$FUSB
FIRST US BANCSHARES, INC.

2014 Q2 Form 10-Q Financial Statement

#000119312514307950 Filed on August 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $7.930M $8.432M
YoY Change -5.95% -13.5%
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 $184.0K $175.0K
YoY Change 5.14% -2.78%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $630.0K $737.0K
YoY Change -14.52% -37.38%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.826M $1.694M
YoY Change 7.79% -15.05%
Income Tax $608.0K $512.0K
% Of Pretax Income 33.3% 30.22%
Net Earnings $1.218M $1.182M
YoY Change 3.05% -13.79%
Net Earnings / Revenue 15.36% 14.02%
Basic Earnings Per Share $0.20 $0.20
Diluted Earnings Per Share $0.20 $0.20
COMMON SHARES
Basic Shares Outstanding 6.116M 6.024M shares
Diluted Shares Outstanding 6.126M

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $251.4M $186.7M
YoY Change 34.64% -0.38%
Cash & Equivalents $41.44M $48.98M
Short-Term Investments $209.9M $137.7M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $9.249M $8.697M
YoY Change 6.35% -3.37%
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 $570.7M $555.7M
YoY Change 2.7% -7.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $300.0K
YoY Change -33.33% -50.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $600.0K $500.0K
YoY Change 20.0% -28.57%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $200.0K $300.0K
YoY Change -33.33% -50.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.300M $7.900M
YoY Change 5.06% -1.25%
Total Long-Term Liabilities $8.300M $7.900M
YoY Change 5.06% -1.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.0K $300.0K
Total Long-Term Liabilities $8.300M $7.900M
Total Liabilities $497.5M $486.7M
YoY Change 2.21% -9.28%
SHAREHOLDERS EQUITY
Retained Earnings $83.21M $79.36M
YoY Change 4.85%
Common Stock $9.381M $9.357M
YoY Change 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.99M $21.12M
YoY Change -0.62%
Treasury Stock Shares 1.299M shares 1.304M shares
Shareholders Equity $73.20M $69.00M
YoY Change
Total Liabilities & Shareholders Equity $570.7M $555.7M
YoY Change 2.7% -7.89%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $1.218M $1.182M
YoY Change 3.05% -13.79%
Depreciation, Depletion And Amortization $184.0K $175.0K
YoY Change 5.14% -2.78%
Cash From Operating Activities $3.170M $1.310M
YoY Change 141.98% -63.31%
INVESTING ACTIVITIES
Capital Expenditures $160.0K $40.00K
YoY Change 300.0% -150.0%
Acquisitions
YoY Change
Other Investing Activities -$14.47M -$12.24M
YoY Change 18.22% -170.75%
Cash From Investing Activities -$14.63M -$12.28M
YoY Change 19.14% -171.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.120M -8.640M
YoY Change -17.59% -45.73%
NET CHANGE
Cash From Operating Activities 3.170M 1.310M
Cash From Investing Activities -14.63M -12.28M
Cash From Financing Activities -7.120M -8.640M
Net Change In Cash -18.58M -19.61M
YoY Change -5.25% -502.67%
FREE CASH FLOW
Cash From Operating Activities $3.170M $1.310M
Capital Expenditures $160.0K $40.00K
Free Cash Flow $3.010M $1.270M
YoY Change 137.01% -65.21%

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dei Entity Registrant Name
EntityRegistrantName
UNITED SECURITY BANCSHARES INC
dei Amendment Flag
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false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0000717806
dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Period Focus
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Q2
us-gaap Common Stock Dividends Per Share Declared
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">1.</td> <td valign="top" align="left">GENERAL</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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, 2014. While certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (&#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, 2013. 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, 2013. Certain amounts in the 2013 condensed consolidated financial statements have been reclassified to conform to the 2014 method of presentation.</p> </div>
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653000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0
CY2014Q2 us-gaap Noninterest Income
NoninterestIncome
1485000
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
160000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
653000
CY2014Q2 us-gaap Noninterest Expense
NoninterestExpense
7223000
CY2014Q2 us-gaap Other Noninterest Expense
OtherNoninterestExpense
1982000
CY2014Q2 us-gaap Equipment Expense
EquipmentExpense
308000
CY2014Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
13000
CY2014Q2 us-gaap Interest Expense
InterestExpense
630000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
393000
CY2014Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
617000
CY2014Q2 us-gaap Occupancy Net
OccupancyNet
467000
CY2014Q2 us-gaap Depreciation
Depreciation
184000
CY2014Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4141000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
608000
CY2014Q2 usbi Interest Income From External Customers
InterestIncomeFromExternalCustomers
7930000
CY2014Q2 usbi Credit Losses Associated With Derivative Contracts
CreditLossesAssociatedWithDerivativeContracts
0
CY2014Q2 usbi Other Real Estate Foreclosure Expense
OtherRealEstateForeclosureExpense
325000
CY2014Q2 usbi Provision Reduction In Reserve For Loan Losses
ProvisionReductionInReserveForLoanLosses
-264000

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