# EDGAR Filing Document

**Accession Number:** 0001137547
**File Stem:** 0001137547-25-000099
**Filing Date:** 2025-7
**Character Count:** 35486
**Document Hash:** 733f5f2344ff96bd569822e0ff984b32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001137547-25-000099.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001137547-25-000099

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**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:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-32897
- **FILM NUMBER:** 251125740

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 11-K**

---

| | | |
|:---|:---|:---|
| | **(mark one)** | **(mark one)** |
| | ⌧ | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **or** | **or** | **or** |
| | □ | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission file number 000-32987**

A.&nbsp;&nbsp;&nbsp;&nbsp; Full title of the plan and the address of the plan, if different from that of the issuer named below:

**UNITED SECURITY BANK CASH OR DEFERRED STOCK OWNERSHIP PLAN**

B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**<u>United Security Bancshares</u>**

**2126 Inyo Street**

**Fresno, California 93721**

------

**United Security Bank Cash or Deferred Stock Ownership Plan**

**Financial Statements and Supplemental Information**

**December 31, 2024 and 2023 <br>with Report of Independent Registered Public Accounting Firm**

**Form 11-K**

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm | <u>[3](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_7)</u> |
| **Financial Statements** |  |
| Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023 | <u>[4](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_10)</u> |
| Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024 | <u>[5](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_13)</u> |
| Notes to Financial Statements | <u>[6](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_16)</u> |
| **Supplemental Information** |  |
| Schedule H, Line 4i — Schedule of Assets (Held at End of Year) | <u>[12](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_43)</u> |
| Signature | <u>[14](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_46)</u> |
| Exhibit Index | <u>[15](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_49)</u> |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Plan Administrative Committee and participants

United Security Bank Cash or Deferred Stock Ownership Plan

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of the United Security Bank Cash or Deferred Stock Ownership Plan (the Plan) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Opinion on the Supplemental Information***

The supplemental information included in Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2024, has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Baker Tilly US, LLP

Spokane, WA

July 15, 2025

We have served as the Plan's auditor since 2010.

------

---

| | | |
|:---|:---|:---|
| **United Security Bank** | | |
| **Cash or Deferred Stock Ownership Plan** | | |
| **Statements of Net Assets Available for Benefits** | | |
| **December 31, 2024 and 2023** | | |
|  | **2024** | **2023** |
| ASSETS |  |  |
| Investments : |  |  |
| &nbsp;&nbsp;&nbsp;Self-directed brokerage (at fair value) | $1287881 | $1023090 |
| &nbsp;&nbsp;&nbsp;Common stock of United Security Bancshares (at fair value) | 2588714 | 2279185 |
| &nbsp;&nbsp;&nbsp;Mutual funds (at fair value) | 9745586 | 6716226 |
| &nbsp;&nbsp;&nbsp;Guaranteed investment contract (at contract value) | 348069 | 598851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 13970250 | 10617352 |
| Notes receivable from participants | 136496 | 83675 |
| Participant contributions receivable | 122 | 16600 |
| Employer contributions receivable | 78567 | 280570 |
| NET ASSETS AVAILABLE FOR BENEFITS | $14185435 | $10998197 |

---

See <u>[notes](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_16)</u> to financial statements

------

---

| | |
|:---|:---|
| **United Security Bank** | |
| **Cash or Deferred Stock Ownership Plan** | |
| **Statement of Changes in Net Assets Available for Benefits** | |
| **For the Year Ended December 31, 2024** | |
|  | **2024** |
| ADDITIONS TO NET ASSETS ATTRIBUTED TO: |  |
| Net appreciation in fair value of investments | $1274155 |
| Dividends and interest | 136920 |
| Interest income on notes receivable from participants | 5278 |
| Contributions: |  |
| &nbsp;&nbsp;&nbsp;Participants | 579728 |
| &nbsp;&nbsp;&nbsp;Employer | 321878 |
| &nbsp;&nbsp;&nbsp;Rollovers | 1609958 |
| &nbsp;&nbsp;&nbsp;Other | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 2512201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 3928554 |
| DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: |  |
| Benefits paid to participants | (710894) |
| Administrative expenses | (30422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | (741316) |
| CHANGE IN NET ASSETS | 3187238 |
| NET ASSETS AVAILABLE FOR BENEFITS, beginning of year | 10998197 |
| NET ASSETS AVAILABLE FOR BENEFITS, end of year | $14185435 |

