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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT OF 1934 FOR THE TRANSITION PERIOD FROM             TO             .
Commission file number: 000-32897

UNITED SECURITY BANCSHARES
(Exact name of registrant as specified in its charter)
 
CALIFORNIA 91-2112732
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
2126 Inyo Street, Fresno, California
 93721
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code    (559) 248-4943

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, no par valueUBFONasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days. Yes ☒ No ☐   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐           

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filer ☒
Smaller reporting company ☒
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value
(Title of Class)

Shares outstanding as of April 30, 2023: 17,094,298
1
TABLE OF CONTENTS

PART I. Financial Information 
  
  
  
  
Consolidated Statements of Changes in Shareholders’ Equity
  
  
 
  
  
  
  
 
PART II. Other Information
 Item 1.
 Item 2.
 Item 6.
2
PART I. Financial Information
Item 1 - Financial Statements (Unaudited)

United Security Bancshares and Subsidiaries
Consolidated Balance Sheets – (unaudited)
March 31, 2023 and December 31, 2022
(in thousands except shares)March 31, 2023December 31, 2022
Assets  
Cash and noninterest-bearing deposits in other banks$41,949 $31,650 
Due from Federal Reserve Bank (“FRB”)3,204 6,945 
Cash and cash equivalents45,153 38,595 
Investment securities (at fair value)
Available-for-sale (“AFS”) securities205,556 207,545 
Marketable equity securities3,358 3,315 
Total investment securities208,914 210,860 
Loans 944,191 981,772 
Unearned fees and unamortized loan origination costs - net(1,464)(1,594)
Allowance for credit losses(15,622)(10,182)
Net loans927,105 969,996 
Premises and equipment - net9,486 9,770 
Accrued interest receivable7,829 8,489 
Other real estate owned4,582 4,582 
Goodwill4,488 4,488 
Deferred tax assets - net14,422 12,825 
Cash surrender value of life insurance23,025 22,893 
Operating lease right-of-use assets1,808 1,984 
Other assets14,382 14,711 
Total assets$1,261,194 $1,299,193 
Liabilities & Shareholders’ Equity  
Liabilities  
Deposits  
Non-interest-bearing$394,745 $481,629 
Interest-bearing716,387 683,855 
Total deposits1,111,132 1,165,484 
Federal funds purchased and securities sold under agreements to resell13,200 — 
Operating lease liabilities1,915 2,093 
Other liabilities11,022 8,270 
Junior subordinated debentures (at fair value)11,017 10,883 
Total liabilities1,148,286 1,186,730 
Shareholders’ Equity  
Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,094,298 at March 31, 2023 and 17,067,253 at December 31, 2022
60,269 60,030 
Retained earnings69,495 69,928 
Accumulated other comprehensive loss, net of tax(16,856)(17,495)
Total shareholders’ equity112,908 112,463 
Total liabilities and shareholders’ equity$1,261,194 $1,299,193 
3
United Security Bancshares and Subsidiaries
Consolidated Statements of Income
(Unaudited)
 Three Months Ended March 31,
(In thousands except shares and EPS)20232022
Interest Income:
Interest and fees on loans$13,000 $9,119 
Interest on investment securities1,501 790 
Interest on deposits in FRB58 82 
Total interest income14,559 9,991 
Interest Expense:  
Interest on deposits1,343 508 
Interest on other borrowed funds271 45 
Total interest expense1,614 553 
Net Interest Income 12,945 9,438 
(Reversal) Provision for Credit Losses(493)5 
Net Interest Income after (Reversal) Provision for Credit Losses13,438 9,433 
Noninterest Income:  
Customer service fees734 654 
Increase in cash surrender value of bank-owned life insurance132 139 
Unrealized gain (loss) on fair value of marketable equity securities43 (182)
Gain (Loss) on fair value of junior subordinated debentures333 (999)
Gain on sale of investment securities— 30 
Other206 152 
Total noninterest income (loss)1,448 (206)
Noninterest Expense:
Salaries and employee benefits3,260 3,049 
Occupancy expense963 780 
Data processing174 115 
Professional fees882 949 
Regulatory assessments192 231 
Director fees109 118 
Correspondent bank service charges19 25 
Net cost of operation of OREO37 (8)
Other604 557 
Total noninterest expense6,240 5,816 
Income before provision for taxes8,646 3,411 
Provision for income taxes2,521 968 
Net income$6,125 $2,443 
Net Income per common share
Basic$0.36 $0.14 
Diluted$0.36 $0.14 
Weighted average common shares outstanding
Basic17,076,510 17,030,409 
Diluted17,092,460 17,051,819 
4
United Security Bancshares and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31,
(In thousands)20232022
Net Income$6,125 $2,443 
Unrealized holdings gain (loss) on debt securities1,325 (11,689)
Unrealized gain on unrecognized post-retirement costs21 23 
Unrealized (loss) gain on junior subordinated debentures(440)1,302 
Other comprehensive income (loss), before tax906 (10,364)
Tax (expense) benefit provision related to debt securities(390)3,455 
Tax expense related to unrecognized post-retirement costs(7)(7)
Tax benefit (expense) related to junior subordinated debentures130 (385)
Total other comprehensive income (loss) 639 (7,301)
Comprehensive income (loss) $6,764 $(4,858)
5
United Security Bancshares and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
 Common StockRetained EarningsAccumulated Other Comprehensive (Loss) Income 
(Dollars in thousands)Number of SharesAmountTotal
Balance December 31, 2021 (1)
17,028,239 $59,635 $61,746 $(1,174)$120,207 
Other comprehensive loss— — — (7,301)(7,301)
Dividends payable ($0.11 per share)
— — (1,874)— (1,874)
Restricted stock units released6,168 — — — — 
Tax benefit from restricted stock units released— (1)— — (1)
Director stock grant— 48 — — 48 
Stock-based compensation expense— 53 — — 53 
Net income— — 2,443 — 2,443 
Balance March 31, 2022 (2)
17,034,407 59,735 62,315 (8,475)113,575 
Other comprehensive income— — — (5,235)(5,235)
Dividends payable ($0.11 per share)
— — (1,875)— (1,875)
Restricted stock units released6,142 — — — — 
Director stock grant— 47 — — 47 
Stock-based compensation expense— 53 — — 53 
Net income— — 3,435 — 3,435 
Balance June 30, 2022 (3)
17,040,549 59,835 63,875 (13,710)110,000 
Other comprehensive loss— — — (5,601)(5,601)
Dividends payable ($0.11 per share)
— — (1,877)— (1,877)
Restricted stock units released6,127 — — — — 
Director stock grant— 44 — — 44 
Stock-based compensation expense— 45 — — 45 
Net income— — 4,467 — 4,467 
Balance September 30, 2022 (4)
17,046,676 59,924 66,465 (19,311)107,078 
Other comprehensive loss— — — 1,816 1,816 
Dividends payable ($0.11 per share)
— — (1,878)— (1,878)
Stock options exercised5,579 29 — — 29 
Restricted stock units released14,998 — — — — 
Director stock grant— 42 — — 42 
Stock-based compensation expense— 35 — — 35 
Net income— — 5,341 — 5,341 
Balance December 31, 2022 (5)
17,067,253 60,030 69,928 (17,495)112,463 
Other comprehensive loss— — — 639 639 
Dividends payable ($0.11 per share)
— — (1,880)— (1,880)
Restricted stock units released27,045 — — — — 
Tax benefit from RSUs released— (10)— — (10)
Director stock grant— 208 — — 208 
Stock-based compensation expense— 41 — — 41 
Cumulative effect of adopting CECL— — (4,678)— (4,678)
Net income— — 6,125 — 6,125 
Balance March 31, 2023 (6)
17,094,298 $60,269 $69,495 $(16,856)$112,908 
(1) Excludes 41,424 unvested restricted shares
(2) Excludes 27,949 unvested restricted shares
(3) Excludes 26,949 unvested restricted shares
(4) Excludes 26,949 unvested restricted shares
(5) Excludes 29,449 unvested restricted shares
(6) Excludes 13,974 unvested restricted shares
6
United Security Bancshares and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
 Three months ended March 31,
(In thousands)20232022
Cash Flows From Operating Activities:  
Net Income$6,125 $2,443 
Adjustments to reconcile net income to cash provided by operating activities:  
(Reversal) provision for credit losses (493)5 
Depreciation and amortization376 311 
Amortization of operating lease right-of-use assets176 151 
Amortization of premium/discount on investment securities, net111 197 
Gain on sale of investment securities— (30)
Decrease (increase) in accrued interest receivable660 (271)
Decrease in accrued interest payable(17)(1)
Increase (decrease) in accounts payable and accrued liabilities2,539 (248)
Decrease in unearned fees and unamortized loan origination costs, net(130)(219)
(Increase) decrease in income taxes receivable(355)1,263 
(Gain) loss on marketable equity securities(43)182 
Stock-based compensation expense240 100 
(Provision) benefit for deferred income taxes(32)89 
Increase in cash surrender value of bank-owned life insurance(132)(139)
(Gain) loss on fair value option of junior subordinated debentures(333)999 
Net decrease (increase) in other assets636 (2,577)
Net cash provided by operating activities9,328 2,225 
Cash Flows From Investing Activities:  
Purchase of correspondent bank stock(2)(6)
Purchases of available-for-sale securities— (34,734)
Principal payments of available-for-sale securities3,203 6,140 
Cash proceeds from sale of investment securities— 15,676 
Net increase (decrease) in loans37,146 (7,689)
Capital expenditures of premises and equipment(92)(281)
Net cash provided (used) in investing activities40,255 (20,894)
Cash Flows From Financing Activities:  
Net (decrease) increase in demand deposits and savings accounts(65,912)29,178 
Net increase (decrease) in time deposits11,561 (2,952)
Net change in federal funds purchased13,200 — 
Dividends on common stock(1,874)(1,872)
Net cash (used) provided by financing activities(43,025)24,354 
Net change in cash and cash equivalents6,558 5,715 
Cash and cash equivalents at beginning of period38,595 219,219 
Cash and cash equivalents at end of period$45,153 $224,934 
7
United Security Bancshares and Subsidiaries - Notes to Consolidated Financial Statements - (Unaudited)
 
