United Security Bancshares Inc. (USBI: Quote) reported fourth-quarter net loss attributable to the company of $9.5 million or $1.58 per share, wider than $6.5 million or $1.08 per share in the prior year quarter.
Net interest income increased 1.7% to $9.0 million from $8.8 million in the year-ago quarter. The increase in net interest income resulted from a lower cost of funds compared with 2010, as was reflected in the improvement in the net interest margin rising to 6.13% in the fourth quarter of 2011, compared to 5.83% in the fourth quarter of 2010.
Total non-interest income was $3.7 million, compared to $2.2 million in the comparable quarter last year. The growth in non-interest income was primarily due to the $2.1 million gain on sale of investment securities recognized in the fourth quarter of 2011.
Click here to receive FREE breaking news email alerts for United Security Bancshares and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org