Exhibit 99.1
United Security Bancshares, Inc. Announces Quarterly and Six Month Earnings
THOMASVILLE, Ala., Aug. 5 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income for the quarter ended June 30, 2005, of $3,578,000 compared to $3,142,000 for the same period of 2004, a 13.9% increase. On a diluted per share basis, net income for the second quarter of 2005 was $0.56, compared to $0.49 for the same period of 2004, a 14.3% increase.
Net income increased $436,000 in the second quarter of 2005 compared to the second quarter of 2004. Net interest income increased $472,000 due to increased net interest margin. This increase in net interest income was offset by a small decrease in non-interest income and an increase in non- interest expense. The provision for loan losses decreased slightly from 2004 to 2005 quarter-to-date. Year-to-date net income increased $309,000 from $6,571,000 in 2004 to $6,880,000 in 2005.
Performance ratios remain strong with return on average assets of 2.31% and return on average equity of 16.54%.
At June 30, 2005, total assets amounted to $603,491,000, a 4.0% increase over June 30, 2004. Total deposits showed an increase of $23,211,000, or 6.0%. Loans, net of unearned discount, increased 7.0% to $415,735,000, and shareholders’ equity totaled $84,933,000, which represented a book value of $13.21 per share. Dividends remain at $0.20 per share for the second quarter.
UNITED SECURITY BANCSHARES, INC.
(Unaudited Financial Highlights)
(In thousands, except per share amounts and percentages)
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| 3 Months Ended |
| 6 Months Ended |
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
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Earnings Summary: |
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Net Interest Income |
| $ | 10,127 |
| $ | 9,655 |
| $ | 19,935 |
| $ | 19,225 |
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Provision for Credit Losses |
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| 709 |
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| 789 |
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| 1,505 |
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| 1,450 |
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Non-Interest Income |
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| 1,343 |
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| 1,390 |
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| 2,497 |
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| 2,705 |
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Non-Interest Expense |
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| 6,048 |
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| 5,661 |
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| 11,404 |
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| 10,880 |
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Income Before Income Taxes |
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| 4,713 |
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| 4,595 |
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| 9,523 |
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| 9,600 |
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Income Tax Provision |
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| 1,135 |
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| 1,453 |
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| 2,643 |
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| 3,029 |
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Net Income |
| $ | 3,578 |
| $ | 3,142 |
| $ | 6,880 |
| $ | 6,571 |
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Earnings Per Share: |
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Basic |
| $ | 0.56 |
| $ | 0.49 |
| $ | 1.07 |
| $ | 1.02 |
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Diluted |
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| 0.56 |
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| 0.49 |
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| 1.07 |
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| 1.02 |
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Dividends Per Share |
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| 0.20 |
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| 0.18 |
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| 0.55 |
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| 0.36 |
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| June 30, |
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| 2005 |
| 2004 |
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Balance Sheet Summary: |
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Total Assets |
| $ | 603,491 |
| $ | 580,074 |
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Total Earnings Assets |
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| 548,381 |
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| 529,833 |
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Loans, Net of Unearned Discount |
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| 415,735 |
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| 388,670 |
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Allowance for Credit Losses |
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| 7,192 |
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| 6,998 |
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Total Deposits |
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| 411,544 |
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| 388,333 |
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Common Shareholders’ Equity |
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| 84,933 |
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| 77,229 |
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Book Value Per Share |
| $ | 13.21 |
| $ | 12.01 |
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Average Balance Sheet Data: |
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Total Assets |
| $ | 599,239 |
| $ | 575,032 |
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Total Earnings Assets |
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| 546,053 |
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| 526,457 |
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Loans, Net of Unearned Discount |
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| 407,121 |
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| 382,882 |
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Total Deposits |
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| 412,378 |
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| 388,587 |
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Common Shareholders’ Equity |
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| 83,872 |
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| 75,919 |
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Performance Ratios: |
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Return on Average Assets |
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| 2.31 | % |
| 2.30 | % |
Return on Common Equity |
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| 16.54 | % |
| 17.52 | % |
Average Shares Outstanding |
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Basic |
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| 6,428,702 |
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| 6,431,083 |
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Diluted |
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| 6,428,702 |
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| 6,431,083 |
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SOURCE United Security Bancshares, Inc.
-0- 08/05/2005
/CONTACT: Larry Sellers or Robert Steen of United Security Bancshares,
Inc., +1-334-636-5424/