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United Bancshares, Inc. (OTCQX: UBOH) operates as the bank holding company for The Union Bank Company, delivering comprehensive commercial and consumer banking services. Headquartered in Columbus Grove, Ohio, the company has a rich history dating back to 1904 and has grown to include 18 offices across Northwest and Central Ohio.
United Bancshares offers a variety of deposit products, such as checking, savings, demand deposit, money market deposit, term certificates, and individual retirement accounts, as well as certificates of deposit. The company's loan portfolio is diverse, encompassing commercial and residential real estate, agricultural, commercial and industrial, home equity, and various consumer and small business administration loans.
In addition to traditional banking services, United Bancshares provides wealth management, treasury management, online and mobile banking, automatic teller machine (ATM) access, bill pay, safe deposit box rental, payment services, and other personalized offerings. The company is dedicated to serving its communities with a commitment to high standards of customer service and satisfaction.
Recently, United Bancshares has reported notable financial achievements, including a pre-tax income of $5.6 million for the first half of 2023, with a basic earnings per share of $1.38. Additionally, the company declared a $0.22 per share cash dividend, reflecting approximately 28% of the reported net income for the second quarter of 2023. For the nine months ending September 30, 2023, the company achieved a pre-tax income of about $6.7 million and a return on average tangible shareholders' equity of 14.78%, despite facing significant operational challenges.
The company's strategic initiatives include reducing non-interest expenses, increasing gains on loan sales, and stabilizing net interest income. The leadership team, headed by President and CEO Brian D. Young, emphasizes respect and accountability towards shareholders, clients, colleagues, and communities as the pillars of their ongoing success.
Looking forward, United Bancshares plans to invest in technology to drive efficiency, reduce fraud risks, and enhance customer experiences. The focus remains on cost controls, new loan originations, and upward repricing of existing loans to mitigate earnings pressures.
United Bancshares, Inc. (OTCQX: UBOH) has announced its third quarter 2024 results and a $0.22 dividend. The company reported a net income of $2.5 million or $0.83 per share for Q3 2024, marking a $494,000 increase from the same period in 2023. Year-to-date net income for 2024 stands at $6.1 million or $2.05 per share.
Key financial metrics include a return on average assets of 0.83% for Q3 2024 and a return on average tangible equity of 14.96%. The company experienced loan growth of $13.4 million (2.53% annualized) and significant deposit growth of $154.4 million (21.60% annualized) since December 31, 2023. However, the net interest margin decreased to 3.12% in Q3 2024 compared to 3.42% in Q3 2023.
United Bancshares (OTCQX: UBOH) has announced its second quarter 2024 results and a $0.22 dividend. The company reported net income of $1.8 million or $0.61 per share, down from $2.4 million or $0.78 per share in Q2 2023. Year-to-date net income for 2024 is $3.7 million or $1.22 per share, compared to $4.3 million or $1.38 in 2023. The company's performance shows declines in key metrics:
- Return on average assets: 0.68% (Q2 2024) vs 0.88% (Q2 2023)
- Return on average tangible equity: 12.27% (Q2 2024) vs 16.70% (Q2 2023)
- Net interest margin: 3.12% (Q2 2024) vs 3.47% (Q2 2023)
However, United Bancshares reported loan growth of $12.1 million (3.42% annualized) and deposit growth of $77.4 million (16.25% annualized) since December 31, 2023. Asset quality metrics remain strong with stable non-performing loans and historically low charge-offs.
United Bancshares, Inc. (OTC-PINK: UBOH) declared a quarterly cash dividend of $0.22 per share, a 4.8% increase from the prior year, payable on June 15, 2023, to shareholders of record on May 31, 2023. The first-quarter net income decreased to $1.9 million from $2.5 million year-over-year, reflecting basic earnings per share of $0.60, down from $0.77. Key performance metrics include a return on average assets of 0.69%, down from 0.94%, while return on average tangible equity rose to 13.44%. The bank experienced significant deposit growth of $22.3 million, and improved asset quality with a reduction in non-performing loans by 6.5%.
United Bancshares, Inc. (OTCQX: UBOH) reported its financial results for Q4 and full year 2022. For Q4, net income rose to $3,534,000, or $1.10 per share, a 30.1% increase from the prior year, mainly due to an $730,000 rise in net interest income and $1,000,000 decrease in provision for loan losses. However, non-interest income saw a sharp decline of 41.5% to $1,825,000. Yearly net income fell 16.7% to $11,310,000 with earnings per share at $3.47. Key metrics included a 12.1% rise in loans and a 30.6% drop in shareholders' equity due to unrealized losses attributed to rising interest rates.
United Bancshares, Inc. (OTCQX: UBOH) reported third-quarter 2022 net income of $3,086,000, or $0.94 EPS, down 24.6% from $4,092,000 or $1.25 EPS in Q3 2021. This decline was driven by a $1,889,000 (40.1%) drop in non-interest income and a $574,000 (5.8%) decrease in net interest income. Year-to-date, net income fell to $7,776,000, or $2.37 EPS, a 28.4% decline compared to $10,863,000 or $3.31 EPS in 2021. Total assets decreased 1.6% to $1.06 billion, while deposits increased 3.3% to $960.8 million. Shareholders' equity dropped 38.0% to $73.8 million, influenced by unrealized losses on securities.
On July 25, 2022, United Bancshares, Inc. (NASDAQ: UBOH) announced its decision to voluntarily delist its common stock from the NASDAQ Capital Market and deregister with the SEC. The filing of Form 25 is expected around August 17, 2022, with trading ceasing on NASDAQ by August 26, 2022. The company plans to transition to the OTCQX Market by August 29, 2022. This decision aims to cut costs related to SEC reporting and compliance, as the company has fewer than 1,200 shareholders. While maintaining independent audits, the company will provide financial information through press releases and online posting.
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