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