UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 11-K
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(mark
one)
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x
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
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For
the year ended December 31, 2009
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or
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o
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
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For
the transition period from
to
Commission
file number 333-100078
A.
Full title of the plan and the address of the plan, if different from that of
the issuer named below:
UNITED
SECURITY BANK 401(k) 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
United
Security Bank 401(k) Cash or Deferred Stock Ownership Plan
Financial
Statements and Supplemental Schedule
December 31, 2009
and 2008
with
Report of Independent Registered Public Accounting Firm
Form 11-K
Report
of Independent Registered Public Accounting Firm
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3
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Financial
Statements
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Statement
of Net Assets Available for Benefits as of December 31, 2009 and
2008
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4
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Statement
of Changes in Net Assets Available for Benefits for the year ended
December 31, 2009
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5
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Notes
to Financial Statements
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6
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Supplemental
Schedule
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Schedule
H, Line 4i — Schedule of Assets (Held at End of Year)
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12
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Exhibit Index
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14
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We have
audited the accompanying statements of net assets available for benefits of
United Security Bank 401(k) Cash or Deferred Stock Ownership Plan (the Plan) as
of December 31, 2009 and 2008, and the related statement of changes in net
assets available for benefits for the year ended December 31, 2009. These
financial statements are the responsibility of the Plan’s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an
audit of the Plan's internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2009 and 2008, and the changes in its net assets available for
benefits for the year ended December 31, 2009 in conformity with accounting
principles generally accepted in the United States of America.
Our
audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
(at end of year) is presented for the purpose of additional analysis and is not
a required part of the basic financial statements but is supplementary
information required by the Department of Labor’s Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This supplemental schedule is the responsibility of the Plan’s management.
The supplemental schedule has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ Moss Adams
LLP
Stockton,
CA
June 29,
2010
United
Security Bank
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401(k)
Cash or Deferred Stock Ownership Plan
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December
31, 2009 and 2008
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2009
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2008
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ASSETS
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Cash
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$
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2
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$
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2,799
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Investments,
at fair value:
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Common
stock of United Security Bancshares
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1,373,550
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3,269,520
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Separately
managed accounts
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843,163
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442,802
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Money
Market Funds
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176,178
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209,067
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Participant
loans
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58,133
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51,480
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Participant
contributions receivable
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14,018
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-
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NET
ASSETS AVAILABLE FOR BENEFITS
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$
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2,465,044
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$
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3,975,668
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See notes
to financial statements
United
Security Bank
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401(k)
Cash or Deferred Stock Ownership Plan
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Statement
of Changes in Net Assets Available for Benefits
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For
the Year Ended December 31, 2009
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CHANGES
IN NET ASSETS ATTRIBUTED TO:
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Net
depreciation in common stock of United Security Bancshares
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$
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(2,061,211
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)
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Net
appreciation in fair value of other investments
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149,066
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Dividends
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73,556
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Interest
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3,348
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Participant
contributions
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382,346
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Benefits
paid to participants
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(56,975
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Administrative
expenses
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(754
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NET
CHANGE
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(1,510,624
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)
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NET
ASSETS AVAILABLE FOR BENEFITS, beginning of year
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3,975,668
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NET
ASSETS AVAILABLE FOR BENEFITS, end of year
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$
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2,465,044
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See notes
to financial statements
United
Security Bank
401(k)
Cash or Deferred Stock Ownership Plan
Notes
to Financial Statements
December
31, 2009 and 2008
NOTE
1 – DESCRIPTION OF PLAN
The
following brief description of the United Security Bank 401(k) 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 401(k) 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”). The Plan was amended and restated as of January 1, 2009 to conform to
recent changes in the law including, the provisions of the Pension Act of 2006;
the final Treasury regulations under Code section 415 published April 5, 2007;
and the provisions of the Heroes Earnings Assistance and Relief Tax Act of
2008.
