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United Security Bancshares, Inc. Reports 2010 Results

Stocks in this article: USBI

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.”

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