loss, net of tax		(2,674	)		(4,344	)
Retained earnings		118,236			116,865
Less treasury stock: 2,160,339 and 2,144,177 shares at cost, respectively		(29,718	)		(29,515	)
Total shareholders’ equity		101,231			98,624
Total liabilities and shareholders’ equity	$	1,126,967		$	1,101,086

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

FIRST US BANCSHARES, INC. AND SUBSIDIARY

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Data)


	Three Months Ended
	March 31,
	2025		2024
	(Unaudited)
Interest income:
Interest and fees on loans	$	12,241	$	12,853
Interest on investment securities		1,412		865
Interest on deposits in banks		288		452
Other		77		107
Total interest income		14,018		14,277
Interest expense:
Interest on deposits		4,869		5,099
Interest on borrowings		252		138
Total interest expense		5,121		5,237
Net interest income		8,897		9,040
Provision for credit losses		528		—
Net interest income after provision for credit losses		8,369		9,040
Non-interest income:
Service and other charges on deposit accounts		288		299
Lease income		284		257
Other income, net		303		309
Total non-interest income		875		865
Non-interest expense:
Salaries and employee benefits		3,736		4,088
Net occupancy and equipment		875		894
Computer services		412		443
Insurance expense and assessments		384		391
Fees for professional services		215		341
Other expense		1,296		990
Total non-interest expense		6,918		7,147
Income before income taxes		2,326		2,758
Provision for income taxes		554		651
Net income	$	1,772	$	2,107
Basic net income per share	$	0.30	$	0.36
Diluted net income per share	$	0.29	$	0.34
Dividends per share	$	0.07	$	0.05

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

FIRST US BANCSHARES, INC. AND SUBSIDIARY

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)


	Three Months Ended
	March 31,
	2025			2024
	(Unaudited)
Net income	$	1,772		$	2,107
Other comprehensive income (loss):
Unrealized holding gains (losses) on securities available-for-sale arising during period, net of tax expense (benefit) of $671 and ($24), respectively		2,011			(73	)
Unrealized holding losses arising during the period on effective cash flow hedge derivatives, net of tax benefit of $103 and $0, respectively		(305	)		—
Reclassification adjustments on cash flow hedge derivatives realized in net income, net of tax benefit of $12 and $39, respectively		(36	)		(117	)
Other comprehensive income (loss)		1,670			(190	)
Total comprehensive income	$	3,442		$	1,917

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

FIRST US BANCSHARES, INC. AND SUBSIDIARY

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in Thousands, Except Share and Per Share Data)

For the three months ended March 31, 2025 and 2024 (Unaudited)


	Common Stock Shares Outstanding			Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Treasury Stock, at Cost			Total Shareholders’ Equity
Balance, December 31, 2023		5,735,075		$	75	$	14,972		$	(6,431	)	$	109,959		$	(27,982	)	$	90,593
Net income		—			—		—			—			2,107			—			2,107
Net change in fair value of securities available-for-sale, net of tax		—			—		—			(73	)		—			—			(73	)
Net change in fair value of derivative instruments, net of tax		—			—		—			(117	)		—			—			(117	)
Dividends declared: $0.05 per share		—			—		—			—			(289	)		—			(289	)
Impact of stock-based compensation plans, net		52,366			—		150			—			—			(45	)		105
Balance, March 31, 2024		5,787,441		$	75	$	15,122		$	(6,621	)	$	111,777		$	(28,027	)	$	92,326

Balance, December 31, 2024		5,696,171		$	78	$	15,540		$	(4,344	)	$	116,865		$	(29,515	)	$	98,624
Net income		—			—		—			—			1,772			—			1,772
Net change in fair value of securities available-for-sale, net of tax		—			—		—			2,011			—			—			2,011
Net change in fair value of derivative instruments, net of tax		—			—		—			(341	)		—			—			(341	)
Dividends declared: $0.07 per share		—			—		—			—			(401	)		—			(401	)
Reissuance of treasury stock as compensation		31,550			—		(434	)		—			—			434			—
Impact of stock-based compensation plans, net		51,565			1		202			—			—			(102	)		101
Impact of common stock share repurchases		(40,000	)		—		—			—			—			(535	)		(535	)
Balance, March 31, 2025		5,739,286		$	79	$	15,308		$	(2,674	)	$	118,236		$	(29,718	)	$	101,231

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

FIRST US BANCSHARES, INC. AND SUBSIDIARY

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in Thousands)


