联合安全银行 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE QUARTERLY PERIOD ENDEDMARCH31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934FOR THE TRANSITION PERIOD FROMTO. 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 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted andposted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting Large accelerated filer☐Accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ 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 April30, 2025:17,475,927 TABLE OF CONTENTS Item 1. Financial Statements (Unaudited)Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Income4Condensed Consolidated Statements of Comprehensive Income5Condensed Consolidated Statements of Changes in Shareholders’ Equity6Condensed Consolidated Statements of Cash Flows7Notes to Condensed Consolidated Financial Statements8Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations34Overview34Results of Operations36Financial Condition41Liquidity and Capital Resources49Item 3. Quantitative and Qualitative Disclosures about Market Risk51Item 4. Controls and Procedures51PART II. Other InformationItem 1.Legal Proceedings53Item 1A.Risk Factors53Item 2.Unregistered Sales of Equity Securities and Use of Proceeds53Item 3.Defaults Upon Senior Securities53Item 4.Mine Safety Disclosures53Item 5.Other Information53Item 6.Exhibits53Signatures56 United Security Bancshares and SubsidiariesCondensed Consolidated Statements of Comprehensive Income United Security Bancshares and Subsidiaries - Notes to Condensed 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 UnitedStates (GAAP) for interim financial information on a basis consistent with the accounting policies reflected in the audited consolidatedfinancial statements of the Company included in its 2024 Annual Report on Form 10-K. These interim consolidated financialstatements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had noeffect on prior period net income or shareholders’ equity. 2.Investment Securities Following is a comparison of the amortized cost and fair value of securities available-for-sale as of March31, 2025, and The amortized cost and fair value of securities available for sale at March31, 2025, by contractual maturity, are shown below. Actualmaturities 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 toallowed paydowns. There were no proceeds or realized gains or losses from the sale or call of available-for-sale securities for the quarters endedMarch31, 2025, or March31, 2024. As market interest rates or risks associated with a security’s issuer continue to change and impact the actual or perceived values ofinvestment securities, the Company may determine that selling these securities and using the proceeds to purchase securities t