Written by Ramuel Reyes
Fresno’s United Security Bancshares, parent company of United Security Bank, started 2018 out with a bang.
The company reported net income of $3.15 million for the first quarter ended March 31, up 78 percent from the same period of 2017.
Dennis Woods, president and CEO, stated: “We are pleased to report our highest earning quarter in recent history. Although this quarter included a loss on fair value of our trust preferred securities partially offset by a recovery of provision for credit loss, we expect the growth in core earnings and benefit from the lower tax rate will be reflected in our results throughout 2018.”
Total assets as of March 31 were $854.89 million, 6 percent from the previous quarter.