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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

United Security Bancshares, Inc. Reports Growth In Fourth Quarter And 2012 Net Income

Net loans totaled $337.4 million in the fourth quarter of 2012, compared with $381.1 million in the fourth quarter of 2011. The decrease in net loans was due to loan payoffs and write-downs outpacing new loan demand. An overall weak economy in the bank’s markets, primarily centered in the real estate sector, has been a significant factor in lower loan demand over the past year.

Interest expense declined 46% to $888,000 in the fourth quarter of 2012, compared with $1.6 million in the fourth quarter of 2011. The decline in interest expense was due primarily to lower average rates paid on interest bearing deposits.

Net interest income declined 1.9% to $8.8 million in the fourth quarter of 2012, compared with $9.0 million in the fourth quarter of the prior year.

Provision for loan losses dropped to $1.2 million in the fourth quarter of 2012, compared with $13.6 million in the fourth quarter of 2011. Net charge-offs totaled $1.8 million in the fourth quarter of 2012, compared with $6.6 million in the fourth quarter of 2011.

Total non-interest income was $1.5 million in the fourth quarter of 2012, compared with $3.7 million in the fourth quarter of 2011. The decline in non-interest income was due primarily to lower gains on the sale of investment securities in the fourth quarter of 2012 compared with the fourth quarter of 2011.

Non-interest expense declined to $7.7 million in the fourth quarter of 2012, compared with $14.1 million in the fourth quarter of 2011. The 2011 fourth quarter’s results included a $4.1 million impairment charge to goodwill and higher expenses related to other real estate. Total expenses related to other real estate declined $2.7 million to $0.6 million in the fourth quarter of 2012, compared with $3.3 million in the fourth quarter of 2011.

Twelve Month Results

For the year ended December 31, 2012, net income attributable to USBI increased to $2.2 million, or $0.36 per diluted share, compared with a net loss attributable to USBI of ($9.1 million), or ($1.51) per diluted share, for the year ended December 31, 2011.

3 of 5

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 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

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