Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Only Financial Statements

Parent Company Only Financial Statements

The following are the condensed financial statements of United Security Bancshares and should be read in conjunction with the consolidated financial statements:

United Security Bancshares – (parent only)
Balance Sheets  - December 31, 2016 and 2015
(In thousands)	2016			2015
Assets
Cash and equivalents	$	148		$	140
Investment in bank subsidiary	104,554			97,379
Other assets	2,525			2,326
Total assets	107,227			99,845
Liabilities & Shareholders' Equity
Liabilities:
Junior subordinated debt securities (at fair value)	8,832			8,300
Deferred taxes	1,741			1,910
Total liabilities	10,573			10,210
Shareholders' Equity:
Common stock, no par value 20,000,000 shares authorized, 16,705,294 and 16,051,406 issued and outstanding, at December 31, 2016 and December 31, 2015, respectively	56,557			52,572
Retained earnings	40,701			37,265
Accumulated other comprehensive loss	(604		)	(202		)
Total shareholders' equity	96,654			89,635
Total liabilities and shareholders' equity	$	107,227		$	99,845

United Security Bancshares – (parent only)	Year ended December 31,
Income Statements
(In thousands)	2016			2015			2014
Income
Loss on fair value of financial liability	$	(518	)	$	(73	)	$	(102	)
Gain on redemption of JR subordinated debentures	—			78			—
Dividends from subsidiary	424			2,416			1,519
Total income	(94		)	2,421			1,417
Expense
Interest expense	240			225			241
Other expense	241			256			101
Total expense	481			481			342
(Loss) Income before taxes and equity in undistributed income of subsidiary	(575		)	1,940			1,075
Income tax benefit	(411		)	(196		)	(182		)
Undistributed income of subsidiary	7,549			4,674			4,959
Net Income	$	7,385		$	6,810		$	6,216

United Security Bancshares – (parent only)	Year ended December 31,
Statement of Cash Flows
(In thousands)	2016			2015			2014
Cash Flows From Operating Activities
Net income	$	7,385		$	6,810		$	6,216
Adjustments to reconcile net income to cash provided by operating activities:
Equity in undistributed income of subsidiary	(7,549		)	(4,674		)	(4,959		)
Provision for deferred income taxes	(169		)	(518		)	(42		)
Loss on fair value option of financial liability	518			73			102
Gain on redemption of junior subordinated debentures	—			(78		)	—
(Increase) decrease in income tax receivable	(198		)	117			(140		)
Net change in other assets/liabilities	15			(14		)	(1,114		)
Net cash provided by operating activities	2			1,716			63
Cash Flows From Financing Activities
Proceeds from exercise of stock options	6			—			95
Redemption of junior subordinated debenture	—			(1,800		)	—
Net cash provided by financing activities	6			(1,800		)	95
Net increase (decrease) increase in cash and cash equivalents	8			(84		)	158
Cash and cash equivalents at beginning of year	140			224			66
Cash and cash equivalents at end of year	$	148		$	140		$	224