---

See <u>[notes](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_16)</u> to financial statements

------

**United Security Bank**

**Cash or Deferred Stock Ownership Plan**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

*NOTE 1 – DESCRIPTION OF PLAN* 

The following brief description of the United Security Bank Cash or Deferred Stock Ownership Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

<u>General</u>

The primary purpose of the United Security Bank Cash or Deferred Stock Ownership Plan (the Plan) is to provide employees of United Security Bank (the Company) the opportunity to accumulate funds for their retirement. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

<u>Eligibility</u> 

The Plan is a defined contribution plan covering all regular part-time and full-time employees of the Company. Employees may participate in the elective salary deferral feature of the Plan after completing three months of service. Employees will be eligible to receive employer Safe Harbor Match contributions after completing three months of eligible service. To be eligible for discretionary profit sharing contributions, employees must attain age 21, must complete one year of service, must complete at least 1,000 hours of service during the Plan year, and be employed by the Company on the last day of the Plan year. Discretionary profit sharing contributions are not allowed for any Plan year for which Safe Harbor matching contributions are provided. Initial entry dates are on the first day of the calendar month following the time an employee has met the eligibility criteria specified above.

<u>Administration</u> 

The Plan is administered by the Company. Administrative expenses are mostly paid by the Company, except for expenses incurred at the participant level which are charged against the participants' individual accounts.

<u>Participant accounts</u> 

Each participant's account is credited with the participant's contribution and allocations of the Company's contributions, and Plan earnings. The amount to which a participant is entitled is the benefit that can be provided from the participant's vested account.

<u>Participant contributions</u> 

Participants may contribute to the Plan a percentage or a specific dollar amount of their annual wages, not to exceed certain dollar limitations determined annually by the Internal Revenue Service (IRS). Deferrals to the Plan may be made as normal 401(k) contributions or on an after-tax-basis as Roth contributions. The sum of regular pre-tax 401(k) and Roth contributions may not exceed the annual limit allowed on regular 401(k) contributions. Participants may elect to change their election to contribute to the Plan on the dates established pursuant to the Plan Administrator procedures. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Rollover contributions are permitted for participants.

<u>Employer contributions</u> 

The Safe Harbor Match contribution made by the Company equals 100% of the first 4% of an employee's eligible contributions made during the year. The Company may elect to make a discretionary profit sharing contribution, annually, at the discretion of the Board of Directors. This election would be in place of the Safe Harbor Match contribution and allocated in proportion to the participants' eligible compensation to the total compensation of all eligible participants for the Plan year.

Employer contributions are made in cash and re-invested in various plan investments at the direction of the participant. The Company made Safe Harbor Match contributions of $321,878 for the plan year ended December 31, 2024. There were no discretionary profit sharing contributions made during the year ended December 31, 2024.

------

**United Security Bank**

**Cash or Deferred Stock Ownership Plan**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

<u>Vesting</u> 

When participants terminate employment with the Company, they are entitled to the vested portion of each of their accounts. Participants are always 100% vested in the amounts they contributed to the plan, including any rollover contribution, Safe Harbor Match contribution, or discretionary profit sharing contribution.

<u>Notes receivable from participants</u> 

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan terms range from one to five years, except that a loan used to acquire a principal residence may be repaid over a reasonable time commensurate with the repayment period similar to commercial loans. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan Administrator. Principal and interest are paid through payroll deductions. Loan expenses are deducted from the gross loan amount upon distribution to the employee. As of December 31, 2024, the rate of interest on outstanding loans ranges from 4.25% to 9.25% with maturities through May 2034.

<u>Forfeitures</u> 

Forfeitures are retained in the Plan and may be used to offset Plan expenses or reduce future employer contributions. For the year ended December 31, 2024 and 2023, no non-vested forfeitures were used to offset plan expenses.

