# EDGAR Filing Document

**Accession Number:** 0001137547
**File Stem:** 0001137547-25-000123
**Filing Date:** 2025-10
**Character Count:** 49167
**Document Hash:** 8c76bb80bcb6700524bb4ee2556691b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001137547-25-000123.hdr.sgml**: 20251016

**ACCESSION NUMBER**: 0001137547-25-000123

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251016

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251016

**DATE AS OF CHANGE**: 20251016

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED SECURITY BANCSHARES
- **CENTRAL INDEX KEY:** 0001137547
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 912112732
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-32897
- **FILM NUMBER:** 251397940

**BUSINESS ADDRESS:**
- **STREET 1:** 2126 INYO STREET
- **CITY:** FRESNO
- **STATE:** CA
- **ZIP:** 93721
- **BUSINESS PHONE:** 5594906261

**MAIL ADDRESS:**
- **STREET 1:** 2126 INYO STREET
- **CITY:** FRESNO
- **STATE:** CA
- **ZIP:** 93721

?xml version='1.0' encoding='ASCII'? ubfo-20251016

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM 8-K**

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

October 16, 2025

Date of Report (Date of earliest event reported)

**UNITED SECURITY BANCSHARES**

(Exact Name of Registrant as Specified in its Charter)

California

(State or Other Jurisdiction of Incorporation)

---

| | |
|:---|:---|
| 000-32987 | 91-2112732 |
| (Commission File Number) | (I.R.S. Employer Identification No.) |
| 2126 Inyo Street, Fresno, California | 93721 |
| (Address of principal executive offices) | (Zip Code) |

---

559-490-6261

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>Common Stock, no par value</u> <u>UBFO</u> <u>NASDAQ</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

------

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 16, 2025, United Security Bancshares (the "Company") issued a press release announcing results for the quarter and the nine months ended September 30, 2025 (the "Press Release"). A copy of the Press Release is furnished as Exhibit 99.1 and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and the Press Release attached hereto as Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

EXHIBIT #

99.1 <u>[Press release of United Security Bancshares dated October 16, 2025](ubfoq32025earningsreleaseex.htm)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **United Security Bancshares** |
| Date: | October 16, 2025 | By: /s/ David A. Kinross |
|  |  | David A. Kinross |
|  |  | Senior Vice President and Chief Financial Officer |

---

## Ex-99

**United Security Bancshares Reports 3rd Quarter 2025 Financial Results**

FRESNO, CA - October 16, 2025. **United Security Bancshares (Nasdaq: UBFO)** today announced its unaudited financial results for the quarter ended September 30, 2025. The Company reported net income of $4.0 million, or $0.23 per basic and diluted share, for the quarter ended September 30, 2025, compared to $3.8 million, or $0.22 per basic and diluted share, for the quarter ended September 30, 2024.

**Third Quarter 2025 Highlights** (as of, or for, the quarter ended September 30, 2025, except where noted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Net interest margin increased to 4.35% for the quarter ended September 30, 2025, compared to 4.20% for the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Annualized average cost of deposits was 1.12% for the quarter ended September 30, 2025, compared to 1.18% for the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Net income for the quarter increased 5.07% to $4.0 million, compared to $3.8 million for the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Loan interest and fees decreased 0.94% to $14.3 million, compared to $14.4 million for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Interest income decreased 0.82% to $15.6 million, compared to $15.8 million for the third quarter of 2024, due to the decrease in loan and fee income and a decrease in investment securities income, partially offset by an increase in interest income on overnight investments held at the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Interest expense decreased 18.67% to $3.2 million, as a result of decreases in short-term borrowing costs, compared to $3.9 million for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Noninterest income decreased 20.02% to $1.6 million, compared to $2.0 million for the quarter ended September 30, 2024. This decrease was primarily due to a decrease in the gain on the fair value of the junior subordinated debentures ("TruPS") of $414,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ On July 1, 2025, a partial redemption of $3.0 million was recorded on TruPS, leaving a remaining contractual balance of $9.0 million at September 30, 2025. The partial redemption resulted in a gain of $241,000, which was recorded in the income statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Following the partial redemption, the total fair value of TruPS, inclusive of a change in accrued interest of $43,000, changed by $155,000 during the quarter ended September 30, 2025. A gain of $6,000 was recorded through the income statement, and a loss of $161,000 was recorded through accumulated other comprehensive income. For the quarter ended September 30, 2024, the total fair value of TruPS, inclusive of a change in accrued interest of $3,000, changed by $65,000. A gain of $661,000 was recorded through the income statement, and a $596,000 loss was recorded through accumulated other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Company recorded a provision for credit losses of $948,000 for the quarter ended September 30, 2025, compared to $1.6 million for the quarter ended September 30, 2024. The decreased credit provision was due to a decrease in charge-offs within the student loan portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Noninterest expense increased 4.09% to $7.4 million, compared to $7.1 million for the quarter ended September 30, 2024. This increase was due primarily to increases in technology expense and expenses on salaries and employee benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Annualized return on average assets (ROAA) increased to 1.29% for the quarter ended September 30, 2025, compared to 1.24% for the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Annualized return on average equity (ROAE) increased to 11.68% for the quarter ended September 30, 2025, compared to 11.63% for the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Total loans, net of unearned fees, increased 3.22% to $958.3 million, compared to $928.5 million at December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Total deposits increased 1.73% to $1.08 billion, compared to $1.06 billion at December 31, 2024.

