--12-31falseQ30000717806FIRST US BANCSHARES INChttp://fasb.org/us-gaap/2023#ServiceMemberhttp://fasb.org/us-gaap/2023#ServiceMemberhttp://fasb.org/us-gaap/2023#ServiceMemberhttp://fasb.org/us-gaap/2023#ServiceMemberP1DP1Y0000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2022-01-012022-09-300000717806us-gaap:FederalReserveBankAdvancesMemberus-gaap:UnusedLinesOfCreditMember2022-12-310000717806us-gaap:AdditionalPaidInCapitalMember2022-12-310000717806us-gaap:FinancialAssetPastDueMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:BranchRetailMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:BranchRetailMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMember2023-09-300000717806us-gaap:AdditionalPaidInCapitalMember2021-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806fusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2023-09-300000717806fusb:FirstUnitedSecurityBankMemberus-gaap:SubstandardMember2022-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMember2023-05-012023-05-310000717806srt:MinimumMemberfusb:OmnibusIncentivePlanMemberus-gaap:EmployeeStockOptionMember2023-01-012023-09-300000717806fusb:RepossessedAssetsMember2022-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2023-09-300000717806fusb:BranchRetailMemberfusb:PerformingAndNonPerformingMemberfusb:AcceptanceLoanCompanyMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-300000717806us-gaap:CommonStockMember2022-07-012022-09-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:NonperformingFinancingReceivableMember2022-12-310000717806us-gaap:RetainedEarningsMember2022-07-012022-09-300000717806fusb:CommercialAndIndustrialLoansMember2021-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2023-09-300000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:AccountingStandardsUpdate201613Member2023-09-300000717806fusb:DirectConsumerMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000717806fusb:IndirectMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:TreasuryStockCommonMember2022-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMember2021-12-310000717806us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateNoteSecuritiesMember2023-09-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000717806us-gaap:UnfundedLoanCommitmentMember2023-01-010000717806fusb:InterestOnBorrowingsMember2023-01-012023-09-300000717806us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300000717806srt:MaximumMember2023-01-012023-09-300000717806us-gaap:AdditionalPaidInCapitalMember2023-06-300000717806srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputComparabilityAdjustmentMember2023-09-300000717806fusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000717806us-gaap:FederalReserveBankAdvancesMemberus-gaap:UnusedLinesOfCreditMember2023-09-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000717806us-gaap:TreasuryStockCommonMember2022-12-3100007178062022-07-012022-09-300000717806fusb:InterestAndFeesOnLoansMember2023-07-012023-09-300000717806us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000717806us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000717806us-gaap:OtherLiabilitiesMember2023-09-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateNoteSecuritiesMember2022-12-310000717806srt:MaximumMemberus-gaap:EmployeeStockOptionMemberfusb:OmnibusIncentivePlanMember2023-01-012023-09-300000717806us-gaap:RetainedEarningsMember2022-09-300000717806fusb:OtherMember2023-01-012023-09-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2022-01-012022-09-300000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000717806us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2022-12-3100007178062023-01-010000717806us-gaap:AccountingStandardsUpdate201613Memberfusb:ConstructionLandDevelopmentAndOtherLandLoansMember2023-09-300000717806fusb:CommercialAndIndustrialLoansMemberfusb:FirstUnitedSecurityBankMemberus-gaap:SubstandardMember2022-12-310000717806us-gaap:CorporateNoteSecuritiesMember2022-12-3100007178062023-09-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000717806fusb:EquipmentFinancingLeasesMember2023-09-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000717806us-gaap:SubordinatedDebtMember2023-01-012023-09-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-02-012023-02-280000717806fusb:SecuredByNonfarmNonresidentialPropertiesMember2023-09-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806us-gaap:SubordinatedDebtMember2021-10-010000717806us-gaap:CoreDepositsMember2018-12-310000717806fusb:FirstUnitedSecurityBankMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:PassAndCriticizedMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:UnusedLinesOfCreditMember2022-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:NonperformingFinancingReceivableMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:RealEstateMember2023-01-012023-09-300000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2023-09-300000717806us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMember2023-02-280000717806us-gaap:AccountingStandardsUpdate201613Memberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputComparabilityAdjustmentMember2023-09-300000717806us-gaap:RestrictedStockMemberfusb:OmnibusIncentivePlanMember2023-01-012023-09-300000717806us-gaap:TreasuryStockCommonMember2022-06-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2023-09-300000717806fusb:BranchRetailMemberfusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:InterestRateSwapsRelatedToFixedRateCommercialRealEstateLoansMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2022-01-012022-12-310000717806fusb:SecuredByNonfarmNonresidentialPropertiesMember2022-12-310000717806us-gaap:FairValueMeasurementsNonrecurringMember2023-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:RealEstateMemberfusb:RealEstate1Member2023-01-012023-09-300000717806us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:SoftwareMember2023-07-012023-09-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806fusb:FirstUnitedSecurityBankMemberus-gaap:PassMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2022-01-012022-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMember2022-09-300000717806us-gaap:NonperformingFinancingReceivableMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:AccountingStandardsUpdate201613Member2023-01-012023-09-300000717806us-gaap:OtherLiabilitiesMember2022-12-310000717806fusb:FirstUnitedSecurityBankMemberus-gaap:SpecialMentionMember2022-12-310000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2023-07-012023-09-300000717806fusb:StandbyPerformanceLettersOfCreditMember2023-09-300000717806us-gaap:FairValueInputsLevel3Member2023-09-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2023-02-012023-02-280000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2023-09-300000717806fusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Memberfusb:SecuredByMultifamilyResidentialPropertiesMember2022-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000717806fusb:AcceptanceLoanCompanyMemberfusb:DirectConsumerMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateNoteSecuritiesMember2023-09-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000717806fusb:CommercialAndIndustrialLoansMember2022-12-310000717806fusb:InterestOnDepositsMember2022-01-012022-09-300000717806fusb:BranchRetailMemberfusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Member2022-12-310000717806us-gaap:RetainedEarningsMember2022-06-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:FirstUnitedSecurityBankMemberus-gaap:SpecialMentionMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806us-gaap:EmployeeStockOptionMemberfusb:OmnibusIncentivePlanMember2022-01-012022-09-300000717806us-gaap:StandbyLettersOfCreditMember2023-09-300000717806fusb:BranchRetailMemberfusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:InterestOnDepositsMember2022-07-012022-09-300000717806fusb:AcceptanceLoanCompanyMember2021-07-012021-09-300000717806us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:UnusedLinesOfCreditMember2023-09-300000717806fusb:BranchRetailMemberfusb:AcceptanceLoanCompanyMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:RealEstate1Member2023-09-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2023-09-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-3000007178062022-06-300000717806us-gaap:FairValueInputsLevel2Memberfusb:OtherDerivativeAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:InterestRateSwapsRelatedToFixedRateIndirectConsumerLoansMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2023-09-300000717806fusb:InterestOnDepositsMember2023-01-012023-09-300000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000717806us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:BranchRetailMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310000717806fusb:ActiveHedgesMemberfusb:ForwardInterestRateSwapContractsMember2023-06-012023-06-300000717806us-gaap:FairValueInputsLevel2Memberfusb:OtherDerivativeAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalReserveBankAdvancesMember2022-12-310000717806fusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:PerformingFinancingReceivableMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:CommonStockMember2023-07-012023-09-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:PerformingFinancingReceivableMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310000717806us-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2022-01-012022-09-3000007178062022-01-012022-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:RealEstate1Member2023-09-300000717806fusb:SoftwareMember2022-07-012022-09-300000717806fusb:BranchRetailMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:USTreasurySecuritiesMember2023-09-300000717806fusb:BranchRetailMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2023-09-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMember2022-01-012022-09-300000717806us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806fusb:PerformingAndNonPerformingMemberfusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:RepossessedAssetsMember2023-09-300000717806us-gaap:CommercialPortfolioSegmentMemberfusb:CommercialAndIndustrialLoansAndLeasesMember2023-09-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2023-01-012023-09-300000717806us-gaap:FinancialAssetPastDueMember2022-12-310000717806us-gaap:SubordinatedDebtMember2022-12-310000717806fusb:CommitmentsToExtendCredit1Member2022-12-310000717806fusb:FirstUnitedSecurityBankMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:SubstandardMemberfusb:RealEstate1Member2022-12-310000717806fusb:ThePeoplesBankMember2022-12-310000717806srt:MinimumMember2023-01-012023-09-300000717806us-gaap:SubordinatedDebtMemberus-gaap:PrivatePlacementMember2021-10-010000717806us-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000717806fusb:InterestOnDepositsMember2023-07-012023-09-300000717806fusb:AcceptanceLoanCompanyMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:RealEstate1Member2022-12-310000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2023-01-012023-09-300000717806us-gaap:PassMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2022-09-300000717806us-gaap:CommonStockMember2021-12-310000717806us-gaap:AccountingStandardsUpdate201613Member2023-09-300000717806us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancialAssetPastDueMemberfusb:RealEstate1