<u>Benefits paid to participants</u>

Upon termination of service, the participant may elect to receive benefits equal to the value of his or her account in one lump-sum payment or transfer/rollover the value to another qualified investment plan. The Plan allows in-service distributions for participants that have reached age 59 1/2, as defined in the Plan, but are still working for the Company. The Plan also allows hardship withdrawals. Any Safe Harbor Match account balance is excluded from hardship withdrawal eligibility.

<u>Plan termination</u> 

In the event of plan termination, participants' accounts would become fully vested. Although termination of the Plan is not presently contemplated, the Company does have the right to terminate the Plan at any time.

*NOTE 2 – ACCOUNTING POLICIES* 

<u>Basis of accounting</u> 

The financial statements of the Plan are prepared in accordance with accounting principles generally accepted in the United States of America, using the accrual basis of accounting.

<u>Use of estimates</u> 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

<u>Investment valuation</u>

Investments are stated at fair value and contract value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date.

Contract value is the relevant measurement for assets invested in fully benefit-responsive investment contracts. Contract value is the amount participants normally would receive if they were to initiate permitted transactions under the terms of the Plan.

------

**United Security Bank**

**Cash or Deferred Stock Ownership Plan**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

See <u>[Note 3](#i010fcbc74a3f4ac6801c0c56ffd1cf6a_22)</u> for discussion of fair value measurements.

<u>Income recognition</u>

Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. The net appreciation/depreciation in fair value of investments consists of both the realized gains or losses and unrealized appreciation or depreciation of those investments.

<u>Payment of benefits</u> 

Benefits are recorded when paid. The Plan accounts for benefits due to participants who have terminated employment with the Company as a component of net assets available for benefits until such amounts have been paid.

<u>Notes receivable from participants</u>

Notes receivable from participants are measured at amortized cost, which represents unpaid principal balance, plus accrued, but unpaid, interest. Delinquent notes receivable from participants are reclassified as distributions upon the occurrence of an event, based on the terms of the Plan Agreement. No allowance for credit losses has been recorded as of December 31, 2024 and 2023.

*NOTE 3 – FAIR VALUE MEASUREMENTS* 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs that may be used to measure fair value are described below:

**Level 1**&nbsp;&nbsp;&nbsp;&nbsp;Quoted prices (unadjusted) for identical assets or liabilities in active markets that the plan has the ability to access as of the measurement date.

**Level 2**&nbsp;&nbsp;&nbsp;&nbsp;Significant other observable inputs other than level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

**Level 3**&nbsp;&nbsp;&nbsp;&nbsp;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The asset or liability's fair value measurement may include inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023.

Common stock of United Security Bancshares and other common stock (self-directed brokerage): Common stock is valued at quoted market prices. Accordingly, investments in common stock are classified within Level 1 of the valuation hierarchy.

Registered investment companies (Mutual funds): Shares of registered investment company funds are valued at the net asset value ("NAV") of shares held by the Plan and are valued at the closing price reported on the active market on which the individual securities are traded. Accordingly, mutual funds are classified within Level 1 of the valuation hierarchy.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and

------

**United Security Bank**

**Cash or Deferred Stock Ownership Plan**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value on a recurring basis as of December 31, 2024 and 2023.

**Assets at Fair Value as of December 31, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Self-directed brokerage | $1287881 | $— | $— | $1287881 |
| Common stock of United Security Bancshares | 2588714 |  |  | 2588714 |
| Mutual funds | 9745586 |  |  | 9745586 |
| Total assets at fair value | $13622181 | $— | $— | $13622181 |

---

**Assets at Fair Value as of December 31, 2023** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Self-directed brokerage | $1023090 | $— | $— | $1023090 |
| Common stock of United Security Bancshares | 2279185 |  |  | 2279185 |
| Mutual funds | 6716226 |  |  | 6716226 |
| Total assets at fair value | $10018501 | $— | $— | $10018501 |

---

Gains and losses (realized and unrealized) included in changes in net assets, for the year ended December 31, 2024, are reported in net appreciation in fair value of investments in the Statement of Changes in Net Assets Available for Benefits.

There were no transfers in or out of Levels 1, 2 or 3 for the year ended December 31, 2024. There were no liabilities measured at fair value on a recurring basis at December 31, 2024 and 2023. The plan did not have any assets or liabilities measured at fair value on a non-recurring basis at December 31, 2024 and 2023.

*NOTE 4 – GUARANTEED INVESTMENT CONTRACT*

In 2018, the Plan entered into a fully benefit-responsive investment contract (FBRIC) with Nationwide Financial Retirement Plans (Nationwide). Nationwide maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

The crediting rate is based on a formula established by the contract issuer but may not be less than 1.89%. The crediting rate is reviewed on a quarterly basis for resetting. The FBRIC does not permit Nationwide to terminate the agreement prior to the scheduled maturity date.

The contract meets the FBRIC criteria and is, therefore, reported at contract value. Contract value is the relevant measure for FBRICs because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value, as reported to the Plan by Nationwide, represents contributions made under the contract, plus earnings, less participant withdrawals, and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

The Plan's ability to receive amounts due is dependent on the issuer's ability to meet its financial obligations, which may be affected by future economic and regulatory developments.

Certain events might limit the ability of the Plan to transact at contract value with the issuer. Such events include

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**United Security Bank**

**Cash or Deferred Stock Ownership Plan**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

the following: (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan), (2) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan sponsor or other Plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan, (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA, or (5) premature termination of the contract. No events are probable of occurring that might limit the Plan's ability to transact at contract value with the contract issuer and that also would limit the ability of the Plan to transact at contract value with the participants.

*NOTE 5 – INVESTMENTS* 

At December 31, 2024, $2,588,714, or 18.4%, of the Plan's assets were invested in the common stock of the Company and are held by Charles Schwab. At December 31, 2023, $2,279,185 or approximately 21.3% of the Plan's assets were invested in the common stock of the Company. The remaining portion of the Plan's assets are held in the form of mutual funds, other common stock, self-directed brokerage accounts, and a retirement advisor fixed select contract at the Plan's Trustee, Nationwide Trust Company (NTC), or at Charles Schwab.

*NOTE 6 – TAX STATUS* 

The plan document is a prototype standardized defined contribution plan that received a favorable opinion letter from the IRS dated June 30, 2020, which stated that the prototype plan, as then designed, was in accordance with applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the opinion letter, the Trustees believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. No provision for income taxes has been included in the Plan's financial statements. In accordance with guidance on accounting for uncertainty in income taxes, the Trustees have evaluated the Plan's tax positions and do not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

*NOTE 7 – RELATED PARTY TRANSACTIONS* 

Parties-in-interest are defined under DOL regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others. The Plan's assets are held by NTC and Charles Schwab. Some of the Plan assets are invested in funds managed by NTC. NTC also provides record keeping and investment services to the Plan. Plan assets held at Charles Schwab include investments in the Company's stock and other self-directed investments. NTC and Charles Schwab act as custodians of the Plan's investments; therefore, these transactions qualify as exempt party-in-interest transactions.

Company contributions are managed by NTC, which invests cash received, interest and dividend income, and makes distributions to participants.

NTC expenses incurred at the participant level are absorbed by the Plan and allocated among the related participants' accounts. The independent auditors' fees, financial advisor's fees, third-party administrator's fees, and fiduciary's fees are paid directly by the Company.

The Plan's investments include 256,308 and 271,009 shares of Company stock at December 31, 2024 and 2023, respectively. The Company's common stock is valued at the quoted market price of $10.10 and $8.41 per share at December 31, 2024 and 2023, respectively.

*NOTE 8 – RISKS AND UNCERTAINTIES* 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, credit risks, and overall market volatility. Due to the level of risk associated with certain investment securities,

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**United Security Bank**

**Cash or Deferred Stock Ownership Plan**

**Notes to Financial Statements**

**December 31, 2024 and 2023**

changes in the values of investment securities may occur in the near term and such changes could materially affect participants' account balances and the amounts reported in the Statement of Net Assets Available for Benefits.

