Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED BANCSHARES INC/OH | unitedbancshares8k12116.htm |
| EX-99 - EXHIBIT 99.1 - UNITED BANCSHARES INC/OH | ex991.htm |
Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
December 31, 2015
Shareholders, Customers and Team Members:
I am pleased to report that your Company had another prosperous year in 2015. In addition to reporting net income of approximately $5.9 million, a 37% increase over 2014, the Company also reported improvements in return on average equity (8.51%), return on average assets (0.94%), net interest margin (3.71%), and efficiency ratio (68.13%). These positive results were only possible because of the hard work and dedication of our team members.
I am also pleased to report that the Board of Directors declared a $0.11 per share dividend, payable on March 15th to shareholders of record as of February 29, 2016. This decision was reached after their review of your Company’s capital position, risk profile, earnings levels, and capital sources available. We understand how important dividends and increased stock value are for our shareholders; both of these investment objectives have and will remain important parts of the Company’s consideration as the board determines capital allocation.
As we look forward, our journey will undoubtedly be presented with numerous obstacles and challenges. Regardless of the environment, we continue to believe that the drivers of our success are, and will continue to be, our strong corporate values of respect for and accountability to our shareholders, customers, 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) | For the Year ended December 31, 2015 | For the Year ended December 31, 2014 | ||
(dollars in thousands, except share data) | ||||
CONDENSED STATEMENTS OF INCOME | ||||
Interest income | $ 22,836 | $ 19,620 | ||
Interest expense | 2,077 | 2,668 | ||
Net interest income | 20,759 | 16,952 | ||
Provision for loan losses | 382 | (430) | ||
Net interest income after provision for loan losses | 20,377 | 17,382 | ||
Non-interest income | 4,637 | 4,387 | ||
Non-interest expenses | 17,692 | 16,375 | ||
Income before income taxes | 7,322 | 5,394 | ||
Provision for income taxes | 1,405 | 1,083 | ||
Net income | $ 5,917 | $ 4,311 | ||
Average common shares outstanding | 3,339,242 | 3,406,194 | ||
PER COMMON SHARE | ||||
Net income | $ 1.77 | $ 1.27 | ||
Book value | $21.62 | $20.12 | ||
Tangible book value | $18.31 | $16.45 | ||
Closing price | $18.24 | $14.45 | ||
FINANCIAL RATIOS | ||||
Return on average assets | 0.94% | 0.73% | ||
Return on average equity | 8.51% | 6.65% | ||
Net interest margin | 3.71% | 3.29% | ||
Efficiency ratio | 68.13% | 73.73% | ||
Loans to deposits | 67.59% | 63.87% | ||
Allowance for loan losses to loans | 1.08% | 1.06% | ||
PERIOD END BALANCES | ||||
As of December 31, 2015 | As of December 31, 2014 | |||
Assets | $608,665 | $650,200 | ||
Loans, gross | $354,250 | $360,937 | ||
Deposits | $518,419 | $565,445 | ||
Shareholders' equity | $ 71,561 | $ 67,772 | ||
Common shares outstanding | 3,309,339 | 3,367,735 |
UNITED BANCSHARES, INC.
DIRECTORS
Robert L. Benroth
Daniel W. Schutt – Vice Chairman
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
Anthony M.V. Eramo - 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
30 Coal Bend
Delaware, OH 43015
740-549-3400
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
111 S. Main St.
Marion, OH 43302
740-387-2265
220 Richland Rd.
Marion, OH 43302
740-386-2171
245 W. Main St.
Ottawa, OH 45875
419-523-2265
132 E. Front St.
Pemberville, OH 43450
419-287-3211