Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2012

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, 2012 and 2011
(In thousands)	2012		2011
Assets
Cash and equivalents	$	296	$	16
Investment in bank subsidiary		79,969		72,383
Investment in bank stock		0		24
Other assets		562		515
Total assets	$	80,827	$	72,938
Liabilities & Shareholders' Equity
Liabilities:
Junior subordinated debt securities (at fair value) 12/31/07)	$	10,068	$	9,027
Accrued interest payable		-		8
Deferred taxes		1,239		1,594
Other liabilities		79		136
Total liabilities		11,386		10,765
Shareholders' Equity:
Common stock, no par value
20,000,000 shares authorized, 14,217,303 and 13,531,832
issued and outstanding, in 2012 and 2011		43,173		41,435
Retained earnings		26,179		21,447
Accumulated other comprehensive loss		89		(709	)
Total shareholders' equity		69,441		62,173
Total liabilities and shareholders' equity	$	80,827	$	72,938

United Security Bancshares – (parent only)	Years ended December 31,
Income Statements
(In thousands)	2012			2011
Income
(Loss) Gain on fair value option of financial assets		(774	)		1,863
Total (loss) income		( 774	)		1,863
Expense
Interest expense		270			248
Other expense		201			136
Total expense		471			384
(Loss) Income before taxes and equity in
undistributed income of subsidiary		(1,245	)		1,479
Income tax (benefit) expense		(512	)		(127	)
Deficit in undistributed income of subsidiary		6,802			(12,418	)
Net Income (loss)	$	6,069		$	(10,812	)

United Security Bancshares – (parent only)	Years ended December 31,
Statement of Cash Flows
(In thousands)	2012			2011
Cash Flows From Operating Activities
Net income (loss)	$	6,069		$	(10,812	)
Adjustments to reconcile net income (loss) to cash
provided by operating activities:
(Equity) deficit in undistributed income of subsidiary		(6,802	)		12,418
Deferred taxes		(376	)		(572	)
Write-down of other investments		68			0
Loss on sale of investment in bank stock		0			2
Gain on fair value option of financial liability		774			(1,863	)
Net change in other assets/liabilities		243			790
Net cash (used in) operating activities		(24	)		(37	)
Cash Flows From Investing Activities
Investment in bank stock		9			12
Proceeds from sale of investment in title company		0			0
Net cash provided by investing activities		9			12
Cash Flows From Financing Activities
Proceeds from sale investment in bank stock		295			0
Proceeds from note payable		0			0
Net cash provided by financing activities		295			0
Net increase (decrease) in cash and cash equivalents		280			(25	)
Cash and cash equivalents at beginning of year		16			41
Cash and cash equivalents at end of year	$	296		$	16
Supplemental cash flow disclosures
Noncash financing activities:
Dividends declared not paid	$	0		$	0