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United Security Bancshares 4th Quarter - Improving Trends Continue

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Company's possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Company's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the company's market, (4) other-than-expected credit losses, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) the effect of acquisitions and integration of acquired businesses, (7) the impact of proposed and/or recently adopted changes in regulatory, judicial, or legislative tax treatment of business transactions, particularly recently enacted California tax legislation and the subsequent Dec. 31, 2003, announcement by the Franchise Tax Board regarding the taxation of REITs and RICs; and (8) unknown economic impacts caused by the State of California's budget issues. Management cannot predict at this time the severity or duration of the effects of the recent business slowdown on our specific business activities and profitability. Weaker or a further decline in capital and consumer spending, and related recessionary trends could adversely affect our performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels and affect the ability of borrowers to repay loans. Forward-looking statements speak only as of the date they are made, and the company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance including the factors that influence earnings. For a more complete discussion of these risks and uncertainties, see the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and particularly the section of Management's Discussion and Analysis.

    
    
    United Security Bancshares
    Consolidated Balance Sheets
    (unaudited)
    (Dollars in thousands)
    
                                                  December 31,   December 31,
                                                      2009           2008
                                                      ----           ----
    Cash & nonint.-bearing deposits in banks         $17,644        $19,426
    Interest-bearing deposits in banks                 3,313         20,431
    Federal funds sold                                11,585              0
    Investment securities AFS                         71,411         92,749
    Loans, net of unearned fees                      507,707        543,317
      Less: allowance for loan losses                (15,016)       (11,529)
                                                     -------        -------
    Loans, net                                       492,692        531,788
    Premises and equipment, net                       13,296         14,285
    Intangible assets                                  9,425         13,417
    Other assets                                      73,201         68,980
                                                      ------         ------
              TOTAL ASSETS                          $692,568       $761,077
    
    Deposits:
      Noninterest-bearing demand & NOW               187,754        190,363
      Savings & Money Market                         144,904        133,367
      Time                                           229,002        184,756
                                                     -------        -------
    Total deposits                                   561,660        508,486
    
    Borrowed funds                                    40,000        155,045
    Other liabilities                                  4,371          6,010
    Junior subordinated debentures                    10,716         11,926
                                                      ------         ------
           TOTAL LIABILITIES                        $616,747       $681,467
    
    Shareholders' equity:
      Common shares outstanding:
       12,496,499 at Dec. 31, 2009
       12,010,372 at Dec. 31, 2008                   $37,575        $34,811
    Retained earnings                                 40,499         47,722
    Fair Value Adjustment – Hedge                          0              0
    Accumulated other comprehensive income            (2,253)        (2,923)
                                                      ------         ------
    Total shareholders' equity                       $75,820        $79,610
    TOTAL LIABILITIES & SHAREHOLDERS' EQUITY         692,568        761,077
    
    
    
    
    United Security Bancshares                   
    Consolidated Statements  
     of Income        
    (dollars in 000's,         Three       Three      Twelve      Twelve   
     except per share         Months      Months      Months      Months 
     amounts)                  Ended       Ended       Ended       Ended
                            December 31 December 31 December 31 December 31
    (unaudited)                2009        2008        2009        2008
                                ----        ----        ----        ----
    Interest income            $8,850     $10,036     $35,673     $45,146
    Interest expense            1,605       2,967       7,327      14,937
                                -----       -----       -----      ------
    Net interest income         7,245       7,069      28,347      30,209
    Provision for loan
     losses                     4,781       2,366      13,375       9,526
    Other income                2,870       2,698       6,307       8,343
    Other expenses              6,353       6,271      27,967      23,351
                                -----       -----      ------      ------
    Income before income
     tax provision             (1,020)      1,130      (6,687)      5,675
    Provision for income
     taxes                       (595)        289      (2,150)      1,605
                                 ----         ---      ------       -----
    NET INCOME                  ($425)       $842     ($4,537)     $4,070
    
    
    United Security Bancshares               
    Selected Financial Data                    
    (dollars in 000's          Three       Three      Twelve      Twelve
     except per share         Months      Months      Months      Months
     amounts)                  Ended       Ended       Ended       Ended
                            December 31 December 31 December 31  December 31
                                2009        2008        2009        2008
                            ----------- ----------- -----------  -----------
    Basic Earnings Per
     Share                     ($0.03)      $0.07      ($0.36)      $0.32
    Diluted Earning Per
     Share                     ($0.03)      $0.07      ($0.36)      $0.32
    
        Annualized Return on:
    Average Assets              -0.23%       0.43%      -0.62%       0.52%
    Average Equity              -2.18%       4.18%      -5.77%       4.93%
    Net Interest Margin          4.67%       4.02%       4.51%       4.36%
    
    Net Charge-offs to
     Average Loans               2.69%       2.31%       1.80%       0.92%
    
    
                            December 31  December 31
                                2009         2008
                            -----------  -----------
    Book Value Per Share        $6.07       $6.63
    Tangible Book Value
     Per Share                  $5.31       $5.51
    Efficiency Ratio            80.70%      60.38%
    Non Performing Assets
     to Total Assets            10.32%      10.68%
    
    Allowance for Loan
     Losses to Total Loans       2.96%       2.75%
    Shares Outstanding -
     period end            12,496,499  12,010,372
    Basic Shares  - YTD
     average weighted      12,496,578  12,537,955
    Diluted Shares - YTD
     average weighted      12,496,578  12,541,516
    Basic Shares  - QTD
     average weighted      12,496,525  12,512,595
    Diluted Shares - QTD
     average weighted      12,496,525  12,512,674
    

SOURCE United Security Bancshares

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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