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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First US Bancshares Inc | NASDAQ:FUSB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.48% | 10.40 | 5.95 | 12.25 | 10.49 | 10.40 | 10.47 | 12,621 | 01:00:00 |
Reports Fourth Quarter Loan Growth and Continued Reductions in Non-Performing Assets
United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income of $2.6 million, or $0.41 per diluted share, for the year ended December 31, 2015, compared to net income of $3.5 million, or $0.57 per diluted share, for the year ended December 31, 2014. Net income for the fourth quarter of 2015 totaled $441,000, or $0.07 per diluted share, compared to $720,000, or $0.12 per diluted share, for the fourth quarter of 2014.
Fourth Quarter Highlights
“We are pleased to report significant loan growth in the fourth quarter, as well as continued improvement in asset quality,” said James F. House, President and Chief Executive Officer of United Security Bancshares, Inc. “Our efforts to resolve problem assets over the past several years have resulted in reductions in non-performing assets at a faster pace than we originally expected. As a result, we have now begun to focus more effort on generating quality loans. We expect that continued progress in reducing non-performing assets, combined with focused efforts on quality commercial loan generation, will contribute to future growth in earnings.”
“Earnings in 2015 were below last year’s results due primarily to decreased loan volume at First US Bank. Although we had substantial growth in the Bank’s loan portfolio during the fourth quarter, we experienced decreases during the first three quarters of the year. A portion of these decreases resulted from the continued resolution of problem assets and the migration of loans off of the balance sheet that did not meet the Bank’s current credit standards. At this point, we believe that the Bank is well-positioned to expand its commercial loan production capabilities. We are already beginning to see increased opportunity from the Bank’s new location in downtown Tuscaloosa, and we continue to look for opportunities to expand in other markets as well. We also remain optimistic about opportunities for expanding our consumer loan portfolio through our subsidiary, Acceptance Loan Company, Inc. (“ALC”). ALC experienced consistent loan growth through 2015, ending the year with net loans of $81.7 million, an increase of 13% over December 31, 2014,” continued Mr. House.
Results of Operations
Balance Sheet Management
About United Security Bancshares, Inc.
United Security Bancshares, Inc. is a bank holding company that operates twenty banking offices in Alabama through First US Bank. In addition, the Company’s operations include Acceptance Loan Company, Inc., a consumer loan company, and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the Bank’s and ALC’s consumer loan customers. The Company’s stock is traded on the Nasdaq Capital Market under the symbol “USBI.”
Forward-Looking Statements
This press release contains forward-looking statements, as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. The Company undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, the Company, through its senior management, may make from time to time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of the Company’s senior management based upon current information and involve a number of risks and uncertainties. Certain factors that could affect the accuracy of such forward-looking statements are identified in the public filings made by the Company with the Securities and Exchange Commission, and forward-looking statements contained in this press release or in other public statements of the Company or its senior management should be considered in light of those factors. Specifically, with respect to statements relating to loan demand, growth and earnings potential, geographic expansion and the adequacy of the allowance for loan losses for the Company, these factors include, but are not limited to, the rate of growth (or lack thereof) in the economy generally and in the Bank’s and ALC’s service areas, the availability of quality loans in the Bank’s and ALC’s service areas, the relative strength and weakness in the consumer and commercial credit sectors and in the real estate markets and collateral values. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.
UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA – LINKED QUARTERS
(Dollars in Thousands, Except Per Share Data)
Quarter Ended 2015 2014December 31,
September 30,
June 30,
March 31,
December 31,
(Unaudited) Results of Operations: Interest income $ 7,513 $ 7,328 $ 7,735 $ 7,321 $ 7,686 Interest expense 549 561 565 614 636 Net interest income 6,964 6,767 7,170 6,707 7,050 Provision (reduction in reserve) for loan losses 415 (78 ) 45 (166 ) (169 ) Net interest income after provision (reduction in reserve) for loan losses6,549
6,845 7,125 6,873 7,219 Non-interest income 1,176 996 1,068 1,291 1,279 Non-interest expense 7,203 7,090 7,107 6,977 7,246 Income before income taxes 522 751 1,086 1,187 1,252 Provision for income taxes 81 207 312 351 532 Net income $ 441 $ 544 $ 774 $ 836 $ 720 Per Share Data: Basic net income per share $ 0.07 $ 0.09 $ 0.13 $ 0.14 $ 0.12 Diluted net income per share $ 0.07 $ 0.09 $ 0.12 $ 0.13 $ 0.12 Dividends declared $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 Period-End Balance Sheet: Total assets $ 575,782 $ 548,537 $ 560,650 $ 564,882 $ 572,609 Loans, net of allowance for loan losses 255,432 237,715 244,993 239,218 259,516 Allowance for loan losses 3,781 4,345 5,008 5,401 6,168 Investment securities, net 231,202 239,009 246,176 249,864 234,086 Total deposits 479,258 463,266 471,141 475,288 483,659 Long-term debt 5,000 - 5,000 5,000 5,000 Total shareholders’ equity 76,316 76,283 75,783 75,745 75,162 Performance Ratios: Return on average assets (annualized) 0.31 % 0.39 % 0.55 % 0.59 % 0.50 % Return on average equity (annualized) 2.28 % 2.84 % 4.09 % 4.47 % 3.83 % Asset Quality: Allowance for loan losses as % of loans 1.46 % 1.80 % 2.00 % 2.21 % 2.32 % Nonperforming assets as % of total assets 1.59 % 1.98 % 1.96 % 2.27 % 2.50 %
UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Share and Per Share Data)
December 31,December 31,
2015 2014 (Unaudited) ASSETS Cash and due from banks $ 7,088 $ 9,697 Interest-bearing deposits in banks 36,984 24,469 Total cash and cash equivalents 44,072 34,166 Investment securities available-for-sale, at fair value 198,843 204,966 Investment securities held-to-maturity, at amortized cost 32,359 29,120 Federal Home Loan Bank stock, at cost 1,025 738 Loans, net of allowance for loan losses of $3,781 and $6,168, respectively 255,432 259,516 Premises and equipment, net 12,084 9,764 Cash surrender value of bank-owned life insurance 14,292 13,975 Accrued interest receivable 1,833 2,235 Other real estate owned 6,038 7,735 Other assets 9,804 10,394 Total assets $ 575,782 $ 572,609 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits $ 479,258 $ 483,659 Accrued interest expense 180 221 Other liabilities 7,674 8,131 Short-term borrowings 7,354 436 Long-term debt 5,000 5,000 Total liabilities 499,466 497,447 Shareholders’ equity:Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,329,060 shares issued; 6,038,554 and 6,034,059 shares outstanding, respectively
73 73 Surplus 9,844 9,577 Accumulated other comprehensive income, net of tax 536 1,829 Retained earnings 86,693 84,582 Less treasury stock: 1,290,506 and 1,295,001 shares at cost, respectively (20,817 ) (20,886 ) Noncontrolling interest (13 ) (13 ) Total shareholders’ equity 76,316 75,162 Total liabilities and shareholders’ equity $ 575,782 $ 572,609
UNITED SECURITY BANCSHARES, INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
Three Months Ended Twelve Months Ended December 31, December 31, 2015 2014 2015 2014 (Unaudited) (Unaudited) Interest income: Interest and fees on loans $ 6,362 $ 6,501 $ 25,177 $ 26,929 Interest on investment securities 1,151 1,185 4,720 4,432 Total interest income 7,513 7,686 29,897 31,361 Interest expense: Interest on deposits 541 628 2,262 2,522 Interest on borrowings 8 8 27 31 Total interest expense 549 636 2,289 2,553 Net interest income 6,964 7,050 27,608 28,808 Provision (reduction in reserve) for loan losses 415 (169 ) 216 (74 )Net interest income after provision (reduction in reserve) for loan losses
6,549
7,219
27,392
28,882
Non-interest income:Service and other charges on deposit accounts
453
524
1,844
2,096
Credit insurance income 162 271 501 694 Other income 561 484 2,186 2,301 Total non-interest income 1,176 1,279 4,531 5,091 Non-interest expense: Salaries and employee benefits 4,151 4,108 16,664 16,690 Net occupancy and equipment 769 810 3,116 3,226 Other real estate/foreclosure expense, net 213 428 1,027 1,077 Other expense 2,070 1,900 7,570 7,602 Total non-interest expense 7,203 7,246 28,377 28,595 Income before income taxes 522 1,252 3,546 5,378 Provision for income taxes 81 532 951 1,829 Net income $ 441 $ 720 $ 2,595 $ 3,549 Basic net income per share $ 0.07 $ 0.12 $ 0.42 $ 0.58 Diluted net income per share $ 0.07 $ 0.12 $ 0.41 $ 0.57 Dividends per share $ 0.02 $ 0.02 $ 0.08 $ 0.03
View source version on businesswire.com: http://www.businesswire.com/news/home/20160128006410/en/
United Security Bancshares, Inc.Thomas S. Elley, 334-636-5424
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