Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Only Financial Statements [Abstract]

Parent Company Only Financial Statements

21. Parent Company Only Financial Statements

The following are the condensed financial statements of United Security Bancshares and should be read in conjunction with the consolidated financial statements:

United Security Bancshares – (parent only)

Balance Sheets  - December 31, 2011 and 2010

(In thousands)	2011			2010
Assets
Cash and equivalents	$	16		$	41
Investment in bank subsidiary		72,383			85,054
Investment in bank stock		24			89
Other assets		515			1,018
Total assets	$	72,938		$	86,202
Liabilities & Shareholders' Equity
Liabilities:
Junior subordinated debt securities (at fair value) 12/31/07)	$	9,027		$	10,646
Accrued interest payable		8			0
Deferred taxes		1,594			2,166
Other liabilities		136			120
Total liabilities		10,765			12,932
Shareholders' Equity:
Common stock, no par value 20,000,000 shares authorized, 13,531,832 and 13.003,840issued and outstanding, in 2011 and 2010		41,435			39,869
Retained earnings		21,447			33,807
Accumulated other comprehensive loss		(709	)		(406	)
Total shareholders' equity		62,173			73,270
Total liabilities and shareholders' equity	$	72,938		$	86,202

United Security Bancshares – (parent only)	Years ended December 31,
Income Statements
(In thousands)	2011			2010
Income
Gain on fair value option of financial assets		1,863			316
Total income		1,863			316
Expense
Interest expense		248			251
Other expense		136			547
Total expense		384			798
(Loss) income before taxes and equity in undistributed income of subsidiary		1,479			(482	)
Income tax (benefit) expense		(127	)		(198	)
Deficit in undistributed income of subsidiary		(12,418	)		(4,155	)
Net (Loss) Income	$	(10,812	)	$	(4,439	)

United Security Bancshares – (parent only)	Years ended December 31,
Statement of Cash Flows
(In thousands)	2011			2010
Cash Flows From Operating Activities
Net (loss) income	$	(10,812	)	$	(4,439	)
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Deficit (equity) in undistributed income of subsidiary		12,418			4,155
Deferred taxes		(572	)		130
Write-down of other investments		0			355
Loss on sale of investment in bank stock		2			0
Gain on fair value option of financial liability		(1,619	)		(316	)
Net change in other assets/liabilities		548			61
Net cash (used in) provided by operating activities		(37	)		(54	)
Cash Flows From Investing Activities
Investment in bank stock		0			0
Proceeds from sale of investment in title company		0			0
Net cash provided by (used in) investing activities		0			0
Cash Flows From Financing Activities
Proceeds from sale investment in bank stock		12			0
Proceeds from note payable		0			75
Net cash provided by (used in) financing activities		12			75
Net increase (decrease) in cash and cash equivalents		(25	)		21
Cash and cash equivalents at beginning of year		41			20
Cash and cash equivalents at end of year	$	16		$	41
Supplemental cash flow disclosures
Noncash financing activities:
Dividends declared not paid	$	0		$	0