published on April 14, 2016 - 11:57 PM
Written by The Business Journal Staff
United Security Bancshares, parent of Fresno’s United Security Bank, announced first-quarter income of more than $1.7 million, up 44 percent compared to the same time last year.

On a basis of diluted earnings per share for the first three months of the year, the price was 11 cents compared to 8 cents for the same period last year.

“We have begun 2016 on a high note with growth in our loan portfolio and core deposit base, all while decreasing levels of nonperforming assets and maintaining strong capital and liquidity levels.  We look forward to continued success in 2016,” said Dennis R. Woods, president and CEO, in a statement.

Other highlights for the first quarter of 2016:

— Net interest income increased to $6.61 million, compared to $6.2 million for the quarter ended March 31, 2015, and decreased from $6.7 million in the preceding quarter.

— Total loans increased to $518.2 million compared to $515.3 million at Dec. 31, 2015.

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