Member2023-09-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:WeightedAverageMember2023-09-300000717806us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:AssetPledgedAsCollateralMember2023-09-300000717806fusb:FirstUnitedSecurityBankMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:PassAndCriticizedMemberfusb:RealEstate1Member2022-12-310000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2021-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2023-09-300000717806us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2022-12-310000717806fusb:CommercialAndIndustrialLoansMember2023-01-012023-09-300000717806us-gaap:AdditionalPaidInCapitalMember2023-09-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2021-12-310000717806us-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000717806fusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2023-01-012023-09-300000717806us-gaap:FairValueMeasurementsRecurringMember2023-09-3000007178062023-07-012023-09-300000717806fusb:FirstUnitedSecurityBankMemberfusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:PassAndCriticizedMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:FinancialAssetPastDueMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:BranchRetailMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2022-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateNoteSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2022-01-012022-12-310000717806us-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310000717806fusb:RepossessedAssetsMember2022-09-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2021-12-310000717806us-gaap:RetainedEarningsMember2023-01-012023-09-300000717806fusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Memberfusb:SecuredByNonfarmNonresidentialPropertiesMember2022-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000717806fusb:BranchRetailMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300000717806fusb:CommitmentsToExtendCredit1Member2023-09-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310000717806fusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Memberfusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2022-12-310000717806us-gaap:AccountingStandardsUpdate201613Memberfusb:SecuredByNonfarmNonresidentialPropertiesMember2023-09-300000717806fusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberfusb:InterestRateSwapsRelatedToVariableRateMoneyMarketDepositAccountsMember2022-12-310000717806us-gaap:RetainedEarningsMember2021-12-310000717806us-gaap:TreasuryStockCommonMember2023-01-012023-09-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:TreasuryStockCommonMember2021-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:NonperformingFinancingReceivableMemberfusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2022-12-310000717806fusb:FirstUnitedSecurityBankMemberus-gaap:PassMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2022-12-310000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:FinancialAssetPastDueMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberfusb:CommercialAndIndustrialLoansAndLeasesMember2023-09-300000717806fusb:CommercialAndIndustrialLoansAndLeasesMember2023-09-300000717806us-gaap:AccountingStandardsUpdate201613Member2023-01-010000717806us-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2023-09-300000717806us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300000717806fusb:ActiveHedgesMemberfusb:ForwardInterestRateSwapContractsMember2023-06-300000717806us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:UnusedLinesOfCreditMember2023-01-012023-09-300000717806us-gaap:SpecialMentionMemberfusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:InterestOnBorrowingsMember2022-07-012022-09-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2022-12-310000717806fusb:BranchRetailMemberus-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:TreasuryStockCommonMember2023-09-300000717806us-gaap:AdditionalPaidInCapitalMember2022-06-300000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2023-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMember2023-01-012023-09-300000717806us-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806us-gaap:RetainedEarningsMember2023-07-012023-09-300000717806us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-3000007178062022-09-300000717806fusb:CorrespondentBanksMemberus-gaap:UnusedLinesOfCreditMember2022-12-310000717806fusb:SoftwareMember2022-01-012022-09-300000717806fusb:InterestOnBorrowingsMember2022-01-012022-09-300000717806us-gaap:TreasuryStockCommonMember2022-01-012022-09-300000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-310000717806us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2023-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:FinancialAssetPastDueMemberfusb:RealEstate1Member2023-09-300000717806fusb:BranchRetailMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000717806us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000717806fusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2023-09-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2022-09-300000717806fusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310000717806us-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMemberfusb:CommercialAndIndustrialLoansAndLeasesMember2023-09-300000717806us-gaap:USTreasurySecuritiesMember2022-12-310000717806us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:FirstUnitedSecurityBankMemberus-gaap:PassMember2022-12-310000717806us-gaap:CommonStockMember2022-01-012022-09-300000717806fusb:CommercialAndIndustrialLoansMember2023-09-300000717806us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806us-gaap:SubordinatedDebtMember2022-01-012022-09-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2022-09-300000717806us-gaap:AdditionalPaidInCapitalMember2022-09-300000717806us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000717806fusb:DirectConsumerMember2022-01-012022-09-300000717806us-gaap:UnfundedLoanCommitmentMember2023-09-300000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-09-300000717806us-gaap:CommonStockMember2023-01-012023-09-300000717806fusb:BranchRetailMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000717806fusb:IndirectMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:AccountingStandardsUpdate201613Memberus-gaap:RetainedEarningsMember2023-09-300000717806fusb:FirstUnitedSecurityBankMemberus-gaap:PassMemberfusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-3000007178062023-11-060000717806us-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000717806fusb:FirstUnitedSecurityBankMemberfusb:CommercialAndIndustrialLoansMemberfusb:PassAndCriticizedMember2022-12-310000717806fusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:BranchRetailMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-01-012022-09-300000717806fusb:ThePeoplesBankMember2023-09-300000717806fusb:BranchRetailMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806fusb:BranchRetailMemberfusb:AcceptanceLoanCompanyMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:CommercialAndIndustrialLoansMember2022-09-300000717806fusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Memberfusb:DirectConsumerMember2022-12-310000717806fusb:InterestRateSwapsRelatedToFixedRateCommercialRealEstateLoansMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2022-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMember2023-02-012023-02-2800007178062023-06-300000717806fusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:RestrictedStockMemberfusb:OmnibusIncentivePlanMember2022-01-012022-09-300000717806us-gaap:SubordinatedDebtMember2022-09-300000717806us-gaap:RetainedEarningsMember2022-12-310000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMember2023-01-012023-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberfusb:RealEstate1Member2023-01-012023-09-300000717806us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-3000007178062022-01-012022-09-300000717806us-gaap:AccountingStandardsUpdate201613Memberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2023-01-012023-09-300000717806us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000717806us-gaap:FinancialAssetPastDueMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:CommonStockMember2022-06-300000717806fusb:DirectConsumerMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:AccountingStandardsUpdate201613Memberfusb:SecuredByMultifamilyResidentialPropertiesMember2023-09-300000717806fusb:StandbyPerformanceLettersOfCreditMember2022-12-310000717806us-gaap:FinancialAssetNotPastDueMember2023-09-300000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberfusb:RealEstate1Member2022-12-310000717806fusb:OtherDerivativeAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806fusb:InterestOnBorrowingsMember2023-07-012023-09-300000717806us-gaap:AccountingStandardsUpdate201613Memberus-gaap:UnfundedLoanCommitmentMember2023-01-010000717806fusb:OmnibusIncentivePlanMemberus-gaap:EmployeeStockOptionMember2023-01-012023-09-300000717806us-gaap:RealEstateMemberfusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2023-01-012023-09-300000717806fusb:CommercialAndIndustrialLoansMemberfusb:OtherMember2023-01-012023-09-300000717806us-gaap:FinancialAssetNotPastDueMember2022-12-310000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-12-310000717806fusb:InterestAndFeesOnLoansMember2022-01-012022-09-300000717806us-gaap:RetainedEarningsMember2022-01-012022-09-300000717806fusb:CorrespondentBanksMemberus-gaap:UnusedLinesOfCreditMember2023-01-012023-09-300000717806fusb:ConstructionLandDevelopmentAndOtherLandLoansMemberfusb:RealEstate1Member2023-09-300000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2022-07-012022-09-300000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300000717806us-gaap:FinancialAssetPastDueMember2023-09-300000717806fusb:RepossessedAssetsMember2022-01-012022-09-300000717806us-gaap:TreasuryStockCommonMember2022-07-012022-09-300000717806us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-12-310000717806fusb:BranchRetailMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Memberfusb:IndirectMember2022-12-310000717806us-gaap:CommonStockMember2022-12-310000717806us-gaap:AccountingStandardsUpdate201613Memberus-gaap:RetainedEarningsMember2023-01-010000717806us-gaap:CommonStockMember2022-09-300000717806fusb:FirstUnitedSecurityBankMemberfusb:PassAndCriticizedMember2022-12-310000717806us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalReserveBankAdvancesMember2023-09-300000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2022-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:PerformingFinancingReceivableMember2022-12-310000717806us-gaap:CommonStockMember2023-09-300000717806fusb:SecuredByNonfarmNonresidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:RealEstate1Member2022-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:AccountingStandardsUpdate201613Memberfusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2023-09-300000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancialAssetPastDueMemberfusb:RealEstate1Member2022-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000717806fusb:InterestAndFeesOnLoansMember2023-01-012023-09-300000717806fusb:OtherDerivativeAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-3100007178062022-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000717806fusb:BranchRetailMemberus-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300000717806fusb:EquipmentFinancingLeasesMember2022-12-310000717806fusb:SecuredByMultifamilyResidentialPropertiesMember2022-12-310000717806us-gaap:CorporateNoteSecuritiesMember2023-09-300000717806fusb:CommercialAndIndustrialLoansMemberfusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300000717806us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:StandbyLettersOfCreditMember2022-12-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberfusb:RealEstate1Member2023-09-3000007178062023-01-012023-09-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2022-01-012022-09-300000717806us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:AssetPledgedAsCollateralMember2022-12-310000717806fusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Memberfusb:ConstructionLandDevelopmentAndOtherLandLoansMember2022-12-310000717806fusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Member2022-12-310000717806us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:DirectConsumerMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2022-12-310000717806fusb:CommercialAndIndustrialLoansMemberfusb:FirstUnitedSecurityBankMemberus-gaap:PassMember2022-12-310000717806fusb:CommercialAndIndustrialLoansMemberfusb:InAccordanceWithAsc310PriorToAdoptionOfAsc326Member2022-12-310000717806fusb:PerformingAndNonPerformingMemberfusb:AcceptanceLoanCompanyMember2022-12-310000717806us-gaap:FinancialAssetPastDueMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:CommercialAndIndustrialLoansMemberfusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:AssetPledgedAsCollateralWithRightMember2023-09-300000717806fusb:PerformingAndNonPerformingMemberfusb:AcceptanceLoanCompanyMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:SoftwareMember2023-01-012023-09-3000007178062021-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300000717806fusb:SecuredByRealEstate1To4FamilyResidentialPropertiesMember2023-09-300000717806fusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300000717806fusb:NetIncreaseDecreaseToIncomeBeforeIncomeTaxesMember2022-01-012022-09-300000717806fusb:InterestRateSwapsRelatedToFixedRateIndirectConsumerLoansMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2023-01-012023-09-300000717806srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-012023-01-010000717806fusb:AcceptanceLoanCompanyMemberus-gaap:NonperformingFinancingReceivableMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:AcceptanceLoanCompanyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-09-300000717806fusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:UnfundedLoanCommitmentMember2022-12-310000717806us-gaap:RetainedEarningsMember2023-09-300000717806us-gaap:CommercialPortfolioSegmentMemberfusb:ConstructionLandDevelopmentAndOtherLandLoansMember2023-09-300000717806fusb:DirectConsumerMember2022-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberfusb:AcceptanceLoanCompanyMember2022-12-310000717806fusb:PerformingAndNonPerformingMemberfusb:AcceptanceLoanCompanyMemberfusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:FinancialAssetNotPastDueMember2022-12-310000717806us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806fusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000717806us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000717806us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806us-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000717806us-gaap:FederalReserveBankAdvancesMemberus-gaap:UnusedLinesOfCreditMember2023-01-012023-09-300000717806fusb:CorrespondentBanksMemberus-gaap:UnusedLinesOfCreditMember2023-09-300000717806us-gaap:CommonStockMember2023-06-300000717806us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000717806fusb:InterestAndFeesOnLoansMember2022-07-012022-09-300000717806fusb:CommercialAndIndustrialLoansMember2022-01-012022-09-300000717806us-gaap:NonperformingFinancingReceivableMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMemberfusb:CommercialAndIndustrialLoansAndLeasesMember2023-09-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-02-280000717806fusb:CommercialAndIndustrialLoansAndLeasesMember2022-12-310000717806fusb:DirectConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300000717806us-gaap:SubordinatedDebtMember2023-09-300000717806us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberfusb:InterestRateSwapsRelatedToVariableRateMoneyMarketDepositAccountsMember2022-01-012022-12-310000717806us-gaap:PassMemberfusb:SecuredByMultifamilyResidentialPropertiesMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:FinancialAssetPastDueMember2023-09-300000717806fusb:CommercialAndIndustrialLoansMemberus-gaap:FinancialAssetPastDueMember2022-12-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:FinancialAssetNotPastDueMemberfusb:RealEstate1Member2023-09-300000717806us-gaap:CoreDepositsMember2023-09-300000717806us-gaap:RetainedEarningsMember2023-06-300000717806us-gaap:DesignatedAsHedgingInstrumentMember2023-05-310000717806us-gaap:TreasuryStockCommonMember2023-06-300000717806us-gaap:FinancialAssetNotPastDueMemberfusb:IndirectMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806fusb:SecuredBy1To4FamilyResidentialPropertiesMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300000717806us-gaap:SubordinatedDebtMember2021-10-012021-10-010000717806us-gaap:CorporateNoteSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000717806fusb:RepossessedAssetsMember2021-12-310000717806fusb:RepossessedAssetsMember2023-01-012023-09-30xbrli:purefusb:DebtSecuritiesfusb:Contractfusb:Branchxbrli:sharesiso4217: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 September 30, 2023

