United Bancorp Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 26, 2012 at 11:37 pm IST
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United Bancorp Inc. reported earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income of $799,623 or $0.16 basic and diluted per share compared to net income of $453,033 or $0.09 basic and diluted per share for the same period a year ago. Net interest income was $3,798,900 against $3,841,805 for the same period a year ago. Net interest income after provision for loan losses was $3,374,573 against $3,076,385 for the same period a year ago. Total interest income was $4,889,360 against $5,220,898 for the same period a year ago.
For the year, the company reported net income of $3,090,924 or $0.62 basic and diluted per share compared to net income of $2,547,367 or $0.52 basic and diluted per share for the same period a year ago. Net interest income was $15,504,093 against $15,187,348 for the same period a year ago. Net interest income after provision for loan losses was $13,536,072 against $13,371,336 for the same period a year ago. Total interest income was $20,211,170 against $21,667,356 for the same period a year ago. The company's net income in 2011 generated an annualized 0.73% return on average assets (ROA) and an 8.53% return on average equity (ROE), compared to 0.57% ROA and 7.05% ROE for 2010. Comparing the year ended December 31, 2011 to 2010, the Company's net interest margin was 4.18% compared to 4.02%, an increase of 16 basis points. This increase in the margin resulted in a $317,000 increase in net interest income for the year ended December 31, 2011 as compared to 2010.
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.