United Bancorp(US:UBCP)2025-02-07 21:16Financial 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].