United Security Bancshares, the Fresno-based parent company of United Security Bank, reported a profit for the third quarter of 2009 but a year-to-date loss in an earnings statement Tuesday.
The company's net earnings were $693,000, or 6 cents a share, for the three-month period ended Sept. 30. That compares to a loss of more than $1.3 million, or 11 cents a share, for the same period of 2008.
For the first nine months of 2009, the company reported losing $4.1 million, or 33 cents a share, compared to net income of $3.2 million, or 26 cents a share, through September 2008.
United Security CEO Dennis Woods said the bank has been working to liquidate properties related to nonperforming loans -- 15 such properties sold for $9.5 million in the third quarter.
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