United Bancorp(UBCP) - 2025 Q3 - Quarterly Report

Financial Performance - Net income for the three months ended September 30, 2025, was $1,931 thousand, up 6.1% from $1,820 thousand in the same period of 2024[10] - Basic earnings per share for the three months ended September 30, 2025, was $0.34, compared to $0.31 for the same period in 2024, reflecting a growth of 9.7%[10] - Net income for the nine months ended September 30, 2025, was $5,717,000, compared to $5,553,000 for the same period in 2024, reflecting a growth of 2.96%[17] - Comprehensive income for the three months ended September 30, 2025, was $7,841 thousand, compared to $5,881 thousand in the same period of 2024, representing a 33.3% increase[12] - For Q3 2025, United Bancorp reported net income of $1,931,000, a 6.1% increase from Q3 2024, and diluted earnings per share of $0.34, up 9.7% year-over-year[147][148] - For the first nine months of 2025, net income reached $5,717,000, reflecting a 3.0% increase compared to the same period in 2024, with diluted earnings per share of $0.99, up 4.2%[147][148] Asset Growth - Total assets increased to $866,756 thousand as of September 30, 2025, up from $816,656 thousand at December 31, 2024, representing a growth of 6.4%[7] - Total assets as of September 30, 2025, were $866.8 million, with total shareholders' equity of $66.5 million[157] - Total cash and cash equivalents at the end of the period increased to $45,652,000 in 2025 from $37,778,000 in 2024, marking a growth of 20.88%[17] - Cash and due from the Federal Reserve Bank increased by $7.8 million, or 20.6%, to $45.6 million[150] Deposits and Loans - Total deposits rose to $645,193 thousand as of September 30, 2025, compared to $613,494 thousand at December 31, 2024, marking a 5.2% increase[7] - The net change in deposits was $31,699,000 for the nine months ended September 30, 2025, compared to a decrease of $5,640,000 in 2024[17] - Total gross loans increased to $496.5 million as of September 30, 2025, from $491.0 million at December 31, 2024, marking a 0.1% growth[64] - Commercial and commercial real estate loans comprised 80.2% of total loans, with an increase of $8.0 million or approximately 2.0% since December 31, 2024[166] Income and Expenses - Net interest income for the three months ended September 30, 2025, was $6,729 thousand, an increase of 9.6% compared to $6,139 thousand for the same period in 2024[10] - Noninterest income for the nine months ended September 30, 2025, totaled $4,019 thousand, an increase of 23.0% from $3,265 thousand in the same period of 2024[10] - Noninterest expenses rose by $451,000 or 8.2% year-over-year, attributed to staffing for the new Wheeling Banking Center and merit increases[179] - Total interest income for Q3 2025 was $10,635,000, an increase from $9,944,000 in Q3 2024, while total interest expense rose to $3,906,000 from $3,805,000[144] Credit Losses and Provisions - The provision for credit loss expense for loans was $186 thousand for the three months ended September 30, 2025, compared to $69 thousand in the same period of 2024, indicating a significant increase in credit loss provisions[10] - The provision for credit loss expense increased to $488,000 in 2025 from $174,000 in 2024, indicating a rise of 179.31%[17] - The total allowance for credit losses to total loans was 0.87%, a three basis point increase from the previous year[152] Shareholder Returns - Dividends per share increased to $0.1875 for the three months ended September 30, 2025, compared to $0.1775 for the same period in 2024, reflecting a growth of 8.5%[10] - The regular cash dividend increased by $0.03 to $0.555, a 5.7% increase from the previous year[155] - The total cash dividends paid to shareholders in the first nine months of 2025 amounted to $0.73, an increase of $0.055 or 8.2% year-over-year[155] Securities and Investments - The company purchased available-for-sale securities totaling $20,608,000 in 2025, down from $44,911,000 in 2024, a decrease of 54.1%[17] - The total amortized cost of available-for-sale securities as of September 30, 2025, was $263.940 million, with a fair value of $253.726 million, reflecting unrealized losses of $11.071 million[53] - The net unrealized loss on available-for-sale securities was $10,214,000 as of September 30, 2025[102] Nonperforming Loans - As of September 30, 2025, total nonaccrual loans and loans past due 30 plus days were $3.1 million, representing 0.63% of gross loans[152] - Nonperforming loans totaled $2,451,000, with $2,437,000 in nonaccrual status and $14,000 still accruing interest[92] - The total current period gross charge-offs for consumer loans amounted to $133,000[78] Capital and Equity - Total stockholders' equity increased to $66,470 thousand as of September 30, 2025, from $63,457 thousand at December 31, 2024, a rise of 4.7%[7] - The common equity tier 1 capital ratio was reported at 12.60%, indicating strong capital adequacy in compliance with regulatory requirements[189]