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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. (NASDAQ:UBCP) announced a second quarter dividend payment of $0.1550 per share for shareholders of record as of June 10, 2022, to be paid on June 17, 2022. This represents an increase from the first quarter's dividend of $0.1525. Total cash dividends for the first half of 2022 have reached $0.4575, marking an 18.1% increase compared to the previous year. At this rate, the annual yield stands at 3.47% based on a market value of $17.89. The announcement was made during the annual meeting where Directors for the upcoming year were also elected.
United Bancorp, Inc. (NASDAQ: UBCP) announced a first quarter cash dividend of $0.1525, payable on March 18, 2022, to shareholders of record on March 10, 2022. This reflects a 7.0% increase from last year. The regular cash dividend yields 3.66%. Additionally, a one-time special dividend of $0.15 per share was declared, also payable on March 18. This is attributed to the company's solid earnings and strong capital position. Projected dividends for the year are $0.76, an 11.0% increase from $0.685 in 2021.
United Bancorp, Inc. (NASDAQ: UBCP) reported a record net income of $9,451,000 and diluted earnings per share of $1.62 for 2021, reflecting increases of 19% and 17%, respectively. Despite challenges from the pandemic, net income for Q4 2021 was $2,456,000 with EPS of $0.41. The company experienced marginal loan growth of 2.5% but a decline in interest income of 10.6%. Total deposits rose by 4.4%, while interest expense was reduced by 45.2%. UBCP maintained a strong equity position with 9.90% equity to assets and successful credit management throughout 2021.
United Bancorp, Inc. (NASDAQ: UBCP) announced a fourth quarter dividend of $0.15 per share, payable on December 20, 2021 to shareholders of record by December 10, 2021. This marks the third increase in dividends for 2021, totaling $0.6850 for the year, a 20.2% increase from 2020. The fourth quarter yield is 4.20% based on recent market values. As of September 30, 2021, United Bancorp has total assets of $730.4 million and total equity of $70.1 million.
United Bancorp (NASDAQ:UBCP) reported record earnings for Q3 2021, achieving diluted EPS of $0.50, up 39% YOY, and net income of $2.9 million, a 41% increase. For the first nine months, diluted EPS reached $1.21, a 30% rise, with net income totaling $6.995 million. Despite marginal loan growth of 4.3% to $462.1 million, interest income fell by 11.5% due to a decline in securities. Total deposits increased by 5.5%, though net interest income dropped by 2.5%. The company remains optimistic about future growth driven by economic recovery.
United Bancorp, Inc. (NASDAQ: UBCP) announced a third-quarter dividend of $0.1475 per share, payable on September 20, 2021, to shareholders recorded by September 10, 2021. This marks an increase from the previous two quarters ($0.1425 and $0.1450). Year-to-date, UBCP has distributed total cash dividends of $0.5350, reflecting a 25% increase compared to the same period last year. The current dividend yields 4.14% based on the latest market value. As of June 30, 2021, UBCP reported total assets of $730.3 million and total equity of $69.4 million.
United Bancorp, Inc. (NASDAQ: UBCP) reported strong earnings for Q2 2021, with diluted EPS of $0.38 and net income of $2,185,000, marking a 31% increase year-over-year. For the first half of 2021, diluted EPS reached $0.71, up 25%, and net income rose by 26% to $4,093,000. Despite marginal growth in loans and a decline in securities, the company reported an increase in cash dividends of 36%. As of June 30, total assets stood at $730.3 million, and total equity increased to $69.4 million. The company aims for $1 billion in assets through organic growth and potential acquisitions.
United Bancorp reported record first-quarter earnings with diluted EPS of $0.33 and net income of $1,908,000 for the period ending March 31, 2021, a 21% increase year-over-year. The bank's gross loans reached $450.0 million, up just 0.38%, while securities dropped 25.5% to $150.4 million. Despite these challenges, total deposits rose 9.5% to $605.4 million, with a significant 54% reduction in interest expenses. The bank maintains solid credit quality metrics with nonaccrual loans at 0.71% of total loans. Management expresses optimism for economic recovery, anticipating improved loan production and interest income.
United Bancorp, Inc. (UBCP) has declared a second quarter dividend of $0.1450 per share for shareholders of record on June 10, 2021, with a payment date set for June 18, 2021. This payout represents an increase from the first quarter's regular dividend of $0.1425. With total cash dividends of $0.3875 for the first half of 2021, including a special dividend of $0.10, this marks a 36% increase compared to the same period last year. The current dividend yield stands at 4.05%.
United Bancorp, Inc. (UBCP) announced on February 17, 2021, a quarterly cash dividend of $0.1425, payable on March 19, 2021, to shareholders on record as of March 10, 2021. This dividend offers a forward yield of 4.32%. Additionally, a special one-time dividend of $0.10 per share was also declared, reflecting the company's strong earnings and capital position. Over the past twelve months, total cash dividends increased by 20.7% to $0.67 compared to the previous year. As of December 31, 2020, UBCP reported total assets of $693.4 million and total equity of $68.3 million.
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