United Security Bancshares Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 22, 2015 at 02:31 am IST
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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.
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.