-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O1HNjDABv7YGqQ7KFjr8NnRfM+2jjmmMubZ4V+ICeMmIzrZVXWSxnrW8MQ+ZZsTL uyT9sxudbvkFaKklr1tzNg== 0000891092-03-000760.txt : 20030423 0000891092-03-000760.hdr.sgml : 20030423 20030423160820 ACCESSION NUMBER: 0000891092-03-000760 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030418 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED SECURITY BANCSHARES INC CENTRAL INDEX KEY: 0000717806 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 630843362 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14549 FILM NUMBER: 03660201 BUSINESS ADDRESS: STREET 1: P O BOX 249 STREET 2: 131 WEST FRONT STREET CITY: THOMASVILLE STATE: AL ZIP: 36784 BUSINESS PHONE: 3346365424 MAIL ADDRESS: STREET 1: P O BOX 249 STREET 2: 131 WEST FRONT STREET CITY: THOMASVILLE STATE: AL ZIP: 36784 8-K 1 e14638_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 18, 2003 UNITED SECURITY BANCSHARES, INC. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-14549 63-0843362 (State of Incorporation) (Commission File Number) (IRS Employer Identification Number) 131 West Front Street, P.O. Box 249, Thomasville, Alabama 36784 (Address of principal executive offices, including zip code) (334) 636-5424 (Registrant's telephone number, including area code) Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit Number Exhibit -------------- ------- 99.1 Press Release dated April 18, 2003 Item 9. Regulation FD Disclosure/Results of Operations and Financial Condition (Provided Pursuant to Item 12). On April 18, 2003, United Security Bancshares, Inc. issued a press release announcing financial results for the quarter ended March 31, 2003. The press release is attached as Exhibit 99.1 to this Form 8-K and is furnished to, but not filed with, the Commission. This information is provided under Item 12 of Form 8-K. SIGNATURES 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 hereunto duly authorized. United Security Bancshares, Inc. By: /s/ Larry M. Sellers -------------------------------- Larry M. Sellers Vice President, Secretary and Treasurer Dated: April 18, 2003 INDEX TO EXHIBITS Exhibit Number Exhibit - -------------- ------- 99.1 Press Release dated April 18, 2003* *This exhibit is furnished to, but not filed with, the Commission by inclusion herein. EX-99.1 3 e14638ex99_1.txt PRESS RELEASE 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 ---- ---- 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 ---- ---- 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. -----END PRIVACY-ENHANCED MESSAGE-----