0000726990-95-000009.txt : 19950810 0000726990-95-000009.hdr.sgml : 19950810 ACCESSION NUMBER: 0000726990-95-000009 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950809 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED SECURITY BANCORPORATION CENTRAL INDEX KEY: 0000726990 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911259511 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-18561 FILM NUMBER: 95560192 BUSINESS ADDRESS: STREET 1: 9506 N NEWPORT HWY CITY: SPOKANE STATE: WA ZIP: 99218 BUSINESS PHONE: 5094676949 MAIL ADDRESS: STREET 1: 9506 N NEWPORT HWY CITY: SPOKANE STATE: WA ZIP: 99218 10QSB 1 FORM 10 - QSB SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 (Mark One) ( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR F15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1995 -------------------------- OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OF 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ----------- ------------ Commission File No. 000-18561 --------- UNITED SECURITY BANCORPORATION Washington 91-1259511 --------------------------------------- ------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) N. 9506 Newport Highway, Spokane, WA 99218-1200 --------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (509)467-6949 --------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ---- ---- The issuer has one class of capital stock, that being common stock. On August 10, 1995, there were 3,030,368 shares of such stock outstanding. -1- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES INDEX TO QUARTERLY REPORT ON FORM 10 - QSB JUNE 30, 1995 Page ------ Part I - Financial Information: Item 1. Financial Statements Consolidated Statements of Condition - June 30, 1995 and December 31, 1994 . . . . . 3 - 4 Consolidated Statements of Income - Three and Six Months Ended June 30, 1995 and 1994 . . . 5 - 6 Consolidated Condensed Statements of Cash Flows-Six Months Ended June 30, 1995 and 1994 7 Notes to Consolidated Financial Statements . 8 - 11 Item 2. Management's Discussion and Analysis and Plan of Operations . . . . . . . . . . . 12 - 14 Part II - Other Information Item 6. Exhibits and Reports on Form 8 - K . . . . 15 Signatures . . . . . . . . . . . . . . . . 16 -2- PART I ITEM 1. FINANCIAL STATEMENTS UNITED SECURITY BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CONDITION December 31 March 31 1994 1995 (Audited) ------------ ------------ ASSETS CASH AND DUE FROM BANKS $ 7,840,760 $ 7,983,049 FEDERAL FUNDS SOLD 3,640,000 1,477,616 ------------ ------------ CASH AND CASH EQUIVALENTS 11,480,760 9,460,665 INTEREST BEARING DEPOSITS WITH OTHER BANKS 2,194,256 SECURITIES AVAILABLE-FOR-SALE (Note 2) 29,386,773 23,100,333 SECURITIES HELD-TO-MATURITY (Note 2) 364,764 34,814 LOANS (Note 3) 132,672,540 122,764,826 Deferred loan fees, net of deferred costs (461,292) (437,525) Allowance for loan losses (Note 4) (1,357,419) (1,245,833) ------------ ------------ NET LOANS 130,853,829 121,081,468 ACCRUED INTEREST RECEIVABLE 1,587,674 1,478,639 PREMISES AND EQUIPMENT 5,874,351 5,097,148 FORECLOSED REAL ESTATE 161,400 231,276 LIFE INSURANCE AND SALARY CONTINUATION ASSETS 1,984,846 1,913,030 OTHER ASSETS 1,528,321 1,514,065 ------------ ------------ TOTAL ASSETS $185,416,974 $163,911,438 ============ ============
-3- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CONDITION (CONTINUED)
DECEMBER 31 JUNE 30 1994 1995 (AUDITED) ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY DEPOSITS Noninterest bearing-demand $ 23,950,962 $ 22,917,368 ------------ ------------ Interest bearing: NOW accounts 42,989,028 39,345,114 Savings 14,704,723 15,511,257 Time, $100,000 and over 10,866,805 15,905,560 Other time 66,845,016 52,950,230 ------------ ----------- TOTAL DEPOSITS 159,356,534 146,629,529 FEDERAL FUNDS PURCHASED 2,725,000 ACCRUED INTEREST PAYABLE 547,489 354,198 NOTES PAYABLE (Note 5) 20,000 504,817 CAPITAL LEASE OBLIGATION 773,934 805,032 OTHER LIABILITIES 1,950,938 706,974 ------------ ------------ TOTAL LIABILITIES 162,648,895 151,725,550 STOCKHOLDERS' EQUITY (Note 7) Common stock, no par, 5,000,000 shares authorized; 3,030,368 and 1,604,880 issued and outstanding, respectively 20,863,643 10,202,388 Retained earnings 2,164,157 2,552,107 Net unrealized loss on securities available-for-sale, net of tax (239,721) (548,607) ------------ ------------ 22,788,079 12,205,888 Less guaranteed bank loan of Employee Stock Ownership Plan (20,000) (20,000) ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 22,768,079 12,185,888 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $185,416,974 $163,911,438 ============ ============
