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Article: United Security Bancshares, Inc. Reports First Quarter Results.(Financial report)
- Article from:
- Science Letter
- Article date:
- May 19, 2009
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United Security Bancshares, Inc. (NASDAQ:USBI) reported net income of $1.3 million, or $0.21 per diluted share, for the first quarter of 2009, compared with net income of $1.9 million, or $0.31 per diluted share, in the first quarter of 2008 (see also United Security Bancshares, Inc.).
"We reported record deposits and assets for the first quarter of 2009; however, loan volume was lower as a result of the continued weakness in the economy," stated R. Terry Phillips, President and Chief Executive Officer of United Security Bancshares, Inc. "Our first quarter earnings were also down due to lower interest rates and an increase in our loan loss provision as the soft ...