SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q/A
AMENDMENT #1
(Mark One)
(x) Quarterly Report Pursuant to Section 13 or 15 (2) of the Securities
Exchange Act of 1934
( ) Transition Report Pursuant to Section 13 or 15 (2) of the Securities
Exchange Act of 1934
FOR THE QUARTER ENDED JUNE 30, 1996
Commission File Number 0-14549
UNITED SECURITY BANCSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Alabama 63-0843362
(State or Other Jurisdiction of (I R S Employer Identification
Incorporation or Organization) Number)
131 West Front Street (334) 636-5424
Post Office Box 249 (Registrant's Telephone
Thomasville, AL 36784 Number Including Area
(Address and Zip Code of Code)
Principal Executive Offices)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities and Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes (x). No ( ).
Shares of common stock ($.01 par value) outstanding as of June 30, 1996:
2,137,960.
Total Number of Pages: 3
Exhibit Index at Page: 0
THIS AMENDMENT #1 IS BEING FILED TO CORRECT A NUMBER WHICH WAS INCORRECT ON THE
BALANCE SHEET OF THE JUNE 30, 1996, 10-Q FILED WITH THE SEC ON AUGUST 13, 1996.
THE INCORRECT NUMBER APPEARS ON PAGE 3 "CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)" ON THE BALANCE SHEET UNDER THE SECTION "LIABILITIES AND
SHAREHOLDERS' EQUITY" AND ON THE LINE OF "TIME" UNDER THE HEADING "LIABILITIES"
AS 05,277,478. THIS NUMBER SHOULD BE $105,277,478.
UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
June 30, December 31,
ASSETS 1996 1995
[S] [C] [C]
Cash and due from banks $6,737,210 $ 5,749,922
Federal funds sold 0 600,000
TOTAL CASH AND CASH EQUIVALENTS 6,737,210 6,349,922
Investment securities available for sale 149,666,414 127,864,402
Other investments(Federal Home Loan Bank Stock) 1,236,200 1,138,200
Loans 72,373,308 55,469,552
Less: Unearned interest on loans (662,210) (487,995)
Less: Allowance for possible loan losses (1,193,545) (778,391)
NET LOANS 70,517,553 54,203,166
Premises and equipment 4,187,568 3,616,182
Accrued interest receivable 1,798,997 1,594,147
Other assets 4,851,097 2,701,753
TOTAL ASSETS $238,995,039 $197,467,772
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Demand - non-interest bearing $ 25,532,252 $ 24,365,287
Demand - interest bearing 33,784,970 23,125,800
Savings 17,719,319 14,800,275
Time 105,277,478 84,223,353
TOTAL DEPOSITS 182,314,019 146,514,715
Federal funds purchased 1,575,000 0
U.S. Treasury tax and loan 859,592 369,272
Other borrowings 24,000,000 22,000,000
Dividend payable 277,935 235,176
Accrued interest payable 836,633 792,077
Other liabilities 1,749,250 1,563,396
Current portion long-term debt 83,333 83,333
Long-term debt 638,889 680,556
TOTAL LIABILITIES 212,334,651 172,238,525
SHAREHOLDERS' EQUITY
Common stock, par value $.01 per share:
2,400,000 shares authorized; 2,202,060
shares issued 22,021 22,021
Surplus 5,761,552 5,761,552
Net unrealized gain on
available for sale securities 488,438 616,295
Retained earnings 20,642,797 19,083,799
Less: Treasury stock - 64,100, at cost (254,420) (254,420)
TOTAL SHAREHOLDERS' EQUITY 26,660,388 25,229,247
$238,995,039 $197,467,772
See Notes to Consolidated Financial Statements.
SIGNATURE PAGE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITED SECURITY BANCSHARES, INC.
DATE: August 13, 1996
BY: /s/ Larry M. Sellers
Its Vice-President, Secretary, and Treasurer
(Duly Authorized Officer and Principal Financial Officer)