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First US Bancshares, Inc. (NASDAQ:FUSB), a Delaware-incorporated state commercial bank with a market capitalization of $72.4 million and shares trading at $12.59, announced the results of its Annual Meeting of Shareholders held on Thursday. The bank stock has delivered an impressive 23% return over the past year, according to InvestingPro data. The meeting concluded with the election of directors, ratification of the company’s independent registered public accountants, and advisory approval of executive compensation. The bank has maintained a track record of consistent dividend payments for 12 consecutive years, with a current dividend yield of 2.2%.
During the meeting, shareholders elected all director nominees to serve for the coming year. The elected directors include Robert Stephen Briggs, Robert C. Field, David P. Hale, James F. House, Marlene M. McCain, J. Lee McPhearson, Jack W. Meigs, Aubrey S. Miller, Staci M. Pierce, Tracy E. Thompson, and Bruce N. Wilson. The voting results showed a significant majority in favor of each director, with broker non-votes recorded for each nominee.
Additionally, shareholders ratified the appointment of Carr, Riggs & Ingram, LLC as the company’s independent registered public accountants for the fiscal year ending December 31, 2025. The advisory resolution on executive compensation was also approved, indicating shareholder support for the company’s executive pay practices.
The company provided details of the voting outcomes for each proposal, including the number of votes for, against, abstentions, and broker non-votes, ensuring transparency in the decision-making process.
First US Bancshares, Inc., with business headquarters in Birmingham, Alabama, maintains a commitment to corporate governance and shareholder engagement, as evidenced by the recently held Annual Meeting. The company has demonstrated solid financial performance, remaining profitable over the last twelve months with a P/E ratio of 9.8x. InvestingPro analysis reveals several additional key metrics and insights about the company’s financial health, which subscribers can access along with detailed valuation models and peer comparisons.
In other recent news, First US Bancshares has declared a quarterly cash dividend of $0.07 per share, marking the forty-third consecutive quarter of dividend payments. This dividend is scheduled for distribution on April 1, 2025, to shareholders recorded by March 14, 2025. The company’s President and CEO, James F. House, highlighted the ongoing commitment to rewarding shareholders while maintaining a strong capital base. Additionally, First US Bancshares announced a new annual cash incentive program for the fiscal year ending December 31, 2025. This program targets executive officers and key employees, offering bonuses based on corporate and individual performance objectives, including financial metrics such as pre-tax income and return on average assets. The incentive plan allows for payouts ranging from 50% to 150% of the target bonus, depending on performance relative to budgeted goals. Provisions are included for recouping bonuses in cases of financial restatement or misconduct. These developments are part of First US Bancshares’ strategy to align executive interests with shareholder goals, as detailed in their recent SEC filing.
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