Dennis Woods, President and Chief Executive Officer, stated, "We are pleased with our loan growth of $30.0 million this quarter compared to the end of 2024. Our shareholders' equity remains strong and improved by $7.0 million after dividends to our shareholders. While we continue to experience charge-offs in our student loan portfolio, the magnitude decreased this quarter in comparison to the past few quarters, which is encouraging."

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**Results of Operations**

*Quarter Ended September 30, 2025:*

For the quarter ended September 30, 2025, the Company reported net income of $4.0 million and earnings per basic and diluted share of $0.23, compared to net income of $3.8 million and $0.22 per basic and diluted share for the quarter ended September 30, 2024. Net income for the quarter ended June 30, 2025, was $2.2 million and $0.13 per basic and diluted share. Net income for the quarter ended September 30, 2025, increased 5.07% when compared to the quarter ended September 30, 2024. The increase is primarily the result of a decrease of $610,000 in the provision for credit losses and a decrease of $717,000 in short-term borrowing expense, partially offset by an increase of $292,000 in noninterest expense, an increase of $326,000 in the income tax provision, and a decrease of $135,000 in loan and fee income. Also included in the increase in income was the realization of a gain of $241,000 related to the partial redemption of $3.0 million in TruPS. A gain of $6,000 was also recorded due to changes in fair value of TruPS during the quarter. ROAE for the quarter ended September 30, 2025, was 11.68%, compared to 11.63% for the quarter ended September 30, 2024. ROAA was 1.29% for the quarter ended September 30, 2025, and 1.24% for the quarter ended September 30, 2024. The increase in both ratios was due primarily to the increase in income between the two quarters and was offset by increases in average asset and average equity balances.

The annualized average cost of deposits was 1.12% for the quarter ended September 30, 2025, compared to 1.18% for the quarter ended September 30, 2024. Average interest-bearing deposits increased 1.64% between the periods ended September 30, 2024, and 2025, from $678.3 million to $689.4 million, respectively. Included in interest-bearing deposits are purchased brokered deposits with an average balance of $100.0 million and an average rate of 4.53% for the quarter ended September 30, 2025. The Bank held purchased brokered deposits with an average balance of $100.0 million and an average rate of 5.51% during the quarter ended September 30, 2024. The annualized average cost of funds, which includes deposit and short-term borrowing costs, was 1.13% for the quarter ended September 30, 2025, compared to 1.38% for the quarter ended September 30, 2024. This decrease was due to decreases in short-term borrowings and short-term borrowing rates, and decreases in rates paid on deposits.

Net interest income, before the provision for credit losses, was $12.4 million for the quarter ended September 30, 2025, representing a $607,000, or 5.14%, increase from the $11.8 million reported at September 30, 2024. The increase in net interest income was driven by increases in interest on overnight investments held at the Federal Reserve and decreases in interest expense on short-term borrowings and deposits, offset by decreases in loan-interest income and investment securities interest income. The Company's net interest margin of 4.35% for the quarter ended September 30, 2025, increased from 4.20% for the quarter ended September 30, 2024. The net interest margin increased due to decreases in interest rates on interest-bearing deposits, short-term borrowings, and TruPS outpacing decreases in interest rates on loan yields, investment securities, and overnight investments held at the Federal Reserve. While yields on interest-earning assets decreased from 5.60% to 5.47% between the two periods, including a decrease in loan yields from 6.04% to 5.92%, the cost of interest-bearing liabilities decreased from 2.13% to 1.81%. Net interest income for the quarter ended September 30, 2025, before the provision for credit losses, increased $556,000 from the $11.9 million reported for the quarter ended June 30, 2025. This was primarily due to increases in loan and fee income, increases in income on overnight investments held at the Federal Reserve, and decreases in short-term borrowing expense, offset by decreases in investment securities income.

