<PAGE>
FORM 10 - QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR F15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
--------------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OF 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
----------- ------------
Commission File No. 000-18561
---------
UNITED SECURITY BANCORPORATION
Washington 91-1259511
--------------------------------------- -------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
N. 9506 Newport Highway, Spokane, WA 99218-1200
--------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (509)467-6949
---------------
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 requirements for the past 90 days. YES X NO
---- ----
The issuer has one class of capital stock, that being common stock. On
August 10, 1995, there were 3,030,368 shares of such stock outstanding.
-1-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
INDEX TO QUARTERLY REPORT ON FORM 10 - QSB
JUNE 30, 1995
Page
------
Part I - Financial Information:
Item 1. Financial Statements
Consolidated Statements of Condition -
June 30, 1995 and December 31, 1994 . . . . . 3 - 4
Consolidated Statements of Income - Three and
Six Months Ended June 30, 1995 and 1994 . . . 5 - 6
Consolidated Condensed Statements of Cash
Flows-Six Months Ended June 30, 1995 and 1994 7
Notes to Consolidated Financial Statements . 8 - 11
Item 2. Management's Discussion and Analysis and Plan
of Operations . . . . . . . . . . . 12 - 14
Part II - Other Information
Item 6. Exhibits and Reports on Form 8 - K . . . . 15
Signatures . . . . . . . . . . . . . . . . 16
-2-
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
<TABLE>
<Captions>
December 31
March 31 1994
1995 (Audited)
------------ ------------
<S> <C> <C>
ASSETS
CASH AND DUE FROM BANKS $ 7,840,760 $ 7,983,049
FEDERAL FUNDS SOLD 3,640,000 1,477,616
------------ ------------
CASH AND CASH EQUIVALENTS 11,480,760 9,460,665
INTEREST BEARING DEPOSITS WITH
OTHER BANKS 2,194,256
SECURITIES AVAILABLE-FOR-SALE
(Note 2) 29,386,773 23,100,333
SECURITIES HELD-TO-MATURITY
(Note 2) 364,764 34,814
LOANS (Note 3) 132,672,540 122,764,826
Deferred loan fees, net of
deferred costs (461,292) (437,525)
Allowance for loan losses (Note 4) (1,357,419) (1,245,833)
------------ ------------
NET LOANS 130,853,829 121,081,468
ACCRUED INTEREST RECEIVABLE 1,587,674 1,478,639
PREMISES AND EQUIPMENT 5,874,351 5,097,148
FORECLOSED REAL ESTATE 161,400 231,276
LIFE INSURANCE AND SALARY
CONTINUATION ASSETS 1,984,846 1,913,030
OTHER ASSETS 1,528,321 1,514,065
------------ ------------
TOTAL ASSETS $185,416,974 $163,911,438
============ ============
</TABLE>
-3-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31
JUNE 30 1994
1995 (AUDITED)
------------ ------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
DEPOSITS
Noninterest bearing-demand $ 23,950,962 $ 22,917,368
------------ ------------
Interest bearing:
NOW accounts 42,989,028 39,345,114
Savings 14,704,723 15,511,257
Time, $100,000 and over 10,866,805 15,905,560
Other time 66,845,016 52,950,230
------------ -----------
TOTAL DEPOSITS 159,356,534 146,629,529
FEDERAL FUNDS PURCHASED 2,725,000
ACCRUED INTEREST PAYABLE 547,489 354,198
NOTES PAYABLE (Note 5) 20,000 504,817
CAPITAL LEASE OBLIGATION 773,934 805,032
OTHER LIABILITIES 1,950,938 706,974
------------ ------------
TOTAL LIABILITIES 162,648,895 151,725,550
STOCKHOLDERS' EQUITY (Note 7)
Common stock, no par, 5,000,000
shares authorized; 3,030,368 and
1,604,880 issued and outstanding,
respectively 20,863,643 10,202,388
Retained earnings 2,164,157 2,552,107
Net unrealized loss on securities
available-for-sale, net of tax (239,721) (548,607)
------------ ------------
22,788,079 12,205,888
Less guaranteed bank loan of
Employee Stock Ownership Plan (20,000) (20,000)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 22,768,079 12,185,888
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $185,416,974 $163,911,438
============ ============
</TABLE>
See Accompanying Notes to Consolidated Financial Statements.
