BIRMINGHAM, Ala., Jan. 27, 2022 (GLOBE NEWSWIRE) -- First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”), the parent company of First US Bank (the “Bank”), today reported net income of $1.7 million, or $0.25 per diluted share, for the quarter ended December 31, 2021 (“4Q2021”), compared to $0.8 million, or $0.13 per diluted share, for the quarter ended September 30, 2021 (“3Q2021”) and $1.0 million, or $0.15 per diluted share, for the quarter ended December 31, 2020 (“4Q2020”). For the year ended December 31, 2021 (“Full-year 2021”), the Company’s net income totaled $4.5 million, or $0.66 per diluted share, compared to $2.7 million, or $0.40 per diluted share, for the year ended December 31, 2020 (“Full-year 2020”), an increase of 64.4%. The Company’s earnings growth in 2021 was driven by reductions in both interest and non-interest expense, as well as a decrease in the provision for loan and lease losses. Although loan loss provisions decreased in 2021, the Company maintained its loan loss reserves as a percentage of total loans at levels consistent with the previous year and did not record negative provisions. Accordingly, loan loss provision expense was commensurate with the Company’s continued loan growth. Growth in loan volume during 4Q2021 totaled $2.1 million, bringing total loan growth for the year ended December 31, 2021, to $60.8 million, or 9.4%. Excluding Paycheck Protection Program (“PPP”) loans which have been administered by the Small Business Administration (“SBA”) in response to the COVID-19 pandemic, total loan growth for 2021 was $71.1 million, or 11.1%.
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