United Security Bancshares Files 2023 Annual Report on Form 10-K

TL;DR

<b>United Security Bancshares has filed its 2023 10-K report detailing financial performance and operational segments.</b>

AI Summary

UNITED SECURITY BANCSHARES (UBFO) filed a Annual Report (10-K) with the SEC on March 26, 2024. United Security Bancshares filed its 2023 Form 10-K on March 26, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in California and operates under SIC code 6021 (National Commercial Banks). Key financial data for 2023 and 2022 are presented, including details on common stock, retained earnings, and accumulated other comprehensive income. The report includes segment information for consumer portfolios and commercial/industrial loans.

Why It Matters

For investors and stakeholders tracking UNITED SECURITY BANCSHARES, this filing contains several important signals. This 10-K filing provides a comprehensive overview of United Security Bancshares' financial health and strategic positioning for the fiscal year 2023, crucial for investors and analysts assessing its performance. The detailed segment reporting and financial data allow stakeholders to understand the company's revenue streams, asset allocation, and changes in equity, informing investment decisions.

Risk Assessment

Risk Level: low — UNITED SECURITY BANCSHARES shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than immediate material events.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-K to understand United Security Bancshares' operational results and identify any trends or significant changes from the prior year.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240326 — Filing Date (FILED AS OF DATE)
• 129 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 2023-01-01 — Fiscal Year Start (2023-01-01)
• 2022-12-31 — Prior Year End (2022-12-31)
• 2021-12-31 — Previous Year End (2021-12-31)

Key Players & Entities

• UNITED SECURITY BANCSHARES (company) — FILER
• 0001137547 (company) — CENTRAL INDEX KEY
• 6021 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• CA (company) — STATE OF INCORPORATION
• 2126 INYO STREET (company) — BUSINESS ADDRESS STREET 1
• FRESNO (company) — BUSINESS ADDRESS CITY
• 93721 (company) — BUSINESS ADDRESS ZIP
• 5594906261 (company) — BUSINESS PHONE

FAQ

Key Dates

• 2024-03-26: 10-K Filing — Filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.
• 2022-12-31: Prior Year End — End date for the comparative fiscal year.
• 2021-12-31: Previous Year End — End date for the prior comparative fiscal year.

Key Financial Figures

• $250,000 — owned, or "OREO." YMP was funded with a $250,000 cash investment and the transfer of tho
• $805,000 — s by the Bank to YMP. In December 2021, $805,000 in additional funding was transferred t
• $15 million — y 23, 2007, USB Capital Trust II issued $15 million in Trust Preferred Securities. These se
• $3.0 million — rust Preferred Securities. During 2015, $3.0 million of the $15.0 million principal balance
• $15.0 million — ities. During 2015, $3.0 million of the $15.0 million principal balance of the subordinated d
• $12.0 million — aining contractual principal balance of $12.0 million since year-end 2015. The Company may re
• $15 billion — y a bank holding company with less than $15 billion in assets), mortgage servicing rights a
• $1.0 billion — ding companies with assets in excess of $1.0 billion. Interstate Branching . The Dodd-Frank
• $10 billion — respect to depository institutions with $10 billion or more in assets. Smaller institutions

Filing Documents

• ubfo-20231231.htm (10-K) — 3541KB
• ubfo-20211231exhibit2112.htm (EX-21.1) — 1KB
• ubfo-20231231exhibit2311.htm (EX-23.1) — 3KB
• ubfo-20231231exhibit311.htm (EX-31.1) — 9KB
• ubfo-20231231exhibit312.htm (EX-31.2) — 9KB
• ubfo-20231231exhibit321.htm (EX-32.1) — 4KB
• ubfo-20231231exhibit322.htm (EX-32.2) — 4KB
• cpm1030clawbackpolicy1123.htm (EX-97.1) — 44KB
• 0001137547-24-000061.txt (&nbsp;) — 18023KB
• ubfo-20231231.xsd (EX-101.SCH) — 78KB
• ubfo-20231231_cal.xml (EX-101.CAL) — 147KB
• ubfo-20231231_def.xml (EX-101.DEF) — 537KB
• ubfo-20231231_lab.xml (EX-101.LAB) — 954KB
• ubfo-20231231_pre.xml (EX-101.PRE) — 817KB
• ubfo-20231231_htm.xml (XML) — 3715KB

