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United Security Bancshares, Inc. Reports 2010 Results

Stocks in this article: USBI

United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income attributable to USBI of $2.1 million, or $0.34 per diluted share, for the twelve months ended December 31, 2010, compared with net income attributable to USBI of $4.8 million, or $0.79 per diluted share, for the 2009 fiscal year. Net loss attributable to USBI for the fourth quarter of 2010 was ($1.2 million), or ($0.20) per diluted share, compared with a net loss attributable to USBI of ($414,000), or ($0.07) per diluted share, for the fourth quarter of 2009.

“United Security reported continued profitability in 2010, even though the continued softness in the economy resulted in higher costs associated with non-performing loans, foreclosed properties and provision for loan losses compared with 2009,” stated R. Terry Phillips, President and Chief Executive Officer of United Security Bancshares, Inc. “We remain very proactive in improving our asset quality to mitigate future losses and protect our capital base.”

Twelve Month Results

For the year ended December 31, 2010, net income attributable to USBI was $2.1 million, or $0.34 per diluted share, compared with $4.8 million, or $0.79 per diluted share, for the year ended December 31, 2009.

Net interest income rose to $34.8 million in 2010, compared with $34.3 million in 2009. The increase in net interest income was due primarily to growth in the net interest margin compared with 2009. Net interest margin rose to 5.83% in 2010, compared with 5.71% in 2009.

Provision for loan losses increased to $10.7 million in 2010, or 2.5% annualized of average loans, compared with $9.1 million, or 2.2% annualized of average loans, in 2009. Net charge-offs totaled $8.2 million in 2010, compared with $7.6 million in 2009.

Non-interest income rose 8.9% to $8.5 million in 2010, compared with $7.8 million in 2009. The increase in non-interest income was due primarily to a $4.2 million insurance settlement received in the first quarter of 2010. Non-interest income increased in 2009 from the proceeds received in the settlement of a lawsuit in the amount of $2.7 million. Also included in non-interest income is a realized loss on the sale of other real estate (OREO) in the amount of $1.7 million in 2010, compared to $635,000 in 2009.

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