United Security Bancshares Reports 2021 Net Income of $10.1 Million
United Security Bancshares (Nasdaq: UBFO) reported its financial results for the year and quarter ending December 31, 2021. The company achieved a net income of $10.1 million, or $0.59 per share, reflecting a year-over-year increase from $9.0 million, or $0.53 per share. In Q4 2021, net income surged 75.3% to $3.4 million. Total assets rose 21.8% to $1.3 billion, while total loans increased 33.2% to $871.5 million. The allowance for credit losses decreased to 1.07%. The company declared a cash dividend of $0.11 per share, payable January 18, 2022.
- Net income for 2021 increased to $10.1 million from $9.0 million in 2020.
- Fourth Quarter net income rose 75.3% to $3.4 million.
- Total assets increased 21.81% to $1.3 billion.
- Total loans grew 33.2% to $871.5 million.
- Total deposits increased 24.7% to $1.2 billion.
- Core net income grew 19.1% year-over-year.
- Net interest margin decreased to 3.08% from 3.36% year-over-year.
- Noninterest income decreased by $1.8 million from 2020.
- Total noninterest expense rose to $23.6 million, up $1.3 million from 2020.
- Non-performing assets decreased, but still represent 1.25% of total assets.
Fourth Quarter 2021 Highlights (at or for the quarter ended
-
Net income for the quarter increased
75.3% to , compared to$3.4 million for the quarter ended$1.9 million December 31, 2020 . The increase is primarily the result of an increase of in loan interest income and fees, an increase of$540,000 in investment securities income, and a decrease of$341,000 in the fair value of a financial liability.$512,000 -
Total assets increased
21.81% to , compared to$1.3 billion at$1.1 billion December 31, 2020 . -
Total loans, net of unearned fees, increased
33.2% to , compared to$871.5 million at$654.3 million December 31, 2020 . -
Total investments increased
111.9% , or , to$96.5 million , compared to$182.6 million at$86.2 million December 31, 2020 . -
Total deposits increased
24.7% to , compared to$1.2 billion at$952.7 million December 31, 2020 . -
The allowance for credit losses as a percentage of gross loans decreased to
1.07% , compared to1.30% atDecember 31, 2020 . The decrease in the allowance for credit losses as a percentage of gross loans is principally due to a shift in loan mix. The loan mix change is primarily the result of growth in the purchased residential mortgage loan portfolio during the year. -
Net interest income before the provision for credit losses increased
9.8% to for the quarter ended$9.4 million December 31, 2021 , compared to for the quarter ended$8.5 million December 31, 2020 . -
Book value per share increased to
, compared to$7.06 at$6.93 December 31, 2020 . -
Net interest margin decreased to
3.08% from3.36% for the quarter endedDecember 31, 2020 . -
Annualized average cost of deposits decreased to
0.17% from0.19% for the quarter endedDecember 31, 2020 . -
Net charge-offs totaled
, compared to net charge-offs of$265,000 for the quarter ended$817,000 December 31, 2020 . -
Capital position remains well-capitalized with a
9.79% Tier 1 Leverage Ratio compared to11.37% as ofDecember 31, 2020 . -
Annualized return on average assets ("ROAA") was
1.03% , compared to0.70% for the quarter endedDecember 31, 2020 . -
Annualized return on average equity ("ROAE") was
11.21% , compared to6.41% for the quarter endedDecember 31, 2020 .
Provided at the end of this Press Release is a reconciliation of Core Net Income, as a non-GAAP measure, to Net Income. This reconciliation excludes Non-Core items such as the Fair Value Adjustment for TRUPs and gain or loss on sale of other real estate owned (OREO). Management believes that financial results are more comparative excluding the impact of such non-core items.
