Exhibit 99.1
United Security Bancshares, Inc. Announces Quarterly and Nine Month Earnings
THOMASVILLE, Ala., Oct. 20 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income for the quarter ended September 30, 2005, of $3,721,000 compared to $2,961,000 for the same period of 2004, a 25.7% increase. On a diluted per share basis, net income for the third quarter of 2005 was $0.58, compared to $0.46 for 2004, a 26.1% increase. On a year-to-date basis, net income increased from $9,532,000 in 2004 to $10,600,000, an 11.2% increase. On a diluted per share basis, net income for the nine months ended September 30, 2005, was $1.65 per share, compared to $1.48 per share, a 10.3% increase.
The primary factors for the increase in net income over the same period last year were increased net interest income as a result of an increase in the yield on loans and securities and lower provision for loan losses.
Performance ratios continue to show improvement with return on average assets at 2.35% and return on average equity increasing to 16.79%.
At September 30, 2005, total assets amounted to $622,567,000, an increase of 5.8% over September 30, 2004. Total deposits showed an increase of $42,375,000, or 10.9%. Loans, net of unearned discount, increased 6.4% to $428,813,000. Shareholders’ equity totaled $86,585,000, which represents a book value of $13.47 per share. Dividends for the third quarter increased to $0.20 per share.
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| 3 Months Ended |
| 9 Months Ended |
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
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Earnings Summary: |
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Net Interest Income |
| $ | 10,249 |
| $ | 9,943 |
| $ | 30,183 |
| $ | 29,168 |
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Provision for Credit Losses |
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| 947 |
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| 1,200 |
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| 2,452 |
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| 2,650 |
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Non-Interest Income |
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| 1,496 |
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| 1,498 |
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| 3,992 |
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| 4,203 |
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Non-Interest Expense |
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| 5,710 |
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| 5,721 |
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| 17,113 |
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| 16,601 |
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Income Before Income Taxes |
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| 5,088 |
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| 4,520 |
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| 14,610 |
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| 14,120 |
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Income Tax Provision |
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| 1,367 |
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| 1,559 |
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| 4,010 |
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| 4,588 |
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Net Income |
| $ | 3,721 |
| $ | 2,961 |
| $ | 10,600 |
| $ | 9,532 |
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Earnings Per Share: |
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Basic |
| $ | 0.58 |
| $ | 0.46 |
| $ | 1.65 |
| $ | 1.48 |
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Diluted |
| $ | 0.58 |
| $ | 0.46 |
| $ | 1.65 |
| $ | 1.48 |
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Dividends Per Share |
| $ | 0.20 |
| $ | 0.18 |
| $ | 0.75 |
| $ | 0.54 |
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| September 30, |
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| 2005 |
| 2004 |
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Balance Sheet Summary: |
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Total Assets |
| $ | 622,567 |
| $ | 588,516 |
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Total Earnings Assets |
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| 565,220 |
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| 538,221 |
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Loan and Lease Receivables, Net of Unearned Discount |
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| 428,813 |
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| 402,934 |
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Allowance for Credit Losses |
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| 7,371 |
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| 6,932 |
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Total Deposits |
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| 430,594 |
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| 388,219 |
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Common Shareholders’ Equity |
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| 86,585 |
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| 79,749 |
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Book Value Per Share |
| $ | 13.47 |
| $ | 12.41 |
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Average Balance Sheet Data: |
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Total Assets |
| $ | 602,429 |
| $ | 577,703 |
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Total Earnings Assets |
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| 548,369 |
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| 529,114 |
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Loan and Lease Receivables, Net of Unearned Discount |
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| 412,897 |
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| 387,282 |
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Total Deposits |
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| 413,283 |
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| 388,808 |
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Common Shareholders’ Equity |
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| 84,404 |
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| 76,516 |
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Performance Ratios: |
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Return on Average Assets |
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| 2.35 | % |
| 2.20 | % |
Return on Common Equity |
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| 16.79 | % |
| 16.64 | % |
Net Interest Margin |
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| 7.36 | % |
| 7.36 | % |
Average Shares Outstanding |
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Basic |
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| 6,428 |
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| 6,431 |
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Diluted |
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| 6,428 |
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| 6,431 |
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SOURCE United Security Bancshares, Inc.
-0- 10/20/2005
/CONTACT: Larry Sellers or Robert Steen of United Security Bancshares, Inc., +1-334-636-5424/
(USBI)