UNITED SECURITY BANCSHARES (UBFO) FY2024 10-K Annual Report
UNITED SECURITY BANCSHARES (UBFO) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Mar 20, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
UNITED SECURITY BANCSHARES FY2024 10-K Analysis
Business Overview
- • Core business model: Commercial banking focused on California markets with branch network, lending, and real estate owned management
- • York Monterey Properties segment managing foreclosed real estate parcels in Monterey County, funded $1.055M since inception, highlighted this year
- • Maintains USB Capital Trust II issuing $15M Trust Preferred Securities with $12M junior subordinated debentures outstanding after $3M redemption in 2015
- • Operates 13 bank branches plus 9 off-site Interactive Teller Machines primarily in Fresno and other California cities
- • No new products or business lines introduced; emphasis on consolidated real estate owned and trust preferred securities management
Management Discussion & Analysis
- • Revenue noninterest income $4.7M, down 15.4% YoY from $5.6M; decline mainly from TRUPs fair value loss of $614K vs gain $274K prior year
- • Noninterest expense $28.3M, up 9% YoY from $26.0M; salaries 1.26% avg assets vs 1.14%, professional fees 0.48% vs 0.38%, data processing expense rise noted
- • Best performing segment: Real estate mortgage loans $666.7M, up 3.1% ($20.0M); Worst: Real estate construction & development loans down 13.1% ($16.8M)
- • Deposits $1.06B, up 5.3% YoY; purchased brokered deposits $100.3M; no short-term borrowings at 2024 YE vs $62M in 2023; allowance for credit losses $16.0M vs $15.7M
- • Outlook risks: fluctuations in SOFR impact TRUPs valuation; loan charge-offs rose with net charge-off ratio 0.29% loans YE; management cautious on credit risk and liquidity strategy
UNITED SECURITY BANCSHARES FY2024 Key Financial MetricsXBRL
Revenue
$3M
▼ 0.0% YoY
Net Income
$15M
▼ -25.3% YoY
Net Margin
506.6%
▼ -17180bp YoY
ROE
11.3%
▼ -481bp YoY
Total Assets
$1.2B
▲ +0.1% YoY
EPS (Diluted)
$0.86
▼ -25.9% YoY
Operating Cash Flow
$20M
▼ -8.1% YoY
Source: XBRL data from UNITED SECURITY BANCSHARES FY2024 10-K filing on SEC EDGAR. All figures in USD.
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