Results of Operations
Year Ended
Net income for the year ended
The annualized average cost of deposits was
Net interest income, before the provision for credit losses, for the year ended
Noninterest income for the year ended
For the year ended
The efficiency ratio for the year ended
The Company recorded an income tax provision of
Quarter Ended
For the quarter ended
Net interest income, before the provision for credit losses, was
Noninterest income for the quarter ended
Noninterest expense for the quarter ended
The Company recorded an income tax provision of
Balance Sheet Review
Total assets increased
Total deposits increased
Shareholders’ equity at
The Board of Directors of
Credit Quality
The Company recorded a provision for credit losses of
The Company's allowance for loan loss totaled
Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDRs), other real estate owned through foreclosure, and loans more than 90 days past due and still accruing interest, decreased
About
Non-GAAP Financial Measures
This press release and the accompanying financial tables contain a non-GAAP financial measure (Net Income before Non-Core) within the meaning of the Securities and Exchange Commission’s Regulation G. In the accompanying financial tables, the Company has provided a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. The Company’s management believes that this non-GAAP financial measure provides useful information about the Company’s results of operations and/or financial position to both investors and management. The Company provides this non-GAAP financial measure to investors to assist them in performing their analysis of its historical operating results. The non-GAAP financial measure shows the Company's operating results before consideration of certain adjustments and, consequently, this non-GAAP financial measure should not be construed as an alternative to net income (loss) as an indicator of the Company's operating performance, as determined in accordance with GAAP. The Company may calculate this non-GAAP financial measure differently than other companies.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are based on management’s knowledge and belief as of today and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements are subject to risks and uncertainties and actual results may differ materially from those presented. Factors that might cause such differences, some of which are beyond the Company’s ability to control or predict, include, but are not limited to: (1) the effects of the COVID-19 pandemic, or other similar outbreaks, including the effects of the steps being taken to address the pandemic and their impact on the Company’s markets, customers and employees, (2) changes in general economic and financial market conditions, either nationally or locally, (3) changes in interest rates, (4) changes in banking laws or regulations, (5) increased competition in the Company's markets, impacting the ability to execute its business plans, (6) loss of key personnel, (7) unanticipated credit losses, (8) drought, earthquakes or other natural disasters impacting the local economy and/or the condition of real estate collateral, (9) the impact of technological changes and the ability to develop and maintain secure and reliable electronic systems, (10) uncertainty regarding the replacement of LIBOR, and (11) changes in accounting policies or procedures.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K, for the year ended
