$FUSB
FIRST US BANCSHARES, INC.

2013 Q4 Form 10-Q Financial Statement

#000119312513440037 Filed on November 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $8.340M $8.270M $9.328M
YoY Change -13.73% -11.34%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.0K $180.0K $165.0K
YoY Change 5.26% 9.09% -2.94%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $677.0K $702.0K $1.031M
YoY Change -23.76% -31.91%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.258M $1.254M $1.696M
YoY Change -14.48% -26.06% -174.06%
Income Tax $303.0K $350.0K $517.0K
% Of Pretax Income 24.09% 27.91% 30.48%
Net Earnings $955.0K $904.0K $1.179M
YoY Change 8.15% -23.32% -190.0%
Net Earnings / Revenue 11.45% 10.93% 12.64%
Basic Earnings Per Share $0.16 $0.15
Diluted Earnings Per Share $0.16 $0.15 $196.0K
COMMON SHARES
Basic Shares Outstanding 6.028M shares 6.028M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $218.5M $200.3M $176.6M
YoY Change 30.17% 13.44%
Cash & Equivalents $47.72M $43.48M $61.84M
Short-Term Investments $170.8M $156.9M $114.8M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $8.928M $8.756M $8.900M
YoY Change 0.28% -1.62% -2.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $569.8M $560.0M $584.3M
YoY Change 0.47% -4.16% -8.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $300.0K $500.0K
YoY Change -25.0% -40.0% -44.44%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.200M $1.800M $1.300M
YoY Change 100.0% 38.46% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $300.0K $300.0K $500.0K
YoY Change -25.0% -40.0% -44.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.900M $7.500M $7.700M
YoY Change 5.95% -2.6% -2.53%
Total Long-Term Liabilities $8.900M $7.500M $7.700M
YoY Change 5.95% -2.6% -2.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $300.0K $300.0K $500.0K
Total Long-Term Liabilities $8.900M $7.500M $7.700M
Total Liabilities $499.7M $490.6M $516.2M
YoY Change 0.24% -4.96% -8.03%
SHAREHOLDERS EQUITY
Retained Earnings $81.21M $80.26M
YoY Change 5.08%
Common Stock $9.357M $9.357M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.99M $20.99M
YoY Change -0.62%
Treasury Stock Shares 1.299M shares 1.299M shares
Shareholders Equity $70.10M $69.40M $68.10M
YoY Change
Total Liabilities & Shareholders Equity $569.8M $560.0M $584.3M
YoY Change 0.47% -4.16% -8.53%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $955.0K $904.0K $1.179M
YoY Change 8.15% -23.32% -190.0%
Depreciation, Depletion And Amortization $200.0K $180.0K $165.0K
YoY Change 5.26% 9.09% -2.94%
Cash From Operating Activities -$440.0K $3.520M $3.230M
YoY Change -109.48% 8.98% -14.78%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K $2.000K $131.0K
YoY Change 100.0% -98.47% -187.33%
Acquisitions
YoY Change
Other Investing Activities -$2.740M -$13.28M $3.890M
YoY Change -144.99% -441.39% 30.98%
Cash From Investing Activities -$3.030M -$13.29M $3.760M
YoY Change -151.01% -453.46% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.720M 4.250M -19.95M
YoY Change -142.21% -121.3% -392.95%
NET CHANGE
Cash From Operating Activities -440.0K 3.520M 3.230M
Cash From Investing Activities -3.030M -13.29M 3.760M
Cash From Financing Activities 7.720M 4.250M -19.95M
Net Change In Cash 4.250M -5.520M -12.96M
YoY Change -155.12% -57.41% -196.57%
FREE CASH FLOW
Cash From Operating Activities -$440.0K $3.520M $3.230M
Capital Expenditures -$300.0K $2.000K $131.0K
Free Cash Flow -$140.0K $3.518M $3.099M
YoY Change -102.92% 13.52% -21.35%

Facts In Submission

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2631000
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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dei Entity Registrant Name
EntityRegistrantName
UNITED SECURITY BANCSHARES INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0000717806
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
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Q3
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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left">1.</td> <td align="left" valign="top">GENERAL</td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The accompanying unaudited interim condensed consolidated financial statements include the accounts of United Security Bancshares, Inc. (&#x201C;USBI&#x201D;) and its subsidiaries (collectively, the &#x201C;Company&#x201D;). USBI is the parent holding company of First United Security Bank (the &#x201C;Bank&#x201D; or &#x201C;FUSB&#x201D;). The Bank operates a finance company, Acceptance Loan Company, Inc. (&#x201C;ALC&#x201D;). All significant intercompany transactions and accounts have been eliminated.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments necessary for a fair presentation of consolidated financial position, results of operations and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. The results of operations for any interim period are not necessarily indicative of results expected for the fiscal year ending December&#xA0;31, 2013. While certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;), management believes that the disclosures herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in USBI&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2012. The accounting policies followed by the Company are set forth in Note 2, &#x201C;Summary of Significant Accounting Policies,&#x201D; of the Notes to Consolidated Financial Statements in USBI&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2012. In preparing the unaudited interim condensed consolidated financial statements, management evaluated subsequent events through the date on which the unaudited interim condensed consolidated financial statements were issued.</p> </div>
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239000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1254000
CY2013Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
8270000
CY2013Q3 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
7413000
CY2013Q3 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-48000
CY2013Q3 us-gaap Noninterest Income
NoninterestIncome
1291000
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-639000
CY2013Q3 us-gaap Noninterest Expense
NoninterestExpense
7365000
CY2013Q3 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
240000
CY2013Q3 us-gaap Other Noninterest Expense
OtherNoninterestExpense
2277000
CY2013Q3 us-gaap Equipment Expense
EquipmentExpense
301000
CY2013Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
9000
CY2013Q3 us-gaap Interest Expense
InterestExpense
702000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-384000
CY2013Q3 us-gaap Interest Expense Deposits
InterestExpenseDeposits
693000
CY2013Q3 us-gaap Occupancy Net
OccupancyNet
495000
CY2013Q3 us-gaap Depreciation
Depreciation
180000
CY2013Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4029000
CY2013Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
215000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
350000
CY2013Q3 usbi Interest Income From External Customers
InterestIncomeFromExternalCustomers
8270000
CY2013Q3 usbi Credit Losses Associated With Derivative Contracts
CreditLossesAssociatedWithDerivativeContracts
0

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