First US Bancshares, Inc. reported net income of $1.8 million, or $0.29 per diluted share, for the first quarter ended March 31, 2025. This compares to $1.7 million, or $0.29 per diluted share, in the fourth quarter of 2024, and $2.1 million, or $0.34 per diluted share, in the first quarter of 2024. The net interest income for the first quarter of 2025 was $8.897 million, an increase of $0.1 million from the prior quarter.
The net interest margin improved to 3.53% in the first quarter of 2025, up from 3.41% in the fourth quarter of 2024. Total loans increased by $25.3 million during the first quarter of 2025, primarily driven by a $41.3 million growth in consumer indirect loans. Multi-family residential real estate and commercial and industrial lending categories also grew by $5.3 million and $0.9 million, respectively.
Total deposits decreased by $10.6 million, or 1.1%, during the first quarter of 2025, while short-term borrowings increased to $45.0 million from $10.0 million at December 31, 2024. The provision for credit losses was $0.5 million, consistent with the prior quarter. Nonperforming assets decreased to $5.0 million, or 0.44% of total assets, as of March 31, 2025, from $5.5 million, or 0.50%, at December 31, 2024. The company continued renovation of a banking center in Daphne, Alabama, with an anticipated opening by the fourth quarter of 2025.
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