United Bancorp(US:UBCP)2024-05-15 14:58Financial Performance - Net income for the first quarter of 2024 was $1,993 thousand, a 5.6% increase compared to $1,888 thousand in the same period of 2023[7]. - Comprehensive income for Q1 2024 was $1,664 thousand, a decrease of 52.4% from $3,494 thousand in Q1 2023[9]. - Basic earnings per share increased to $0.35 in Q1 2024, up from $0.33 in Q1 2023, reflecting a growth of 6.1%[7]. - Cash dividends per share increased to $0.3225 in March 2024, compared to $0.3125 in March 2023, representing a rise of 2.0%[7]. - Net income for Q1 2024 was $1,993 million, an increase from $1,888 million in Q1 2023, representing a growth of approximately 5.6%[14]. Asset and Deposit Growth - Total assets increased to $834,027 thousand as of March 31, 2024, up from $819,449 thousand at December 31, 2023, representing a growth of 1.4%[5]. - Total deposits increased to $625,750 thousand as of March 31, 2024, compared to $621,459 thousand at December 31, 2023, marking a growth of 0.5%[5]. - The company reported a net change in deposits of $4,291 million in Q1 2024, compared to $3,452 million in Q1 2023, indicating growth in deposit base[14]. Income and Expense Analysis - Total interest and dividend income rose to $9,621 thousand in Q1 2024, up 17.2% from $8,208 thousand in Q1 2023[7]. - Net interest income after provision for credit losses was $6,115 thousand for Q1 2024, compared to $6,423 thousand in Q1 2023, reflecting a decrease of 4.8%[7]. - Noninterest income decreased to $866 thousand in Q1 2024, down 14.8% from $1,016 thousand in Q1 2023[7]. - Total noninterest expense decreased to $4,838 thousand in Q1 2024, a reduction of 11.0% compared to $5,438 thousand in Q1 2023[7]. Cash Flow and Investment Activities - Net cash provided by operating activities increased significantly to $3,615 million in Q1 2024 from $841 million in Q1 2023[14]. - The company reported a net cash used in investing activities of $(10,212) million in Q1 2024, a decrease from $(18,606) million in Q1 2023[14]. - The company experienced a net cash outflow from investing activities of $10,212,000 in Q1 2024, compared to $18,606,000 in Q1 2023, showing improved cash management[14]. Loan and Credit Quality - The total gross loans decreased to $480,307,000 as of March 31, 2024, from $483,236,000 at the end of 2023, a decline of 1.9%[63]. - The allowance for credit losses was $3,870,000 as of March 31, 2024, slightly down from $3,918,000 at the end of 2023[63]. - The company reported a net change in loans of $2,959 million in Q1 2024, compared to a decrease of $(2,325) million in Q1 2023[14]. - The company has avoided financing single-purpose projects unless other underwriting factors are present to mitigate risk[64]. - The company continues to monitor credit risk profiles quarterly, focusing on loans past due 90 days or more[73]. Securities and Fair Value - The fair value of available-for-sale securities was $251,807,000 as of March 31, 2024, down from $242,760,000 at December 31, 2023[53]. - The total fair value of investments in debt securities that are below historical cost was $153.8 million, representing 61% of the Company's available-for-sale investment portfolio as of March 31, 2024[56]. - The net unrealized loss on securities available-for-sale increased to $(9,339,000) as of March 31, 2024, from $(8,922,000) at December 31, 2023, reflecting a worsening of approximately 4.7%[96]. - The total fair value of U.S. government agencies decreased to $27,083,000 as of March 31, 2024, down from $44,268,000 at December 31, 2023, a decline of about 38.8%[102]. Share-Based Compensation - The total expense related to share-based compensation programs increased to $543 million in Q1 2024 from $445 million in Q1 2023, reflecting a rise of approximately 22%[14]. - The company recognized total compensation cost of $543,000 for share-based payment arrangements in Q1 2024, compared to $445,000 in Q1 2023, an increase of 22%[131].