Regulatory Environment - Unified is subject to supervision and regulation by the Federal Reserve, FDIC, and Ohio Division of Financial Institutions, which ensures financial safety and soundness [13]. - The Dodd-Frank Act created new restrictions and expanded regulatory oversight for financial institutions, impacting Unified's operations [22]. - The Dodd-Frank Act revised the FDIC's management of the Deposit Insurance Fund, implementing new rules regarding assessments and dividends [34]. - The Company is subject to various federal regulations regarding capital maintenance, affiliate transactions, and loan limitations [51]. - The Company must obtain prior approval from the Federal Reserve for acquisitions exceeding five percent of voting shares [24]. - The Company must obtain prior approval from the ODFI before paying dividends exceeding certain limits based on undivided profits and net income [38]. - The FDIC may terminate deposit insurance if Unified engages in unsafe practices or is in an unsafe condition [33]. - Unified is required to pay deposit insurance premium assessments to the FDIC, which uses a risk-based assessment system [32]. - Unified is not a financial holding company and has no current intention of making such an election [26]. Financial Performance - Total interest and dividend income increased by $9,594 thousand, with a significant contribution from loans, which rose by $4,508 thousand [63]. - Net interest income for 2023 was $27,424 thousand, compared to $25,571 thousand in 2022, reflecting a growth of 7.25% [63]. - Total assets increased to $802,054 thousand in 2023 from $735,775 thousand in 2022, representing an increase of 9.0% [61]. - The company reported a net interest spread of 3.28% for 2023, down from 3.58% in 2022 [63]. - The total interest expense for 2023 was $7,741 thousand, an increase of 7,741 thousand compared to the previous year, driven primarily by time deposits and advances from the Federal Home Loan Bank [63]. - The average yield on interest-earning assets was 5.12% in 2023, compared to 4.21% in 2022, indicating a significant increase in asset yield [61]. - The company’s total stockholders' equity decreased to $52,288 thousand in 2023 from $58,716 thousand in 2022, a decline of 10.0% [61]. Capital Adequacy - Unified exceeded its minimum capital requirements under applicable guidelines as of December 31, 2024 [28]. - The Bank was well capitalized as of December 31, 2024, in accordance with prompt corrective action guidelines [37]. - Unified is required to maintain minimum capital levels according to FDIC capital adequacy guidelines, with specific capital positions detailed in Note 11 of the consolidated financial statements [35]. Employee Information - Unified has 115 full-time employees, including 31 in management positions and 11 part-time employees [53]. Credit Losses and Loan Performance - The allowance for credit losses (ACL) is based on historical loss experience and current economic conditions, with significant qualitative adjustments made for inflation and interest rate increases [73]. - The ratio of net charge-offs to average loans outstanding for 2024 is 0.07%, an increase from 0.02% in 2023 and a decrease from 0.14% in 2022 [78]. - The total allowance for credit losses to total loans is 0.82% in 2024, slightly up from 0.81% in 2023 and significantly higher than 0.45% in 2022 [78]. - The total allowance for credit losses allocated to commercial real estate loans is $1,488 million, representing 59.41% of total loans in 2024 [79]. - The ratio of installment loans net charge-off to average consumer loans is 2.16% in 2024, up from 1.93% in 2023 and 1.90% in 2022 [78]. - The allowance for credit losses for residential real estate loans is $1,708 million, accounting for 18.68% of total loans in 2024 [79]. - The ratio of commercial loans and industrial net charge-offs to average commercial loans is 0.13% in 2024, compared to (0.03)% in 2023 [78]. Business Operations - Unified has no single customer or related group of customers whose banking activities would materially impact earnings capabilities [10]. - Unified is engaged in one line of business, banking, with financial information detailed in Item 8 of the 10-K report [57].