	Three Months Ended
	March 31,
	2025			2024
	(Unaudited)
Cash flows from operating activities:
Net income	$	1,772		$	2,107
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		419			391
Provision for credit losses		528			—
Deferred income tax expense		548			395
Reclassification of unrealized gains on terminated derivative contracts		(48	)		(313	)
Stock-based compensation expense		172			157
Net accretion of securities		(154	)		(36	)
Amortization of intangible assets		19			37
Net (gain) loss on premises and equipment and other real estate		(5	)		374
Changes in assets and liabilities:
Increase in cash surrender value of bank owned life insurance		(89	)		(86	)
Increase in accrued interest receivable		(175	)		(172	)
(Increase) decrease in other assets		(73	)		61
Decrease in accrued interest expense		(53	)		(316	)
Decrease in other liabilities		(1,106	)		(1,774	)
Net cash provided by operating activities		1,755			825
Cash flows from investing activities:
Net decrease in federal funds sold and securities purchased under reverse repurchase agreements		276			3,943
Purchases of investment securities, available-for-sale		—			(5,791	)
Proceeds from maturities and prepayments of investment securities, available-for-sale		9,410			15,915
Proceeds from maturities and prepayments of investment securities, held-to-maturity		50			121
Net increase in Federal Home Loan Bank stock		(722	)		(293	)
Net increase in loans and leases held for investment		(25,690	)		(1,820	)
Proceeds from the sale of premises and equipment, other real estate and repossessions		428			294
Purchases of premises and equipment		(70	)		(967	)
Net cash (used in) provided by investing activities		(16,318	)		11,402
Cash flows from financing activities:
Net decrease in deposits		(10,605	)		(6,923	)
Net increase in short-term borrowings		35,000			5,000
Net share-based compensation transactions		(71	)		(52	)
Repurchases of common stock		(535	)		—
Dividends paid		(401	)		(289	)
Net cash provided by (used in) financing activities		23,388			(2,264	)
Net increase in cash and cash equivalents		8,825			9,963
Cash and cash equivalents, beginning of period		47,216			50,279
Cash and cash equivalents, end of period	$	56,041		$	60,242
Supplemental disclosures:
Cash paid for:
Interest	$	5,174		$	5,553
Income taxes		418			765
Non-cash transactions:
Assets acquired in settlement of loans		194			364
Reissuance of treasury stock as compensation		434			—

The accompanying notes are an integral part of these Interim Condensed Consolidated Financial Statements.

FIRST US BANCSHARES, INC. AND SUBSIDIARY

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

GENERAL

First US Bancshares, Inc., a Delaware corporation (“Bancshares” and, together with its subsidiary, the “Company”), is a bank holding company formed in 1983 registered under the Bank Holding Company Act of 1956, as amended (the “BHCA”). Bancshares operates one wholly owned banking subsidiary, First US Bank, an Alabama banking corporation (the “Bank”). Bancshares and the Bank are headquartered in Birmingham, Alabama.

The Bank conducts a general commercial banking business and offers banking services such as demand, savings, individual retirement account and time deposits, personal and commercial loans, safe deposit box services and remote deposit capture. The Bank operates and serves its customers through 15 full-service banking offices located in Birmingham, Butler, Calera, Centreville, Gilbertown, Grove Hill, Harpersville, Jackson, Thomasville, Tuscaloosa and Woodstock, Alabama; Knoxville and Powell, Tennessee; and Rose Hill, Virginia; as well as loan production offices in Mobile, Alabama and the Chattanooga, Tennessee area. The Bank provides a wide range of commercial banking services to small- and medium-sized businesses, property managers, business executives, professionals and other individuals. The Bank also performs indirect lending through third-party retailers and currently conducts this lending in 17 states, including Alabama, Arkansas, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia. The Bank is the Company’s only reportable operating segment upon which management makes decisions regarding how to allocate resources and assess performance.

The unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. The results of operations for any interim period are not necessarily indicative of results expected for the fiscal year ending December 31, 2025. While certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), management believes that the disclosures herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2024 (the "Company's 2024 Form 10-K").

BASIS OF PRESENTATION

Reclassification

Certain amounts in the prior period consolidated financial statements and the notes to the prior period consolidated financial statements have been reclassified to conform to the 2025 presentation. These reclassifications had no effect on the Company’s results of operations, financial position or net cash flow.