OR

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: 0-14549

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 November 6, 2023

Common Stock, $0.01 par value

5,874,781 shares

 

 


 

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

 

 

 

PAGE

 

 

 

PART I. FINANCIAL INFORMATION

 

4

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

4

 

 

 

Interim Condensed Consolidated Balance Sheets at September 30, 2023 (Unaudited) and December 31, 2022

 

4

 

 

 

Interim Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

 

5

 

 

 

Interim Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

 

6

 

 

 

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

 

7

 

 

 

Interim Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (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

 

43

 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

59

 

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

60

 

 

 

PART II. OTHER INFORMATION

 

61

 

 

 

ITEM 1. LEGAL PROCEEDINGS

 

61

 

 

 

ITEM 1A. RISK FACTORS

 

61

 

 

 

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

 

61

 

 

 

ITEM 6. EXHIBITS

 

62

 

 

 

Signature Page

 

63

 

2


 

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 (“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 impact of national and local market conditions on the Company’s business and operations; 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 pending discontinuation of LIBOR as an interest rate benchmark; the impact of technological changes in the banking and financial service industries and potential information system failures; cybersecurity and data privacy threats; the costs of complying with extensive governmental regulation; the risk that internal controls and procedures might fail or be circumvented; the impact of changing 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 rate of growth (or lack thereof) in the economy generally and in the Company’s service areas; 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.

3


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands, Except Share Amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

Cash and due from banks

 

$

10,311

 

 

$

11,844

 

Interest-bearing deposits in banks

 

 

55,818

 

 

 

18,308

 

Total cash and cash equivalents

 

 

66,129

 

 

 

30,152

 

Federal funds sold

 

 

1,143

 

 

 

1,768

 

Investment securities available-for-sale, at fair value

 

 

126,551

 

 

 

130,795

 

Investment securities held-to-maturity, at amortized cost

 

 

1,272

 

 

 

1,862

 

Federal Home Loan Bank stock, at cost

 

 

2,151

 

 

 

1,359

 

Loans and leases held for investment

 

 

815,300

 

 

 

773,873

 

Less allowance for credit losses

 

 

11,380

 

 

 

9,422

 

Net loans and leases held for investment

 

 

803,920

 

 

 

764,451

 

Premises and equipment, net of accumulated depreciation

 

 

24,259

 

 

 

24,439

 

Cash surrender value of bank-owned life insurance

 

 

16,622

 

 

 

16,399

 

Accrued interest receivable

 

 

3,522

 

 

 

3,011

 

Goodwill and core deposit intangible, net

 

 