Noninterest income for the quarter ended September 30, 2025, totaled $1.6 million, a decrease of $405,000 from the $2.0 million in noninterest income reported for the quarter ended September 30, 2024. The decrease is primarily attributed to a gain of $247,000 recorded on the fair value of TruPS for the quarter ended September 30, 2025, compared to a recorded gain of $661,000 for the quarter ended September 30, 2024. The change in the value of TruPS reflected in noninterest income was caused by fluctuations in the Secured Overnight Financing Rate (SOFR) yield curve. Noninterest income increased $860,000 from the $758,000 reported for the quarter ended June 30, 2025. This was primarily due to a loss of $317,000 realized on the fair value of TRUPS during the quarter ended June 30, 2025, as compared to a gain of $247,000 realized during the quarter ended September 30, 2025, as well as an increase in customer service fees of $121,000 for the quarter ended September 30, 2025. Noninterest income for the quarter ended September 30, 2025, also included a realized gain of $241,000 related to the partial redemption of $3.0 million of the TruPS contractual balance.

Noninterest expense for the quarter ended September 30, 2025, totaled $7.4 million, reflecting a $292,000 increase over the $7.1 million reported for the quarter ended September 30, 2024. The increase between the quarters ended September 30, 2025, and 2024, resulted partially from increases of $125,000 in other noninterest expense and $93,000 in salaries and employee benefit expenses, offset by decreases in loan-related expenses of $95,000. Salaries and employee benefits increased primarily due to increases of $144,000 in employee salary expense and $101,000 in group insurance costs. Other noninterest expenses included increases of $53,000 in insurance expense and $35,000 in OREO expense compared to the quarter ended September 30, 2024. Noninterest expense for the quarter ended September 30, 2025, decreased $305,000 from the $7.7 million reported for the quarter ended June 30, 2025.

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The efficiency ratio for the quarter ended September 30, 2025, increased to 52.80%, compared to 52.47% for the quarter ended September 30, 2024. This deterioration was due to an increase in noninterest expense and a decrease in noninterest income, offset by an increase in net interest income.

The Company recorded an income tax provision of $1.6 million for the quarter ended September 30, 2025, compared to $1.3 million for the quarter ended September 30, 2024. The effective tax rate for the quarter ended September 30, 2025, was 28.86%, compared to 25.43% and 28.27% for the quarters ended September 30, 2024, and June 30, 2025, respectively.

*Nine Months Ended September 30, 2025:*

For the nine months ended September 30, 2025, the Company reported net income of $8.9 million and earnings per basic and diluted share of $0.51, compared to net income of $12.3 million and $0.72 per basic and diluted share for the nine months ended September 30, 2024. Net income for the nine months ended September 30, 2025, decreased $3.4 million, or 27.78% when compared to the nine months ended September 30, 2024. The decrease is primarily the result of an increase of $3.4 million in the provision for credit losses, an increase of $2.0 million in deposit interest expense, and an increase of $1.9 million in noninterest expense, partially offset by a decrease of $3.3 million in short-term borrowing expense, a decrease of $1.2 million in the income tax provision, an increase of $59,000 on the fair value of TruPS, and an increase of $516,000 in loan and fee income. ROAE for the nine months ended September 30, 2025, was 8.79%, compared to 12.95% for the nine months ended September 30, 2024. ROAA was 0.98% for the nine months ended September 30, 2025, compared to 1.36% for the nine months ended September 30, 2024. The decrease in both ratios was due primarily to the decrease in net income between the two periods.

The annualized average cost of deposits was 1.11% for the nine months ended September 30, 2025, compared to 0.91% for the nine months ended September 30, 2024. Average interest-bearing deposits increased 9.5% between the periods ended September 30, 2024, and 2025, from $624.7 million to $683.8 million, respectively. Interest-bearing deposits include purchased brokered deposits with an average balance of $100.0 million for the nine months ended September 30, 2025, and September 30, 2024. The average rate paid for brokered deposits for the nine months ended September 30, 2025, was 4.54%, compared to 5.55% for the nine months ended September 30, 2024. The annualized average cost of funds was 1.12% for the nine months ended September 30, 2025, compared to 1.25% for the nine months ended September 30, 2024. This decrease was due to decreases in short-term borrowings and short-term borrowing rates, partially offset by increases in rates paid on deposits.

Net interest income before the provision for credit losses was $36.6 million for the nine months ended September 30, 2025, representing a $1.5 million, or 4.37%, increase from the $35.0 million reported at September 30, 2024. The increase in net interest income was driven by increases in loan-interest income, increases in income on overnight deposits held at the Federal Reserve, and decreases in interest expense on short-term borrowings. This increase was offset by increases in interest expense on deposits. Also included in the increase in net interest income for the nine months ended September 30, 2025, was an $890,000 interest payment related to a nonaccrual loan payoff. The Company's net interest margin of 4.42% for the nine months ended September 30, 2025, increased from 4.27% for the nine months ended September 30, 2024. The increase in the net interest margin is primarily due to decreases in yields on interest-bearing liabilities outpacing decreases in yields on interest-earning assets. While yields on interest-earning assets decreased to 5.55% from 5.56% between the two periods, yields on interest-bearing liabilities decreased to 1.78% from 1.97%. Loan yields decreased from 6.01% to 6.00% between the two periods, and deposit yields increased from 1.42% to 1.70%, due primarily to higher yields on purchased brokered deposits. Interest-bearing liabilities include interest-bearing deposits, short-term borrowings, and TruPS.

