Cash conversion efficiency remains volatile, evidenced by an OCF/NI ratio of 2.11x in 2026Q1, which reflects significant distortions from non-cash items and insurance-related working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 14.67M | 12.32M | 7.76M | 13.07M | 12.53M | 9.82M | 6.09M | 11.31M | 8.06M | 6.75M | 8.18M | 7.4M | 8.56M | 10.92M | 16.14M | 16.39M | 16.42M | 3.05M | 7.16M | 19.63M | 17.62M | 18.64M | 19.43M | 15.96M | 14.93M | 14.41M | 15.34M | 12.6M | 12.84M | 10.29M | 6.94M |
| Operating CF Growth % | 304.53% | 58.81% | -40.61% | 4.29% | 27.52% | 61.22% | -46.14% | 40.31% | 19.43% | -17.47% | 10.55% | -13.58% | -21.61% | -32.33% | -1.5% | -0.21% | 438.18% | -57.4% | -63.51% | 11.38% | -5.46% | -4.06% | 21.72% | 6.9% | 3.65% | -6.07% | 21.72% | -1.84% | 24.69% | 48.27% | 43.37% |
| Net Income | 6.17M | 5.99M | 8.17M | 8.48M | 6.86M | 4.45M | 2.71M | 4.57M | 2.49M | -411K | 1.22M | 2.6M | 3.55M | 3.93M | 2.19M | -9.07M | -3.18M | 4.75M | 5.37M | 348.62K | 14.24M | 13.66M | 13.13M | 11.41M | 9.18M | 6.59M | 6.78M | 8.2M | 8.58M | 6.98M | 4.26M |
| Depreciation & Amortization | 1.76M | 1.74M | 1.71M | 1.78M | 1.88M | 2.03M | 2.1M | 2.1M | 1.63M | 1.13M | 966K | 871K | 803K | 717K | 715K | 696.08K | 756.14K | 874.24K | 950.09K | 792.1K | 987.64K | 1.23M | 1.36M | 1.8M | 1.49M | 1.71M | 1.69M | 2.3M | 1.43M | 1.5M | 492.78K |
| Deferred Taxes | -162K | 50K | 583K | 133K | -367K | -401K | 720K | 1.13M | 1.49M | 2.83M | 121K | 926K | 1.81M | 308K | 999K | -2.66M | -5.18M | -524.75K | 104.21K | -528K | -69.23K | -998K | -27.68K | -795K | 121K | 228.38K | -324K | 500K | -1.19M | -335.83K | 55.42K |
| Other Non-Cash Items | 5.45M | 3.28M | -372K | 1.97M | 3.7M | 2.27M | 3.19M | 3.67M | 3.78M | 3.45M | 4.9M | 2.4M | 1.75M | 2.04M | 10.39M | 28.74M | 25.07M | 10.42M | 8.65M | 21.27M | 3.73M | 3.78M | 3.89M | 3.48M | 3.59M | 5.04M | 6.82M | 3.8M | 3.41M | 2.1M | 1.42M |
| Working Capital Changes | 694K | 514K | -2.95M | 103K | -38K | 1.03M | -3.04M | -510K | -1.76M | -613K | 692K | 187K | 207K | 3.78M | 1.85M | -1.31M | -1.05M | -12.47M | -7.91M | -2.25M | -1.26M | 976K | 1.07M | 67.33K | 549K | 841.58K | 370K | -2.2M | 607.43K | 53.06K | 715.9K |
| Cash from Investing | -31.09M | -28.12M | -30.35M | -60.45M | -80.2M | -108.31M | -66.06M | 9.72M | 2.7M | -22.62M | -59.3M | 473K | -20.52M | -18.17M | 42.95M | 10.17M | 51.56M | -21.61M | -16.9M | -42.18M | -22.93M | -30.89M | -18.46M | -40.48M | -24.09M | -29.38M | -18.39M | -50.4M | -13.36M | -9.51M | -3.75M |
| Purchase of Investments | -64.09M | -43.63M | -57.96M | -14.89M | -39.26M | -86.64M | -36.33M | -9.09M | -19.68M | -30.06M | -84.61M | -91.83M | -118.86M | -104.49M | -46.56M | -59.56M | -29.44M | -82.95M | -99.73M | -65.43M | -38.98M | -23.64M | -34.41M | -101.58M | -69.73M | -58.89M | -15.35M | -103.4M | -81.89M | -49.92M | -57.18M |
| Sale/Maturity of Investments | 47.45M | 49.94M | 28.96M | 12.61M | 29.34M | 41.93M | 54.93M | 57.33M | 49.58M | 57.62M | 103.92M | 91.42M | 56.58M | 42.94M | 55.19M | 74.49M | 86.42M | 73.59M | 62.72M | 42.87M | 30.36M | 32.79M | 44.69M | 94.42M | 76.24M | 71.92M | 25.16M | 101.8M | 38.51M | 47.51M | 39.55M |