Financial Performance - For Q4 2024, United Bancorp, Inc. reported diluted earnings per share of $0.31 and net income of $1,850,000, representing decreases of $539,000 and $0.11 year-over-year[1][2]. - For the full year 2024, diluted earnings per share were $1.27 and net income was $7,402,000, down $1,548,000 and $0.30 compared to 2023[2][3]. - Net income decreased by 22.57% to $1,849,812 from $2,389,060 year-over-year[8]. - Net income decreased by 17.29% to $7,402,349, down from $8,949,552 in 2023[9]. - Earnings per common share (Basic and Diluted) fell by 26.19% to $0.31 from $0.42[8]. - Earnings per share (diluted) fell by 19.11% to $1.27 from $1.57[9]. Asset and Loan Growth - Total average assets increased by $26.0 million, or 3.2%, year-over-year to $828.1 million, while gross loans rose by $7.7 million, or 1.6%, to $491.0 million[3]. - As of December 31, 2024, United Bancorp, Inc. has total assets of $820.8 million and total shareholders' equity of $67.6 million[5]. - Total assets increased slightly by 0.17% to $820,835,746 compared to $819,449,465 in 2023[9]. Interest Income and Expenses - Total interest income increased by $2.7 million, or 7.3%, for the year, but was offset by a total interest expense increase of $3.7 million, or 33.7%[3]. - Total interest income increased by 3.86% to $10,078,466 compared to $9,703,576 in the previous year[8]. - Interest income on loans increased by 13.06% to $27,449,379 compared to $24,277,549 in 2023[9]. - Total interest income rose by 7.25% to $39,521,287 from $36,849,321 in the previous year[9]. Noninterest Income and Charges - Total noninterest income rose by 16.02% to $1,194,245 compared to $1,029,317 in the prior year[8]. - Service charges on deposit accounts increased by 9.34% to $806,297 from $737,455[8]. - The provision for credit losses on loans was $124,499, a significant increase compared to a credit of $153,750 in the previous year[8]. Credit Quality and Allowance - As of December 31, 2024, total nonaccrual loans and loans past due 30 days were $1.0 million, or 0.21% of gross loans, down from the previous year by $122,000 or 10.6%[3]. - The total allowance for credit losses to total loans was 0.82%, with a coverage ratio of 1,243% for nonaccrual loans as of year-end 2024[3]. - Non-accrual loans rose by 51.05% to $736,127 from $487,331[9]. Equity and Dividends - Tangible shareholders' equity increased by $4.2 million, or 6.7%, to $66.8 million, with a tangible book value per share of $11.21, up $0.55 or 5.2% year-over-year[3][4]. - In 2024, the company paid a total cash dividend of $0.8550, an increase of $0.04, or 4.9%, yielding a near-industry leading total dividend yield of 6.6%[4]. - Cash dividends paid increased by 4.91% to $0.8550 from $0.8150[9]. Future Outlook and Strategy - The company plans to open a new banking center in Wheeling, West Virginia, in Q3 2025 to enhance market presence and leverage existing customer relationships[4]. - The company aims to grow to an asset threshold of $1.0 billion or greater in a prudent and profitable manner[5]. - United Bancorp, Inc. operates eighteen banking centers across Ohio and West Virginia[5]. - The company remains optimistic about future growth and earnings potential despite current industry challenges[5]. Return on Assets and Equity - Return on average assets (ROA) declined by 19.89% to 0.89% from 1.12%[10]. - Return on average equity (ROE) dropped by 36.05% to 10.94% from 17.12%[10].

Financial Performance - Net income for the three months ended September 30, 2024, was $1,820 thousand, down 24% from $2,392 thousand in the same period last year[11]. - Net income for the nine months ended September 30, 2024, was $5,553,000, compared to $6,560,000 for the same period in 2023, representing a decrease of approximately 15.3%[15]. - Earnings per common share for the three months ended September 30, 2024, was $0.31, down from $0.42 in the same period of 2023, a decrease of 26.2%[11]. - For the nine months ended September 30, 2024, net income was $5,301,000, with basic and diluted earnings per share of $0.95, compared to $6,296,000 and $1.15 for the same period in 2023[47]. - Comprehensive income for the three months ended September 30, 2024, was $5,881 thousand, compared to a loss of $4,906 thousand in the same period last year[12]. Asset and Liability Management - Total assets increased to $825,482 thousand as of September 30, 2024, compared to $819,449 thousand at December 31, 2023, reflecting a growth of 0.4%[8]. - The total liabilities increased to $760,022 thousand as of September 30, 2024, from $755,856 thousand at December 31, 2023, an increase of 0.2%[8]. - The total stockholders' equity as of September 30, 2024, was $65,460,000, an increase from $52,590,000 as of September 30, 2023, representing a growth of approximately 24.4%[13]. - The carrying amount of