Interest expense declined 24.1% to $1.6 million in the fourth quarter of 2011, compared with $2.2 million in the fourth quarter of 2010. The decline in interest expense was due primarily to lower average rates paid on interest bearing deposits.Net interest income was up 1.7% to $9.0 million in the fourth quarter of 2011, compared with $8.8 million in the fourth quarter of the prior year. The increase in net interest income resulted from a lower cost of funds compared with 2010, as was reflected in the improvement in the net interest margin rising to 6.13% in the fourth quarter of 2011, compared to 5.83% in the fourth quarter of 2010.
United Security Bancshares, Inc. Reports 2011 Results
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