-----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, OKzpAX6FCFrv2XEY7nXPxA+MvUa3vwYRdPJJo0uZzqY8uY4FcIb8PfF8cGKDWxe4 AXSkYI3J/XD3Ol/rMsiQuQ== 0000891092-03-001577.txt : 20030717 0000891092-03-001577.hdr.sgml : 20030717 20030717155756 ACCESSION NUMBER: 0000891092-03-001577 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030717 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030717 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: 03791342 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 e15206_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): July 17, 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 July 17, 2003 Item 9. Regulation FD Disclosure/Results of Operations and Financial Condition (Provided Pursuant to Item 12). On July 17, 2003, United Security Bancshares, Inc. issued a press release announcing financial results for the quarter ended June 30, 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: July 17, 2003 INDEX TO EXHIBITS Exhibit Number Exhibit - -------------- ------- 99.1 Press Release dated July 17, 2003* * This exhibit is furnished to, but not filed with, the Commission by inclusion herein. EX-99.1 3 e15206ex99_1.txt PRESS RELEASE Exhibit 99.1 United Security Bancshares, Inc. Announces Quarterly and Six Month Earnings United Security Bancshares, Inc. (Nasdaq: USBI-news) today reported net income for the quarter ended June 30, 2003, of $2,509,000 compared to $2,157,000 for the same period of 2002, a 16% increase. On a diluted per share basis, net income for the second quarter of 2003 was $0.78, compared to $0.66 for the same period of 2002, an 18% increase. The primary factor for the increase in net income over the same period last year was the improved operating performance of the Company's finance company subsidiary, Acceptance Loan Company (ALC). Overall, ALC has experienced significantly less charge-offs during 2003 than 2002 as a result of improved monitoring of the credit portfolio at ALC. Net income at ALC for the six months ended June 30, 2003, was $957,000 compared to $444,000 for the same period of 2002. As a result of this increased performance, return on average assets rose to 1.79% and return on average equity increased to 14.32%. At June 30, 2003, total assets amounted to $541,816,000, a 3% increase over June 30, 2002. Total deposits showed an increase of $14,301,000, or 4%. Loan and lease receivables, net of unearned discount, increased 5% to $360,532,000, and shareholders' equity totaled $69,342,000, which represented a book value of $21.56 per share. Dividends remain at $0.33 per share for the second quarter. 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 2003 2002 2003 2002 Earnings Summary: Net Interest Revenue 8,527 7,795 16,585 15,401 Provision for Credit Losses 1,007 1,172 1,998 2,008 Non-Interest Revenue 1,384 1,262 2,696 2,319 Non-Interest Expense 5,285 4,894 10,368 9,752 Income Before Income Taxes 3,619 2,991 6,915 5,960 Income Tax Provision 1,110 834 2,065 1,674 Net Income 2,509 2,157 4,850 4,286 Earnings Per Share: Basic 0.78 0.66 1.51 1.30 Diluted 0.78 0.66 1.51 1.30 Dividends Per Share 0.33 0.30 0.66 0.60 June 30, 2003 2002 Balance Sheet Summary: Total Assets $541,816 $523,653 Total Earnings Assets 499,857 490,730 Loan and Lease Receivables, Net of Unearned Discount 360,532 342,398 Allowance for Credit Losses 6,536 6,036 Total Deposits 367,555 353,254 Common Shareholders' Equity 69,342 64,328 Book Value Per Share $21.56 $19.98 Average Balance Sheet Data: Total Assets $545,492 $528,667 Total Earnings Assets 507,907 498,367 Loan and Lease Receivables, Net of Unearned Discount 358,702 343,719 Total Deposits 365,286 360,958 Common Shareholders' Equity 68,283 64,700 As of June 30, 2003 2002 Performance Ratios: Return on Average Assets 1.79% 1.63% Return on Common Equity 14.32% 13.36% Net Interest Margin 6.58% 6.23% Average Shares Outstanding Basic 3,215,559 3,290,966 Diluted 3,215,559 3,290,966 SOURCE: United Security Bancshares, Inc. CONTACT: Larry Sellers or Robert Steen United Security Bancshares, Inc., 334-636-5424 -----END PRIVACY-ENHANCED MESSAGE-----