United Security Bancorporation Tuesday reported increased earnings, although per-share results slipped because of adjustments made for a stock split, dividend and private placement.
The company, which owns two banks, a leasing operation and insurance company, had net income for the quarter ended March 31 of $542,000, or 34 cents per share, compared with $465,000, or 36 cents per share, a year ago.
President William Dashiell noted United’s loan portfolio grew 32 percent in the last year to $126 million. Net interest income jumped 22 percent, but non-interest income dropped because commissions generated by the company’s insurance subsidiary declined compared with last year.
Assets at the end of the quarter were $168 million, up from $131 million a year ago.