cash and cash equivalents was $37,778,000 as of September 30, 2024, compared to $40,770,000 at December 31, 2023[121]. Income and Expense Analysis - Net interest income for the three months ended September 30, 2024, was $6,139 thousand, a decrease of 6.5% from $6,566 thousand for the same period in 2023[11]. - Total interest income generated for the first nine months of 2024 increased by $2.3 million, or 8.5%, but was offset by a total interest expense increase of $3.2 million, or 40.7%[125]. - Noninterest income increased to $1,215 thousand for the three months ended September 30, 2024, compared to $963 thousand for the same period in 2023, representing a growth of 26.2%[11]. - Noninterest expense rose by $275,000 or 1.7% year-over-year, with a significant portion attributed to inflationary pressures[152]. Credit Quality and Loan Performance - The provision for credit loss expense was $69 thousand for the three months ended September 30, 2024, compared to a reversal of $154 thousand in the same period last year[11]. - The total allowance for credit losses (ACL) is established based on expected credit losses measured over the contractual life of a loan, considering historical loss experience and current economic conditions[33]. - The company reported a total of $374,172,000 in commercial real estate loans, a decrease from $374,172,000 in 2023, reflecting a stable portfolio[66]. - The total nonperforming loans reached $790,000, which includes $323,000 in nonaccrual loans with no allowance for credit losses and $57,000 in nonaccrual loans with an allowance for credit losses[80]. Dividend and Shareholder Returns - Dividends per common share increased to $0.1775 for the three months ended September 30, 2024, compared to $0.1675 for the same period in 2023[11]. - Total cash dividends paid on common stock for the nine months ended September 30, 2024, were $4,040,000, compared to $3,786,000 for the same period in 2023, an increase of about 6.7%[15]. - A regular cash dividend increased by $0.03 to $0.5250, and a special cash dividend of $0.15 was paid, resulting in a total payout of $0.6750, a 6.0% increase for the quarter[129]. Economic and Market Conditions - The company faced challenges due to net interest margin compression and sluggish economic activity, impacting loan demand and growth[123]. - Economic activity remained little changed across Federal Reserve Districts, with most reporting declining manufacturing activity and steady banking sector performance[170]. - Inflation moderated during Q3 2024, but prices for certain food staples increased sharply, impacting consumer spending power[171]. Future Outlook and Strategic Initiatives - The company aims to grow total assets to $1.0 billion or greater, with a new banking center under construction in Wheeling, West Virginia, expected to open in Q3 2025[128]. - The company anticipates overcoming current challenges and achieving higher growth and improved performance in the next 12 to 24 months[123].

Financial Performance - For Q3 2024, United Bancorp, Inc. reported diluted earnings per share of $0.31 and net income of $1,820,000, representing decreases of $573,000 and $0.11 year-over-year[2]. - Year-to-date, diluted earnings per share for the first nine months of 2024 were $0.95, down $1,007,000 or $0.20 compared to the same period in 2023[2]. - Net income for the three months ended September 30, 2024, decreased by 23.94% to $1.82 million from $2.39 million in the same period of 2023[7]. - Net income decreased by 15.36% to $5,552,537 from $6,560,491 year-over-year[8]. - Earnings per common share (diluted) fell by 17.39% to $0.95, down from $1.15[8]. Assets and Equity - Total average assets as of September 30, 2024, were $826.2 million, an increase of $19.0 million or 2.4% year-over-year[3]. - As of September 30, 2024, United Bancorp, Inc. has total assets of $825.5 million and total shareholders' equity of $65.5 million[5]. - Shareholders' equity rose by 24.47% to $65,459,697, up from $52,589,312[8]. - The tangible shareholders' equity increased by $13.0 million or 25.2% year-over-year to $64.6 million[3]. - Total assets grew by 1.38% to $825,482,119, compared to $814,280,733 in the prior period[8]. Loans and Credit Quality - Average loans increased by $20.4 million or 4.4% to $480.8 million year-over-year[3]. - Total nonaccrual loans and loans past due 30 days were $1.0 million, or 0.21% of gross loans, reflecting an increase from the previous year[3]. - Non-accrual loans increased by 75.50% to $379,988 from $216,515[8]. - The allowance for credit losses to total loans was 0.84% as of September 30, 2024, indicating strong coverage[3]. - The provision for credit losses on loans for the nine months ended September 30, 2024, was $174,165, a significant increase compared to a provision of $(300,000) in the same period of 