-4-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
June 30, Year-To-Date
1995 1994 1995 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans-interest & fees $3,552,727 $2,699,462 $6,890,139 $4,921,769
Investment securities 420,293 115,479 758,606 324,829
Federal funds sold 59,032 17,593 117,834 46,548
Other 11,174 64,421 47,487 112,948
---------- ---------- ---------- ----------
TOTAL INTEREST INCOME 4,043,226 2,896,955 7,814,066 5,406,094
---------- ---------- ---------- ----------
INTEREST EXPENSE
Deposits 1,743,537 952,998 3,393,882 1,805,699
Notes and capital leases 35,936 48,718 72,648 107,298
---------- ---------- ---------- ----------
TOTAL INTEREST EXPENSE 1,779,473 1,001,716 3,466,530 1,912,997
---------- ---------- ---------- ----------
NET INTEREST INCOME 2,263,753 1,895,239 4,347,536 3,493,097
PROVISION FOR LOAN LOSSES
(Note 4) 29,000 36,500 170,500 48,000
---------- ---------- ---------- ----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,234,753 1,858,739 4,177,036 3,445,097
---------- ---------- ---------- ----------
NONINTEREST INCOME
Service charges on
deposits accounts 212,735 169,349 386,433 329,666
Other service charges 190,054 5,806 202,045 20,636
Net realized gains on
sales of available-for-
sale securities 20,961 1,514 33,399 3,794
Insurance commissions 203,706 276,290 523,225 619,951
Life insurance proceeds 1,030,133 1,030,133
Other 159,488 106,868 311,815 310,492
---------- ---------- ---------- ----------
TOTAL NONINTEREST INCOME 1,817,077 559,827 2,487,050 1,284,539
---------- ---------- ---------- ----------
</TABLE>
-5-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF INCOME (CONTINUED)
<TABLE>
<CAPTION>
Three Months Ended
June 30 Year-To-Date
1995 1994 1995 1994
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
NONINTEREST EXPENSE
Salaries 943,753 689,291 1,690,180 1,387,838
Employee benefits 250,164 137,008 430,488 321,275
Occupancy expense, net 91,582 62,437 169,192 132,071
Equipment expense 109,704 112,222 220,686 241,417
Insurance benefits expense 379,038 379,038
Other operating expense 675,954 549,223 1,269,701 1,078,167
---------- ---------- ---------- ----------
TOTAL NONINTEREST EXPENSE 2,450,195 1,550,181 4,159,285 3,160,768
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 1,601,635 868,385 2,504,801 1,568,868
FEDERAL INCOME TAXES 338,008 339,793 699,608 575,293
---------- ---------- ---------- ----------
NET INCOME $1,263,627 $ 528,592 $1,805,193 $ 993,585
========== ========== ========== ==========
Earnings per common share $ .50 $ .35 $ .85 $ .68
========== ========== ========== ==========
Average Shares Outstanding 2,503,335 1,498,673 2,136,390 1,467,265
========== ========== ========== ==========
</TABLE>
See Accompanying Notes to Consolidated Financial Statements.
