First US Bancshares, Inc. reported net income of $1.7 million, or $0.29 per diluted share, for the fourth quarter ended December 31, 2024. This is a decrease from $2.2 million, or $0.36 per diluted share, in the third quarter of 2024, and $2.3 million, or $0.36 per diluted share, in the fourth quarter of 2023. For the full year 2024, net income totaled $8.2 million, or $1.33 per diluted share, compared to $8.5 million, or $1.33 per diluted share, for the full year 2023.
Net interest income for the fourth quarter of 2024 decreased by $0.4 million compared to both the third quarter of 2024 and the fourth quarter of 2023. The net interest margin for the fourth quarter was 3.41%, down from 3.60% in the prior quarter and 3.67% in the fourth quarter of 2023. Total loans increased by $19.7 million, or 2.5%, in the fourth quarter of 2024, driven by growth in construction, consumer indirect, and commercial real estate lending.
The provision for credit losses in the fourth quarter of 2024 was $0.5 million, an increase from $0.2 million in the third quarter of 2024. Nonperforming assets totaled $5.4 million, or 0.50% of total assets, as of December 31, 2024, up from $3.0 million, or 0.28%, at December 31, 2023. The company repurchased 40,000 shares of its common stock at a weighted average price of $12.68 per share during the fourth quarter, with 912,813 shares remaining available under the expanded program. Additionally, a new banking center was opened in the Bearden area of Knoxville, Tennessee, during 2024, replacing a previously existing location.
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