UNITED BANCSHARES, INC. ANNOUNCES THIRD QUARTER 2024 RESULTS AND $0.22 DIVIDEND
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, Inc. (OTCQX: UBOH) ha annunciato i risultati del terzo trimestre del 2024 e un dividendo di $0,22. L'azienda ha riportato un utile netto di $2,5 milioni o $0,83 per azione per il Q3 2024, segnando un incremento di $494.000 rispetto allo stesso periodo del 2023. L'utile netto accumulato per il 2024 si attesta a $6,1 milioni o $2,05 per azione.
Le principali metriche finanziarie includono un ritorno sugli attivi medi dell'0,83% per il Q3 2024 e un ritorno sul patrimonio tangibile medio del 14,96%. L'azienda ha registrato una Crescita dei prestiti di $13,4 milioni (2,53% annualizzato) e una significativa Crescita dei depositi di $154,4 milioni (21,60% annualizzato) dal 31 dicembre 2023. Tuttavia, il margine di interesse netto è diminuito al 3,12% nel Q3 2024 rispetto al 3,42% nel Q3 2023.
United Bancshares, Inc. (OTCQX: UBOH) ha anunciado sus resultados del tercer trimestre de 2024 y un dividendo de $0,22. La compañía reportó un ingreso neto de $2,5 millones o $0,83 por acción para el Q3 2024, marcando un aumento de $494,000 en comparación con el mismo periodo de 2023. El ingreso neto acumulado para 2024 es de $6,1 millones o $2,05 por acción.
Las métricas financieras clave incluyen un retorno sobre activos promedio del 0,83% para el Q3 2024 y un retorno sobre el patrimonio tangible promedio del 14,96%. La compañía experimentó un crecimiento de préstamos de $13,4 millones (2,53% anualizado) y un notable crecimiento de depósitos de $154,4 millones (21,60% anualizado) desde el 31 de diciembre de 2023. Sin embargo, el margen de interés neto disminuyó al 3,12% en el Q3 2024 en comparación con el 3,42% en el Q3 2023.
United Bancshares, Inc. (OTCQX: UBOH)는 2024년 3분기 실적과 $0.22 배당금을 발표했습니다. 회사는 2024년 3분기에 250만 달러의 순이익 또는 주당 $0.83을 기록했으며, 이는 2023년 같은 기간보다 $494,000 증가한 수치입니다. 2024년까지의 누적 순이익은 610만 달러 또는 주당 $2.05입니다.
주요 재무 지표로는 2024년 3분기 평균 자산 수익률 0.83%과 평균 유형 자본 수익률 14.96%가 포함됩니다. 회사는 대출 성장 1,340만 달러 (연율 2.53%)와 예금 성장 1억 5,440만 달러 (연율 21.60%)를 기록했습니다, 이는 2023년 12월 31일 이후의 결과입니다. 그러나 순이자 마진은 2024년 3분기 3.12%로, 2023년 3분기 3.42%에 비해 감소했습니다.
United Bancshares, Inc. (OTCQX: UBOH) a annoncé ses résultats du troisième trimestre 2024 et un dividende de 0,22 $. La société a signalé un revenu net de 2,5 millions $ ou 0,83 $ par action pour le Q3 2024, marquant une augmentation de 494 000 $ par rapport à la même période en 2023. Le revenu net cumulé pour 2024 s'élève à 6,1 millions $ ou 2,05 $ par action.
Les principaux indicateurs financiers incluent un rendement des actifs moyens de 0,83% pour le Q3 2024 et un rendement des capitaux propres tangibles moyens de 14,96%. L'entreprise a connu une croissance des prêts de 13,4 millions $ (annualisé à 2,53%) et une importante croissance des dépôts de 154,4 millions $ (annualisé à 21,60%) depuis le 31 décembre 2023. Cependant, la marge d'intérêt nette a diminué à 3,12% au Q3 2024 par rapport à 3,42% au Q3 2023.
United Bancshares, Inc. (OTCQX: UBOH) hat seine Ergebnisse des dritten Quartals 2024 und eine
Wichtige Finanzkennzahlen umfassen eine Rendite auf durchschnittliche Vermögenswerte von 0,83% für das Q3 2024 und eine Rendite auf durchschnittliches Eigenkapital von 14,96%. Das Unternehmen erlebte ein Wachstum der Kredite von 13,4 Millionen $ (annualisiert 2,53%) und ein signifikantes Wachstum der Einlagen von 154,4 Millionen $ (annualisiert 21,60%) seit dem 31. Dezember 2023. Der Nettozins-Marge sank jedoch auf 3,12% im Q3 2024 im Vergleich zu 3,42% im Q3 2023.
- Net income increased to $2.5 million in Q3 2024, up from $2.0 million in Q3 2023
- Earnings per share rose to $0.83 in Q3 2024 from $0.65 in Q3 2023
- Return on average assets improved to 0.83% in Q3 2024 from 0.73% in Q3 2023
- Return on average tangible equity increased to 14.96% in Q3 2024 from 14.12% in Q3 2023
- Loan growth of $13.4 million (2.53% annualized) since December 31, 2023
- Significant deposit growth of $154.4 million (21.60% annualized) since December 31, 2023
- Asset quality metrics remain strong with stable non-performing and classified loans
- Year-to-date net income decreased slightly to $6.1 million in 2024 from $6.3 million in 2023
- Year-to-date return on average assets declined to 0.73% in 2024 from 0.77% in 2023
- Year-to-date return on average tangible equity decreased to 12.85% in 2024 from 14.78% in 2023
- Net interest margin declined to 3.12% in Q3 2024 from 3.42% in Q3 2023
- Year-to-date net interest margin decreased to 3.09% in 2024 from 3.47% in 2023
- A quarterly cash dividend declared of
$0.22 4.50% dividend yield.
