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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


☐			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: 000-32897

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)

Registrant’s telephone number, including area code (559) 248-4930

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, no par value

UBFO

Nasdaq

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 check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒
Smaller reporting company ☒		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value

(Title of Class)

Shares outstanding as of July 31, 2025: 17,476,427

Table of Contents

TABLE OF CONTENTS


PART I. Financial Information
	Item 1. Financial Statements (Unaudited)
		Condensed Consolidated Balance Sheets	3
		Condensed Consolidated Statements of Income	4
		Condensed Consolidated Statements of Comprehensive Income	5
		Condensed Consolidated Statements of Changes in Shareholders’ Equity	6
		Condensed Consolidated Statements of Cash Flows	7
		Notes to Condensed Consolidated Financial Statements	8
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		33
		Overview	33
		Results of Operations	35
		Financial Condition	43
		Liquidity and Capital Resources	51
	Item 3. Quantitative and Qualitative Disclosures about Market Risk		53
	Item 4. Controls and Procedures		53
PART II. Other Information
	Item 1.	Legal Proceedings	55
	Item 1A.	Risk Factors	55
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
	Item 3.	Defaults Upon Senior Securities	55
	Item 4.	Mine Safety Disclosures	55
	Item 5.	Other Information	55
	Item 6.	Exhibits	55
Signatures			59

Table of Contents

PART I. Financial Information

Item 1 - Financial Statements (Unaudited)

United Security Bancshares and Subsidiaries

Condensed Consolidated Balance Sheets – (unaudited)


(In thousands except shares)	June 30, 2025		December 31, 2024
Assets


Cash and cash equivalents	$	49,091	$	56,211

Investment securities (at fair value)
Available-for-sale (AFS) securities net of allowance for credit losses of $0 (amortized cost of $165,252 and $179,753)	147,041		157,382
Marketable equity securities	3,382		3,326
Total investment securities	150,423		160,708
Loans	949,279		930,244
Unearned fees and unamortized loan origination costs - net	(1,950)		(1,782)
Allowance for credit losses - loans	(15,965)		(16,046)
Net loans	931,364		912,416
Premises and equipment - net	8,583		8,668
Accrued interest receivable	7,929		8,104
Other real estate owned	7,852		4,582
Goodwill	4,488		4,488
Investment in limited partnerships	4,275		4,275
Deferred tax assets - net	13,479		14,419
Cash surrender value of life insurance - net	20,956		20,692
Operating lease right-of-use assets	2,716		3,069
Other assets	12,981		14,086
Total assets	$	1,214,137	$	1,211,718

Liabilities & Shareholders’ Equity
Liabilities
Deposits
Non-interest-bearing	$	372,027	$	360,152
Interest-bearing	683,642		697,470
Total deposits	1,055,669		1,057,622

Operating lease liabilities	2,807		3,161
Other liabilities	9,576		9,001
Junior subordinated debentures (at fair value)	11,831		11,572
Total liabilities	1,079,883		1,081,356
Commitments and contingent liabilities (Note 18)
Shareholders’ Equity
Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,475,927 at June 30, 2025 and 17,364,894 at December 31, 2024	61,727		61,267
Retained earnings	84,103		83,447
Accumulated other comprehensive loss, net of tax	(11,576)		(14,352)
Total shareholders’ equity	134,254		130,362
Total liabilities and shareholders’ equity	$	1,214,137	$	1,211,718

See accompanying notes to condensed consolidated financial statements.

Table of Contents

United Security Bancshares and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except shares and EPS)	2025		2024		2025		2024
Interest Income:
Interest and fees on loans	$	13,765	$	13,576	$	27,707	$	27,056
Interest on investment securities	1,140		1,303		2,346		2,657
Interest on deposits at other banks	99		93		233		137
Total interest income	15,004		14,972		30,286		29,850
Interest Expense:
Interest on deposits	2,868		1,857		5,649		3,581
Interest on other borrowed funds	273		1,593		481		3,036
Total interest expense	3,141		3,450		6,130		6,617
Net Interest Income	11,863		11,522		24,156		23,233
Provision for credit losses	1,858		19		4,158		192
Net Interest Income after Provision for Credit Losses	10,005		11,503		19,998		23,041
Noninterest Income:
Customer service fees	726		718		1,364		1,424
Increase in cash surrender value of bank-owned life insurance	132		130		264		267
Gain on proceeds from bank-owned life insurance	—		573		—		573

Loss on fair value of junior subordinated debentures	(317)		(225)		(48)		(520)

(Loss) gain on sale of assets	(54)		—		(54)		11
Other	271		321		596		816
Total noninterest income	758		1,517		2,122		2,571
Noninterest Expense:
Salaries and employee benefits	3,845		3,390		7,771		6,888
Occupancy expense	930		884		1,896		1,741
Data processing	399		198		806		309
Technology	687		650		1,338		1,414
Professional fees	350		642		996		886
Loan-related expenses	116		217		133		432
Regulatory assessments	169		162		342		335
Director expenses	289		103		391		232
Other	954		727		1,671		1,471
Total noninterest expense	7,739		6,973		15,344		13,708
Income before provision for taxes	3,024		6,047		6,776		11,904
Provision for income taxes	855		1,750		1,925		3,446
Net income	$	2,169	$	4,297	$	4,851	$	8,458
Net Income per common share
Basic	$	0.13	$	0.25	$	0.28	$	0.49
Diluted	$	0.13	$	0.25	$	0.28	$	0.49
Weighted average common shares outstanding
Basic	17,235,873		17,186,266		17,232,825		17,178,566
Diluted	17,260,392		17,187,266		17,261,463		17,179,559

See accompanying notes to condensed consolidated financial statements.

