United Bancorp(UBCP) - 2024 Q3 - Quarterly Results

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].