United Security Bancshares Inc. (USBI), the holding company for First United Security Bank, Friday reported a loss for the first quarter compared to a profit last year, due mainly to higher loan loss provisions and non-interest expenses.
The Thomasville, Alabama-based company's first-quarter net loss was $1.24 million or $0.21 per share, compared to a profit of $819 thousand or $0.14 per share last year.
Net interest income for the quarter dropped to $8.55 million from $8.58 million in the year-ago quarter. Total non-interest income grew to $1.27 million from $1.19 million in the prior-year quarter.
Loan loss provisions for the quarter increased to $2.22 million from $1.31 million last year.
Non-interest expense for the quarter increased to $9.83 million from $7.44 million in the prior-year quarter.
by RTT Staff Writer
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