Table of Contents

United Security Bancshares and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
Net Income	$	2,169	$	4,297	$	4,851	$	8,458
Unrealized gain (loss) on available-for-sale securities	1,571		1,008		4,159		(61)
Unrealized gain on unrecognized post-retirement costs	9		10		17		20
Unrealized (loss) gain on junior subordinated debentures	(93)		121		(235)		275
Other comprehensive income, before tax	1,487		1,139		3,941		234
Tax (expense) benefit related to available-for-sale securities	(464)		(297)		(1,229)		18
Tax expense related to unrecognized post-retirement costs	(3)		(3)		(5)		(6)
Tax benefit (expense) related to junior subordinated debentures	27		(37)		69		(81)
Total other comprehensive income	1,047		802		2,776		165
Comprehensive income	$	3,216	$	5,099	$	7,627	$	8,623

See accompanying notes to condensed consolidated financial statements.

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United Security Bancshares and Subsidiaries

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

For the Three Months Ended June 30, 2025, and 2024


	Common Stock			Retained Earnings		Accumulated Other Comprehensive (Loss) Income
(Dollars in thousands)	Number of Shares	Amount						Total
Balance March 31, 2024	17,315,195	$	60,792	$	79,067	$	(15,675)	$	124,184
Other comprehensive income	—	—		—		802		802
Dividends payable ($0.12 per share)	—	—		(2,079)		—		(2,079)


Restricted stock awards granted	7,563	—		—		—		—

Stock-based compensation expense	—	146		—		—		146
Net income	—	—		4,297		—		4,297
Balance June 30, 2024	17,322,758	$	60,938	$	81,285	$	(14,873)	$	127,350

Balance March 31, 2025	17,475,927	$	61,467	$	84,032	$	(12,623)	$	132,876
Other comprehensive income	—	—		—		1,047		1,047
Dividends payable ($0.12 per share)	—	—		(2,098)		—		(2,098)




Stock-based compensation expense	—	260		—		—		260
Net income	—	—		2,169		—		2,169
Balance June 30, 2025	17,475,927	$	61,727	$	84,103	$	(11,576)	$	134,254

See accompanying notes to condensed consolidated financial statements.

United Security Bancshares and Subsidiaries

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

For the Six Months Ended June 30, 2025, and 2024


	Common Stock			Retained Earnings		Accumulated Other Comprehensive (Loss) Income
(Dollars in thousands)	Number of Shares	Amount						Total
Balance December 31, 2023	17,167,895	$	60,585	$	76,995	$	(15,038)	$	122,542
Other comprehensive income	—	—		—		165		165
Dividends paid ($0.12 per share)	—	—		(2,089)		—		(2,089)
Dividends payable ($0.12 per share)	—	—		(2,079)		—		(2,079)
Restricted stock units released	39,830	—		—		—		—

Restricted stock awards granted	115,033	—		—		—		—

Stock-based compensation expense	—	353		—		—		353
Net income	—	—		8,458		—		8,458
Balance June 30, 2024	17,322,758	$	60,938	$	81,285	$	(14,873)	$	127,350

Balance December 31, 2024	17,364,894	$	61,267	$	83,447	$	(14,352)	$	130,362
Other comprehensive income	—	—		—		2,776		2,776
Dividends paid ($0.12 per share)	—	—		(2,097)		—		(2,097)
Dividends payable ($0.12 per share)	—	—		(2,098)		—		(2,098)
Restricted stock units released	1,654	—		—		—		—

Restricted stock awards granted	109,379	—		—		—		—

Stock-based compensation expense	—	460		—		—		460
Net income	—	—		4,851		—		4,851
Balance June 30, 2025	17,475,927	$	61,727	$	84,103	$	(11,576)	$	134,254

See accompanying notes to condensed consolidated financial statements.

