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United Bancorp, Inc. Reports a 21.3% increase in Earnings for the Year Ended December 31, 2011


News provided by

United Bancorp, Inc.

Jan 26, 2012, 01:07 ET

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MARTINS FERRY, Ohio, Jan. 26, 2012 /PRNewswire/ -- United Bancorp, Inc. (Nasdaq: UBCP), headquartered in Martins Ferry, Ohio reported net income of $3,090,924 for the year ended December 31, 2011 compared to $2,547,367 for the year ended December 31, 2010, an increase of 21.3%.  On a per share basis, the Company's diluted earnings were $0.62 for 2011, as compared to $0.52 for 2010, an increase of 19.2%.

Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, "The Company's net income in 2011 generated an annualized 0.73% return on average assets ("ROA") and an 8.53% return on average equity ("ROE"), compared to 0.57% ROA and 7.05% ROE for 2010.  Comparing the year ended December 31, 2011 to 2010, the Company's net interest margin was 4.18% compared to 4.02%, an increase of 16 basis points. This increase in the margin resulted in a $317,000 increase in net interest income for the year ended December 31, 2011 as compared to 2010. Comparing the same periods, customer service fees on deposits decreased $128,000.  As the Company continues to implement government imposed regulations from the Dodd-Frank Act regarding its courtesy overdraft program, we will continue to experience regulatory requirements that may result in a decrease in customer service fees. In anticipation of these challenges and their potential impact on non-interest income, a variety of cost savings initiatives have been implemented in 2011 to reduce the non-interest expense of the Company.  Year-to-date non-interest expense, excluding the reduction in FDIC Insurance Premiums, conversion expenses and provision for losses on impairment of foreclosed real estate, decreased by $379,000.  The majority of the decrease in non-interest expense is due to the Company's cost savings initiatives implemented during the second and third quarters of 2011. As we move forward, these cost saving initiatives are expected to have a continuing positive impact on future earnings and help offset some of the anticipated decline in non-interest income.  The Company recognized a gain on sale of securities of $370,000 for the year ended December 31, 2011 and the Company received $100,000 of a BOLI benefit in excess of surrender value.  The securities gain was the result of the Company selling its government sponsored mortgage–backed securities portfolio to take advantage of the favorable rate environment on these short term investments and provide liquidity to restructure the Company's balance sheet to shift towards higher yielding loan relationships.   Accordingly, this shift in the mix of the interest-earning assets on the balance sheet contributed to average loans increasing by $10,259,000.  On the expense side, the Company's 2011 earnings were affected by a period over period increase of $152,000 in our provision for loan losses. The increase in the provision for loan losses was predicated primarily upon the continued economic challenges facing the banking industry.  While net loans charged off did increase for the year ended December 31, 2011 as compared to 2010, the Company was able to move those charged off credits through the collection process and into Other Real Estate for Sale and begin to market these properties for sale." 

James W. Everson, UBCP's Chairman, President and CEO stated, "Our Management Team is both pleased and excited to have met our earlier announced earnings projections for 2011.  Our focus continues to be maintaining a balance in managing our asset size and our asset quality with sufficient provisions to our reserve for loan losses while retaining sufficient earnings to maintain our regulatory "Well Capitalized" status and   continuing our liberal dividend payment policy.  We are very proud of the fact the market recognizes our efforts and that our stock continues to trade over 110% of its book value where many of our peers are trading at less than 70% of their book value."  Everson concluded, "Based on our projected earnings growth and the continued low interest rate environment resulting from current economic and monetary policies, we continue to think United Bancorp, Inc. stock is a viable investment option for anyone looking for a good return on their money."

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $415.6 million and total shareholder's equity of approximately $36.2 million as of December 31, 2011. Through its single bank charter with its twenty banking offices and an operations center, The Citizens Savings Bank through its Community Bank Division serves the Ohio Counties of Athens, Fairfield and Hocking and through its Citizens Bank Division serves Belmont, Carroll, Harrison, Jefferson and Tuscarawas. United Bancorp, Inc. is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934.  Forward-looking statements, which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms.  Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial  assets, and the availability of and costs associated with sources of liquidity.  The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

 

 

 

 

 

United Bancorp, Inc,

 

"UBCP"

 

 

 

 

For the Three Months Ended December 31,

 

%

 

 

2011

 

2010

 

Change

 

Earnings

 

 

 

 

 

 

  Total interest income

$ 4,889,360

 

$ 5,220,898

 

-6.35%

 

  Total interest expense

1,090,460

 

1,379,093

 

-20.93%

 

  Net interest income

3,798,900

 

3,841,805

 

-1.12%

 

  Provision for loan losses

424,327

 

765,420

 

-44.56%

 

  Net interest income after provision for loan losses

3,374,573

 

3,076,385

 

9.69%

 

  Service charges on deposit accounts

519,132

 

503,041

 

3.20%

 

  Net realized gains of sales on securities

-

 

-

 

N/A

 

  Net realized gains on sale of loans

18,226

 

92,158

 

-80.22%

 

  Net realized (loss) gains on sale of other

 

 

 

 

 

 

    real estate and repossessions

(3,874)

 

(5,894)

 

-34.27%

 

  Other noninterest income

187,546

 

196,667

 

-4.64%

 

  Total noninterest income

721,030

 

785,972

 

-8.26%

 

  FDIC Insurance Premium

82,603

 

137,281

 

-39.83%

 

  Provision for losses on impairment of foreclosed real estate

38,150

 

20,450

 

N/A

 

  Conversion expenses

4,744

 

100,888

 

N/A

 

  Noninterest expense

2,910,052

 

3,133,758

 

-7.14%

 

    (Excluding FDIC Insurance Premiums, Conversion Expenses and

 

 

 

 

 

 

    provision for losses on impairment of foreclosed real estate)

 

 

 

 

 

 

  Income tax expense

260,431

 

16,947

 

1436.74%

 

  Net income

$ 799,623

 

$ 453,033

 

76.50%

 

Per share

 

 

 

 

 

 

  Earnings per common share - Basic

$ 0.16

 

$ 0.09

 

77.78%

 

  Earnings per common share - Diluted

0.16

 

0.09

 

77.78%

 

  Cash Dividends paid

0.14

 

0.14

 

0.00%

 

Shares Outstanding

 

 

 

 

 

 

  Average - Basic

4,781,638

 

4,715,890

 

--------

 

  Average - Diluted

4,835,486

 

4,736,110

 

--------

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

%

 

 

2011

 

2010

 

Change

 

Earnings

 

 

 

 

 

 

  Total interest income

$ 20,211,170

 

$ 21,667,356

 

-6.72%

 

  Total interest expense

4,707,077

 

6,480,008

 

-27.36%

 

  Net interest income

15,504,093

 

15,187,348

 

2.09%

 

  Provision for loan losses

1,968,021

 

1,816,012

 

8.37%

 

  Net interest income after provision for loan losses

13,536,072

 

13,371,336

 

1.23%

 

  Service charges on deposit accounts

2,101,587

 

2,229,195

 

-5.72%

 

  Net realized gains of sales on securities

370,145

 

47,342

 

681.85%

 

  BOLI benefit in excess of surrender value

100,000

 

-

 

N/A

 

  Net realized gains on sale of loans

93,744

 

184,485

 

-49.19%

 

  Net realized (loss) gain on sale of other

 

 

 

 

 

 

    real estate and repossessions

(14,555)

 

30,022

 

-148.48%

 

  Other noninterest income

861,419

 

826,082

 

4.28%

 

  Total noninterest income

3,512,340

 

3,317,126

 

5.89%

 

  FDIC Insurance Premium

322,125

 

514,125

 

-37.35%

 

  Provision for losses on impairment of foreclosed real estate

86,934

 

90,450

 

-3.89%

 

  Conversion expenses

28,122

 

272,586

 

-89.68%

 

  Noninterest expense

12,665,860

 

13,044,645

 

-2.90%

 

    (Excluding FDIC Insurance Premiums, Conversion Expenses and

 

 

 

 

 

 

    provision for losses on impairment of foreclosed real estate)

 

 

 

 

 

 

  Income tax expense

854,447

 

219,289

 

289.64%

 

  Net income

$ 3,090,924

 

$ 2,547,367

 

21.34%

 

Per share

 

 

 

 

 

 

  Earnings per common share - Basic

$ 0.62

 

$ 0.52

 

19.23%

 

  Earnings per common share - Diluted

0.62

 

0.52

 

19.23%

 

  Cash Dividends paid

0.56

 

0.56

 

0.00%

 

  Book value (end of period)

7.57

 

7.15

 

5.87%

 

Shares Outstanding

 

 

 

 

 

 

  Average - Basic

4,765,676

 

4,690,458

 

--------

 

  Average - Diluted

4,806,743

 

4,717,650

 

--------

 

At year end

 

 

 

 

 

 

  Total assets

$ 415,566,563

 

$ 423,434,966

 

-1.86%

 

  Total assets (average)

421,741,000

 

447,837,000

 

-5.83%

 

  Average Cash and cash equivalents

17,939,000

 

15,080,000

 

18.96%

 

  Other real estate and repossessions

2,046,411

 

1,912,464

 

7.00%

 

  Gross loans

284,447,178

 

278,775,410

 

2.03%

 

  Allowance for loan losses

2,921,067

 

2,738,736

 

6.66%

 

  Net loans

281,526,111

 

276,036,674

 

1.99%

 

  Net loans charged off

1,785,689

 

1,467,249

 

21.70%

 

  Non-performing loans

4,855,359

 

4,525,965

 

7.28%

 

  Average loans

278,719,000

 

268,460,000

 

3.82%

 

  Certificate of Deposits in other Financial Institutions

-

 

2,564,000

 

-100.00%

 

  Securities and other restricted stock

91,258,052

 

107,295,291

 

-14.95%

 

  Shareholders' equity

36,181,269

 

35,580,582

 

1.69%

 

  Shareholders' equity (average)

36,231,000

 

36,149,000

 

0.23%

 

Stock data

 

 

 

 

 

 

  Market value - last close (end of period)

$ 8.46

 

$ 8.71

 

-2.87%

 

  Dividend payout ratio

90.32%

 

107.69%

 

-16.13%

 

  Price earnings ratio

13.65

x

16.75

x

-18.54%

 

  Market Price to Book Value

112%

 

122%

 

10.00%

 

Key performance ratios

 

 

 

 

 

 

  Return on average assets (ROA)

0.73%

 

0.57%

 

0.16%

 

  Return on average equity (ROE)

8.53%

 

7.05%

 

1.48%

 

  Net interest margin (Federal tax equivalent)

4.18%

 

4.02%

 

0.16%

 

  Interest expense to average assets

1.12%

 

1.45%

 

-0.33%

 

  Total allowance for loan losses

 

 

 

 

 

 

    to nonperforming loans

60.16%

 

60.51%

 

-0.35%

 

  Total allowance for loan losses

 

 

 

 

 

 

    to total loans

1.03%

 

0.98%

 

0.05%

 

  Nonperforming loans to total loans

1.71%

 

1.62%

 

0.09%

 

  Nonperforming assets to total assets

1.66%

 

1.52%

 

0.14%

 

  Net charge-offs to average loans

0.64%

 

0.55%

 

0.09%

 

  Equity to assets at period end

8.71%

 

8.40%

 

0.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE United Bancorp, Inc.

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