Summary of Significant Accounting Policies

Certain significant accounting policies followed by the Company are set forth in Note 2, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in the Company’s 2024 Form 10-K.

Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding ("basic shares"). Included in basic shares are stock equivalent shares that have been accrued as of the balance sheet date as deferred compensation for members of Bancshares’ Board of Directors under the Non-Employee Directors' Deferred Compensation Plan (as defined below and discussed further in Note 9). Diluted net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding, adjusted for the effect of potentially dilutive stock awards outstanding during the period ("dilutive shares"). The dilutive shares consist of unexercised nonqualified stock option grants issued to employees and members of Bancshares’ Board of Directors pursuant to the Company's Incentive Plan (as defined below and discussed further in Note 10).

The following table reflects the weighted average shares used to calculate basic and diluted net income per share for the periods presented.


	Three Months Ended
	March 31,
	2025		2024
Weighted average shares outstanding		5,716,790		5,760,962
Weighted average director stock equivalent shares		100,668		113,519
Basic shares		5,817,458		5,874,481
Dilutive shares		242,000		402,650
Diluted shares		6,059,458		6,277,131


	Three Months Ended
	March 31,
	2025		2024
	(Dollars in Thousands, Except Per Share Data)
Net income	$	1,772	$	2,107
Basic net income per share	$	0.30	$	0.36
Diluted net income per share	$	0.29	$	0.34

Comprehensive Income

Comprehensive income consists of net income, as well as unrealized holding gains and losses that arise during the period associated with the Company’s available-for-sale securities portfolio and the effective portion of cash flow hedge derivatives. In the calculation of comprehensive income, reclassification adjustments are made for gains or losses realized in the statement of operations associated with the sale of available-for-sale securities or settlement of derivative contracts.

Accounting Standards Not Yet Adopted

The following table provides a description of recent accounting standards that have not yet been adopted as of March 31, 2025.


Standard	Description	Required Date of Adoption	Effect on Financial Statements or other significant matters
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures	This ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.	Annual financial statements as of and for the year ending December 31, 2025	The adoption of this guidance is not likely to have a material impact. Management will continue to evaluate through date of adoption.

ASU 2024-03, Income Statement Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses	This ASU will change the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (for example: employee compensation, depreciation, and amortization) in expense captions	Annual financial statements as of and for the year ending December 31, 2027	The adoption of this guidance is not likely to have a material impact. Management will continue to evaluate through date of adoption.

INVESTMENT SECURITIES

Details of investment securities available-for-sale and held-to-maturity as of March 31, 2025 and December 31, 2024 were as follows:


	Available-for-Sale
	March 31, 2025
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	84,064	$	823	$	(1,931	)	$	82,956
Commercial		11,340		73		(159	)		11,254
Obligations of U.S. government-sponsored agencies		10,589		151		(471	)		10,269
Obligations of states and political subdivisions		1,566		—		(17	)		1,549
Corporate notes		17,759		33		(1,303	)		16,489
U.S. Treasury securities		40,023		—		(1,226	)		38,797
Total	$	165,341	$	1,080	$	(5,107	)	$	161,314


	Held-to-Maturity
	March 31, 2025
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	236	$	—	$	(8	)	$	228
Obligations of U.S. government-sponsored agencies		375		—		(21	)	$	354
Obligations of states and political subdivisions		21		—		(1	)	$	20
Total	$	632	$	—	$	(30	)	$	602


	Available-for-Sale
	December 31, 2024
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	87,703	$	347	$	(2,768	)	$	85,282
Commercial		12,105		17		(202	)		11,920
Obligations of U.S. government-sponsored agencies		11,436		18		(620	)		10,834
Obligations of states and political subdivisions		1,577		—		(28	)		1,549
Corporate notes		17,757		58		(1,871	)		15,944
U.S. Treasury securities		44,019		—		(1,660	)		42,359
Total	$	174,597	$	440	$	(7,149	)	$	167,888


	Held-to-Maturity
	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	264	$	—	$	(10	)	$	254
Obligations of U.S. government-sponsored agencies		384		—		(27	)		357
Obligations of states and political subdivisions		34		—		(3	)		31
Total	$	682	$	—	$	(40	)	$	642

The scheduled maturities of investment securities available-for-sale and held-to-maturity as of March 31, 2025 are presented in the following table:


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in Thousands)
Maturing within one year	$	20,278	$	20,109	$	—	$	—
Maturing after one to five years		26,668		25,527		242		237
Maturing after five to ten years		57,533		54,387		290		271
Maturing after ten years		60,862		61,291		100		94
Total	$	165,341	$	161,314	$	632	$	602

For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments.

