United Security Bancshares Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 29, 2018 at 05:00 pm
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United Security Bancshares reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $8,595,000 against $7,779,000 a year ago. Net interest income was $8,144,000 against $7,384,000 a year ago. Income before income tax provision was $3,991,000 against $2,781,000 a year ago. Net income was $1,637,000 or $0.10 per basic and diluted share against $1,555,000 or $0.09 per basic and diluted share a year ago. Return on average equity was 6.34% compared to 6.38% a year ago. Return on average assets was 0.79% compared to 0.79% a year ago.
For the year, the company reported total interest income of $32,930,000 against $29,473,000 a year ago. Net interest income was $31,200,000 against $28,064,000 a year ago. Income before income tax provision was $15,679,000 against $12,254,000 a year ago. Net income was $8,640,000 or $0.51 per basic and diluted share against $7,385,000 or $0.44 per basic and diluted share a year ago. Return on average equity was 8.63% compared to 7.86% a year ago. Return on average assets was 1.07% compared to 0.98% a year ago. Book value per share as at December 31, 2017 was $6.00 against $5.79 as at December 31, 2016.
United Security Bancshares is the holding company for United Security Bank (the Bank). The Bank offers a full range of commercial banking services primarily to the business and professional community and individuals, including a variety of deposit instruments including personal and business checking accounts and savings accounts, interest-bearing negotiable order of withdrawal (NOW) accounts, money market accounts, and time certificates of deposit. The Bank also offers a full complement of lending products, including real estate loans, real estate construction loans, commercial and industrial loans, agricultural loans, and installment loans. The Bank's services include online banking, mobile banking, safe deposit boxes, wire transfers, payroll direct deposit, cashier's checks, and cash management services. The Bank operates approximately 12 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Mendota, Oakhurst, San Joaquin, and Taft.