--12-31Q20000717806falseFIRST US BANCSHARES INChttp://fasb.org/us-gaap/2024#ServiceMemberhttp://fasb.org/us-gaap/2024#ServiceMemberhttp://fasb.org/us-gaap/2024#ServiceMemberhttp://fasb.org/us-gaap/2024#ServiceMemberhttp://fasb.org/us-gaap/2024#InterestReceivablehttp://fasb.org/us-gaap/2024#InterestReceivablehttp://fasb.org/us-gaap/2024#InterestReceivablehttp://fasb.org/us-gaap/2024#InterestReceivableP1DP1Yhttp://fasb.org/us-gaap/2024#LeaseIncomehttp://fasb.org/us-gaap/2024#LeaseIncomehttp://fasb.org/us-gaap/2024#LeaseIncomehttp://fasb.org/us-gaap/2024#LeaseIncomehttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherLiabilitiesFebruary 28, 2023February 28, 20231http://fasb.org/srt/2024#ChiefExecutiveOfficerMember http://fasb.org/srt/2024#ChiefFinancialOfficerMember http://www.firstusbank.com/20250630#ChiefCommercialLendingOfficerMember http://www.firstusbank.com/20250630#ChiefConsumerLendingOfficerMember http://www.firstusbank.com/20250630#ChiefInformationAndConsumerBankingOfficerMember http://www.firstusbank.com/20250630#ChiefRiskOfficerMember0000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:IndirectMember2025-06-300000717806us-gaap:SubstandardMemberfusb:CommercialAndIndustrialLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:NonperformingFinancingReceivableMember2025-06-300000717806us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806us-gaap:FinancialAssetNotPastDueMemberfusb:CommercialAndIndustrialLoansMember2025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-12-3100007178062023-12-310000717806us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2025-06-300000717806fusb:CommercialAndIndustrialLoansAndLeasesMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:OtherNonInterestExpenseMember2024-04-012024-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMember2024-12-310000717806us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-01-312023-01-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2025-06-300000717806us-gaap:InterestRateSwapMember2024-12-312024-12-310000717806us-gaap:CorporateNoteSecuritiesMember2025-06-300000717806fusb:CreditRiskParticipationAgreementsMemberus-gaap:NondesignatedMember2024-12-310000717806us-gaap:StandbyLettersOfCreditMember2025-06-300000717806us-gaap:SubordinatedDebtMember2024-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:RealEstate1Member2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberfusb:DirectConsumerMember2024-12-310000717806us-gaap:SubordinatedDebtMember2025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2024-04-012024-06-300000717806fusb:OtherNonInterestExpenseMember2025-04-012025-06-300000717806us-gaap:RetainedEarningsMember2025-04-012025-06-300000717806us-gaap:RestrictedStockMember2024-06-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-06-3000007178062025-03-310000717806fusb:CreditRiskParticipationAgreementsMemberus-gaap:NondesignatedMember2025-01-012025-06-300000717806us-gaap:FinancialAssetPastDueMemberfusb:CommercialAndIndustrialLoansMember2024-12-310000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:RealEstateMemberfusb:RealEstate1Member2024-01-012024-12-310000717806srt:MaximumMember2025-01-012025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectMemberus-gaap:PerformingFinancingReceivableMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMember2023-12-310000717806us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000717806fusb:EquipmentFinancingLeasesMember2024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:FairValueInputsLevel3Member2024-12-310000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2025-04-012025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2025-06-300000717806us-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000717806us-gaap:FairValueInputsLevel3Member2025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2025-06-300000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:CommercialAndIndustrialLoansMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberfusb:IndirectMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectMember2023-12-310000717806us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:AssetPledgedAsCollateralMember2025-06-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectConsumersMemberus-gaap:PerformingFinancingReceivableMember2024-12-310000717806us-gaap:EmployeeStockOptionMemberfusb:OmnibusIncentivePlanMembersrt:MaximumMember2025-01-012025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2024-06-300000717806us-gaap:TreasuryStockCommonMember2023-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000717806fusb:CommercialAndIndustrialLoansMember2023-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-06-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300000717806fusb:InterestAndFeesOnLoansMember2025-04-012025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2023-12-310000717806fusb:OtherNonInterestIncomeMember2025-04-012025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-06-300000717806us-gaap:RealEstateMember2024-01-012024-12-310000717806us-gaap:CommercialPortfolioSegmentMember2024-01-012024-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300000717806us-gaap:FinancialAssetNotPastDueMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-06-300000717806us-gaap:CommercialPortfolioSegmentMemberfusb:CommercialAndIndustrialLoansMemberus-gaap:DoubtfulMember2024-12-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancialAssetPastDueMemberfusb:RealEstate1Member2025-06-300000717806us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalReserveBankAdvancesMember2024-12-310000717806us-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMemberfusb:CommercialAndIndustrialLoansMember2024-12-310000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberus-gaap:RealEstateMemberfusb:RealEstate1Member2024-01-012024-12-310000717806fusb:InterestAndFeesOnLoansMember2024-04-012024-06-300000717806us-gaap:RealEstateMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2025-01-012025-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfusb:OtherAssetsInterestRateSwapsMember2025-06-300000717806us-gaap:SubordinatedDebtMember2021-10-012021-10-010000717806fusb:SoftwareMember2024-04-012024-06-300000717806us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputComparabilityAdjustmentMember2025-06-300000717806us-gaap:RestrictedStockMemberfusb:OmnibusIncentivePlanMemberfusb:NonEmployeeDirectorsMember2025-01-012025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