11-K 1 a11k-ubfoksopfinancials123.htm 11-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 11-K
 
(mark one)
xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 2024
or
oTRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from            to          
 
Commission file number 000-32987
 
A.        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.         Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
United Security Bancshares
2126 Inyo Street
Fresno, California 93721
1

United Security Bank Cash or Deferred Stock Ownership Plan
 
Financial Statements and Supplemental Information
 
December 31, 2024 and 2023
with Report of Independent Registered Public Accounting Firm

 
Form 11-K
 
Report of Independent Registered Public Accounting Firm
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024
Notes to Financial Statements
Supplemental Information
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
Signature
Exhibit Index

2

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.
3

United Security Bank
Cash or Deferred Stock Ownership Plan
Statements of Net Assets Available for Benefits
December 31, 2024 and 2023
20242023
ASSETS
Investments :
Self-directed brokerage (at fair value)
$1,287,881 $1,023,090 
Common stock of United Security Bancshares (at fair value)
2,588,7142,279,185
Mutual funds (at fair value)
9,745,5866,716,226
Guaranteed investment contract (at contract value)348,069598,851 
Total investments13,970,25010,617,352
Notes receivable from participants136,49683,675
Participant contributions receivable122 16,600 
Employer contributions receivable78,567280,570
NET ASSETS AVAILABLE FOR BENEFITS$14,185,435 $10,998,197 

See notes to financial statements

4

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$1,274,155 
Dividends and interest136,920 
Interest income on notes receivable from participants5,278
Contributions:
Participants 579,728
Employer 321,878
Rollovers1,609,958 
Other637 
Total contributions2,512,201
Total additions3,928,554
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants(710,894)
Administrative expenses(30,422)
Total deductions(741,316)
CHANGE IN NET ASSETS3,187,238 
NET ASSETS AVAILABLE FOR BENEFITS, beginning of year10,998,197 
NET ASSETS AVAILABLE FOR BENEFITS, end of year$14,185,435 

See notes to financial statements

5
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.
General
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).
Eligibility
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.

Administration
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.

Participant accounts
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.

Participant contributions
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.

Employer contributions
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.

6
United Security Bank
Cash or Deferred Stock Ownership Plan
Notes to Financial Statements
December 31, 2024 and 2023
Vesting
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.

Notes receivable from participants
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.

Forfeitures
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.

Benefits paid to participants
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.

Plan termination
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
Basis of accounting
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.

Use of estimates
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.

Investment valuation
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.

7
United Security Bank
Cash or Deferred Stock Ownership Plan
Notes to Financial Statements
December 31, 2024 and 2023
See Note 3 for discussion of fair value measurements.

Income recognition
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.

Payment of benefits
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.

Notes receivable from participants
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    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    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    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
8
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 1Level 2Level 3Total
Self-directed brokerage$1,287,881 $— $— $1,287,881 
Common stock of United Security Bancshares2,588,714— — 2,588,714 
Mutual funds9,745,586 — — 9,745,586 
Total assets at fair value$13,622,181 $— $— $13,622,181 

Assets at Fair Value as of December 31, 2023
Level 1Level 2Level 3Total
Self-directed brokerage$1,023,090 $— $— $1,023,090 
Common stock of United Security Bancshares2,279,185 — — 2,279,185 
Mutual funds6,716,226 — — 6,716,226 
Total assets at fair value$10,018,501 $— $— $10,018,501 

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
9
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,
10
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.