-6-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
Consolidated Statement of Cash Flows
Increase (Decrease) in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Reconciliation of net income to net cash Year-To-Date, June 30,
provided by operating activities 1995 1994
------------------------------------------- ------------ -----------
<S> <C> <C>
Net Income $ 1,805,193 $ 993,585
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 170,500 48,000
Depreciation and amortization 205,569 265,976
Amortization/accretion of investment securities 48,960 (113,337)
(Increase)/decrease in assets and liabilities
Accrued interest receivable (109,035) (149,140)
Other assets (144,986) (2,130,757)
Deferred loan fees 23,767 (111,739)
Accrued interest payable 193,291 77,272
Other liabilities 1,552,850 67,095
----------- ----------
Net cash provided by operating activities 3,746,109 (1,053,055)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of investment securities 2,578,707 2,217,832
Proceeds from maturities of investments 2,010,300 1,808,517
Proceeds from maturities of interest-
bearing deposits 2,273,000 700,000
Purchases of investment securities (11,254,357) (1,376,403)
Purchases of interest-bearing deposits (4,467,256) (500,000)
Principal collected on loans 40,299,309 57,646,193
Loans originated or acquired (50,207,023) (72,745,967)
Purchases of premises and equipment (982,772) (235,913)
Proceeds from sale of other real estate 69,876
------------ ----------
Net cash provided by investment activities (19,680,216) (12,485,741)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in demand deposits,
NOW accounts, and savings accounts 2,868,064 7,352,332
Federal funds purchased (2,725,000)
Proceeds from issuance of certificates of
deposit 38,601,176 16,405,170
Payments for maturing certificates of deposit (28,742,235) (8,030,627)
Principal payments on notes payable (484,817) (128,085)
Principal payments on capital leases (31,098) (61,213)
Cash dividends paid (5,042) (9,968)
Cash received from stock offering 8,473,154 1,681,952
------------ -----------
Net cash provided by financing activities 17,954,202 17,209,561
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,020,095 3,670,765
CASH AND CASH EQUIVALENTS, BEGINNING 9,460,665 10,738,821
------------ -----------
CASH AND CASH EQUIVALENTS, ENDING $ 11,480,760 $14,409,586
============ ===========
</TABLE>
See Accompanying Notes to Consolidated Financial Statements.
-7-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: MANAGEMENT STATEMENT RE-ADJUSTMENTS
In the opinion of the Company, the accompanying audited and unaudited
Consolidated Financial Statements contain all adjustments (consisting
of only normal recurring adjustments) necessary to present fairly the
financial position of the Company as of June 30, 1995, December 31, 1994,
and June 30, 1994, and the results of operations and the changes in
financial position for the three and six month period ended June 30, 1995
and 1994.
NOTE 2: INVESTMENT SECURITIES
Most of the investment securities are classified as "available for sale"
and are stated at fair value, and unrealized holding gains and losses,
net of related deferred tax effect, are reported as a separate component
of stockholders' equity. Gains or losses on dispositions reported as a
component of other income are based on the net proceeds and the adjusted
carrying amount of the securities sold, using the specific identification
method. Carrying amounts and approximate market values of investment
securities at June 30, 1995, December 31, 1994 and June 30, 1994 were as
follows:
<TABLE>
<CAPTION>
June 30, 1995 December 31, 1994 June 30,
1994
---------------- -------- ------- -------- -
-----
Amortized Fair Amortized Fair Amortized
Fair
($ in thousands) Cost Value Cost Value Cost
Value
------- ------- -------- ------- ------- --
----
<S> <C> <C> <C> <C> <C>
<C>
Held-to-maturity securities:
State and political
subdivisions $ 365 $ 366 $ 35 $ 36
======= ======= ======= =======
Available-for-sale securities:
U.S. government agencies and
corporations $13,264 $13,246 $12,763 $12,599 $10,562
$10,224
State and political
subdivisions 11 14 22 71 62
109
Mortgage backed securities 12,687 12,544 6,861 6,460
Other 3,788 3,583 4,286 3,970 2,810
2,626
------- ------- ------- ------- ------- --
-----
Total $29,750 $29,387 $23,932 $23,100 $13,434
