EXHIBIT 99.1
UNITED SECURITY BANCSHARES, INC. ANNOUNCES QUARTERLY EARNINGS
Thomasville, Alabama, April 18, 2003 -- United Security Bancshares, Inc. (USBI)
today reported net income for the quarter ended March 31, 2003, of $2,339,000,
compared to $2,129,000 for the same period of 2002, a 10% increase. On a diluted
per share basis, net income for the first quarter of 2003 was $0.73, compared to
$0.64 for the same period of 2002, a 14% increase.
Improved net interest margin along with improved operating performance of the
Company's finance company subsidiary, Acceptance Loan Company, account for this
increase in net income. Net income for ALC for the first quarter was $394,000
compared to $179,000 for the same period of 2002.
As a result of this increased performance, return on average assets rose to
1.75%, and return on average equity increased to 14.03%.
At March 31, 2003, total assets amounted to $546,191,000, a 2.0% increase over
March 31, 2002. Total deposits showed a small decline to $364,902,000. Loan and
lease receivables, net of unearned discount, increased 6.0% to $356,029,000, and
shareholders' equity totaled $68,109,000, which represented a book value of
$21.18 per share. Dividends were increased $0.03 per share to $0.33 during the
first quarter.
UNITED SECURITY BANCSHARES, INC.
(Unaudited Financial Highlights)
(In thousands, except per share amounts and percentages)
Three Months Ended
March 31,
2003 2002
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Earnings Summary:
Net Interest Revenue $8,057 $7,605
Provision for Credit Losses 991 836
Non-Interest Revenue 1,311 1,057
Non-Interest Expense 5,083 4,858
Income Before Income Taxes 3,294 2,968
Income Tax Provision 955 839
Net Income $2,339 $2,129
Three Months Ended
March 31,
2003 2002
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Earnings Per Share:
Basic $ 0.73 $ 0.64
Diluted 0.73 0.64
Dividends Per Share 0.33 0.30
Balance Sheet Summary:
Total Assets $ 546,191 $ 534,603
Total Earnings Assets 504,704 502,155
Loan and Lease Receivables,
Net of Unearned Discount 356,029 334,565
Allowance for Credit Losses 6,915 6,342
Total Deposits 364,902 365,820
Common Shareholders' Equity 68,109 64,304
Book Value Per Share 21.18 19.48
Average Balance Sheet Data:
Total Assets $ 543,540 $ 529,471
Total Earnings Assets 506,549 499,124
Loan and Lease Receivables,
Net of Unearned Discount 358,088 341,926
Total Deposits 363,628 361,192
Common Shareholders' Equity 67,640 64,701
Performance Ratios:
Return on Average Assets 1.75% 1.63%
Return on Common Equity 14.03% 13.34%
Average Shares Outstanding:
Basic 3,214,975 3,314,110
Diluted 3,214,975 3,315,370
SOURCE: United Security Bancshares, Inc.
CONTACT: Larry Sellers or Robert Steen, United Security Bancshares, Inc.,
334-636-5424.