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FIRST US BANCSHARES , INC . Contact : Thomas S. Elley 205-582-1200 Exhibit 99.1 FIRST US BANCSHARES , INC . REPORTS THIRD QUARTER 2021 RESULTS Reports Year - Over - Year Earnings and Loan Growth and Advancement of Strategic Initiatives BIRMINGHAM , AL ( October 27 , 2021 ) - First US Bancshares , Inc. ( Nasdaq : FUSB ) ( the “ Company ” ) , the parent company of First US Bank ( the " Bank ” ) , today reported net income of $ 837 thousand , or $ 0.13 per diluted share , for the quarter ended September 30 , 2021 ( “ 3Q2021 ” ) , compared to $ 953 thousand , or $ 0.14 per diluted share , for the quarter ended June 30 , 2021 ( “ 2Q2021 " ) and $ 411 thousand , or $ 0.06 per diluted share , for the quarter ended September 30 , 2020 ( " 3Q2020 " ) . For the nine months ended September 30 , 2021 , the Company's net income totaled $ 2.7 million , or $ 0.41 per diluted share , compared to $ 1.7 million , or $ 0.25 per diluted share , for the nine months ended September 30 , 2020. Loan growth during 3Q2021 totaled $ 19.3 million , bringing year - to - date loan growth to $ 58.8 million , or 9.0 % , for the nine months ended September 30 , 2021 . Advancement of Strategic Initiatives During 3Q2021 , the Company made progress on strategic initiatives aimed at improving operating efficiency , focusing the Company's loan growth activities , and fortifying asset quality . On September 3 , 2021 , the Bank's wholly - owned subsidiary , Acceptance Loan Company , Inc. ( " ALC " ) , ceased new business development and permanently closed its 20 branch lending locations in Alabama and Mississippi to the public . This initiative is expected to result in expense reduction beginning in the fourth quarter of 2021 ( “ 4Q2021 " ) , while at the same time focusing management's efforts on growth in the Bank's other loan portfolios . In connection with the ALC branch closures , the Company recorded pre - tax charges of approximately $ 550 thousand during 3Q2021 . These one - time expenses included severance and related personnel costs , lease termination costs , fixed asset valuation adjustments , termination of technology contracts , and other costs to administer the branch closures . The Company expects to incur approximately $ 500 thousand in additional expenses in the coming months primarily related to personnel expenses associated with one - time payments to ALC personnel that continue to manage the remaining loan portfolio , as well as expenses associated with the ultimate termination of ALC's remaining branch leases . It is expected that the majority of the remaining one - time expenses will be incurred during 4Q2021 and the first quarter of 2022 and will be fully offset by ongoing cost savings that result from the closures . In addition to the ALC branch closures , on September 3 , 2021 , four of the Bank's previously existing banking offices were closed . The decision to close these banking offices was based on analysis of banking center activity , profitability and Community Reinvestment Act assessment . The closures included banking centers located in Bucksville , Columbiana and south Tuscaloosa , Alabama , as well as Ewing , Virginia . " We are pleased that we have completed these major strategic initiatives , while at the same time posting loan growth and substantially improved year - over- year earnings , " stated James F. House , President and CEO of the Company . " We are continuing to transform our Company to an organization that can operate more efficiently with a focus on those lending areas that we believe will sustain our growth for many years to come , ” continued Mr. House .