$12,959
======= ======= ======= ======= =======
=======
</TABLE>
-8-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3: LOANS
Total loans by category at June 30, 1995, December 31, 1994, and
June 30, 1994 were as follows:
<TABLE>
<CAPTION>
June 30, December 31, June 30,
1995 1994 1994
($ in thousands) (Audited)
-------- -------- --------
<S> <C> <C> <C>
Commercial and industrial $ 70,879 $ 61,968 $ 59,047
Agricultural 20,387 16,721 16,739
Real estate mortgage 23,218 24,883 22,773
Real estate construction 6,725 8,126
Installment 8,048 7,781 6,247
Bank cards and other 3,416 3,286 2,914
-------- -------- --------
Total $132,673 $122,765 $107,720
======== ======== ========
</TABLE>
NOTE 4: ALLOWANCE FOR LOAN LOSSES
Reserves for possible loan losses are maintained at levels considered
adequate by management to provide for possible loan losses. The reserve
is based on management's assessment of various factors affecting the
loan portfolio, including problem loans, business conditions and loss
experience, an overall evaluation of the quality of the underlying
collateral, and holding costs. Changes in the allowance for loan losses
during the three and six months ended June 30, 1995 and 1994 were as
follows:
<TABLE>
<CAPTION>
Three Months Ended
June 30, Year-To-Date
($ in thousands) 1995 1994 1995 1994
------ ----- ------ ----
<S> <C> <C> <C> <C>
Balance, beginning $1,361 $810 $1,246 $802
Provision for loan losses 29 37 171 48
Loans charged off (36) (7) (64) (12)
Loan recoveries 3 1 4 3
------ ---- ------ ----
Balance, end of period $1,357 $841 $1,357 $841
====== ==== ====== ====
</TABLE>
-9-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4: ALLOWANCE FOR LOAN LOSSES (Continued)
The following table represents the allowance for loan losses by loan
category as of June 30, 1995, based on management's assessment of the
risk associated with the loan categories, and summarizes the percentage
of each loan category to total gross loans.
<TABLE>
<CAPTION>
Loan Categories Percent of
($ in thousands) Allowance Total Loans
---------- -----------
<S> <C> <C>
Commercial $ 725 53%
Agriculture 209 15%
Real estate mortgage 237 18%
Real estate construction 69 5%
Consumer 82 6%
Other 35 3%
------ ----
Total $1,357 100%
====== ====
</TABLE>
-10-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5: NOTES PAYABLE
Notes payable consists of the following at June 30, 1995:
Note payable from the United Security Bancorporation Employee
Stock Ownership Plan to the Bank of Latah, 50% guaranteed
by the Company, payable $100,000 annually plus interest at
Bank's prime (10.0% at June 30, 1995), due in full
December 1995. $20,000
NOTE 6: CAPITAL LEASE OBLIGATIONS
During 1990, United Security Bank (USB), a wholly-owned subsidiary
of the Company, sold the land and building occupied by two of its
branches to Joyce K. Robinson. USB has leased the real estate back
for a term of 20 years at rental rates of $71,400 and $12,810 per year
respectively, and continues to operate the branches at the leased sites.
The leases have been treated as capital leases. The $358,283 gain from
the transaction has been deferred and is being amortized using the
straight-line method over the term of the lease. This deferred gain
is included in other liabilities.
In addition, USB has entered into non-cancelable capital lease agreements
for equipment with varying terms through 1998.
NOTE 7: STOCKHOLDERS EQUITY
Total stockholders' equity was $22.8 million as of June 30, 1995 up from
$12.2 million as of December 31, 1994. The 86.8% increase includes the
$8.5 million May, 1995 common stock sale proceeds. The stockholders'
equity to assets ratio has improved to 12.3% as of June 30, 1995, compared
to 7.4% as of December 31, 1994. In July 1995 the Board of Directors
declared a 10% stock dividend to be issued August 23, 1995 to shareholders
of record on August 9, 1995. The Corporation recorded a transfer of
$2,193,000 from retained earnings to common stock for the market value
of the stock as of the Board declaration date for the additional shares
issued. A cash payment will be made in lieu of fractional shares. An
adjustment for fractional shares will be made when known. All amounts
per share and weighted average shares outstanding for all periods
presented have been retroactively adjusted to reflect stock dividends.
