Financial Performance - For Q3 2025, United Bancorp, Inc. reported diluted earnings per share of $0.34 and net income of $1,931,000, representing increases of 9.7% and 6.1% respectively compared to Q3 2024[1][2] - For the first nine months of 2025, net income reached $5,717,000, an increase of $165,000 or 3.0%, and diluted earnings per share were $0.99, up by $0.04 or 4.2% year-over-year[2] - Net income for the three months ended September 30, 2025, was $1,931,041, reflecting a 6.12% increase from the previous year[10] - Net income for the period was $5,717,427, reflecting a 2.97% increase from $5,552,537[11] - Earnings per common share (basic) increased by 9.68% to $0.34 for the three months ended September 30, 2025[10] - Earnings per common share (diluted) rose by 4.21% to $0.99 from $0.95[11] Asset and Loan Growth - The company's total assets increased by $41.3 million or 5.0% year-over-year, reaching $866.8 million as of September 30, 2025[3] - Gross loans increased by $21.5 million or 4.5% to $496.5 million, while cash and due from the Federal Reserve Bank rose by $7.8 million or 20.6% to $45.6 million[3] - Total assets as of September 30, 2025, were $866.8 million, with total shareholders' equity of $66.5 million[7] - Total assets increased by 5.00% to $866,755,858, up from $825,482,119[11] - Gross loans grew by 4.53% to $496,536,989 compared to $475,004,333 in 2024[11] Deposits and Interest Income - Total deposits increased by $29.4 million or 4.8% to $645.2 million, with noninterest-bearing demand balances rising by $12.3 million or 8.5%[3] - Total deposits increased by 4.77% to $645,193,065, up from $615,818,830[11] - Net interest income for the first nine months of 2025 increased by $1,116,000 or 6.0%, with the net interest margin improving by 16 basis points to 3.66%[3] - Net interest income for the three months ended September 30, 2025, was $6,729,460, a 9.62% increase from the previous year[10] - Total interest income rose by 4.91% to $30,888,667 from $29,442,820 in the previous year[11] - Interest income on loans increased by 8.05% to $22,109,536 compared to $20,462,806 in 2024[11] Dividends - Regular cash dividend increased by $0.03 to $0.555, a rise of 5.7% year-over-year[6] - Special cash dividend of $0.175 was paid, up $0.025 or 16.7% from the previous year[6] - Total cash dividends paid in the first nine months of 2025 amounted to $0.73, an increase of $0.055 or 8.2% compared to the same period in 2024[6] Credit Quality - The total allowance for credit losses to total loans was 0.87%, reflecting a three basis point increase year-over-year[4] - Provision for credit losses on loans rose to $186,000, a significant increase of 166.99% year-over-year[10] - Non-accrual loans surged by 541.38% to $2,437,164 from $379,988[11] - Total allowance for credit losses to non-accrual loans was 176.54%[12] - Total allowance for credit losses to total loans was 0.87%[12] Strategic Initiatives - United Bancorp, Inc. is focused on growing its asset base to $1.0 billion or greater, with initiatives including the construction of a new regional banking center in Wheeling, West Virginia[5] - The company is investing in technology and digital transformation, including the implementation of an artificial intelligence solution to enhance customer service[5] - The Unified Center in St. Clairsville, Ohio, will centralize accounting, technology, and customer support functions, enhancing service delivery and customer experience[5] - The company is focusing on market expansion and new product development strategies[12] - Future guidance indicates a positive outlook for revenue growth and operational efficiency improvements[12] Market Performance - The fair market value of the company's stock increased by $0.85, or 6.5%, year-over-year as of September 30, 2025[6] - Market value at the end of the period was $13.98 billion, with a dividend payout ratio of 56.06%[12] Efficiency Ratios - Return on average assets (ROA) was reported at 0.91%[12] - Return on average equity (ROE) improved to 12.48%[12] - Net interest margin increased to 3.66%[12] Other Metrics - Average loans decreased by 0.04% compared to the previous period[1] - Non-accrual loans and OREO to average assets increased to 0.68% from 0.46%[1] - Non-accrual loans and OREO to total assets rose to 0.66% from 0.46%[1] - Equity to assets at period end was 7.67%, down from 7.93%, a decrease of 0.26%[1]

Core Insights - United Bancorp, Inc. reported diluted earnings per share of $0.34 for the three months ended September 30, 2025 [1] - The net income for the same period was $1,931,000 [1] - For the first nine months of 2025, the company reported diluted earnings per share of $0.99 and net income of $5,717,000 [1]