:RealEstate1Member2024-12-310000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMemberfusb:CommercialAndIndustrialLoansMember2024-06-300000717806us-gaap:AdditionalPaidInCapitalMember2024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberfusb:IndirectMember2024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:StandbyLettersOfCreditMember2024-12-310000717806us-gaap:InterestRateSwapMember2025-06-302025-06-300000717806fusb:StandbyPerformanceLettersOfCreditMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberfusb:DirectConsumerMember2024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2023-12-310000717806us-gaap:AdditionalPaidInCapitalMember2025-06-300000717806us-gaap:OtherLiabilitiesMember2024-12-310000717806fusb:CommitmentsToExtendCredit1Member2024-12-310000717806us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateFloorsMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000717806us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-06-300000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2025-06-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MaximumMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMember2024-12-3100007178062024-04-012024-06-3000007178062025-04-012025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMember2024-06-300000717806us-gaap:AdditionalPaidInCapitalMember2024-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2025-06-300000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2025-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2025-01-012025-06-300000717806fusb:InterestOnDepositsMember2024-04-012024-06-300000717806us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2025-06-300000717806us-gaap:TreasuryStockCommonMember2024-01-012024-06-300000717806fusb:OtherMember2024-01-012024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2024-01-012024-06-300000717806fusb:CommercialAndIndustrialLoansAndLeasesMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:AdditionalPaidInCapitalMember2023-12-310000717806us-gaap:CoreDepositsMember2024-12-310000717806us-gaap:CashFlowHedgingMemberus-gaap:InterestRateFloorMember2025-03-012025-03-310000717806fusb:OtherMember2025-01-012025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2024-01-012024-12-310000717806us-gaap:FairValueMeasurementsRecurringMemberfusb:OtherAssetsInterestRateSwapsMember2025-06-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMember2025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300000717806fusb:CommercialAndIndustrialLoansAndLeasesMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-12-310000717806us-gaap:CorporateNoteSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-01-012024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMember2024-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateSwapsRelatedToFixedRateIndirectConsumerLoansMemberus-gaap:FairValueHedgingMember2024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2025-01-012025-06-300000717806us-gaap:UnfundedLoanCommitmentMember2025-06-3000007178062024-01-012024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMember2025-01-012025-06-300000717806fusb:InterestRateFloorsMemberus-gaap:NondesignatedMember2025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateSwapsRelatedToInterestBearingLiabilitiesMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000717806us-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:UnusedLinesOfCreditMemberfusb:CorrespondentBanksMember2025-01-012025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateSwapsRelatedToFixedRateIndirectConsumerLoansMemberus-gaap:FairValueHedgingMember2024-01-012024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2023-12-310000717806us-gaap:TreasuryStockCommonMember2025-03-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2024-12-310000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-01-012024-06-300000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-06-3000007178062024-03-310000717806us-gaap:USTreasurySecuritiesMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMember2025-01-012025-06-300000717806us-gaap:RestrictedStockMemberfusb:OmnibusIncentivePlanMember2025-01-012025-06-300000717806us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000717806fusb:OtherLiabilitiesCreditRiskParticipationAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2025-01-012025-06-300000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMember2023-12-310000717806fusb:EquipmentFinancingLeasesMember2025-06-300000717806us-gaap:AdditionalPaidInCapitalMember2025-03-310000717806us-gaap:UnusedLinesOfCreditMemberus-gaap:FederalReserveBankAdvancesMember2025-06-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:RealEstate1Member2025-06-300000717806fusb:InterestRateFloorsMemberus-gaap:NondesignatedMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMember2023-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberfusb:IndirectMember2025-06-300000717806us-gaap:CommonStockMember2024-12-310000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2023-12-310000717806us-gaap:UnusedLinesOfCreditMemberus-gaap:FederalReserveBankAdvancesMember2025-01-012025-06-300000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMemberfusb:CommercialAndIndustrialLoansMember2023-12-310000717806us-gaap:TreasuryStockCommonMember2025-01-012025-06-300000717806fusb:IndirectMember2025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-03-310000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMemberfusb:CommercialAndIndustrialLoansMember2025-06-300000717806fusb:StandbyPerformanceLettersOfCreditMember2025-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806fusb:ForwardInterestRateSwapContractsMemberus-gaap:CashFlowHedgingMember2024-08-012024-08-310000717806fusb:InterestAndFeesOnLoansMember2024-01-012024-06-300000717806fusb:OtherMemberfusb:CommercialAndIndustrialLoansMember2024-01-012024-12-310000717806us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:CommercialAndIndustrialLoansMember2025-06-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMemberfusb:OtherAssetsInterestRateFloorsMember2025-06-300000717806us-gaap:RealEstateMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2024-01-012024-12-310000717806us-gaap:FinancialAssetNotPastDueMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2024-12-310000717806us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember2025-01-012025-06-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberfusb:OtherAssetsInterestRateSwapsMember2024-12-310000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2024-01-012024-06-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-06-300000717806fusb:ForwardInterestRateSwapContractsOneMemberus-gaap:CashFlowHedgingMember2024-08-012024-08-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-06-300000717806us-gaap:USStatesAndPoliticalSubdivisionsMember2025-06-300000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:CommercialAndIndustrialLoansMember2024-12-310000717806us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMember2024-01-012024-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2024-12-310000717806fusb:InterestOnDepositsMember2025-01-012025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:PerformingFinancingReceivableMember2025-06-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000717806us-gaap:NondesignatedMember2025-01-012025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310000717806us-gaap:RestrictedStockMember2023-12-310000717806us-gaap:SubstandardMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:CommonStockMember2025-04-012025-06-300000717806us-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectConsumersMember2024-01-012024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2025-01-012025-06-300000717806us-gaap:RestrictedStockMember2024-01-012024-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMember2025-03-012025-03-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2023-12-310000717806us-gaap:USTreasurySecuritiesMember2024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000717806us-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:SubordinatedDebtMemberus-gaap:PrivatePlacementMember2021-10-010000717806us-gaap:EmployeeStockOptionMembersrt:MinimumMemberfusb:OmnibusIncentivePlanMember2025-01-012025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:RealEstate1Member2024-01-012024-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2024-12-310000717806us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000717806us-gaap:CoreDepositsMember2025-06-300000717806us-gaap:UnusedLinesOfCreditMemberus-gaap:FederalReserveBankAdvancesMember2024-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2025-06-300000717806us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2024-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateSwapsRelatedToInterestBearingLiabilitiesMemberus-gaap:CashFlowHedgingMember2025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateSwapsRelatedToInterestBearingLiabilitiesMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMemberfusb:CommercialAndIndustrialLoansMember2024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:CommercialPortfolioSegmentMemberfusb:CommercialAndIndustrialLoansMember2024-01-012024-12-310000717806us-gaap:CashFlowHedgingMemberfusb:ForwardInterestRateSwapContractsTwoMember2024-08-310000717806us-gaap:OtherLiabilitiesMember2025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2024-12-310000717806us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-01-310000717806fusb:CommercialAndIndustrialLoansMember2024-01-012024-06-300000717806us-gaap:CorporateNoteSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806fusb:LoansHeldForInvestmentMember2025-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806fusb:SoftwareMember2025-04-012025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMember2025-06-300000717806fusb:OtherMemberfusb:CommercialAndIndustrialLoansMember2025-01-012025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-01-012024-12-310000717806fusb:ForwardInterestRateSwapContractsOneMemberus-gaap:CashFlowHedgingMember2024-08-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancialAssetPastDueMemberfusb:RealEstate1Member2024-12-310000717806fusb:CommitmentsToExtendCredit1Member2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-12-310000717806us-gaap:RetainedEarningsMember2024-06-300000717806fusb:LoansHeldForInvestmentMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:DirectConsumerMember2024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2024-12-310000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMemberfusb:CommercialAndIndustrialLoansMember2024-01-012024-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2024-12-310000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2025-01-012025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-01-012025-06-300000717806us-gaap:RetainedEarningsMember2025-01-012025-06-300000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2025-01-012025-06-300000717806us-gaap:EmployeeStockOptionMemberfusb:OmnibusIncentivePlanMember2024-01-012024-06-300000717806fusb:InterestRateFloorsMemberus-gaap:NondesignatedMember2024-01-012024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-01-012025-06-300000717806us-gaap:UnusedLinesOfCreditMemberus-gaap:FederalHomeLoanBankAdvancesMember2025-01-012025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectMember2024-01-012024-06-300000717806us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2024-06-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMemberfusb:OtherAssetsInterestRateSwapsMember2024-12-310000717806us-gaap:TreasuryStockCommonMember2024-06-300000717806us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-06-300000717806us-gaap:FinancialAssetNotPastDueMemberfusb:CommercialAndIndustrialLoansMember2024-12-310000717806us-gaap:EmployeeStockOptionMemberfusb:OmnibusIncentivePlanMember2025-01-012025-06-300000717806us-gaap:CommonStockMember2025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateFloorsMemberus-gaap:CashFlowHedgingMember2025-06-300000717806srt:MinimumMember2025-01-012025-06-300000717806us-gaap:FairValueInputsLevel2Memberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-3100007178062025-08-010000717806us-gaap:CommonStockMember2025-03-310000717806us-gaap:UnusedLinesOfCreditMemberfusb:CorrespondentBanksMember2024-12-310000717806us-gaap:TreasuryStockCommonMember2025-04-012025-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806us-gaap:CashFlowHedgingMemberus-gaap:InterestRateFloorMembersrt:MaximumMember2025-03-012025-03-310000717806us-gaap:RetainedEarningsMember2023-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMember2024-12-310000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-01-012025-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000717806us-gaap:RestrictedStockMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