$FUSB
FIRST US BANCSHARES, INC.

2014 Q4 Form 10-Q Financial Statement

#000119312514410807 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $7.686M $7.899M $8.270M
YoY Change -7.84% -4.49% -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 $240.0K $180.0K
YoY Change 0.0% 33.33% 9.09%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $636.0K $642.0K $702.0K
YoY Change -6.06% -8.55% -31.91%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.252M $1.250M $1.254M
YoY Change -0.48% -0.32% -26.06%
Income Tax $532.0K $413.0K $350.0K
% Of Pretax Income 42.49% 33.04% 27.91%
Net Earnings $720.0K $837.0K $904.0K
YoY Change -24.61% -7.41% -23.32%
Net Earnings / Revenue 9.37% 10.6% 10.93%
Basic Earnings Per Share $0.12 $0.14 $0.15
Diluted Earnings Per Share $0.12 $0.13 $0.15
COMMON SHARES
Basic Shares Outstanding 6.034M shares 6.129M 6.028M shares
Diluted Shares Outstanding 6.213M

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $268.3M $250.4M $200.3M
YoY Change 22.76% 24.99% 13.44%
Cash & Equivalents $34.17M $34.53M $43.48M
Short-Term Investments $234.1M $215.9M $156.9M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $9.764M $9.216M $8.756M
YoY Change 9.36% 5.25% -1.62%
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 $572.6M $562.7M $560.0M
YoY Change 0.49% 0.49% -4.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $200.0K $300.0K
YoY Change -33.33% -33.33% -40.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $436.0K $800.0K $1.800M
YoY Change -63.67% -55.56% 38.46%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $200.0K $200.0K $300.0K
YoY Change -33.33% -33.33% -40.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.100M $8.300M $7.500M
YoY Change -8.99% 10.67% -2.6%
Total Long-Term Liabilities $8.100M $8.300M $7.500M
YoY Change -8.99% 10.67% -2.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.0K $200.0K $300.0K
Total Long-Term Liabilities $8.100M $8.300M $7.500M
Total Liabilities $497.4M $488.9M $490.6M
YoY Change -0.45% -0.36% -4.96%
SHAREHOLDERS EQUITY
Retained Earnings $84.58M $83.98M $80.26M
YoY Change 4.15% 4.64%
Common Stock $9.650M $9.640M $9.357M
YoY Change 3.13% 3.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.89M $20.89M $20.99M
YoY Change -0.5% -0.5%
Treasury Stock Shares $1.295M 1.295M shares 1.299M shares
Shareholders Equity $75.20M $73.90M $69.40M
YoY Change
Total Liabilities & Shareholders Equity $572.6M $562.7M $560.0M
YoY Change 0.49% 0.49% -4.16%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $720.0K $837.0K $904.0K
YoY Change -24.61% -7.41% -23.32%
Depreciation, Depletion And Amortization $200.0K $240.0K $180.0K
YoY Change 0.0% 33.33% 9.09%
Cash From Operating Activities $1.250M $1.050M $3.520M
YoY Change -384.09% -70.17% 8.98%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K $127.0K $2.000K
YoY Change 133.33% 6250.0% -98.47%
Acquisitions
YoY Change
Other Investing Activities -$9.620M $830.0K -$13.28M
YoY Change 251.09% -106.25% -441.39%
Cash From Investing Activities -$10.32M $700.0K -$13.29M
YoY Change 240.59% -105.27% -453.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.700M -8.670M 4.250M
YoY Change 12.69% -304.0% -121.3%
NET CHANGE
Cash From Operating Activities 1.250M 1.050M 3.520M
Cash From Investing Activities -10.32M 700.0K -13.29M
Cash From Financing Activities 8.700M -8.670M 4.250M
Net Change In Cash -370.0K -6.920M -5.520M
YoY Change -108.71% 25.36% -57.41%
FREE CASH FLOW
Cash From Operating Activities $1.250M $1.050M $3.520M
Capital Expenditures -$700.0K $127.0K $2.000K
Free Cash Flow $1.950M $923.0K $3.518M
YoY Change -1492.86% -73.76% 13.52%

Facts In Submission

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dei Document Type
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10-Q
dei Entity Registrant Name
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UNITED SECURITY BANCSHARES INC
dei Trading Symbol
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USBI
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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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InterestExpenseDeposits
640000
CY2014Q3 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
581000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
837000
CY2014Q3 us-gaap Interest And Dividend Income Securities
InterestAndDividendIncomeSecurities
1113000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1250000
CY2014Q3 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
190000
CY2014Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
7899000
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
127000
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-482000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
355000
CY2014Q3 us-gaap Interest Expense
InterestExpense
642000
CY2014Q3 us-gaap Equipment Expense
EquipmentExpense
318000
CY2014Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4359000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
413000
CY2014Q3 us-gaap Noninterest Expense
NoninterestExpense
7242000
CY2014Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
203000
CY2014Q3 us-gaap Occupancy Net
OccupancyNet
508000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-290000
CY2014Q3 usbi Other Real Estate Foreclosure Expense
OtherRealEstateForeclosureExpense
224000
CY2014Q3 usbi Credit Losses Associated With Derivative Contracts
CreditLossesAssociatedWithDerivativeContracts
0
CY2014Q3 usbi Provision Reduction In Reserve For Loan Losses
ProvisionReductionInReserveForLoanLosses
-55000

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