Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - UNITED BANCSHARES INC/OH | ex_132657.htm |
| 8-K - FORM 8-K - UNITED BANCSHARES INC/OH | uboh20190109b_8k.htm |
Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
December 31, 2018
Shareholders, Clients, and Team Members:
I am pleased to report that as a result of the effort and commitment of our team members your Company reported record pre-tax and net income of $9.7 million and $8.2 million, respectively in 2018. The Company’s 2018 net income represented an increase of 114% and 49%, respectively, as compared to 2017 and 2016. Additionally the Company’s Board of Directors approved a $0.13 per common share dividend, which represents an 8.3% increase over the previous quarter.
During 2018, we continued the execution of our strategic initiatives to further increase the value of your Company through growth and targeted investments. In addition to record profitability, those efforts lead to positive results including loan and deposit growth of 10.9% and 5.7%, respectively. In addition to continued growth, the Company has been putting efforts into further development of our residential loan originations and governmental lending. During 2018, the Company invested $250,000 to establish a residential loan production office in our Central Ohio market and added additional resources to our governmental lending team. While both of these initiatives required net investments for the year, we believe these areas will result in additional non-interest income through increased loan sale activity in the future. We believe by focusing the growth of these areas in our current markets, we will give the Company the opportunity to grow relationships not merely conduct transactions. Relationship banking is, has been and will continue to be the fundamental driver of our long-term profitability and success.
Our continued accomplishments is the undeniable result of the ongoing efforts of the Company’s dedicated team members and Board of Directors in implementing our Strategic Plan. Their efforts and our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities are the foundation for the continued success of your Company. Thank you for your ongoing support and the trust you have placed in us.
Respectfully,
Brian D. Young
President & CEO
United Bancshares, Inc.
and Subsidiary
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Financial Information (unaudited) |
Twelve months ended December 31, 2018 |
Twelve months ended December 31, 2017 |
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(dollars in thousands, except per share data) |
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Condensed Statement of Income |
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Interest income |
$ | 34,365 | $ | 25,772 | ||||
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Interest expense |
6,158 | 3,118 | ||||||
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Net interest income |
28,207 | 22,654 | ||||||
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Provision (credit) for loan losses |
450 | (350 | ) | |||||
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Net interest income after provision (credit) for loan losses |
27,757 | 23,004 | ||||||
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Non-interest income |
9,428 | 6,174 | ||||||
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Non-interest expenses |
27,436 | 22,453 | ||||||
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Income before income taxes |
9,749 | 6,725 | ||||||
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Provision for income taxes |
1,529 | 2,879 | ||||||
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Net income |
$ | 8,220 | $ | 3,846 | ||||
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Average common shares outstanding (basic) |
3,268,667 | 3,267,305 | ||||||
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PER COMMON SHARE |
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Net income |
$ | 2.51 | $ | 1.18 | ||||
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Book value |
$ | 24.76 | $ | 23.17 | ||||
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Tangible book value |
$ | 15.71 | $ | 15.11 | ||||
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Closing price |
$ | 20.02 | $ | 22.20 | ||||
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FINANCIAL RATIOS |
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Return on average assets |
1.02 | % | 0.56 | % | ||||
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Return on average tangible equity |
16.79 | % | 6.40 | % | ||||
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Net interest margin |
3.97 | % | 3.76 | % | ||||
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Efficiency ratio |
72.03 | % | 76.37 | % | ||||
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Loans (including held for sale) to deposits |
85.45 | % | 80.69 | % | ||||
PERIOD END BALANCES
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As of December 31, 2018 |
As of December 31, 2017 |
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Assets |
$ | 830,300 | $ | 780,450 | ||||
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Loans, gross |
$ | 561,614 | $ | 506,412 | ||||
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Deposits |
$ | 666,236 | $ | 630,548 | ||||
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Shareholders' equity |
$ | 80,944 | $ | 75,704 | ||||
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Common shares outstanding |
3,269,358 | 3,267,643 | ||||||
UNITED BANCSHARES, INC.
|
DIRECTORS Robert L. Benroth Herbert H. Huffman H. Edward Rigel David P. Roach |
Daniel W. Schutt – Chairman R. Steven Unverferth Brian D. Young |
OFFICERS
Brian D. Young - President/CEO
Heather M. Oatman - Secretary
Daniel J. Lucke – Chief Financial Officer
THE UNION BANK COMPANY
DIRECTORS
|
Robert L. Benroth Anthony M.V. Eramo Herbert H. Huffman Kevin L. Lammon William R. Perry |
H.Edward Rigel David P. Roach Robert M. Schulte, Sr. Daniel W. Schutt R. Steven Unverferth |
| Brian D. Young - Chairman/President/CEO | |
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
461 Beecher Road
Gahanna, OH 43230
614-269-4400
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
468 Polaris Parkway
Westerville, OH 43082
614-269-4402