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Stock impact report

United Security Bancshares Reports 1st Quarter Net Income of $2.8 Million

United Security Bancshares (UBFO) 
US:NASDAQ Investor Relations: unitedsecuritybank.com/investor-relations
Company Research Source: Business Wire
FRESNO, Calif.--(BUSINESS WIRE)--United Security Bancshares (Nasdaq: UBFO) today announced its unaudited financial results for the quarter ended March 31, 2020. The Company recognized net income of $2,754,000 for the quarter ended March 31, 2020, a decrease of 31% compared to the net income of $4,007,000 recognized for the quarter ended March 31, 2019. Basic and diluted earnings per share decreased to $0.16 for the quarter ended March 31, 2020, as compared to basic and diluted earnings per share of $0.24 for the quarter ended March 31, 2019.First Quarter 2020 Highlights (at or for the quarter ended March 31, 2020, except where noted)Net income for the quarter decreased $1,253,000 or 31.27% to $2,754,000, compared to $4,007,000 for the quarter ended March 31, 2019. The decrease is a result of a reduction in interest income related to a lower rate environment and a provision for loan losses, partially offset by a gain on the fair value of junior subordinated debt.The allowance for c Show less Read more
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