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]

Customer and Market Position - Unified has no single customer or related group of customers whose banking activities would materially impact earnings capabilities[10] - As of June 30, 2023, Unified ranked fifth in total deposit market share among approximately 39 commercial banking institutions in its Ohio and West Virginia markets[12] - The banking industry is highly competitive, with Unified competing against various financial institutions in its geographic areas[11] Regulatory Environment - Unified's deposits are insured by the FDIC, which assesses premiums based on capital levels and supervisory evaluations[32] - The Dodd-Frank Act has led to new rules regarding deposit insurance assessments, including a risk-based assessment system for institutions with at least $10 billion in total assets[34] - Unified exceeded its minimum capital requirements under applicable guidelines as of December 31, 2023[28] - The Federal Reserve requires prior approval for the acquisition of more than 5% of voting shares of any bank or bank holding company[24] - Unified is subject to regulation and examination by both the Ohio Division of Financial Institutions and the FDIC[31] - The Company is required to file quarterly information with the Federal Reserve under the Bank Holding Company Act[23] - The Company is subject to various federal regulations regarding capital maintenance, affiliate transactions, and loan limitations[51] Financial Performance - Total interest and dividend income increased by $3,067,000 in 2022 compared to 2021, driven by a $2,326,000 increase in volume and a $741,000 increase due to rate changes[63] - Net interest income rose to $25,571,000 in 2022, up from $23,181,000 in 2021, reflecting a net interest spread increase from 3.35% to 3.58%[60] - Total assets increased from $722,400,000 in 2021 to $735,775,000 in 2022, with total liabilities rising from $651,239,000 to $677,059,000[60] - Total interest-bearing assets increased to $685,476,000 in 2022, with a net yield on interest-earning assets rising from 3.48% to 3.73%[60] - Demand deposits increased from $256,638,000 in 2021 to $262,763,000 in 2022, with the interest rate on demand deposits rising from 0.12% to 0.32%[60] Credit Risk Management - The allowance for credit losses (ACL) to total loans ratio was 0.81% in 2023, up from 0.45% in 2022, indicating a more conservative approach to credit risk management[75] - The ratio of net charge-offs to average loans outstanding for the year decreased to 0.02% in 2023 from 0.14% in 2022, suggesting improved loan performance[75] - The company plans to continue monitoring economic conditions and adjust its credit loss estimates accordingly, reflecting a proactive risk management strategy[70] - As of December 31, 2023, the total allowance for credit losses was $3.918 billion, an increase from $2.052 billion in 2022[76] - The allocation for commercial real estate loans was $1.408 billion, representing 60.40% of the total allowance for credit losses in 2023[76] - The allowance for credit losses for residential real estate loans was $1.843 billion, accounting for 19.32% of the total allowance in 2023[76] - The allowance for commercial and industrial loans was $573 million, which is 18.89% of the total allowance for credit losses[76] - The amount of consumer loans in the allowance for credit losses was $94 million, representing 1.39% of the total[76] - The allowance for credit losses for commercial real estate loans increased from $815 million in 2022 to $1.408 billion in 2023[76] Employee and Operational Information - Unified has 115 full-time employees, with 31 in management positions and 11 part-time employees[53] - The Company operates solely in the banking sector, with no other business lines reported[56] Deposit and Maturity Information - Uninsured deposits amounted to approximately $102.9 million as of December 31, 2023, up from $89.8 million in 2022[77] - The total maturity of time deposits greater than $250,000 was $37.607 million as of December 31, 2023[78] - The time deposits over twelve months amounted to $15.426 million as of December 31, 2023[78] - The aggregate amount of uninsured deposits has increased by approximately 31.5% from 2021 to 2023[77] Compliance and Governance - The SEC's Executive Compensation Clawback Rules require listed companies to implement policies to recoup bonuses if financial results are misstated, with compliance due by December 1, 2023[42] - The Federal Deposit Insurance Act prioritizes claims of depositors in the event of liquidation, ensuring their claims are settled before other unsecured claims[45] Accounting Standards - The implementation of Basel III accounting standards began in March 2015, enhancing capital adequacy measurement for banks[36] - The average tax equivalent yield on total securities available for sale was 4.24% at year-end 2023, with a fair value of $242,760,000[64]

