SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2004. |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE TRANSITION PERIOD FROM TO . |
Commission file number: 000-32987
UNITED SECURITY BANCSHARES
(Exact name of registrant as specified in its charter)
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CALIFORNIA |
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91-2112732 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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Incorporation or organization) |
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Identification No.) |
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1525 East Shaw Ave., Fresno, California |
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93710 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrants telephone number, including area code (559) 248-4943 |
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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 for the past 90 days.
Yes ý No o
Aggregate market value of the Common Stock held by non-affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter - June 30, 2004: $88,898,832
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, no par value
(Title of Class)
Shares outstanding as of July 31, 2004: 5,701,355
TABLE OF CONTENTS
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Facing Page |
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Table of Contents |
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PART I. Financial Information |
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Item 1. Financial Statements |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. Quantitative and Qualitative Disclosures about Market Risk |
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Certifications |
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2
United Security Bancshares and Subsidiaries
June 30, 2004 (unaudited) and December 31, 2003
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(in thousands except shares) |
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June 30, |
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December 31, |
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Assets |
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Cash and due from banks |
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$ |
24,170 |
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$ |
22,480 |
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Federal funds sold and securities purchased under agreements to resell |
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22,455 |
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26,110 |
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Cash and cash equivalents |
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46,625 |
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48,590 |
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Interest-bearing deposits in other banks |
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8,113 |
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7,212 |
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Investment securities available for sale |
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94,889 |
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83,735 |
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Loans and leases |
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384,245 |
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345,662 |
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Unearned fees |
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(1,245 |
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(865 |
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Allowance for credit losses |
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(6,951 |
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(6,081 |
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Net loans |
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376,049 |
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338,716 |
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Accrued interest receivable |
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2,086 |
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2,110 |
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Premises and equipment - net |
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7,286 |
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4,567 |
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Other real estate owned |
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2,503 |
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2,718 |
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Intangible assets |
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4,354 |
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1,947 |
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Cash surrender value of life insurance |
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3,365 |
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2,621 |
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Investment in limited partnership |
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4,494 |
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4,689 |
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Deferred income taxes |
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4,393 |
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3,135 |
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Other assets |
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8,008 |
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6,548 |
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Total assets |
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$ |
562,165 |
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$ |
506,588 |
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Liabilities & Shareholders’ Equity Liabilities |
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Deposits |
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Noninterest bearing |
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$ |
115,074 |
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$ |
94,597 |
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Interest bearing |
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375,371 |
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345,847 |
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Total deposits |
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490,445 |
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440,444 |
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Other borrowings |
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194 |
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345 |
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Accrued interest payable |
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991 |
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800 |
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Accounts payable and other liabilities |
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4,713 |
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4,963 |
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Trust Preferred securities |
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0 |
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15,000 |
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Junior subordinated debentures |
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15,464 |
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0 |
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Total liabilities |
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511,807 |
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461,552 |
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Commitments and Contingent Liabilities Shareholders’ Equity |
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Common stock, no par value 10,000,000 shares authorized, 5,701,355 and 5,512,538 issued and outstanding, in 2004 and 2003, respectively |
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22,835 |
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18,227 |
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Retained earnings |
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29,064 |
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27,093 |
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Unearned ESOP shares |
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(162 |
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(313 |
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Accumulated other comprehensive (loss) income |
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(1,379 |
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Total shareholders’ equity |
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50,358 |
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45,036 |
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Total liabilities and shareholders’ equity |
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$ |
562,165 |
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$ |
506,588 |
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See notes to financial statements
3
United Security Bancshares and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
Periods Ended June 30, 2004 and 2003 (unaudited)
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Quarter Ended June 30, |
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Six Months Ended June 30, |
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(In thousands except shares and EPS) |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest Income: |
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Loans, including fees |
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$ |
6,540 |
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$ |
5,493 |
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$ |
12,189 |
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$ |
11,288 |
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Investment securities – AFS – taxable |
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864 |
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740 |
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1,617 |
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1,551 |
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Investment securities – AFS – nontaxable |
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32 |
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33 |
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64 |
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67 |
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Federal funds sold and securities purchased under agreements to resell |
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62 |
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32 |
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122 |
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77 |
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Interest on deposits in other banks |
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76 |
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93 |
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148 |
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193 |
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Total interest income |
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7,574 |
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6,391 |
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14,140 |
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13,176 |
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