See Accompanying Notes to Consolidated Financial Statements. -4- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF INCOME
Three Months Ended June 30, Year-To-Date 1995 1994 1995 1994 ---------- ---------- ---------- ---------- INTEREST INCOME Loans-interest & fees $3,552,727 $2,699,462 $6,890,139 $4,921,769 Investment securities 420,293 115,479 758,606 324,829 Federal funds sold 59,032 17,593 117,834 46,548 Other 11,174 64,421 47,487 112,948 ---------- ---------- ---------- ---------- TOTAL INTEREST INCOME 4,043,226 2,896,955 7,814,066 5,406,094 ---------- ---------- ---------- ---------- INTEREST EXPENSE Deposits 1,743,537 952,998 3,393,882 1,805,699 Notes and capital leases 35,936 48,718 72,648 107,298 ---------- ---------- ---------- ---------- TOTAL INTEREST EXPENSE 1,779,473 1,001,716 3,466,530 1,912,997 ---------- ---------- ---------- ---------- NET INTEREST INCOME 2,263,753 1,895,239 4,347,536 3,493,097 PROVISION FOR LOAN LOSSES (Note 4) 29,000 36,500 170,500 48,000 ---------- ---------- ---------- ---------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,234,753 1,858,739 4,177,036 3,445,097 ---------- ---------- ---------- ---------- NONINTEREST INCOME Service charges on deposits accounts 212,735 169,349 386,433 329,666 Other service charges 190,054 5,806 202,045 20,636 Net realized gains on sales of available-for- sale securities 20,961 1,514 33,399 3,794 Insurance commissions 203,706 276,290 523,225 619,951 Life insurance proceeds 1,030,133 1,030,133 Other 159,488 106,868 311,815 310,492 ---------- ---------- ---------- ---------- TOTAL NONINTEREST INCOME 1,817,077 559,827 2,487,050 1,284,539 ---------- ---------- ---------- ----------
-5- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF INCOME (CONTINUED)
Three Months Ended June 30 Year-To-Date 1995 1994 1995 1994 ---------- ---------- ---------- ---------- NONINTEREST EXPENSE Salaries 943,753 689,291 1,690,180 1,387,838 Employee benefits 250,164 137,008 430,488 321,275 Occupancy expense, net 91,582 62,437 169,192 132,071 Equipment expense 109,704 112,222 220,686 241,417 Insurance benefits expense 379,038 379,038 Other operating expense 675,954 549,223 1,269,701 1,078,167 ---------- ---------- ---------- ---------- TOTAL NONINTEREST EXPENSE 2,450,195 1,550,181 4,159,285 3,160,768 ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES 1,601,635 868,385 2,504,801 1,568,868 FEDERAL INCOME TAXES 338,008 339,793 699,608 575,293 ---------- ---------- ---------- ---------- NET INCOME $1,263,627 $ 528,592 $1,805,193 $ 993,585 ========== ========== ========== ========== Earnings per common share $ .50 $ .35 $ .85 $ .68 ========== ========== ========== ========== Average Shares Outstanding 2,503,335 1,498,673 2,136,390 1,467,265 ========== ========== ========== ==========
See Accompanying Notes to Consolidated Financial Statements. -6- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES Consolidated Statement of Cash Flows Increase (Decrease) in Cash and Cash Equivalents
Reconciliation of net income to net cash Year-To-Date, June 30, provided by operating activities 1995 1994 ------------------------------------------- ------------ ----------- Net Income $ 1,805,193 $ 993,585 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 170,500 48,000 Depreciation and amortization 205,569 265,976 Amortization/accretion of investment securities 48,960 (113,337) (Increase)/decrease in assets and liabilities Accrued interest receivable (109,035) (149,140) Other assets (144,986) (2,130,757) Deferred loan fees 23,767 (111,739) Accrued interest payable 193,291 77,272 Other liabilities 1,552,850 67,095 ----------- ---------- Net cash provided by operating activities 3,746,109 (1,053,055) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales of investment securities 2,578,707 2,217,832 Proceeds from maturities of investments 2,010,300 1,808,517 Proceeds from maturities of interest- bearing deposits 2,273,000 700,000 Purchases of investment securities (11,254,357) (1,376,403) Purchases of interest-bearing deposits (4,467,256) (500,000) Principal collected on loans 40,299,309 57,646,193 Loans originated or acquired (50,207,023) (72,745,967) Purchases of premises and equipment (982,772) (235,913) Proceeds from sale of other real estate 69,876 ------------ ---------- Net cash provided by investment activities (19,680,216) (12,485,741) CASH FLOWS FROM FINANCING ACTIVITIES Net increase (decrease) in demand deposits, NOW accounts, and savings accounts 2,868,064 7,352,332 Federal funds purchased (2,725,000) Proceeds from issuance of certificates of deposit 38,601,176 16,405,170 Payments for maturing certificates of deposit (28,742,235) (8,030,627) Principal payments on notes payable (484,817) (128,085) Principal payments on capital leases (31,098) (61,213) Cash dividends paid (5,042) (9,968) Cash received from stock offering 8,473,154 1,681,952 ------------ ----------- Net cash provided by financing activities 17,954,202 17,209,561 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,020,095 3,670,765 CASH AND CASH EQUIVALENTS, BEGINNING 9,460,665 10,738,821 ------------ ----------- CASH AND CASH EQUIVALENTS, ENDING $ 11,480,760 $14,409,586 ============ ===========
See Accompanying Notes to Consolidated Financial Statements. -7- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: MANAGEMENT STATEMENT RE-ADJUSTMENTS In the opinion of the Company, the accompanying audited and unaudited Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 1995, December 31, 1994, and June 30, 1994, and the results of operations and the changes in financial position for the three and six month period ended June 30, 1995 and 1994. NOTE 2: INVESTMENT SECURITIES Most of the investment securities are classified as "available for sale" and are stated at fair value, and unrealized holding gains and losses, net of related deferred tax effect, are reported as a separate component of stockholders' equity. Gains or losses on dispositions reported as a component of other income are based on the net proceeds and the adjusted carrying amount of the securities sold, using the specific identification method. Carrying amounts and approximate market values of investment securities at June 30, 1995, December 31, 1994 and June 30, 1994 were as follows:
June 30, 1995 December 31, 1994 June 30, 1994 ---------------- -------- ------- -------- - ----- Amortized Fair Amortized Fair Amortized Fair ($ in thousands) Cost Value Cost Value Cost Value ------- ------- -------- ------- ------- -- ---- Held-to-maturity securities: State and political subdivisions $ 365 $ 366 $ 35 $ 36 ======= ======= ======= ======= Available-for-sale securities: U.S. government agencies and corporations $13,264 $13,246 $12,763 $12,599 $10,562 $10,224 State and political subdivisions 11 14 22 71 62 109 Mortgage backed securities 12,687 12,544 6,861 6,460 Other 3,788 3,583 4,286 3,970 2,810 2,626 ------- ------- ------- ------- ------- -- ----- Total $29,750 $29,387 $23,932 $23,100 $13,434 $12,959 ======= ======= ======= ======= ======= =======
-8- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 3: LOANS Total loans by category at June 30, 1995, December 31, 1994, and June 30, 1994 were as follows:
June 30, December 31, June 30, 1995 1994 1994 ($ in thousands) (Audited) -------- -------- -------- Commercial and industrial $ 70,879 $ 61,968 $ 59,047 Agricultural 20,387 16,721 16,739 Real estate mortgage 23,218 24,883 22,773 Real estate construction 6,725 8,126 Installment 8,048 7,781 6,247 Bank cards and other 3,416 3,286 2,914 -------- -------- -------- Total $132,673 $122,765 $107,720 ======== ======== ========
NOTE 4: ALLOWANCE FOR LOAN LOSSES Reserves for possible loan losses are maintained at levels considered adequate by management to provide for possible loan losses. The reserve is based on management's assessment of various factors affecting the loan portfolio, including problem loans, business conditions and loss experience, an overall evaluation of the quality of the underlying collateral, and holding costs. Changes in the allowance for loan losses during the three and six months ended June 30, 1995 and 1994 were as follows:
Three Months Ended June 30, Year-To-Date ($ in thousands) 1995 1994 1995 1994 ------ ----- ------ ---- Balance, beginning $1,361 $810 $1,246 $802 Provision for loan losses 29 37 171 48 Loans charged off (36) (7) (64) (12) Loan recoveries 3 1 4 3 ------ ---- ------ ---- Balance, end of period $1,357 $841 $1,357 $841 ====== ==== ====== ====
-9- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4: ALLOWANCE FOR LOAN LOSSES (Continued) The following table represents the allowance for loan losses by loan category as of June 30, 1995, based on management's assessment of the risk associated with the loan categories, and summarizes the percentage of each loan category to total gross loans.
