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United Security Bancshares - Fourth Quarter Profits: $1.5 Million
Date : 02/07/2013 @ 5:33PM
Source : PR Newswire (US)
Stock : United Security Bancshares (MM) (UBFO)
Quote : $3.82 0.01 (0.26%) @ 3:20PM (pps as of 3/1/2013)
FRESNO, Calif., Feb. 7, 2013 /PRNewswire/ -- United Security Bancshares (http://www.unitedsecuritybank.com/) (Nasdaq Global Select: UBFO) reported today unaudited consolidated net income of $1.5 million or $0.10 per basic and diluted common share for the quarter ended December 31, 2012 and $6.1 million or $.43 per basic and diluted common share for the year ended December 31, 2012, as compared to a net loss of $3.4 million or ($0.24) per basic and diluted common shares for the quarter ended December 31, 2011 and a net loss of $10.8 million or ($.76) per basic and diluted shares for the year ended December 31, 2011.
Annualized return on average equity (ROAE) for the quarter ended December 31, 2012 was 8.56, compared to (24.52%) for the same period in 2011, and was 9.20% for the year ended December 31, 2012 compared to (15.86)% for the year ended December 31, 2011. Annualized return on average assets (ROAA) was 0.93% for the quarter ended December 31, 2012 compared to (2.09%) for the same three-month period in 2011, and was 0.97% for the year ended December 31, 2012 compared to (1.64%) for the year ended December 31, 2011.
The Board of Directors of United Security Bancshares declared a fourth quarter 2012 stock dividend of one percent (1%) on December 18, 2012. The stock dividend was payable to shareholders of record on January 11, 2013, and the shares will be issued on January 23, 2013.
Dennis R. Woods, President and Chief Executive Officer of the Company, states, "The year was very positive for the Company with reductions in problem assets and OREO, a stronger allowance for loan losses at year-end as a percentage of impaired loans, and consolidated net income of nearly $6.1 million for the year. We continue to see positive trends in the local economy and look forward to continued improvement in the coming year." Shareholders' equity at December 31, 2012 was $69.4 million, up $7.3 million from shareholders' equity of $62.2 million at December 31, 2011.
Net interest income before provision for credit losses for the quarter ended December 31, 2012 totaled $5.4 million and $23.1 million for the year ended December 31, 2012, down $808,000 from $6.2 million reported for the quarter ended December 31, 2011 and down $1.9 million from the $25.0 million reported for the year ended December 31, 2011, respectively. The net interest margin was 4.03% for the quarter ended December 31, 2012, and 4.40% for the year ended December 31, 2012, as compared to 4.41% for the quarter ended December 31, 2011 and 4.49% for the year ended December 31, 2011.
Noninterest income for the quarter ended December 31, 2012 totaled $411,000, reflecting a decrease of $874,000 from the $1.3 million in noninterest income reported for the quarter ended December 31, 2011. Noninterest income for the year ended December 31, 2012 totaled $6.1 million, reflecting a decrease of $771,000 from $6.9 million in noninterest income reported for the year ended December 31, 2011. Customer service fees continue to provide the majority of the Company's noninterest income from operations, totaling $883,000 for the quarter ended December 31, 2012, as compared to $923,000 for the quarter ended December 31, 2011, and $3.6 million for the years ended December 31, 2012 and 2011. Changes in noninterest income on a quarter-to-quarter comparative basis between the fourth quarters of 2012 and 2011 are largely the result of a decrease of $575,000 in gains recognized on the fair value of financial liabilities. On a twelve month comparative basis, the change in noninterest income of $(771,000) includes an increase of $1.8 million on gains realized on the sale of investments and an increase of $509,000 on gains realized on the sale of other real estate owned, offset by a decrease of $2.6 million in gains recognized on the fair value of financial liabilities. The gain on sale of investments of $1.8 million for the year ended December 31, 2012 is included in other non interest income.
Noninterest expense totaled $5.5 million for the quarter ended December 31, 2012, down $2.8 million from the $8.3 million reported for the quarter ended December 31, 2011. For the year ended December 31, 2012, noninterest expense totaled $20.6 million, down $10.2 million from the $30.8 million for the year ended December 31, 2011. Between the fourth quarters of 2012 and 2011, the company experienced significant decreases in impairment losses and other related expenses on other real estate owned, impairment losses on investment securities, and regulatory insurance assessments. On a year-to-year comparative basis, additional decreases in the above listed areas as well as decreases in impairment losses on goodwill, and professional fees contributed to the overall decrease.
Net income of $1.5 million realized during the fourth quarter of 2012 included a tax expense reduction of $1.0 million related to the Company's valuation allowance on deferred tax assets. The adjustment reduced the allowance for deferred tax assets from $3.7 million at December 31, 2011 to $2.7 million at December, and was the result of an increase in the anticipated utilization of deferred taxes in future periods.
The Company had a provision for loan loss reserve of $9,000 for the quarter ended December 31, 2012 and $1.0 million for the year ended December 31, 2012, compared to $1.1 million for the quarter ended December 31, 2011 and $13.6 million for the year ended December 31, 2011. Net loan recoveries totaled $615,000 for the quarter ended December 31, 2012, while net loan charge-offs totaled $2.9 million for the year ended December 31, 2012 as compared to net loan charge-offs of $1.4 million for the quarter ended December 31, 2011, and $16.5 million for the year ended December 31, 2011. With continued weakness in the economy and real estate markets within our service area, we have maintained an adequate allowance for loan losses, which totaled 2.95% of total loans at December 31, 2012 compared to 3.34% at December 31, 2011. In determining the adequacy of the allowance for loan losses, Management's judgment is the primary determining factor for establishing the amount of the provision for loan losses and management considers the allowance for loan and lease losses December 31, 2012 to be adequate.
Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDR), other real estate owned through foreclosure (OREO), and loans more than 90 days past days and still accruing interest, decreased approximately $10.8 million between December 31, 2011 and December 31, 2012. Additionally, nonperforming assets as a percentage of total assets decreased from 9.88% at December 31, 2011 to 8.25% at December 31, 2012. Nonaccrual loans decreased $4.7 million between December 31, 2011 and December 31, 2012, while OREO, decreased $3.2 million during the same period. Impaired loans totaled $21.9 million at December 31, 2012, down $10.0 million from the balance of $31.9 million at December 31, 2011.
United Security Bancshares is a $640+ million bank holding company. United Security Bank, its principal subsidiary is a state chartered bank and member of the Federal Reserve Bank of San Francisco.
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