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

Net loans declined to $365.8 million in the first quarter of 2012, compared with $381.1 million at December 31, 2011. The decrease in net loans was due to loan payoffs and write-downs outpacing new loans. Loan demand of all types remains soft in our markets due primarily to the prolonged weak economy that we are experiencing. Real estate sales and new construction activity for both residential and commercial projects have been significantly affected.

Interest expense declined 21.8% to $1.5 million in the first quarter of 2012, compared with $1.9 million in the first quarter of 2011. The decline in interest expense was due primarily to lower interest rates paid, partially offset by growth in deposits.

Provision for loan losses increased to $2.2 million in the first quarter of 2012, or 3.8% of annualized average loans, compared with $1.3 million, or 2.2% of annualized average loans, in the first quarter of 2011. Net charge-offs totaled $3.7 million in the first quarter of 2012, compared with $2.2 million in the first quarter of 2011.

Total non-interest income increased to $1.3 million in the first quarter of 2012, compared with $1.2 million in the first quarter of the prior year. The increase was due primarily to higher other income, partially offset by lower service and other charges on deposit accounts and credit life insurance income.

Non-interest expense increased to $9.8 million in the first quarter of 2012, compared with $7.4 million in the first quarter of 2011. Non-interest expense rose primarily due to an increase in impairment expense related to OREO. Impairment expense was $2.8 million in the first quarter of 2012, compared with $484,000 in the first quarter of 2011.

United Security was classified as well-capitalized at the end of the first quarter of 2012. Total risk-based capital was 15.04% for the holding company and 15.09% for First United Security Bank, compared with a regulatory requirement of 10.0% for a well-capitalized institution and a minimum regulatory requirement of 8.0%. Tier 1 risk-based capital was 9.25% for the holding company and 9.29% for the bank, both measures significantly above the requirement of 6.0% for a well-capitalized institution and minimum regulatory requirement of 4.0%.

2 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