United Security Bancshares reports Q1 net income of $4.2M ($0.24 EPS), down 32% YoY

UNITED SECURITY BANCSHARES

2024-Q1 EPS reported $0.24 revenue$706,000

Net income $4.2M ($0.24 diluted EPS) vs $6.1M ($0.36) in Q1 2023; revenue (net interest income) down 9.5% to $11.7M.
Net interest margin dipped to 4.35% from 4.51%; cost of funds rose to 1.73% from 0.83%.
Deposits fell 4.8% to $955.9M; noninterest-bearing deposits dropped 12.4% to $353.2M.
Provision for credit losses was $173K (vs $493K reversal a year ago); NPL ratio 1.35%.
ROAE 13.51% (vs 22.05%); dividend declared at $0.12/share; Tier 1 leverage ratio 12.47%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNITED SECURITY BANCSHARES reported the quarter ended March 31, 2024 results: net income $4.2 million, EPS $0.24 per basic and diluted share.

Period: the quarter ended March 31, 2024
Net income: $4.2 million
EPS: $0.24 per basic and diluted share
Result: reported results

Exact text from the filing

The Company reported net income of $4.2 million, or $0.24 per basic and diluted share, for the quarter ended March 31, 2024

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Source: SEC EDGAR

accession 0001137547-24-000069

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