United Security Earnings Jump 18%

United Security Bancorp Tuesday reported an 18 percent increase in first-quarter earnings compared with the same period last year.

The Spokane company, parent of United Security Bank and Home Security Bank, recorded net income of $989,000, or 27 cents per share, up from $839,000, or 23 cents per share, a year ago.

The results reflect 10 percent stock dividends awarded Feb. 25, 1997, and Feb. 5, 1996.

Net interest income was up 13 percent and the loan portfolio grew 15 percent to $175.4 million. Assets increased 12 percent to $235.4 million.

“Return on average assets was a very strong 1.71 percent and return on average equity was 13.9 percent,” President William “Bud” Dashiell said.

United Security Bank is based in Spokane; Home Security Bank is based in Sunnyside, Wash. , DataTimes