Noninterest income for the nine months ended September 30, 2025, totaled $3.7 million, or a decrease of $852,000 from the $4.6 million in noninterest income reported for the nine months ended September 30, 2024. The decrease is partially the result of a $573,000 gain on proceeds from life insurance realized during the nine months ended September 30, 2024, and a decrease in other noninterest income of $342,000. A gain of $200,000 was recorded on the fair value of TruPS for the nine months ended September 30, 2025, compared to a gain of $141,000 recorded for the nine months ended September 30, 2024. Noninterest income as of September 30, 2025, also included a realized gain of $241,000 related to the partial redemption of $3.0 million of the TruPS contractual balance. The change in the value of TruPS reflected in noninterest income was caused by fluctuations in the Secured Overnight Financing Rate (SOFR) yield curve.

Noninterest expense for the nine months ended September 30, 2025, totaled $22.8 million, reflecting a $1.9 million increase over the $20.8 million reported for the nine months ended September 30, 2024. The increase between the two periods resulted partially from increases of $1.0 million in salaries and employee benefit expenses, $444,000 in data processing expenses, and $323,000 in other noninterest expense. Salaries and employee benefits increased primarily due to increases of $554,000 in group insurance costs and $342,000 in employee salaries. Data processing expenses increased due to increases in core processing expenses. Other noninterest expenses increased due to a $396,000 increase in OREO expense.

The efficiency ratio for the nine months ended September 30, 2025, increased to 56.36%, compared to 52.96% for the nine months ended September 30, 2024. This deterioration was due to increases in interest expense and noninterest expense and a decrease in noninterest income, offset by an increase in net interest income.

------

The Company recorded an income tax provision of $3.6 million for the nine months ended September 30, 2025, compared to $4.8 million for the nine months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2025, was 28.61%, compared to 27.88% for the nine months ended September 30, 2024.

**Balance Sheet Review**

Total assets increased $23.9 million, or 1.97%, between December 31, 2024, and September 30, 2025. Gross loan balances increased $30.1 million, investment securities decreased $16.4 million, and total cash and cash equivalents increased $10.6 million. Increases in gross loans included increases of $31.4 million in real estate construction and development loans, $22.7 million in agricultural loans, and $98,000 in real estate mortgage loans, offset by decreases of $20.3 million in commercial and industrial loans and $3.9 million in installment loans. Declines in the investment portfolio were primarily the result of calls on, and maturities of, four corporate securities with book values totaling $14.3 million, partially offset by a $4.4 million decrease in unrealized losses on investment securities. Unfunded loan commitments increased from $204.0 million at December 31, 2024, to $214.3 million at September 30, 2025. OREO balances increased from $4.6 million at December 31, 2024, to $7.9 million at September 30, 2025. This increase was due to a foreclosure on nonaccrual loans, resulting in the transfer of $3.3 million to OREO.

Total deposits increased $18.3 million, or 1.73%, to $1.08 billion during the nine months ended September 30, 2025. This was due to increases of $24.2 million in noninterest-bearing deposits, offset by decreases of $5.9 million in interest-bearing deposits. Included in interest-bearing deposits at September 30, 2025, and December 31, 2024, were brokered DDA accounts totaling $100.3 million. The average rate paid for brokered deposits for the quarter ended September 30, 2025, was 4.53%. NOW and money market accounts decreased $6.0 million, time deposits decreased $2.2 million, and savings accounts increased $2.2 million. In total, NOW, money market, and savings accounts decreased 0.61% to $615.3 million at September 30, 2025, compared to $619.1 million at December 31, 2024. Noninterest-bearing deposits increased 6.72% to $384.4 million at September 30, 2025, compared to $360.2 million at December 31, 2024. Core deposits, which are comprised of noninterest-bearing deposits, NOW, money market, savings accounts, and time deposits less than $250,000, increased $18.9 million. Purchased brokered deposits are not included in core deposits.

Shareholders' equity at September 30, 2025, totaled $137.4 million, an increase of $7.0 million from the $130.4 million reported at December 31, 2024. The increase in equity was the result of $8.9 million in net income and a decrease of $3.8 million in accumulated other comprehensive loss, partially offset by $6.3 million in dividend payments. At September 30, 2025, the accumulated other comprehensive loss, net of tax totaled $10.6 million, compared to $14.4 million at December 31, 2024. The decrease in accumulated other comprehensive loss, net of tax, was primarily the result of a decrease of $4.4 million in net unrealized losses, net of tax, on investment securities, offset by a decrease in accumulated other comprehensive loss of $626,000 related to the gain on TruPS caused by market rate fluctuation and the partial redemption . Changes in unrealized losses on the investment portfolio are attributed to changes in interest rates, not credit quality. The Company does not intend to sell, and it is more likely than not that it will not be required to sell, any securities held at an unrealized loss. During the fourth quarter, on October 1, 2025, the Company made an additional partial redemption of $3.0 million of TruPS and recognized a gain of $240,000, which will be recorded in the fourth quarter of 2025. As of September 30, 2025, the contractual balance of TruPS totaled $9.0 million.