| Net Investment Activity | -16.64M | 6.31M | -29M | -2.28M | -9.91M | -44.71M | 18.6M | 48.24M | 29.9M | 27.56M | 19.31M | -413K | -62.28M | -61.56M | 8.62M | 14.93M | 56.98M | -9.36M | -37.01M | -22.56M | -8.62M | 9.15M | 10.28M | -7.17M | 6.51M | 13.03M | 9.81M | -1.6M | -43.38M | -2.41M | -17.63M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.01M | 0 | 0 | 0 | 1M | 0 | 0 | 5.01M | 0 | 0 | 0 | 0 | 0 | -73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -8.71M | -31.19M | 754K | -56.7M | -69.03M | -62.78M | -83.7M | -35.33M | -6.64M | -39.79M | -70.72M | 4.55M | 42.47M | 43.77M | 34.89M | -9.27M | -5.06M | -11.58M | 20.41M | -19.14M | -13.66M | -39.3M | -28.07M | -31.81M | -28.81M | -40.81M | -27.37M | -46.6M | 32.2M | -6.12M | 14.07M |
| Cash from Financing | 26.96M | 42.13M | 19.52M | 67.51M | 36.58M | 65.32M | 97.35M | -13.61M | 11.71M | 19.46M | 30.58M | 2.03M | -1.6M | 838K | -57.76M | 12.71M | -66.9M | 17.63M | 2.44M | 14.76M | 12.21M | 19.85M | 331.41K | 20.42M | 1.93M | 6.49M | 22.63M | 23.9M | 12.82M | -2.25M | -1.31M |
| Dividends Paid | -1.6M | -1.61M | -1.26M | -1.18M | -832K | -745K | -740K | -562K | -495K | -486K | -483K | -484K | -181K | 0 | 0 | -241.27K | -2.65M | -3.62M | -6.53M | -7.34M | -6.82M | -6.11M | -4.63M | -4.31M | -3.89M | -3.56M | -3.29M | -3.7M | -2.55M | -1.61M | -1.07M |
| Share Repurchases | -3.43M | -1.76M | -1.64M | -1.42M | -4.48M | -525K | -452K | -1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.11K | -77.63K | -10.51K | -1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | -29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 163.55K | 16.38K | 0 |
| Net Stock Activity | -3.46M | -1.76M | -1.64M | -1.42M | -4.48M | -525K | -452K | -1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 84.62K | -3.11K | -77.63K | -10.51K | -1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 163.55K | 16.38K | 0 |
| Debt Issuance (Net) | -3M | -1000K | 0 | -1000K | 1000K | 1000K | -8K | 1000K | -1000K | 475K | 1000K | 1000K | -795K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -580K | -1000K | 257.89K | -1000K | -1000K | 1000K | -891.62K | 1000K | 1000K | 1000K | 1000K | -241.5K |
| Other Financing | 77.02M | 55.5M | 22.43M | 80.14M | 31.9M | 55.91M | 98.55M | -21.06M | 47.27M | 19.48M | 18.3M | -4.4M | -620K | -4.75M | -38.12M | 23.57M | -9.52M | 27.94M | 6.56M | 28.49M | 23.83M | 25.78M | 12.78M | 34.58M | -1.72M | 16.66M | 11.41M | 200K | 4.23M | -14.01M | 0 |
| Net Change in Cash | 10.54M | 26.33M | -3.06M | 20.13M | -31.09M | -33.17M | 37.38M | 7.43M | 22.48M | 3.59M | -20.54M | 9.91M | -13.55M | -6.41M | 1.33M | 39.27M | 1.08M | -922.69K | -7.3M | -7.79M | 6.91M | 7.6M | 1.3M | -4.1M | -7.23M | -8.49M | 19.57M | -13.9M | 12.29M | -1.47M | 1.88M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 73.55M | 47.22M | 50.28M | 30.15M | 61.24M | 94.42M | 57.03M | 49.6M | 27.12M | 23.53M | 44.07M | 34.17M | 47.72M | 54.13M | 52.8M | 13.53M | 12.45M | 13.37M | 20.67M | 28.46M | 21.55M | 13.95M | 12.64M | 16.74M | 23.97M | 32.46M | 12.89M | 26.8M | 14.54M | 16.01M | 6.35M |
| Cash at End | 66.59M | 73.55M | 47.22M | 50.28M | 30.15M | 61.24M | 94.42M | 57.03M | 49.6M | 27.12M | 23.53M | 44.07M | 34.17M | 47.72M | 54.13M | 52.8M | 13.53M | 12.45M | 13.37M | 20.67M | 28.46M | 21.55M | 13.95M | 12.64M | 16.74M | 23.97M | 32.46M | 12.9M | 26.83M | 14.54M | 8.23M |
| Interest Paid | 21.48M | 21.18M | 22.39M | 14.03M | 3.87M | 3.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 2.01M | 1.54M | 2.8M | 2.38M | 2.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 8.93M | 9.08M | 5.66M | 11.6M | 11.27M | 9M | 5.14M | 8.13M | 6.51M | -3.64M | 290K | 3.74M | 6.86M | 10.54M | 15.57M | 15.89M | 16.07M | 2.38M | 6.86M | 19.15M | 16.98M | 17.97M | 18.77M | 14.45M | 13.13M | 12.8M | 14.5M | 10.4M | 10.65M | 9.32M | 6.75M |