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United Security Bancshares and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)


	Six months ended June 30,
(In thousands)	2025		2024
Cash Flows From Operating Activities:
Net Income	$	4,851	$	8,458
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	4,158		192
Depreciation and amortization	735		712
Noncash lease expense	394		363
Amortization of premium/discount on investment securities, net	192		217
Operating lease payments	(396)		(368)
Decrease (increase) in accrued interest receivable	175		(108)
Increase in accrued interest payable	36		14
Increase (decrease) in accounts payable and accrued liabilities	290		(1,284)
Increase in unearned fees and unamortized loan origination costs, net	168		258
Decrease in income taxes receivable	128		1,400
Gain on marketable equity securities	(57)		(46)
Stock-based compensation expense	459		353
Provision for deferred income taxes	(210)		—




Gain on bank owned life insurance	—		(573)
Increase in cash surrender value of bank-owned life insurance	(264)		(267)
Loss on fair value option of junior subordinated debentures	48		520



Gain on calls on investment securities	(17)		—


Net decrease (increase) in other assets	1,030		(89)
Net cash provided by operating activities	11,720		9,752
Cash Flows From Investing Activities:


Purchase of correspondent bank stock	(13)		(8)

Maturities and calls of available-for-sale securities	9,000		13,500
Principal payments of available-for-sale securities	5,326		4,573


Net increase in loans	(26,301)		(30,270)


Investment in limited partnerships	—		(200)


Proceeds from bank-owned life insurance	—		2,397

Capital expenditures of premises and equipment	(704)		(740)
Net cash used in investing activities	(12,692)		(10,748)
Cash Flows From Financing Activities:
Net decrease in demand deposits and savings accounts	(720)		(333)
Net (decrease) increase in time deposits	(1,234)		2,470


Net increase in short-term borrowings	—		1,000
Dividends on common stock	(4,194)		(4,168)
Net cash used in financing activities	(6,148)		(1,031)
Net change in cash and cash equivalents	(7,120)		(2,027)
Cash and cash equivalents at beginning of period	56,211		40,784
Cash and cash equivalents at end of period	$	49,091	$	38,757

See accompanying notes to condensed consolidated financial statements.

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United Security Bancshares and Subsidiaries - Notes to Condensed Consolidated Financial Statements - (Unaudited)

1.Organization and Summary of Significant Accounting and Reporting Policies

The consolidated financial statements include the accounts of United Security Bancshares (“Company” or “USB”) and its wholly-owned subsidiaries, United Security Bank (“Bank”) and York Monterey Properties, Inc. (“YMP”). Intercompany accounts and transactions have been eliminated in consolidation.

These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information on a basis consistent with the accounting policies reflected in the audited consolidated financial statements of the Company included in its 2024 Annual Report on Form 10-K. These interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments consisting of a normal, recurring nature and considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole.

2.Investment Securities

Following is a comparison of the amortized cost and fair value of securities available-for-sale as of June 30, 2025, and December 31, 2024:


	June 30, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Carrying Amount)
Securities available-for-sale:
U.S. Government agencies	$	1,782	$	—	$	(13)	$	1,769
U.S. Government-sponsored entities and agencies collateralized by mortgage obligations	87,556		10		(11,281)		76,285

Municipal bonds	49,981		—		(6,035)		43,946
Corporate bonds	25,933		27		(919)		25,041
Total securities available-for-sale	$	165,252	$	37	$	(18,248)	$	147,041


	December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Carrying Amount)
Securities available-for-sale:
U.S. Government agencies	$	2,666	$	—	$	(22)	$	2,644
U.S. Government-sponsored entities and agencies collateralized by mortgage obligations	92,121		4		(13,244)		78,881


Municipal bonds	50,082		—		(7,715)		42,367
Corporate bonds	34,884		34		(1,428)		33,490
Total securities available-for-sale	$	179,753	$	38	$	(22,409)	$	157,382

The amortized cost and fair value of securities available for sale at June 30, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities on collateralized mortgage obligations cannot be anticipated due to allowed paydowns.

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	June 30, 2025
(In thousands)	Amortized Cost		Fair Value (Carrying Amount)
Due in one year or less	$	5,415	$	5,399
Due after one year through five years	32,476		30,914
Due after five years through ten years	39,805		34,443

Collateralized mortgage obligations	87,556		76,285
	$	165,252	$	147,041

Proceeds and gross realized gains (losses) from sales of available-for-sale investment securities are shown below:


	Three Months Ended				Six Months Ended
(In thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Proceeds from sales or calls	$	9,000	$	—	$	9,000	$	—
Gross realized gains from sales or calls	17		—		17		—
Gross realized losses from sales or calls	—		—		—		—

As market interest rates or risks associated with a security’s issuer continue to change and impact the actual or perceived values of investment securities, the Company may determine that selling these securities and using the proceeds to purchase securities that better fit with the Company’s current risk profile is appropriate and beneficial to the Company. There were no losses recorded due to credit-related factors for the three- and six-month periods ended June 30, 2025, or June 30, 2024.

At June 30, 2025, available-for-sale securities with an amortized cost of approximately $88.8 million and a fair value of $77.0 million were pledged as collateral for short-term borrowings, securitized deposits, and public funds balances. At December 31, 2024, available-for-sale securities with an amortized cost of approximately $90.7 million and a fair value of $77.8 million were pledged as collateral for short-term borrowings, securitized deposits, and public funds balances.

