FIRST US BANCSHARES, INC. New Standards Disclosure

Standard

Description

Required Date of Adoption

Effect on Financial Statements or other significant matters

ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures

This ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures.

Annual financial statements as of and
for the year ended December 31, 2025.

The adoption of this guidance did not have a material impact.

Standard

Description

Required Date of Adoption

Effect on Financial Statements or other significant matters

ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements

This ASU amends certain hedge accounting guidance to improve operability and better align hedge accounting with an entity’s risk management activities. The amendments include revisions to the similar risk assessment for cash flow hedges, which may allow entities to broaden the scope of forecasted transactions designated in a hedge relationship, and clarify certain documentation and application requirements.

Quarterly financial statements as of and for the quarter ending March 31, 2026. Annual financial statements as of and for the year ending December 31, 2026. Early adoption is permitted.

The adoption of this guidance is not likely to have a material impact. Management will continue to evaluate through date of adoption.

ASU 2024-03, Income Statement Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses

This ASU will change the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (for example: employee compensation, depreciation, and amortization) in expense captions.

Annual financial statements as of and
for the year ending December 31, 2027.

The adoption of this guidance is not likely to have a material impact. Management will continue to evaluate through date of adoption.

ASU 2025-08, Financial Instruments-Credit Losses (Topic 326): Purchased Loans

This ASU expands the use of the gross‑up method to certain acquired non‑purchase credit deteriorated ("PCD") loans classified as purchased seasoned loans. The amendment eliminates Day 1 credit loss expense for these loans by requiring recognition of an initial allowance with a corresponding gross‑up of amortized cost. It also clarifies the criteria for identifying purchased seasoned loans, including special treatment for loans acquired in a business combination. Guidance for PCD assets remains unchanged, and the amendments narrow subsequent measurement differences between purchased seasoned loans and PCD assets. The ASU is applied prospectively.

Quarterly financial statements as of and for the quarter ending March 31, 2027. Annual financial statements as of and for the year ending December 31, 2027. Early adoption is permitted.

The Company adopted this guidance as of January 1, 2026 with no material impact.