United Security Profits Take Jump

United Security Bancorporation Monday reported sharply higher earnings for the quarter ended Sept. 30.

Net income at the Spokane-based holding company improved 52 percent to $1.7 million, or 46 cents per share, compared with $1.1 million, or 31 cents per share, for the same quarter a year ago.

The 1997 amount includes a $525,000 insurance settlement that boosted results. Without that payment, United Security net was $1.2 million, or 32 cents per share.

President William ‘Bud’ Dashiell said interest-earning assets increased 18 percent, loans 13 percent and deposits 21 percent.

For the first nine months of 1997, net income jumped 27 percent to $3.7 million, or $1 per share, compared with $2.9 million, or 79 cents per share, for the same year-ago period.

Those figures also include the $525,000 insurance settlement.

Assets as of Sept. 30 were $281.8 million, up $50 million from a year ago. Return on average assets was $1.71 percent - excluding the insurance proceeds - and return on average equity was 14.22 percent.

United Security subsidiaries, including the newly acquired Bank of Pullman, operate 22 branches in Washington and Idaho. , DataTimes