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 Growth In Third Quarter And Nine Months Net Income

United Security and First United Security Bank continued to be rated as “well-capitalized,” the highest regulatory rating, as of September 30, 2012. Total risk-based capital was 16.8% for the Company and for the Bank, compared with a regulatory requirement of 10.0% for a well-capitalized institution and a minimum regulatory requirement of 8.0%. The Tier 1 leverage ratio was 10.1% for the Company and for the Bank, both measures significantly above the requirement of 5.0% for a well-capitalized institution and minimum regulatory requirement of 3.0%.

Nine Months Results

For the first nine months of 2012, net income attributable to USBI rose to $1.3 million, or $0.22 per diluted share, compared with $414,000, or $0.07 per diluted share, for the first nine months of 2011.

Net interest income for the nine months ended September 30, 2012, was $25.4 million compared with $26.4 million for the same period of 2011. Net interest margin declined to 6.07% for the first nine months of 2012 from 6.2% in the first nine months of 2011.

Provision for loan losses was $3.2 million in the first nine months of 2012, compared with $5.2 million in the first nine months of 2011.

Non-interest income declined to $4.1 million for the first nine months of 2012, compared with $5.0 million for the same period of 2011. The decline in non-interest income was due primarily to lower service charges on accounts and other income compared with the first nine months of 2011.

Non-interest expense declined 5.1% to $24.8 million in the first nine months of 2012, compared with $26.2 million in the first nine months of 2011. The decrease was due primarily to lower salary and occupancy expenses and a decrease in impairment on OREO and other expenses compared with the first nine months of 2011.

Shareholders’ equity was $68.1 million, or $11.30 per share, at September 30, 2012, compared with $66.2 million, or $11.01 per share, at December 31, 2011, and $77.5 million, or $12.89 per share, at September 30, 2011. Return on shareholders’ equity was 2.63% in the first nine months of 2012 compared with 0.72% in the same period of 2011.

3 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,207.91 -71.83 -0.42%
S&P 500 1,993.52 -16.88 -0.84%
NASDAQ 4,517.7580 -62.0310 -1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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