United Security Bancshares Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United Security Bancshares filed its Q1 2024 10-Q report on May 9, 2024.</b>

AI Summary

UNITED SECURITY BANCSHARES (UBFO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. United Security Bancshares filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. The filing was made on May 9, 2024. The company is incorporated in California.

Why It Matters

For investors and stakeholders tracking UNITED SECURITY BANCSHARES, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position for the first quarter of 2024. Understanding the details within this report is crucial for assessing the bank's operational health, asset management, and overall financial stability.

Risk Assessment

Risk Level: low — UNITED SECURITY BANCSHARES shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, indicating routine financial disclosure rather than an event-driven or material change announcement.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand United Security Bancshares' performance and financial health for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 12/31 — Fiscal Year End (FISCAL YEAR END)
• 2024 — Fiscal Year (Fiscal Year)
• Q1 — Quarter (Quarter)

Key Players & Entities

• UNITED SECURITY BANCSHARES (company) — FILER
• 0001137547 (company) — CENTRAL INDEX KEY
• 6021 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• CA (company) — STATE OF INCORPORATION
• 5594906261 (company) — BUSINESS PHONE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• UBFO (company) — Ticker Symbol

FAQ

Industry Context

United Security Bancshares operates within the National Commercial Banks industry (SIC 6021). This sector is characterized by traditional banking services, including lending, deposit-taking, and other financial services.

Regulatory Implications

As a commercial bank, United Security Bancshares is subject to regulations from various federal and state agencies, including the FDIC and state banking authorities, overseeing capital requirements, lending practices, and consumer protection.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to the previous quarter.
2. Review the income statement to understand revenue generation, expense management, and profitability trends for Q1 2024.
3. Examine any disclosures related to loan portfolios, interest income, and non-interest income for insights into business operations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous 10-K annual report and the Q4 2023 10-Q filing.

Filing Documents

• ubfo-20240331.htm (10-Q) — 2706KB
• ubfo-20240331exhibit311.htm (EX-31.1) — 9KB
• ubfo-20240330exhibit312.htm (EX-31.2) — 9KB
• ubfo-20240331exhibit321.htm (EX-32.1) — 3KB
• ubfo-20240331exhibit322.htm (EX-32.2) — 3KB
• 0001137547-24-000073.txt (&nbsp;) — 14113KB
• ubfo-20240331.xsd (EX-101.SCH) — 51KB
• ubfo-20240331_cal.xml (EX-101.CAL) — 107KB
• ubfo-20240331_def.xml (EX-101.DEF) — 332KB
• ubfo-20240331_lab.xml (EX-101.LAB) — 602KB
• ubfo-20240331_pre.xml (EX-101.PRE) — 506KB
• ubfo-20240331_htm.xml (XML) — 3362KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Changes in Shareholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Overview 32 Results of Operations 34 Financial Condition 39 Liquidity and Capital Resources 47

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 49

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Exhibits

Item 6. Exhibits 51

Signatures

Signatures 52 2 Table of Contents

Financial Information

PART I. Financial Information

- Financial Statements (Unaudited)

Item 1 - Financial Statements (Unaudited) United Security Bancshares and Subsidiaries Condensed Consolidated Balance Sheets – (unaudited) (In thousands except shares) March 31, 2024 December 31, 2023 Assets Cash and noninterest-bearing deposits in other banks $ 41,146 $ 40,577 Due from Federal Reserve Bank (FRB) 1,858 207 Cash and cash equivalents 43,004 40,784 Investment securities (at fair value) Available-for-sale (AFS) securities, at fair value, net of allowance for credit losses of $ 0 (amortized cost of $ 186,820 and $ 201,845 ) 162,941 179,016 Tax-exempt available-for-sale (AFS) securities, at fair value, net of allowance for credit losses of $ 0 (amortized cost of $ 2,539 and $ 2,544 ) 2,225 2,250 Marketable equity securities 3,397 3,354 Total investment securities 168,563 184,620 Loans 930,927 921,341 Unearned fees and unamortized loan origination costs - net ( 1,514 ) ( 1,299 ) Allowance for credit losses - loans ( 15,451 ) ( 15,658 ) Net loans 913,962 904,384 Premises and equipment - net 9,204 9,098 Accrued interest receivable 8,434 7,928 Other real estate owned 4,582 4,582 Goodwill 4,488 4,488 Investment in limited partnership 3,400 3,200 Deferred tax assets - net 14,409 14,055 Cash surrender value of life insurance - net 22,091 21,954 Operating lease right-of-use assets 1,177 1,338 Other assets 13,090 14,614 Total assets $ 1,206,404 $ 1,211,045 Liabilities & Shareholders' Equity Liabilities Deposits Non-interest-bearing $ 353,151 $ 403,225 Interest-bearing 602,783 601,252 Total deposits 955,934 1,004,477 Short-term borrowings 103,000 62,000 Operating lease liabilities 1,272 1,437 Other liabilities 10,666 9,376 Junior subordinated debentures (at fair value) 11,348 11,213 Total liabilities 1,082,220 1,088,503 Commitments and contingencies ( Note 17 ) Shareholders' Equity Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,315,195 at March 31, 2024 and 17,167,895 at December 31

View Full Filing

View this 10-Q filing on SEC EDGAR