|
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|
|||||
Consolidated Balance Sheets (unaudited) |
|
|
|
|||||
(in thousands) |
|
|
|
|||||
|
|
|
|
|||||
Assets |
|
|
|
|||||
Cash and non-interest-bearing deposits in other banks |
$ |
31,057 |
|
|
$ |
29,490 |
|
|
Due from |
|
188,162 |
|
|
|
264,579 |
|
|
Cash and cash equivalents |
|
219,219 |
|
|
|
294,069 |
|
|
|
|
|
|
|||||
Investment securities (at fair value) |
|
|
|
|||||
Available-for-sale ("AFS") securities |
|
178,902 |
|
|
|
82,341 |
|
|
Marketable equity securities |
|
3,744 |
|
|
|
3,851 |
|
|
Total investment securities |
|
182,646 |
|
|
|
86,192 |
|
|
Loans |
|
869,314 |
|
|
|
655,411 |
|
|
Unearned fees and unamortized loan origination costs - net |
|
2,219 |
|
|
|
(1,064 |
) |
|
Allowance for credit losses |
|
(9,333 |
) |
|
|
(8,522 |
) |
|
Net loans |
|
862,200 |
|
|
|
645,825 |
|
|
|
|
|
|
|||||
Premises and equipment - net |
|
8,950 |
|
|
|
9,110 |
|
|
Accrued interest receivable |
|
7,530 |
|
|
|
8,164 |
|
|
Other real estate owned |
|
4,582 |
|
|
|
5,004 |
|
|
|
|
4,488 |
|
|
|
4,488 |
|
|
Deferred tax assets - net |
|
3,615 |
|
|
|
2,907 |
|
|
Cash surrender value of life insurance |
|
22,338 |
|
|
|
20,715 |
|
|
Operating lease right-of-use assets |
|
2,594 |
|
|
|
2,864 |
|
|
Other assets |
|
12,782 |
|
|
|
13,316 |
|
|
Total assets |
$ |
1,330,944 |
|
|
$ |
1,092,654 |
|
|
|
|
|
|
|||||
Liabilities and Shareholders' Equity |
|
|
|
|||||
Deposits |
|
|
|
|||||
Non-interest-bearing |
$ |
476,749 |
|
|
$ |
391,897 |
|
|
Interest-bearing |
|
711,357 |
|
|
|
560,754 |
|
|
Total deposits |
|
1,188,106 |
|
|
|
952,651 |
|
|
|
|
|
|
|||||
Operating lease liabilities |
|
2,705 |
|
|
|
2,967 |
|
|
Other liabilities |
|
8,737 |
|
|
|
8,305 |
|
|
Junior subordinated debentures (at fair value) |
|
11,189 |
|
|
|
10,924 |
|
|
Total liabilities |
|
1,210,737 |
|
|
|
974,847 |
|
|
|
|
|
|
|||||
Shareholders' Equity |
|
|
|
|||||
Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,028,239 at |
|
59,636 |
|
|
|
59,397 |
|
|
Retained earnings |
|
61,745 |
|
|
|
59,138 |
|
|
Accumulated other comprehensive loss |
|
(1,174 |
) |
|
|
(728 |
) |
|
Total shareholders' equity |
|
120,207 |
|
|
|
117,807 |
|
|
Total liabilities and shareholders' equity |
$ |
1,330,944 |
|
|
$ |
1,092,654 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Statements of Income (unaudited) |
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands - except per share data) |
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans |
$ |
9,212 |
|
|
$ |
9,163 |
|
|
$ |
8,672 |
|
|
$ |
35,154 |
|
|
$ |
32,404 |
|
Interest on investment securities |
|
647 |
|
|
|
650 |
|
|
|
306 |
|
|
|
2,337 |
|
|
|
1,433 |
|
Interest on deposits in FRB |
|
71 |
|
|
|
64 |
|
|
|
63 |
|
|
|
239 |
|
|
|
730 |
|
Total interest income |
|
9,930 |
|
|
|
9,877 |
|
|
|
9,041 |
|
|
|
37,730 |
|
|
|
34,567 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest Expense: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits |
|
508 |
|
|
|
496 |
|
|
|
452 |
|
|
|
1,899 |
|
|
|
2,014 |
|
Interest on other borrowed funds |
|
44 |
|
|
|
44 |
|
|
|
47 |
|
|
|
180 |
|
|
|
276 |
|
Total interest expense |
|
552 |
|
|
|
540 |
|
|
|
499 |
|
|
|
2,079 |
|
|
|
2,290 |
|
Net Interest Income |
|
9,378 |
|
|
|
9,337 |
|
|
|
8,542 |
|
|
|
35,651 |
|
|
|
32,277 |
|
Provision for Credit Losses |
|
453 |
|
|
|
453 |
|
|
|
631 |
|
|
|
2,107 |
|
|
|
2,769 |
|
Net Interest Income after Provision for Credit Losses |
|
8,925 |
|
|
|
8,884 |
|
|
|
7,911 |
|
|
|
33,544 |
|
|
|
29,508 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Customer service fees |
|
699 |
|
|
|
745 |
|
|
|
648 |
|
|
|
2,793 |
|
|
|
2,663 |
|
Increase in cash surrender value of bank-owned life insurance |
|
147 |
|
|
|
139 |
|
|
|
122 |
|
|
|
555 |
|
|
|
504 |
|
Unrealized (loss) gain on fair value of marketable equity securities |
|
(32 |
) |
|
|
(14 |
) |
|
|
(14 |
) |
|
|
(106 |
) |
|
|
74 |
|
Gain on proceeds from bank-owned life insurance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
310 |
|
Gain (loss) on fair value of junior subordinated debentures |
|
31 |
|
|
|
(35 |
) |
|
|
(481 |
) |
|
|
(660 |
) |
|
|
970 |
|
Recovery on investment |
|
— |
|
|
|
— |
|
|
|
64 |
|
|
|
— |
|
|
|
— |
|
Loss (gain) on sale of assets |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
8 |
|
|
|
— |
|
Other |
|
446 |
|
|
|
100 |
|
|
|
128 |
|
|
|
795 |
|
|
|
653 |
|
Total noninterest income |
|
1,291 |
|
|
|
930 |
|
|
|
467 |
|
|
|
3,385 |
|
|
|
5,174 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and employee benefits |
|
2,909 |
|
|
|
2,888 |
|
|
|
2,694 |
|
|
|
11,713 |
|
|
|
10,825 |
|
Occupancy expense |
|
832 |
|
|
|
1,013 |
|
|
|
865 |
|
|
|
3,537 |
|
|
|
3,475 |
|
Data processing |
|
183 |
|
|
|
147 |
|
|
|
107 |
|
|
|
565 |
|
|
|
493 |
|
Professional fees |
|
1,048 |
|
|
|
833 |
|
|
|
1,236 |
|
|
|
3,572 |
|
|
|
3,327 |
|
Regulatory assessments |
|
197 |
|
|
|
258 |
|
|
|
176 |
|
|
|
743 |
|
|
|
459 |
|
Director fees |
|
109 |
|
|
|
91 |
|
|
|
94 |
|
|
|
385 |
|
|
|
376 |
|
Correspondent bank service charges |
|
23 |
|
|
|
22 |
|
|
|
19 |
|
|
|
88 |
|
|
|
71 |
|
Net cost on operation and sale of OREO |
|
189 |
|
|
|
24 |
|
|
|
4 |
|
|
|
256 |
|
|
|
972 |
|
Other |
|
792 |
|
|
|
888 |
|
|
|
610 |
|
|
|
2,756 |
|
|
|
2,272 |
|
Total noninterest expense |
|
6,282 |
|
|
|
6,164 |
|
|
|
5,805 |
|
|
|
23,615 |
|
|
|
22,270 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income Before Provision for Taxes |
|
3,934 |
|
|
|
3,650 |
|
|
|
2,573 |
|
|
|
13,314 |
|
|
|
12,412 |
|
Provision for Taxes on Income |
|
564 |
|
|
|
1,039 |
|
|
|
651 |
|
|
|
3,216 |
|
|
|
3,451 |
|
Net Income |
|
3,370 |
|
|
|
2,611 |
|
|
|
1,922 |
|
|
$ |
10,098 |
|
|
$ |
8,961 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.11 |
|
|
$ |
0.59 |
|
|
$ |
0.53 |
|
Diluted earnings per common share |
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.11 |
|
|
$ |
0.59 |
|
|
$ |
0.53 |
|
Weighted average basic shares for EPS |
|
17,014,766 |
|
|
|
17,010,288 |
|
|
|
16,979,845 |
|
|
|
17,011,379 |
|
|
|
16,976,704 |
|
Weighted average diluted shares for EPS |
|
17,042,236 |
|
|
|
17,035,533 |
|
|
|
17,017,265 |
|
|
|
17,030,874 |
|
|
|
16,998,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Balances and Rates (unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||
(in thousands) |
Three Months Ended |
|
