published on April 16, 2020 - 2:39 PM
Written by The Business Journal Staff

United Security Bancshares, parent company of Fresno’s United Security Bank, reported net income of $2.75 million for the first quarter, down 31% compared to the same time last year.

The decrease in net income is a result of a reduction in interest income related to lower interest rates and a provision for loan losses.

The provision for credit losses totaled $1.7 million, compared to $6,000 for the quarter ended March 31, 2019. “The increase in provision reflects an expectation of significant deterioration in the macro-economic environment as a result of the impact of COVID-19, net charge-offs, and loan growth,” according to a news release.

Dennis Woods, president and CEO, stated: “Although we saw growth in both our loan and deposit portfolios during this first quarter, we cannot predict the full impact COVID-19 will have on our markets and economy. Our strong credit quality, ample liquidity, and capital level provide a solid foundation as we navigate through these uncertain times.”

The bank’s total assets increased by 2.12% in the quarter, for a total of $977.24 million.

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