Business Briefs

United Security profits fall

United Security Bancshares Inc. of Thomasville reported that profit fell to $1 million in the third quarter, down 27 percent from

$1.4 million in 2008's July-September period.

Earnings per share fell to 17 cents from

23 cents in the 2008 quarter. The one analyst who posted an estimate with Thomson Reuters forecast 26 cents per share.

The financial firm, with $695 million in assets, saw non-interest income such as account service charges fall at the same time that non-interest expenses rose.

Interest income from loans fell, but net interest income was flat from the 2008 quarter because United Security put aside about $400,000 less to account for loan losses.

Chief Executive Terry Phillips warned that the depressed economy in the area the bank serves is cutting loan demand and making it harder for some borrowers to make their payments to both First United Security Bank and Acceptance Loan Co.

Non-interest expenses rose 8.5 percent, in part because of higher Federal Deposit Insurance Corp. premiums and costs related to foreclosed real estate.

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