The Plan is subject to concentrations of market risk with respect to the common stock of United Security Bancshares held by the Plan. At December 31, 2024 and 2023, approximately 18.4% and 21.3%, respectively, of the Plan assets were invested in United Security Bancshares stock, which is publicly traded on the NASDAQ stock exchange. United Security Bancshares stock traded at a high closing price of $10.31 per share and a low closing price of $7.07 per share during 2024. Company performance and other economic factors impact the market value of this investment on a daily basis.

*NOTE 9 – SUBSEQUENT EVENTS*

During April 2025, the Plan changed safekeeping and recordkeeping service providers from NTC and Charles Schwab to Empower Retirement and Empower Brokerage.

The Plan has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through July 15, 2025, the date of issuance.

------

**United Security Bank**

**Cash or Deferred Stock Ownership Plan**

**Employer Identification Number 77-0103429 Plan Number: 002**

**Schedule H, Line 4i, Schedule of Assets (Held at End of Year)**

**December 31, 2024** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b)**<br>**Identity of Issuer, Borrower, Lessor or Similar Party** | **(c)**<br>**Description of Investment** | **(d)**<br>**Cost** | **(e)**<br>**Current Value** |
| \* | United Security Bancshares | Common Stock of United Security Bancshares |  | $2588714 |
| \* | Nationwide/Charles Schwab | Self-directed Common Stock |  | 1287881 |
| \* | Nationwide | NW Loomis Allcap Gr R6 |  | 150998 |
| \* | Nationwide | Guaranteed Investment Contract (at contract value) |  | 348069 |
|  | AB Global Bond Fund | Ab Glbl Bd I |  | 48512 |
|  | American Beacon | American Beacon International Equity Fund - Class R5 + |  | 1 |
|  | American Funds | Amfds Wshngtn Mut Inv R6 + |  | 14 |
|  | Avantis Investors | Avantis Emerging Markets Equity Fund - Institutional Class |  | 67887 |
|  | Avantis Investors | Avantis U.S. Small Cap Value Fund - Institutional Class |  | 39870 |
|  | Avantis Investors | Avantis U.S. Large Cap Value Fund |  | 139679 |
|  | Dimensional Funds Advisors | Dfa Emrg Mkt Cor Eq Inst |  | 37320 |
|  | Dimensional Funds Advisors | Dfa Glbl Realest Sec Inst |  | 68281 |
|  | Dimensional Funds Advisors | Dfa Us Lgcap Val Inst + |  | 333 |
|  | Dimensional Funds Advisors | Dfa Us Trgt Val Inst |  | 19 |
|  | Dodgecox | Dodge & Cox International Stock Fund Class I |  | 150850 |
|  | DWS Fund | Dws Enhcdcomdtstrat Inst |  | 60443 |
|  | DWS Fund | Dws Flotng Rt S + |  | 16847 |
|  | Federated Hermes | Fed Hrms Gov Oblgtns Prmr |  | 3 |
|  | Fidelity | Fidelity Select Semiconductors Portfolio + |  | 4402 |
|  | Fidelity | Fid 500 Indx |  | 837376 |
|  | Fidelity | Fid Infl Prtct Bd Indx + |  | 15740 |
|  | Fidelity | Fid Intl Indx |  | 306117 |
|  | Fidelity | Fid Mdcap Indx + |  | 467800 |
|  | Fidelity | Fid Smcap Indx + |  | 372002 |
|  | Fidelity | Fid Ttl Mkt Indx + |  | 192735 |
|  | Fidelity | Fid Us Bd Indx + |  | 360910 |
|  | Goldman Sachs GQG Partners | Gdmnscs Gqgptnrintloppr R6 |  | 146781 |
|  | JP Morgan | Jpm Eq Inc R5 |  | 118632 |
|  | JP Morgan | Jpm Gr Advtg R6 + |  | 4988 |
|  | JP Morgan | Jpm Mdcap Val R6 |  | 73205 |
|  | JP Morgan | Jpm Smcap Gr R6 + |  | 16435 |
|  | JP Morgan | Jpm Strat Inc Oppr R5 + |  | 146 |
|  | Lazard International | Lazard Intl Strat Eq Inst + |  | 59 |
|  | Legg Mason | Leggm Wstras Corplsbd I |  | 131 |
|  | Lord Abbett | Lrdabt Flotng Rt R5 + |  | 19439 |

