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.
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