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TheStreet Open House

United Security Bancshares, Inc. Reports Second Quarter Results

Stocks in this article: 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. Specifically, with respect to statements relating to loan demand, growth and earnings potential and 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

(Dollars in Thousands, Except Per Share Data)

 
    June 30,     December 31,
2013 2012
(Unaudited)
ASSETS
Cash and Due from Banks $ 10,628 $ 12,181
Interest Bearing Deposits in Banks   38,351     41,945  
Total Cash and Cash Equivalents 48,979 54,126
Federal Funds Sold 5,000 5,000
Investment Securities Available-for-Sale, at fair value 102,621 92,614
Investment Securities Held-to-Maturity, at amortized cost 35,105 21,136
Federal Home Loan Bank Stock, at cost 681 936
Loans, net of allowance for loan losses of $11,635 and $19,278, respectively 312,008 337,400
Premises and Equipment, net 8,697 8,903
Cash Surrender Value of Bank-Owned Life Insurance 13,479 13,303
Accrued Interest Receivable 2,750 3,101
Investment in Limited Partnerships 836 836
Other Real Estate Owned 12,377 13,286
Other Assets   13,173     16,492  
Total Assets $ 555,706   $ 567,133  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits $ 478,086 $ 489,034
Accrued Interest Expense 286 413
Other Liabilities 7,867 8,401
Short-Term Borrowings   456     638  
Total Liabilities   486,695     498,486  
Shareholders’ Equity:

Common Stock, par value $0.01 per share, 10,000,000 shares authorized; 7,327,560 shares issued; 6,023,622 shares outstanding

73 73
Surplus 9,284 9,284
Accumulated Other Comprehensive Income, net of tax 1,435 3,139
Retained Earnings 79,355 77,287
Less Treasury Stock: 1,303,938 shares at cost (21,123 ) (21,123 )
Noncontrolling Interest   (13 )   (13 )
 
Total Shareholders’ Equity   69,011     68,647  
 
Total Liabilities and Shareholders’ Equity $ 555,706   $ 567,133  
 

 

UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Data)

 
    Three Months Ended     Six Months Ended
June 30, June 30,
2013     2012 2013     2012
(Unaudited) (Unaudited)
 
INTEREST INCOME:
Interest and Fees on Loans $ 7,697 $ 8,883 $ 15,607 $ 17,966
Interest on Investment Securities   735   865   1,419   1,792  
Total Interest Income 8,432 9,748 17,026 19,758
 
INTEREST EXPENSE:
Interest on Deposits 735 1,147 1,522 2,522
Interest on Borrowings   2   30   4   115  
Total Interest Expense   737   1,177   1,526   2,637  
 
NET INTEREST INCOME 7,695 8,571 15,500 17,121
 

PROVISION FOR LOAN LOSSES

  53   468   559   2,683  
 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

7,642

8,103

14,941

14,438

 
NON-INTEREST INCOME:

Service and Other Charges on Deposit Accounts

558

603

1,148

1,231

Credit Life Insurance Income 169 222 279 341
Other Income   501   506   1,424   1,033  
Total Non-Interest Income 1,228 1,331 2,851 2,605
 
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 3,965 3,714 7,977 7,479
Occupancy Expense 500 480 961 928
Furniture and Equipment Expense 281 343 564 653
Impairment on Other Real Estate 165 30 362 2,864
Loss on Sale of Other Real Estate 260 266 705 460
Other Expense   2,005   2,607   4,299   4,886  
Total Non-Interest Expense   7,176   7,440   14,868   17,270  
 

INCOME (LOSS) BEFORE INCOME TAXES

1,694

1,994

2,924

(227

)

PROVISION FOR (BENEFIT FROM) INCOME TAXES

 

512

 

623

 

856

 

(360

)

NET INCOME $ 1,182 $ 1,371 $ 2,068 $ 133  

BASIC AND DILUTED NET INCOME PER SHARE

$ 0.20 $ 0.23 $ 0.34 $ 0.02  
 
DIVIDENDS PER SHARE $ - $ - $ - $ -  
 




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