Business

United Security reports first-quarter profit of $1.23 million

United Security Bancshares, the Fresno-based parent company of United Security Bank, reported net earnings of about $1.23 million or 8 cents per share for the first quarter of the year.

The profit was up from $908,000 or 6 cents per share that was reported for the first quarter of 2014.

United Security president/CEO Dennis Woods attributed the improved earnings to a $34 million increase in the bank’s loan portfolio over last year’s first-quarter figures, helping to generate net interest income of $5.76 million compared to $5.5 million in early 2014.

Non-interest income from such sources as customer service fees also increased over last year. The company’s assets grew to $678.4 million, up by almost $15 million from the first quarter of 2014.

United Security is traded on Nasdaq under the stock symbol UBFO. The company’s stock was trading at $5.17 per share late Monday morning, up 0.78% from Friday’s closing price.

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