:IndirectMember2024-12-310000717806us-gaap:FinancialAssetPastDueMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMember2024-01-012024-12-310000717806us-gaap:CommonStockMember2024-01-012024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectMember2024-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateNoteSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2024-01-012024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectMember2024-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:RealEstate1Member2025-01-012025-06-300000717806fusb:RealEstate1Member2025-06-300000717806us-gaap:RestrictedStockMemberfusb:OmnibusIncentivePlanMember2024-01-012024-06-300000717806us-gaap:SubstandardMemberfusb:CommercialAndIndustrialLoansAndLeasesMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310000717806us-gaap:FairValueMeasurementsNonrecurringMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-06-300000717806us-gaap:CommonStockMember2024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:DirectConsumerMember2025-06-300000717806fusb:CommercialAndIndustrialLoansAndLeasesMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000717806fusb:OtherNonInterestIncomeMember2025-01-012025-06-300000717806fusb:IndirectMember2024-12-310000717806fusb:InterestOnBorrowingsMember2024-04-012024-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2025-06-300000717806us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:CashFlowHedgingMemberus-gaap:InterestRateFloorMember2024-03-012024-03-310000717806us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:CashFlowHedgingMemberus-gaap:InterestRateFloorMember2025-03-310000717806us-gaap:NondesignatedMember2024-01-012024-12-310000717806us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberfusb:OtherAssetsInterestRateSwapsMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMember2024-01-012024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2025-06-300000717806fusb:CommercialAndIndustrialLoansMember2025-01-012025-06-3000007178062024-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2023-12-310000717806fusb:InterestOnDepositsMember2025-04-012025-06-300000717806fusb:CreditRiskParticipationAgreementsMemberus-gaap:NondesignatedMember2025-06-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000717806us-gaap:RetainedEarningsMember2025-03-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-01-012024-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2024-12-310000717806us-gaap:RestrictedStockMember2025-01-012025-06-300000717806us-gaap:FinancialAssetNotPastDueMember2025-06-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2024-12-310000717806us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806fusb:OtherNonInterestExpenseMember2025-01-012025-06-300000717806fusb:RealEstate1Member2024-12-310000717806us-gaap:FinancialAssetNotPastDueMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:RealEstateMemberfusb:RealEstate1Member2025-01-012025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberfusb:DirectConsumerMember2024-12-310000717806us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000717806us-gaap:EstimateOfFairValueFairValueDisclosureMemberfusb:OtherAssetsInterestRateSwapsMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectMember2025-06-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2023-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2023-12-310000717806us-gaap:PassMemberfusb:CommercialAndIndustrialLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMember2025-06-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MaximumMember2024-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMember2024-01-012024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:IndirectMember2025-06-300000717806us-gaap:TreasuryStockCommonMember2024-03-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:InterestAndFeesOnLoansMember2025-01-012025-06-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMember2024-12-310000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2024-01-012024-06-300000717806us-gaap:CommonStockMember2025-01-012025-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberus-gaap:RealEstateMemberfusb:RealEstate1Member2025-01-012025-06-300000717806us-gaap:EstimateOfFairValueFairValueDisclosureMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2024-12-310000717806us-gaap:UnfundedLoanCommitmentMember2024-12-310000717806us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:OperatingSegmentsMember2024-01-012024-06-300000717806us-gaap:CommonStockMember2024-03-310000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806us-gaap:SubordinatedDebtMember2021-10-010000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:PerformingFinancingReceivableMember2024-12-310000717806us-gaap:FairValueMeasurementsNonrecurringMember2024-12-3100007178062025-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000717806us-gaap:SubstandardMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateNoteSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806us-gaap:FinancialAssetNotPastDueMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2025-06-300000717806fusb:SoftwareMember2025-01-012025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMember2025-06-300000717806us-gaap:CorporateNoteSecuritiesMember2024-12-310000717806us-gaap:AdditionalPaidInCapitalMember2024-03-310000717806fusb:AcceptanceLoanCompanyMember2024-12-310000717806fusb:OtherAssetsInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000717806us-gaap:CashFlowHedgingMemberus-gaap:InterestRateFloorMember2024-03-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:RealEstate1Member2024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:DirectConsumerMember2024-06-300000717806fusb:InterestOnDepositsMember2024-01-012024-06-300000717806us-gaap:CommonStockMember2023-12-310000717806us-gaap:RetainedEarningsMember2024-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000717806us-gaap:RetainedEarningsMember2024-03-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectMember2025-01-012025-06-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2025-06-300000717806us-gaap:FairValueMeasurementsRecurringMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2025-06-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000717806us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberfusb:OtherAssetsInterestRateSwapsMember2024-12-310000717806us-gaap:OperatingSegmentsMember2025-04-012025-06-300000