Short answer
UNITED SECURITY BANCSHARES (UBFO) filed its fiscal 2024 10-K annual report with the SEC on Mar 20, 2025. It reported revenue of $3M (+0.0% year over year) and net income of $15M.
FY2024 key financial metrics · XBRL
- Revenue
- $3M
- +0.0% YoY
- Net income
- $15M
- −25.3% YoY
- EPS (diluted)
- $0.86
- −25.9% YoY
- ROE
- 11.3%
- −4.8 pp YoY
- Operating cash flow
- $20M
- −8.1% YoY
Source: XBRL data from the UNITED SECURITY BANCSHARES (UBFO) FY2024 10-K on SEC EDGAR. USD.
UNITED SECURITY BANCSHARES FY2024 10-K analysis
AI summary of each section, grounded in the filing text
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
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