Exhibit 99.1
United Security Bancshares, Inc. Announces Quarterly and Twelve
Months Earnings
THOMASVILLE, Ala., Feb. 2 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income for the quarter ended December 31, 2004, of $3,599,000 compared to $3,650,000 for the same period of 2003, a 1.4% decrease. On a diluted per share basis, net income for the fourth quarter of 2004 was $0.56, compared to $0.57 for 2003, a 1.8% decrease. On a year-to-date basis, net income increased from $11,415,000 in 2003 to $13,131,000 in 2004, a 15.0% increase. On a diluted per share basis, net income for the twelve months ended December 31, 2004, was $2.04, compared to $1.77 for 2003, a 15.3% increase.
The primary factors for the decrease in net income fourth quarter 2004 compared to fourth quarter 2003 was a $231,000 increase in the provision for loan losses which was off-set somewhat by a $101,000 increase in net interest income. Improved net interest margin and improved operating performance of the Company’s finance company subsidiary, Acceptance Loan Company (ALC), are the primary reasons for the 15.0% increase in year-to-date 2004 net income.
Performance ratios continue to show improvement with return on average assets at 2.26% and return on average equity increasing to 16.92%.
At December 31, 2004, total assets amounted to $586,153,000, an increase of 3.3% over December 31, 2003. Total deposits showed an increase of $9,243,000, or 2.4%. Loans, net of unearned discount, increased 4.5% to $403,984. Shareholders’ equity totaled $81,913,000, which represents a book value of $12.74 per share. Dividends for the fourth quarter were $0.18 per share.
UNITED SECURITY BANCSHARES, INC.
(Unaudited Financial Highlights)
(In thousands, except per share amounts and percentages)
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| 3 Months Ended |
| 12 Months Ended |
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| 2004 |
| 2003 |
| 2004 |
| 2003 |
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Earnings Summary: |
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Net Interest Income |
| $ | 10,057 |
| $ | 9,956 |
| $ | 39,225 |
| $ | 35,587 |
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Provision for Credit Losses |
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| 1,074 |
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| 843 |
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| 3,724 |
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| 3,505 |
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Non-Interest Income |
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| 1,392 |
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| 1,540 |
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| 5,595 |
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| 5,662 |
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Non-Interest Expense |
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| 5,444 |
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| 5,357 |
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| 22,045 |
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| 21,306 |
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Income Before Income Taxes |
| $ | 4,931 |
| $ | 5,296 |
| $ | 19,051 |
| $ | 16,438 |
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Income Tax Provision |
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| 1,332 |
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| 1,646 |
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| 5,920 |
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| 5,023 |
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Net Income |
| $ | 3,599 |
| $ | 3,650 |
| $ | 13,131 |
| $ | 11,415 |
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Earnings Per Share: |
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Basic |
| $ | 0.56 |
| $ | 0.57 |
| $ | 2.04 |
| $ | 1.77 |
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Diluted |
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| 0.56 |
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| 0.57 |
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| 2.04 |
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| 1.77 |
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Dividends Per Share |
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| 0.18 |
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| 0.17 |
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| 0.72 |
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| 0.67 |
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| December 31, |
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| 2004 |
| 2003 |
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Balance Sheet Summary: |
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Total Assets |
| $ | 586,153 |
| $ | 567,188 |
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Total Earning Assets |
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| 533,695 |
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| 525,730 |
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Loans, Net of Unearned Discount |
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| 403,984 |
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| 386,578 |
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Allowance for Credit Losses |
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| 7,061 |
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| 6,842 |
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Total Deposits |
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| 396,923 |
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| 387,680 |
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Common Shareholders’ Equity |
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| 81,913 |
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| 73,329 |
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Book Value Per Share |
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| 12.74 |
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| 11.40 |
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Average Balance Sheet Data: |
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Total Assets |
| $ | 582,048 |
| $ | 549,705 |
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Total Earning Assets |
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| 533,008 |
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| 511,220 |
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Loans, Net of Unearned Discount |
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| 391,435 |
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| 365,532 |
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Total Deposits |
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| 391,853 |
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| 372,141 |
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Common Shareholders’ Equity |
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| 77,623 |
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| 69,421 |
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Performance Ratios: |
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Return on Average Assets |
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| 2.26 | % |
| 2.08 | % |
Return on Common Equity |
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| 16.92 | % |
| 16.44 | % |
Average Shares Outstanding |
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Basic |
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| 6,430,767 |
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| 6,431,701 |
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Diluted |
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| 6,430,767 |
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| 6,431,701 |
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SOURCE United Security Bancshares, Inc.
-0- 02/02/2005
/CONTACT: Larry Sellers or Robert Steen of United Security Bancshares,
Inc., +1-334-636-5424/