FIRST US BANCSHARES, INC. Leases Disclosure
The Company is involved in a number of operating leases, primarily for branch locations. Branch leases have remaining lease terms ranging from one year to eight years, some of which include options to extend the leases for up to five years, and some of which include an option to terminate the lease within one year. The Bank also leases certain office facilities to third parties and classifies these leases as operating leases.
The following table provides a summary of the components of lease income and expense, as well as the reporting location in the consolidated statements of operations for the years ended December 31, 2025 and 2024:
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Year Ended |
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Location |
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December 31, |
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December 31, |
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(Dollars in Thousands) |
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Operating lease income (1) |
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$ |
1,082 |
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$ |
1,033 |
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Operating lease expense (2) |
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Net occupancy and equipment |
|
$ |
459 |
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|
$ |
565 |
|
The following table provides supplemental lease information for operating leases on the consolidated balance sheets as of December 31, 2025 and 2024:
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Location |
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December 31, |
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December 31, |
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(Dollars in Thousands) |
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Operating lease right-of-use assets |
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$ |
1,581 |
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$ |
1,921 |
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Operating lease liabilities |
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|
$ |
1,643 |
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|
$ |
1,972 |
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Weighted-average remaining lease term (in years) |
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5.23 |
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|
5.14 |
|
Weighted-average discount rate |
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|
4.31 |
% |
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|
4.08 |
% |
The following table provides supplemental lease information for the consolidated statements of cash flows for the years ended December 31, 2025 and 2024:
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Year Ended |
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December 31, |
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December 31, |
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(Dollars in Thousands) |
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Cash paid for amounts included in the measurement of |
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Operating cash flows from operating leases |
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$ |
412 |
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$ |
395 |
|
The following table is a schedule of remaining future minimum lease payments for operating leases that had an initial or remaining non-cancellable lease term in excess of one year as of December 31, 2025:
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Minimum |
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|
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(Dollars in |
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2026 |
|
|
419 |
|
2027 |
|
|
308 |
|
2028 |
|
|
269 |
|
2029 |
|
|
183 |
|
2030 and thereafter |
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|
746 |
|
Total future minimum lease payments |
|
$ |
1,925 |
|
Less: Imputed interest |
|
|
282 |
|
Total |
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$ |
1,643 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 14, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 18, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 15, 2018 | |
| 2016 | Mar 15, 2017 | |
| 2015 | Mar 11, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.