UNITED BANCSHARES, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS AND $0.22 DIVIDEND
United Bancshares (OTCQX: UBOH) has announced its Q4 and full-year 2024 results, declaring a quarterly cash dividend of $0.22 per share, yielding 3.93%. The company reported Q4 2024 net income of $3.0 million ($1.02 per share), up from $2.3 million ($0.77 per share) in Q4 2023. Full-year 2024 net income reached $9.2 million ($3.06 per share), increasing from $8.6 million ($2.80 per share) in 2023.
Key performance metrics include Q4 2024 return on average assets of 0.98% and net interest margin of 3.39%. The bank demonstrated strong growth with loans increasing by $58.2 million (8.2%) and deposits growing by $118.3 million (12.4%) year-over-year. Asset quality remained robust with stable non-performing loans and historically low charge-offs.
United Bancshares (OTCQX: UBOH) ha annunciato i risultati del quarto trimestre e dell'intero anno 2024, dichiarando un dividendo in contante trimestrale di $0,22 per azione, con un rendimento del 3,93%. La società ha registrato un reddito netto per il Q4 2024 di $3,0 milioni ($1,02 per azione), in aumento rispetto ai $2,3 milioni ($0,77 per azione) del Q4 2023. Il reddito netto per l'intero anno 2024 ha raggiunto $9,2 milioni ($3,06 per azione), aumentando rispetto agli $8,6 milioni ($2,80 per azione) del 2023.
I principali indicatori di performance includono un ritorno sul patrimonio medio del 0,98% e un margine di interesse netto del 3,39% nel Q4 2024. La banca ha dimostrato una forte crescita con prestiti in aumento di $58,2 milioni (8,2%) e depositi in crescita di $118,3 milioni (12,4%) su base annua. La qualità degli attivi è rimasta robusta con prestiti non performanti stabili e perdite storicamente basse.
United Bancshares (OTCQX: UBOH) ha anunciado sus resultados del cuarto trimestre y del año completo 2024, declarando un dividendo en efectivo trimestral de $0.22 por acción, con un rendimiento del 3.93%. La compañía reportó un ingreso neto del cuarto trimestre 2024 de $3.0 millones ($1.02 por acción), un aumento desde $2.3 millones ($0.77 por acción) en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 alcanzó $9.2 millones ($3.06 por acción), incrementándose desde $8.6 millones ($2.80 por acción) en 2023.
Los principales métricas de rendimiento incluyen un retorno sobre activos promedio del 0.98% y un margen de interés neto del 3.39%. El banco demostró un fuerte crecimiento con préstamos aumentando en $58.2 millones (8.2%) y depósitos creciendo en $118.3 millones (12.4%) interanualmente. La calidad de los activos se mantuvo robusta con préstamos no productivos estables y bajas pérdidas históricas.
United Bancshares (OTCQX: UBOH)는 2024년 4분기 및 전체 연도 실적을 발표하며 액면가 $0.22의 분기 배당금을 선언하고 3.93%의 수익률을 기록했습니다. 2024년 4분기 순이익은 $3.0 백만 ($1.02 per 주식)으로, 2023년 4분기의 $2.3 백만 ($0.77 per 주식)에서 증가했습니다. 2024년 전체 연도 순이익은 $9.2 백만 ($3.06 per 주식)으로, 2023년의 $8.6 백만 ($2.80 per 주식)에서 증가했습니다.
주요 성과 지표로는 2024년 4분기의 평균 자산 수익률이 0.98%이고, 순이자 마진이 3.39%입니다. 은행은 대출이 $58.2 백만 (8.2%) 증가하고, 예금이 $118.3 백만 (12.4%) 증가하면서 강력한 성장을 보여주었습니다. 자산 품질은 안정적인 부실 대출과 역사적으로 낮은 손실로 훌륭한 상태를 유지했습니다.
United Bancshares (OTCQX: UBOH) a annoncé ses résultats du quatrième trimestre et de l'année entière 2024, déclarant un dividende en espèces trimestriel de 0,22 $ par action, offrant un rendement de 3,93%. La société a rapporté un bénéfice net pour le Q4 2024 de 3,0 millions $ (1,02 $ par action), en hausse par rapport à 2,3 millions $ (0,77 $ par action) au Q4 2023. Le bénéfice net pour l'année complète 2024 a atteint 9,2 millions $ (3,06 $ par action), en hausse par rapport à 8,6 millions $ (2,80 $ par action) en 2023.
Les indicateurs clés de performance incluent un retour sur actifs moyens de 0,98% et une marge d'intérêt nette de 3,39% pour le Q4 2024. La banque a démontré une forte croissance avec des prêts augmentant de 58,2 millions $ (8,2%) et des dépôts en hausse de 118,3 millions $ (12,4%) d'une année sur l'autre. La qualité des actifs est restée robuste avec des prêts non performants stables et des amortissements historiquement bas.
