Written by The Business Journal Staff
Fresno’s United Security Bancshares, holding company of United Security Bank, reported second quarter net income of $2.02 million, down slightly from $2.06 million last year.
For the first six months of the year, net income was $3.79 million, up 15 percent from the same period of 2015.
“We have experienced exceptional growth in our loan portfolio during the first half of the year while maintaining strong liquidity and capital levels. Our credit quality continues to improve with a 19% reduction in nonperforming assets, relative to year end 2015, as a result of sales of OREO assets. We look forward to continuing this momentum in the second half of the year.” said Dennis R. Woods, president and CEO, in a statement.
Net interest income increased to $6.66 million compared to $6.52 million for the quarter ended June 30, 2015, and increased from $6.61 million in the preceding quarter.
Total assets were up $18.42 million, or 2.54 percent, for the six months ended June 30, due to net growth of $11.74 million in the investment portfolio and $43.29 million in gross loan balances.
Total assets stood at $744.07 million as of June 30.