- Net income of
$2.5 million $0.83 $494,000 $2.0 million $0.65 $6.1 million $2.05 $6.3 million $2.03
- Return on average assets of
0.83% for the 2024 third quarter, an increase from0.73% in the comparable period in 2023. YTD 2024 return on average assets of0.73% , down from0.77% YTD 2023.
- Return on average tangible equity of
14.96% for the 2024 third quarter, up from14.12% in the comparable period in 2023. YTD 2024 return on average tangible equity of12.85% , down from14.78% YTD 2023.
- The net interest margin is
3.12% for the 2024 third quarter, down from3.42% in the comparable period in 2023. YTD 2024 net interest margin of3.09% , down from3.47% YTD 2023.
- Loan growth of
$13.4 million 2.53% annualized from December 31, 2023.
- Deposit growth of
$154.4 million 21.60% annualized from December 31, 2023.
- Asset quality metrics remain strong with stable non-performing and classified loans. Charge-offs remain at historically low levels through September 30, 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
September 30, 2024
Shareholders, Clients, and Team Members:
I am pleased to report that, as a direct result of the ongoing efforts of the Company's dedicated team members, your Company reported positive results for the three- and nine-month periods ending September 30, 2024. The third quarter improvements include net income of
We reported significant growth of
I am also pleased to report that the Board of Directors declared a
The efforts of the team 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)
September 30, 2024 | December 31, 2023 | ||
Cash and cash equivalents | $ 175,997,000 | $ 26,915,000 | |
Securities | 249,914,000 | 253,588,000 | |
Loans | 722,274,000 | 708,828,000 | |
Less allowance for credit losses | (8,331,000) | (8,876,000) | |
Other assets | 90,829,000 | 91,043,000 | |
Total Assets | |||
Deposits | $ 1,107,211,000 | $ 952,845,000 | |
Borrowings | 17,319,000 | 18,043,000 | |
Other liabilities | 6,221,000 | 6,686,000 | |
Total Liabilities | 1,130,751,000 | 977,574,000 | |
Common stock and surplus | 21,418,000 | 21,109,000 | |
Retained earnings | 122,455,000 | 118,300,000 | |
Accumulated other comprehensive loss | (27,498,000) | (30,658,000) | |
Treasury stock | (16,443,000) | (14,827,000) | |
Total shareholders' equity | 99,932,000 | 93,924,000 | |
Total Liabilities and Shareholders' Equity | |||
Common shares outstanding | 2,977,310 | 3,036,757 | |
Book value | |||
Tangible book value (non-GAAP) | |||
Closing price | |||
Allowance for credit losses to loans (end of period) | 1.16 % | 1.26 % | |
Net loans to deposits (end of period) | 64.48 % | 73.46 % |
3 months ended | 3 months ended | 9 months ended | 9 months ended | ||||
Sept 30, 2024 | Sept30, 2023 | Sept 30, 2024 | Sept 30, 2023 | ||||
Interest income | |||||||
Interest expense | 5,986,000 | 3,801,000 | 15,762,000 | 9,833,000 | |||
Net interest income | 8,344,000 | 8,174,000 | 22,941,000 | 25,165,000 | |||
Provision for credit losses | (288,000) | 3,000 | (769,000) | (93,000) | |||
Net interest income after provision | 8,632,000 | 8,171,000 | 23,710,000 | 25,258,000 | |||
Non-interest income | 2,113,000 | 1,757,000 | 6,418,000 | 5,623,000 | |||
Non-interest expense | 8,050,000 | 7,807,000 | 23,520,000 | 24,163,000 | |||
Income before federal income taxes | 2,695,000 | 2,121,000 | 6,608,000 | 6,718,000 | |||
Federal income taxes | 226,000 | 146,000 | 474,000 | 452,000 | |||
Net Income | |||||||
Average common shares outstanding | 2,980,554 | 3,058,686 | 2,999,048 | 3,085,189 | |||
Per Share Data: | |||||||
Net income (basic) | |||||||
Cash dividends declared | |||||||
Dividend yield (annualized) | 4.50 % | 4.69 % | 4.62 % | 4.60 % | |||
Performance Ratios: | |||||||
Return on average assets | 0.83 % | 0.73 % | 0.73 % | 0.77 % | |||
Return on average shareholders' equity | 10.58 % | 9.31 % | 8.98 % | 9.77 % | |||
Return on average tangible shareholders' equity | 14.96 % | 14.12 % | 12.85 % | 14.78 % | |||
Net interest margin | 3.12 % | 3.42 % | 3.09 % | 3.47 % | |||
Net loan charge-offs (recoveries) as a percentage of average outstanding net loans | 0.00 % | -0.01 % | 0.00 % | -0.01 % |
United Bancshares, Inc
Directors Robert L. Benroth Herbert H. Huffman III H. Edward Rigel David P. Roach 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 David P. Roach 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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