TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
BIRMINGHAM, Ala. - First US Bancshares, Inc. (NASDAQ:FUSB), a bank holding company, announced a quarterly cash dividend of $0.05 per share, payable on October 1, 2024, to shareholders on record as of September 13, 2024. This marks the forty-first consecutive quarter that the company has offered a dividend to its shareholders.
James F. House, President and CEO of First US Bancshares, expressed the company's commitment to rewarding shareholders while maintaining a robust capital foundation. The company's dividend policy is subject to the discretion of the Board of Directors and will be assessed based on various factors, including the company's financial performance and market conditions.
First US Bancshares operates banking offices in Alabama, Tennessee, and Virginia through its subsidiary, First US Bank. The company's periodic reports are filed with the U.S. Securities and Exchange Commission and are publicly available on the SEC's website or the company's website.
The forward-looking statements in the press release reflect management's best judgment based on current information but involve risks and uncertainties that could cause actual results to differ materially. Factors such as credit risk, commercial real estate lending risks, market conditions, competition in the banking industry, and changes in interest rates, monetary policy, and government regulations could impact the company's business operations and financial results.
Investors are encouraged to review the company's filings with the SEC to assess these factors further. This news is based on a press release statement from First US Bancshares, Inc.
In other recent news, First US Bancshares, a banking firm, has made a significant addition to its board. The company has welcomed Robert C. Field to its Board of Directors and that of its subsidiary, First US Bank. Field's impressive career spans over 35 years in various sectors, including real estate and banking, and his current role as a partner at the Welden-Field group. His global business endeavors extend to Eastern Europe, Central Asia, and parts of Africa.
Field's appointment also extends to the Audit Committee and the Asset/Liability Committee. His wealth of experience is anticipated to enhance the governance and strategic oversight of First US Bancshares and First US Bank. Apart from his business pursuits, Field is also known for his contributions to public service and philanthropy, holding several positions including Chairman of The General Retirement System for Employees of Jefferson County.
These are the recent developments in the company, marking a new chapter in its leadership. The company, which operates in the Southeastern United States, has a presence in Alabama, Tennessee, and Virginia.
InvestingPro Insights
As First US Bancshares, Inc. (NASDAQ:FUSB) continues its tradition of returning value to shareholders with its forty-first consecutive quarterly dividend, a closer look at the company's financials through InvestingPro provides further insights. With a market capitalization of $60.9 million, First US Bancshares is trading at an attractive earnings multiple, with a P/E Ratio of 7.26 and an adjusted P/E Ratio for the last twelve months as of Q2 2024 at an even lower 7.06. This indicates that the company's shares are trading at a lower price relative to its earnings, which could be appealing for value investors.
Despite a challenging environment, First US Bancshares has maintained its dividend payments for 11 consecutive years, underscoring a commitment to shareholder returns. The dividend yield stands at 1.89% as of the latest data, providing a steady income stream for investors. One of the InvestingPro Tips highlights the company's profitability over the last twelve months, which is corroborated by an operating income margin of 28.07% for the same period, showing efficient management and a strong ability to convert revenue into profit.
On the flip side, an InvestingPro Tip points out that First US Bancshares suffers from weak gross profit margins. This could be an area for potential investors to monitor, especially in the context of the banking sector's overall performance and competitive landscape. Investors interested in a more in-depth analysis can find additional InvestingPro Tips for First US Bancshares at InvestingPro, which includes a comprehensive set of data points and professional insights to help make informed decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.