Written by The Business Journal Staff
A second quarter net income report has brought United Security Bancshares over the $1 billion mark in assets for the first time in the bank’s history.
The Fresno-based bank reported an income of $4.1 million for the quarter ending June 30 compared to $3.39 million in 2Q 2018, according to a press release from the company.
“Throughout the second quarter of 2019 the company continued to build upon the successes of our recent history. For the first time in our company’s history we are reporting total assets in excess of $1 billion,” said Dennis Woods, president and CEO of United Security Bank in a written statement. “During the second quarter, deposits increased $39.3 million, and the resulting increases in interest income helped our book value per share grow from $6.58 to $6.69. We expect to capitalize on our historic growth and look forward to a very exciting rest of 2019.”
When calculating the first half of 2019, income exceeded $8.1 million compared to $6.55 for the first half of 2018.
United Security Bancshares is the parent company of United Security Bank, headquartered at 2126 Inyo St. in Fresno.