This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

United Security Bancshares, Inc. Reports First Quarter Results

United Security Bancshares, Inc. (NASDAQ: USBI) today reported its results for the first quarter of 2012. The Company reported a net loss of $(1.2) million, or $(0.21) per diluted share, for the first quarter of 2012, compared with net income of $819,000, or $0.14 per diluted share, for the first quarter of 2011.

“United Security’s operations remained sound in the first quarter with $8.6 million in net interest income, but our profitability was reduced by a higher provision for loan losses and impairment charges related to other real estate owned (OREO) compared with the first quarter of last year,” stated James F. House, President and CEO of United Security Bancshares, Inc. “We continue to experience higher than normal charges related to real-estate based loans where the market remains weak in terms of sales and prices. Our first quarter charges included a $2.8 million write-down in value on repossessed properties to reflect lower appraisals and a $2.2 million replenishment of our allowance for loan losses. We remain aggressive in recognizing problem loans and taking appropriate charge-downs and impairments to recognize these losses.”

“We are pleased to report that OREO declined for the fourth consecutive quarter. The first quarter’s decrease was due to sales and write-downs of OREO more than offsetting new additions. We believe that our progress in reducing OREO is a solid indicator of the progress that we are making to restore our profitability. We remain focused on reducing the level of non-performing assets and believe that this will be key to restoring our historical earnings performance.”

“Our deposit base is up and reflects our strong market position and financial condition. United Security continues to be ranked as ‘well-capitalized,’ the highest regulatory rating. We are proud of maintaining this excellent rating through the economic downturn,” continued Mr. House.

First Quarter Results

Net interest income was $8.6 million for the quarter ended March 31, 2012, and was basically even with the prior year’s first quarter. Net interest margin was 6.01%, compared with 6.24% in the first quarter of 2011. The decline in net interest margin was due in large part to lower earning assets, primarily loans, and to a lower yield on interest earning assets.

1 of 4

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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

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