United Bancorp, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 26, 2018 at 03:06 am IST
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United Bancorp, Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income on loans of $4,125,937 compared to $3,917,550 a year ago. Total interest income was $4,590,339 compared to $4,243,886 a year ago. Net interest income was $4,152,306 compared to $3,803,198 a year ago. Net interest income after provision for loan losses was $4,127,307 compared to $3,809,615 a year ago. Income before income taxes was $1,503,425 against $1,333,705 a year ago. Net income was $779,844 compared to $901,235 a year ago. Earnings per basic and diluted common share was $0.16 compared to $0.18 a year ago.
For the year, the company reported interest income on loans of $15,901,522 compared to $15,185,245 a year ago. Total interest income was $17,651,472 compared to $16,635,134 a year ago. Net interest income was $15,887,987 compared to $14,851,141 a year ago. Net interest income after provision for loan losses was $15,787,991 compared to $14,550,311 a year ago. Income before income taxes was $5,589,956 against $5,160,870 a year ago. Net income was $3,546,249 compared to $3,580,579 a year ago. Earnings per diluted common share was $0.71 compared to $0.71 a year ago. Book value (end of period) was $9.02 compared to $8.36 a year ago. Return on average assets was 0.79% compared to 0.86% a year ago. Return on average equity was 8.03% compared to 8.40% 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.