FRESNO, Calif., Feb. 9 /PRNewswire-FirstCall/ -- Dennis R. Woods, President and Chief Executive Officer of United Security Bancshares http://www.unitedsecuritybank.com/ (Nasdaq: UBFO) reported today the results of operations for the 4th quarter and twelve months ended December 31, 2009.
The net loss was $425,000 for the 4th quarter of 2009, as compared with a net income of $842,000 for the 4th quarter in 2008. Basic and diluted (loss) earnings per share for the 4th quarter 2009 were ($.03) compared with $0.07 for the 4th quarter 2008. For the twelve months ended December 31, 2009, the net loss was $4,537,000 compared with net income of $4,070,000 in 2008.
For the 4th quarter 2009, return on average equity was (2.18%) and the return on average assets (.23%) compared with a return on average equity was 4.18% and the return on average assets was 0.43% for the 4th quarter 2008. For the twelve months ended December 31, 2009, return on average equity was (5.77%) and the return on average assets was (.62%). For the same period in 2008, return on average equity was 4.93% and return on average assets was .52%. Shareholders' equity at year end 2009 was $75.8 million.
The Board of Directors of United Security Bancshares declared a 1st quarter 2010 stock dividend of one percent (1%). The stock dividend replaces the quarterly cash dividend. The stock dividend was payable to shareholders of record on January 8, 2009 and shares were issued on January 20, 2009.Woods added, "During the last half of 2009 the Company showed a net profit of $268,000. We are seeing the fruits of significant efforts over the past 12 months, after taking control of and completing various requirements to prepare properties for sale. During the last half of the year, 75 transactions related to nonperforming assets sold for total proceeds of $30.8 million after additional write-downs and (gains)/losses of $1,469,000. "Our focused and disciplined approach provides our customers with as much assistance as possible during difficult times while we attempt to avoid contributing to further job loss and property value declines, often associated with ill timed liquidations. We understand, if your neighbors' property is liquidated in a forced sale, your property drops in value and we work to minimize that whenever possible."