An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
United Bancshares, Inc. Reports Full Year 2020 Results
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
United Bancshares, Inc. (NASDAQ: UBOH) reported record net income of $13.8 million for 2020, up $3.1 million from 2019. Earnings per share increased to $4.21, a rise of $0.95. The company's returns on average total assets and shareholders' equity were 1.42% and 13.53%, respectively. Key contributors to these results included $15.1 million from loan sales and $2.4 million from Paycheck Protection Program fees. United Bancshares also prepaid its long-term debt and improved its loan loss allowance.
Positive
Net income rose to $13.8 million, an increase of $3.1 million compared to 2019.
Earnings per share increased to $4.21, up $0.95 from the previous year.
Return on average total assets improved to 1.42% from 1.24%.
Return on average shareholder's equity increased to 13.53% from 12.30%.
Successful expansion into Paulding County and adoption of efficient banking technologies.
Negative
None.
Results Include Record Profit for the Second Consecutive Year
COLUMBUS GROVE, Ohio, March 08, 2021 (GLOBE NEWSWIRE) -- United Bancshares, Inc. (NASDAQ: UBOH)
Highlights Net income of $13.8 million, an increase of $3.1 million over 2019 Earnings per share of $4.21, an increase of $0.95 per share over 2019 Return on average total assets 1.42%, compared to 1.24% at year-end 2019 Return on average shareholder’s equity 13.53%, compared to 12.30% at year-end 2019
Full Details Details about our 2020 financial performance are available here.
Commentary from our CEO United Bancshares President and Chief Executive Officer, Brian D. Young said, “Despite an unprecedented operating environment, we are pleased to deliver these results and record profits for our second straight year. Our 2020 results include gain on loan sales of $15.1 million, Paycheck Protection Program Loan Origination fees of $2.4 million and decreased deposit expense of $2.4 million. As a result of our 2020 earnings, we were able to prepay all long-term debt at the bank and proactively increase the allowance for loan losses as we monitor economic conditions going into 2021. Additionally, the Company maintained better than peer credit quality metrics, a reflection of the strength of our loan portfolio. We are very pleased with the early results from our expansion into Paulding County, along with, the successful adoption of technologies such as ITMs and cash recyclers that increase efficiencies, enhance operational accuracy, and enable our greatest assets, our team members, to focus on customer needs and relationships. We remain unwavering in the promotion of our core values throughout our processes. The continued accomplishments of the Company are the undeniable result of our dedicated team members and our 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 our continued success.”
About United Bancshares, Inc. United Bancshares, Inc. is a financial holding company headquartered in Columbus Grove, Ohio with $978.5 million in assets and twenty offices in Northwest and Central Ohio. Founded in 1904, The Union Bank Company provides a full variety of consumer, residential, small business, commercial, agricultural, treasury management, wealth management, brokerage and insurance services. Union Bank also provides a comprehensive list of digital banking services to support the needs of consumers and businesses from any location. Details about our banking services are available on our website: http://theubank.com/.
