Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANCSHARES INC/OH | unitedbancshares8k102414.htm |
| EX-99 - EXHIBIT 99.1 - UNITED BANCSHARES INC/OH | ex991.htm |
Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
September 30, 2014
Dear Shareholders, Customers, and Fellow Team Employees,
I am pleased to announce that our Company reported positive financial results for the first nine months of 2014, including net income of approximately $3.3 million ($0.95 basic earnings per share), a $10 million increase in our loan portfolio, the repurchase of 75,000 common shares, increased net interest income, a $3.2 million increase in shareholders’ equity and increased dividend payments.
Team members also continue to exceed expectations for the successful purchase of The Ohio State Bank, which we expect to complete during the fourth quarter. We believe this purchase will generate attractive returns and be an effective use of capital for our shareholders because of anticipated increased earnings and significant opportunities for growth in Marion, Delaware and surrounding counties.
I continue to be optimistic about the long-term future of our Company. This belief comes not from the ability to predict when interest rates will move higher or whether the economy will continue to grow, but is firmly placed on the character and abilities of my fellow team members. The foundation for continued success for our Company is derived from their exceptional ability to identify the best growth opportunities, balance risk with return, adapt to rapidly changing technologies and threats, and our shared cultural values of respect and accountability toward our customers, shareholders, colleagues, and communities.
As always, we greatly appreciate your continued support and the trust you have placed in us.
Respectfully,
Brian D. Young
President & CEO
United Bancshares, Inc.
and Subsidiary
Financial Information (unaudited) | Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | ||
(dollars in thousands, except share data) | ||||
CONDENSED STATEMENT OF INCOME | ||||
Interest income | $ 14,471 | $ 14,649 | ||
Interest expense | 2,011 | 2,454 | ||
Net interest income | 12,460 | 12,195 | ||
Provision for loan losses | 115 | (300) | ||
Net interest income after provision for loan losses | 12,345 | 12,495 | ||
Non-interest income | 3,141 | 3,318 | ||
Non-interest expenses | 11,426 | 11,270 | ||
Income before income taxes | 4,060 | 4,543 | ||
Provision for income taxes | 796 | 982 | ||
Net income | $ 3,264 | $ 3,561 | ||
Average common shares outstanding | 3,419,154 | 3,446,806 | ||
PER COMMON SHARE | ||||
Net income | $ 0.95 | $ 1.03 | ||
Book value | $19.67 | $18.36 | ||
Tangible book value | $17.10 | $15.83 | ||
Closing price | $14.98 | $12.75 | ||
FINANCIAL RATIOS | ||||
Return on average assets | 0.75% | 0.85% | ||
Return on average equity | 6.75% | 7.49% | ||
Net interest margin | 3.31% | 3.30% | ||
Efficiency ratio | 70.20% | 69.49% | ||
Loans to deposits | 60.21% | 65.06% | ||
Allowance for loan losses to loans | 1.32% | 1.59% | ||
PERIOD END BALANCES | ||||
As of September 30, 2014 | As of December 31, 2013 | |||
Assets | $595,169 | $556,235 | ||
Loans | $305,337 | $295,313 | ||
Deposits | $507,527 | $468,000 | ||
Shareholders' equity | $ 66,231 | $ 63,008 | ||
Common shares outstanding | 3,367,735 | 3,442,051 |
UNITED BANCSHARES, INC.
DIRECTORS
Robert L. Benroth
Daniel W. Schutt
James N. Reynolds - Chairman
R. Steven Unverferth
H. Edward Rigel
Brian D. Young
David P. Roach
OFFICERS
Brian D. Young - President/CEO
Heather M. Oatman - Secretary
Diana L. Engelhardt - Chief Financial Officer
THE UNION BANK COMPANY
DIRECTORS
Robert L. Benroth
David P. Roach
Herbert H. Huffman
Robert M. Schulte, Sr.
Kevin L. Lammon
Daniel W. Schutt
William R. Perry
R. Steven Unverferth
James N. Reynolds
Brian D. Young - Chairman/President/CEO
H. Edward Rigel
INVESTOR MATERIALS:
United Bancshares, Inc. has traded its common stock on the NASDAQ Markets Exchange under the symbol “UBOH” since March 2001. Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Shareholder Information section of our website www.theubank.com or by calling 1-800-837-8111.
Locations
1300 N. Main St.
Bowling Green, OH 43402
419-353-6088
100 S. High St.
Columbus Grove, OH 45830
419-659-2141
101 Progressive Dr.
Columbus Grove, OH 45830
419-659-4250
114 E. 3rd St.
Delphos, OH 45833
419-692-2010
1500 Bright Rd.
Findlay, OH 45840
419-424-1400
230 W. Madison St.
Gibsonburg, OH 43431
419-637-2124
110 E. North St.
Kalida, OH 45853
419-532-3366
318 S. Belmore St.
Leipsic, OH 45856
419-943-2171
1410 Bellefontaine Ave.
Lima, OH 45804
419-229-6500
3211 Elida Rd.
Lima, OH 45805
419-331-3211
701 Shawnee Rd.
Lima, OH 45805
419-228-2114
245 W. Main St.
Ottawa, OH 45875
419-523-2265
132 E. Front St.
Pemberville, OH 43450
419-287-3211