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United Bancorp, Inc. (NASDAQ: UBCP) operates as a bank holding company providing a comprehensive range of commercial and retail banking services. Headquartered in Princeton, Kentucky, United Bancorp, through its subsidiary Unified Bank, serves a diverse clientele in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson, and Tuscarawas Counties in Ohio, as well as parts of West Virginia. The company's primary deposit products include checking, savings, and term certificate accounts, while its lending portfolio features residential mortgages, commercial loans, and installment loans.
Recent Financial Performance
In the fiscal year ending December 31, 2023, United Bancorp reported significant financial achievements. The company posted diluted earnings per share of $1.57, reflecting a 4.7% increase over the prior year. Net income rose to $8.95 million, marking a 3.4% year-over-year growth. The company showcased its ability to capitalize on rising interest rates and reported a net interest income boost, despite a slight decline in net interest margin to 3.65%.
Strategic Initiatives
United Bancorp has undertaken several strategic initiatives to enhance its growth prospects. Notably, the company has strengthened its mortgage division by launching Unified Mortgage, which has started to contribute positively to the bottom line. Additionally, the bank is set to open a new regional banking center in Wheeling, West Virginia, a market with existing customer relationships and promising growth opportunities. These steps aim to expand the company’s footprint and drive asset growth towards a $1 billion threshold.
Capital and Risk Management
As of the end of 2023, United Bancorp maintained a strong capital position with total shareholders' equity of $63.6 million and equity to assets ratio of 7.8%. The company continues to focus on effective credit risk management, maintaining robust loan loss reserves and demonstrating strong credit quality metrics. Nonperforming loans as a percentage of total loans have been kept exceptionally low, reflecting prudent lending practices.
Shareholder Returns
United Bancorp has consistently rewarded its shareholders through attractive dividends. In 2023, the company increased its regular cash dividend and also paid a special cash dividend, resulting in a total dividend yield of 6.4%. This approach underscores the company's commitment to balanced, long-term shareholder value creation.
Future Prospects
Looking ahead, United Bancorp remains optimistic about its growth and earnings potential. The company is well-positioned to navigate the dynamic economic environment, backed by strong liquidity, capital adequacy, and strategic growth initiatives. The focus remains on enhancing operational efficiencies, expanding revenue streams, and achieving sustainable growth.
United Bancorp, Inc. trades on the NASDAQ Capital Market under the symbol UBCP.
United Bancorp, Inc. (UBCP) announced a second quarter dividend of $0.1650 per share, reflecting a 6.5% increase from the previous year's dividend. This payment is for shareholders of record on June 9, 2023, with a payment date set for June 20, 2023. In total, UBCP has distributed $0.4775 in cash dividends in the first half of 2023, including a special cash dividend of $0.15 in Q1. The latest dividend yields 4.6% based on the company’s recent market value of $14.50. Additionally, the Company reported total assets of $757.4 million and total shareholders’ equity of $57.6 million as of December 31, 2022.
United Bancorp, Inc. (UBCP) has declared a first-quarter cash dividend of $0.1625, payable on March 20, 2023, to shareholders of record on March 10, 2023. This reflects a 6.6% increase over last year’s first-quarter dividend. The forward cash dividend based on this announcement stands at $0.65, yielding 4.42%. Additionally, the Board approved a one-time special dividend of $0.15 per common share, also payable on March 20, 2023. The special dividend underscores the company's strong financial standing, with total assets of $757.4 million.
United Bancorp, Inc. (NASDAQ: UBCP) reported diluted earnings per share of $0.40 for Q4 2022, down from the previous year, resulting in a net income of $2.3 million. For the entire year, EPS was $1.50, with net income of $8.66 million, both lower than 2021. Contributing factors include a lack of significant nonrecurring income and higher loan loss provisions. Total assets grew 4.6% to $757.4 million, driven by a 48.7% increase in securities. Interest income increased by 28.8% in Q4 2022, while net interest income rose 16.2%. Shareholder equity was impacted by accumulated losses in the securities portfolio.
United Bancorp (NASDAQ: UBCP) reported diluted earnings per share of $0.40 for Q3 2022, with net income of $2.3 million, reflecting a $600,000 decline from the previous year. For the first nine months, EPS stands at $1.11 with net income of $6.35 million, down by $644,000. Total assets grew by 4.2% to $760.9 million, mainly due to a 1.4% increase in gross loans and a significant 53.9% rise in securities. The net interest margin improved to 3.60%. However, non-interest income suffered a decline, impacting overall profitability.
United Bancorp, Inc. (NASDAQ:UBCP) announced a third-quarter dividend of $0.1575 per share, payable on September 20, 2022, to shareholders of record as of September 9, 2022. This marks an increase from the dividends of $0.1525 and $0.1550 in the first two quarters. The year-to-date total cash dividends reached $0.6150, a 15% increase compared to the same period last year. The latest dividend offers a forward yield of 3.84% based on the market value of $16.39.
United Bancorp, Inc. (NASDAQ:UBCP) reported diluted earnings per share of $0.40 for Q2 2022, up 5.3% year-over-year, with net income of $2.30 million, a 5.2% increase. For H1 2022, earnings per share were $0.70, down $0.01 from the previous year. Gross loans rose 1.9% to $467.4 million, while securities jumped 30.7% to $193.9 million. Interest income increased 3.4%, and net interest income grew 7.4% despite a 29.3% decline in interest expense. Total assets decreased to $719.1 million, and book value fell 19.3% to $9.65.
United Bancorp reports a diluted EPS of $0.31 and net income of $1,751,000 for Q1 2022, compared to $0.33 and $1,908,000 a year earlier. Total assets remained stable at $733.4 million. Gross loans rose by 2.7% to $462.3 million while securities grew 8.5% to $163.2 million. Despite a decline in interest income, net interest income increased 3.7% due to reduced interest expenses. Noninterest income rose 6.5%, but noninterest expenses jumped 14.9%. The company maintains a strong loan portfolio with low delinquency rates.
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