Eligibility
The Plan
is a defined contribution plan covering all regular part-time or full-time
employees of the Company. Employees may participate in the voluntary salary
deferral feature of the Plan on the first day of the month following employment.
Employees will be eligible to receive employer contributions as of the first
date of the Plan year in which the employee completes one year of service and
attained the age of 21, provided the employee is credited with 1,000 hours of
service during the Plan year and is employed on the last day of that Plan
year.
Administration
The Plan
is administered by the Company. Administrative expenses are paid by the Company,
except for expenses incurred at the participant level which are charged against
the participant’s 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 benefit to
which a participant is entitled is the benefit that can be provided from the
participant’s vested account.
Employee
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.
Employer
contributions
The
Company is under no obligation to contribute to the Plan in any given year. The
Company may make a discretionary contribution, annually, at the discretion of
the Board of Directors, which is allocated in proportion to participants’
eligible compensation to the total compensation of all eligible participants for
the Plan year. Eligible compensation includes employee contributions to the Plan
and to the Company Cafeteria Plan. The employer did not make discretionary
contributions during 2009.
Employer
contributions are made in shares of common stock of United Security Bancshares
and may be re- invested in other plan investments at the discretion of the
participant after completing three years of service. The Company may make a
matching contribution annually, at the discretion of the Board of Directors. The
Company made no matching contribution during the year ended December 31, 2009
and 2008.
Vesting
Vesting
in the Company’s contributions is based on years of continuous service.
Discretionary contributions by the Company and employer matching contributions
vest on a pro rata basis beginning after two years of service and are fully
vested after six years of credited service. In the event of death, disability or
retirement, a participant’s interest in employer contributions become fully
vested.
Participant
loans
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 vested 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, 2009 and 2008, the rates of
interest on outstanding loans ranged from 4.25% to 9.25% with maturities through
July 2020.
Forfeitures
Forfeitures
are the non-vested portion of a participant’s account that are lost upon
termination of employment. Forfeitures are retained in the Plan and will be used
to reduce future employer contributions. Non-vested amounts forfeited total
$5,575 and $38,738 of net assets available for benefits at December 31, 2009 and
2008, respectively. For the year ended December 31, 2009, nonvested accounts
totaling $1,961 were forfeited, which will be used to reduce future employer
contributions.
Distributions
Upon
termination of service, the participant may elect to receive benefits equal to
the vested value of his or her account in one lump-sum payment or equal annual
installments. The Plan allows in-service distributions for participants that
have reached Normal Retirement Age as defined in the Plan, but are still working
for the Company.
Plan t
ermination
Although
termination of the Plan is not presently contemplated, the Company does have the
right to terminate the Plan at any time. In the event of termination,
participants become 100% vested in the aggregate value of their respective
accounts.
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
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. 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 depreciation in fair value of
investments consists of both the realized gains or losses and unrealized
appreciation and depreciation of those investments.
Concentration of credit
risk
The Plan
is subject to concentrations of credit risk with respect to common stock of
United Security Bancshares stock held by the Plan. At December 31, 2009,
approximately 56% of the Plan assets are invested in United Security Bancshares
stock, which is publicly traded on the NASDAQ stock exchange. United Security
Bancshares stock, adjusted for stock dividends, traded at a high closing price
of $11.81 per share and a low closing price of $2.50 per share during 2009.
Company performance and other environmental factors impact the market value of
this investment on a daily basis.
The Plan
is also subject to concentrations of credit risk with respect to money market
funds held at Principal Financial Group. These amounts are not guaranteed by the
Federal Deposit Insurance Corporation. At December 31, 2009 and 2008, the Plan
held money market accounts of $176,178 and $209,067, respectively.
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.
Subsequent
Events
Effective
January 1, 2010, the Plan was amended to provide how each participant shall be
entitled to direct the Plan Trustee as to the manner in which any Employer Stock
which are allocated to the employer account of the participant may be voted.
