United Security Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 28, 2016 at 04:05 pm
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United Security Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $7,513,000 compared to $7,686,000 a year ago. Net interest income was $6,964,000 compared to $7,050,000 a year ago. Income before income taxes was $522,000 compared to $1,252,000 a year ago. Net income was $441,000 compared to $720,000 a year ago. Basic and diluted net income per share was $0.07 compared to $0.12 a year ago. Return on average assets (annualized) was 0.31% compared to 0.50% a year ago. Return on average equity (annualized) was 2.28% compared to 3.83% a year ago.
For the full year, the company reported total interest income of $29,897,000 compared to $31,361,000 a year ago. Net interest income was $27,608,000 compared to $28,808,000 a year ago. Income before income taxes was $3,546,000 compared to $5,378,000 a year ago. Net income was $2,595,000 compared to $3,549,000 a year ago. Diluted net income per share was $0.41 compared to $0.57 a year ago. Earnings in 2015 were below last year's results due primarily to decreased loan volume at First US Bank. Return on average assets was 0.46% for 2015, compared to 0.63% for 2014.
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.