United Security Bancshares, the Fresno-based parent company of United Security Bank, reported fourth-quarter and full-year profits in 2013 that were higher than in 2012.
The company's net income for the fourth quarter was more than $2.9 million, or 20 cents per share, compared to about $1.5 million or 9 cents per share in the last quarter of 2012. For the full year, the bank's 2013 profit was reported at about $7.3 million or 49 cents per share, up from $6.1 million or 41 cents per share in 2012.
In its financial statement, the company attributed the increased profit to a decrease in providing reserves for loan losses and a valuation allowance on deferred taxes, as well as lower costs associated with foreclosed property.
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