Interest expense declined 25.1% to $2.2 million in the fourth quarter of 2010, compared with $2.9 million in the fourth quarter of 2009. The decline in interest expense was due primarily to lower average rates paid on interest bearing deposits. Average deposits increased 1.2% to $507.0 million, compared with $502.1 million in the fourth quarter of 2009.Net interest income was down 0.7% to $8.8 million in the fourth quarter of 2010, compared with $8.9 million in the fourth quarter of the prior year. The decrease in net interest income was due to a decrease in average loans, partially offset by a 41 basis point increase in the net interest margin, compared with the fourth quarter of 2009. Net interest margin improved by 11 basis points to 6.12% in the fourth quarter of 2010 from the third quarter of 2010.
United Security Bancshares, Inc. Reports 2010 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts