United Bancshares, Inc. (OTCQX: UBOH)
— A quarterly cash dividend declared of $0.22 per share for shareholders of record on November 29, 2024, payable on December 16, 2024. Based on the average closing price for the third quarter, this is a 4.50% dividend yield.
— Net income of $2.5 million or $0.83 per share for the 2024 third quarter. This is a $494,000 increase from $2.0 million or $0.65 per share in the comparable period in 2023. YTD 2024 net income of $6.1 million or $2.05 per share, down slightly from $6.3 million net income, but up from $2.03 per share YTD 2023.
— Return on average assets of 0.83% for the 2024 third quarter, an increase from 0.73% in the comparable period in 2023. YTD 2024 return on average assets of 0.73%, down from 0.77% YTD 2023.
— Return on average tangible equity of 14.96% for the 2024 third quarter, up from 14.12% in the comparable period in 2023. YTD 2024 return on average tangible equity of 12.85%, down from 14.78% YTD 2023.
— The net interest margin is 3.12% for the 2024 third quarter, down from 3.42% in the comparable period in 2023. YTD 2024 net interest margin of 3.09%, down from 3.47% YTD 2023.
— Loan growth of $13.4 million, up 2.53% annualized from December 31, 2023.
— Deposit growth of $154.4 million, up 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 Central Ohio, including Bowling Green, Columbus Grove,Delphos, Findlay, Gibsonburg, Kalida, Leipsic, Lewis Center, Lima, Marion, Ottawa, Paulding and Pemberville. We have Interactive Teller Machines (ITMs) located at all of our branch locations with additional ITM only locations in Gahanna, Lima, Marion and Westerville. The Union Bank Company is headquartered in Columbus Grove, Ohio, and remains committed to providing the very best banking service and products to all the communities we serve. Learn more at www.theubank.com.
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 $0.83 per share, income before taxes of $2.7 million, return on average assets of 0.83%, and return on average tangible equity of 14.96%, which all were increases as compared to the same period in 2023. Year-to-date results include income before taxes of $6.6 million, return on average assets of 0.73%, and return on average tangible equity of 12.85%.
We reported significant growth of $154 million and $149 million in our deposit and cash positions, respectively. Of those increases, $100 million was from the Ohio Treasurer through the Bank’s participation in the Treasurer’s Ohio Homebuyer Plus program. We expect the Treasurer’s deposits to reduce throughout 2025 and land around $30 million by the end of 2025. Additionally, the Company reported a 2.53% annualized growth in loans during the first nine months of 2024.
I am also pleased to report that the Board of Directors declared a $0.22 per common share dividend payable December 16, 2024, to shareholders of record at the close of business on November 29, 2024. The dividend is 27% of the reported net income for the third quarter of 2024.
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 $1,230,683,000 $1,071,498,000 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 $1,230,683,000 $1,071,498,000 Common shares outstanding 2,977,310 3,036,757 Book value $33.56 $30.93 Tangible book value (non-GAAP) $23.95 $21.43 Closing price $19.80 $19.26 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 3 months 9 months 9 months
ended ended ended ended
Sept 30, Sept30, Sept 30, Sept 30,
2024 2023 2024 2023
Interest income $14,330,000 $11,975,000 $38,703,000 $34,998,000
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 $2,469,000 $1,975,000 $6,134,000 $6,266,000
Average common shares outstanding 2,980,554 3,058,686 2,999,048 3,085,189
Per Share Data:
Net income (basic) $0.83 $0.65 $2.05 $2.03
Cash dividends declared $0.22 $0.22 $0.66 $0.66
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 0.00% -0.01% 0.00% -0.01%
of average outstanding net loans
United Bancshares, Inc The Union Bank Co.
Directors Directors
Robert L. Benroth Robert L. Benroth
Herbert H. Huffman III Anthony M. V. Eramo
H. Edward Rigel Herbert H. Huffman III
David P. Roach Kevin L. Lammon
Daniel W. Schutt, Chairman William R. Perry
R. Steven Unverferth H. Edward Rigel
Brian D. Young David P. Roach
Officers Carol R. Russell
Brian D. Young, President/CEO Daniel W. Schutt
Denise E. Giesige, Secretary R. Steven Unverferth
Klint D. Manz, CFO Dr. Jane M. Wood
Brian D. Young, Chairman
Investor MaterialsUnited 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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