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.
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by RTT Staff Writer
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