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United Security Bancshares (NASDAQ:UBFO), a $147 million market cap financial institution with a 5.7% dividend yield, announced a change in its auditing firm following a merger involving its previous auditor. According to InvestingPro data, the bank has maintained consistent dividend payments for 9 consecutive years while remaining profitable over the last twelve months. On Monday, Moss Adams LLP, the company’s former independent registered public accounting firm, merged with Baker Tilly US, LLP. As a result, Moss Adams resigned as the auditor for United Security Bancshares, and Baker Tilly has been appointed as the new independent registered public accounting firm.
The decision was approved by the Audit Committee of United Security Bancshares’ Board of Directors. According to the company’s filing with the Securities and Exchange Commission (SEC), the audit reports from Moss Adams for the fiscal years ending December 31, 2024, and 2023 did not contain any adverse opinions or disclaimers, nor were they qualified or modified regarding audit scope or accounting principles. The bank currently trades at a P/E ratio of 11x, with annual revenue of $47.4 million.
During the period leading up to the merger, there were no disagreements between United Security Bancshares and Moss Adams on any accounting principles or practices, financial statement disclosures, or auditing procedures. Furthermore, there were no reportable events that required disclosure under SEC regulations.
United Security Bancshares confirmed that it had not consulted with Baker Tilly on matters related to accounting principles or audit opinions prior to the merger. The company has provided Moss Adams with a copy of the SEC filing and requested a letter confirming agreement with the statements made in the report. This letter has been included as an exhibit in the filing.
This change in auditors comes as part of a strategic merger in the accounting industry, with the combined audit practices now operating under the Baker Tilly name. The information in this article is based on a press release statement from United Security Bancshares. With the next earnings report scheduled for July 18, 2025, investors can access comprehensive financial health metrics and additional insights through InvestingPro, which currently rates the company’s overall financial health as FAIR.
In other recent news, United Security Bancshares held its annual shareholders’ meeting, where key outcomes included the election of all 10 board nominees and the approval of the 2025 Equity Incentive Award Plan. The plan aims to provide equity-based incentives to employees and directors. However, a proposal to increase the number of authorized common shares was not approved. Additionally, Moss Adams LLP was ratified as the independent accounting firm for 2025, and the compensation for named executive officers received shareholder approval.
In another development, United Security Bancshares announced the retirement of its Senior Vice President and Chief Operating Officer, David Eytcheson, effective May 9, 2025. The company has yet to disclose plans for Eytcheson’s successor or the strategic direction following his departure. This change in executive leadership is being closely monitored by investors and stakeholders. The company’s future performance and strategic initiatives are of particular interest as it navigates this transition.
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