- Business

Item 1 - Business 4

- Risk Factors 18

Item 1A - Risk Factors 18

– Unresolved Staff Comments

Item 1B – Unresolved Staff Comments 17

- Cybersecurity 18

Item 1C - Cybersecurity 18

- Properties

Item 2 - Properties 18

- Legal Proceedings

Item 3 - Legal Proceedings 19

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 19 PART II: Item 5 - Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 19

- [Reserved] 21

Item 6 - [Reserved] 21

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations 21 I tem 7A - Quantitative and Qualitative Disclosures about Market Risk 43

- Financial Statements and Supplementary Data

Item 8 - Financial Statements and Supplementary Data 43

- Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 88

– Controls and Procedures

Item 9A – Controls and Procedures 88

– Other Information

Item 9B – Other Information 89

C – Disclosures Regarding Foreign Jurisdictions that Prevent Inspections

Item 9 C – Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 89 PART III:

– Directors, Executive Officers, and Corporate Governance

Item 10 – Directors, Executive Officers, and Corporate Governance 89

- Executive Compensation

Item 11 - Executive Compensation 89

- Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89

- Certain Relationships and Related Transactions, and Director Independence

Item 13 - Certain Relationships and Related Transactions, and Director Independence 89

– Principal Accounting Fees and Services

Item 14 – Principal Accounting Fees and Services 89 PART IV:

– Exhibits and Financial Statement Schedules

Item 15 – Exhibits and Financial Statement Schedules 90 2 Table of Contents PART 1 Certain matters discussed or incorporated by reference in this Annual Report on Form 10-K (this "Report") including, but not limited to, those described in "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations," are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements contained in this Report that are not clearly historical in nature are forward-looking, and the words "anticipate," "assume," "intend," "believe," "forecast," "expect," "estimate," "plan," "continue," "will," "should," "look forward" and similar expressions are generally intended to identify forward-looking statements. You should not place undue reliance on these statements as they involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those expressed in them. Actual results could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties. Factors that might cause such differences include, but are not limited to: the impacts on the Company's markets and customers of severe weather or natural disasters, such as wildfires, earthquakes, drought, or flood; the impacts of supply chain disruption and inflation on our customers, employees, and suppliers; asset/liability matching risks and liquidity risks; volatility and devaluation in the securities markets; our ability to compete effectively against other financial service providers in our markets; the effect of the current interest rate environment or impact of changes in interest rates or levels of market activity, especially on the fair value of our loan and investment portfolio; economic deterioration or a recession that may affect the ability of borrowers to make contractual payments

- Business

Item 1 - Business General United Security Bancshares is a California corporation incorporated in March 2001 and is registered with the Board of Governors of the Federal Reserve System (FRB) as a bank holding company under the Bank Holding Company Act of 1956, as amended (BHCA). The common stock of United Security Bancshares is listed on Nasdaq under the symbol "UBFO." United Security Bank was chartered under the laws of the State of California in 1987 as a commercial bank. On June 12, 2001, United Security Bank reorganized into the bank holding company form of ownership and thereby became the wholly-owned subsidiary of United Security Bancshares and each share of United Security Bank stock was exchanged for a share of United Security Bancshares stock on a one-for-one basis. The principal business of United Security Bancshares is to serve as the holding company for United Security Bank. References to the "Bank" refer to United Security Bank together with its wholly-owned subsidiary, York Monterey Properties. References to "we," "us," or the "Company" refer to United Security Bancshares together with its subsidiaries on a consolidated basis. References to the "Holding Company," refer to United Security Bancshares, the parent company, on a stand-alone basis. United Security Bank The Bank is a California state-chartered bank headquartered in Fresno, California. At December 31, 2023, the Bank operates three branches (including its main office), one construction lending office, and one commercial lending office in Fresno, California and one branch each in Oakhurst, Caruthers, San Joaquin, Firebaugh, Coalinga, Bakersfield, Taft, Campbell, and Mendota California. The Bank has Interactive Teller Machines (ITMs) at all branch locations and nine off-site ITMs at non-branch locations. In addition, the Holding Company and the Bank have administrative headquarters located at 2126 Inyo Street, Fresno, California, 93721. York Monterey Properties, Inc. York Monterey

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View this 10-K filing on SEC EDGAR