Each Participant is entitled to direct the Trustee as to the manner in which any
Employer Stock which is a registration-type class of securities (as defined in
Code section 409(e)(4)) which are allocated to the Employer Account of the
Participant are to be voted. With respect to any class of Employer Stock which
is not a registration-type class of securities (as defined in Code section
409(e)(4)), a Participant is entitled to direct the Trustee as to the manner in
which voting rights will be exercised with respect to any corporate matter which
involves the voting of such shares allocated to the Participant's Employer Stock
Account with respect to the approval or disapproval of any corporate merger or
consolidation, recapitalization, reclassification, liquidation, dissolution,
sale of substantially all assets of a trade or business, or such similar
transactions as may be prescribed in Treasury regulations
.
Management
has reviewed events occurring through the date the financial statements were
issued and no subsequent events occurred requiring accrual or
disclosure.
NOTE
3 – FAIR VALUE MEASUREMENTS
The Plan
classifies its investments based upon an established fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value. The
hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (level 1 measurement) and the lowest
priority to unobservable inputs (level 3 measurements). The three levels of the
fair value hierarchy are described below:
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Level 1
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Unadjusted
quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or
liabilities;
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Level 2
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Quoted
prices in markets that are not considered to be active or financial
instruments without quoted market prices, but for which all significant
inputs are observable, either directly or
indirectly;
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Level 3
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Prices
or valuations that require inputs that are both significant to the fair
value measurement and unobservable.
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The
asset’s or liability’s fair value measurement level within the fair value
hierarchy is based on the lowest level of any input that is significant to the
fair value measurement. Valuation techniques used need to maximize the use of
observable inputs and minimize the use of unobservable inputs.
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, 2009
and 2008.
Principal
Financial Group separately managed accounts and the money market fund consist of
a wide variety of underlying investments in registered investment companies.
Units held in separately managed accounts and money market fund are valued using
the net asset value (NAV) of the fund. The NAV is based on the fair value of the
underlying assets owned by the account, minus its liabilities, and then divided
by the number of units outstanding. The net asset value of separately managed
accounts and the money market fund is calculated based on observable market
inputs. Accordingly, investments held in separately managed accounts and the
money market fund are classified within level 2 of the valuation
hierarchy.
Common
stock of United Security Bancshares: The common stock is valued at quoted market
prices. Accordingly, investments in common stock are classified within
Level 1 of the valuation hierarchy.
Participant
loans are not actively traded and significant other observable inputs are not
available. Participant loans are stated at amortized cost which approximates
fair value. Loans are secured by each respective participant’s account balance
and, accordingly, participant loans are classified within level 3 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
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 sets forth by level, within the fair value hierarchy, the
Plan’s assets at fair value as of December 31, 2009 and December 31,
2008.
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Assets at Fair Value as of
December 31, 2009
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Level
1
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Level
2
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Level
3
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Total
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Money
market fund
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$
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0
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$
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176,178
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$
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0
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$
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176,178
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Separately
managed accounts:
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Balanced
Portfolio Fund
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0
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179,601
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0
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179,601
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Conservative
Portfolio Fund
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0
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91,800
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0
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91,800
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Moderate
Portfolio Fund
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0
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18,450
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0
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18,450
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Aggressive
Portfolio Fund
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0
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366,756
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0
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366,756
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Equity
Aggressive Portfolio Fund
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0
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186,556
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0
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186,556
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Common
stock
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1,373,550
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0
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0
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1,373,550
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Participant
loans