7,642

 

 

 

7,801

 

Other real estate owned

 

 

617

 

 

 

686

 

Other assets

 

 

11,411

 

 

 

11,944

 

Total assets

 

$

1,065,239

 

 

$

994,667

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

Deposits:

 

 

 

 

 

 

Non-interest-bearing

 

$

157,652

 

 

$

169,822

 

Interest-bearing

 

 

769,386

 

 

 

700,203

 

Total deposits

 

 

927,038

 

 

 

870,025

 

Accrued interest expense

 

 

1,864

 

 

 

607

 

Other liabilities

 

 

8,148

 

 

 

8,136

 

Short-term borrowings

 

 

30,000

 

 

 

20,038

 

Long-term borrowings

 

 

10,781

 

 

 

10,726

 

Total liabilities

 

 

977,831

 

 

 

909,532

 

Shareholders’ equity:

 

 

 

 

 

 

Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,738,156 and
   
7,680,856 shares issued, respectively; 5,874,781 and 5,812,258 shares outstanding,
   respectively

 

 

75

 

 

 

75

 

Additional paid-in capital

 

 

14,824

 

 

 

14,510

 

Accumulated other comprehensive loss, net of tax

 

 

(8,907

)

 

 

(7,241

)

Retained earnings

 

 

107,976

 

 

 

104,460

 

Less treasury stock: 1,863,375 and 1,868,598 shares at cost, respectively

 

 

(26,560

)

 

 

(26,669

)

Total shareholders’ equity

 

 

87,408

 

 

 

85,135

 

Total liabilities and shareholders’ equity

 

$

1,065,239

 

 

$

994,667

 

 

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

4


 

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

12,584

 

 

$

9,750

 

 

$

35,330

 

 

$

27,339

 

Interest on investment securities

 

 

685

 

 

 

756

 

 

 

2,043

 

 

 

1,927

 

Interest on deposits in banks

 

 

598

 

 

 

136

 

 

 

1,362

 

 

 

265

 

Other

 

 

35

 

 

 

28

 

 

 

126

 

 

 

45

 

Total interest income

 

 

13,902

 

 

 

10,670

 

 

 

38,861

 

 

 

29,576

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

4,222

 

 

 

864

 

 

 

9,681

 

 

 

1,964

 

Interest on borrowings

 

 

197

 

 

 

291

 

 

 

940

 

 

 

562

 

Total interest expense

 

 

4,419

 

 

 

1,155

 

 

 

10,621

 

 

 

2,526

 

Net interest income

 

 

9,483

 

 

 

9,515

 

 

 

28,240

 

 

 

27,050

 

Provision for credit losses

 

 

184

 

 

 

1,165

 

 

 

753

 

 

 

2,781

 

Net interest income after provision for credit losses

 

 

9,299

 

 

 

8,350

 

 

 

27,487

 

 

 

24,269

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service and other charges on deposit accounts

 

 

302

 

 

 

311

 

 

 

869

 

 

 

904

 

Lease income

 

 

241

 

 

 

210

 

 

 

707

 

 

 

635

 

Other income, net

 

 

294

 

 

 

567

 

 

 

889

 

 

 

1,234

 

Total non-interest income

 

 

837

 

 

 

1,088

 

 

 

2,465

 

 

 

2,773

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

4,120

 

 

 

4,007

 

 

 

12,310

 

 

 

12,389

 

Net occupancy and equipment

 

 

897

 

 

 

861

 

 

 

2,625

 

 

 

2,468

 

Computer services

 

 

464

 

 

 

417

 

 

 

1,315

 

 

 

1,224

 

Insurance expense and assessments

 

 

423

 

 

 

310

 

 

 

1,156

 

 

 

970

 

Fees for professional services

 

 

331

 

 

 

263

 

 

 

735

 

 

 

811

 

Other expense

 

 

1,084

 

 

 

1,174

 

 

 

3,599

 

 

 

3,104

 

Total non-interest expense

 

 

7,319

 

 

 

7,032

 

 

 

21,740

 

 

 

20,966

 

Income before income taxes

 

 

2,817

 

 

 

2,406

 

 

 

8,212

 

 

 

6,076

 

Provision for income taxes

 

 

704

 

 

 

546

 

