EX-99.1 2 us8935ex991.htm EXHIBIT 99.1

Exhibit 99.1

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

          THOMASVILLE, Ala., Feb. 13 /PRNewswire-FirstCall/ -- United Security Bancshares, Inc. (Nasdaq: USBI) (USB) today reported net income for the twelve months ended December 31, 2006, increased 4.31% to $14.2 million, compared to $13.7 million for the twelve months ended December 31, 2005.

          Net income for the fourth quarter of 2006 totaled $3.6 million, compared to $3.1 million for the fourth quarter of 2005, an increase of 18.95%.

          Basic net income per share for the fourth quarter of 2006 was $0.58, compared to $0.47 for the same period of 2005.  Year-to-date 2006 basic net income per share increased to $2.24 compared to $2.12 for 2005.

          Net interest income increased 3.30% in the fourth quarter of 2006 compared to the same period in 2005, and 5.77% year-to-date 2006 over 2005.  The net yield on earning assets improved from 7.36% at December 31, 2005, to 7.47% at December 31, 2006.  This increase is due to an overall increase in the average yield on loans and investments as well as increased volume of earning assets.

          Non-interest income increased 6.50% on a year-to-date basis from $5.3 million in 2005 to $5.6 million in 2006.  This increase is attributable to increased service fees and other charges on deposit accounts.

          On a year-to-date basis non-interest expense increased 3.14% due primarily to increased salary and benefits expense.

          Performance ratios remain strong with return on average assets of 2.24% and return on average equity of 16.05%.

          At December 31, 2006, total assets amounted to $646,296,000, a 4.0% increase over December 31, 2005.  Total deposits showed an increase of $23,831,000, or 5.59%. Loans, net of unearned discount, increased 2.28% to $449,239,000, and shareholders’ equity totaled $91,596,000, which represented a book value of $14.52 per share.  Dividends were increased from $0.95 in 2005 to $1.07 in 2006.

UNITED SECURITY BANCSHARES, INC.
(Unaudited Financial Highlights)
(In thousands, except per share amounts and percentages)

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

Earnings Summary:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

$

11,022

 

$

10,670

 

$

43,227

 

$

40,869

 

Provision for Credit Losses

 

 

1,173

 

 

1,401

 

 

3,726

 

 

3,853

 

Non-Interest Income

 

 

1,405

 

 

1,300

 

 

5,621

 

 

5,278

 

Non-Interest Expense

 

 

5,777

 

 

5,945

 

 

23,782

 

 

23,059

 

Income Before Income Taxes

 

$

5,477

 

$

4,624

 

$

21,340

 

$

19,235

 

Income Tax Provision

 

 

1,843

 

 

1,569

 

 

7,095

 

 

5,579

 

Net Income

 

$

3,634

 

$

3,055

 

$

14,245

 

$

13,656

 


 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

0.58

 

$

0.47

 

$

2.24

 

$

2.12

 

Dividends Per Share

 

$

0.23

 

$

0.20

 

$

1.07

 

$

0.95

 

Balance Sheet Summary:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

 

 

$

646,296

 

$

621,483

 

Total Earning Assets

 

 

 

 

 

 

 

 

587,998

 

 

561,139

 

Loans, Net of Unearned Discount

 

 

 

 

 

 

 

 

449,239

 

 

439,221

 

Allowance for Credit Losses

 

 

 

 

 

 

 

 

7,664

 

 

7,694

 

Total Deposits

 

 

 

 

 

 

 

 

450,062

 

 

426,231

 

Common Shareholders’ Equity

 

 

 

 

 

 

 

 

91,596

 

 

87,709

 

Book Value Per Share

 

 

 

 

 

 

 

 

14.52

 

 

13.64

 

Average Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

 

 

 

635,588

 

$

607,837

 

Total Earning Assets

 

 

 

 

 

 

 

 

578,949

 

 

552,846

 

Loans, Net of Unearned Discount

 

 

 

 

 

 

 

 

444,094

 

 

418,548

 

Total Deposits

 

 

 

 

 

 

 

 

443,274

 

 

417,666

 

Common Shareholders’ Equity

 

 

 

 

 

 

 

 

88,768

 

 

85,154

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

 

 

 

 

 

 

2.24

%

 

2.25

%

Return on Common Equity

 

 

 

 

 

 

 

 

16.05

%

 

16.04

%

Average Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

 

 

 

 

 

 

6,367

 

 

6,428

 

          Statements contained in this press release which are not historical facts are forward-looking statements.  Such forward-looking statements are necessarily estimates reflecting the best judgment of USB’s senior management based upon current information and involve a number of risks and uncertainties.  Certain factors which could affect the accuracy of such forward-looking statements are identified in the public filings made by USB with the Securities and Exchange Commission, and forward-looking statements contained in this press release or in other public statements of USB or its senior management should be considered in light of those factors.  There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.

SOURCE  United Security Bancshares, Inc.
          -0-                                                  02/13/2007
          /CONTACT:  Larry Sellers or Robert Steen, both of United Security Bancshares, Inc., +1-334-636-5424/