Business

United Security reports profit, retires debt

United Security Bank’s Convention Center offices in downtown Fresno.
United Security Bank’s Convention Center offices in downtown Fresno. Fresno Bee file photo

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.

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