The Board of Directors of United Security Bancshares declared a cash dividend on common stock of $0.12 per share on September 23, 2025. The dividend will be paid on October 21, 2025, to shareholders of record as of October 03, 2025, and is included in other liabilities as of September 30, 2025. No assurances can be provided as to the amount and/or declaration and payment of future dividends, if any. The Company continues to be well-capitalized and expects to maintain adequate capital levels.

**Credit Quality**

The Company recorded a provision for credit losses of $5.1 million for the nine months ended September 30, 2025, compared to a provision of $1.8 million for the nine months ended September 30, 2024. The provisions recorded during 2025 and 2024 were primarily driven by deterioration within the student loan portfolio. Net loan charge-offs totaled $4.6 million for the nine months ended September 30, 2025, compared to $1.2 million for the nine months ended September 30, 2024.

The Company's allowance for credit losses totaled 1.69% of the loan portfolio at September 30, 2025, compared to 1.72% at December 31, 2024. Management considers the allowance for credit losses at September 30, 2025, to be adequate.

------

Non-performing assets, comprised of nonaccrual loans, other real estate owned through foreclosure (OREO), and loans more than 90 days past due and still accruing interest, decreased $3.1 million between December 31, 2024, and September 30, 2025, to $14.1 million. As a percentage of total assets, non-performing assets decreased from 1.42% at December 31, 2024, to 1.14% at September 30, 2025. The decrease in non-performing assets is primarily attributed to a decrease of $6.5 million in nonaccrual loans, partially offset by an increase of $3.3 million in OREO balances. During the first quarter of 2025, the Bank foreclosed on nonaccrual loans totaling $3.3 million and transferred the amount to OREO. Also included in the decrease in nonaccrual loans for the nine months ended September 30, 2025, was the payoff of a nonaccrual loan with a principal balance of $3.2 million, nonaccrual interest recognized of $890,000, and recovery of loan-related expenses of $168,000.

**About United Security Bancshares**

United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987. United Security Bank is headquartered in Fresno and operates 13 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Fowler, Mendota, Oakhurst, San Joaquin, and Taft, California. Additionally, United Security Bank operates Commercial Real Estate Construction, Commercial Lending, and Consumer Lending departments. For more information, please visit <u>www.unitedsecuritybank.com.</u>

**Forward-Looking Statements**

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are based on management's knowledge and belief as of today and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those presented.

Factors that might cause such differences, some of which are beyond the Company's ability to control or predict, include, but are not limited to: (1) adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures, labor shortages, and global conflict and unrest; (2) geopolitical and domestic political developments that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, and increase the volatility of financial markets; (3) the current administration's policy pronouncements, executive orders and imposition of tariffs (and the threat thereof) create an unpredictable regulatory landscape and have increased market volatility that could affect the availability and cost of capital, the valuation of our assets, the stability of our funding sources, and the financial health and operations of our borrowers, particularly our borrowers connected to agriculture and construction; (4) the impact of natural disasters, droughts, earthquakes, floods, wildfires, terrorist attacks, health epidemics, and threats of war or actual war, including current military actions involving the Russian Federation and Ukraine and the conflict in the Middle East, which may impact the local economy and/or the condition of real estate collateral; (5) changes in general economic and financial market conditions, either nationally or locally; (6) fiscal policies of the U.S. government, including interest rate policies of the Board of Governors of the Federal Reserve System and the resulting impact on the Company's interest-rate sensitive assets and liabilities; (7) changes in banking laws or regulations and government policies that could lead to a tightening of credit and/or a requirement that the Company raise additional capital; (8) increased competition in the Company's markets, impacting the ability to execute its business plans; (9) continued or increasing competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject to different regulations than the Company is, and the Company's response to competitive pressure; (10) loss of, or inability to attract, key personnel; (11) unanticipated deterioration in the loan portfolio, credit losses, and the sufficiency of the allowance for credit losses; (12) the ability to grow the loan portfolio due to constraints on concentrations of credit; (13) challenges arising from unsuccessful attempts to expand into new geographic markets, products, or services; (14) the impact of technological changes and the ability to develop and maintain secure and reliable electronic communication systems, including failures in or breaches of the Company's operational and/or security systems or infrastructure, and the Company's ability to identify and address cyber-security risks such as data security breaches, "denial of service" attacks, "hacking" and identity theft, and other attacks on the Company's information technology systems or on the third-party vendors who perform functions for the Company; (15) the failure to maintain effective controls over financial reporting; (16) risks related to the sufficiency of liquidity, including the quality and quantity of the Company's deposits and the ability to attract and retain deposits and other sources of funding and liquidity; (17) adverse developments in the financial services industry generally, such as the bank failures in 2023 and 2024 and any related impact on depositor behavior or investor sentiment; (18) the possibility that the

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recorded goodwill could become impaired which may have an adverse impact on earnings and capital; (19) asset/liability matching risks; and (20) changes in accounting policies or procedures.

