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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT For the transition period from ___________ to___________ Commission File Number: 0-16540 UNITED BANCORP, INC. (Exact name of registrant as specified in its charter) Ohio 34-1405357 (St ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT For the transition period from ___________ to___________ Commission File Number: 0-16540 UNITED BANCORP, INC. (Exact name of registrant as specified in its charter) Ohio 34-1405357 (S ...

Customer and Market Position - Unified has no single customer or related group of customers whose banking activities would materially impact earnings capabilities[11] - As of June 30, 2022, Unified ranked sixth in total deposit market share among approximately 39 commercial banking institutions in its Ohio and West Virginia markets[13] - Unified competes for loans and deposits with various financial institutions in the Mid-Ohio valley and surrounding areas[12] Regulatory Environment - Unified is subject to supervision and regulation by the Federal Reserve, FDIC, and Ohio Division of Financial Institutions, ensuring financial safety and soundness[14] - The Dodd-Frank Act created new restrictions and an expanded framework of regulatory oversight for financial institutions, impacting Unified's operations[23] - Unified is required to maintain capital adequacy ratios and exceeded its minimum capital requirements as of December 31, 2022[30] - The FDIC may terminate deposit insurance if Unified engages in unsafe practices or is in an unsafe condition to continue operations[35] - Unified's deposits are insured by the FDIC, which assesses premiums based on capital levels and supervisory evaluations[34] - The Dodd-Frank Act revised the FDIC's management of the Deposit Insurance Fund, implementing new rules regarding assessments and risk classification[36] - The Company is required to obtain prior approval from the Federal Reserve for acquisitions exceeding five percent of voting shares[26] - The Company is subject to various federal regulations regarding capital maintenance, affiliate transactions, and loan limitations[56] - The SEC's Dodd-Frank Executive Compensation Clawback Rules became effective on January 27, 2023, impacting executive compensation practices[45] - The implementation of Basel III capital adequacy measures began in March 2015, affecting how capital is measured[38] - The Federal Deposit Insurance Act prioritizes claims of depositors in the event of liquidation, ahead of unsecured creditors[50] - Ohio law restricts Unified from paying dividends exceeding its undivided profits without prior approval[40] Financial Performance - Total interest and dividend income decreased by $3,129 thousand, with a $1,886 thousand decline in loans and a $1,149 thousand decline in tax-exempt securities[69] - Net interest income decreased by $991 thousand, attributed to a $2,138 thousand reduction in total interest expense[69] - Total assets increased to $722,400 thousand in 2021 from $702,927 thousand in 2020, reflecting a growth of approximately 2.7%[66] - The ratio of net charge-offs to average loans outstanding increased to 0.14% in 2022 from 0.04% in 2021[77] - The total allowance for loan losses decreased to $2,052 thousand in 2022 from $3,673 thousand in 2021, indicating a reduction of approximately 44%[78] - The total stockholders' equity rose to $71,161 thousand in 2021, up from $69,457 thousand in 2020, representing a growth of about 2.4%[66] - The average yield on interest-earning assets decreased to 3.87% in 2021 from 4.49% in 2020[66] - Demand deposits increased to $256,638 thousand in 2021, compared to $248,167 thousand in 2020, marking a growth of approximately 3.9%[66] - The total allowance for loan losses to total loans ratio decreased to 0.45% in 2022 from 0.81% in 2021[77] - The average amount of uninsured deposits rose to approximately $102.9 million in 2022, up from $89.8 million in 2021[79] Employment and Operations - Unified has 125 full-time employees, with 32 in management positions and 17 part-time employees[59] - The Company operates solely in the banking sector, with no other business lines reported[62] Deposit Maturity - As of December 31, 2022, the total maturity of time deposits greater than $250,000 was $11,332,000[81] - Time deposits with a maturity of over six through twelve months amounted to $4,368,000[81] - Time deposits with a maturity of over twelve months totaled $6,964,000[81]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT For the transition period from ___________ to___________ Commission File Number: 0-16540 UNITED BANCORP, INC. (Exact name of registrant as specified in its charter) Ohio 34-140535 ...

Table of Contents Yes ⌧ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "accelerated filer", "large accelerated filer," "small reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller Reporting Company ☒ Emerging growth company ☐ If an emerging grow ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT For the transition period from ___________ to___________ Commission File Number: 0-16540 UNITED BANCORP, INC. (Exact name of registrant as specified in its charter) Ohio 34-1405357 (S ...