Written by Gabriel Dillard
United Security Bancshares, parent company of Fresno’s United Security Bank, reported second-quarter earnings of $3.39 million, up 36 percent from the same time last year.
That’s earnings of 20 cents per basic, diluted common share, compared to 15 cents last year.
For the first six months of 2018, net income was $6.54 million, up 54 percent from the same period of 2017. That represented earnings of 39 cents per share, compared to 25 cents last year.
Dennis Woods, president and CEO, stated: “We are once again pleased to report strong earnings this quarter. While there was a loss on fair value of our trust preferred securities, included in the Company’s earnings is a recovery of provision for credit loss due to reductions in required reserves for impaired credits and recoveries of previously charged-off credits. We continue to expect growth in core earnings as we continue to see a benefit from the lower tax rate, and increases in interest income. The Company realized $1,031,000 in savings on tax expense for the six months ended June 30, 2018 as a result of the lower tax rate. We fully expect this success will continue to be reflected in our results throughout 2018.”
Total assets as of June 30 were $879.46 million, up 9 percent from the end of 2017.