11

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

(a)(b)(c)(d)(e)
Identity of Issuer, Borrower, Lessor or Similar PartyDescription of InvestmentCostCurrent Value
*United Security BancsharesCommon Stock of United Security Bancshares $2,588,714 
*Nationwide/Charles SchwabSelf-directed Common Stock1,287,881
*NationwideNW Loomis Allcap Gr R6150,998
*NationwideGuaranteed Investment Contract (at contract value)348,069
AB Global Bond FundAb Glbl Bd I48,512
American BeaconAmerican Beacon International Equity Fund - Class R5 +1
American Funds Amfds Wshngtn Mut Inv R6 +14
Avantis InvestorsAvantis Emerging Markets Equity Fund - Institutional Class67,887
Avantis InvestorsAvantis U.S. Small Cap Value Fund - Institutional Class39,870
Avantis InvestorsAvantis U.S. Large Cap Value Fund139,679
Dimensional Funds AdvisorsDfa Emrg Mkt Cor Eq Inst37,320
Dimensional Funds AdvisorsDfa Glbl Realest Sec Inst68,281
Dimensional Funds AdvisorsDfa Us Lgcap Val Inst +333
Dimensional Funds AdvisorsDfa Us Trgt Val Inst19
DodgecoxDodge & Cox International Stock Fund Class I150,850
DWS FundDws Enhcdcomdtstrat Inst60,443
DWS FundDws Flotng Rt S +16,847
Federated HermesFed Hrms Gov Oblgtns Prmr3
FidelityFidelity Select Semiconductors Portfolio +4,402
Fidelity Fid 500 Indx837,376
Fidelity Fid Infl Prtct Bd Indx +15,740
Fidelity Fid Intl Indx306,117
Fidelity Fid Mdcap Indx +467,800
Fidelity Fid Smcap Indx +372,002
Fidelity Fid Ttl Mkt Indx +192,735
Fidelity Fid Us Bd Indx +360,910
Goldman Sachs GQG PartnersGdmnscs Gqgptnrintloppr R6146,781
JP MorganJpm Eq Inc R5118,632
JP MorganJpm Gr Advtg R6 +4,988
JP MorganJpm Mdcap Val R673,205
JP MorganJpm Smcap Gr R6 +16,435
JP MorganJpm Strat Inc Oppr R5 +146
Lazard InternationalLazard Intl Strat Eq Inst +59
Legg MasonLeggm Wstras Corplsbd I131
Lord AbbettLrdabt Flotng Rt R5 +19,439
12

Lord AbbettLrdabt Hi Yld R588,712
MFSMfs Mdcap Gr R673,374
MFSMfs Rsrch R4 +1
PGIMPgim Hi Yld Z +1
PGIMPgim Ttl Rtn Bd R6134,282
PGIMPgim Ttl Rtn Bd Z +1
PIMCOPimco Real Rtn Inst120,049
RydexRydexsginasdaq100 2xstrath +5,329
RydexRydexsgi S P 500 2x Strath +5,041
TCW FundsTcw Mtwst Total Return Bnd Fnd - Class I +60,752
TCW FundsTcw Securitized Bond Fund - I Class +1
VanguardVngrd 500 Index Fd As +463,297
VanguardVngrd Explr Adml40,316
VanguardVngrd Glbl Cap Cyc Inv +4,175
VanguardVngrd Glbl Eq Inv +17,058
VanguardVngrd Hlth Care Adml +12,503
VanguardVngrd Realest Indx Adml +14,826
VanguardVngrd Sel Val Inv +30,898
VanguardVngrd Smcap Gr Indx Adml +47,350
VanguardVngrd Smcap Val Indx Adml +23
VanguardVngrd Trgt Rtrmt 2020 Inv154,564
VanguardVngrd Trgt Rtrmt 2025 Inv253,846
VanguardVngrd Trgt Rtrmt 2030 Inv1,073,706
VanguardVngrd Trgt Rtrmt 2035 Inv864,550
VanguardVngrd Trgt Rtrmt 2040 Inv730,818
VanguardVngrd Trgt Rtrmt 2045 Inv199,924
VanguardVngrd Trgt Rtrmt 2050 Inv325,225
VanguardVngrd Trgt Rtrmt 2055 Inv152,362
VanguardVngrd Trgt Rtrmt 2060 Inv104,052
VanguardVngrd Trgt Rtrmt 2065 Inv105,945
VanguardVngrd Trgt Rtrmt Inc679,179
VanguardVngrd Ttl Intlstkindx Adml +49
VanguardVngrd Ttl Stmkt Indx Fd As1
VanguardVngrd Us Gr Adml128,174
VanguardVanguard Target Retirement 2070 Fund - Investor Class16,726
VanguardVngrd Hlth Care Inv +41,381
VictoryVictory Nasdaq-100 Index Fund R6 Shares +79,140
*Participant Loans4.25% - 9.25% Interest Rates; Maturities through May 2034136,496 
$14,106,746 
* Indicates party-in-interest to the Plan
13

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: /s/ David A. Kinross

Senior Vice President and
Chief Financial Officer
United Security Bank
14

EXHIBIT INDEX
EXHIBIT
NUMBEREXHIBIT
Consent of Baker Tilly US, LLP

15