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United Security Bancshares, Inc. Reports Improved Second Quarter Results

United Security Bancshares, Inc. (Nasdaq: USBI) today reported net income attributable to USBI of $1.4 million, or $0.23 per diluted share, for the second quarter ended June 30, 2012, compared with net income attributable to USBI of $904,000, or $0.15 per diluted share, for the second quarter of 2011.

“We are pleased that our second quarter’s net income of $1.4 million was the highest level of earnings in two years,” stated James F. House, President and CEO of United Security Bancshares, Inc. “Our improved earnings resulted from reduced levels of charges related to non-performing loans, including our provision for loan losses, loss on sale of other real estate owned (OREO), and impairment of OREO.”

“We have made solid progress in improving our asset quality since last year. OREO declined $10.3 million from the second quarter of 2011, and $1.8 million from December 31, 2011. Non-accrual loans declined 39% to $17.5 million since the second quarter of last year, and loans 90 days or more past due were down 51% to $1.7 million compared with the prior year. Our management team continues to focus on identifying problem loans in our portfolio and providing reserves against these loans for potential losses. We still have a higher-than-normal level of classified loans and OREO in our portfolio and will continue to address problem assets as the key to improving our future earnings performance.”

“We are fortunate that our strong capital base continues to attract new deposits. Although we have made solid progress, our near-term outlook remains cautious since new loan demand is weak and the economy remains soft in our market area,” continued Mr. House.

Second Quarter Results

Net interest income was $8.6 million in the second quarter of 2012, compared with $8.8 million in the second quarter of 2011. Net interest margin was 6.16% in the second quarter of 2012, compared with 6.17% in the second quarter of 2011.

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