United Security Bancshares reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net income of $1,556,000 or $0.10 per basic and diluted common share as compared to $2,945,000 or $0.19 per basic and diluted common shares a year ago. Total interest income was $6.456 million compared to $5.713 million for the same period last year. Net interest income before provision for credit losses was $6.105 million compared to $5.362 million for the same period last year. Net interest income was $6.850 million compared to $5.340 million for the same period last year. Income before income tax provision was $2.818 million compared to $0.367 million for the same period last year. Annualized return on average equity (ROAE) was 7.51%, compared to 15.80% for the same period in 2013. Annualized return on average assets (ROAA) was 0.90% compared to 1.79% for the same period in 2013. The reduction in ROAA was due to the reversal on valuation allowance on deferred tax which resulted in tax benefit of $2,578,000 for the quarter ended December 31, 2013, compared to tax expense of $1,262,000 for the same period ended December 31, 2014.

For the year, the company reported net income of $6,216,000 or $0.40 per basic and diluted common share as compared to $7,269,000 or $0.47 per basic and diluted shares a year ago. Total interest income was $24.962 million compared to $23.002 million for the same period last year. Net interest income before provision for credit losses was $23.617 million compared to $21.391 million for the same period last year. Net interest income was $24.462 million compared to $22.489 million for the same period last year. Income before income tax provision was $10.408 million compared to $7.374 million for the same period last year. Annualized return on average equity (ROAE) for the year ended December 31, 2014 was 7.80%, compared to 10.09% for the year ended December 31, 2013. Annualized return on average assets (ROAA) was 0.93% for the year ended December 31, 2014, compared to 1.13% for the year ended December 31, 2013. The reduction in ROAE and ROAA for the year ended December 31, 2014 was primarily due to a $2,686,000 reversal on valuation allowance on deferred tax in 2013. Book value per share as at December 31, 2014 was $5.37 compared to $5.17 a year ago.