Year Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Balances: |
|
|
|
|
|
|
|
|
|
|||||||||||
Loans (1) |
$ |
855,146 |
|
|
$ |
826,754 |
|
|
$ |
662,445 |
|
|
$ |
779,062 |
|
|
$ |
639,815 |
|
|
Investment securities |
|
163,552 |
|
|
|
170,408 |
|
|
|
89,331 |
|
|
|
150,748 |
|
|
|
90,685 |
|
|
Interest-bearing deposits in FRB |
|
188,467 |
|
|
|
172,073 |
|
|
|
258,071 |
|
|
|
199,610 |
|
|
|
217,273 |
|
|
Total interest-earning assets |
|
1,207,165 |
|
|
|
1,169,235 |
|
|
|
1,009,847 |
|
|
|
1,129,420 |
|
|
|
947,773 |
|
|
Allowance for credit losses |
|
(9,170 |
) |
|
|
(9,203 |
) |
|
|
(8,687 |
) |
|
|
(8,866 |
) |
|
|
(8,661 |
) |
|
Cash and due from banks |
|
42,194 |
|
|
|
44,804 |
|
|
|
31,348 |
|
|
|
44,269 |
|
|
|
30,300 |
|
|
Other real estate owned |
|
4,641 |
|
|
|
4,716 |
|
|
|
5,165 |
|
|
|
4,847 |
|
|
|
5,815 |
|
|
Other non-earning assets |
|
62,574 |
|
|
|
60,771 |
|
|
|
61,525 |
|
|
|
63,800 |
|
|
|
61,742 |
|
|
Total average assets |
$ |
1,307,404 |
|
|
$ |
1,270,323 |
|
|
$ |
1,099,198 |
|
|
$ |
1,233,470 |
|
|
$ |
1,036,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest-bearing deposits |
$ |
703,883 |
|
|
$ |
675,419 |
|
|
$ |
573,558 |
|
|
$ |
649,237 |
|
|
$ |
535,818 |
|
|
Junior subordinated debentures |
|
11,266 |
|
|
|
11,225 |
|
|
|
10,061 |
|
|
|
11,089 |
|
|
|
9,746 |
|
|
Total interest-bearing liabilities |
|
715,149 |
|
|
|
686,644 |
|
|
|
583,619 |
|
|
|
660,326 |
|
|
|
545,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-interest-bearing deposits |
|
461,962 |
|
|
|
453,159 |
|
|
|
386,534 |
|
|
|
443,639 |
|
|
|
363,004 |
|
|
Other liabilities |
|
10,711 |
|
|
|
9,968 |
|
|
|
9,861 |
|
|
|
10,014 |
|
|
|
9,674 |
|
|
Total liabilities |
|
1,187,822 |
|
|
|
1,149,771 |
|
|
|
980,014 |
|
|
|
1,113,979 |
|
|
|
918,242 |
|
|
Total equity |
|
119,582 |
|
|
|
120,552 |
|
|
|
119,184 |
|
|
|
119,491 |
|
|
|
118,727 |
|
|
Total liabilities and equity |
$ |
1,307,404 |
|
|
$ |
1,270,323 |
|
|
$ |
1,099,198 |
|
|
$ |
1,233,470 |
|
|
$ |
1,036,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Rates: |
|
|
|
|
|
|
|
|
|
|||||||||||
Loans (1) |
|
4.27 |
% |
|
|
4.40 |
% |
|
|
5.21 |
% |
|
|
4.51 |
% |
|
|
5.06 |
% |
|
Investment securities |
|
1.57 |
% |
|
|
1.51 |
% |
|
|
1.36 |
% |
|
|
1.55 |
% |
|
|
1.58 |
% |
|
Interest-bearing deposits in FRB |
|
0.15 |
% |
|
|
0.15 |
% |
|
|
0.10 |
% |
|
|
0.12 |
% |
|
|
0.34 |
% |
|
Earning assets |
|
3.26 |
% |
|
|
3.35 |
% |
|
|
3.56 |
% |
|
|
3.34 |
% |
|
|
3.65 |
% |
|
Interest bearing deposits |
|
0.29 |
% |
|
|
0.29 |
% |
|
|
0.31 |
% |
|
|
0.29 |
% |
|
|
0.38 |
% |
|
Total deposits |
|
0.17 |
% |
|
|
0.17 |
% |
|
|
0.19 |
% |
|
|
0.17 |
% |
|
|
0.22 |
% |
|
Junior subordinated debentures |
|
1.55 |
% |
|
|
1.56 |
% |
|
|
1.86 |
% |
|
|
1.62 |
% |
|
|
2.83 |
% |
|
Total interest-bearing liabilities |
|
0.31 |
% |
|
|
0.31 |
% |
|
|
0.34 |
% |
|
|
0.31 |
% |
|
|
0.42 |
% |
|
Net interest margin (2) |
|
3.08 |
% |
|
|
3.17 |
% |
|
|
3.36 |
% |
|
|
3.16 |
% |
|
|
3.41 |
% |
(1) Loan amounts include nonaccrual loans, but the related interest income has been included only if collected for the period prior to the loan being placed on a nonaccrual basis.
(2) Net interest margin is computed by dividing annualized net interest income by average interest-earning assets.
