Interest expense declined 29.7% to $1.8 million in the second quarter of 2011, compared with $2.5 million in the second quarter of 2010. The decrease resulted primarily from a decline in interest rates paid compared with the second quarter of 2010.Provision for loan losses declined to $1.6 million in the second quarter of 2011, or 1.6% of annualized average loans, compared with $3.7 million, or 3.5% of annualized average loans, in the second quarter of 2010. Net charge-offs declined to $2.6 million in the second quarter of 2011, compared with $4.3 million in the second quarter of 2010. The decline in the provision for loan losses was due primarily to lower net charge-offs for the period and additions to the allowance for loan losses in previous periods.
United Security Bancshares, Inc. Reports Second Quarter Results
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