United Bancorp(UBCP) - 2025 Q1 - Quarterly Results

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].