1.Organization and Summary of Significant Accounting and Reporting Policies
 
The consolidated financial statements include the accounts of United Security Bancshares (Company or USB) and its wholly owned subsidiary United Security Bank (Bank). Intercompany accounts and transactions have been eliminated in consolidation.

These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information on a basis consistent with the accounting policies reflected in the audited consolidated financial statements of the Company included in its 2022 Annual Report on Form 10-K. These interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole.

Impact of New Financial Accounting Standards:

In June 2016, Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). The FASB is issuing this Update to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The Update requires enhanced disclosures and judgments in estimating credit losses and also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. This original amendment was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In October 2019 FASB unanimously approved a vote to delay the effective date of this Standard to be effective for fiscal years beginning after December 15, 2022. The Company adopted ASC 326 (“CECL”) as of January 1, 2023 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting periods beginning after January 1, 2023, are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption of this new standard required a cumulative adjustment to the allowance for credit losses, leading to an increase in the credit loss balance of $6.4 million and an increase in the reserve for unfunded loan commitments of $273,000, resulting in a combined adjustment to retained earnings of $4.7 million, net of a $1.9 million tax adjustment.

8
The following table summarized the impact of the adoption of ASU 2016-13 by loan category:

(In thousands)Allowance for credit losses as reported under ASU 2016-13Allowance before the adoption of ASU 2016-13 Impact to allowance of adoption of ASU 2016-13
Assets:
Commercial and industrial:
Commercial and business loans$2,290 $954 $1,336 
Government program loans2 2 — 
Total commercial and industrial2,292 956 1,336 
Real estate mortgage:  
Commercial real estate2,735 659 2,076 
Residential mortgages986 703 283 
Home improvement and home equity loans2 2 — 
Total real estate mortgage3,723 1,364 2,359 
Real estate construction and development4,129 3,408 721 
Agricultural1,550 525 1,025 
Installment and student loans4,855 2,898 1,957 
Unallocated— 1,031 (1,031)
Allowance for credit losses for all loans$16,549 $10,182 $6,367 
Liabilities:
Allowance for credit losses on off-balance sheet exposures$805 $532 $273 

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). This ASU provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. The ASU was effective for all entities as of March 12, 2020, through December 31, 2022. However, the effective date was updated in ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, and is currently set for December 31, 2024. The Company is in the process of evaluating the provisions of this ASU and its effects on our consolidated financial statements. The Company anticipates impacts to junior subordinated debt and floating rate loans tied to LIBOR.