Financial Performance - Net income for the three months ended June 30, 2025, was $1,914 thousand, up 10.1% from $1,739 thousand in the same period of 2024[10]. - Basic earnings per share for the three months ended June 30, 2025, was $0.33, compared to $0.30 for the same period in 2024, reflecting a growth of 10%[10]. - Net income for the six months ended June 30, 2025, was $3,786,000, compared to $3,732,000 for the same period in 2024, reflecting a growth of 1.45%[16]. - For Q2 2025, United Bancorp, Inc. reported net income of $1,914,000 and diluted earnings per share of $0.33, reflecting increases of 10.0% and 10.0% respectively compared to Q2 2024[150]. - For the first six months of 2025, net income was $3,786,000, an increase of $54,000 or 1.4% year-over-year, while diluted earnings per share remained at $0.65[150]. Asset Growth - Total assets increased to $847,884 thousand as of June 30, 2025, up from $816,656 thousand at December 31, 2024, representing a growth of 3.5%[7]. - Total cash and cash equivalents at the end of the period rose to $49,686,000 as of June 30, 2025, up from $37,570,000 in 2024, marking a 32.3% increase[16]. - Total deposits rose to $642,945 thousand as of June 30, 2025, compared to $613,494 thousand at December 31, 2024, marking an increase of 4.8%[7]. - The company reported a net change in deposits of $29,451,000 for the six months ended June 30, 2025, compared to $1,730,000 in 2024, showing a substantial increase in deposit growth[16]. Income and Expenses - Net interest income for the three months ended June 30, 2025, was $6,595 thousand, an increase of 6.3% compared to $6,202 thousand for the same period in 2024[10]. - Noninterest income for the six months ended June 30, 2025, increased to $2,671 thousand, up from $2,050 thousand in the same period of 2024, a rise of 30.2%[10]. - Total noninterest expense for the three months ended June 30, 2025, was $5,843 thousand, a slight increase from $5,670 thousand in the same period of 2024[10]. - The provision for credit loss expense for the quarter ended June 30, 2025, was $302,000, an increase of $68,000 year-over-year, leading to a decrease in diluted earnings per share of $0.03[154]. Loan and Credit Quality - Total gross loans increased to $500.7 million as of June 30, 2025, from $491.0 million at December 31, 2024, reflecting a growth of 1.6%[63]. - The allowance for credit losses increased to $4.156 million as of June 30, 2025, compared to $4.026 million at December 31, 2024, indicating a rise of 3.2%[63]. - The company experienced a net change in loans of $(9,723,000) for the six months ended June 30, 2025, compared to $(1,151,000) in 2024, indicating a significant increase in loan activity[16]. - Total nonperforming loans amounted to $1,796,000 as of June 30, 2025, with $1,350,000 in commercial real estate and $238,000 in residential loans[92]. Investment and Securities - The total amortized cost of available-for-sale securities was $244.948 million as of June 30, 2025, with a fair value of $227.253 million, reflecting gross unrealized losses of $17.697 million[52]. - The company reported unrealized losses on available-for-sale securities totaling $17.7 million as of June 30, 2025, compared to $12.5 million at December 31, 2024[58]. - The net unrealized loss on available-for-sale securities was $(17,695,000) as of June 30, 2025, compared to $(12,130,000) at the end of 2024[102]. Capital and Dividends - Stockholders' equity decreased by $3.8 million to $59.7 million at June 30, 2025, with a total stockholders' equity to total assets ratio of 7.04%[191]. - The regular cash dividend increased by $0.02 to $0.3675, a 5.8% increase year-over-year, while the special cash dividend was $0.1750, a 16.7% increase[159]. - The Company maintains a strong capital position with a common equity tier 1 capital ratio of 12.86% and a total capital ratio of 13.55%[196]. Future Outlook - The company anticipates continued growth in gross loans and higher interest income due to the repricing of the loan portfolio in a higher-rate environment[151]. - The company is cautiously optimistic about managing economic risks, monitoring higher risk segments within the loan portfolio due to inflationary pressures[198]. - The company has undertaken several transformative projects, including the construction of a new banking center and investment in technology, which are expected to enhance future growth[150].

Core Viewpoint - United Bancorp, Inc. demonstrated steady earnings growth in Q2 2025, with a notable increase in net income and interest income, despite facing macroeconomic pressures and a recent stock pullback [1][2][5]. Financial Performance - Earnings per share (EPS) for Q2 2025 reached 33 cents, up from 30 cents a year earlier [1]. - Total interest income increased by 5.4% year over year to $10.4 million, driven by a 9.3% rise in interest income on loans and a 30.3% surge in loan fees [2]. - Net income rose to $1.9 million, marking a 10% increase from $1.7 million in the same quarter of 2024 [2]. - Noninterest income reached $1.4 million, up 17.3% from the previous year, supported by a 65.6% increase in other noninterest income [3]. Cost and Expense Management - Noninterest expenses increased by 3.1% to $5.8 million, attributed to ongoing investment initiatives [3]. - Despite rising expenses, earnings before income taxes improved to $1.9 million, a 20.1% increase from the prior-year quarter [3]. Credit Quality - Provision for credit losses decreased by 12.2% to $0.2 million [4]. - Total nonaccrual loans rose to $1.8 million from $0.4 million a year earlier, primarily due to a single commercial account [4]. - Loans past due by more than 30 days declined by 43.3%, maintaining total past-due and nonaccrual loans at a modest 0.45% of gross loans [4]. Management Insights - The Chief Financial Officer highlighted the company's earnings growth as encouraging amidst macroeconomic challenges, emphasizing investments in branch expansion and technology [5]. - The Chief Executive Officer reinforced long-term growth ambitions, focusing on a strong small-business-oriented commercial loan portfolio, which constitutes 80% of total loans [6]. Strategic Initiatives - The company is advancing several strategic initiatives, including the construction of a new regional banking center in Wheeling, WV, expected to open within 90 days [11]. - Technology enhancements and AI integration into customer service are part of a broader digital transformation effort aimed at improving efficiency and client engagement [12]. Shareholder Returns - United Bancorp raised its regular cash dividend by 5.8% and its special dividend by 16.7% year over year, resulting in total cash dividends of 54.25 cents per share in the first half of 2025, a 9.1% increase from the prior year [12].

