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Stock impact report

United Security Bancshares Reports 2nd Quarter Net Income of $2.7 Million

United Security Bancshares (UBFO) 
US:NASDAQ Investor Relations: unitedsecuritybank.com/investor-relations
Company Research Source: Business Wire
FRESNO, Calif.--(BUSINESS WIRE)--United Security Bancshares (Nasdaq: UBFO) today announced its unaudited financial results for the three and six months ended June 30, 2021. The Company recognized net income of $4.1 million, or $0.24 per basic and diluted share for the six months ended June 30, 2021, compared to net income of $4.8 million, or $0.28 per basic and diluted share for the six months ended June 30, 2020.Second Quarter 2021 Highlights (at or for the quarter ended June 30, 2021, except where noted)Net income for the quarter increased 34.44% to $2.7 million, compared to $2.0 million for the quarter ended June 30, 2020. The increase is primarily the result of an increase of $859,000 in loan interest income and fees, and decrease in OREO expense of $890,000.Total assets increased 12.67% to $1.23 billion, compared to $1.09 billion at December 31, 2020.Total loans, net of unearned fees, increased 28.69% to $842.0 million, compared to $654.3 million at December 31, 2020.Total in Show less Read more
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