United Security reports profit, retires debt

United Security Bancshares, the Fresno-based parent company of United Security Bank, reported a profit of almost $1.9 million, or 12 cents per share, for the third quarter of 2015. That compares to net earnings of $1.7 million, or 11 cents per share, in 2014’s third quarter.

The company reported increases in interest income from loans as the lending portfolio grew to $515.8 million as of Sept. 30, compared to $447 million at the end of the third quarter of 2014. Non-interest income also grew.

Bank president/CEO Dennis Woods said one highlight of the quarter was buying back and retiring $3 million in debt at a 40 percent discount from the bond value.

This story was originally published October 16, 2015 at 4:19 PM with the headline "United Security reports profit, retires debt."