Financial Performance - For Q2 2025, United Bancorp reported diluted earnings per share of $0.33 and net income of $1,914,000, representing increases of 10.0% year-over-year[2]. - Net income for the three months ended June 30, 2025, was $1,914,513, reflecting a 10.03% increase from $1,739,967 in 2024[9]. - Net interest income for the six months ended June 30, 2025, was $12,842,062, up 4.27% from $12,316,509 in 2024[9]. - Total noninterest income for the six months ended June 30, 2025, increased by 30.26% to $2,670,874 from $2,050,414 in 2024[9]. - Basic and diluted earnings per common share remained stable at $0.65, showing no percentage change[10]. Asset and Loan Growth - Total assets grew by $26.0 million, or 3.2%, reaching $847.9 million, with gross loans exceeding $500.0 million for the first time in company history[2]. - Total assets as of June 30, 2025, were $847.9 million, with total shareholders' equity of $59.7 million[6]. - Total assets grew by 3.17% to $847,884,370 compared to $821,814,882 in the previous period[10]. - Gross loans increased by 3.35% to $500,747,168 from $484,514,415[10]. Deposit and Interest Income - Total deposits increased by $19.8 million, or 3.2%, to $642.9 million, contributing to a modest rise in interest expense of $229,000, or 3.2%[3]. - Total deposits rose by 3.17% to $642,944,191 from $623,188,540[10]. - Year-to-date net interest income increased by $526,000, or 4.3%, with a net interest margin improvement of 11 basis points to 3.65%[2]. Credit Quality - Nonaccrual loans and loans past due 30 days were $2.2 million, or 0.45% of gross loans, with a year-over-year increase of $1.1 million[4]. - The company has a total allowance for credit losses to total loans ratio of 0.83%, indicating strong coverage against potential losses[4]. - Non-accrual loans surged by 396.51% to $1,797,604 from $362,051[10]. - Net charge-offs to average loans remained stable at 0.07%[10]. Dividends - Regular cash dividend increased by $0.02 to $0.3675, a rise of 5.8% year-over-year[6]. - Special cash dividend of $0.1750 was paid, up $0.025 or 16.7% from the previous year[6]. - Total cash dividends for the first half of 2025 amounted to $0.5425, an increase of $0.045 or 9.1% compared to the same period in 2024[6]. - Cash dividends paid increased by 9.05% to $0.5425 from $0.4975[10]. - The dividend payout ratio increased to 56.54% from 54.30%, a change of 2.24%[10]. - The company maintains a total dividend yield of 6.3%, based on the second quarter cash dividend and special dividend[6]. Strategic Initiatives - A new regional banking center in Wheeling, West Virginia is set to open within 90 days, aimed at driving growth in the loan portfolio[5]. - The Unified Mortgage Division is expected to generate higher fee income as it scales, alongside a focus on Treasury Management services for small businesses[5]. - Significant investments in technology and digital transformation are underway, including the implementation of artificial intelligence to enhance customer service[5]. - The Unified Center in St. Clairsville, Ohio will centralize key functions and improve customer support, with renovations expected to be completed by year-end[5]. Market Performance - The fair market value of the company's stock increased by $1.95, or 15.5%, year-over-year as of June 30, 2025[6]. - Market value at the last close increased by 15.54% to $14.50 from $12.55[10]. - Return on average equity (ROE) improved to 12.70% from 12.34%, reflecting a 0.36% increase[10].

Core Viewpoint - Zacks Investment Research has initiated coverage of United Bancorp, Inc. (UBCP) with a Neutral recommendation, indicating a balanced perspective on the company's strengths and challenges [1] Financial Performance - United Bancorp has a forward dividend yield of 5.51%, with a second-quarter 2025 dividend of 18.5 cents per share, reflecting a 5.7% year-over-year increase [2] - The bank reported $6.3 million in net interest income in Q1 2025, slightly up from the previous year, driven by steady loan yields and tax-exempt municipal income [3] - Noninterest income grew 48% year over year to $1.3 million, supported by stronger deposit-related fees and gains on securities [5] Liquidity and Stability - Liquidity surged more than 85% to $36.4 million, while deposits rose to $624.1 million, enhancing lending flexibility and financial stability [4] - The bank's loan book is conservatively managed, with nonperforming loans at just 0.39% and a solid 0.82% allowance for credit losses [4] Risks and Challenges - The