UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission file number: 000-32987 UNITED SECURITY BANCSHARES (Exact name of registrant as specified in its charter) CALIFORNIA 91-2112732 (State or other jurisdiction of i ...

Table of Content Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days. Yes ☒ No ☐ Indicate by chec ...

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 | 93721 | | (Address of principal executive offices) | (Zip Code) | Registrants telephone number, including area code (559) 248-4943 Table of Content SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number: 0 ...

Table of Content SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number: 000-32897 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 | 93721 | | (Address of principal executive offices) | (Zip Code) | Registrants telephone number, including area code (559) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission file number: 000-32987 UNITED SECURITY BANCSHARES (Exact name of registrant as specified in its charter) CALIFORNIA 91-2112732 (State or other jurisdiction of i ...

Financial Performance - For the nine months ended September 30, 2020, the Company reported net income of $7,038,000, or $0.41 per share, compared to $12,276,000, or $0.72 per share, for the same period in 2019[176]. - The Company's return on average assets decreased to 0.93% for the nine months ended September 30, 2020, down from 1.70% for the same period in 2019[176]. - Total interest income decreased by $5,729,000, or 18.39%, compared to the same period in 2019[188]. - Noninterest income for the quarter ended September 30, 2020 decreased by $942,000 to $911,000, a decline of 50.84% compared to the same quarter in 2019[194]. - Noninterest income for the nine months ended September 30, 2020 decreased by $399,000 to $4,706,000, a decline of 7.82% compared to the same period in 2019[196]. - The effective tax rate for the nine months ended September 30, 2020, was 28.46%, a decrease from 28.90% for the same period in 2019[201]. Credit Losses and Provisions - The provision for credit losses recognized during the period ended September 30, 2020, was $2,138,000, contributing to the decrease in net income[176]. - The provision for credit losses was $2,138,000 for the nine months ended September 30, 2020, compared to only $15,000 for the same period in 2019, indicating a significant increase in risk assessment[262]. - Net charge-offs for the nine months ended September 30, 2020 totaled $1,338,000, a substantial increase from $180,000 for the same period in 2019[263]. - The allowance for credit losses at September 30, 2020 was 1.32% of outstanding loan balances, down from 1.45% at September 30, 2019[264]. Loan and Deposit Growth - Total loans outstanding increased from $569,500,000 at September 30, 2019 to $660,444,000 at September 30, 2020, representing a growth of 15.95%[263]. - Total deposits reached $994,783,000, an increase of $176,421,000, or 21.56%, from $818,362,000 at December 31, 2019[211]. - Noninterest-bearing checking accounts increased to $355,114,000, compared to $306,590,000 in the previous year[181]. - Interest-bearing deposits increased by $58,343,000, or 11.52%, from $506,412,000 at December 31, 2019, to $564,755,000 at September 30, 2020[213]. Asset Management - Total assets increased by $177,028,000, or 18.50%, to $1,133,947,000 as of September 30, 2020, compared to $956,919,000 at December 31, 2019[202]. - Average earning assets were approximately $926,935,000 for the nine months ended September 30, 2020, compared to $875,384,000 for the same period in 2019[203]. - The loan to deposit ratio was 65.5% at September 30, 2020, compared to 71.9% at December 31, 2019, indicating improved liquidity management[269]. Economic Impact and Market Conditions - The unemployment rate in Fresno County was reported at 10.4% as of September 2020, indicating economic challenges in the local market[164]. - The Company anticipates a short-term slowdown in new loan originations due to COVID-19, focusing on balance sheet management and maintaining market share[175]. - The Company is actively working with COVID-19 affected borrowers to defer payments, interest, and fees, which may impact future interest income[166]. Regulatory Compliance and Capital Ratios - The Company's capital ratios were in excess of all regulatory requirements as of September 30, 2020, indicating sufficient capital to withstand an extended economic recession[167]. - The Bank's ratio of tangible shareholders' equity to total tangible assets was 12.4% at September 30, 2020, well above the required minimum of 9%[277]. - The Company and the Bank meet all capital adequacy requirements and are expected to continue meeting minimum capital requirements in the foreseeable future[284]. Dividends and Stock Repurchase - The Bank paid $6,027,000 in cash dividends to the Holding Company during the nine months ended September 30, 2020[288]. - The Board of Directors declared a cash dividend of $0.11 per share on the Company's common stock on September 22, 2020, with approximately $1,867,000 transferred from retained earnings for distribution[289]. - The Company has authorized the repurchase of up to $3,000,000 of outstanding stock, representing 2.6% of total shareholders' equity of $118,053,000 as of September 30, 2020[287].

Table of Contents SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number: 000-32897 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 93721 (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code (559) 248-4943 Indicate by check mark wheth ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number: 000-32897 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 93721 (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code (559) 248-4943 Indicate by check mark wheth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K Commission file number: 000-32987 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 93721 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (559) 248-4943 Securities registered pursuant ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number: 000-32897 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 93721 (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code (559) 248-4943 Indicate by check mark wheth ...