Written by The Business Journal Staff
United Security Bancshares, parent company of Fresno’s United Security Bank, announced annual net income of $8.64 million — up 17 percent from 2016’s total.
In the fourth quarter of 2017, United Security Bank reported income of $1.63 million, up from $1.55 million in the same quarter of 2016.
In a statement, Dennis Woods, president and CEO, said the annual results are more impressive absent some one-time charges.
“We are pleased to report an accumulation of earnings, which has resulted in a successful 2017. Excluding Non-Core items such as the Fair Value Adjustment for Trust Preferred Securities (“TRUPS”), the gain on sale of Other Real Estate Owned (OREO), and a write-down of deferred tax assets (“DTA”) due to the Tax Cuts and Jobs Act of 2017, net income would be $9,954,000 for the year ended December 31, 2017, an increase of approximately 29.71% compared to net income of $7,674,000 for the same period in 2016. None of these items are part of Core Income and specifically the TRUPS Fair Value Adjustment is dependent upon market rates, which can ‘add to’ or ‘subtract from’ Core Income and mask Core Income change.”
Total assets increased $17.86 million, or 2.27 percent, for the year ended Dec. 31, 2017.