UNITED BANCSHARES, INC. ANNOUNCES SECOND QUARTER 2025 RESULTS AND $0.23 DIVIDEND

Rhea-AI Summary

United Bancshares (OTCQX: UBOH) reported strong second quarter 2025 results, with net income of $3.1 million ($1.05 per share), up significantly from $1.8 million ($0.61 per share) in Q2 2024. The bank declared a quarterly cash dividend of $0.23 per share, yielding 3.44%.

Key performance metrics showed notable improvements, with return on average assets reaching 1.04% and return on average tangible equity at 17.33%. The net interest margin expanded to 3.71%. The bank demonstrated growth with loans increasing by $22.3 million (5.82% annualized) and deposits growing by $2.9 million (0.54% annualized) since December 2024.

Positive

• Net income increased 72% to $3.1 million in Q2 2025 vs $1.8 million in Q2 2024
• Return on average assets improved to 1.04% from 0.68% year-over-year
• Net interest margin expanded to 3.71% from 3.12% year-over-year
• Loan growth of $22.3 million (5.82% annualized) since December 2024
• Strong asset quality with stable non-performing loans and historically low charge-offs

Negative

• Modest deposit growth of only 0.54% annualized since December 2024

COLUMBUS GROVE, Ohio, July 17, 2025 /PRNewswire/ -- United Bancshares, Inc. (OTCQX: UBOH)

• Quarterly cash dividend declared of $0.23 per share for shareholders of record on August 29, 2025, payable on September 15, 2025. Based on the average closing price for the second quarter, this is a 3.44% dividend yield.
   
• Net income of $3.1 million or $1.05 per share for the 2025 second quarter. This is a $0.44 per share increase from $1.8 million or $0.61 per share in the comparable period in 2024. YTD 2025 net income of $5.9 million or $1.99 per share, a $0.77 per share increase from $3.7 million net income, or $1.22 per share YTD 2024.
   
• Return on average assets of 1.04% for the 2025 second quarter, an increase from 0.68% in the comparable period in 2024. YTD 2025 return on average assets of 0.99%, an increase from 0.68% YTD 2024.
   
• Return on average tangible equity of 17.33% for the 2025 second quarter, up from 12.27% in the comparable period in 2024. YTD 2025 return on average tangible equity of 16.56%, up from 11.78% YTD 2024.
   
• Net interest margin of 3.71% for the 2025 second quarter, an increase from 3.12% in the comparable period in 2024. YTD 2025 net interest margin of 3.65%, up from 3.07% YTD 2024.
   
• Loan growth of $22.3 million, up 5.82% annualized from December 31, 2024.
   
• Deposit growth of $2.9 million, up 0.54% annualized from December 31, 2024.
   
• Asset quality metrics remain strong with stable non-performing and classified loans. Charge-offs remain at historically low levels through June 30, 2025.

About The Union Bank Company:
Since 1904, The Union Bank Company has been here to provide full-service banking to the people and businesses throughout the communities we serve. Today, the bank has 14 full-service branch locations across Northwest and Central Ohio, including Bowling Green, Columbus Grove, Delphos, Findlay, Gibsonburg, Kalida, Leipsic, Lewis Center, Lima, Marion, Ottawa, Paulding and Pemberville. We have Interactive Teller Machines (ITMs) located at all of our branch locations with additional ITM only locations in Lima, Marion, Paulding and Westerville. The Union Bank Company is headquartered in Columbus Grove, Ohio, and remains committed to providing the best banking service and products to all the communities we serve. Learn more at www.theubank.com. 

Contact:
Brian D. Young, President and CEO
Klint D. Manz, Chief Financial Officer
419.659.2141

United Bancshares, Inc.
Quarterly Report
June 30, 2025

Shareholders, Clients, and Team Members:

I am pleased to report that your Company continued to see strong results for the first half of 2025, reporting $5.9 million in net income, which was $1.99/share and 16.56% return on average tangible shareholder equity. During the first half, the Company also reported $22.3 million in loan growth (5.82% annualized) and $14.5 million (2.96% annualized) in core deposit growth (excluding the deposit fluctuations from the Ohio Treasurer's Homebuyer Plus matching deposits). Net interest margin also improved to 3.71% from 3.12% from the same period in 2024. While credit quality remained stable, the Company expensed $235,000 to provision for credit losses primarily as the result of the noted loan growth.

Trading of our shares (UBOH) on OTCQX during the second quarter was steady. The average close during the quarter was $26.71 with a high close of $27.99 and a low close of $24.40. Additionally, the Company was able to repurchase 20,145 shares during the second quarter. We continue to believe that selectively repurchasing our shares at attractive pricing creates long-term value and liquidity for our shareholders. As a result, the Company has repurchased 369,321 shares at an average price of $21.41 during the period of June 2022 through June 2025.

As a result of these successes, the Board of Directors declared a $0.23 per share quarterly dividend, payable on September 15^th for shareholders of record on August 29th. The dividend is 21.9% of the reported net income for the second quarter of 2025.

I am also pleased to report implementation of an all-new digital platform for our clients continues with an expected rollout in the first quarter of 2026, increased usage of our 7am – 7pm live teller access at all our locations, and the addition of incredible new team members with significant experience and compatible cultural approaches in our commercial, retail and operational areas. We continue to be blessed by the countless people who have chosen to serve or be served by The Union Bank Company.

The continued accomplishments of your Company are the result of the ongoing efforts of the Company's resolute team members and Board of Directors in applying our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities. As always, your ongoing support and the trust you have placed in us is appreciated.

Respectfully,

Brian D. Young
President & CEO

	June 30, 2025		December 31, 2024
Cash and cash equivalents	$     91,795,000		$     95,283,000
Securities	225,570,000		237,779,000
Loans	789,314,000		766,987,000
Less allowance for credit losses	(8,445,000)		(7,937,000)
Other assets	99,905,000		97,218,000
Total Assets	$1,198,139,000		$1,189,330,000
Deposits	$1,073,992,000		$1,071,105,000
Borrowings	16,594,000		17,091,000
Other liabilities	6,436,000		6,394,000
Total Liabilities	1,097,022,000		1,094,590,000
Common stock and surplus	21,899,000		21,461,000
Retained earnings	129,402,000		124,822,000
Accumulated other comprehensive (loss) income	(32,759,000)		(34,786,000)
Treasury stock	(17,425,000)		(16,757,000)
Total shareholders' equity	101,117,000		94,740,000
Total Liabilities and Shareholders' Equity	$1,198,139,000		$1,189,330,000
Common shares outstanding	2,960,129		2,964,007
Book value	$34.16		$31.96
Tangible book value (non-GAAP)	$24.47		$22.28
Closing price	$27.98		$31.00
Allowance for credit losses to loans (end of period, excluding LHFS)	1.08 %		1.04 %
Loans to deposits	73.49 %		71.61 %

 

	3 months ended		3 months ended		6 months ended		6 months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Interest income	$14,546,000		$12,502,000		$28,730,000		$24,373,000
Interest expense	4,643,000		5,053,000		9,284,000		9,776,000
Net interest income	9,903,000		7,449,000		19,446,000		14,597,000
Provision for credit losses	235,000		(190,000)		328,000		(481,000)
Net interest income after provision	9,668,000		7,639,000		19,118,000		15,078,000
Non-interest income	1,803,000		2,026,000		3,604,000		4,305,000
Non-interest expense	7,958,000		7,683,000		16,082,000		15,470,000
Income before federal income taxes	3,513,000		1,982,000		6,640,000		3,913,000
Federal income taxes	387,000		150,000		722,000		248,000
Net Income	$3,126,000		$1,832,000		$5,918,000		$3,665,000
Average common shares outstanding	2,974,300		2,990,805		2,971,732		3,008,541
Per Share Data:
Net income (basic)	$1.05		$0.61		$1.99		$1.22
Cash dividends declared	$0.23		$0.22		$0.46		$0.44
Dividend yield (annualized) based on quarterly avg. closing price	3.44 %		4.73 %		3.34 %		4.69 %
Performance Ratios:
Return on average assets	1.04 %		0.68 %		0.99 %		0.68 %
Return on average tangible shareholders' equity	17.33 %		12.27 %		16.56 %		11.78 %
Net interest margin	3.71 %		3.12 %		3.65 %		3.07 %
Credit Quality and Other Ratios:
Net loan charge-offs (recoveries) as a percentage of average outstanding net loans	0.00 %		0.00 %		-0.06 %		0.00 %

 

United Bancshares, Inc   Directors Robert L. Benroth Herbert H. Huffman III Daniel W. Schutt, Chairman R. Steven Unverferth Brian D. Young   Officers Brian D. Young, President/CEO Denise E. Giesige, Secretary Klint D. Manz, CFO

The Union Bank Co.   Directors Robert L. Benroth Anthony M. V. Eramo Herbert H. Huffman III Kevin L. Lammon John P. Miller William R. Perry Carol R. Russell Daniel W. Schutt R. Steven Unverferth Dr. Jane M. Wood Brian D. Young, Chairman

 

Investor Materials
United Bancshares, Inc. has traded its common stock on the OTCQX Markets Exchange under the symbol "UBOH". Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Investor Relations section of our website theubank.com or by calling 800-837-8111.

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SOURCE United Bancshares, Inc.

FAQ

What is United Bancshares' (UBOH) dividend yield for Q2 2025?

United Bancshares offers a 3.44% dividend yield based on the average closing price for Q2 2025, with a quarterly dividend of $0.23 per share.

How much did United Bancshares' (UBOH) earnings increase in Q2 2025?

United Bancshares' earnings increased by 72% to $3.1 million ($1.05 per share) in Q2 2025, compared to $1.8 million ($0.61 per share) in Q2 2024.

What is United Bancshares' (UBOH) net interest margin for Q2 2025?

United Bancshares reported a net interest margin of 3.71% for Q2 2025, an increase from 3.12% in Q2 2024.

When will United Bancshares (UBOH) pay its Q2 2025 dividend?

The $0.23 per share dividend will be payable on September 15, 2025 to shareholders of record on August 29, 2025.

How much loan growth did United Bancshares (UBOH) achieve in 2025?

United Bancshares achieved loan growth of $22.3 million, representing a 5.82% annualized increase from December 31, 2024.