Loan Categories Percent of ($ in thousands) Allowance Total Loans ---------- ----------- Commercial $ 725 53% Agriculture 209 15% Real estate mortgage 237 18% Real estate construction 69 5% Consumer 82 6% Other 35 3% ------ ---- Total $1,357 100% ====== ====
-10- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5: NOTES PAYABLE Notes payable consists of the following at June 30, 1995: Note payable from the United Security Bancorporation Employee Stock Ownership Plan to the Bank of Latah, 50% guaranteed by the Company, payable $100,000 annually plus interest at Bank's prime (10.0% at June 30, 1995), due in full December 1995. $20,000 NOTE 6: CAPITAL LEASE OBLIGATIONS During 1990, United Security Bank (USB), a wholly-owned subsidiary of the Company, sold the land and building occupied by two of its branches to Joyce K. Robinson. USB has leased the real estate back for a term of 20 years at rental rates of $71,400 and $12,810 per year respectively, and continues to operate the branches at the leased sites. The leases have been treated as capital leases. The $358,283 gain from the transaction has been deferred and is being amortized using the straight-line method over the term of the lease. This deferred gain is included in other liabilities. In addition, USB has entered into non-cancelable capital lease agreements for equipment with varying terms through 1998. NOTE 7: STOCKHOLDERS EQUITY Total stockholders' equity was $22.8 million as of June 30, 1995 up from $12.2 million as of December 31, 1994. The 86.8% increase includes the $8.5 million May, 1995 common stock sale proceeds. The stockholders' equity to assets ratio has improved to 12.3% as of June 30, 1995, compared to 7.4% as of December 31, 1994. In July 1995 the Board of Directors declared a 10% stock dividend to be issued August 23, 1995 to shareholders of record on August 9, 1995. The Corporation recorded a transfer of $2,193,000 from retained earnings to common stock for the market value of the stock as of the Board declaration date for the additional shares issued. A cash payment will be made in lieu of fractional shares. An adjustment for fractional shares will be made when known. All amounts per share and weighted average shares outstanding for all periods presented have been retroactively adjusted to reflect stock dividends. -11- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS A performance summary and detailed discussion regarding the results for year-to-date and second quarter results in 1995 and 1994 are contained in the following pages. PERFORMANCE SUMMARY
Three Months Ended June 30, Year-To-Date % % ($ in thousands) 1995 1994 Change 1995 1994 Change ------ ------ ------ ------- ------- ------ Interest income $4,043 $2,897 39.6% $7,814 $5,406 44.5% Interest expense 1,779 1,002 77.5% 3,466 1.913 81.2% ------ ------ ----- ------ ------ ------ Net interest income 2,264 1,895 19.5% 4,348 3,493 24.5% Provision for loan losses 29 37 (21.6%) 171 48 256.3% ------ ------ ----- ------ ------ ------ Net interest income after provision for loan losses 2,235 1,858 20.3% 4,177 3,445 21.2% Noninterest income 1,817 560 224.5% 2,487 1,285 93.5% Noninterest expense 2,450 1,550 58.1% 4,159 3,161 31.6% ------ ------ ------ ------ ------ ------ Income before income taxes 1,602 868 84.6% 2,505 1,569 59.7% Income taxes 338 340 (0.6%) 700 575 21.7% ------ ------ ------ ------ ------ ------ Net income $1,264 $ 528 139.4% $1,805 $ 994 81.6% ====== ====== ====== ====== ====== ====== Earnings per share $ .50 $ .35 42.9% $ .85 $ .68 25.0% Average shares outstanding 2,503,335 1,498,673 67.0% 2,136,390 1,467,265 45.6%
-12- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES Results of Operations The results of operations include the consolidated results of operations for United Security Bancorporation and its wholly-owned subsidiaries (Corporation), United Security Bank, USB Leasing, Inc., USB Insurance Agencies, Inc., USB Mortgage Company and Home Security Bank. This information should be read in conjunction with the financial statements and related notes appearing in this report. United Security Bancorporation and its subsidiaries reported net income of $1,805,000 for the first six months of 1995 compared to $994,000 for the same period in 1994. Earnings per share was $.85 for 1995 and $.68 for 1994. For the second quarter of 1995 net income was $1,264,000 as compared to $528,000 for the second quarter of 1994. Earnings per share were $.50 and $.35, respectively. During second quarter 1995 $1,030,000 in noninterest income was received from life insurance proceeds for an employee of the Corporation, and a related noninterest expense of $379,000 was recorded during second quarter representing the proceeds due the