UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 000-29283
UNITED BANCSHARES, INC.
(Exact name of Registrant as specified in its charter)
Ohio
(State or other jurisdiction of incorporation or organization)
100 S. High Street, Columbus Grove, Ohio
(Address of principal executive offices)
34-1516518
(I.R.S. Employer Identification Number)
45830
(Zip Code)
(419) 659-2141
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X
No ___________
Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of October 31, 2002: 3,603,610.
#
PART 1 - FINANCIAL INFORMATION | ||||
ITEM 1 | ||||
United Bancshares, Inc. and Subsidiaries | ||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||
(Dollars in thousands) | ||||
September 30, | December 31, | |||
2002 | 2001 | |||
ASSETS: | ||||
Cash and cash equivalents: | ||||
Cash and due from banks | $10,380 | $7,908 | ||
Interest-bearing deposits in other banks | 2,387 | 8,262 | ||
Federal funds sold | 10,879 | 9,759 | ||
Total cash & cash equivalents | 23,646 | 25,929 | ||
Securities available-for-sale at fair value | 146,639 | 101,976 | ||
Federal Home Loan Bank stock, at cost | 3,853 | 3,653 | ||
Loans held for sale | 8,978 | 6,364 | ||
Loans | 233,903 | 237,632 | ||
Allowance for loan losses | (2,670) | (2,592) | ||
Net loans | 231,233 | 235,040 | ||
Premises and equipment, net | 6,039 | 5,891 | ||
Accrued interest receivable and other assets | 6,406 | 7,548 | ||
TOTAL ASSETS | $ 426,794 ========== | $ 386,401 ========== | ||
LIABILITIES AND SHAREHOLDER'S EQUITY | ||||
Deposits | ||||
Non-interest bearing | $ 24,124 | $ 22,239 | ||
Interest bearing | 295,548 | 288,658 | ||
Total deposits | 319,672 | 310,897 | ||
Federal Home Loan Bank borrowings | 61,257 | 34,762 | ||
Deferred credit - purchase accounting | - | 3,807 | ||
Accrued expenses and other liabilities | 4,925 | 2,263 | ||
TOTAL LIABILITIES | 385,854 | 351,729 | ||
Shareholders' equity: | ||||
Common stock, $1 stated value, 4,750,000 shares | ||||
authorized, 3,691,674 shares issued in 2002 | ||||
and 3,681,628 shares issued in 2001 | 3,692 | 3,682 | ||
Surplus | 14,271 | 14,232 | ||
Retained Earnings | 22,589 | 17,832 | ||
Accumulated other comprehensive income: Unrealized | ||||
gain on available-for-sale securities, net of tax | 1,631 | 169 | ||
Treasury stock , 88,064 shares at cost | (1,243) | (1,243) | ||
Total Shareholders' equity | 40,940 | 34,672 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 426,794 ========== | $ 386,401 ========== | ||
See notes to consolidated financial statements | ||||
United Bancshares, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Income (Unaudited) | ||||||||
(Dollars in thousands, except per share data) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2002 | 2001 | 2002 | 2001 | |||||
Interest income, including fees on loans | $ 6,239 | $ 6,927 | $ 18,268 | $ 19,917 | ||||
Interest Expense | 2,944 | 3,834 | 8,967 | 11,402 | ||||
Net Interest Income | 3,295 | 3,093 | 9,301 | 8,515 | ||||
Provision for loan losses | 230 | 87 | 422 | 223 | ||||
Net interest income after provision for loan losses | 3,065 | 3,006 | 8,879 | 8,292 | ||||
Non-interest income | ||||||||
Gain on sales of loans | 209 | 760 | 693 | 1,047 | ||||
Other | 671 | 433 | 1,481 | 1,002 | ||||
Total non-interest income | 880 | 1,193 | 2,174 | 2,049 | ||||
Non-interest expenses | 2,670 | 2,419 | 8,160 | 6,925 | ||||
Income before income taxes | ||||||||
and change in accounting principle | 1,275 | 1,780 | 2,893 | 3,416 | ||||
Provision for income taxes | 369 | 530 | 756 | 914 | ||||
Income before change in accounting principle | 906 | 1,250 | 2,137 | 2,502 | ||||
Change in accounting principle | - | - | 3,807 | - | ||||
Net income | $ 906 =========== | $ 1,250 ========== | $ 5,944 =========== | $ 2,502 =========== | ||||
Comprehensive income | $ 1,791 ========== | $ 1,856 ========== | $ 7,406 ========== | $ 3,342 ========== | ||||
Earnings per share - basic: | ||||||||
Before change in accounting principle | 0.25 | 0.35 | 0.59 | 0.76 | ||||
Change in accounting principle | - | - | 1.06 | - | ||||
After change in accounting principle | $ 0.25 ========== | $ 0.35 ========== | $ 1.65 ========== | $ 0.76 ========== | ||||
Weighted average common shares outstanding | 3,601,262 | 3,585,650 | 3,596,169 | 3,304,958 | ||||
Earnings per share - diluted: | ||||||||
Before change in accounting principle | $ 0.25 | $ 0.35 | $ 0.59 | $ 0.76 | ||||
Change in accounting principle | - | - | 1.04 | - | ||||
After change in accounting principle | $ 0.25 ========== | $ 0.35 ========== | $ 1.63 ========== | $ 0.76 ========== | ||||
Weighted average common shares outstanding | 3,668,006 | 3,594,793 | 3,649,068 | 3,312,135 | ||||
Cash dividend declared | $ 396 | $ 394 | ||||||