Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements of Parent

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, 2022 and 2021
(In thousands)	2022		2021
Assets
Cash and equivalents	$	2,940	$	2,813
Investment in bank subsidiary	121,159		129,042
Other assets	1,154		1,413
Total assets	$	125,253	$	133,268
Liabilities & Shareholders’ Equity
Liabilities:
Junior subordinated debt securities (at fair value)	$	10,883	$	11,189
Dividends declared	1,878		1,872
Other liabilities	29		—
Total liabilities	12,790		13,061
Shareholders’ Equity:
Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,067,253 at December 31, 2022 and 17,028,039 at December 31, 2021	60,030		59,636
Retained earnings	69,928		61,745
Accumulated other comprehensive (loss) income, net of tax	(17,495)		(1,174)
Total shareholders’ equity	112,463		120,207
Total liabilities and shareholders’ equity	$	125,253	$	133,268

United Security Bancshares – (parent only)	Year ended December 31,
Income Statements
(In thousands)	2022		2021
Income
Gain (loss) on fair value of junior subordinated debentures	$	(2,533)	$	(660)
Dividends from subsidiary	7,902		7,889
Total income	5,369		7,229
Expense
Interest expense	376		179
Other expense	450		217
Total expense	826		396
Income before taxes and equity in undistributed income of subsidiary	4,543		6,833
Provision for income taxes	(993)		(199)
Equity in undistributed income of subsidiary	10,150		3,066
Net Income	$	15,686	$	10,098

United Security Bancshares – (parent only)	Year ended December 31,
Statement of Cash Flows
(In thousands)	2022		2021
Cash Flows From Operating Activities
Net income	$	15,686	$	10,098
Adjustments to reconcile net income to cash provided by operating activities:
Equity in undistributed income of subsidiary	(10,150)		(3,066)
Provision for deferred income taxes	128		80
Loss on fair value of junior subordinated debentures	2,533		660
Decrease in income tax receivable	213		15
Net change in other assets	(797)		(295)
Net cash provided by operating activities	7,613		7,492
Cash Flows From Financing Activities
Dividends paid	(7,486)		(7,489)
Net cash used in by financing activities	(7,486)		(7,489)
Net increase in cash and cash equivalents	127		3
Cash and cash equivalents at beginning of year	2,813		2,810
Cash and cash equivalents at end of year	$	2,940	$	2,813