United Security Bancorporation Thursday reported a 55 percent burst in net income for the quarter ended March 31.
The parent of Spokane-based United Security Bank and Sunnyside-based Home Security Bank earned $839,000, or 25 cents per share, compared with $542,000, or 28 cents per share, for the 1995 quarter.
Per-share results were skewed by a 72 percent increase in the number of shares outstanding due to an initial public offering last spring, and dividends paid in stock.
President William Dashiell said the results were propelled higher by across-the-board profitability of all United subsidiaries - banks, mortgage, leasing and insurance.
The loan portfolio grew 22 percent year-to-year, he said, and net interest market also improved.
Return on assets, which reached $210.4 million, was 1.67 percent. Return on equity was 13.34 percent.
Dashiell said United Security will likely add a fourth Spokane branch by year end, bring the bank’s total to eight. Home Security has three.