United Bancorp(UBCP) - 2024 Q1 - Quarterly Results

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]