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United Security Bancshares (UBFO-7.39%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a slight increase in total assets to $1,211,718,000 from $1,211,045,000 in the previous year. Total deposits increased by 5.3% to $1,057,622,000.
Net income for the year was $14,783,000, down from $19,796,000 in the previous year. The decrease in net income is attributed to increased interest expenses and provisions for credit losses.
Net interest income before provision for credit losses decreased to $46,850,000 from $49,321,000, reflecting a decrease in the net interest margin to 4.26% from 4.29%.
The provision for credit losses increased to $2,963,000 from $1,460,000, primarily due to charge-offs within the student loan portfolio and adjustments in qualitative factors.
Noninterest income decreased to $4,713,000 from $5,569,000, largely due to a loss on the fair value of junior subordinated debentures.
Noninterest expense increased to $28,280,000 from $25,954,000, driven by higher salaries and employee benefits, professional fees, and data processing expenses.
The company reported a return on average assets of 1.22% and a return on average equity of 11.52%, compared to 1.57% and 17.05%, respectively, in the prior year.
Total loans increased slightly to $928,462,000, with the real estate mortgage loan portfolio growing by 3.1%.
The filing also details regulatory capital requirements and the company's compliance with these requirements, noting that both the company and the bank meet all capital adequacy requirements.
United Security Bancshares continues to focus on its core banking operations, with an emphasis on maintaining a stable deposit base and managing interest rate risk.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United Security Bancshares annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.