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0
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0
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58,133
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58,133
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Total
assets at fair value
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$
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1,373,550
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$
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1,019,341
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$
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58,133
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$
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2,451,024
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Assets at Fair Value as of
December 31, 2008
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Level
1
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Level
2
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Level
3
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Total
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Money
market fund
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$
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0
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$
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209,067
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$
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0
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$
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209,067
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Separately
managed accounts:
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Balanced
Portfolio Fund
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0
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87,623
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0
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87,623
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Conservative
Portfolio Fund
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0
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21,461
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0
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21,461
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Moderate
Portfolio Fund
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0
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10,273
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0
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|
10,273
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Aggressive
Portfolio Fund
|
|
|
0
|
|
|
|
219,503
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|
|
|
0
|
|
|
|
219,503
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Equity
Aggressive Portfolio Fund
|
|
|
0
|
|
|
|
103,942
|
|
|
|
0
|
|
|
|
103,942
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|
Common
stock
|
|
|
3,269,520
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|
|
|
0
|
|
|
|
0
|
|
|
|
3,269,520
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|
Participant
loans
|
|
|
0
|
|
|
|
0
|
|
|
|
51,480
|
|
|
|
51,480
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|
Total
assets at fair value
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|
$
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3,269,520
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|
|
$
|
651,869
|
|
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$
|
51,480
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|
|
$
|
3,972,869
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|
The
following table discloses the summary of changes in the fair value of the Plan’s
level 3 investment assets:
Level
3 Gains and Losses
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|
12/31/09
|
|
|
12/31/08
|
|
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Participant
Loans
|
|
|
Participant
Loans
|
|
Balance,
beginning of year
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|
$
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51,480
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$
|
42,032
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|
Realized
and unrealized losses
|
|
|
0
|
|
|
|
0
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Interest
income
|
|
|
3,348
|
|
|
|
3,177
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Purchases,
sales, issuances and settlements (net)
|
|
|
3,305
|
|
|
|
6,271
|
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Balance,
end of year
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|
$
|
58,133
|
|
|
$
|
51,480
|
|
NOTE
4 – INVESTMENTS
A
substantial amount of the Plan’s assets were invested in the common stock of the
Company in both participant and non-participant directed investments and are
held by Principal, the Plan’s custodian. The remaining portion of the Plan’s
assets is held in the form of cash, money market funds and separately managed
accounts.
The
Plan’s investments include 312,070.0065 allocated shares and 100.8890
unallocated shares of Company stock at December 31, 2009. At December 31, 2009,
the Company common stock was valued at the quoted market price of $4.40 per
share.
The
Plan’s investments include 272,632.1033 allocated shares and 9,709.824
unallocated shares of Company stock at December 31, 2008. The Company common
stock is valued at the quoted market price of $11.58 per share.
The
following investments represent 5% or more of the Plan’s net assets available
for benefits at December 31, 2009:
|
|
2009
|
|
|
2008
|
|
United
Security Bancshares common stock
|
|
$
|
1,373,550
|
|
|
$
|
3,269,520
|
|
Aggressive
Portfolio
|
|
|
366,734
|
|
|
|
219,503
|
|
Equity
Aggressive Portfolio (1)
|
|
|
186,558
|
|
|
|
103,942
|
|
Balanced
Portfolio (1)
|
|
|
179,613
|
|
|
|
87,623
|
|
Money
Market R5 Fund
|
|
|
176,178
|
|
|
|
209,067
|
|
(1)
Balances shown for 2008 were not more than 5% of Plan assets at December 31,
2008. Amounts shown for comparative purposes only between 2009 and
2008.
NOTE
5 – TAX STATUS
The Plan
obtained its latest determination letter dated April 4, 2002, in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code. The
Plan has been restated since receiving the determination letter. However, the
Plan Administrator and the Plan’s tax counsel believe that the Plan is currently
designed and being operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, no provision for income taxes has been
included in the Plan’s financial statements.
NOTE
6 – RELATED PARTY TRANSACTIONS
The
Plan’s assets are held by Principal Financial Group (PFG). Some of the Plan
assets are invested in funds managed by PFG. PFG also provides record keeping
and investment services to the Plan.
Company
contributions are managed by PFG, which invests cash received, interest and
dividend income and makes distributions to participants.
