fbpx

published on July 22, 2021 - 11:54 AM
Written by

United Security Bancshares, parent company of Fresno’s United Security Bank, announced a boost in second quarter income attributed to loan interest and fees.

Second quarter net income was $2.7 million, up 34% from the same quarter of 2020. The boost was primarily the result of an increase of $859,000 in loan interest income and fees.

For the first half of the year, net income was $4.1 million, compared to $4.8 million in the same period last year.

Dennis Woods, president and CEO, stated: “We successfully executed the first phase of our 2021 Strategy to deploy excess cash during the second quarter, and although this improved our results for the second quarter, we will see the full impact reflected in our earnings during the third quarter and beyond. We grew our loan and investment portfolios by $189 million during the second quarter and also grew deposits by $43 million. Our outlook on growth and profitability for the second half of 2021 remains upbeat.”

Total assets increased 12.67% to $1.23 billion as of June 30, compared to $1.09 billion at Dec. 31, 2020.


e-Newsletter Signup

Our Weekly Poll

Do you think Valley Children's Hospital will lose financial support due to CEO pay revelations?
103 votes

Central Valley Biz Blogs

. . .