-11-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
A performance summary and detailed discussion regarding the results for
year-to-date and second quarter results in 1995 and 1994 are contained
in the following pages.
PERFORMANCE SUMMARY
<TABLE>
<CAPTION>
Three Months Ended June 30, Year-To-Date
%
%
($ in thousands) 1995 1994 Change 1995 1994
Change
------ ------ ------ ------- -------
------
<S> <C> <C> <C> <C> <C>
<C>
Interest income $4,043 $2,897 39.6% $7,814 $5,406
44.5%
Interest expense 1,779 1,002 77.5% 3,466 1.913
81.2%
------ ------ ----- ------ ------
------
Net interest income 2,264 1,895 19.5% 4,348 3,493
24.5%
Provision for loan losses 29 37 (21.6%) 171 48
256.3%
------ ------ ----- ------ ------
------
Net interest income after
provision for loan losses 2,235 1,858 20.3% 4,177 3,445
21.2%
Noninterest income 1,817 560 224.5% 2,487 1,285
93.5%
Noninterest expense 2,450 1,550 58.1% 4,159 3,161
31.6%
------ ------ ------ ------ ------
------
Income before income taxes 1,602 868 84.6% 2,505 1,569
59.7%
Income taxes 338 340 (0.6%) 700 575
21.7%
------ ------ ------ ------ ------
------
Net income $1,264 $ 528 139.4% $1,805 $ 994
81.6%
====== ====== ====== ====== ======
======
Earnings per share $ .50 $ .35 42.9% $ .85 $ .68
25.0%
Average shares
outstanding 2,503,335 1,498,673 67.0% 2,136,390
1,467,265 45.6%
</TABLE>
-12-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
Results of Operations
The results of operations include the consolidated results of operations
for United Security Bancorporation and its wholly-owned subsidiaries
(Corporation), United Security Bank, USB Leasing, Inc., USB Insurance
Agencies, Inc., USB Mortgage Company and Home Security Bank. This
information should be read in conjunction with the financial statements
and related notes appearing in this report.
United Security Bancorporation and its subsidiaries reported net income
of $1,805,000 for the first six months of 1995 compared to $994,000 for
the same period in 1994. Earnings per share was $.85 for 1995 and $.68
for 1994. For the second quarter of 1995 net income was $1,264,000 as
compared to $528,000 for the second quarter of 1994. Earnings per share
were $.50 and $.35, respectively.
During second quarter 1995 $1,030,000 in noninterest income was received
from life insurance proceeds for an employee of the Corporation, and a
related noninterest expense of $379,000 was recorded during second quarter
representing the proceeds due the beneficiary. The net proceeds resulted
in a one-time gain of $651,000 representing $.26 per share for second
quarter 1995. Per share results for 1995 and 1994 are note directly
comparable. In May, 1995 United Security sold 1,150,000 shares of stock
in its initial public offering.
Net Interest Income
Net interest income for the first six months of 1995 was $4,348,000
compared to $3,493,000 for the same period in 1994, reflecting a 24.5%
increase. For the second quarter of 1995 net interest income was
$2,264,000 compared to $1,895,000 for the same period in 1994. The
increase is primarily due to the growth of loans and average earning
assets for the Corporation, which grew from an average of $133,579,000
for the first six months to $172,400,000 for 1995. The net interest
margin was 5.59% for the first six months of 1995.
Provision for Loan Losses
The allowance for loan losses represents management's recognition of
risks in the loan portfolio. The allowance for loan losses grew to
$1,357,000 as of June 30, 1995 representing 1.03% of loans.
Noninterest Income
Noninterest income increased by 93.5% in the first six months of 1995 to
$2,487,000 due primarily to the receipt of life insurance proceeds
described above. Each category of noninterest income grew during the
first six months of 1995 (including service charges on deposit accounts,
other service charges, gains on sales of securities available for sale,
and other) with the increase in Corporation activity with the exception
of insurance commissions, which declined due to an unusually large, one-
time sale in last year's second quarter.
