United Security Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 29, 2015 at 09:00 pm
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United Security Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $7,686,000 compared to $8,340,000 a year ago. The decline in interest income was due primarily to a decrease in total loans, offset partially by higher interest income from investment securities, compared with the fourth quarter of 2013. Net interest income was $7,050,000 compared to $7,663,000 a year ago. The decline in net interest income was due to a decrease in loans, combined with a 46 basis point decline in net interest margin, compared with the fourth quarter of 2013. Net interest margin was 5.40% in the fourth quarter of 2014, compared with 5.86% in the fourth quarter of 2013. Income before income taxes was $1,252,000 compared to $1,258,000 a year ago. Net income was $720,000 compared to $955,000 a year ago. Diluted net income per share was $0.02 compared to nil a year ago.
For the year, the company reported total interest income of $31,361,000 compared to $33,636,000 a year ago. Net interest income was $28,808,000 compared to $30,731,000 a year ago. Net interest margin was 5.53% in 2014, compared with 5.95% in 2013. Income before income taxes was $5,378,000 compared to $5,436,000 a year ago. Net income was $3,549,000 compared to $3,927,000 a year ago. Diluted net income per share was $0.03 compared to nil a year ago. The reduction in net income in 2014 was due primarily to approximately $397,000 in non-cash, non-recurring adjustments that increased the provision for income taxes.
First US Bancshares, Inc. is a bank holding company. The Company operates one banking subsidiary, First US Bank, an Alabama banking corporation (the Bank). The Bank conducts a general commercial banking business and offers banking services, such as demand, savings, individual retirement account and time deposits, personal and commercial loans, safe deposit box services and remote deposit capture. The Bank provides a range of commercial banking services to small-and medium-sized businesses, property managers, business executives, professionals and other individuals. The Bank also performs indirect lending through third-party retailers and conducts this lending in 17 states, including Alabama, Arkansas, Florida, Georgia, Indiana, Kansas, Kentucky, and others. It operates and serves its customers through 15 full-service banking offices located in Birmingham, Butler, Calera, Centreville, and others. It also has loan production offices in Mobile, Alabama and the Chattanooga, Tennessee area.