The table below summarizes selected financial data for each of the periods presented.
Quarter Ended
2026
2025
March31,
December31,
September30,
June30,
March 31,
Results of Operations: (Dollars in Thousands)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Interest income
$
14,940
$
15,262
$
15,281
$
14,854
$
14,018
Interest expense
5,725
5,839
5,619
5,378
5,121
Net interest income
9,215
9,423
9,662
9,476
8,897
Provision for credit losses
254
220
566
2,717
528
Net interest income after provision for credit losses
8,961
9,203
9,096
6,759
8,369
Non-interest income
840
995
860
849
875
Non-interest expense
7,341
7,271
7,437
7,444
6,918
Income before income taxes
2,460
2,927
2,519
164
2,326
Provision for income taxes
515
798
583
9
554
Net income
$
1,945
$
2,129
$
1,936
$
155
$
1,772
Per Share Data:
Basic net income per share
$
0.34
$
0.37
$
0.33
$
0.03
$
0.30
Diluted net income per share
$
0.33
$
0.36
$
0.32
$
0.03
$
0.29
Dividends declared
$
0.07
$
0.07
$
0.07
$
0.07
$
0.07
Key Measures (Period End):
Total assets
$
1,165,236
$
1,154,785
$
1,147,175
$
1,143,379
$
1,126,967
Tangible assets (1)
1,157,801
1,147,350
1,139,740
1,135,932
1,119,502
Total loans
843,697
853,018
867,520
871,431
848,335
Allowance for credit losses ("ACL") on loans and leases
10,536
10,704
10,700
11,388
10,405
Investment securities, net
181,545
168,540
164,493
157,137
161,946
Total deposits
1,038,849
1,027,962
1,002,472
986,846
961,952
Short-term borrowings
—
—
20,000
35,000
45,000
Long-term borrowings
10,963
10,945
10,927
10,909
10,890
Total shareholders' equity
104,634
105,648
104,238
101,892
101,231
Tangible common equity (1)
97,199
98,213
96,803
94,445
93,766
Book value per common share
18.67
18.53
18.08
17.70
17.64
Tangible book value per common share (1)
17.34
17.23
16.79
16.41
16.34
Common shares outstanding
5,604,123
5,699,696
5,765,137
5,755,064
5,739,286
Key Ratios:
Return on average assets (annualized)
0.67
%
0.74
%
0.68
%
0.06
%
0.66
%
Return on average common equity (annualized)
7.46
%
8.04
%
7.48
%
0.61
%
7.21
%
Return on average tangible common equity (annualized) (1)
8.02
%
8.65
%
8.06
%
0.66
%
7.79
%
Pre-tax pre-provision net revenue to average assets (annualized) (1)
0.94
%
1.09
%
1.08
%
1.03
%
1.06
%
Net interest margin
3.37
%
3.46
%
3.60
%
3.59
%
3.53
%
Efficiency ratio (2)
73.0
%
69.8
%
70.7
%
72.1
%
70.8
%
Total loans to deposits
81.2
%
83.0
%
86.5
%
88.3
%
88.2
%
Total loans to assets
72.4
%
73.9
%
75.6
%
76.2
%
75.3
%
Common equity to total assets
8.98
%
9.15
%
9.09
%
8.91
%
8.98
%
Tangible common equity to tangible assets (1)
8.40
%
8.56
%
8.49
%
8.31
%
8.38
%
Tier 1 leverage ratio (3)
8.85
%
9.03
%
9.19
%
9.23
%
9.55
%
ACL on loans and leases as % of total loans
1.25
%
1.25
%
1.23
%
1.31
%
1.23
%
Nonperforming assets as % of total assets
0.16
%
0.14
%
0.19
%
0.33
%
0.44
%
Net charge-offs as a percentage of average loans (annualized)
0.23
%
0.08
%
0.61
%
0.79
%
0.13
%
(1) Refer to the non-GAAP reconciliations beginning on page 8.
(2) Efficiency ratio = non-interest expense / (net interest income + non-interest income)
(3) First US Bank Tier 1 leverage ratio
CEO Commentary
"We are pleased to report a solid start to the year," stated James F. House, President and CEO of the Company. "First quarter 2026 diluted earnings per share improved by 13.8% compared to the same quarter of 2025. Although we saw a modest decline in total loan volume during the quarter, some of which was seasonal, we experienced growth in our core deposit franchise," continued Mr. House. "While the year is certainly off to a volatile start from a geopolitical and economic standpoint, we continue to believe that the Company's balance sheet is well positioned to thrive in multiple scenarios."
Financial Results
Loans and Leases, The table below summarizes loan balances by portfolio category as of the end of each of the most recent five quarters.
Quarter Ended
2026
2025
March31,
December31,
September30,
June30,
March31,
(Dollars in Thousands)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Real estate loans:
Construction, land development and other land loans
$27,236
$32,618
$38,560
$48,101
$58,572
Secured by 1-4 family residential properties
65,460
66,996
67,620
