First US Bancshares, Inc. reported net income of $2.2 million, or $0.36 per diluted share, for the third quarter ended September 30, 2024. This represents an increase from $2.1 million, or $0.33 per diluted share, reported in the same quarter of 2023. For the nine months ended September 30, 2024, net income totaled $6.5 million, or $1.04 per diluted share, compared to $6.2 million, or $0.97 per diluted share, for the corresponding period in 2023.
The company's net interest income for the third quarter of 2024 was $9.185 million, remaining consistent with the prior quarter but decreasing by $0.3 million from the third quarter of 2023. The net interest margin compressed to 3.60% in the third quarter of 2024, down from 3.79% in the third quarter of 2023. Total loans decreased by $15.8 million, or 1.9%, during the third quarter of 2024, primarily due to payoffs in construction loans and reductions in consumer indirect and commercial and industrial loan categories.
Asset quality showed an increase in nonperforming assets, which totaled $6.6 million, or 0.60% of total assets, as of September 30, 2024, up from $3.0 million, or 0.28%, at December 31, 2023. The provision for credit losses was $0.2 million in the third quarter of 2024, compared to no provision in the second quarter of 2024. The company also repurchased 29,500 shares of its common stock at a weighted average price of $10.83 per share during the quarter, with 352,813 shares remaining available under the program.
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