Acquisitions Help Boost Bank’S Profits

Recent acquisitions helped boost United Security Bancorporation earnings more than 40 percent for the second quarter and first six months of the year.

The Spokane-based holding company Wednesday reported net income of $1.4 million, or 35 cents per share, compared with $981,000, or 24 cents per share, for the same period in 1997.

Net for the six-month period surged to $2.8 million, or 69 cents per share, compared with $2 million, or 49 cents per share, a year ago.

A gain on the sale of merchant credit card balances and a reduction in loan-loss reserves pushed results up four cents per share.

Expenses associated with the just-completed purchase of Grant National Bank reduced earnings by two cents per share.

Besides Grant National, the bancorporation’s subsidiaries include Bank of Pullman, Home Security Bank in Sunnyside and United Security Bank in Spokane.

The company’s loan portfolio grew 38 percent as the subsidiaries deployed deposits from five Wells Fargo branches purchased last year.

At $354.3 million, assets were up 52 percent over the level last June 30. Return on average assets was 1.62 percent, and return on average equity was 16.4 percent.