2023[7]. Income and Expenses - Total interest income for the first nine months of 2024 increased by $2.3 million or 8.5% compared to the previous year, but total interest expense rose by $3.2 million or 40.7%[3]. - Net interest income declined by $880,000 or 4.6% to $18.5 million, with net interest margin decreasing from 3.63% to 3.50%[3]. - For the nine months ended September 30, 2024, total interest income increased by 8.46% to $29.44 million compared to $27.15 million in the same period of 2023[7]. - For the three months ended September 30, 2024, total interest income increased by 3.03% to $9.94 million compared to $9.65 million in the same period of 2023[7]. - Total noninterest income increased by 7.97% to $3,265,630 compared to $3,024,509 in the previous period[8]. Dividends and Shareholder Returns - The company paid a total cash dividend of $0.6750 in 2024, an increase of $0.01 or 6.0% for the quarter and $0.03 or 4.7% year-over-year[4]. - Cash dividends paid increased by 5.97% to $0.1775 per share compared to $0.1675 in the same period of 2023[7]. Strategic Goals and Future Outlook - The company aims to grow its assets to $1.0 billion or greater in a prudent and profitable manner in the near term[5]. - The company continues to focus on process improvement, product development, and delivery to enhance future growth and earnings potential[5]. Market Performance - Market value at the last close increased by 13.68% to $13.13 from $11.55[8]. - Return on average assets (ROA) declined to 0.90% from 1.08%[8]. - Return on average equity (ROE) decreased to 11.30% from 16.95%[8].

Financial Performance - Net income for the three months ended June 30, 2024, was $1,739 thousand, a decrease of 23.8% from $2,280 thousand for the same period in 2023[10]. - Net income for the six months ended June 30, 2024, was $3,732,000, a decrease of 10.5% compared to $4,168,000 for the same period in 2023[16]. - Earnings per common share for the three months ended June 30, 2024, was $0.30, down from $0.40 in the same period of 2023, a decrease of 25.0%[10]. - For the six months ended June 30, 2024, net income was $3,541,000, with basic and diluted earnings per share of $0.64, down from $0.73 in the same period of 2023[44]. - Comprehensive loss for the three months ended June 30, 2024, was $(1,673) thousand, compared to a comprehensive income of $288 thousand for the same period in 2023[11]. - Net income declined by 23.70% to $1,739,967, down from $2,280,424, reflecting a decrease in earnings before income taxes by 34.11% to $1,613,140[124]. Asset and Liability Management - Total assets increased to $821,815 thousand as of June 30, 2024, compared to $819,449 thousand at December 31, 2023, reflecting a growth of 0.3%[7]. - Total liabilities increased to $761,218 thousand as of June 30, 2024, from $755,856 thousand at December 31, 2023, reflecting an increase of 0.6%[7]. - The carrying amount of cash and cash equivalents was $37,570,000 as of June 30, 2024, down from $40,770,000 at December 31, 2023[100]. - The total stockholders' equity increased to $63,206,000 as of June 30, 2024, from $58,409,000 as of June 30, 2023, representing an increase of approximately 8.1%[16]. - The common equity tier 1 capital ratio was 13.26%, indicating the company remains well-capitalized under federal regulatory requirements[152]. Income and Expense Analysis - Net interest income after credit for losses was $6,098 thousand for the three months ended June 30, 2024, down from $6,491 thousand in the same period last year, representing a decline of 6.0%[10]. - Total noninterest income for the three months ended June 30, 2024, was $1,184 thousand, up from $1,046 thousand in the same period of 2023, indicating an increase of 13.2%[10]. - Total noninterest expense increased by 11.37% to $5,668,133, compared to $5,089,269 in the previous period[124]. - The provision for credit loss expense for loans was $234 thousand for the three months ended June 30, 2024, compared to a reversal of $146 thousand in the same period last year[10]. - The provision for credit losses on loans increased significantly by 260.34% to $234,499, indicating a rise in expected credit losses[124]. Deposit and Loan Activity - Total deposits increased to $623,189 thousand as of June 30, 2024, compared to $621,459 thousand at December 31, 2023, showing a slight increase of 0.3%[7]. - The net change in deposits for the six months ended June 30, 2024, was an increase of $1,730,000, contrasting with a decrease of $6,297,000 in the prior year[16]. - Total gross loans as of June 30, 2024, amounted to $484,514,000, an increase from $483,236,000 at December 31, 2023[54]. - The total recorded investment in loans as of June 30, 2024, was $484,204,000, with $91,917,000 in residential loans and $10,063,000 in consumer loans[60]. - The total performing loans