United Bancorp, Inc. Reports First Quarter 2001 Earnings Per Share Up 5.26% and Declares a Cash Dividend Payment of 13 Cents per Share

Apr 19, 2001, 01:00 ET from United Bancorp, Inc.

    MARTINS FERRY, Ohio, April 19 /PRNewswire/ -- United Bancorp, Inc.
 (Nasdaq:   UBCP), headquartered in Martins Ferry, Ohio reported earnings of
 $605,333 compared to $576,322 for the three months ended March 31, 2001 and
 2000, respectively.  On a per share basis, basic earnings per share was
 $0.20 for the three months ended March 31, 2001 compared to $0.19 for the
 three months ended March 31, 2000, up 5.26%.  Additionally, on April 18, 2001
 the Board of Directors declared the second quarter dividend payment of 13
 cents per share for shareholders of record on June 1, 2001, with a payment
 date of June 20, 2001.  On an annualized basis this represents a projected 52
 cents per share paid in 2001, a 4% increase over the 50 cents per share paid
 in 2000.
     Randall M. Greenwood, Vice President and CFO of UBCP stated annualized
 first quarter earnings generated a 0.73% return on average assets and 8.24%
 return on average equity.  Financial results were restated to take into
 consideration the 5% share dividend paid to shareholders on December 20, 2000.
     Greenwood continued by stating the earnings of United Bancorp, Inc. is
 primarily made up of the combined earnings of its two subsidiary banks, The
 Citizens Savings Bank, Martins Ferry, Ohio (Citizens) and The Community Bank,
 Lancaster, Ohio (Community).  Citizens posted after tax earnings for the
 quarter at $718,087 generating a return on average assets of 1.15% and a
 return on average equity of 14.32%.  This positive performance sustained the
 anticipated expansion related loss at Community for the quarter of $93,059.
 Greenwood continued that Citizen's strong performance is anticipated for the
 reminder of 2001 and that Community's profitability should return in the
 fourth quarter.  United Bancorp's earnings for 2001 on a comparative basis
 with 2000 should be improved due to the higher start up cost and higher
 earnings losses experienced by Community in the earlier quarters of 2000 when
 it first opened its three new offices and Community's projected return to
 profitability in the fourth quarter of 2001.
     James W Everson, UBCP's Chairman, President & CEO commented on the growing
 acceptance of Community's new presence in Lancaster and Fairfield County,
 which continues to exceed expectations.  Beginning in January 2000, management
 anticipated a twelve to eighteen month impact on earnings this rapid expansion
 into Fairfield County would have and we are pleased with our growth in loans
 and deposits.  Since opening these new offices, this expanded banking
 franchise has generated in excess of $28 million in new deposits and
 $26 million in new loans in its newly established banking community.  Everson
 continued by stating The Community Bank charter over the past fifteen months
 has been operating in a new "start up" mode and management is projecting The
 Community Bank will return to contributing to UBCP's profitability in the
 fourth quarter of 2001.  Our Citizens Bank charter continues to project the
 necessary earnings to support UBCP's growth and cash dividend policy.
     Everson continued, in addition to the positive earnings report for the
 first quarter, Management is very pleased with the success of our electronic
 banking program. During the third quarter 2000 we introduced Voice Response
 Banking at both banking charters.  On December 15, 2000 we introduced
 interactive Internet Banking.  Both Citizen's and Community's customers may
 now enjoy complete and secure access to their banking information and bill
 payment through their personal computer, anywhere at anytime 24 x 7.  With
 this capital investment our customers now have the latest in banking
 technology and the ultimate in service and convenience.  To date we have in
 excess of 1,000 internet bank customers corporate wide and the acceptance
 continues to exceed management's expectations and industry standards.
     United Bancorp, Inc. is headquartered in Martins Ferry, and is a multi-
 bank holding company with total assets of approximately $337 million and total
 shareholder equity of approximately $29.9 million as of March 31, 2001.
 Affiliates of UBCP include The Citizens Savings Bank and The Community Bank
 with seventeen banking offices and an Operations Center located in Ohio
 serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and
 Tuscarawas Counties. The Company trades on The Nasdaq SmallCap Market tier of
 the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109.
 
