Exhibit 99.1
United Security Bancshares, Inc. Announces Quarterly Earnings
THOMASVILLE, Alabama, April 22 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income for the quarter ended March 31, 2005, of $3,302,000, compared to $3,429,000 for the same period of 2004, a 3.7% decrease. On a diluted per share basis, net income for the first quarter of 2005 was $0.51, compared to $0.53 for the same period of 2004, a 3.8% decrease.
The small decrease in net income is the result of a $142,000 decrease in insufficient funds and overdraft charges on deposit accounts, and a $135,000 increase in provision for loan losses which was off-set somewhat by a $238,000 increase in net interest income. Net interest margin increased from 7.26% at the end of the first quarter of 2004 to 7.32% at March 31, 2005.
Performance ratios remain excellent with return on average assets of 2.25% and return on average equity of 16.15%.
At March 31, 2005, total assets amounted to $602,394,000, a 4.8% increase over March 31, 2004. Total deposits increased 7.4% to $414,856,000. Loans, net of unearned discount, increased 6.2% to $406,426,000, and shareholders’ equity totaled $82,566,000, which represented a book value of $12.84 per share. Regular dividends were increased 11% to $0.20 per share in the first quarter, and a special one-time dividend of $0.15 per share was also declared.
UNITED SECURITY BANCSHARES, INC.
(Unaudited Financial Highlights)
(In thousands, except per share amounts and percentages)
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| Three Months Ended |
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| 2005 |
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| 2004 |
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Earnings Summary: |
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Net Interest Income |
| $ | 9,808 |
| $ | 9,570 |
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Provision for Credit Losses |
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| 796 |
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| 661 |
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Non-Interest Income |
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| 1,154 |
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| 1,315 |
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Non-Interest Expense |
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| 5,356 |
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| 5,219 |
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Income Before Income Taxes |
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| 4,810 |
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| 5,005 |
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Income Tax Provision |
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| 1,508 |
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| 1,576 |
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Net Income |
| $ | 3,302 |
| $ | 3,429 |
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| Three Months Ended |
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| 2005 |
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| 2004 |
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Earnings Per Share: |
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Basic |
| $ | 0.51 |
| $ | 0.53 |
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Diluted |
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| 0.51 |
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| 0.53 |
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Dividends Per Share |
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| 0.35 |
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| 0.18 |
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Balance Sheet Summary: |
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Total Assets |
| $ | 602,394 |
| $ | 574,730 |
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Total Earning Assets |
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| 550,230 |
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| 527,106 |
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Loans, Net of Unearned Discount |
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| 406,426 |
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| 382,659 |
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Allowance for Credit Losses |
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| 7,081 |
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| 6,915 |
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Total Deposits |
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| 414,856 |
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| 386,147 |
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Common Shareholders’ Equity |
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| 82,566 |
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| 76,383 |
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Book Value Per Share |
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| 12.84 |
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| 11.88 |
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Average Balance Sheet Data: |
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Total Assets |
| $ | 595,467 |
| $ | 569,585 |
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Total Earning Assets |
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| 543,214 |
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| 530,123 |
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Loans, Net of Unearned Discount |
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| 405,322 |
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| 386,325 |
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Total Deposits |
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| 409,236 |
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| 387,643 |
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Common Shareholders’ Equity |
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| 82,922 |
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| 74,840 |
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Performance Ratios: |
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Return on Average Assets |
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| 2.25 | % |
| 2.41 | % |
Return on Common Equity |
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| 16.15 | % |
| 18.38 | % |
Average Shares Outstanding: |
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Basic |
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| 6,429,428 |
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| 6,431,620 |
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Diluted |
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| 6,429,428 |
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| 6,431,620 |
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SOURCE United Security Bancshares, Inc.
-0- 04/22/2005
/CONTACT: Larry Sellers or Robert Steen of United Security Bancshares,
Inc., +1-334-636-5424/
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