717806us-gaap:NetInvestmentHedgingMemberfusb:CreditDerivativesMember2024-12-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2024-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-01-012025-06-300000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMemberfusb:CommercialAndIndustrialLoansMember2025-01-012025-06-3000007178062024-12-310000717806us-gaap:RestrictedStockMemberfusb:OmnibusIncentivePlanMemberfusb:EmployeesMember2025-01-012025-06-300000717806us-gaap:CashFlowHedgingMemberus-gaap:InterestRateFloorMembersrt:MaximumMember2024-03-012024-03-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMember2025-03-310000717806us-gaap:FairValueMeasurementsRecurringMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2024-12-310000717806fusb:CommercialAndIndustrialLoansMember2024-01-012024-12-310000717806us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMember2025-06-300000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-12-310000717806us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalReserveBankAdvancesMember2025-06-300000717806fusb:CommercialAndIndustrialLoansMember2025-06-300000717806us-gaap:UnusedLinesOfCreditMemberus-gaap:FederalHomeLoanBankAdvancesMember2025-06-300000717806us-gaap:CommercialMortgageBackedSecuritiesMember2025-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000717806fusb:InterestOnBorrowingsMember2024-01-012024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberfusb:DirectConsumerMember2025-06-300000717806fusb:OtherNonInterestExpenseMember2024-01-012024-06-300000717806us-gaap:FinancialAssetPastDueMemberfusb:CommercialAndIndustrialLoansMember2025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-06-300000717806us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000717806us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputComparabilityAdjustmentMember2024-12-310000717806us-gaap:RestrictedStockMember2024-12-310000717806us-gaap:FinancialAssetPastDueMember2025-06-300000717806fusb:CommercialAndIndustrialLoansAndLeasesMember2025-06-300000717806fusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-06-300000717806us-gaap:TreasuryStockCommonMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberfusb:IndirectMember2025-06-300000717806us-gaap:OperatingSegmentsMember2024-04-012024-06-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-3000007178062024-01-012024-06-300000717806us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:IndirectMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-01-012024-06-300000717806us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000717806us-gaap:RealEstateMember2025-01-012025-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberfusb:DirectConsumerMember2025-06-300000717806fusb:OtherAssetsInterestRateFloorsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000717806fusb:SoftwareMember2024-01-012024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberfusb:DirectConsumerMember2025-06-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000717806us-gaap:RetainedEarningsMember2024-01-012024-06-300000717806us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000717806us-gaap:RetainedEarningsMember2024-04-012024-06-300000717806us-gaap:UnusedLinesOfCreditMemberfusb:CorrespondentBanksMember2025-06-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000717806us-gaap:UnusedLinesOfCreditMemberus-gaap:FederalHomeLoanBankAdvancesMember2024-12-310000717806us-gaap:TreasuryStockCommonMember2025-06-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2024-01-012024-06-300000717806us-gaap:CommercialPortfolioSegmentMemberfusb:CommercialAndIndustrialLoansMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:IndirectConsumersMember2024-12-310000717806fusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:RealEstate1Member2025-06-300000717806us-gaap:SubordinatedDebtMember2025-01-012025-06-300000717806fusb:CommercialAndIndustrialLoansAndLeasesMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2025-06-300000717806us-gaap:FairValueMeasurementsRecurringMemberfusb:OtherAssetsInterestRateSwapsMember2024-12-310000717806us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:AssetPledgedAsCollateralMember2024-12-310000717806fusb:CommercialAndIndustrialLoansMember2024-12-310000717806us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberfusb:IndirectMember2024-12-310000717806us-gaap:RetainedEarningsMember2025-06-300000717806us-gaap:CommercialPortfolioSegmentMember2025-01-012025-06-300000717806us-gaap:OperatingSegmentsMember2025-01-012025-06-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000717806us-gaap:FinancialAssetNotPastDueMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2025-06-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMemberfusb:OtherAssetsInterestRateSwapsMember2025-06-300000717806fusb:SecuredByNonResidentialCommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-12-310000717806us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000717806fusb:InterestRateFloorsMemberus-gaap:NondesignatedMember2025-01-012025-06-3000007178062025-01-012025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2024-06-300000717806us-gaap:ConsumerPortfolioSegmentMemberfusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:IndirectMember2024-12-310000717806us-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMemberfusb:InterestRateSwapsRelatedToInterestBearingLiabilitiesMemberus-gaap:CashFlowHedgingMember2024-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberfusb:OtherLiabilitiesCreditRiskParticipationAgreementMember2025-06-300000717806us-gaap:CommonStockMember2024-04-012024-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000717806us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2024-12-310000717806us-gaap:SubordinatedDebtMember2024-01-012024-06-300000717806fusb:CommercialAndIndustrialLoansMember2024-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2025-06-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2025-06-300000717806us-gaap:CashFlowHedgingMemberfusb:ForwardInterestRateSwapContractsTwoMember2024-08-012024-08-310000717806fusb:CreditRiskParticipationAgreementsMemberus-gaap:NondesignatedMember2024-01-012024-12-310000717806us-gaap:CommercialPortfolioSegmentMember2025-06-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:CreditLossesOnUnfundedLendingCommitmentsMember2024-01-012024-06-30xbrli:purefusb:Segmentfusb:DebtSecuritiesfusb:Contractxbrli:sharesfusb:CreditRiskiso4217:USDiso4217:USDxbrli:shares