United Bancshares (OTCQX: UBOH) hat die Ergebnisse des vierten Quartals und des Gesamtjahres 2024 bekannt gegeben und eine vierteljährliche Bardividende von 0,22 $ pro Aktie mit einer Rendite von 3,93% erklärt. Das Unternehmen meldete für das Q4 2024 einen Nettogewinn von 3,0 Millionen $ (1,02 $ pro Aktie), ein Anstieg von 2,3 Millionen $ (0,77 $ pro Aktie) im Q4 2023. Der Nettogewinn für das Gesamtjahr 2024 erreichte 9,2 Millionen $ (3,06 $ pro Aktie) und stieg von 8,6 Millionen $ (2,80 $ pro Aktie) im Jahr 2023.
Die wichtigsten Leistungskennzahlen umfassen im Q4 2024 eine Rendite auf das durchschnittliche Vermögen von 0,98% und eine Nettozinsmarge von 3,39%. Die Bank zeigte starkes Wachstum mit einem Anstieg der Kredite um 58,2 Millionen $ (8,2%) und einem Wachstum der Einlagen um 118,3 Millionen $ (12,4%) im Jahresvergleich. Die Vermögensqualität blieb robust mit stabilen notleidenden Krediten und historisch niedrigen Abschreibungen.
- Net income increased by $680,000 to $3.0 million in Q4 2024
- Full-year net income grew by $549,000 to $9.2 million
- Return on average assets improved to 0.98% in Q4 2024
- Strong loan growth of 8.2% ($58.2 million)
- Significant deposit growth of 12.4% ($118.3 million)
- Stable asset quality with historically low charge-offs
- Return on average tangible equity declined to 17.27% from 19.28% in Q4
- YTD net interest margin decreased to 3.17% from 3.45%
- Quarterly cash dividend declared of
per share for shareholders of record on February 28, 2025, payable on March 17, 2025. Based on the average closing price for the fourth quarter, this is a$0.22 3.93% dividend yield. - Net income of
or$3.0 million per share for the 2024 fourth quarter. This is a$1.02 increase from$680,000 or$2.3 million per share in the comparable period in 2023. YTD 2024 net income of$0.77 or$9.2 million per share. This is a$3.06 increase from$549,000 or$8.6 million per share YTD 2023.$2.80 - Return on average assets of
0.98% for the 2024 fourth quarter, an increase from0.88% in the comparable period in 2023. YTD 2024 return on average assets of0.80% , up slightly from0.79% YTD 2023. - Return on average tangible equity of
17.27% for the 2024 fourth quarter, down from19.28% in the comparable period in 2023. YTD 2024 return on average tangible equity of14.06% , down from15.82% YTD 2023. - Net interest margin of
3.39% for the 2024 fourth quarter, increase from3.37% in the comparable period in 2023. YTD 2024 net interest margin of3.17% , down from3.45% YTD 2023. - Loan growth of
, up$58.2 million 8.2% from December 31, 2023. - Deposit growth of
, up$118.3 million 12.4% from December 31, 2023. - Asset quality metrics remain strong with stable non-performing and classified loans. Charge-offs remain at historically low levels through December 31, 2024.
About The Union Bank Company:
Since 1904, The Union Bank Company has been here to provide full-service banking to the people and businesses throughout the communities we serve. Today, the bank has 14 full-service branch locations across Northwest and
United Bancshares, Inc.
Quarterly Report
December 31, 2024
Shareholders, Clients, and Team Members:
Despite the continued challenges to the banking industry throughout 2024, I am pleased to report that your Company had a successful fourth quarter and year. In addition to reporting net income of approximately
The Company also reported
The fourth quarter's performance provides significant momentum as we move into 2025. This momentum follows 18 consecutive months (November 2022 to April 2024) of declining margin income as the result of the rapid increase in short-term interest rates. Additionally, the resulting inverted yield curve, coupled with management's decision to remain very disciplined on loan pricing, impaired loan growth during that time.
The Company began to see margin improvement in May of 2024. The rapid increase in margin income over the remaining seven months of 2024 was the result of increasing numbers of loans repricing to market interest rates, the company's quick response to the opportunity to get significantly below market interest rate deposits through the Ohio Homebuyer Plus program, and a
In 2025, we plan to continue to grow the number and size of client relationships, introduce an all-new digital platform for our clients, provide clients weekday access to a live teller from 7am – 7pm at all our locations as well as online chat, and identify new technology to create internal efficiencies. While we expect to offer all these services and technology enhancements, we do not expect to see an increase in costs because of new and renegotiated vendor contracts and technology implementation. We believe that effectively implementing technology will promote growth and provide the opportunity to increase the effectiveness of our team members in serving our clients.