beneficiary. The net proceeds resulted in a one-time gain of $651,000 representing $.26 per share for second quarter 1995. Per share results for 1995 and 1994 are note directly comparable. In May, 1995 United Security sold 1,150,000 shares of stock in its initial public offering. Net Interest Income Net interest income for the first six months of 1995 was $4,348,000 compared to $3,493,000 for the same period in 1994, reflecting a 24.5% increase. For the second quarter of 1995 net interest income was $2,264,000 compared to $1,895,000 for the same period in 1994. The increase is primarily due to the growth of loans and average earning assets for the Corporation, which grew from an average of $133,579,000 for the first six months to $172,400,000 for 1995. The net interest margin was 5.59% for the first six months of 1995. Provision for Loan Losses The allowance for loan losses represents management's recognition of risks in the loan portfolio. The allowance for loan losses grew to $1,357,000 as of June 30, 1995 representing 1.03% of loans. Noninterest Income Noninterest income increased by 93.5% in the first six months of 1995 to $2,487,000 due primarily to the receipt of life insurance proceeds described above. Each category of noninterest income grew during the first six months of 1995 (including service charges on deposit accounts, other service charges, gains on sales of securities available for sale, and other) with the increase in Corporation activity with the exception of insurance commissions, which declined due to an unusually large, one- time sale in last year's second quarter. -13- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES Noninterest Expense Noninterest expense grew by 31.6% to $4,159,000 during the first six months of 1995 consistent with the general growth of the Corporation. As described above noninterest expense grew by $379,000 or 12.0% due to the recording of life insurance beneficiary expenses during second quarter 1995. Income Tax The Corporation recorded $700,000 of federal income tax expense for the first six months of 1995 compared to $575,000 for 1994. The Corporation has recorded its estimate of tax expense for the first six months of 1995. Capital Requirements The Corporation's two bank subsidiaries, United Security Bank and Home Security Bank are subject to regulatory capital requirements. Both bank subsidiaries met or exceeded regulatory capital requirements and were well capitalized at June 30, 1995. During second quarter 1995 the Corporation sold 1,150,000 shares of its common stock with proceeds of nearly $8.5 million. As of June 30, 1995 2,754,880 shares of common stock were outstanding. The stockholders' equity to assets ratio has improved to 12.3% as of June 30, 1995, compared to 7.4% as of June 30, 1994. In July 1995 the Board of Directors declared a 10% stock dividend to be issued August 23, 1995 to shareholders of record on August 9, 1995. The Corporation recorded a transfer of $2,193,000 from retained earnings to common stock for the market value of the stock as of the Board declaration date for the additional shares issued. A cash payment will be made in lieu of fractional shares. All amounts per share and weighted average shares outstanding for all periods presented have been adjusted to reflect stock dividends. Liquidity The primary liquidity needs of the two bank subsidiaries are to fund customer loan demands and to cover deposit withdrawals. The Corporation maintains its federal funds and investment positions in a manner appropriate to meet its liquidity needs. -14- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES Part II OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: 27. Financial Data Schedules (b) Reports on Form 8-K. None -15- UNITED SECURITY BANCORPORATION AND SUBSIDIARIES 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 thereunto duly authorized. UNITED SECURITY BANCORPORATION /s/ William C. Dashiell ---------------------------------- William C. Dashiell, President and Chief Executive Officer /s/ Chad Galloway Date: August 10, 1995 ---------------------------------- Chad Galloway, Vice President and Chief Financial Officer -16- EX-27 2
9 This schedule contains summary financial information extracted from the consolidated statement of condition and income statement found on pages 3 through 6 of the Company's Form 10QSB for June 30, 1995, and is qualified in its entirety by reference to such financial statements. 1,000 U.S. DOLLARS 6-MOS DEC-31-1995 JAN-01-1995 JUN-30-1995 1 7,841 2,194 3,640 0 29,387 365 366 132,212 1,357 185,417 159,357 20 1,951 774 20,864 0 0 1,904 185,417 6,890 759 165 7,814 3,394 3,467 4,347 171 33 4,159 2,505 1,805 0 0 1,805 .85 .85 5.59 563 144 0 0 1,246 64 4 1,357 1,357 0 0