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 June 30, 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 August 1, 2025
Common Stock, $0.01 par value	5,759,659 shares

FIRST US BANCSHARES, INC. AND SUBSIDIARY


		PAGE

PART I. FINANCIAL INFORMATION		4

ITEM 1. FINANCIAL STATEMENTS		4

Interim Condensed Consolidated Balance Sheets at June 30, 2025 (Unaudited) and December 31, 2024		4

Interim Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)		5

Interim Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)		6

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)		7

Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)		9

Notes to Interim Condensed Consolidated Financial Statements (Unaudited)		10

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		41

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		58

ITEM 4. CONTROLS AND PROCEDURES		59

PART II. OTHER INFORMATION		60

ITEM 1. LEGAL PROCEEDINGS		60

ITEM 1A. RISK FACTORS		60

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		60

ITEM 5. OTHER INFORMATION		60

ITEM 6. EXHIBITS		61

Signature Page		62

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 subsidiary, 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)


	June 30,			December 31,
	2025			2024
	(Unaudited)
ASSETS
Cash and due from banks	$	9,380		$	10,633
Interest-bearing deposits in banks		44,575			36,583
Total cash and cash equivalents		53,955			47,216
Federal funds sold and securities purchased under reverse repurchase agreements		4,850			5,727
Investment securities available-for-sale, at fair value (amortized cost $159,563 and $174,597; net of allowance for credit losses of $- and $-)		156,576			167,888
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $- and $-, (fair value 2025 - $535, 2024 - $642)		561			682
Federal Home Loan Bank stock, at cost		1,741			1,256
Loans and leases held for investment		871,431			823,039
Less: allowance for credit losses on loans and leases		11,388			10,184
Net loans and leases held for investment		860,043			812,855
Premises and equipment, net of accumulated depreciation		26,479			24,803
Cash surrender value of bank-owned life insurance		17,198			17,056
Accrued interest receivable		3,867			3,588
Goodwill and core deposit intangible, net		7,447			7,484
Other real estate owned		1,298			1,509
Other assets		9,364			11,022
Total assets	$	1,143,379		$	1,101,086
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	150,894		$	155,945
Interest-bearing		835,952			816,612
Total deposits		986,846			972,557
Accrued interest expense		1,981			1,751
Other liabilities		6,751			7,282
Short-term borrowings		35,000			10,000
Long-term borrowings		10,909			10,872
Total liabilities		1,041,487			1,002,462
Shareholders’ equity:
Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,920,149 and 7,840,348 shares issued, respectively; 5,755,064 and 5,696,171 shares outstanding, respectively		79			78
Additional paid-in capital		15,619			15,540
Accumulated other comprehensive loss, net of tax		(2,065	)		(4,344	)
Retained earnings		117,988			116,865
Less treasury stock: 2,165,085 and 2,144,177 shares at cost, respectively		(29,729	)		(29,515	)
Total shareholders’ equity		101,892			98,624
Total liabilities and shareholders’ equity	$	1,143,379		$	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				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(Unaudited)				(Unaudited)
Interest income:
Interest and fees on loans	$	12,989	$	12,930	$	25,230	$	25,783
Interest on investment securities		1,335		1,108		2,747		1,973
Interest on deposits in banks		451		423		739		875
Other		79		85		156		192
Total interest income		14,854		14,546		28,872		28,823
Interest expense:
Interest on deposits		5,125		5,210		9,994		10,309
Interest on borrowings		253		160		505		298
Total interest expense		5,378		5,370		10,499		10,607
Net interest income		9,476		9,176		18,373		18,216
Provision for credit losses		2,717		—		3,245		—
Net interest income after provision for credit losses		6,759		9,176		15,128		18,216
Non-interest income:
Service and other charges on deposit accounts		278		298		566		597
Lease income		269		253		553		510
Other income, net		302		284		605		593
Total non-interest income		849		835		1,724		1,700
Non-interest expense:
Salaries and employee benefits		3,945		3,890		7,681		7,978
Net occupancy and equipment		937		954		1,812		1,848
Computer services		421		444		833		887
Insurance expense and assessments		366		414		750		805
Fees for professional services		470		364		685		705
Other expense		1,305		1,206		2,601		2,196
Total non-interest expense		7,444		7,272		14,362		14,419
Income before income taxes		164		2,739		2,490		5,497
Provision for income taxes		9		612		563		1,263
Net income	$	155	$	2,127	$	1,927	$	4,234
Basic net income per share	$	0.03	$	0.36	$	0.33	$	0.72
Diluted net income per share	$	0.03	$	0.34	$	0.32	$	0.68
Dividends per share	$	0.07	$	0.05	$	0.14	$	0.10

