Written by The Business Journal Staff
United Security Bancshares, parent company of Fresno’s United Security Bank, reported income of $7.4 million last year, up more than 8 percent compared to 2015.
For the fourth quarter of 2016, net income was $1.55 million, downs lightly from $1.63 million in the fourth quarter of 2015.
“We have consistently exceeded our goals of loan growth and core earnings growth for the last three years, while maintaining strong liquidity and capital levels. Core earnings grew 10% in 2016 and our credit quality metrics continue to improve while our reserve levels remain strong. We plan to continue this momentum into 2017,” said Dennis R. Woods, president and CEO.
As of Dec. 31, 2016, total assets were $787.67 million, up from $725.64 million at the same time in 2015.