While the fourth quarter brought numerous positives to the Company, it is with a heavy heart that I share that David Roach, a Director at United Bancshares, Inc. and The Union Bank Company since 2001, passed away in December 2024. Dave blessed us with his never-ending encouragement, kindness, humility and compassion. We will continue his legacy as we serve others throughout our Company and our communities and jointly share our condolences to his wife, daughters and his entire family.
The continued accomplishments of your Company are the undeniable result of the ongoing efforts of the Company's dedicated team members and Board of Directors in implementing our Strategic Plan. 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 your Company. Thank you for your ongoing support and the trust you have placed in us.
Respectfully,
Brian D. Young
President & CEO
Financial Information (Unaudited)
December 31, 2024 | December 31, 2023 | ||
Cash and cash equivalents | $ 95,283,000 | $ 26,915,000 | |
Securities | 242,069,000 | 253,588,000 | |
Loans | 766,987,000 | 708,828,000 | |
Less allowance for credit losses | (7,937,000) | (8,876,000) | |
Other assets | 92,928,000 | 91,043,000 | |
Total Assets | |||
Deposits | $ 1,071,105,000 | $ 952,845,000 | |
Borrowings | 17,091,000 | 18,043,000 | |
Other liabilities | 6,394,000 | 6,686,000 | |
Total Liabilities | 1,094,590,000 | 977,574,000 | |
Common stock and surplus | 21,461,000 | 21,109,000 | |
Retained earnings | 124,822,000 | 118,300,000 | |
Accumulated other comprehensive loss | (34,786,000) | (30,658,000) | |
Treasury stock | (16,757,000) | (14,827,000) | |
Total shareholders' equity | 94,740,000 | 93,924,000 | |
Total Liabilities and Shareholders' Equity | |||
Common shares outstanding | 2,964,007 | 3,036,757 | |
Book value | |||
Tangible book value (non-GAAP) | |||
Closing price | |||
Allowance for credit losses to loans (end of period) | 1.04 % | 1.26 % | |
Net loans to deposits (end of period) | 71.61 % | 74.39 % |
3 months ended | 3 months ended | 12 months ended | 12 months ended | ||||
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | ||||
Interest income | |||||||
Interest expense | 5,223,000 | 4,261,000 | 20,985,000 | 14,094,000 | |||
Net interest income | 9,358,000 | 7,942,000 | 32,299,000 | 33,107,000 | |||
Provision for credit losses | (345,000) | (298,000) | (1,114,000) | (391,000) | |||
Net interest income after provision | 9,703,000 | 8,240,000 | 33,413,000 | 33,498,000 | |||
Non-interest income | 2,001,000 | 1,752,000 | 8,419,000 | 7,375,000 | |||
Non-interest expense | 8,396,000 | 7,421,000 | 31,915,000 | 31,584,000 | |||
Income before federal income taxes | 3,308,000 | 2,571,000 | 9,917,000 | 9,289,000 | |||
Federal income taxes | 288,000 | 231,000 | 762,000 | 683,000 | |||
Net Income | |||||||
Average common shares outstanding | 2,969,997 | 3,035,282 | 2,991,687 | 3,072,468 | |||
Per Share Data: | |||||||
Net income (basic) | |||||||
Cash dividends declared | |||||||
Dividend yield (annualized) based on quarterly avg. closing price | 3.93 % | 4.99 % | 4.42 % | 4.70 % | |||
Performance Ratios: | |||||||
Return on average assets | 0.98 % | 0.88 % | 0.80 % | 0.79 % | |||
Return on average shareholders' equity | 12.42 % | 12.09 % | 9.91 % | 10.33 % | |||
Return on average tangible shareholders' equity | 17.27 % | 19.28 % | 14.06 % | 15.82 % | |||
Net interest margin | 3.39 % | 3.37 % | 3.17 % | 3.45 % | |||
Net loan charge-offs (recoveries) as a percentage of average outstanding net loans | 0.01 % | 0.00 % | 0.00 % | -0.01 % |
United Bancshares, Inc
Directors Robert L. Benroth Herbert H. Huffman III H. Edward Rigel Daniel W. Schutt, Chairman R. Steven Unverferth Brian D. Young
Officers Brian D. Young, President/CEO Denise E. Giesige, Secretary Klint D. Manz, CFO | The Union Bank Co.
Directors Robert L. Benroth Anthony M. V. Eramo Herbert H. Huffman III Kevin L. Lammon William R. Perry H. Edward Rigel Carol R. Russell Daniel W. Schutt R. Steven Unverferth Dr. Jane M. Wood Brian D. Young, Chairman |
Investor Materials
United Bancshares, Inc. has traded its common stock on the OTCQX Markets Exchange under the symbol "UBOH". Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Investor Relations section of our website theubank.com or by calling 800-837-8111.
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SOURCE United Bancshares, Inc.
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