Robert Oberg
About Robert Oberg
Senior Vice President and Chief Risk Officer at United Security Bancshares (UBFO). Appointed October 1, 2018, with 30+ years of financial experience; previously a CRO (2009–2013) and a bank/regulatory consultant for the five years prior to joining UBFO; B.S. in Economics from Oklahoma State University . Beneficial ownership as of March 1, 2025: 20,988 shares (0.1% of class), with sole voting/investment power . Recent pay-versus-performance disclosures for the company show TSR rising from 114.87 (base=100 at 12/31/2021) in 2022 to 121.33 in 2023, with net income of $15.686M (2022) and $19.796M (2023); core pre-tax income growth of 61.3% (2022) and 12.7% (2023) .
| Performance Metric | 2022 | 2023 |
|---|---|---|
| Total Shareholder Return (base $100 at 12/31/2021) | 114.87 | 121.33 |
| Net Income ($) | $15,686,000 | $19,796,000 |
| Core Net Income Before Taxes YoY Growth | 61.30% | 12.70% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United Security Bancshares/United Security Bank | SVP & Chief Risk Officer | 2018–present | Enterprise risk leadership; designated company proxy holder alongside CEO/CFO for annual meeting proxies . |
| Consulting practice (commercial and investment banks) | Consultant to senior management | ~2013–2018 | Addressed formal regulatory challenges and risk/reward performance assessments . |
| Other financial institution | SVP & Chief Risk Officer | 2009–2013 | Institution-level risk oversight . |
External Roles
Not disclosed in the company filings cited.
Fixed Compensation
| Component | Year | Amount | Notes |
|---|---|---|---|
| Base Salary | 2018 (appointment) | $150,000 | Per 8-K appointment; eligible for executive programs on terms commensurate with SVP level . |
Performance Compensation
Annual Incentive Plan (AIP) – 2020 (from 2021 proxy; Oberg was a Named Executive Officer)
| Metric | Threshold | Target/Max | Actual | Payout Mechanics | Oberg Payout |
|---|---|---|---|---|---|
| NPA Ratio | 1.5% | 1.00% | Below threshold | Below threshold yields no payout for that measure | Part of overall 15% of base salary (aggregate) |
| Regulatory Results (confidential) | — | — | Achieved (undisclosed) | Outcome resulted in earned payout for Oberg | Included in overall payout |
| Deposit Growth | 5.0% | 10.0% | 9.0% | Payout scaled to performance vs target | Included in overall payout |
| Total AIP Payout (2020) | — | — | — | Company applied standard AIP formula; no discretionary adjustment in 2020 | 15% of base salary, $27,783 |
Notes:
- 2020 AIP paid in cash; long-term equity grants were not awarded in 2019–2020 .
Equity Ownership & Alignment
| Metric | Mar 1, 2024 | Mar 1, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 23,364 | 20,988 |
| Percent of Class | 0.1% | 0.1% |
| Voting/Investment Power | Sole | Sole |
| Options exercisable within 60 days | Not indicated for Oberg (table footnotes list option holdings for others; Oberg footnote shows none) | Not indicated for Oberg (same) |
| Pledged Shares | Not indicated in footnotes for Oberg | Not indicated in footnotes for Oberg |
Program-level alignment and controls:
- Insider Trading Policy applies to executives with blackout windows; equity award timing under the 2025 plan is restricted around MNPI releases .
- Clawback policy (adopted Nov 28, 2023) requires recovery of erroneously awarded incentive pay after financial restatements, regardless of misconduct; executive agreements also allow recovery in cases of knowing/intentional misconduct tied to restatements .
Employment Terms
- Appointment/start: October 1, 2018; initial salary $150,000; participation in executive compensation programs commensurate with SVP level .
- Recent proxies disclose employment agreements and CIC/severance terms for the CEO (Woods), CFO (Kinross), and CLO (Saunders), but do not include an employment agreement disclosure for Oberg in those sections .
- Company-wide CIC and equity plan context: the 2025 Equity Incentive Award Plan governs RSAs/RSUs (transfer restrictions, forfeiture on termination, committee discretion for vesting on CIC/death/disability, prohibition on option repricing) .
Risk Indicators & Red Flags
- Section 16(a) compliance: Company reported one late Form 4 filing by Oberg for 2019 and one late Form 4 filing in 2023 .
- No director committee roles disclosed for Oberg; he is not a director. He is designated as a proxy holder for annual meeting voting alongside the CEO and CFO, indicating board/management trust in administrative matters .
Compensation Structure Analysis
- Mix of pay: Historical AIP (2020) tied to risk and growth metrics (NPA ratio, deposit growth, regulatory results), resulting in a 15% of base salary payout for Oberg—indicates operational/credit-quality alignment for the CRO role .
- Long-term incentives: The company reintroduced LTIs (RSAs/RSUs) with 3-year vesting for NEOs in 2024 and adopted a broader 2025 equity plan; however, recent disclosures list awards for Woods/Kinross/Saunders and do not show outstanding equity awards for Oberg, limiting visibility into his ongoing equity-based incentives and potential selling pressure from vesting .
- Governance protections: Clawback policy in force; insider trading blackouts; new equity plan restricts award timing around MNPI; no option repricing without shareholder approval—mitigates risk of shareholder-unfriendly pay actions .
Investment Implications
- Alignment and retention: Oberg holds a small direct stake (0.1% of shares) with sole voting power and no disclosed pledges, a neutral-to-modest alignment signal for a CRO; absence of a disclosed employment agreement or CIC multiple for Oberg in recent proxies suggests limited contractual severance protection compared to other NEOs, potentially elevating retention risk for a key control function .
- Incentive design: Historical AIP metrics focused on asset quality and deposit growth are appropriate for a CRO and produced a measured 15% payout in 2020; recent LTI emphasis at UBFO improves long-term alignment at the enterprise level, but Oberg’s current equity grant/vesting profile was not disclosed, limiting assessment of near-term insider selling pressure .
- Governance/risk: Two instances of late Form 4s (2019 and 2023) are minor compliance blemishes but not indicative of broader misconduct; robust clawback and insider trading controls are in place, reducing headline compensation risk .