The following tables reflect fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of March 31, 2025 and December 31, 2024.


	Available-for-Sale
	March 31, 2025
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	4,681	$	(10	)	$	26,999	$	(1,921	)
Commercial		881		(4	)		4,936		(155	)
Obligations of U.S. government-sponsored agencies		—		—			4,599		(471	)
Obligations of states and political subdivisions		—		—			1,549		(17	)
Corporate notes		—		—			14,456		(1,303	)
U.S. Treasury securities		—		—			38,797		(1,226	)
Total	$	5,562	$	(14	)	$	91,336	$	(5,093	)


	Held-to-Maturity
	March 31, 2025
	Less than 12 Months				12 Months or More
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	—	$	—	$	228	$	(8	)
Obligations of U.S. government-sponsored agencies		—		—		354		(21	)
Obligations of states and political subdivisions		—		—		20		(1	)
Total	$	—	$	—	$	602	$	(30	)


	Available-for-Sale
	December 31, 2024
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	41,417	$	(424	)	$	28,520	$	(2,344	)
Commercial		3,374		(13	)		5,331		(189	)
Obligations of U.S. government-sponsored agencies		3,823		(1	)		4,457		(619	)
Obligations of states and political subdivisions		—		—			1,549		(28	)
Corporate notes		—		—			13,886		(1,871	)
U.S. Treasury securities		—		—			42,359		(1,660	)
Total	$	48,614	$	(438	)	$	96,102	$	(6,711	)


	Held-to-Maturity
	December 31, 2024
	Less than 12 Months				12 Months or More
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	—	$	—	$	254	$	(10	)
Obligations of U.S. government-sponsored agencies		—		—		357		(27	)
Obligations of states and political subdivisions		—		—		31		(3	)
Total	$	—	$	—	$	642	$	(40	)

Available-for-Sale Considerations

For any securities classified as available-for-sale that are in an unrealized loss position as of the balance sheet date, the Company assesses whether or not it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net income.

As of March 31, 2025, 95 available-for-sale debt securities had been in a loss position for more than 12 months, and four available-for-sale debt securities had been in a loss position for less than 12 months. As of December 31, 2024, 97 available-for-sale debt securities had been in a loss position for more than 12 months, and 16 available-for-sale debt securities had been in a loss position for less than 12 months. As of March 31, 2025, the Company had the current intent and ability to retain its investments for a period of time that management believes to be sufficient to allow for any anticipated recovery of fair value. As of March 31, 2025 and December 31, 2024, the losses for all available-for-sale securities were considered to be a direct result of the effect that the prevailing interest rate environment had on the value of debt securities and were not related to the creditworthiness of the issuers. Accordingly, no allowance for credit losses ("ACL") was considered necessary related to available-for-sale securities as of March 31, 2025 or December 31, 2024. Accrued interest receivable is excluded from the estimate of credit losses for available-for-sale securities. As of both March 31, 2025 and December 31, 2024, accrued interest receivable totaled $0.7 million with no related ACL and was reported in the accrued interest line on the accompanying consolidated balance sheets.

Held-to-Maturity Considerations

Each quarter, management evaluates the held-to-maturity investment portfolio on a collective basis by major security type to determine whether an ACL is needed. Qualitative factors are used in the Company’s credit loss assessments, including current and forecasted economic conditions, the characteristics of the debt issuer, and the historic ability of the issuer to make contractual principal and interest payments. Specifically, with regard to mortgage-backed securities or obligations of U.S. government sponsored agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are either backed by the full faith and credit of the U.S. government or the agency. With regard to obligations of states and political subdivisions, management considers issuer bond ratings, historical loss rates for given bond ratings, and whether the issuers continue to make timely principal and interest payments under contractual terms of the securities. Based on these evaluations, no ACL was recorded by the Company for the held-to-maturity investment portfolio as of March 31, 2025 or December 31, 2024. As of March 31, 2025 and December 31, 2024, accrued interest receivable totaled $3.0 thousand and $2.0 thousand, respectively, with no related ACL and was reported in the accrued interest line on the accompanying consolidated balance sheets.

Pledged Securities

Investment securities with a carrying value of $62.6 million and $72.1 million as of March 31, 2025 and December 31, 2024, respectively, were pledged to secure public deposits and for other purposes.