| FCF Growth % | 19.3% | 60.47% | -51.21% | 2.98% | 25.15% | 75.19% | -36.8% | 24.8% | 278.93% | -1355.52% | -92.24% | -45.5% | -34.97% | -32.29% | -1.99% | -1.16% | 575.7% | -65.34% | -64.17% | 12.81% | -5.52% | -4.24% | 29.85% | 10.06% | 2.57% | -11.7% | 39.41% | -2.34% | 14.23% | 38.12% | 43.99% |
Consumer credit portfolio volatility
Based on quarterly cash flow data, FUSB frequently rotates its investment securities portfolio, with gross purchases reaching $30.4 million in 2024Q4, suggesting that management actively manages duration and liquidity to offset the inherent volatility of its niche consumer-focused loan book and insurance reinsurance operations.
The bank's tendency to cycle through investment securities suggests a strategy of maintaining high liquidity rather than locking in long-term yields. This approach appears to prioritize balance sheet flexibility, which may be a necessary hedge against the unpredictable cash demands of its credit life and health insurance segments.
As reported in the cash flow statements, the $2.7 million provision for credit losses in 2025Q2 represents a significant outlier, indicating that the bank's specialized consumer installment loans may be experiencing heightened default rates that require immediate capital preservation through increased reserve builds.
This sharp increase in provisioning suggests that the bank's collateral-heavy lending model is not immune to broader economic pressures. Investors should monitor whether this spike reflects a temporary vintage-specific issue or a structural deterioration in the credit quality of the bank's recreational vehicle and personal property loan portfolios.
According to historical cash flow filings, FUSB maintains a disciplined capital return profile, with quarterly dividends consistently near $400,000, while share buybacks remain opportunistic and secondary to the bank's primary objective of preserving capital for potential regional expansion or unexpected credit-related losses.
The modest and stable dividend payout ratio suggests that management is prioritizing the maintenance of a fortress-like balance sheet over aggressive shareholder returns. This conservative stance appears prudent given the bank's geographic concentration and the inherent volatility of its insurance-linked revenue streams.
Analysis of the cash flow statement reveals that OCF/NI ratios frequently exceed 1.0, such as the 2.11x observed in 2026Q1, which implies that non-cash items and working capital fluctuations—likely related to insurance claims and loan originations—significantly distort the bank's reported earnings quality.
The disconnect between net income and operating cash flow warrants further investigation into the timing of insurance premium recognition versus claim payouts. This volatility suggests that headline earnings may not fully capture the underlying cash-generating capacity of the bank's hybrid business model.
Quick answers to the most common questions about buying FUSB stock.
First US Bancshares, Inc. (FUSB) generated $12.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First US Bancshares, Inc. (FUSB) generated $9.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First US Bancshares, Inc. (FUSB) spent $3.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First US Bancshares, Inc. (FUSB) returned $1.6M to shareholders via cash dividends and spent $1.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.