The Company does not undertake (and expressly disclaims) any obligation to publicly revise or update these forward-looking statements to reflect subsequent events or circumstances except as may be required by law. For a more complete discussion of these risks and uncertainties, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and particularly the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations." Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission.

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| | | |
|:---|:---|:---|
| **United Security Bancshares**<br>**Consolidated Balance Sheets (unaudited)**<br>*(In thousands, except share data)* |<br>**September 30, 2025** |<br>**December 31, 2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $66767 | $56211 |
| &nbsp;&nbsp;&nbsp;Investment securities (at fair value) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale (AFS) debt securities net of allowance for credit losses of $0 (amortized cost of $157,049 and $179,753, respectively) | 140917 | 157382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable equity securities | 3425 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 144342 | 160708 |
| &nbsp;&nbsp;&nbsp;Loans | 960329 | 930244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned fees and unamortized loan origination costs - net | (1981) | (1782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (16235) | (16046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans | 942113 | 912416 |
| &nbsp;&nbsp;&nbsp;Premises and equipment - net | 9069 | 8668 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 7474 | 8104 |
| &nbsp;&nbsp;&nbsp;Other real estate owned (OREO) | 7852 | 4582 |
| &nbsp;&nbsp;&nbsp;Goodwill | 4488 | 4488 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets - net | 13004 | 14419 |
| &nbsp;&nbsp;&nbsp;Cash surrender value of life insurance - net | 21092 | 20692 |
| &nbsp;&nbsp;&nbsp;Investment in limited partnerships | 4275 | 4275 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 2587 | 3069 |
| &nbsp;&nbsp;&nbsp;Other assets | 12557 | 14086 |
| **Total assets** | $1235620 | $1211718 |
| **Liabilities and Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Deposits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $384367 | $360152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 691533 | 697470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1075900 | 1057622 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 2679 | 3161 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 10514 | 9001 |
| &nbsp;&nbsp;&nbsp;Junior subordinated debentures (TruPS) (at fair value) | 9145 | 11572 |
| **Total liabilities** | 1098238 | 1081356 |
| **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 17,557,427 at September 30, 2025 and 17,364,894 at December 31, 2024 | 61928 | 61267 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 86020 | 83447 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of tax | (10566) | (14352) |
| **Total shareholders' equity** | 137382 | 130362 |
| **Total liabilities and shareholders' equity** | $1235620 | $1211718 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **United Security Bancshares**<br>**Consolidated Statements of Income (unaudited)**<br>*(In thousands, except share and per-share data)* | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Interest Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $14266 | $13765 | $14401 | $41973 | $41457 |
| &nbsp;&nbsp;&nbsp;Interest on investment securities | 1040 | 1140 | 1298 | 3386 | 3955 |
| &nbsp;&nbsp;&nbsp;Interest on deposits at other banks | 320 | 99 | 56 | 554 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 15626 | 15004 | 15755 | 45913 | 45605 |
| **Interest Expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on deposits | 3045 | 2868 | 3064 | 8694 | 6645 |
| &nbsp;&nbsp;&nbsp;Interest on other borrowed funds | 162 | 273 | 879 | 643 | 3914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 3207 | 3141 | 3943 | 9337 | 10559 |
| **Net Interest Income** | 12419 | 11863 | 11812 | 36576 | 35046 |
| **Provision for Credit Losses** | 948 | 1858 | 1558 | 5106 | 1750 |
| **Net Interest Income after Provision for Credit Losses** | 11471 | 10005 | 10254 | 31470 | 33296 |
| **Noninterest Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 847 | 726 | 719 | 2211 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender value of bank-owned life insurance | 135 | 132 | 132 | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on proceeds from bank-owned life insurance |  |  |  |  | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on fair value and partial redemption of junior subordinated debentures (TruPS) | 247 | (317) | 661 | 200 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on sale of assets |  | (54) |  | (54) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 389 | 271 | 511 | 982 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 1618 | 758 | 2023 | 3739 | 4591 |