LOANS AND LEASES

Portfolio Segments

The Company has divided the loan portfolio into the following portfolio segments based on risk characteristics:

Construction, land development and other land loans – Commercial construction, land and land development loans include loans for the development of residential housing projects, loans for the development of commercial and industrial use property, loans for the purchase and improvement of raw land and loans primarily for agricultural production that are secured by farmland. These loans are secured in whole or in part by the underlying real estate collateral and are generally guaranteed by the principals of the borrowing entity.

Secured by 1-4 family residential properties – These loans include conventional mortgage loans on one-to-four family residential properties. These properties may serve as the borrower’s primary residence, vacation home or investment property. Also included in this portfolio are home equity loans and lines of credit. This type of lending, which is secured by a first or second mortgage on the borrower’s residence, allows customers to borrow against the equity in their home.

Secured by multi-family residential properties – This portfolio segment includes mortgage loans secured by apartment buildings.

Secured by non-residential commercial real estate – This portfolio segment includes real estate loans secured by commercial and industrial properties, office or mixed-use facilities, strip shopping centers or other commercial property. These loans are generally guaranteed by the principals of the borrowing entity.

Commercial and industrial loans and leases – This portfolio segment includes loans and leases to commercial customers for use in the normal course of business. These credits may be loans, lines of credit and leases to financially strong borrowers, secured by inventories, equipment or receivables, and are generally guaranteed by the principals of the borrowing entity.

Direct consumer – This portfolio segment includes a variety of secured and unsecured personal loans, including automobile loans, loans for household and personal purposes and all other direct consumer installment loans.

Indirect consumer – This portfolio segment includes loans secured by collateral purchased by consumers at retail stores with whom the Company has an established relationship to provide financing for the retail products sold if applicable underwriting standards are met. The collateral securing these loans primarily includes recreational vehicles, campers, boats, horse trailers and cargo trailers.

As of March 31, 2025 and December 31, 2024, the composition of the loan portfolio by portfolio segment was as follows:


	March 31, 2025		December 31, 2024
Real estate loans:
Construction, land development and other land loans	$	58,572	$	65,537
Secured by 1-4 family residential properties		68,523		69,999
Secured by multi-family residential properties		106,374		101,057
Secured by non-residential commercial real estate		214,065		227,751
Commercial and industrial loans and leases (1)		45,166		44,238
Consumer loans:
Direct		4,610		4,774
Indirect		351,025		309,683
Total loans		848,335		823,039
Allowance for credit losses on loans and leases		10,405		10,184
Net loans (2)	$	837,930	$	812,855

(1)

Includes equipment financing leases, which totaled $15.2 million as of March 31, 2025 and $14.2 million as of December 31, 2024.

(2)

Loans are presented net of unearned income and unamortized deferred fees and costs of $0.8 million as of both March 31, 2025 and December 31, 2024. In addition, loans are also presented net of unamortized premiums associated with indirect loans of $13.7 million and $10.6 million as of March 31, 2025 and December 31, 2024, respectively.

Accrued interest receivable is not included in the amortized cost basis of the Company's loans held for investment ("LHFI"). As of March 31, 2025 and December 31, 2024, accrued interest receivable for LHFI totaled $3.0 million and $2.8 million, respectively, with no related ACL and was reported in the accrued interest line on the accompanying consolidated balance sheets.

The Company makes commercial, real estate and installment loans to its customers. Although the Company has a diversified loan portfolio, 52.8% and 56.4% of the portfolio was concentrated in loans secured by real estate as of March 31, 2025 and December 31, 2024, respectively.

Loans with a carrying value of $90.7 million and $92.6 million were pledged as collateral to secure Federal Home Loan Bank (“FHLB”) borrowings as of March 31, 2025 and December 31, 2024, respectively. In addition, loans with a carrying value of $309.7 million and $285.2 million were pledged to secure borrowings with the Federal Reserve Bank ("FRB") as of March 31, 2025 and December 31, 2024, respectively.

Related Party Loans

In the ordinary course of business, the Bank makes loans to certain officers and directors of the Company, including companies with which they are associated. These loans are made on the same terms as those prevailing for comparable transactions with unrelated parties. Management believes that such loans do not represent more than a normal risk of collectability, nor do they present other unfavorable features. The aggregate balances of such related party loans and commitments were $11.4 million as of both March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, there were no new loans to related parties, and no repayments made by related parties. During the year ended December 31, 2024, there were new loans of $1.4 million to related parties, and repayments made of $1.4 million by related parties.