|
|
|
|
|
|
|
|
|
||||||||||||
Condensed - Consolidated Balance Sheets (unaudited) |
|
|
|
|
||||||||||||||||
(in thousands) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
$ |
219,219 |
|
|
$ |
259,428 |
|
|
$ |
160,908 |
|
|
$ |
307,909 |
|
|
$ |
294,069 |
|
|
Investment securities |
|
182,646 |
|
|
|
165,508 |
|
|
|
170,767 |
|
|
|
147,340 |
|
|
|
86,192 |
|
|
Loans |
|
871,533 |
|
|
|
809,114 |
|
|
|
842,049 |
|
|
|
674,489 |
|
|
|
654,347 |
|
|
Allowance for credit losses |
|
(9,333 |
) |
|
|
(9,144 |
) |
|
|
(9,200 |
) |
|
|
(8,549 |
) |
|
|
(8,522 |
) |
|
Net loans |
|
862,200 |
|
|
|
799,970 |
|
|
|
832,849 |
|
|
|
665,940 |
|
|
|
645,825 |
|
|
Other assets |
|
66,879 |
|
|
|
67,875 |
|
|
|
66,531 |
|
|
|
65,747 |
|
|
|
66,568 |
|
|
Total assets |
$ |
1,330,944 |
|
|
$ |
1,292,781 |
|
|
$ |
1,231,055 |
|
|
$ |
1,186,936 |
|
|
$ |
1,092,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-interest-bearing |
$ |
476,749 |
|
|
$ |
455,584 |
|
|
$ |
442,140 |
|
|
$ |
429,005 |
|
|
$ |
391,897 |
|
|
Interest-bearing |
|
711,357 |
|
|
|
695,131 |
|
|
|
648,302 |
|
|
|
618,776 |
|
|
|
560,754 |
|
|
Total deposits |
|
1,188,106 |
|
|
|
1,150,715 |
|
|
|
1,090,442 |
|
|
|
1,047,781 |
|
|
|
952,651 |
|
|
Other liabilities |
|
22,631 |
|
|
|
22,938 |
|
|
|
22,248 |
|
|
|
21,822 |
|
|
|
22,196 |
|
|
Total liabilities |
|
1,210,737 |
|
|
|
1,173,653 |
|
|
|
1,112,690 |
|
|
|
1,069,603 |
|
|
|
974,847 |
|
|
Total shareholders' equity |
|
120,207 |
|
|
|
119,128 |
|
|
|
118,365 |
|
|
|
117,333 |
|
|
|
117,807 |
|
|
Total liabilities and shareholder's equity |
$ |
1,330,944 |
|
|
$ |
1,292,781 |
|
|
$ |
1,231,055 |
|
|
$ |
1,186,936 |
|
|
$ |
1,092,654 |
|
|
|
|
|
|
|
|
|
|
||||||||
Condensed - Consolidated Statements of Income (unaudited) |
|
|
|
|
||||||||||||
(in thousands) |
For the Quarters Ended: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Total interest income |
$ |
9,930 |
|
$ |
9,877 |
|
$ |
9,404 |
|
$ |
8,520 |
|
|
$ |
8,496 |
|
Total interest expense |
|
552 |
|
|
540 |
|
|
513 |
|
|
473 |
|
|
|
499 |
|
Net interest income |
|
9,378 |
|
|
9,337 |
|
|
8,891 |
|
|
8,047 |
|
|
|
7,997 |
|
Provision for credit losses |
|
453 |
|
|
453 |
|
|
826 |
|
|
375 |
|
|
|
631 |
|
Net interest income after provision for credit losses |
|
8,925 |
|
|
8,884 |
|
|
8,065 |
|
|
7,672 |
|
|
|
7,366 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total non-interest income (loss) |
|
1,291 |
|
|
930 |
|
|
1,322 |
|
|
(159 |
) |
|
|
467 |
|
Total non-interest expense |
|
6,282 |
|
|
6,164 |
|
|
5,605 |
|
|
5,565 |
|
|
|
5,260 |
|
Income before provision for taxes |
|
3,934 |
|
|
3,650 |
|
|
3,782 |
|
|
1,948 |
|
|
|
2,573 |
|
Provision for taxes on income |
|
564 |
|
|
1,039 |
|
|
1,077 |
|
|
537 |
|
|
|
651 |
|
Net income |
$ |
3,370 |
|
$ |
2,611 |
|
$ |
2,705 |
|
$ |
1,411 |
|
|
$ |
1,922 |
|
|
|
|
|||||
Nonperforming Assets (unaudited) |
|
|
|
|||||
(dollars in thousands) |
|
|
|
|||||
|
|
|
|
|
||||
RE construction & development |
$ |
11,226 |
|
|
$ |
11,057 |
|
|
Agricultural |
|
212 |
|
|
|
439 |
|
|
Total nonaccrual loans |
$ |
11,438 |
|
|
$ |
11,496 |
|
|
|
|
|
|
|||||
Loans past due 90 days and still accruing |
|
453 |
|
|
|
513 |
|
|
Restructured loans |
|
176 |
|
|
|
535 |
|
|
Total nonperforming loans |
$ |
12,067 |
|
|
$ |
12,544 |
|
|
Other real estate owned |
|
4,582 |
|
|
|
5,004 |
|
|
Total nonperforming assets |
$ |
16,649 |
|
|
$ |
17,548 |
|
|
|
|
|
|
|||||
Nonperforming loans to total gross loans |
|
1.39 |
% |
|
|
1.91 |
% |
|
Nonperforming assets to total assets |
|
1.25 |
% |
|
|
1.61 |
% |
|
Allowance for credit losses to nonperforming loans |
|
77.34 |
% |
|
|
67.94 |
% |
|
|
|
|
|
|
|
|
||||||
Selected Financial Data (unaudited) |
|
|
|
|
|
|
|
||||||
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|||||||
|
Three Months Ended |
|
Year Ended |
||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
|
|
|
|
|
|
|
|
||||||
Return on average assets |
|
1.03 |
% |
|
|
0.70 |
% |
|
0.82 |
% |
|
0.86 |
% |
Return on average equity |
|
11.21 |
% |
|
|
6.41 |
% |
|
8.47 |
% |
|
7.55 |
% |
Annualized net charge-off to average loans |
|
0.12 |
% |
|
|
0.49 |
% |
|
0.17 |
% |
|
0.34 |
% |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Shares outstanding - period end |
|
17,028,239 |
|
|
|
17,009,883 |
|
|
|
|
|
||
Book value per share |
$ |
7.06 |
|
|
$ |
6.93 |
|
|
|
|
|
||
Efficiency ratio (1) |
|
60.50 |
% |
|
|
59.46 |
% |
|
|
|
|
||
Total impaired loans |
$ |
12,034 |
|
|
$ |
13,376 |
|
|
|
|
|
||
Net loan to deposit ratio |
|
72.57 |
% |
|
|
67.79 |
% |
|
|
|
|
||
Allowance for credit losses to total loans |
|
1.07 |
% |
|
|
1.30 |
% |
|
|
|
|
||
Tier 1 capital to adjusted average assets (leverage) |
|
|
|
|
|
|
|
||||||
Company |
|
9.79 |
% |
|
|
11.37 |
% |
|
|
|
|
||
Bank |
|
9.64 |
% |
|
|
11.17 |
% |
|
|
|
|
(1) Efficiency ratio is defined as total noninterest expense divided by net interest income before provision for credit losses plus total noninterest income.
|
|
|
|
|
|
|
|
|
||||||
Net Income before Non-Core Reconciliation |
|
|
|
|
|
|
|
|
||||||
Non-GAAP Information (dollars in thousands) |
|
|
|
|
|
|
|
|
||||||
(unaudited) |
|
|
|
|
|
|
|
|
||||||
|
|
Year Ended |
|
|
|
|
||||||||
|
|
2021 |
|
2020 |
|
Change $ |
|
Change % |
||||||
Net income |
|
$ |
10,098 |
|
|
$ |
8,961 |
|
|
$ |
1,137 |
|
12.7 |
% |
|
|
|
|
|
|
|
|
|
||||||
Junior subordinated debenture (1) fair value adjustment |
|
|
660 |
|
|
|
(970 |
) |
|
|
|
|
||
Write down on OREO (2) |
|
|
— |
|
|
|
727 |
|
|
|
|
|
||
Loss on sale of OREO (2) |
|
|
1 |
|
|
|
113 |
|
|
|
|
|
||
Total non-core items |
|
|
661 |
|
|
|
(130 |
) |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Income tax effect |
|
|
(192 |
) |
|
|
38 |
|
|
|
|
|
||
Non-core items net of taxes |
|
|
469 |
|
|
|
(92 |
) |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Non-GAAP core net income |
|
$ |
10,567 |
|
|
$ |
8,869 |
|
|
$ |
1,698 |
|
19.1 |
% |
(1) Junior subordinated debenture fair value adjustment is not part of Core Income and depending upon market rates, can “add to” or “subtract from” Core Income and mask Non-GAAP Core Income change.
(2) Write down or Loss on sale of OREO is not considered part of Core Income.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005978/en/
559-248-4928
Source:
FAQ
What were United Security Bancshares' earnings per share for 2021?
How much did net income increase for United Security Bancshares in Q4 2021?
What was the total asset growth percentage for United Security Bancshares in 2021?
When is the dividend for United Security Bancshares payable?