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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

United Security Bancshares, Inc. Reports First Quarter Results

Stocks in this article: USBI

United Security Bancshares, Inc. (NASDAQ: USBI) today reported net income of $774,000, or $0.13 per diluted share, for the first quarter ended March 31, 2014, compared with net income of $886,000, or $0.15 per diluted share, for the first quarter of 2013.

“We are pleased to report solid progress in reducing problem loans and associated costs since last year,” stated James F. House, President and CEO of United Security Bancshares, Inc. “This quarter marked our sixth consecutive quarter of reducing non-performing assets, which were down 45% from the first quarter of last year. We believe that our continued progress in reducing non-performing assets will be an important driver in building future earnings.

“We continue to attract deposits, and we are pleased with new loans generated from consumer, commercial and industrial customers, and a new first mortgage home loan product; however, total loan volume remained below the level of payoffs in the first quarter due to weak demand for commercial and real estate loans. Our team remains focused on generating quality loans in an environment that is becoming increasingly competitive for the best credits. Our capital position remains strong, and we have excellent liquidity to fund loan growth as our markets improve,” continued Mr. House.

First Quarter Results

Interest income totaled $7.8 million in the first quarter of 2014, compared with $8.6 million in the first quarter of 2013. The decline in interest income was due primarily to lower earning assets, primarily loans, as well as reduction in yield, compared with the first quarter of 2013.

Net loans totaled $276.7 million in the first quarter of 2014, compared with $321.0 million in the first quarter of 2013. The decrease in net loans was due to loan payoffs and write-downs outpacing new loan demand. An overall weak economy in our footprint, primarily centered in the real estate sector, has been a significant factor in lower loan demand over the past year.

1 of 4

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!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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