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The following summarizes available-for-sale securities in an unrealized loss position for which a credit loss has not been recorded:


	Less than 12 Months				12 Months or More				Total
(In thousands)	Fair Value (Carrying Amount)		Unrealized Losses		Fair Value (Carrying Amount)		Unrealized Losses		Fair Value (Carrying Amount)		Unrealized Losses
June 30, 2025
U.S. Government agencies	$	—	$	—	$	1,590	$	(13)	$	1,590	$	(13)
U.S. Government sponsored entities and agencies collateralized by mortgage obligations	5		—		74,138		(11,281)		74,143		(11,281)

Municipal bonds	1,704		(314)		42,243		(5,721)		43,947		(6,035)
Corporate bonds	2,806		(10)		20,216		(909)		23,022		(919)

Total available-for-sale	$	4,515	$	(324)	$	138,187	$	(17,924)	$	142,702	$	(18,248)

December 31, 2024
U.S. Government agencies	$	—	$	—	$	2,644	$	(22)	$	2,644	$	(22)
U.S. Government sponsored entities and agencies collateralized by mortgage obligations	1,640		(6)		76,686		(13,238)		78,326		(13,244)

Municipal bonds	2,509		(501)		39,858		(7,214)		42,367		(7,715)
Corporate bonds	2,791		(28)		24,696		(1,400)		27,487		(1,428)

Total available-for-sale	$	6,940	$	(535)	$	143,884	$	(21,874)	$	150,824	$	(22,409)

Management has evaluated each available-for-sale investment security in an unrealized loss position to determine if it would be required to sell the security before the fair value increases to amortized cost and whether any unrealized losses are due to credit losses or noncredit factors such as current market rates, which would not require the establishment of an allowance for credit losses. At June 30, 2025, the decline in fair value of the available-for-sale securities is attributed to changes in interest rates and not credit quality. While the interest rate increases of 2022 and 2023 led to large decreases in bond prices, reductions in interest rates during 2024 led to some price increases but not a return to previous values. Because the Company does not intend to sell these securities, and because it is more likely than not that it will not be required to sell these securities before their anticipated recovery, the Company did not consider it necessary to provide an allowance for credit losses for any available-for-sale security at June 30, 2025, or December 31, 2024.

During the six months ended June 30, 2025 and 2024, the Company recognized unrealized gains of $57,000 and $46,000, respectively, related to one mutual fund included in marketable equity securities. During both quarters ended June 30, 2025 and 2024, the Company recognized unrealized gains of $4,000, related to the same mutual fund.

The Company had no held-to-maturity or trading securities at June 30, 2025, or December 31, 2024.

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3.Loans

Loans, net of unearned fees and unamortized loan origination costs, are comprised of the following:


(In thousands)	June 30, 2025				December 31, 2024
Commercial and industrial:
Commercial and business loans	$	52,423	5.53	%	$	63,653	6.86	%
Government program loans	56		<0.01	%	62		<0.01	%
Total commercial and industrial	52,479		5.54	%	63,715		6.86	%
Real estate mortgage:
Commercial real estate	428,158		45.20	%	419,422		45.17	%
Residential mortgages	242,740		25.62	%	247,248		26.63	%
Home improvement and home equity loans	19		<0.01	%	24		<0.01	%
Total real estate mortgage	670,917		70.82	%	666,694		71.81	%
Real estate construction and development	126,300		13.33	%	111,145		11.97	%
Agricultural	64,838		6.84	%	49,462		5.33	%
Installment and student loans	32,795		3.47	%	37,446		4.04	%
Total loans	$	947,329	100.00	%	$	928,462	100.00	%

The Company’s loans are predominantly in the San Joaquin Valley and the greater Oakhurst/East Madera County area, as well as the Campbell area of Santa Clara County. The Company’s participation loans with other financial institutions are primarily within the state of California.

Commercial and industrial loans are generally made to support the ongoing operations of small- and medium-sized commercial businesses. Commercial and industrial loans have a high degree of industry diversification and provide working capital, financing for the purchase of manufacturing plants and equipment, and funding for growth and general business expansion. A substantial portion of commercial and industrial loans are secured by accounts receivable, inventory, leases, or other collateral, including real estate. While the remainder are unsecured, those extensions of credit are predicated upon the financial capacity of the borrower. Repayment of commercial and industrial loans generally comes from the cash flow of the borrower.

Real estate mortgage loans are secured by trust deeds on primarily commercial property and by trust deeds on single-family residences. Repayment of real estate mortgage loans is generally from the cash flow of the borrower.

•Commercial real estate mortgage loans comprise the largest segment of this loan category and are available on income-producing and commercial properties, including: office buildings and shopping centers, apartments and motels, owner-occupied buildings, manufacturing facilities, and other properties. Commercial real estate mortgage loans can also be used to refinance existing debt. Repayment of commercial real estate loans is typically from the borrower’s business operations, rental income associated with the real property, or personal assets.

•Residential mortgage loans are provided to individuals to finance or refinance single-family residences. Residential mortgages are not a primary business line offered by the Company. The majority of loans in this category are conventional mortgages that were purchased as a pool.

•Home improvement and home equity loans comprise a relatively small portion of total real estate mortgage loans. Home equity loans are generally secured by junior trust deeds, but may also be secured by 1st trust deeds.

Real estate construction and development loans consist of loans for residential and commercial construction projects, as well as land acquisition and development, and land held for future development. Loans in this category are secured by real estate including improved and unimproved land, as well as single-family residential, multi-family residential, and commercial properties in various stages of completion. All real estate loans have established equity requirements. Repayment on construction loans generally comes from long-term mortgages with other lending institutions obtained at the completion of the project or from the sale of the constructed homes to individuals.

Agricultural loans are generally secured by land, equipment, inventory, and receivables. Repayment is from the cash flow of the borrower.

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Installment loans consist primarily of student loans as well as loans to individuals for household, family, and other personal expenditures such as automobiles and other consumer items. See “Note 4 - Student Loans” for specific information on the student loan portfolio.

Off-Balance Sheet Instruments

In the normal course of business, the Company is party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. At June 30, 2025, and December 31, 2024, these financial instruments included commitments to extend credit of $221.8 million and $204.0 million, respectively, and standby letters of credit of $28.4 million and $29.2 million for the same period ends, respectively. These instruments involve elements of credit risk in excess of the amount recognized on the consolidated balance sheet. The contract amounts of these instruments reflect the extent of the involvement the Company has in off-balance sheet financial instruments.

The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amounts of those instruments. The Company applies the same credit policies as it does for on-balance sheet instruments.

Commitments to extend credit are agreements to lend to a customer, as long as there is no violation of any condition established in the contract. Substantially all of these commitments are at floating interest rates based on the prime rate. Commitments generally have fixed expiration dates. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if necessary, is based on management’s credit evaluation. Collateral held varies but includes accounts receivable, inventory, leases, property, plant and equipment, residential real estate, and income-producing properties.

Standby letters of credit are generally unsecured and are issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers.

Past Due Loans

The following is a summary of the amortized cost of delinquent loans, net of unearned fees and costs, at June 30, 2025:


(In thousands)	Loans 30-60 Days Past Due		Loans 61-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Loans		Accruing Loans 90 or More Days Past Due
Commercial and business loans	$	—	$	—	$	—	$	—	$	52,423	$	52,423	$	—
Government program loans	—		—		—		—		56		56		—
Total commercial and industrial	—		—		—		—		52,479		52,479		—
Commercial real estate loans	—		—		—		—		428,158		428,158		—
Residential mortgages	—		—		—		—		242,740		242,740		—
Home improvement and home equity loans	—		—		—		—		19		19		—
Total real estate mortgage	—		—		—		—		670,917		670,917		—
Real estate construction and development loans	—		—		5,685		5,685		120,615		126,300		—
Agricultural loans	—		—		—		—		64,838		64,838		—
Installment and student loans	878		455		274		1,607		31,188		32,795		274
Total loans	$	878	$	455	$	5,959	$	7,292	$	940,037	$	947,329	$	274

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The following is a summary of the amortized cost of delinquent loans, net of unearned fees and costs, at December 31, 2024:


(In thousands)	Loans 30-60 Days Past Due		Loans 61-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Loans		Accruing Loans 90 or More Days Past Due
Commercial and business loans	$	—	$	—	$	—	$	—	$	63,653	$	63,653	$	—
Government program loans	—		—		—		—		62		62		—
Total commercial and industrial	—		—		—		—		63,715		63,715		—

Commercial real estate loans	—		—		—		—		419,422		419,422		—
Residential mortgages	214		—		—		214		247,034		247,248		—
Home improvement and home equity loans	—		—		—		—		24		24		—
Total real estate mortgage	214		—		—		214		666,480		666,694		—
Real estate construction and development loans	—		—		12,185		12,185		98,960		111,145		—
Agricultural loans	—		—		—		—		49,462		49,462		—
Installment and student loans	1,625		1,373		421		3,419		34,027		37,446		421
Total loans	$	1,839	$	1,373	$	12,606	$	15,818	$	912,644	$	928,462	$	421

Nonaccrual Loans

The following table presents the amortized cost basis of loans on nonaccrual status and accruing loans more than 90 days past due:


	June 30, 2025						December 31, 2024
(In thousands)	Nonaccrual Loans With No Allowance For Credit Losses		Total Nonaccrual Loans		Accruing Loans 90 or More Days Past Due		Nonaccrual Loans With No Allowance For Credit Losses		Total Nonaccrual Loans		Accruing Loans 90 or More Days Past Due








Real estate construction and development loans	$	5,698	$	5,698	$	—	$	12,198	$	12,198	$	—

Installment and student loans	—		—		274		—		—		421
Total	$	5,698	$	5,698	$	274	$	12,198	$	12,198	$	421

There were no remaining undisbursed commitments to extend credit on nonaccrual loans at June 30, 2025, or December 31, 2024.

Credit Quality Indicators

As part of its credit monitoring program, the Company utilizes a risk rating system to quantify the risk the Company estimates it has assumed during the life of a loan. This system rates the strength of the borrower and the facility or transaction, and is designed to provide a program for risk management and early detection of problems.

For each new credit approval, credit extension, renewal, or modification of existing credit facilities, the Company assigns risk ratings utilizing the rating scale identified in this policy. In addition, on an ongoing basis, loans and credit facilities are reviewed for internal and external influences impacting the credit facility that would warrant a change in the risk rating. Each credit facility is given a risk rating that takes into account factors that materially affect credit quality.

When assigning risk ratings, the Company evaluates two risk-rating approaches; a facility rating and a borrower rating.

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Facility Rating:

The facility rating is determined by the analysis of positive and negative factors that may indicate that the quality of a particular loan or credit arrangement requires a different risk rating than that assigned to the borrower. The Company assesses the risk impact of these factors:

Collateral - The rating may be affected by the type and quality of the collateral, the degree of coverage, the economic life of the collateral, the liquidation value, and the Company's ability to dispose of the collateral.

Guarantees - The value of third-party support arrangements varies widely. Unconditional guarantees from persons with demonstrable ability to perform are more substantial than that of persons closely-related to the borrower who offer only modest support.

Unusual Terms - Credit may be extended on terms that subject the Company to a higher level of risk than indicated in the rating of the borrower.

Borrower Rating:

The borrower rating is a measure of loss possibility based on the historical, current, and anticipated financial characteristics of the borrower in the current risk environment. To determine the rating, the Company considers the following factors:

- Quality of management

- Liquidity

- Leverage/capitalization

- Profit margins/earnings trend

- Adequacy of financial records

- Alternative funding sources

- Geographic risk

- Industry risk

- Cash flow risk

- Accounting practices

- Asset protection

- Extraordinary risks

The Company assigns risk ratings to loans other than consumer loans and other homogeneous loan pools based on the following scale. The risk ratings are used when determining borrower ratings as well as facility ratings. When the borrower rating and the facility ratings differ, the lowest rating applied is:

Pass Ratings:

- Grades 1 and 2 – These grades include loans which are given to high-quality borrowers with high credit quality and sound financial strength. Key financial ratios are generally above industry averages and the borrower’s strong earnings history or net worth. These may be secured by deposit accounts or high-grade investment securities.

- Grade 3 – This grade includes loans to borrowers with solid credit quality with minimal risk. The borrower’s balance sheet and financial ratios are generally in line with industry averages, and the borrower has historically demonstrated the ability to manage economic adversity. Real estate and asset-based loans assigned this risk rating must have characteristics which place them well above the minimum underwriting requirements for those departments. Asset-based borrowers assigned this rating must exhibit extremely favorable leverage and cash flow characteristics, and consistently demonstrate a high level of unused borrowing capacity.

- Grades 4 and 5 – These include “pass” grade loans to borrowers of acceptable credit quality and risk. The borrower’s balance sheet and financial ratios may be below industry averages, but above the lowest industry quartile. Leverage is above and liquidity is below industry averages. Inadequacies evident in financial performance and/or management sufficiency are offset by readily available features of support, such as adequate collateral, or good guarantors having the liquid assets and/or cash flow capacity to repay the debt. While the borrower may have recognized a loss over three or four years, recent earnings trends, while perhaps somewhat cyclical, are improving and cash flows are adequate to cover debt service and fixed obligations. Real estate and asset-borrowers who fully comply with all underwriting standards and perform according to projections would be assigned this rating. These also include grade 5

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loans which are “leveraged” or on management’s “watch list.” While still considered pass loans (loans given a grade 5), the borrower’s financial condition, cash flow, or operations evidence more than average risk and short term weaknesses. These loans warrant a higher than average level of monitoring, supervision, and attention from the Company, but do not reflect credit weakness trends that weaken or inadequately protect the Company’s credit position. Loans with a grade rating of 5 are not normally acceptable as new credits unless they are adequately secured or carry substantial endorsers/guarantors.

- Grade 6 – This grade includes “special mention” loans which are loans that are currently protected but are potentially weak. This generally is an interim grade classification and these loans will usually be upgraded to an “acceptable” rating or downgraded to a “substandard” rating within a reasonable time period. Weaknesses in special mention loans may, if not checked or corrected, weaken the asset or inadequately protect the Company’s credit position at some future date. Special mention loans are often loans which exhibit weaknesses inherent in the loan origination and loan servicing, and may have some technical deficiencies. The main theme in special mention credits is the distinct probability that the classification will deteriorate to a more adverse class if the noted deficiencies are not addressed by the loan officer or loan management.

- Grade 7 – This grade includes “substandard” loans which are inadequately supported by the current sound net worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that may impair the regular liquidation of the debt. When a loan has been downgraded to “substandard,” there exists a distinct possibility that the Company will sustain a loss if the deficiencies are not corrected.

- Grade 8 – This grade includes “doubtful” loans which exhibit the same characteristics as the “substandard” loans. Additionally, loan weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage and strengthening of the loan, its classification as an estimated loss is deferred until its more exact status can be determined. Pending factors include a proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.