In March 2022, FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures. This ASU provides new guidance on the treatment of troubled debt restructurings in relation to the adoption of the CECL model for the accounting for credit losses (see note above regarding ASU 2016-13). Previous accounting guidance related to troubled debt restructurings is eliminated and new disclosure requirements are adopted in regard to loan refinancing and restructurings made to borrowers experiencing financial difficulties under the assumption that the CECL model will capture credit losses related to troubled debt restructurings. New disclosures regarding gross write-offs for financing receivables by year of origination are also included in the update. This update has been adopted as of January 1, 2023. The Bank will no longer report trouble debt restructures or classify loans as such. TDRs previously recognized have been incorporated into the CECL methodology in regard to loan loss reserves as of January 1, 2023.

9
2.Investment Securities

Following is a comparison of the amortized cost and fair value of securities available-for-sale, as of March 31, 2023 and December 31, 2022:
March 31, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value (Carrying Amount)
Securities available-for-sale:
U.S. Government agencies$7,483 $5 $(55)$7,433 
U.S. Government sponsored entities & agencies collateralized by mortgage obligations108,407 12 (12,616)95,803 
U.S. Treasury securities30,014 — (590)29,424 
Municipal bonds50,630 — (9,153)41,477 
Corporate bonds34,762 6 (3,349)31,419 
Total securities available for sale$231,296 $23 $(25,763)$205,556 

December 31, 2022
(In thousands) Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value (Carrying Amount)
Securities available-for-sale:
U.S. Government agencies$8,275 $7 $(51)$8,231 
U.S. Government sponsored entities & agencies collateralized by mortgage obligations110,908 5 (13,695)97,218 
U.S. Treasury securities30,004 — (780)29,224 
Municipal bonds50,678 — (10,508)40,170 
Corporate bonds34,745 5 (2,048)32,702 
Total securities available for sale$234,610 $17 $(27,082)$207,545 
 
The amortized cost and fair value of securities available for sale at March 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities on collateralized mortgage obligations cannot be anticipated due to allowed pay downs.
 March 31, 2023
(In thousands)Amortized CostFair Value (Carrying Amount)
Due in one year or less$17,506 $17,272 
Due after one year through five years31,772 30,280 
Due after five years through ten years65,908 55,411 
Due after ten years7,700 6,791 
Collateralized mortgage obligations108,410 95,802 
 $231,296 $205,556 

10
Proceeds and gross realized gains (losses) from sales of available-for-sale investment securities are shown below:
Three Months Ended
(In thousands)March 31, 2023March 31, 2022
Proceeds from sales or calls— 15,676 
Gross realized gains from sales or calls— 78 
Gross realized losses from sales or calls— (48)

As market interest rates or risks associated with a security’s issuer continue to change and impact the actual or perceived values of investment securities, the Company may determine that selling these securities and using proceeds to purchase securities that better fit with the Company’s current risk profile is appropriate and beneficial to the Company. There were no losses were recorded due to credit-related factors for the three month periods ended March 31, 2023 or March 31, 2022.

At March 31, 2023, available-for-sale securities with an amortized cost of approximately $77.0 million (fair value of $66.9 million) were pledged as collateral for FHLB borrowings, securitized deposits, and public funds balances.

The following summarizes temporarily impaired available-for-sale investment securities:
Less than 12 Months12 Months or MoreTotal
(In thousands)Fair Value (Carrying Amount)Unrealized LossesFair Value (Carrying Amount)Unrealized LossesFair Value (Carrying Amount)Unrealized Losses
March 31, 2023
U.S. Government agencies$— $— $5,219 $(55)$5,219 $(55)
U.S. Government sponsored entities and agencies collateralized by mortgage obligations26,845 (1,168)68,402 (11,448)95,247 (12,616)
Corporate bonds15,589 (2,158)12,995