Written by The Business Journal Staff
Fresno-based United Security Bancshares, parent of United Security Bank, reported second quarter profits of nearly $2.5 million, up 23 percent from the same quarter last year.
For the first six months of the year, net income was $4.26 million, up 12.48 percent from the same period last year.
The bank also sweetened its benefits for shareholders.
“This quarter we resumed payment of a cash dividend, reflecting solid earnings and improved credit quality, as well as our commitment to our shareholders,” stated Dennis Woods, president and CEO.
The board of United Security Bancshares declared cash dividends on common stock on April 25 and June 27 for $0.05 per share. The dividends were payable May 18 to shareholders of record as of May 17, and will be payable on July 21 to shareholders of record as of July 17. The bank states that no assurances can be provided that future dividends, whether payable in stock or cash, will be declared and/or as to the timing of such future dividends, if any.
Total assets decreased $6.4 million or 0.81 percent for the six months ended June 30, and stand at $781.56 million.