Written by The Business Journal Staff
United Security Bancshares on Wednesday reported consolidated net income of $2.04 million — or $.12 per basic and diluted common share — for the quarter ended Sept. 30, as compared to $1.88 million — or $.11 per basic and diluted common share for the quarter ended Sept. 30, 2015.
The bank reported net income of $5.8 million for the nine months ended Sept. 30, an improvement of $653,000, or 12.61 percent, compared to the nine months ended Sept. 30, 2015.
During the three most recent quarters, basic and diluted earnings per share increased to $.35 compared to $.31 reported by the bank for the nine months ended Sept. 30, 2015.
“We have experienced exceptional growth in our loan portfolio throughout the year while maintaining strong liquidity and capital levels,” said Dennis R. Woods, the bank’s president and CEO. “Our credit quality continues to improve with a 42 percent reduction in nonperforming assets, relative to year-end 2015, as a result of sales of OREO assets and principal reductions on nonperforming loans.”
“We plan to work hard to continue this momentum through the end of the year,” Woods added.