United Security Bank reports higher second-quarter profit

The Fresno BeeJuly 17, 2014 

United Security Bancshares, the Fresno-based parent company of United Security Bank, reported a second-quarter profit of more than $2.0 million or 14 cents per share.

That's up from the second quarter of 2013, when net income was about $1.4 million or 9 cents per share.

The figures brought the company's net income for the first half of the year to more than $2.9 million or 20 cents per share, compared to $2.5 million or 16 cents per share in 2013's first half.

The bank's loan portfolio grew by more than $27 million between January and June. "We continue to see positive momentum with growth in loan demand, increasing net earnings, and reductions in non-performing assets," said United Security president/CEO Dennis Woods.

Stock in United Security Bancshares (Nasdaq: UBFO) closed Thursday at $5.98 per share, up 7 cents or 1.2% from Wednesday's closing price.

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