Financial Performance - Net income for the three months ended September 30, 2023, was $2,392 thousand, a rise of 3.9% from $2,303 thousand in the same period last year[8]. - Net income for the nine months ended September 30, 2023, was $6,560,000, compared to $6,351,000 for the same period in 2022, representing an increase of 3.3%[13]. - Earnings per common share for the three months ended September 30, 2023, were $0.42, up from $0.40 in the same period of 2022, indicating a growth of 5.0%[7]. - For the first nine months of 2023, the company reported diluted earnings per share of $1.15 and net income of $6,560,000, showing growth over the same period in 2022[137]. - Comprehensive loss for the three months ended September 30, 2023, was $(4,906) thousand, compared to $(4,367) thousand in the same period of 2022[8]. Income and Expenses - Net interest income for the three months ended September 30, 2023, was $6,566 thousand, compared to $6,369 thousand for the same period in 2022, reflecting an increase of 3.1%[7]. - Noninterest income for the three months ended September 30, 2023, totaled $963 thousand, a decrease of 7.7% from $1,043 thousand in the same period last year[7]. - Total noninterest expense for the three months ended September 30, 2023, was $5,233 thousand, an increase from $4,879 thousand in the same period last year, representing a rise of approximately 7.2%[7]. - Noninterest income for the nine months ended September 30, 2023 increased by $7,000 or less than 1.0% compared to the same period in 2022[168]. - Noninterest expense increased by $922,000 or 6.2% year-over-year, primarily due to inflation[169]. Assets and Liabilities - Total assets increased to $814,281 thousand as of September 30, 2023, up from $757,400 thousand at December 31, 2022, representing a growth of 7.4%[5]. - Total liabilities increased to $761,691 thousand as of September 30, 2023, compared to $697,663 thousand at December 31, 2022, marking an increase of 9.2%[5]. - The company’s total comprehensive income (loss) decreased to $(17,020,000) as of September 30, 2023, from $(14,480,000) in 2022, reflecting a worsening of comprehensive performance[10]. - Stockholders' equity totaled $52.6 million at September 30, 2023, a decrease of $7.1 million from $59.7 million at December 31, 2022[178]. Deposits and Cash Flow - Total deposits decreased to $628,012 thousand as of September 30, 2023, down from $649,913 thousand at December 31, 2022, a decline of 3.3%[5]. - The company reported a net change in deposits of $(21,901,000) for the nine months ended September 30, 2023, compared to an increase of $44,965,000 in 2022[13]. - Cash dividends paid increased to $3,786,000 for the nine months ended September 30, 2023, from $3,613,000 in 2022, representing a rise of 4.8%[13]. - Net cash provided by operating activities was $6,748,000 for the nine months ended September 30, 2023, compared to $5,362,000 in 2022, indicating an increase of 25.8%[13]. - Total cash and cash equivalents at the end of the period increased to $70,892,000 as of September 30, 2023, compared to $35,297,000 at the end of the same period in 2022, marking a significant increase of 100.5%[13]. Credit Losses and Loans - The provision for credit loss expense for loans was a reversal of $154 thousand for the three months ended September 30, 2023, compared to an expense of $15 thousand in the same period of 2022[7]. - The allowance for credit losses totaled $4.5 million at September 30, 2023, representing 0.88% of total loans, compared to $2.1 million or 0.45% of total loans prior to adopting ASU 2016-13[159]. - The company experienced a decrease in total deposits of approximately $30.0 million, or 3.4%, from December 31, 2022[161]. - The total balance of common stock increased to $6,064,000 as of September 30, 2023, from $6,044,000 as of September 30, 2022, reflecting a slight increase of 0.3%[10]. - The company reported a loss on sale or write down of foreclosed assets of $62,000 for the nine months ended September 30, 2023, compared to $23,000 in 2022, indicating a deterioration in asset management[13]. Future Outlook and Strategy - United Bancorp plans to open a new regional banking center in Wheeling, West Virginia, to leverage its existing customer base for growth[147]. - The company aims to grow its assets to $1 billion or greater in a prudent and profitable manner while focusing on cost control and efficiency[145]. - A $75 million advance from the Federal Home Loan Bank was taken to enhance liquidity and hedge against interest rate increases, locked in at a blended rate of approximately 4.24%[143].

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 ...