Administrative
functions are jointly performed by All Valley Administrators and by employees of
the Company. No employee receives compensation from the Plan. PFG expenses
incurred at the participant level are absorbed by the Plan and allocated among
the related participant’s accounts. The independent auditors’ fees are paid
directly by the Company
NOTE
7 – RISKS AND UNCERTAINTIES
The Plan
invests in various investment securities. Investment securities are exposed to
various risks such as interest rate, market, and credit risks. Due to the level
of risk associated with certain investment securities, it is at least reasonably
possible that changes in the values of investment securities will occur in the
near term and that such changes could materially affect participants’ account
balances and the amounts reported in the financial statements.
United
Security Bank
401(k)
Cash or Deferred Stock Ownership Plan
SCHEDULE
H, LINE 4i
Schedule
of Assets (Held at End of Year)
Employer
Identification Number 77-0103429
Plan
Number 002
December
31, 2009
|
|
|
(c)
|
|
|
|
|
|
|
(b)
|
Description
of investment, including
|
|
|
(e)
|
|
|
|
Identity
of issuer, borrower,
|
maturity
date, rate of interest, collateral,
|
(d)
|
|
Current
|
|
(a)
|
lessor
or similar party
|
par
or maturity value
|
Cost
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
*
|
|
United
Security Bancshares
|
312,170.8955
shares of common stock
|
|
|
$
|
1,373,550
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Principal
Financial Group
|
Money
Market R5 Fund
|
|
|
|
176,178
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Principal Financial
Group - Balanced Portfolio Fund
:
|
|
|
|
|
|
|
|
|
|
Principal
Core Plus Bond I R5 Fund
|
3,330.0156
shares
|
|
|
|
36,064
|
|
|
|
|
Principal
High Quality Intermediate-Term Bond R5 Fund
|
4,510.0776
shares
|
|
|
|
36,036
|
|
|
|
|
Principal
Large Cap S&P 500 Index R5 Fund
|
2,733.2949
shares
|
|
|
|
21,456
|
|
|
|
|
Principal
Real Estate Securities R5 Fund
|
690.3275
shares
|
|
|
|
8,864
|
|
|
|
|
Russell
Emerging Markets E Fund
|
308.2575
shares
|
|
|
|
5,444
|
|
|
|
|
Russell
International Developed Markets E Fund
|
969.8036
shares
|
|
|
|
28,852
|
|
|
|
|
Russell
US Core Equity E Fund
|
733.3622
shares
|
|
|
|
17,894
|
|
|
|
|
Russell
US Quantitative Equity E Fund
|
692.8350
shares
|
|
|
|
17,861
|
|
|
|
|
Russell
US Small & Mid Cap E Fund
|
394.8085
shares
|
|
|
|
7,142
|
|
|
|
|
Total
Balanced Portfolio Fund
|
|
|
|
|
179,613
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Principal Financial
Group - Conservative Portfolio Fund
|
|
|
|
|
|
|
|
|
|
Principal
Core Plus Bond I R5 Fund
|
4,926.0000
shares
|
|
|
|
53,348
|
|
|
|
|
Principal
High Quality Intermediate-Term Bond R5 Fund
|
2,530.6134
shares
|
|
|
|
20,220
|
|
|
|
|
Principal
Large Cap S&P 500 Index R5 Fund
|
464.7322
shares
|
|
|
|
3,648
|
|
|
|
|
Principal
Real Estate Securities R5 Fund
|
211.2658
shares
|
|
|
|
2,713
|
|
|
|
|
Russell
International Developed Markets E Fund
|
92.7547
shares
|
|
|
|
2,759
|
|
|
|
|
Russell
US Core Equity E Fund
|
187.0370
shares
|
|
|
|
4,564
|
|
