United Bancorp Inc. Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 28, 2016 at 08:30 pm IST
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United Bancorp Inc. announced earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest income of $4,065,249 compared to $4,010,567 a year ago. Net interest income was $3,522,848 compared to $3,406,057 a year ago. Net income was $866,132 or $0.17 per basic and diluted share compared to $732,839 or $0.15 per basic and diluted share a year ago, an increase of 21%. The increase in the company's earnings is reflective of the growth in loan-related earning assets for the company, especially over the second half of 2015.
For the year, the company reported total interest income of $16,082,746 compared to $16,377,445 a year ago. Net interest income was $13,799,278 compared to $13,910,933 a year ago. Net income was $3,224,329 or $0.64 per diluted share compared to $2,651,295 or $0.53 per diluted share a year ago. Return on average assets was 0.79% compared to 0.66% a year ago. Return on average equity was 7.73% compared to 6.67% a year ago.
United Bancorp, Inc. is a bank holding company. The Company has one wholly owned subsidiary bank, Unified Bank, Martins Ferry, Ohio (the Bank). The Bank serves customers in northeastern, eastern, southeastern and south-central Ohio and the Northern panhandle of West Virginia and is engaged in the business of commercial and retail banking in Belmont, Harrison, Jefferson, Tuscarawas, Carroll, Athens, Hocking, and Fairfield counties and the surrounding localities. The bank also operates in Marshall County West Virginia. The Bank provides a range of banking and financial services, which includes accepting demand, savings and time deposits and granting commercial, real estate and consumer loans. The Bank's loan portfolio includes commercial loans, commercial real estate loans, residential real estate loans and installment loans. The Bank conducts its business through its main office and standalone operations center in Martins Ferry, Ohio and about 18 branches located in the counties.