This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

United Security Bancshares, Inc. Reports Third Quarter Results

United Security Bancshares, Inc. (NASDAQ: USBI) today reported its financial results for the third quarter and nine months ended September 30, 2011. Net loss attributable to USBI was $1.3 million, or $(0.22) per diluted share, for the third quarter ended September 30, 2011, compared with net income of $351,000, or $0.06 per diluted share, for the same period of 2010.

United Security reported an increase in net interest income, non-interest income and net interest margin in the third quarter of 2011 compared with the prior year’s third quarter; however, higher costs related to the provision for loan losses and expenses associated with other real estate owned (OREO) were the primary factors in the loss for the third quarter. The provision for loan losses rose to $2.3 million in the third quarter of 2011, compared with $1.4 million in the third quarter of 2010. Impairment charges for OREO rose to $3.0 million in the third quarter of 2011, compared with $2.0 million in the third quarter of 2010.

United Security remains focused on reducing the level of non-performing loans and OREO as key drivers to improving future profitability. OREO declined to $23.0 million at the end of the third quarter 2011 due to real estate sales and write-downs that more than offset new additions to OREO. This was the third consecutive quarterly decrease in OREO. Loans 90-days past due declined to $3.1 million in the third quarter of 2011, compared with $5.0 million in the third quarter of 2010. In addition, non-accrual loans declined to $19.9 million at the end of the third quarter, compared with $28.9 million at the end of the second quarter of 2011. United Security remains focused on moving non-performing loans through the collection or foreclosure process to minimize potential losses and to protect its capital base.

United Security expects near-term earnings to be affected by the continued weakness in its real estate loan portfolio related to a slowdown in real estate sales and lower real estate values that affect loan demand and collateral values.

1 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,198.72 -89.91 -0.49%
S&P 500 2,106.94 -10.45 -0.49%
NASDAQ 4,978.3270 -29.7690 -0.59%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs