secwatch.observer — SEC 8-K summary
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Issuer:     UNITED SECURITY BANCSHARES (—)
CIK:        0001137547
Form:       8-K
Filed at:   2024-04-18T23:59:59+00:00
Accession:  0001137547-24-000069
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

United Security Bancshares reports Q1 net income of $4.2M ($0.24 EPS), down 32% YoY
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- Net income $4.2M ($0.24 diluted EPS) vs $6.1M ($0.36) in Q1 2023; revenue (net interest income) down 9.5% to $11.7M.
- Net interest margin dipped to 4.35% from 4.51%; cost of funds rose to 1.73% from 0.83%.
- Deposits fell 4.8% to $955.9M; noninterest-bearing deposits dropped 12.4% to $353.2M.
- Provision for credit losses was $173K (vs $493K reversal a year ago); NPL ratio 1.35%.
- ROAE 13.51% (vs 22.05%); dividend declared at $0.12/share; Tier 1 leverage ratio 12.47%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1137547/000113754724000069/0001137547-24-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1137547/000113754724000069/ubfo-20240418.htm
  HTML page:      https://secwatch.observer/filing/0001137547-24-000069

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer