Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANCSHARES INC/OH | unitedbancshares8k72514.htm |
| EX-99 - EXHIBIT 99.1 - UNITED BANCSHARES INC/OH | ex991.htm |
Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
June 30, 2014
Dear Shareholders, Customers, and Fellow Team Employees,
As a result of hard work and dedication of the Company’s team members, I am pleased to report that your Company reported positive financial results for the first half of 2014. These positive results include net income of approximately $2.2 million ($0.65 basic earnings per share), an $11.9 million increase in our loan portfolio, three dividend payments to shareholders, increased marginal income, and a $1.21 increase in tangible book value per share.
Earlier this month we announced our intent to purchase The Ohio State Bank. As of March 31, 2014, The Ohio State Bank had assets of $94.2 million, loans of $69.9 million and deposits of $76.0 million with two full service locations in Marion, Ohio and one in Lewis Center, Ohio. This transaction is expected to be completed during the fourth quarter of 2014. We are optimistic that the acquisition will increase earnings in 2015 and beyond, and provide the Company the opportunity to grow in Marion and Delaware counties. I believe this acquisition will be beneficial for our shareholders and be an effective use of our existing capital.
Most importantly, we continue to believe that a solid, established, and financially strong community bank is essential to the success of our communities; just as strong communities are critical to the success of your Company. That belief, and the desire to serve our neighbors, has led your Company and its team members to provide quality, honest financial guidance, serve on local boards, and make financial contributions that promote health, education, and economic development in the communities we serve. I believe our strong corporate values of respect for our shareholders, customers, colleagues, and communities are the foundation for the continued success of your Company.
Thank you for 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) | Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||
(dollars in thousands, except share data) | ||||
CONDENSED STATEMENT OF INCOME | ||||
Interest income | $ 9,672 | $ 9,737 | ||
Interest expense | 1,356 | 1,633 | ||
Net interest income | 8,316 | 8,104 | ||
Provision for loan losses | 115 | - | ||
Net interest income after provision for loan losses | 8,201 | 8,104 | ||
Non-interest income | 2,163 | 2,426 | ||
Non-interest expenses | 7,575 | 7,391 | ||
Income before income taxes | 2,789 | 3,139 | ||
Provision for income taxes | 563 | 695 | ||
Net income | $ 2,226 | $ 2,444 | ||
Average common shares outstanding | 3,431,317 | 3,446,731 | ||
PER COMMON SHARE | ||||
Net income | $ 0.65 | $ 0.71 | ||
Book value | $19.52 | $18.05 | ||
Tangible book value | $16.99 | $15.53 | ||
Closing price | $13.39 | $12.11 | ||
FINANCIAL RATIOS | ||||
Return on average assets | 0.78% | 0.87% | ||
Return on average equity | 7.01% | 7.67% | ||
Net interest margin | 3.37% | 3.28% | ||
Efficiency ratio | 69.13% | 67.21% | ||
Loans to deposits | 61.93% | 65.40% | ||
Allowance for loan losses to loans | 1.32% | 1.80% | ||
PERIOD END BALANCES | ||||
As of June 30, 2014 | As of December 31, 2013 | |||
Assets | $589,773 | $556,235 | ||
Loans | $307,200 | $295,313 | ||
Deposits | $496,834 | $468,000 | ||
Shareholders' equity | $ 66,844 | $ 63,008 | ||
Common shares outstanding | 3,423,864 | 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