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						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
	(Unaudited)						(Unaudited)
Net income	$	155		$	2,127		$	1,927		$	4,234
Other comprehensive income:
Unrealized holding gains on securities available-for-sale arising during period, net of tax expense of $259, $124, $930, and $101, respectively		781			370			2,792			297
Unrealized holding losses arising during the period on effective cash flow hedge derivatives, net of tax benefit of $45, $0, $148 and $0, respectively		(135	)		—			(440	)		—
Reclassification adjustments on cash flow hedge derivatives realized in net income, net of tax benefit of $12, $39, $24, and $78, respectively		(37	)		(117	)		(73	)		(234	)
Other comprehensive income		609			253			2,279			63
Total comprehensive income	$	764		$	2,380		$	4,206		$	4,297

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 June 30, 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, March 31, 2024		5,787,441		$	75	$	15,122		$	(6,621	)	$	111,777		$	(28,027	)	$	92,326
Net income		—			—		—			—			2,127			—			2,127
Net change in fair value of securities available-for-sale, net of tax		—			—		—			370			—			—			370
Net change in fair value of derivative instruments, net of tax		—			—		—			(117	)		—			—			(117	)
Dividends declared: $0.05 per share		—			—		—			—			(289	)		—			(289	)
Reissuance of treasury stock as compensation		11,293					(158	)								158			—
Impact of stock-based compensation plans, net		22,520			3		236			—			—			(3	)		236
Impact of common stock share repurchases		(77,000	)		—		—			—			—			(817	)		(817	)
Balance, June 30, 2024		5,744,254		$	78	$	15,200		$	(6,368	)	$	113,615		$	(28,689	)	$	93,836

Balance, March 31, 2025		5,739,286		$	79	$	15,308		$	(2,674	)	$	118,236		$	(29,718	)	$	101,231
Net income		—			—		—			—			155			—			155
Net change in fair value of securities available-for-sale, net of tax		—			—		—			781			—			—			781
Net change in fair value of derivative instruments, net of tax		—			—		—			(172	)		—			—			(172	)
Dividends declared: $0.07 per share		—			—		—			—			(403	)		—			(403	)
Impact of stock-based compensation plans, net		15,778			—		311			—			—			(11	)		300
Balance, June 30, 2025		5,755,064		$	79	$	15,619		$	(2,065	)	$	117,988		$	(29,729	)	$	101,892

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 six months ended June 30, 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		—			—		—			—			4,234			—			4,234
Net change in fair value of securities available-for-sale, net of tax		—			—		—			297			—			—			297
Net change in fair value of derivative instruments, net of tax		—			—		—			(234	)		—			—			(234	)
Dividends declared: $0.10 per share		—			—		—			—			(578	)		—			(578	)
Reissuance of treasury stock as compensation		11,293			—		(158	)		—			—			158			—
Impact of stock-based compensation plans, net		74,886			3		386			—			—			(48	)		341
Impact of common stock share repurchases		(77,000	)		—		—			—			—			(817	)		(817	)
Balance, June 30, 2024		5,744,254		$	78	$	15,200		$	(6,368	)	$	113,615		$	(28,689	)	$	93,836

Balance, December 31, 2024		5,696,171		$	78	$	15,540		$	(4,344	)	$	116,865		$	(29,515	)	$	98,624
Net income		—			—		—			—			1,927			—			1,927
Net change in fair value of securities available-for-sale, net of tax		—			—		—			2,792			—			—			2,792
Net change in fair value of derivative instruments, net of tax		—			—		—			(513	)		—			—			(513	)
Dividends declared: $0.14 per share		—			—		—			—			(804	)		—			(804	)
Reissuance of treasury stock as compensation		31,550			—		(434	)		—			—			434			—
Impact of stock-based compensation plans, net		67,343			1		513			—			—			(113	)		401
Impact of common stock share repurchases		(40,000	)		—		—			—			—			(535	)		(535	)
Balance, June 30, 2025		5,755,064		$	79	$	15,619		$	(2,065	)	$	117,988		$	(29,729	)	$	101,892