- Grade 9 – This grade includes loans classified “loss” which are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off the asset even though partial recovery may be achieved in the future.

Table of Contents

The following table presents loans by class, at amortized cost (net of unearned fees and costs), by risk rating, and period indicated as of or for the six months ended June 30, 2025:


	Term Loans Amortized Cost Basis by Origination Year - As of June 30, 2025												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans
(In thousands)	2025		2024		2023		2022		2021		Prior						Total
Commercial and business
Pass	$	931	$	2,275	$	4,024	$	694	$	56	$	892	$	20,142	$	—	$	29,014
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		1,000		56		—		6,495		15,858		—		23,409

Total	$	931	$	2,275	$	5,024	$	750	$	56	$	7,387	$	36,000	$	—	$	52,423
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Government program
Pass	$	—	$	—	$	—	$	—	$	—	$	56	$	—	$	—	$	56
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	—	$	—	$	—	$	—	$	—	$	56	$	—	$	—	$	56
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate
Pass	$	16,128	$	78,363	$	34,207	$	75,320	$	30,519	$	178,646	$	990	$	—	$	414,173
Special Mention	—		—		—		—		—		13,444		—		—		13,444
Substandard	—		—		—		—		541		—		—		—		541

Total	$	16,128	$	78,363	$	34,207	$	75,320	$	31,060	$	192,090	$	990	$	—	$	428,158
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential mortgages
Not graded	$	—	$	—	$	—	$	23,398	$	191,774	$	8,347	$	—	$	—	$	223,519
Pass	1,976		4,825		3,073		1,926		4,322		3,099		—		—		19,221
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	1,976	$	4,825	$	3,073	$	25,324	$	196,096	$	11,446	$	—	$	—	$	242,740
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home improvement and home equity
Not graded	$	—	$	—	$	—	$	—	$	—	$	19	$	—	$	—	$	19
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	—	$	—	$	—	$	—	$	—	$	19	$	—	$	—	$	19
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Real estate construction and development
Pass	$	4,365	$	22,760	$	10,197	$	—	$	—	$	33,327	$	49,953	$	—	$	120,602
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		5,698		—		—		5,698

Total	$	4,365	$	22,760	$	10,197	$	—	$	—	$	39,025	$	49,953	$	—	$	126,300
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year - As of June 30, 2025												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans
(In thousands)	2025		2024		2023		2022		2021		Prior						Total
Agricultural
Pass	$	5,539	$	3,090	$	—	$	3,945	$	430	$	14,226	$	35,435	$	—	$	62,665
Special Mention	—		—		—		1,203		—		580		—		—		1,783
Substandard	—		—		—		—		—		—		390		—		390

Total	$	5,539	$	3,090	$	—	$	5,148	$	430	$	14,806	$	35,825	$	—	$	64,838
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Installment and student loans
Not graded	$	318	$	349	$	1,516	$	82	$	67	$	29,716	$	473	$	—	$	32,521
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		274		—		—		274

Total	$	318	$	349	$	1,516	$	82	$	67	$	29,990	$	473	$	—	$	32,795
Current period gross charge-offs			$	—	$	—	$	—	$	—	$	4,146	$	—	$	—	$	4,146

Total loans outstanding (risk rating):
Not graded	$	318	$	349	$	1,516	$	23,480	$	191,841	$	38,082	$	473	$	—	$	256,059
Pass	28,939		111,313		51,501		81,885		35,327		230,246		106,520		—		645,731
Special Mention	—		—		—		1,203		—		14,024		—		—		15,227
Substandard	—		—		1,000		56		541		12,467		16,248		—		30,312

Grand total loans	$	29,257	$	111,662	$	54,017	$	106,624	$	227,709	$	294,819	$	123,241	$	—	$	947,329
Total current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	4,146	$	—	$	—	$	4,146

Table of Contents

The following table presents loans by class, at amortized cost (net of unearned fees and costs), by risk rating, and period indicated as of or for the year ended December 31, 2024:


	Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2024												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans
(In thousands)	2024		2023		2022		2021		2020		Prior						Total
Commercial and business
Pass	$	2,374	$	3,640	$	2,076	$	341	$	408	$	764	$	29,349	$	—	$	38,952
Special Mention	—		2,000		—		—		—		—		—		—		2,000
Substandard	—		—		68		—		6,989		—		15,644		—		22,701

Total	$	2,374	$	5,640	$	2,144	$	341	$	7,397	$	764	$	44,993	$	—	$	63,653
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Government program
Pass	$	—	$	—	$	—	$	—	$	2	$	60	$	—	$	—	$	62
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	—	$	—	$	—	$	—	$	2	$	60	$	—	$	—	$	62
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate
Pass	$	78,889	$	32,794	$	80,121	$	31,376	$	37,480	$	151,066	$	1,491	$	—	$	413,217
Special Mention	—		—		—		—		5,653		—		—		—		5,653
Substandard	—		—		—		552		—		—		—		—		552