|
|
|
Russell
US Quantitative Equity E Fund
|
176.6996
shares
|
|
|
|
4,555
|
|
|
|
|
Total
Conservative Portfolio Fund
|
|
|
|
|
91,807
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Principal
Financial Group - Moderate Portfolio Fund
:
|
|
|
|
|
|
|
|
|
|
Principal
Core Plus Bond I R5 Fund
|
563.9433
shares
|
|
|
|
6,107
|
|
|
|
|
Principal
High Quality Intermediate-Term Bond R5 Fund
|
624.9178
shares
|
|
|
|
4,993
|
|
|
|
|
Principal
Large Cap S&P 500 Index R5 Fund
|
187.0225
shares
|
|
|
|
1,468
|
|
|
|
|
Principal
Real Estate Securities R5 Fund
|
56.6810
shares
|
|
|
|
728
|
|
|
|
|
Russell
International Developed Markets E Fund
|
68.4326
shares
|
|
|
|
2,036
|
|
|
|
|
Russell
US Core Equity E Fund
|
52.6886
shares
|
|
|
|
1,286
|
|
|
|
|
Russell
US Quantitative Equity E Fund
|
49.7768
shares
|
|
|
|
1,283
|
|
|
|
|
Russell
US Small & Mid Cap E Fund
|
30.3915
shares
|
|
|
|
550
|
|
|
|
|
Total
Moderate Portfolio Fund
|
|
|
|
|
18,451
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Principal Financial
Group - Aggressive Portfolio Fund
:
|
|
|
|
|
|
|
|
|
|
Principal
Core Plus Bond I R5 Fund
|
6,807.6574
shares
|
|
|
|
73,727
|
|
|
|
|
Principal
Large Cap S&P 500 Index R5 Fund
|
7,450.4170
shares
|
|
|
|
58,486
|
|
|
|
|
Principal
Real Estate Securities R5 Fund
|
1,693.5429
shares
|
|
|
|
21,745
|
|
|
|
|
Russell
Emerging Markets E Fund
|
840.2350
shares
|
|
|
|
14,839
|
|
|
|
|
Russell
International Developed Markets E Fund
|
2,354.3386
shares
|
|
|
|
70,042
|
|
|
|
|
Russell
US Core Equity E Fund
|
2,248.8721
shares
|
|
|
|
54,872
|
|
|
|
|
Russell
US Quantitative Equity E Fund
|
2,124.5982
shares
|
|
|
|
54,772
|
|
|
|
|
Russell
US Small & Mid Cap E Fund
|
1,008.9112
shares
|
|
|
|
18,251
|
|
|
|
|
Total
Aggressive Portfolio Fund
|
|
|
|
|
366,734
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Principal Financial
Group - Equity Aggressive Portfolio Fund
:
|
|
|
|
|
|
|
|
|
|
Principal
Large Cap S&P 500 Index R5 Fund
|
6,876.8215
|
|
|
|
53,983
|
|
|
|
|
Principal
Real Estate Securities R5 Fund
|
1,006.1879
|
|
|
|
12,919
|
|
|
|
|
Russell
Emerging Markets E Fund
|
641.8155
|
|
|
|
11,335
|
|
|
|
|
Russell
International Developed Markets E Fund
|
1,514.4304
|
|
|
|
45,054
|
|
|
|
|
Russell
US Core Equity E Fund
|
1,068.8829
|
|
|
|
26,081
|
|
|
|
|
Russell
US Quantitative Equity E Fund
|
1,009.8193
|
|
|
|
26,033
|
|
|
|
|
Russell
US Small & Mid Cap E Fund
|
616.5446
|
|
|
|
11,153
|
|
|
|
|
Equity
Aggressive Portfolio Fund
|
|
|
|
|
186,558
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Participant
loans
|
4.25%
- 9.25% rate
Maturities
ranging from July 2010 through July 2020
|
|
|
|
58,133
|
|
(d)
Investments are participant directed; therefore, cost information is not
required.
*
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 401(k) Cash or Deferred Stock Ownership Plan
June 29,
2010
By: /s/
Richard B.
Shupe
Senior
Vice President
and Chief
Financial Officer of United Security Bank
EXHIBIT
INDEX
EXHIBIT
|
|
NUMBER
|
EXHIBIT
|
|
|
23.1
|
Consent
of Moss Adams LLP
|
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