United Security Bancshares Files Q2 2024 10-Q

TL;DR

USB 10-Q filed for Q2 2024. Financials look solid.

AI Summary

United Security Bancshares filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at United Security Bancshares' financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative events indicated.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240802 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• UNITED SECURITY BANCSHARES (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date
• FRESNO (location) — City of business and mailing address
• CA (location) — State of incorporation and business address

FAQ

Filing Documents

• ubfo-20240630.htm (10-Q) — 3102KB
• ubfo-20240630exhibit311.htm (EX-31.1) — 9KB
• ubfo-20240630exhibit312.htm (EX-31.2) — 9KB
• ubfo-20240630exhibit321.htm (EX-32.1) — 4KB
• ubfo-20240630exhibit322.htm (EX-32.2) — 4KB
• 0001137547-24-000132.txt ( ) — 15263KB
• ubfo-20240630.xsd (EX-101.SCH) — 53KB
• ubfo-20240630_cal.xml (EX-101.CAL) — 109KB
• ubfo-20240630_def.xml (EX-101.DEF) — 342KB
• ubfo-20240630_lab.xml (EX-101.LAB) — 622KB
• ubfo-20240630_pre.xml (EX-101.PRE) — 523KB
• ubfo-20240630_htm.xml (XML) — 3623KB

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 33 Overview 33 Results of Operations 35 Financial Condition 43 Liquidity and Capital Resources 51

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 54

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Exhibits

Item 6. Exhibits 55

Signatures

Signatures 56 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) June 30, 2024 December 31, 2023 Assets Cash and noninterest-bearing deposits in other banks $ 36,002 $ 40,577 Due from Federal Reserve Bank (FRB) 2,755 207 Cash and cash equivalents 38,757 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 $ 186,101 and $ 204,389 ) 162,916 181,266 Marketable equity securities 3,400 3,354 Total investment securities 166,316 184,620 Loans 950,970 921,341 Unearned fees and unamortized loan origination costs - net ( 1,557 ) ( 1,299 ) Allowance for credit losses - loans ( 15,323 ) ( 15,658 ) Net loans 934,090 904,384 Premises and equipment - net 9,126 9,098 Accrued interest receivable 8,036 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 14,139 14,055 Cash surrender value of life insurance - net 20,409 21,954 Operating lease right-of-use assets 3,325 1,338 Other assets 13,154 14,614 Total assets $ 1,219,822 $ 1,211,045 Liabilities & Shareholders' Equity Liabilities Deposits Non-interest-bearing $ 372,886 $ 403,225 Interest-bearing 633,728 601,252 Total deposits 1,006,614 1,004,477 Short-term borrowings 63,000 62,000 Operating lease liabilities 3,417 1,437 Other liabilities 7,987 9,376 Junior subordinated debentures (at fair value) 11,454 11,213 Total liabilities 1,092,472 1,088,503 Commitments and contingencies ( Note 17 ) Shareholders' Equity Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,322,758 at June 30, 2024 and 17,167,895 at December 31, 2023 60,938 60,585 Retained earnings 81,285 76,995 Accumulated other comprehensive loss, net of tax ( 14,873 ) ( 15,038 ) Total shar

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View this 10-Q filing on SEC EDGAR