across all categories amounted to $8,565,000, down from $13,393,000 year-over-year, a decrease of approximately 36.5%[67]. Securities and Investments - The fair value of available-for-sale securities at June 30, 2024, was $240,124,000, down from $251,683,000 at December 31, 2023[48]. - The company recorded a gain of approximately $78,000 on the sale of available-for-sale securities for the three months ended June 30, 2024, and a loss of approximately $116,000 for the six months ended June 30, 2024[53]. - The total fair value of investments in debt securities at June 30, 2024, was $215.3 million, representing 90% of the company's available-for-sale investment portfolio[51]. - The company experienced gross unrealized losses of $13,914,000 on total debt securities as of June 30, 2024[46]. - The net unrealized loss on securities available-for-sale increased to $(13,658,000) as of June 30, 2024, compared to $(8,922,000) at December 31, 2023, reflecting a deterioration of 53%[86]. Dividend and Shareholder Information - Dividends per common share increased to $0.1750 for the three months ended June 30, 2024, compared to $0.1650 for the same period in 2023, an increase of 9.1%[10]. - Cash dividends paid increased to $2,979,000 for the six months ended June 30, 2024, compared to $2,800,000 in the prior year, reflecting a dividend per share increase from $0.4775 to $0.4975[16]. - The company paid a regular cash dividend of $0.3475 and a special cash dividend of $0.15, totaling $0.4975, which represents a year-over-year increase of $0.01, or 6.1%[121]. - The total dividend yield for the current year is 6.8%, based on the second quarter cash dividend and special dividend[121]. Future Outlook and Strategic Initiatives - The company expects to overcome current challenges and achieve higher growth and improved performance in the next 12 to 24 months[113]. - UBCP aims to grow total assets to $1.0 billion or greater, with a new banking center under construction in Wheeling, West Virginia, expected to open by mid-2025[120]. - UBCP is focusing on enhancing mortgage origination and Treasury Management functions to generate additional noninterest income and improve overall performance[118].

Financial Performance - For Q2 2024, United Bancorp, Inc. reported diluted earnings per share of $0.30 and net income of $1,739,000, representing decreases of $540,000 and $0.10 year-over-year[2]. - For the first six months of 2024, diluted earnings per share were $0.64 and net income was $3,732,000, down $436,000 and $0.09 compared to the same period in 2023[2]. - Net income decreased by 23.70% to $1,739,967 from $2,280,424 in the same period last year[7]. - Earnings before income taxes fell by 34.11% to $1,613,140 compared to $2,448,140 previously[7]. - Net income decreased by 10.44% to $3,732,879 from $4,168,035 year-over-year[8]. - Earnings per common share (diluted) decreased by 12.33% to $0.64 from $0.73[8]. Interest Income and Expenses - Total interest income increased by $2.0 million, or 11.5%, year-over-year, while total interest expense rose by $2.5 million, or 52.0%, leading to a net interest income decline of $451,000, or 3.5%[3]. - Interest income on loans increased by 13.78% to $6,774,227 compared to $5,954,031 in the previous year[7]. - Total interest income rose by 6.37% to $9,878,202 from $9,286,269 year-over-year[7]. - Total interest income increased by 11.46% to $19,499,024 compared to $17,494,370 in the previous year[8]. Asset and Loan Management - As of June 30, 2024, total assets decreased by $8.5 million, or 1.0%, to $821.8 million, while gross loans increased by $21.6 million, or 4.7%, to $484.5 million[3]. - Total assets decreased by 1.02% to $821,814,882 from $830,283,563[8]. - Gross loans increased by 4.68% to $484,514,415 compared to $462,870,965 in the previous year[8]. - Non-accrual loans decreased by 9.02% to $362,051 from $397,963[8]. Credit Losses - The provision for credit loss expense was $104,000 for the quarter, marking an increase of $250,000 year-over-year, impacting diluted earnings per share by approximately $0.04[3]. - The provision for credit losses on loans increased significantly by 260.34% to $234,499 from a benefit of $(146,250) in the previous year[7]. - Net charge-offs increased by 273.51% to $163,429 compared to $43,755 in the previous year[8]. - The total allowance for credit losses to total loans was 0.82% as of June 30, 2024, indicating strong coverage[3]. - Total allowance for loan losses to nonaccrual loans improved to 1101.85%, an increase of 26.00%[9]. Dividends and Shareholder Returns - United Bancorp, Inc. paid a regular cash dividend of $0.3475 and a special cash dividend of $0.15, totaling $0.4975, which is a 6.1% increase year-over-year[5]. - Cash dividends paid rose by 6.06% to $0.1750 from $0.1650[7]. - Cash dividends paid increased by 