This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

United Security Bancshares, Inc. Reports 2010 Results

Non-interest expense rose 13.5% to $30.4 million in 2010, compared with $26.8 million in 2009. The increase was due primarily to $3.5 million impairment in OREO in 2010, compared with $637,000 of OREO impairment in 2009.

Shareholders’ equity totaled $79.8 million, or book value of $13.27 per share, as of December 31, 2010. Return on average assets for 2010 was 0.31%, and return on average equity was 2.49%.

Fourth Quarter Results

United Security reported a net loss attributable to USBI of ($1.2 million), or ($0.20) per diluted share, for the fourth quarter of 2010, 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’s fourth quarter loss was due primarily to losses on the sale of OREO and write-downs in values of OREO,” stated Mr. Phillips. “Our markets remain under pressure due to the slowdown in real estate sales and declining real estate values. These factors were primary contributors to the higher OREO-related costs for the fourth quarter. We strengthened our allowance for loan losses by almost $2.7 million in the fourth quarter to account for these trends. Our focus remains on reducing the level of OREO and non-performing loans as key measures in restoring our profitability.”

Interest income totaled $11.0 million in the fourth quarter of 2010, compared with $11.8 million in the fourth quarter of 2009. The decrease in interest income was due primarily to lower interest earned on loans and securities due to a decline in average loans and securities for the quarter.

“Net loans were down 1.6% in the fourth quarter to $396.0 million at year-end 2010,” stated Mr. Phillips. “New loan demand remains weak in most of our markets, and we expect loan demand to remain soft until the economy improves and real estate values stabilize.”

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs