Exhibit 99.1
United Security Bancshares, Inc. Announces Quarterly and Six Month Earnings
THOMASVILLE, Ala., July 23 /PRNewswire-FirstCall/ -- United Security
Bancshares, Inc. (Nasdaq: USBI) today reported net income for the quarter
ended June 30, 2004, of $3,142,000 compared to $2,509,000 for the same period
of 2003, a 25% increase. On a diluted per share basis, net income for the
second quarter of 2004 was $0.49, compared to $0.39 for the same period of
2003, a 26% 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 second quarter was
$865,000, compared to $563,000 for the same period of 2003.
As a result of this increased performance, return on average assets rose
to 2.30% and return on average equity increased to 17.52%.
At June 30, 2004, total assets amounted to $580,074,000, a 7% increase
over June 30, 2003. Total deposits showed an increase of $20,778,000, or 6%.
Loan and lease receivables, net of unearned discount, increased 8% to
$388,670,000, and shareholders' equity totaled $77,230,000, which represented
a book value of $12.01 per share. Dividends remain at $0.18 per share for the
second quarter.
On June 19, 2003, the Board of Directors declared a two-for-one stock
split payable on July 22, 2003, to shareholders of record at the close of
business on June 30, 2003. As a result of the stock split, shareholders of
record received one additional share for every share currently held. All
periods presented have been restated reflecting the stock split for
comparative purposes.
UNITED SECURITY BANCSHARES, INC.
(Unaudited Financial Highlights)
(In thousands, except per share amounts and percentages)
3 Months Ended 6 Months Ended
June 30 June 30
2004 2003 2004 2003
Earnings Summary:
Net Interest Income $9,655 $8,527 $19,225 $16,585
Provision for Credit Losses 789 1,007 1,450 1,998
Non-Interest Income 1,390 1,384 2,705 2,696
Non-Interest Expense 5,661 5,285 10,880 10,368
Income Before Income Taxes 4,595 3,619 9,600 6,915
Income Tax Provision 1,453 1,110 3,029 2,065
Net Income $3,142 $2,509 $6,571 $4,850
Earnings Per Share:
Basic $0.49 $0.39 $1.02 $0.75
Diluted 0.49 0.39 1.02 0.75
Dividends Per Share 0.18 0.17 0.36 0.34
June 30,
2004 2003
Balance Sheet Summary:
Total Assets $580,074 $541,816
Total Earnings Assets 529,834 499,857
Loan and Lease Receivables,
Net of Unearned Discount 388,670 360,532
Allowance for Credit Losses 6,998 6,536
Total Deposits 388,333 367,555
Common Shareholders' Equity 77,230 69,342
Book Value Per Share $12.01 $10.78
Average Balance Sheet Data:
Total Assets $575,032 $545,492
Total Earnings Assets 526,457 507,907
Loan and Lease Receivables,
Net of Unearned Discount 382,882 358,702
Total Deposits 388,587 365,286
Common Shareholders' Equity 75,919 68,283
As of
June 30,
2004 2003
Performance Ratios:
Return on Average Assets 2.30% 1.79%
Return on Common Equity 17.52% 14.32%
Net Interest Margin 7.34% 6.55%
Average Shares Outstanding
Basic 6,431,083 6,431,118
Diluted 6,431,083 6,431,118
SOURCE United Security Bancshares, Inc.
-0- 07/23/2004
/CONTACT: Larry Sellers or Robert Steen of United Security Bancshares,
Inc., +1-334-636-5424/
(USBI)
CO: United Security Bancshares, Inc.
ST: Alabama
IN: FIN
SU: ERN