                                          For the Three Months Ended March 31,
                                                    2001         2000
     Earnings
       Total interest income                   $  6,203,851  $  5,593,345
       Total interest expense                     3,325,216     2,752,373
       Net interest income                        2,878,635     2,840,972
       Provision for loan losses                    195,000       115,500
       Total noninterest income                     368,115       324,578
       Total noninterest expense                  2,259,809     2,289,678
       Net income                                   605,333       576,322
     Per share
       Earnings per common share - Basic       $       0.20  $       0.19
       Earnings per common share - Diluted             0.20          0.19
       Cash Dividends paid                             0.13          0.12
       Book value (end of period)                      9.97          8.31
     Shares Outstanding
       Average - Basic                            3,019,688     3,090,029
       Average - Diluted                          3,020,455     3,092,402
     At quarter end
       Total assets                            $337,059,677  $300,157,805
       Total assets (average)                   331,459,000   297,710,000
       Net loans                                188,974,141   181,497,930
       Securities                               126,692,356    95,272,129
       Shareholders' equity                      29,935,489    25,695,079
       Shareholders' equity (average)            29,382,000    24,882,000
     Stock data
       Market value - last close (end of period)     $10.63        $13.33
       Dividend payout ratio                          65.00%        65.00%
       Price earnings ratio                           13.29x        17.50x
     Key performance ratios (annualized)
       Return on average assets (ROA)                  0.73%         0.77%
       Return on average equity (ROE)                  8.24%         9.26%
       Net interest margin                             3.86%         4.02%
       Net interest expense to average assets          4.01%         3.70%
       Total allowance loan losses
         to nonperforming loans                      329.53%       500.71%
       Total allowance loan losses
         to total loans                                1.49%         1.64%
       Nonperforming loans to total loans              0.45%         0.32%
       Nonperforming assets to total assets            0.26%         0.21%
       Net charge-offs to average loans                0.26%         0.45%
       Equity to assets at period end                  8.89%         8.56%
 
     The information contained in this press release contains forward-looking
 statement regarding expected future performance which are not historical facts
 and which involve risk and uncertainties.  Actual results and performance
 could differ materially from those contemplated by these forward looking
 statements.
 
 

SOURCE United Bancorp, Inc.
    MARTINS FERRY, Ohio, April 19 /PRNewswire/ -- United Bancorp, Inc.
 (Nasdaq:   UBCP), headquartered in Martins Ferry, Ohio reported earnings of
 $605,333 compared to $576,322 for the three months ended March 31, 2001 and
 2000, respectively.  On a per share basis, basic earnings per share was
 $0.20 for the three months ended March 31, 2001 compared to $0.19 for the
 three months ended March 31, 2000, up 5.26%.  Additionally, on April 18, 2001
 the Board of Directors declared the second quarter dividend payment of 13
 cents per share for shareholders of record on June 1, 2001, with a payment
 date of June 20, 2001.  On an annualized basis this represents a projected 52
 cents per share paid in 2001, a 4% increase over the 50 cents per share paid
 in 2000.
     Randall M. Greenwood, Vice President and CFO of UBCP stated annualized
 first quarter earnings generated a 0.73% return on average assets and 8.24%
 return on average equity.  Financial results were restated to take into
 consideration the 5% share dividend paid to shareholders on December 20, 2000.
     Greenwood continued by stating the earnings of United Bancorp, Inc. is
 primarily made up of the combined earnings of its two subsidiary banks, The
 Citizens Savings Bank, Martins Ferry, Ohio (Citizens) and The Community Bank,
 Lancaster, Ohio (Community).  Citizens posted after tax earnings for the
 quarter at $718,087 generating a return on average assets of 1.15% and a
 return on average equity of 14.32%.  This positive performance sustained the
 anticipated expansion related loss at Community for the quarter of $93,059.
 Greenwood continued that Citizen's strong performance is anticipated for the
 reminder of 2001 and that Community's profitability should return in the
 fourth quarter.  United Bancorp's earnings for 2001 on a comparative basis
 with 2000 should be improved due to the higher start up cost and higher
 earnings losses experienced by Community in the earlier quarters of 2000 when
 it first opened its three new offices and Community's projected return to
 profitability in the fourth quarter of 2001.
     James W Everson, UBCP's Chairman, President & CEO commented on the growing
 acceptance of Community's new presence in Lancaster and Fairfield County,
 which continues to exceed expectations.  Beginning in January 2000, management
 anticipated a twelve to eighteen month impact on earnings this rapid expansion
 into Fairfield County would have and we are pleased with our growth in loans
 and deposits.  Since opening these new offices, this expanded banking
 franchise has generated in excess of $28 million in new deposits and
 $26 million in new loans in its newly established banking community.  Everson
 continued by stating The Community Bank charter over the past fifteen months
 has been operating in a new "start up" mode and management is projecting The
 Community Bank will return to contributing to UBCP's profitability in the
 fourth quarter of 2001.  Our Citizens Bank charter continues to project the
 necessary earnings to support UBCP's growth and cash dividend policy.
     Everson continued, in addition to the positive earnings report for the
 first quarter, Management is very pleased with the success of our electronic
 banking program. During the third quarter 2000 we introduced Voice Response
 Banking at both banking charters.  On December 15, 2000 we introduced
 interactive Internet Banking.  Both Citizen's and Community's customers may
 now enjoy complete and secure access to their banking information and bill
 payment through their personal computer, anywhere at anytime 24 x 7.  With
 this capital investment our customers now have the latest in banking
 technology and the ultimate in service and convenience.  To date we have in
 excess of 1,000 internet bank customers corporate wide and the acceptance
 continues to exceed management's expectations and industry standards.
     United Bancorp, Inc. is headquartered in Martins Ferry, and is a multi-
 bank holding company with total assets of approximately $337 million and total
 shareholder equity of approximately $29.9 million as of March 31, 2001.
 Affiliates of UBCP include The Citizens Savings Bank and The Community Bank
 with seventeen banking offices and an Operations Center located in Ohio
 serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and
 Tuscarawas Counties. The Company trades on The Nasdaq SmallCap Market tier of
 the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109.
 
