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United Bancshares, Inc. Reports First Quarter 2021 Results
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Results Include Robust Earnings Growth for the First Quarter of 2021
COLUMBUS GROVE, Ohio, April 22, 2021 (GLOBE NEWSWIRE) -- United Bancshares, Inc. (NASDAQ: UBOH)
Highlights for the first quarter of 2021 Pretax net income of $5.0 million Return on Average Assets of 1.66% Return on Average Tangible Equity of 19.94% Earnings per share of $1.26
Full Details Details about our first quarter 2021 financial performance are available here
Commentary from our CEO
United Bancshares President and Chief Executive Officer, Brian D. Young said, “We are pleased to report these strong results for the first quarter of 2021. Our results include pre-tax net income of $5.0 million for the quarter, a significant increase over the first quarter of 2020. Our Company’s Board of Directors also approved a $0.17 per common share dividend, which was a 6.25% increase from last quarter and amounted to approximately 13.5% of net income for the first quarter. During the quarter, our teams produced $48.4 million in additional Paycheck Protection Program loans for 1,200 organizations. This generated $3.8 million in loan fees, of which $870,000 were recognized during the quarter. Our residential mortgage team sold $117.6 million in loans which generated $4.6 million in gain on sale of the loans, an increase of 77.2% from the same period in 2020. These results are possible because of the ongoing dedication of the Company’s committed team members and our Board of Directors. Their efforts and our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities are the foundation for the continued success of our Company.”
About United Bancshares, Inc.
United Bancshares, Inc. is the financial holding company of The Union Bank Company (“Union Bank”) headquartered in Columbus Grove, Ohio with over $1 billion in assets and twenty offices in Northwest and Central Ohio. Founded in 1904, Union Bank provides a full variety of consumer, residential, small business, commercial, agricultural, treasury management, wealth management, brokerage, and insurance services. Union Bank also provides a comprehensive list of digital banking services to support the needs of consumers and businesses from any location. Details about our banking services are available on our website: http://theubank.com/.
united bancshares, inc. operates as the bank holding company for the union bank company that provides various commercial and consumer banking services. the company accepts various deposits products, such as checking, savings, demand deposit, money market deposit, term certificate, and individual retirement accounts, as well as certificates of deposit. its loan products include commercial and residential real estate, agricultural, commercial and industrial, home equity, and various types of consumer and small business administration loans. the company also offers wealth management, treasury management, online and mobile banking, automatic teller machine, bill pay, safe deposit box rental, payment, and other personalized services. the company operates seventeen banking centers and two loan production offices in northwest and central ohio. united bancshares, inc. was founded in 1904 and is headquartered in columbus grove, ohio.