United Security Bancshares Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 25, 2017 at 04:45 pm
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United Security Bancshares reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $7,779,000 against $7,071,000 a year ago. Net interest income was $7,384,000 against $6,745,000 a year ago. Income before income tax provision was $2,781,000 against $2,847,000 a year ago. Net income was $1,555,000 against $1,634,000 a year ago. Basic and diluted earnings per common share were $0.09 against $0.10 a year ago. Annualized return on average equity was 6.38% compared to 7.27% a year ago. Annualized return on average assets was 0.79% compared to 0.90% a year ago.
For the year, the company reported total interest income of $29,473,000 against $27,410,000 a year ago. Net interest income was $28,064,000 against $26,129,000 a year ago. Income before income tax provision was $12,254,000 against $11,307,000 a year ago. Net income was $7,385,000 against $6,810,000 a year ago. Basic and diluted earnings per common share were $0.44 against $0.41 a year ago. Annualized return on average equity was 7.86% compared to 7.88% a year ago. Annualized return on average assets was 0.98% compared to 0.98% a year ago. Book value per share as at December 31, 2016 was $5.57 against $5.58 as at December 31, 2015. Tangible book value per share as at December 31, 2016 was $5.50 against $5.30 as at December 31, 2015.
For the quarter, the company reported net charge-offs totaled $2,000, compared to net recoveries of $6,000 in the preceding quarter and net charge-offs of $1,385,000 for the quarter ended December 31, 2015.
United Security Bancshares is the holding company for United Security Bank (the Bank). The Bank offers a full range of commercial banking services primarily to the business and professional community and individuals, including a variety of deposit instruments including personal and business checking accounts and savings accounts, interest-bearing negotiable order of withdrawal (NOW) accounts, money market accounts, and time certificates of deposit. The Bank also offers a full complement of lending products, including real estate loans, real estate construction loans, commercial and industrial loans, agricultural loans, and installment loans. The Bank's services include online banking, mobile banking, safe deposit boxes, wire transfers, payroll direct deposit, cashier's checks, and cash management services. The Bank operates approximately 12 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Mendota, Oakhurst, San Joaquin, and Taft.
United Security Bancshares Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Net Charge-Offs for the Fourth Quarter Ended December 31, 2016