| **Noninterest Expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 3619 | 3845 | 3526 | 11391 | 10414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expense | 997 | 930 | 990 | 2892 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing expense | 414 | 399 | 467 | 1220 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology expense | 704 | 687 | 604 | 2042 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 331 | 350 | 318 | 1327 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan-related expenses | 110 | 116 | 205 | 243 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assessments | 176 | 169 | 159 | 518 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Director fees | 190 | 289 | 105 | 581 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 893 | 954 | 768 | 2564 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 7434 | 7739 | 7142 | 22778 | 20849 |
| **Income Before Provision for Taxes** | 5655 | 3024 | 5135 | 12431 | 17038 |
| **Provision for Income Taxes** | 1632 | 855 | 1306 | 3557 | 4751 |
| **Net Income** | $4023 | $2169 | $3829 | $8874 | $12287 |
| **Net income per common share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.23 | $0.13 | $0.22 | $0.51 | $0.72 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.23 | $0.13 | $0.22 | $0.51 | $0.72 |
| **Weighted average common shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 17240659 | 17235873 | 17194024 | 17235465 | 17183757 |
| &nbsp;&nbsp;&nbsp;Diluted | 17297560 | 17260392 | 17206391 | 17273637 | 17187102 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **United Security Bancshares**<br>**Average Balances and Rates (unaudited)**<br>*(In thousands)* | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Average Balances:** |  |  |  |  |  |
| Loans (1) | $956832 | $931933 | $949207 | $935727 | $921454 |
| Investment securities | 147049 | 154301 | 166977 | 154025 | 169924 |
| Interest-bearing deposits in other banks | 29172 | 8730 | 3896 | 16733 | 4634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 1133053 | 1094964 | 1120080 | 1106485 | 1096012 |
| Allowance for credit losses | (15953) | (15358) | (15296) | (15750) | (15476) |
| Nonaccrual loans | 5685 | 5685 | 12053 | 5685 | 11995 |
| Cash and non-interest-bearing deposits in other banks | 32320 | 34109 | 34113 | 32983 | 33140 |
| Other real estate owned | 7852 | 7906 | 4582 | 7572 | 4582 |
| Other non-earning assets | 75230 | 75716 | 75750 | 75549 | 76404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average assets | $1238187 | $1203022 | $1231282 | $1212524 | $1206657 |
| Interest-bearing deposits | $689444 | $678779 | $678334 | $683802 | $624699 |
| Junior subordinated debentures (TruPS) | 9464 | 12464 | 12464 | 11453 | 12464 |
| Short-term borrowings | 2364 | 8070 | 44704 | 4406 | 77417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 701272 | 699313 | 735502 | 699661 | 714580 |
| Noninterest-bearing deposits | 387108 | 356026 | 353944 | 365386 | 355599 |
| Other liabilities | 13104 | 12542 | 10907 | 12470 | 9721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1101484 | 1067881 | 1100353 | 1077517 | 1079900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 136703 | 135141 | 130929 | 135007 | 126757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1238187 | $1203022 | $1231282 | $1212524 | $1206657 |
| **Average Rates:** |  |  |  |  |  |
| Loans (1) | 5.92% | 5.92% | 6.04% | 6.00% | 6.01% |
| Investment securities | 2.81% | 2.96% | 3.09% | 2.94% | 3.11% |
| Interest-bearing deposits in other banks | 4.35% | 4.55% | 5.72% | 4.43% | 5.56% |
| Total earning assets | 5.47% | 5.50% | 5.60% | 5.55% | 5.56% |
| Interest-bearing deposits | 1.75% | 1.70% | 1.80% | 1.70% | 1.42% |
| Total deposits | 1.12% | 1.11% | 1.18% | 1.11% | 0.91% |
| Short-term borrowings | 4.70% | 4.77% | 5.94% | 4.71% | 5.67% |
| Junior subordinated debentures (TruPS) | 5.62% | 5.70% | 6.73% | 5.69% | 6.73% |
| Total interest-bearing liabilities | 1.81% | 1.80% | 2.13% | 1.78% | 1.97% |
| Net interest margin (2) | 4.35% | 4.35% | 4.20% | 4.42% | 4.27% |

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(1) Average loans do not include nonaccrual loans but do include interest income recovered from previously charged-off loans, unearned fees, and unamortized loan origination costs.