                                          For the Three Months Ended March 31,
                                                    2001         2000
     Earnings
       Total interest income                   $  6,203,851  $  5,593,345
       Total interest expense                     3,325,216     2,752,373
       Net interest income                        2,878,635     2,840,972
       Provision for loan losses                    195,000       115,500
       Total noninterest income                     368,115       324,578
       Total noninterest expense                  2,259,809     2,289,678
       Net income                                   605,333       576,322
     Per share
       Earnings per common share - Basic       $       0.20  $       0.19
       Earnings per common share - Diluted             0.20          0.19
       Cash Dividends paid                             0.13          0.12
       Book value (end of period)                      9.97          8.31
     Shares Outstanding
       Average - Basic                            3,019,688     3,090,029
       Average - Diluted                          3,020,455     3,092,402
     At quarter end
       Total assets                            $337,059,677  $300,157,805
       Total assets (average)                   331,459,000   297,710,000
       Net loans                                188,974,141   181,497,930
       Securities                               126,692,356    95,272,129
       Shareholders' equity                      29,935,489    25,695,079
       Shareholders' equity (average)            29,382,000    24,882,000
     Stock data
       Market value - last close (end of period)     $10.63        $13.33
       Dividend payout ratio                          65.00%        65.00%
       Price earnings ratio                           13.29x        17.50x
     Key performance ratios (annualized)
       Return on average assets (ROA)                  0.73%         0.77%
       Return on average equity (ROE)                  8.24%         9.26%
       Net interest margin                             3.86%         4.02%
       Net interest expense to average assets          4.01%         3.70%
       Total allowance loan losses
         to nonperforming loans                      329.53%       500.71%
       Total allowance loan losses
         to total loans                                1.49%         1.64%
       Nonperforming loans to total loans              0.45%         0.32%
       Nonperforming assets to total assets            0.26%         0.21%
       Net charge-offs to average loans                0.26%         0.45%
       Equity to assets at period end                  8.89%         8.56%
 
     The information contained in this press release contains forward-looking
 statement regarding expected future performance which are not historical facts
 and which involve risk and uncertainties.  Actual results and performance
 could differ materially from those contemplated by these forward looking
 statements.
 
 SOURCE  United Bancorp, Inc.