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)


	Six Months Ended
	June 30,
	2025			2024
	(Unaudited)
Cash flows from operating activities:
Net income	$	1,927		$	4,234
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		838			776
Provision for credit losses		3,245			—
Deferred income tax expense		119			511
Reclassification of unrealized gains on terminated derivative contracts		(97	)		(625	)
Stock-based compensation expense		381			319
Net accretion of securities		(312	)		(100	)
Amortization of intangible assets		37			74
Net loss on premises and equipment and other real estate		14			717
Changes in assets and liabilities:
Increase in cash surrender value of bank owned life insurance		(142	)		(173	)
(Increase) decrease in accrued interest receivable		(279	)		189
Decrease (increase) in other assets		268			(416	)
Increase (decrease) in accrued interest expense		230			(4	)
Decrease in other liabilities		(574	)		(2,130	)
Net cash provided by operating activities		5,655			3,372
Cash flows from investing activities:
Net decrease in federal funds sold and securities purchased under reverse repurchase agreements		877			3,955
Purchases of investment securities, available-for-sale		(9,645	)		(27,523	)
Proceeds from maturities and prepayments of investment securities, available-for-sale		24,991			19,577
Proceeds from maturities and prepayments of investment securities, held-to-maturity		121			236
Net increase in Federal Home Loan Bank stock		(485	)		(293	)
Net (increase) decrease in loans and leases held for investment		(51,052	)		1,412
Proceeds from the sale of premises and equipment, other real estate and repossessions		628			480
Purchases of premises and equipment		(2,321	)		(1,166	)
Net cash used in investing activities		(36,886	)		(3,322	)
Cash flows from financing activities:
Net increase in deposits		14,289			4,264
Net increase in short-term borrowings		25,000			5,000
Net share-based compensation transactions		20			22
Repurchases of common stock		(535	)		(817	)
Dividends paid		(804	)		(578	)
Net cash provided by financing activities		37,970			7,891
Net increase in cash and cash equivalents		6,739			7,941
Cash and cash equivalents, beginning of period		47,216			50,279
Cash and cash equivalents, end of period	$	53,955		$	58,220
Supplemental disclosures:
Cash paid for:
Interest	$	10,269		$	10,661
Income taxes		458			2,171
Non-cash transactions:
Assets acquired in settlement of loans		768			846
Reissuance of treasury stock as compensation		434			158

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 options granted 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				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Weighted average shares outstanding		5,745,514		5,770,960		5,729,990		5,762,892
Weighted average director stock equivalent shares		78,474		109,747		91,210		111,159
Basic shares		5,823,988		5,880,707		5,821,200		5,874,051
Dilutive shares		231,000		327,700		231,000		327,700
Diluted shares		6,054,988		6,208,407		6,052,200		6,201,751


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(Dollars in Thousands, Except Per Share Data)
Net income	$	155	$	2,127	$	1,927	$	4,234
Basic net income per share	$	0.03	$	0.36	$	0.33	$	0.72
Diluted net income per share	$	0.03	$	0.34	$	0.32	$	0.68

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 June 30, 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 June 30, 2025 and December 31, 2024 were as follows:


	Available-for-Sale
	June 30, 2025
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	89,461	$	1,134	$	(1,638	)	$	88,957
Commercial		10,431		88		(145	)		10,374
Obligations of U.S. government-sponsored agencies		10,584		150		(409	)		10,325
Obligations of states and political subdivisions		1,305		—		(9	)		1,296
Corporate notes		17,760		45		(1,270	)		16,535
U.S. Treasury securities		30,022		—		(933	)		29,089
Total	$	159,563	$	1,417	$	(4,404	)	$	156,576


	Held-to-Maturity
	June 30, 2025
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	206	$	—	$	(6	)	$	200
Obligations of U.S. government-sponsored agencies		344		—		(19	)		325
Obligations of states and political subdivisions		11		—		(1	)		10
Total	$	561	$	—	$	(26	)	$	535


	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 June 30, 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	$	15,417	$	15,223	$	—	$	—
Maturing after one to five years		20,559		19,777		211		207
Maturing after five to ten years		60,449		57,655		258		241
Maturing after ten years		63,138		63,921		92		87
Total	$	159,563	$	156,576	$	561	$	535

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 June 30, 2025 and December 31, 2024.


	Available-for-Sale
	June 30, 2025
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	4,707	$	(20	)	$	25,511	$	(1,618	)
Commercial		829		(3	)		4,538		(142	)
Obligations of U.S. government-sponsored agencies		—		—			4,655		(409	)
Obligations of states and political subdivisions		—		—			1,296		(9	)
Corporate notes		—		—			14,490		(1,270	)
U.S. Treasury securities		—		—			29,089		(

FIRST US BANCSHARES, INC. 10-Q