4.19% to $0.4975 from $0.4775[8]. - The dividend payout ratio increased to 54.30%, up 9.43% from 44.86%[9]. Equity and Market Performance - Stockholders' equity grew by 3.75% to $60,597,763, with tangible stockholders' equity increasing by 4.05% to $59,717,970[9]. - The market value at the last close was $12.55, up 4.85% from $11.97[9]. - Return on average equity (ROE) decreased to 12.34%, down 1.89% from 14.23%[9]. - Accumulated other comprehensive loss (AOCI) impacted stockholders' equity, increasing by 15.40% to $(11,219,599)[9]. Strategic Developments - The company is developing Unified Mortgage to enhance mortgage origination and increase fee income, alongside expanding its Treasury Management function[4]. - A new banking center is under construction in Wheeling, West Virginia, expected to open by mid-2025, aimed at leveraging existing customer relationships and expanding market presence[4].

Financial Performance - Net income for the first quarter of 2024 was $1,993 thousand, a 5.6% increase compared to $1,888 thousand in the same period of 2023[7]. - Comprehensive income for Q1 2024 was $1,664 thousand, a decrease of 52.4% from $3,494 thousand in Q1 2023[9]. - Basic earnings per share increased to $0.35 in Q1 2024, up from $0.33 in Q1 2023, reflecting a growth of 6.1%[7]. - Cash dividends per share increased to $0.3225 in March 2024, compared to $0.3125 in March 2023, representing a rise of 2.0%[7]. - Net income for Q1 2024 was $1,993 million, an increase from $1,888 million in Q1 2023, representing a growth of approximately 5.6%[14]. Asset and Deposit Growth - Total assets increased to $834,027 thousand as of March 31, 2024, up from $819,449 thousand at December 31, 2023, representing a growth of 1.4%[5]. - Total deposits increased to $625,750 thousand as of March 31, 2024, compared to $621,459 thousand at December 31, 2023, marking a growth of 0.5%[5]. - The company reported a net change in deposits of $4,291 million in Q1 2024, compared to $3,452 million in Q1 2023, indicating growth in deposit base[14]. Income and Expense Analysis - Total interest and dividend income rose to $9,621 thousand in Q1 2024, up 17.2% from $8,208 thousand in Q1 2023[7]. - Net interest income after provision for credit losses was $6,115 thousand for Q1 2024, compared to $6,423 thousand in Q1 2023, reflecting a decrease of 4.8%[7]. - Noninterest income decreased to $866 thousand in Q1 2024, down 14.8% from $1,016 thousand in Q1 2023[7]. - Total noninterest expense decreased to $4,838 thousand in Q1 2024, a reduction of 11.0% compared to $5,438 thousand in Q1 2023[7]. Cash Flow and Investment Activities - Net cash provided by operating activities increased significantly to $3,615 million in Q1 2024 from $841 million in Q1 2023[14]. - The company reported a net cash used in investing activities of $(10,212) million in Q1 2024, a decrease from $(18,606) million in Q1 2023[14]. - The company experienced a net cash outflow from investing activities of $10,212,000 in Q1 2024, compared to $18,606,000 in Q1 2023, showing improved cash management[14]. Loan and Credit Quality - The total gross loans decreased to $480,307,000 as of March 31, 2024, from $483,236,000 at the end of 2023, a decline of 1.9%[63]. - The allowance for credit losses was $3,870,000 as of March 31, 2024, slightly down from $3,918,000 at the end of 2023[63]. - The company reported a net change in loans of $2,959 million in Q1 2024, compared to a decrease of $(2,325) million in Q1 2023[14]. - The company has avoided financing single-purpose projects unless other underwriting factors are present to mitigate risk[64]. - The company continues to monitor credit risk profiles quarterly, focusing on loans past due 90 days or more[73]. Securities and Fair Value - The fair value of available-for-sale securities was $251,807,000 as of March 31, 2024, down from $242,760,000 at December 31, 2023[53]. - The total fair value of investments in debt securities that are below historical cost was $153.8 million, representing 61% of the Company's available-for-sale investment portfolio as of March 31, 2024[56]. - The net unrealized loss on securities available-for-sale increased to $(9,339,000) as of March 31, 2024, from $(8,922,000) at December 31, 2023, reflecting a worsening of approximately 4.7%[96]. - The total fair value of U.S. government agencies decreased to $27,083,000 as of March 31, 2024, down from $44,268,000 at December 31, 2023, a decline of about 38.8%[102]. Share-Based Compensation - The total expense related to share-based compensation programs increased to $543 million in Q1 2024 from $445 million in Q1 2023, reflecting a rise of approximately 22%[14]. - The company recognized total compensation cost of $543,000 for share-based payment arrangements in Q1 2024, compared to $445,000 in Q1 2023, an increase of 22%[131].