(2) Net interest margin is computed by dividing annualized net interest income by average interest-earning assets.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **United Security Bancshares** | **United Security Bancshares** | | | | |
| **Condensed - Consolidated Balance Sheets (unaudited)** | **Condensed - Consolidated Balance Sheets (unaudited)** | **Condensed - Consolidated Balance Sheets (unaudited)** | **Condensed - Consolidated Balance Sheets (unaudited)** | | |
| *(In thousands)* | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** |<br>**December 31, 2024** |<br>**September 30, 2024** |
| Cash and cash equivalents | $66767 | $49091 | $37894 | $56211 | $47915 |
| Investment securities | 144342 | 150423 | 160534 | 160708 | 168835 |
| Loans, net of unearned fees and unamortized loan origination costs | 958348 | 947329 | 920653 | 928462 | 975151 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (16235) | (15965) | (15356) | (16046) | (16523) |
| Net loans | 942113 | 931364 | 905297 | 912416 | 958628 |
| Other assets | 82398 | 83259 | 88066 | 82383 | 79998 |
| Total assets | $1235620 | $1214137 | $1191791 | $1211718 | $1255376 |
| Non-interest-bearing deposits | $384367 | $372027 | $359135 | $360152 | $360117 |
| Interest-bearing deposits | 691533 | 683642 | 667078 | 697470 | 704904 |
| Total deposits | 1075900 | 1055669 | 1026213 | 1057622 | 1065021 |
| Other liabilities | 22338 | 24214 | 32702 | 23734 | 57499 |
| Total liabilities | 1098238 | 1079883 | 1058915 | 1081356 | 1122520 |
| Total shareholders' equity | 137382 | 134254 | 132876 | 130362 | 132856 |
| Total liabilities and shareholders' equity | $1235620 | $1214137 | $1191791 | $1211718 | $1255376 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **United Security Bancshares** | **United Security Bancshares** | | | | |
| **Condensed - Consolidated Statements of Income (unaudited)** | **Condensed - Consolidated Statements of Income (unaudited)** | **Condensed - Consolidated Statements of Income (unaudited)** | **Condensed - Consolidated Statements of Income (unaudited)** | | |
| | **For the Quarters Ended:** | **For the Quarters Ended:** | **For the Quarters Ended:** | **For the Quarters Ended:** | **For the Quarters Ended:** |
| *(In thousands)* | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| &nbsp;&nbsp;&nbsp;Total interest income | $15626 | $15004 | $15283 | $15146 | $15755 |
| &nbsp;&nbsp;&nbsp;Total interest expense | 3207 | 3141 | 2987 | 3342 | 3943 |
| Net interest income | 12419 | 11863 | 12296 | 11804 | 11812 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 948 | 1858 | 2300 | 1213 | 1558 |
| Net interest income after provision for credit losses | 11471 | 10005 | 9996 | 10591 | 10254 |
| &nbsp;&nbsp;&nbsp;Total non-interest income | 1618 | 758 | 1360 | 120 | 2023 |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | 7434 | 7739 | 7604 | 7430 | 7142 |
| Income before provision for taxes | 5655 | 3024 | 3752 | 3281 | 5135 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 1632 | 855 | 1070 | 786 | 1306 |
| Net income | $4023 | $2169 | $2682 | $2495 | $3829 |

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| | | |
|:---|:---|:---|
| **United Security Bancshares**<br>**Nonperforming Assets (unaudited)**<br>*(Dollars in thousands)* |<br>**September 30, 2025** |<br>**December 31, 2024** |
| Real estate - construction and development | $5699 | $12198 |
| &nbsp;&nbsp;&nbsp;Total nonaccrual loans | 5699 | 12198 |
| Loans past due 90 days and still accruing | 555 | 421 |
| &nbsp;&nbsp;&nbsp;Total nonperforming loans | 6254 | 12619 |
| Other real estate owned | 7852 | 4582 |
| &nbsp;&nbsp;&nbsp;Total nonperforming assets | $14106 | $17201 |
| Nonperforming loans to total gross loans | 0.65% | 1.36% |
| Nonperforming assets to total assets | 1.14% | 1.42% |
| Allowance for credit losses to nonperforming loans | 259.59% | 127.16% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| **United Security Bancshares**<br>**Selected Financial Data (unaudited)**<br> | **2025** | **2024** | **2025** | **2024** |
| Return on average assets | 1.29% | 1.24% | 0.98% | 1.36% |
| Return on average equity | 11.68% | 11.63% | 8.79% | 12.95% |
| Efficiency ratio (1) | 52.80% | 52.47% | 56.36% | 52.96% |
| Annualized net charge-offs to average loans | 0.26% | 0.27% | 0.66% | 0.18% |
|  |  |  | **September 30, 2025** | **December 31, 2024** |
| Shares outstanding - period end |  |  | 17557427 | 17364894 |
| Book value per share |  |  | $7.82 | $7.51 |
| Tangible book value per share |  |  | $7.57 | $7.25 |
| Loan-to-deposit ratio |  |  | 89.07% | 87.79% |
| Allowance for credit losses to total loans |  |  | 1.69% | 1.72% |
| Tier 1 capital to adjusted average assets (leverage ratio): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Company |  |  | 12.42% | 12.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank |  |  | 12.11% | 12.59% |

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(1) Efficiency ratio is total noninterest expense divided by net interest income before provision for credit losses plus total noninterest income.

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