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United Security Bancshares, Inc. Reports 2011 Results

Stocks in this article: USBI

About United Security Bancshares, Inc.

United Security Bancshares, Inc. is a bank holding company that operates nineteen banking offices in Alabama through First United Security Bank. In addition, the Company’s operations include Acceptance Loan Company, Inc., a consumer loan company, and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the bank’s and ALC’s consumer loan customers. The Company’s stock is traded on the Nasdaq Capital Market under the symbol “USBI.”

Forward-Looking Statements

This press release contains forward-looking statements, as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. USBI undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, USBI, through its senior management, may make from time to time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of USBI’s senior management based upon current information and involve a number of risks and uncertainties. Certain factors that could affect the accuracy of such forward-looking statements are identified in the public filings made by USBI with the Securities and Exchange Commission, and forward-looking statements contained in this press release or in other public statements of USBI or its senior management should be considered in light of those factors. With respect to the adequacy of the allowance for loan losses for USBI, these factors include, but are not limited to, the rate of growth (or lack thereof) in the economy, the relative strength and weakness in the consumer and commercial credit sectors and in the real estate markets and collateral values. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.

 
 
 
 

UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Dollars in Thousands, Except Per Share Data)

 
  Three Months Ended   Twelve Months Ended
December 31, December 31,
2011   2010 2011   2010
(Restated) (Restated)
INTEREST INCOME:
Interest and Fees on Loans $ 9,365 $ 9,486 $ 37,064 $ 38,086
Interest on Investment Securities   1,231     1,486     5,282     6,742  
Total Interest Income 10,596 10,972 42,346 44,828
 
INTEREST EXPENSE:
Interest on Deposits 1,518 1,729 6,260 7,600
Interest on Borrowings   127     438     759     2,473  
Total Interest Expense   1,645     2,167     7,019     10,073  
 
NET INTEREST INCOME 8,951 8,805 35,327 34,755
 
PROVISION FOR LOAN LOSSES   13,626     12,320     18,802     19,131  
 

NET INTEREST INCOME (LOSS) AFTER PROVISION FOR LOAN LOSSES

 

(4,675

 

)

 

(3,515

 

)

 

16,525

 

15,624

 
NON-INTEREST INCOME:

Service and Other Charges on Deposit Accounts

719

798

2,888

3,061

Credit Life Insurance Income 348 347 924 939
Other Income   2,681     1,093     4,916     6,166  
Total Non-Interest Income 3,748 2,238 8,728 10,166
 
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 3,253 3,203 14,491 13,765
Occupancy Expense 460 439 1,922 1,860
Furniture and Equipment Expense 331 323 1,282 1,260
Impairment on Other Real Estate Owned 2,548 1,895 6,390 3,538
Goodwill Impairment 4,098 - 4,098 -
Loss on Sale of Other Real Estate 771 1,675 1,607 1,675
Other Expense   2,648     1,904     10,497     10,024  
Total Non-Interest Expense   14,109     9,439     40,287     32,122  
 
LOSS BEFORE INCOME TAXES (15,036 ) (10,716 ) (15,034 ) (6,332 )
BENEFIT FROM INCOME TAXES   (5,547 )   (4,247 )   (5,958 )   (3,026 )
NET LOSS $ (9,489 ) $ (6,469 ) $ (9,076 ) $ (3,306 )

Less: Net Loss Attributable to Noncontrolling Interest

 

-

   

-

   

(1

)

 

(125

)

NET LOSS ATTRIBUTABLE TO USBI

$

(9,489

)

$

(6,469

)

$

(9,075

)

$

(3,181

)

BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO USBI PER SHARE

$

(1.58

)

$

(1.08

)

$

(1.51

)

$

(0.53

)

 
DIVIDENDS PER SHARE $ 0.00   $ 0.11   $ 0.04   $ 0.44  

 
 
 
 

UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2011 AND 2010

(Dollars in Thousands, Except Per Share Data)

 
  2011   2010
(Restated)
ASSETS
Cash and Due from Banks $ 9,491 $ 10,330
Interest-Bearing Deposits in Other Banks   43,306     3,201  
Total Cash and Cash Equivalents 52,797 13,531
Investment Securities Available-for-Sale, at fair market value 122,171 135,877
Investment Securities Held to Maturity, at cost 1,170 1,210
Federal Home Loan Bank Stock, at cost 2,861 5,093
Loans, net of allowance for loan losses of $22,267 and $20,936, respectively 381,085 387,478
Premises and Equipment, net of accumulated depreciation of $17,190 and $19,372, respectively

9,049

16,609

Cash Surrender Value of Bank-Owned Life Insurance 12,922 12,499
Accrued Interest Receivable 3,958 5,110
Goodwill - 4,098
Investment in Limited Partnerships 1,456 1,766
Other Real Estate Owned 16,774 25,632
Other Assets   17,567     12,836  
Total Assets $ 621,810   $ 621,739  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand, Non-Interest-Bearing $ 59,119 $ 54,492
Demand, Interest-Bearing 122,754 116,533
Savings 58,148 49,891
Time, $100,000 and over 135,708 126,383
Other time   151,344     156,231  
Total Deposits 527,073 503,530
Accrued Interest Expense 790 2,235
Other Liabilities 7,383 10,481
Short-Term Borrowings 356 971
Long-Term Debt   20,000     30,000  
Total Liabilities   555,602     547,217  
Shareholders’ Equity:

Common stock, par value $.01 per share; 10,000,000 shares authorized; 7,322,560 shares issued; 6,015,737 shares and 6,011,012 shares outstanding for 2011 and 2010, respectively

73 73
Surplus 9,258 9,233
Accumulated other comprehensive income, net of tax 3,005 3,411
Retained earnings 75,091 84,408

Treasury stock, 1,306,823 and 1,306,548 shares at cost for 2011 and 2010, respectively

(21,208

)

(21,205

)

Noncontrolling Interest   (12 )   (1,398 )
Total Shareholders’ Equity   66,208     74,522  
Total Liabilities and Shareholders’ Equity $ 621,810   $ 621,739  
 




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