Allowances for Credit Losses

Allowance for Credit Losses on Loans and Leases

The Company records the ACL on loans and leases as a contra-asset valuation account that is deducted from the amortized cost basis of loans and leases held for investment. Loans are charged off against the ACL when management believes that the uncollectibility of a loan balance is confirmed. Recoveries of previously charged off loans are also recorded to the ACL when collected. As of each quarter-end date, the Company evaluates the appropriateness of the ACL on loans and leases and adjusts the ACL through the provision for (recovery of) credit losses.

Determining the appropriateness of the ACL on loans and leases is complex and requires judgment by management about the effects of matters that are inherently uncertain. The level of the ACL is influenced by loan and lease volumes and mix, historical credit loss experience, estimated remaining life of portfolio segments, asset quality characteristics, delinquency status, and other conditions including reasonable and supportable forecasts of economic conditions and qualitative adjustment factors based on management’s understanding of various attributes that could impact life-of-loan losses as of the balance sheet date. The methodology to estimate losses includes two basic components: (1) an asset-specific component for individual loans that do not share similar risk characteristics with other loans, and (2) a pooled component for estimated expected credit losses for loans that share similar risk characteristics.

Loans that do not share risk characteristics with other loans are evaluated on an individual basis. The process for determining whether a loan should be evaluated on an individual basis begins with a determination of credit rating. All loans graded by management as substandard or worse with a total commitment of $0.5 million or more are evaluated on an individual basis. At management's discretion, other loans may be evaluated, including loans less than $0.5 million, if management determines that the loans exhibit unique risk characteristics. For loans individually evaluated, the ACL is based primarily on the fair value of the underlying collateral, less any estimated costs to sell, as applicable, utilizing independent third-party appraisals, and assessment of borrower guarantees. The fair value is compared to the amortized cost basis of the loan to determine if an ACL should be recognized.

For estimating the component of the ACL that shares similar risk characteristics, loans are segregated into pooled loan categories that share risk characteristics. Loans are designated into pooled categories based on product types, business lines, collateral, and other risk characteristics. For all pooled loan categories, the Company uses a loss-rate methodology to calculate estimated life-of-loan and lease credit losses. This methodology focuses on historical credit loss rates applied over the estimated weighted average remaining life of each loan pool, adjusted by qualitative factors, to estimate life-of-loan losses for each pool. The qualitative factors utilized include, among others, reasonable and supportable forecasts of economic data, including inflation and unemployment levels, as well as interest rates.

Allowance for Credit Losses on Unfunded Lending Commitments

The Company records an ACL on unfunded lending commitments in which the Company is exposed to credit risk via a present contractual obligation to extend credit unless the obligation is unconditionally cancellable by the Company. Unconditional lending commitments generally include unfunded term loan agreements, home equity lines of credit, lines of credit, and demand deposit account overdraft protection.

As of each quarter-end date, the Company estimates expected credit losses on unfunded lending commitments over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The ACL on unfunded lending commitments is recorded in other liabilities, and adjustments to the ACL are recorded through the provision for (recovery of) credit losses.

Summary of Allowances for Credit Losses

The following tables present changes in the ACL on loans and leases, as well as unfunded lending commitments, during the three months ended March 31, 2025 and 2024:


	As of and for the Three Months Ended March 31, 2025
	Construction, Land Development, and Other			Real Estate 1-4 Family			Real Estate Multi- Family			Non- Residential Commercial Real estate			Commercial and Industrial			Direct Consumer			Indirect Consumer			Total
	(Dollars in Thousands)
Allowance for credit losses on loans and leases:
Beginning balance	$	352		$	406		$	546		$	1,428		$	1,531		$	49		$	5,872		$	10,184
Charge-offs		—			—			—			—			—			—			(422	)		(422	)
Recoveries		—			6			—			—			16			57			74			153
Provision for (recovery of) credit losses on loans and leases		(73	)		(57	)		(17	)		(157	)		(20	)		(59	)		873			490
Allowance for credit losses on loans and leases	$	279		$	355		$	529		$	1,271		$	1,527		$	47		$	6,397		$	10,405


Allowance for credit losses on unfunded lending commitments:
Beginning balance	$	280		$	1		$	43		$	16		$	34		$	2		$	—		$	376
Provision for (recovery of) credit losses on unfunded lending commitments		50			—			(1

FIRST US BANCSHARES, INC. 10-Q