Total	$	78,889	$	32,794	$	80,121	$	31,928	$	43,133	$	151,066	$	1,491	$	—	$	419,422
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential mortgages
Not graded	$	—	$	—	$	23,929	$	196,340	$	2,480	$	6,226	$	—	$	—	$	228,975
Pass	4,824		3,969		1,926		4,320		1,580		1,654		—		—		18,273
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	4,824	$	3,969	$	25,855	$	200,660	$	4,060	$	7,880	$	—	$	—	$	247,248
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home improvement and home equity
Not graded	$	—	$	—	$	—	$	—	$	—	$	24	$	—	$	—	$	24
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	—	$	—	$	—	$	—	$	—	$	24	$	—	$	—	$	24
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2024												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans
(In thousands)	2024		2023		2022		2021		2020		Prior						Total
Real estate construction and development
Pass	$	13,761	$	15,743	$	8,004	$	—	$	32,389	$	2,473	$	26,577	$	—	$	98,947
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		3,524		8,674		—		—		12,198

Total	$	13,761	$	15,743	$	8,004	$	—	$	35,913	$	11,147	$	26,577	$	—	$	111,145
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Agricultural
Pass	$	3,097	$	2,115	$	3,990	$	490	$	2,861	$	11,586	$	22,705	$	—	$	46,844
Special Mention	—		—		1,503		—		440		285		—		—		2,228
Substandard	—		—		—		—		—		—		390		—		390

Total	$	3,097	$	2,115	$	5,493	$	490	$	3,301	$	11,871	$	23,095	$	—	$	49,462
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Installment and student loans
Not graded	$	440	$	1,607	$	103	$	99	$	8	$	34,162	$	606	$	—	$	37,025
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		421		—		—		421

Total	$	440	$	1,607	$	103	$	99	$	8	$	34,583	$	606	$	—	$	37,446
Current period gross charge-offs	$	—	$	20	$	—	$	—	$	—	$	2,842	$	—	$	—	$	2,862

Total loans outstanding (risk rating):
Not graded	$	440	$	1,607	$	24,032	$	196,439	$	2,488	$	40,412	$	606	$	—	$	266,024
Pass	102,945		58,261		96,117		36,527		74,720		167,603		80,122		—		616,295
Special Mention	—		2,000		1,503		—		6,093		285		—		—		9,881
Substandard	—		—		68		552		10,513		9,095		16,034		—		36,262

Grand total loans	$	103,385	$	61,868	$	121,720	$	233,518	$	93,814	$	217,395	$	96,762	$	—	$	928,462
Total current period gross charge-offs	$	—	$	20	$	—	$	—	$	—	$	2,842	$	—	$	—	$	2,862

Allowance for Credit Losses on Loans

The following summarizes the activity in the allowance for credit losses by loan category:


	Three Months Ended June 30, 2025
(In thousands)	Commercial and Industrial		Real Estate Mortgage		Real Estate Construction Development		Agricultural		Installment and Student Loans		Total
Beginning balance	$	2,671	$	1,662	$	2,296	$	1,343	$	7,384	$	15,356
Provision (reversal) for credit losses (1)	(342)		(111)		548		187		1,565		1,847
Charge-offs	—		—		—		—		(1,317)		(1,317)
Recoveries	1		1		—		—		77		79
Ending balance	$	2,330	$	1,552	$	2,844	$	1,530	$	7,709	$	15,965

(1) Not included in the above table is an unfunded loan commitment provision of $11,000.

Table of Contents


	Three Months Ended June 30, 2024
(In thousands)	Commercial and Industrial		Real Estate Mortgage		Real Estate Construction Development		Agricultural		Installment and Student Loans		Total
Beginning balance	$	1,981	$	2,732	$	3,008	$	1,097	$	6,633	$	15,451

Provision (reversal) for credit losses (1)	131		11		(611)		84		609		224
Charge-offs	—		—		—		—		(397)		(397)
Recoveries	1		—		—		—		44		45
Ending balance	$	2,113	$	2,743	$	2,397	$	1,181	$	6,889	$	15,323

(1) Not included in the above table is an unfunded loan commitment reversal of provision of $194,000.


	Six Months Ended June 30, 2025
(In thousands)	Commercial and Industrial		Real Estate Mortgage		Real Estate Construction Development		Agricultural		Installment and Student Loans		Total
Beginning balance	$	2,839	$	2,634	$	2,504	$	1,028	$	7,041	$	16,046
Provision (reversal) for credit losses (1)	(510)		(1,083)		340		502		4,666		3,915
Charge-offs	—		—		—		—		(4,146)		(4,146)
Recoveries	1		1		—		—		148		150
Ending balance	$	2,330	$	1,552	$	2,844	$	1,530	$	7,709	$	15,965

(1) Not included in the above table is an unfunded loan commitment provision of $243,000.

Six Months Ended June 30, 2024

(In thousands)

Commercial and Industrial

Real Estate Mortgage

Real Estate Construction Development

Agricultural

UNITED SECURITY BANCSHARES 10-Q