 

 

2,004

 

 

 

1,440

 

Net income

 

$

2,113

 

 

$

1,860

 

 

$

6,208

 

 

$

4,636

 

Basic net income per share

 

$

0.35

 

 

$

0.31

 

 

$

1.04

 

 

$

0.76

 

Diluted net income per share

 

$

0.33

 

 

$

0.29

 

 

$

0.97

 

 

$

0.71

 

Dividends per share

 

$

0.05

 

 

$

0.03

 

 

$

0.15

 

 

$

0.09

 

 

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

5


 

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in Thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Net income

 

$

2,113

 

 

$

1,860

 

 

$

6,208

 

 

$

4,636

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding losses on securities available-for-sale
   arising during period, net of tax benefit of $
58, $350, $425,
  and $
2,768, respectively

 

 

(167

)

 

 

(1,048

)

 

 

(1,271

)

 

 

(8,307

)

Unrealized holding gains (losses) arising during the period on
   effective cash flow hedge derivatives, net of tax benefit (expense)
   of $
0, ($130), $18 and ($443), respectively

 

 

 

 

 

393

 

 

 

(50

)

 

 

1,330

 

Reclassification adjustments on cash flow hedge derivatives realized in net income, net of tax benefit (expense) of $39, ($9), $116 and ($14), respectively

 

 

(118

)

 

 

27

 

 

 

(345

)

 

 

41

 

Other comprehensive loss

 

 

(285

)

 

 

(628

)

 

 

(1,666

)

 

 

(6,936

)

Total comprehensive income (loss)

 

$

1,828

 

 

$

1,232

 

 

$

4,542

 

 

$

(2,300

)

 

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

6


 

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

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

 

For the three months ended September 30, 2023 and 2022 (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, June 30, 2022

 

 

5,876,258

 

 

$

75

 

 

$

14,263

 

 

$

(6,584

)

 

$

100,838

 

 

$

(26,016

)

 

$

82,576

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,860

 

 

 

 

 

 

1,860

 

Net change in fair value of
   securities available-for-sale,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,048

)

 

 

 

 

 

 

 

 

(1,048

)

Net change in fair value of
   derivative instruments, net
   of tax

 

 

 

 

 

 

 

 

 

 

 

420

 

 

 

 

 

 

 

 

 

420

 

Dividends declared: $.03 per
   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(175

)

 

 

 

 

 

(175

)

Impact of stock-based
   compensation plans, net

 

 

 

 

 

 

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

123

 

Impact of common stock share repurchases

 

 

(64,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(653

)

 

 

(653

)

Balance, September 30, 2022

 

 

5,812,258

 

 

$

75

 

 

$

14,386

 

 

$

(7,212

)

 

$

102,523

 

 

$

(26,669

)

 

$

83,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2023

 

 

5,874,765

 

 

$

75

 

 

$

14,675

 

 

$

(8,622

)

 

$

106,157

 

 

$

(26,560

)

 

$

85,725

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,113

 

 

 

 

 

 

2,113

 

Net change in fair value of
   securities available-for-sale,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

(167

)

 

 

 

 

 

 

 

 

(167

)

Net change in fair value of
   derivative instruments, net
   of tax

 

 

 

 

 

 

 

 

 

 

 

(118

)

 

 

 

 

 

 

 

 

(118

)

Dividends declared: $.05 per
   share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(294

)

 

 

 

 

 

(294

)

Impact of stock-based
   compensation plans, net

 

 

 

 

 

 

 

 

149

 

 

 

 

 

 

 

 

 

 

 

 

149

 

Reissuance of treasury stock as
compensation

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2023

 

5,874,781

 

 

$

75

 

 

$

14,824

 

 

$

(8,907

)

 

$

107,976

 

 

$

(26,560

)

 

$

87,408

 

 

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

 

7


 

FIRST US BANCSHARES, INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

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

 

For the nine months ended September 30, 2023 and 2022 (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, 2021

 

 

6,172,378

 

 

$

75

 

 

$

14,163

 

 

$

(276

)

 

$

98,428

 

 

$

(22,326

)

 

$

90,064

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,636

 

 

 

 

 

 

4,636

 

Net change in fair value of
   securities available-for-sale,
   net of tax