United Security Bancshares, the Fresno-based parent company of United Security Bank, reported a profit of $1.56 million, or 9 cents per share, for the fourth quarter of 2016. That compares with net income of $1.63 million, or 10 cents per share, for the last quarter of 2015.
For all of 2016, United Security’s net earnings were $7.39 million, or 44 cents per share, up more than 8.4 percent from 2015’s reported profit of $6.81 million, or 41 cents per share.
The company experienced an increase of nearly $2 million in 2016 in interest income compared with 2015. United Security also has seen reductions in its allowances for loan losses in recent years, falling from $9.7 million at the end of 2015 to $8.9 million at the end of 2016.
The company’s total assets grew to about $787.68 million by the end of 2016, up from $725.64 million when 2015 ended.