EX-99.1 2 ub3798ex991.htm EXHIBIT 99.1

Exhibit 99.1

United Security Bancshares, Inc. Announces Quarterly and Nine Month Earnings

          THOMASVILLE, Ala., Oct. 20 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income for the quarter ended September 30, 2005, of $3,721,000 compared to $2,961,000 for the same period of 2004, a 25.7% increase.  On a diluted per share basis, net income for the third quarter of 2005 was $0.58, compared to $0.46 for 2004, a 26.1% increase.  On a year-to-date basis, net income increased from $9,532,000 in 2004 to $10,600,000, an 11.2% increase.  On a diluted per share basis, net income for the nine months ended September 30, 2005, was $1.65 per share, compared to $1.48 per share, a 10.3% increase.

          The primary factors for the increase in net income over the same period last year were increased net interest income as a result of an increase in the yield on loans and securities and lower provision for loan losses.

          Performance ratios continue to show improvement with return on average assets at 2.35% and return on average equity increasing to 16.79%.

          At September 30, 2005, total assets amounted to $622,567,000, an increase of 5.8% over September 30, 2004.  Total deposits showed an increase of $42,375,000, or 10.9%.  Loans, net of unearned discount, increased 6.4% to $428,813,000.  Shareholders’ equity totaled $86,585,000, which represents a book value of $13.47 per share.  Dividends for the third quarter increased to $0.20 per share.

 

 

3 Months Ended
September 30,

 

9 Months Ended
September 30,

 

 

 

 

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

Earnings Summary:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

$

10,249

 

$

9,943

 

$

30,183

 

$

29,168

 

Provision for Credit Losses

 

 

947

 

 

1,200

 

 

2,452

 

 

2,650

 

Non-Interest Income

 

 

1,496

 

 

1,498

 

 

3,992

 

 

4,203

 

Non-Interest Expense

 

 

5,710

 

 

5,721

 

 

17,113

 

 

16,601

 

Income Before Income Taxes

 

 

5,088

 

 

4,520

 

 

14,610

 

 

14,120

 

Income Tax Provision

 

 

1,367

 

 

1,559

 

 

4,010

 

 

4,588

 

Net Income

 

$

3,721

 

$

2,961

 

$

10,600

 

$

9,532

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.58

 

$

0.46

 

$

1.65

 

$

1.48

 

Diluted

 

$

0.58

 

$

0.46

 

$

1.65

 

$

1.48

 

Dividends Per Share

 

$

0.20

 

$

0.18

 

$

0.75

 

$

0.54

 

 

 

September 30,

 

 

 

 

 

 

2005

 

2004

 

 

 

 

 

Balance Sheet Summary:

 

 

 

 

 

 

 

Total Assets

 

$

622,567

 

$

588,516

 

Total Earnings Assets

 

 

565,220

 

 

538,221

 

Loan and Lease Receivables, Net of Unearned Discount

 

 

428,813

 

 

402,934

 

Allowance for Credit Losses

 

 

7,371

 

 

6,932

 

Total Deposits

 

 

430,594

 

 

388,219

 

Common Shareholders’ Equity

 

 

86,585

 

 

79,749

 

Book Value Per Share

 

$

13.47

 

$

12.41

 

Average Balance Sheet Data:

 

 

 

 

 

 

 

Total Assets

 

$

602,429

 

$

577,703

 

Total Earnings Assets

 

 

548,369

 

 

529,114

 

Loan and Lease Receivables, Net of Unearned Discount

 

 

412,897

 

 

387,282

 

Total Deposits

 

 

413,283

 

 

388,808

 

Common Shareholders’ Equity

 

 

84,404

 

 

76,516

 

Performance Ratios:

 

 

 

 

 

 

 

Return on Average Assets

 

 

2.35

%

 

2.20

%

Return on Common Equity

 

 

16.79

%

 

16.64

%

Net Interest Margin

 

 

7.36

%

 

7.36

%

Average Shares Outstanding

 

 

 

 

 

 

 

Basic

 

 

6,428

 

 

6,431

 

Diluted

 

 

6,428

 

 

6,431

 

SOURCE  United Security Bancshares, Inc.
           -0-                                                10/20/2005
           /CONTACT:  Larry Sellers or Robert Steen of United Security Bancshares, Inc., +1-334-636-5424/
           (USBI)