United Security Posts Improved Earnings

United Security Bancorporation, which has more than doubled its branch system in the last year, pushed ahead on the earnings front as well, according to officials of the Spokane-based holding company.

Net income for 1997 was $4.9 million, or $1.20 per share, compared with $3.2 million, or 78 cents per share, in 1996. An internal theft, subsequently covered by insurance, slightly skews the comparison.

Per-share results have been adjusted for 10 percent stock dividends paid in February 1997 and 1998.

Fourth-quarter income was $1.2 million, or 29 cents per share, compared with $255,000, or six cents per share, for the same period in 1996, although that result was also affected by that same theft at Home Security Bank, United Security’s subsidiary in the Yakima Valley.

The company also owns United Security Bank in Spokane and Bank of Pullman.

Total assets grew more than 50 percent to $350.5 million. Return on average asset was 1.81 percent. Return on average equity was 16.07 percent.

, DataTimes