available-for-sale securities portfolio reported $15.2 million in unrealized losses as of March 2025, up from $12.5 million at year-end 2024, impacting tangible book value and shareholder equity [6] - Non-interest expenses increased by $0.7 million year over year, primarily due to rising employee costs, which compressed pre-tax income [7] - The company faces pressure from a shift toward higher-cost funding, including a $9.1 million increase in time deposits and a $7.1 million rise in repurchase agreements, which may narrow net interest margins [7] Market Position - United Bancorp's stock has appreciated but continues to trade below broader sector valuation benchmarks, indicating investor caution regarding long-term growth prospects amid rising costs and margin pressures [8] - The bank's footprint in southeastern Ohio and parts of West Virginia positions it to benefit from federal infrastructure investments, offering potential growth opportunities in commercial lending and community banking services [5]

Financial Performance - Net income for the first quarter of 2025 was $1,872 thousand, a decrease of 6.06% compared to $1,993 thousand in the same period of 2024[9]. - Net income for the three months ended March 31, 2025, was $1.872 million, resulting in basic and diluted earnings per share of $0.32[45]. - Net income for the three months ended March 31, 2025, was $1,903,000, resulting in basic and diluted earnings per share of $0.35[47]. - United Bancorp, Inc. reported net income of $1,872,000 and diluted earnings per share of $0.32 for Q1 2025, representing decreases of 6.1% and 8.6% year-over-year, respectively[144][145]. - Net income for Q1 2025 was reported at $0.32 per diluted share, a decrease of 8.6% from $0.35 in Q1 2024[172]. Asset and Deposit Growth - Total assets increased to $830,681 thousand as of March 31, 2025, up from $816,656 thousand at December 31, 2024, representing a growth of 1.54%[6]. - Total deposits rose to $624,081 thousand as of March 31, 2025, an increase of 1.20% from $613,494 thousand at the end of 2024[6]. - Total core deposits increased by approximately $5.3 million, or 2.9%, from December 31, 2024[167]. Loan Portfolio - Total gross loans as of March 31, 2025, amounted to $496,866,000, an increase from $490,971,000 as of December 31, 2024[60]. - The total recorded investment in loans as of March 31, 2025, was $490,751,000, indicating a stable loan portfolio[69]. - The total past due loans amounted to $1,025,000 as of March 31, 2025, with $158,000 past due for 30-59 days, $75,000 for 60-89 days, and $56,000 for more than 90 days[87]. - The total past due and accruing loans for commercial and industrial as of March 31, 2025, was $350,000, with total loans amounting to $99,571,000[85]. - The total past due and accruing loans for residential loans was $737,000, with total loans amounting to $92,709,000[85]. - The total past due and accruing loans for commercial real estate was $1,673,000, with total loans amounting to $296,493,000[85]. Income and Expenses - Noninterest income increased to $1,281 thousand in Q1 2025, up 47.83% from $866 thousand in Q1 2024[9]. - Total noninterest expense increased to $5,586 thousand in Q1 2025, up from $4,838 thousand in Q1 2024, reflecting a rise of 15.43%[9]. - The total cash dividend paid in Q1 2025 was $0.3575, reflecting a 10.9% increase compared to Q1 2024[152]. - Noninterest income increased by $415,000 year-over-year, partly due to a $143,000 gain on the sale of available-for-sale securities in Q1 2025[175]. - Noninterest expense rose by $748,000 or 15.5% year-over-year, influenced by the approval of an Employee Retention Credit of $1,080,000 in Q1 2024[176]. Credit Losses and Provisions - The provision for credit loss expense was $96 thousand in Q1 2025, compared to no provision in Q1 2024[9]. - The allowance for credit losses (ACL) is established to present the net amount expected to be collected on loans, with significant changes possible from period to period[36][37]. - The allowance for credit losses increased to $4,095,000 as of March 31, 2025, compared to $4,026,000 at the end of 2024[64]. - The total allowance for credit losses to total loans was 0.82% as of March 31, 2025, indicating strong coverage and capitalized status[148]. - The allowance for credit losses totaled $4.1 million, representing 0.82% of total loans as of March 31, 2025[165]. Market Presence and Operations - The Company operates primarily in Ohio and West Virginia, with banking operations aggregated in one reportable operating