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United Security Bancshares, Inc. Reports First Quarter Results

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 FINANCIAL CONDITION

(In Thousands of Dollars, Except Per Share Data)

 
  March 31,   December 31,
2012 2011
(Unaudited)
ASSETS
 
Cash and Due from Banks $ 11,844 $ 9,491
Interest-Bearing Deposits in Other Banks   58,082     43,306  
Total Cash and Cash Equivalents 69,926 52,797
Investment Securities Available-for-Sale, at fair market value 113,647 122,170
Investment Securities Held-to-Maturity, at cost 5,161 1,170
Federal Home Loan Bank Stock, at cost 2,861 2,861

Loans, net of allowance for loan losses of $20,771 and $22,267, respectively

365,849 381,085
Premises and Equipment, net 9,083 9,050
Cash Surrender Value of Bank-Owned Life Insurance 13,020 12,922
Accrued Interest Receivable 3,542 3,958
Investment in Limited Partnerships 1,437 1,456
Other Real Estate Owned 14,633 16,774
Other Assets   18,264     17,567  
Total Assets $ 617,423   $ 621,810  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
Deposits $ 533,660 $ 527,073
Accrued Interest Expense 675 790
Short-Term Borrowings 225 356
Long-Term Debt 10,000 20,000
Other Liabilities   7,903     7,384  
Total Liabilities   552,463     555,603  
Commitments and Contingencies
Shareholders’ Equity:

Common Stock, par value $0.01 per share, 10,000,000 shares authorized; 7,322,560 shares issued; 6,017,732 and 6,015,737 shares outstanding, respectively

 

73

 

73

Surplus 9,259 9,259
Accumulated Other Comprehensive Income, net of tax 2,936 3,004
Retained Earnings 73,854 75,091

Less Treasury Stock: 1,304,828 and 1,306,823 shares at cost, respectively

(21,150 ) (21,208 )
Noncontrolling Interest   (12 )   (12 )
 
Total Shareholders’ Equity   64,960     66,207  
 
Total Liabilities and Shareholders’ Equity $ 617,423   $ 621,810  

 
 
 

UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands of Dollars, Except Per Share Data)

 
  Three Months Ended
March 31,
2012   2011
(Unaudited)
INTEREST INCOME:
Interest and Fees on Loans $ 9,083 $ 9,087
Interest on Investment Securities   927     1,357
Total Interest Income 10,010 10,444
 
INTEREST EXPENSE:
Interest on Deposits 1,375 1,597
Interest on Borrowings   85     270
Total Interest Expense   1,460     1,867
 
NET INTEREST INCOME 8,550 8,577
 
PROVISION FOR LOAN LOSSES   2,215     1,305
 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 6,335 7,272
 
NON-INTEREST INCOME:
Service and Other Charges on Deposit Accounts 628 716
Credit Life Insurance Income 119 122
Other Income 527 351
Total Non-Interest Income 1,274 1,189
 
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 3,764 3,570
Occupancy Expense 447 476
Furniture and Equipment Expense 310 303
Impairment on Other Real Estate 2,834 484
Loss on Sale of Other Real Estate 194 339
Other Expense   2,279     2,263
Total Non-Interest Expense   9,828     7,435
 
INCOME (LOSS) BEFORE INCOME TAXES (2,219 ) 1,026
 
PROVISION FOR (BENEFIT FROM) INCOME TAXES   (982 )   207
 
NET INCOME (LOSS) $ (1,237 ) $ 819
 
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE $ (0.21 ) $ 0.14
 
DIVIDENDS PER SHARE $ -   $ 0.04
 




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