-13-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
Noninterest Expense
Noninterest expense grew by 31.6% to $4,159,000 during the first six
months of 1995 consistent with the general growth of the Corporation.
As described above noninterest expense grew by $379,000 or 12.0% due to
the recording of life insurance beneficiary expenses during second
quarter 1995.
Income Tax
The Corporation recorded $700,000 of federal income tax expense for the
first six months of 1995 compared to $575,000 for 1994. The Corporation
has recorded its estimate of tax expense for the first six months of 1995.
Capital Requirements
The Corporation's two bank subsidiaries, United Security Bank and Home
Security Bank are subject to regulatory capital requirements. Both bank
subsidiaries met or exceeded regulatory capital requirements and were
well capitalized at June 30, 1995.
During second quarter 1995 the Corporation sold 1,150,000 shares of its
common stock with proceeds of nearly $8.5 million. As of June 30, 1995
2,754,880 shares of common stock were outstanding. The stockholders'
equity to assets ratio has improved to 12.3% as of June 30, 1995,
compared to 7.4% as of June 30, 1994. In July 1995 the Board of
Directors declared a 10% stock dividend to be issued August 23, 1995 to
shareholders of record on August 9, 1995. The Corporation recorded a
transfer of $2,193,000 from retained earnings to common stock for the
market value of the stock as of the Board declaration date for the
additional shares issued. A cash payment will be made in lieu of
fractional shares. All amounts per share and weighted average shares
outstanding for all periods presented have been adjusted to reflect
stock dividends.
Liquidity
The primary liquidity needs of the two bank subsidiaries are to fund
customer loan demands and to cover deposit withdrawals. The Corporation
maintains its federal funds and investment positions in a manner
appropriate to meet its liquidity needs.
-14-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
Part II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
27. Financial Data Schedules
(b) Reports on Form 8-K.
None
-15-
<PAGE>
UNITED SECURITY BANCORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITED SECURITY BANCORPORATION
/s/ William C. Dashiell
----------------------------------
William C. Dashiell, President and
Chief Executive Officer
/s/ Chad Galloway
Date: August 10, 1995 ----------------------------------
Chad Galloway, Vice President and
Chief Financial Officer
-16-
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated statement of condition and income statement found on pages
3 through 6 of the Company's Form 10QSB for June 30, 1995, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 7,841
<INT-BEARING-DEPOSITS> 2,194
<FED-FUNDS-SOLD> 3,640
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 29,387
<INVESTMENTS-CARRYING> 365
<INVESTMENTS-MARKET> 366
<LOANS> 132,212
<ALLOWANCE> 1,357
<TOTAL-ASSETS> 185,417
<DEPOSITS> 159,357
<SHORT-TERM> 20
<LIABILITIES-OTHER> 1,951
<LONG-TERM> 774
<COMMON> 20,864
0
0
<OTHER-SE> 1,904
<TOTAL-LIABILITIES-AND-EQUITY> 185,417
<INTEREST-LOAN> 6,890
<INTEREST-INVEST> 759
<INTEREST-OTHER> 165
<INTEREST-TOTAL> 7,814
<INTEREST-DEPOSIT> 3,394
<INTEREST-EXPENSE> 3,467
<INTEREST-INCOME-NET> 4,347
<LOAN-LOSSES> 171
<SECURITIES-GAINS> 33
<EXPENSE-OTHER> 4,159
<INCOME-PRETAX> 2,505
<INCOME-PRE-EXTRAORDINARY> 1,805
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,805
<EPS-PRIMARY> .85
<EPS-DILUTED> .85
<YIELD-ACTUAL> 5.59
<LOANS-NON> 563
<LOANS-PAST> 144
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 1,246
<CHARGE-OFFS> 64
<RECOVERIES> 4
<ALLOWANCE-CLOSE> 1,357
<ALLOWANCE-DOMESTIC> 1,357
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