segment[19]. - The Company has branches in multiple locations across Ohio and West Virginia, enhancing its market presence[19]. - The Company’s primary deposit products include checking, savings, and term certificate accounts, while primary lending products consist of residential real estate, commercial and industrial loans[20]. Investment and Securities - The fair value of available-for-sale securities was $221,672,000 as of March 31, 2025, representing 96% of the Company's available-for-sale investment portfolio[54]. - The total fair value of investments in available-for-sale securities decreased from $208.8 million at December 31, 2024, to $221.7 million at March 31, 2025[54]. - The net unrealized loss on available-for-sale securities was $(15,212,000) as of March 31, 2025, compared to $(12,130,000) at December 31, 2024[98]. Future Outlook and Strategy - The Company aims to grow to an asset threshold of $1.0 billion or greater in a prudent and profitable manner[153]. - The company is investing in technology and digital transformation, including the implementation of artificial intelligence to enhance customer service[151]. - The company has undertaken several transformative projects, including the construction of a new banking center in Wheeling, West Virginia, scheduled to open in late Q3 2025[149][151]. Risk Management - The company is cautiously optimistic about managing economic risks, supported by prudent underwriting policies and capital levels, but may need to make additional credit loss provisions due to economic conditions[184]. - The company utilizes a loan risk grading system with categories including pass, special mention, substandard, and doubtful, which are updated periodically[83]. - The company has not made significant changes to its loan risk grading system or allowance for credit losses methodology in the past year[83].

Financial Performance - United Bancorp, Inc. reported diluted earnings per share of $0.32 and net income of $1,872,000 for Q1 2025, representing decreases of 6.1% and 8.6% year-over-year, respectively[2]. - Net income decreased by 6.07% to $1,871,872 compared to $1,992,911 in the prior year[8]. - Return on average assets (ROA) decreased to 0.91% from 0.97%[9]. Income and Revenue - The company's net interest income increased by $131,000, or 2.2%, year-over-year, with a net interest margin improvement of 14 basis points to 3.60%[3]. - Interest income on loans increased by 7.26% to $7,104,476 compared to $6,623,848 in the previous year[8]. - Total noninterest income rose significantly by 47.91% to $1,281,410 from $866,324 year-over-year[8]. Assets and Loans - Total assets decreased by $3.3 million, or 0.40%, to $830.7 million as of March 31, 2025, while gross loans outstanding increased by $16.6 million, or 3.5%[3]. - As of March 31, 2025, United Bancorp, Inc. has total assets of $831.0 million and total shareholders' equity of $60.8 million[5]. - Total assets decreased by 0.40% to $830,681,164 from $834,026,953[8]. Credit and Risk Management - The total allowance for credit losses to total loans was 0.82%, reflecting a one basis point increase year-over-year, with a total allowance for credit losses to nonaccrual loans at 211%[3]. - The provision for credit losses was $96,000, indicating a proactive approach to credit risk management[8]. - Nonaccrual loans surged by 305.79% to $1,937,543 from $477,474 year-over-year[8]. Dividends and Shareholder Returns - The company paid a total cash dividend of $0.3575 for Q1 2025, a 10.9% increase from the previous year, resulting in a total dividend yield of 6.7%[5]. - Cash dividends paid increased by 10.85% to $0.3575 per share from $0.3225[8]. Growth and Expansion - A new regional banking center in Wheeling, West Virginia is scheduled to open in late Q3 2025, aimed at driving growth in the loan portfolio[4]. - The company aims to grow total assets to $1.0 billion or greater, adopting a more offensive growth strategy after a period of conservative management[4]. Technology and Innovation - Investment in technology and digital transformation is ongoing, including the implementation of artificial intelligence to improve customer service[4]. - The Unified Mortgage Division has contributed to higher fee income, with plans for further scaling to enhance profitability[4]. Deposits - Total deposits slightly declined by 0.27% to $624,081,193 from $625,750,186[9]. Market Valuation - The market price to book value ratio decreased to 132% from 136%[8].

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].