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| | | | |
|:---|:---|:---|:---|
| | Lord Abbett | Lrdabt Hi Yld R5 | 88712 |
| | MFS | Mfs Mdcap Gr R6 | 73374 |
| | MFS | Mfs Rsrch R4 + | 1 |
| | PGIM | Pgim Hi Yld Z + | 1 |
| | PGIM | Pgim Ttl Rtn Bd R6 | 134282 |
| | PGIM | Pgim Ttl Rtn Bd Z + | 1 |
| | PIMCO | Pimco Real Rtn Inst | 120049 |
| | Rydex | Rydexsginasdaq100 2xstrath + | 5329 |
| | Rydex | Rydexsgi S P 500 2x Strath + | 5041 |
| | TCW Funds | Tcw Mtwst Total Return Bnd Fnd - Class I + | 60752 |
| | TCW Funds | Tcw Securitized Bond Fund - I Class + | 1 |
| | Vanguard | Vngrd 500 Index Fd As + | 463297 |
| | Vanguard | Vngrd Explr Adml | 40316 |
| | Vanguard | Vngrd Glbl Cap Cyc Inv + | 4175 |
| | Vanguard | Vngrd Glbl Eq Inv + | 17058 |
| | Vanguard | Vngrd Hlth Care Adml + | 12503 |
| | Vanguard | Vngrd Realest Indx Adml + | 14826 |
| | Vanguard | Vngrd Sel Val Inv + | 30898 |
| | Vanguard | Vngrd Smcap Gr Indx Adml + | 47350 |
| | Vanguard | Vngrd Smcap Val Indx Adml + | 23 |
| | Vanguard | Vngrd Trgt Rtrmt 2020 Inv | 154564 |
| | Vanguard | Vngrd Trgt Rtrmt 2025 Inv | 253846 |
| | Vanguard | Vngrd Trgt Rtrmt 2030 Inv | 1073706 |
| | Vanguard | Vngrd Trgt Rtrmt 2035 Inv | 864550 |
| | Vanguard | Vngrd Trgt Rtrmt 2040 Inv | 730818 |
| | Vanguard | Vngrd Trgt Rtrmt 2045 Inv | 199924 |
| | Vanguard | Vngrd Trgt Rtrmt 2050 Inv | 325225 |
| | Vanguard | Vngrd Trgt Rtrmt 2055 Inv | 152362 |
| | Vanguard | Vngrd Trgt Rtrmt 2060 Inv | 104052 |
| | Vanguard | Vngrd Trgt Rtrmt 2065 Inv | 105945 |
| | Vanguard | Vngrd Trgt Rtrmt Inc | 679179 |
| | Vanguard | Vngrd Ttl Intlstkindx Adml + | 49 |
| | Vanguard | Vngrd Ttl Stmkt Indx Fd As | 1 |
| | Vanguard | Vngrd Us Gr Adml | 128174 |
| | Vanguard | Vanguard Target Retirement 2070 Fund - Investor Class | 16726 |
| | Vanguard | Vngrd Hlth Care Inv + | 41381 |
| | Victory | Victory Nasdaq-100 Index Fund R6 Shares + | 79140 |
| \* | Participant Loans | 4.25% - 9.25% Interest Rates; Maturities through May 2034 | 136496 |
|  |  |  | $14106746 |

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\* Indicates party-in-interest to the Plan

------

**Signature** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

United Security Bank Cash or Deferred Ownership Plan

July 15, 2025

By: <u>/s/ David A. Kinross</u> 

Senior Vice President and

Chief Financial Officer

United Security Bank

------

**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>EXHIBIT</u> | |
| <u>NUMBER</u> | <u>EXHIBIT</u> |
| <u>[23.1](exhibit231123124.htm)</u> | Consent of Baker Tilly US, LLP |

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## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-100078) of United Security Bancshares of our report dated July 15, 2025, relating to the financial statements and supplemental information of the United Security Bank Cash or Deferred Stock Ownership Plan (the Plan) appearing in this Annual Report on Form 11-K of the Plan for the year ended December 31, 2024.

/s/ Baker Tilly US, LLP

Spokane, WA

July 15, 2025

<br>