Financial Performance - United Bancorp, Inc. reported diluted earnings per share of $0.35 and net income of $1,993,000 for Q1 2024, representing increases of 6.1% and 5.6% respectively compared to Q1 2023[1][2] - Net income for the quarter was $1.99 million, reflecting a 5.58% increase from $1.89 million in the prior year[10] - Earnings per common share (basic and diluted) rose by 6.06% to $0.35 from $0.33[10] Interest Income and Expense - Total interest income increased by $1.4 million, or 17.2%, year-over-year, while total interest expense rose by $1.7 million, or 96.4%, leading to a decline in net interest income by $308,000, or 4.8%, to $6.1 million[3] - Total interest income increased by 17.21% to $9.62 million compared to $8.21 million in the same quarter of 2023[10] - The company reported a 96.40% increase in total interest expense, rising to $3.51 million from $1.79 million[10] Asset and Loan Management - Total assets decreased by $13.5 million, or 1.6%, to $834.0 million, while gross loans increased by $16.6 million, or 3.6%, to $480.3 million[3] - As of March 31, 2024, United Bancorp, Inc. has total assets of $834.0 million, a decrease of 1.59% from $847.5 million in the previous year[7][10] - Total loans decreased by 0.1% compared to the last reporting period[1] Noninterest Income and Expenses - The company achieved a year-over-year reduction in noninterest expense of $600,000, aided by an Employee Retention Credit[4] - Total noninterest income decreased by 14.69% to $866,324 compared to $1,015,551 in the same quarter last year[10] Loan Quality and Credit Losses - As of March 31, 2024, total nonaccrual loans and loans past due 30 days were $1.43 million, or 0.30% of gross loans, reflecting an increase of $901,000 year-over-year[5] - Nonaccrual loans increased by 102.94% to $477,474 compared to $235,275 in the previous year[10] - Total allowance for credit losses decreased by 4.6% year-over-year[1] - Non-performing assets to total assets ratio improved by 0.5%[1] Deposits and Equity - Total deposits reached $625.75 billion, a decrease of 4.23% compared to the previous period[1] - Common stock equity was $63.20 billion, reflecting a decrease of 7.12%[1] - Retained earnings amounted to $44.07 billion, down 0.47%[1] - Average total deposits were $620.43 billion, showing a decline of 4.18%[1] Dividends and Future Outlook - The company paid a total cash dividend of $0.3225 for Q1 2024, a 3.2% increase over the previous year, resulting in a total dividend yield of 5.81%[6] - United Bancorp, Inc. aims to grow total assets to $1.0 billion or greater in a prudent and profitable manner, focusing on enhancing existing and new lines of business[6] Key Ratios - Return on average assets (ROA) decreased to 0.97% from 1.03% year-over-year[10] - Key performance ratios showed a net interest margin of 3.46%, down from 3.75%[1] - Interest expense to average assets increased by 1.7% compared to the previous period[1] - Equity to assets ratio at period end increased to 7.58% from 6.96%[1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from N/A to N/A Commission File Number 0-16540 UNITED BANCORP, INC. (Exact name of registrant as specified in its Charter.) | Ohio | 34-1405357 | | --- | --- | | (State or other jur ...

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such ...