$UBCP

UNITED BANCORP INC /OH/

CIK:0000731653|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and Dividend Income
Loans, including fees	$ 7,875	$ 7,680	$ 15,400	$ 15,007
Taxable	234	388	467	775
Non-taxable	2,062	1,858	4,110	3,754
Federal funds sold	286	395	410	533
Dividends on Federal Home Loan Bank stock and other stock	76	90	160	184
Total interest and dividend income	10,533	10,411	20,547	20,253
Interest expense
Deposits	2,260	2,188	4,360	4,203
Borrowings	1,269	1,628	2,672	3,208
Total interest expense	3,529	3,816	7,032	7,411
Net interest income	7,004	6,595	13,515	12,842
Credit Loss Expense
Provision for credit loss expense - loans	126	206	156	302
Reversal of credit loss expense - off balance sheet commitments	0	0	0
Provision for Credit Loss Expense	126	206	156	302
Net interest income after provision for (reversal of) credit losses	6,878	6,389	13,359	12,540
Noninterest Income
Service charges on deposit accounts	847	801	1,639	1,534
Realized gains on sale of available-for-sale securities				144
Realized gains on sales of loans	231	141	329	225
Earnings on bank-owned life insurance	412	187	837	380
Other income	127	261	237	388
Total noninterest income	1,617	1,390	3,042	2,671
Noninterest expense
Salaries and employee benefits	3,189	2,869	6,193	5,706
Occupancy and Equipment	752	620	1,563	1,250
Professional services	461	508	798	850
Data processing and related electronic services	527	409	1,040	775
FDIC Insurance	99	94	198	188
Insurance	182	159	365	321
Franchise and other taxes	143	127	284	272
Advertising	130	130	261	260
Stationery and office supplies	34	38	66	69
Amortization of intangibles		38		75
Other expenses	917	851	1,821	1,663
Total noninterest expense	6,434	5,843	12,589	11,429
Income Before Federal Income Taxes	2,061	1,936	3,812	3,782
Provision (Benefit) for Federal Income Taxes	(34)	22	(194)	(4)
Net Income	$ 2,095	$ 1,914	$ 4,006	$ 3,786
Basic Earnings Per Share	$ 0.36	$ 0.33	$ 0.69	$ 0.65
Diluted Earnings Per Share	0.36	0.33	0.69	0.65
Dividends Per Share	$ 0.195	$ 0.185	$ 0.5625	$ 0.5425

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 4,006,000	$ 3,786,000
Items not requiring (providing) cash
Depreciation and amortization	822,000	576,000
Amortization of intangible asset		75,000
Premium amortization on securities	194,000	213,000
Provision for Credit Loss Expense	156,000	302,000
Gain on sale of loans	(329,000)	(225,000)
(Gain) loss on sale of available-for-sale securities		(144,000)
Expense related to share based compensation programs	199,000	177,000
Increase in value of bank-owned life insurance	(708,000)	(202,000)
Originations of loans held for sale	(13,257,000)	(7,255,000)
Proceeds from sale of loans held for sale	12,820,000	7,480,000
Amortization of debt instrument costs	30,000	30,000
Net change in accrued interest receivable and other assets	(1,912,000)	(448,000)
Net change in accrued expenses and other liabilities	(719,000)	480,000
Net cash provided by operating activities	1,302,000	4,845,000
Investing Activities
Purchase of available-for-sale securities	(11,236,000)
Sales of available-for-sale securities	0	7,724,000
Maturities of available-for-sale securities	110,000	10,000
Net change in loans	(3,111,000)	(9,723,000)
Purchase of bank-owned life insurance	(6,917,000)
Purchase of Federal Home Loan Bank Stock		(4,000)
Proceeds from sales of foreclosed assets and fixed assets	299,000	50,000
Redemption of Federal Home Loan Bank Stock	743,000
Purchases of premises and equipment, net	(3,220,000)	(3,975,000)
Net cash used in investing activities	(23,332,000)	(5,918,000)
Financing Activities
Net change in deposits	45,579,000	29,451,000
Net change in securities sold under repurchase agreements	(15,000)	5,106,000
Net change in Federal Home Loan Bank advances	(20,000,000)
Finance lease principal payment	(4,000)	(40,000)
Repurchase of common stock	(716,000)	(129,000)
Cash dividends paid	(3,358,000)	(3,237,000)
Net cash provided by financing activities	21,486,000	31,151,000
Increase (Decrease) in Cash and Cash Equivalents	(544,000)	30,078,000
Cash and Cash Equivalents, Beginning of Period	46,528,000	19,608,000
Cash and Cash Equivalents, End of Period	45,984,000	49,686,000
Supplemental Cash Flows Information
Interest paid on deposits and borrowings	$ 7,084,000	$ 13,450,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 8,363	$ 9,381
Interest-bearing demand deposits	37,621	37,147
Cash and cash equivalents	45,984	46,528
Available-for-sale securities, net of allowance for credit losses of $0 at June 30, 2026 and December 31, 2025	241,046	234,204
Loans held for sale	766
Loans, net of allowance for credit losses of $4,356 and $4,261 at June 30, 2026 and December 31, 2025, respectively	491,378	487,298
Premises and equipment	36,472	34,095
Federal Home Loan Bank stock	3,287	4,030
Foreclosed assets held for sale, net	2,261	2,540
Goodwill	682	682
Accrued interest receivable	4,233	3,982
Deferred federal income tax	3,406	3,383
Bank-owned life insurance	38,545	30,920
Other assets	9,912	9,783
Total assets	877,972	857,445
Deposits
Demand	351,180	335,422
Savings	130,764	124,213
Time	205,001	181,731
Total deposits	686,945	641,366
Securities sold under repurchase agreements	29,388	29,403
Subordinated debentures	23,939	23,909
Advances Federal Home Loan Bank	55,000	75,000
Lease liability - finance lease	2,954	2,958
Interest payable and other liabilities	7,658	14,294
Total liabilities	805,884	786,930
Stockholders' Equity
Preferred stock, no par value, authorized 2,000,000 shares; no shares issued
Common stock, $1 par value; authorized 10,000,000 shares; issued 6,253,141 shares at June 30, 2026, and 6,213,141 shares at December 31, 2025; outstanding - 5,735,518 and 5,756,852 shares at June 30, 2026 and December 31, 2025, respectively	6,253	6,213
Additional paid-in capital	27,436	27,073
Retained earnings	49,224	48,576
Stock held by deferred compensation plan; 209,126 and 194,971 shares at June 30, 2026 and December 31, 2025, respectively	(2,635)	(2,431)
Accumulated other comprehensive loss	(3,909)	(5,351)
Treasury stock, at cost 308,497 and 261,318 shares at June 30, 2026 and December 31, 2025, respectively	(4,281)	(3,565)
Total stockholders' equity	72,088	70,515
Total liabilities and stockholders' equity	$ 877,972	$ 857,445