UNITED BANCSHARES, INC. ANNOUNCES THIRD QUARTER 2026 RESULTS AND $0.26 DIVIDEND

Earnings growth and a higher dividend came alongside increased borrowings and lower shareholders' equity.

Rhea-AI Summary

United Bancshares (UBOH) reported higher third-quarter 2026 earnings and declared a quarterly dividend of $0.26 per share. Net income reached $5.151 million, or $1.90 per share, versus $2.991 million, or $1.01 per share, a year earlier. Nine-month net income rose to $10.5 million from $8.909 million, with earnings per share increasing to $3.83 from $3.00.

The dividend increased 13% from the same quarter in 2025 and is payable December 15, 2026, to holders of record November 30. Third-quarter net interest margin rose to 3.87% from 3.76%. Loans grew $43.4 million from December 31, 2025, while core deposits grew $54.4 million. Borrowings increased to $163.628 million from $16.568 million, and shareholders' equity fell to $95.042 million from $113.662 million. Nine-month non-interest income declined to $1.824 million from $5.430 million, while credit-loss provision rose to $642,000 from $392,000.

14 points · 0 major

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1 major · 11 points

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Positive

• Moderate pointThird-quarter net income rose to $5.151 million from $2.991 million; EPS increased to $1.90 from $1.01 year-over-year.
• Moderate pointQuarterly dividend increased 13% year-over-year to $0.26; payable December 15, 2026, to November 30 record holders.
• Moderate pointNet interest income rose to $12.391 million quarterly and $35.183 million year-to-date, versus $9.965 million and $29.411 million.
• Moderate pointNet interest margin increased to 3.87% quarterly and 3.95% year-to-date, versus 3.76% and 3.69% a year earlier.
• Moderate pointLoans grew $43.4 million from December 31, 2025, representing 7.01% annualized growth.
• Moderate pointCore deposits grew $54.4 million from December 31, 2025, representing 7.48% annualized growth.
• Moderate pointQuarterly non-interest expense declined to $8.254 million from $8.366 million a year earlier.

7 minor points

• Minor pointNine-month net income rose to $10.500 million from $8.909 million; EPS increased to $3.83 from $3.00 year-over-year.
• Minor pointNine-month dividends declared increased to $0.77 per share from $0.69 a year earlier.
• Minor pointAdditional deposit growth included $61.9 million of brokered deposits and $19.4 million of state-program fluctuations.
• Minor pointReturn on average assets increased to 1.42% quarterly and 1.05% year-to-date, versus 1.01% and 0.99% year-over-year.
• Minor pointNon-GAAP tangible equity returns rose to 25.73% quarterly and 17.18% year-to-date, versus 15.89% and 16.29% year-over-year.
• Minor pointCash and cash equivalents increased to $57.121 million from $51.833 million at December 31, 2025.
• Minor pointNon-performing and classified loans remained stable.

Negative

• Major pointBorrowings rose to $163.628 million from $16.568 million at December 31, 2025.
• Moderate pointShareholders' equity declined to $95.042 million from $113.662 million at December 31, 2025.
• Moderate pointNon-interest income fell to $1.777 million quarterly and $1.824 million year-to-date, versus $1.826 million and $5.430 million.
• Moderate pointCredit-loss provision increased to $253,000 quarterly and $642,000 year-to-date, versus $64,000 and $392,000 a year earlier.
• Moderate pointInterest expense increased to $6.278 million quarterly and $15.572 million year-to-date, versus $4.806 million and $14.090 million.

6 minor points

• Minor pointAccumulated other comprehensive loss widened to $40.907 million from $24.776 million at December 31, 2025.
• Minor pointBook value fell to $35.31 per share from $38.47 at December 31, 2025.
• Minor pointNon-GAAP tangible book value declined to $24.53 per share from $28.76 at December 31, 2025.
• Minor pointNine-month non-interest expense rose to $24.893 million from $24.449 million a year earlier.
• Minor pointNine-month net loan charge-offs were 0.01% of average outstanding net loans, versus 0.04% net recoveries a year earlier.
• Minor pointClosing share price declined to $40.04 from $43.02 at December 31, 2025.

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COLUMBUS GROVE, Ohio, Oct. 21, 2026 /PRNewswire/ -- United Bancshares, Inc. (OTCQX: UBOH)

• Quarterly cash dividend of $0.26 per share for shareholders of record on November 30, 2026, payable on December 15, 2026. This represents a 13% increase from the same quarter in 2025.
  
  
• Company reported net income of $5.2 million ($1.90 per share) for the third quarter of 2026 and $10.5 million ($3.83 per share) YTD 2026 compared to $3.0 million ($1.01 per share) for the third quarter of 2025 and $8.9 million ($3.00 per share) YTD 2025.
  
  
• Company reported return on average tangible equity of 25.73% and 17.18% for the third quarter and first nine months of 2026 compared to 15.89% and 16.29% for the third quarter and first nine months of 2025.
  
  
• Net interest margin of 3.87% for the third quarter of 2026, an increase from 3.76% in the comparable period in 2025. YTD 2026 net interest margin of 3.95%, is up from 3.69% YTD 2025.
  
  
• Loan growth of $43.4 million, an annualized growth rate of 7.01% from December 31, 2025.
  
  
• Deposits increased $135.7 million, inclusive of $61.9 million of brokered deposits and fluctuations in state deposit programs totaling $19.4 million, resulting in core deposit growth of $54.4 million or 7.48% annualized growth from December 31, 2025.
  
  
• Asset quality metrics remain strong with stable non-performing and classified loans supported by an allowance for credit losses to loans of 1.08% on September 30, 2026.

Non‑GAAP Financial Measures
This release contains certain non‑GAAP financial measures, including return on average tangible equity. Tangible equity is defined as total shareholders' equity, less goodwill and other intangible assets. Management believes these measures provide meaningful supplemental information to assess performance and capital adequacy and are useful to investors; however, they should not be viewed as a substitute for GAAP measures.

Cautionary Note Regarding Forward‑Looking Statements
This press release may contain forward‑looking statements, including statements regarding future financial and operating results, loan and deposit growth, net interest margin, asset quality, capital, dividends, and strategy. Forward‑looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially include, among others, changes in interest rates, inflation, competitive pressures, credit quality and economic conditions in our markets, liquidity and funding conditions, regulatory and accounting developments, and other risks described from time to time in public materials made available by the Company. The Company undertakes no obligation to update any forward‑looking statements, except as required by law.

About United Bancshares, Inc.
United Bancshares, Inc. (OTCQX: UBOH) is a financial holding company headquartered in Columbus Grove, Ohio, and the parent company of The Union Bank Company. United Bancshares' common stock trades on the OTCQX Best Market under the symbol "UBOH."

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, McComb and Paulding. 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
September 30, 2026

Shareholders, Clients, and Team Members:

I am pleased to report that your Company continued to see strong results for 2026, reporting $5.2 million ($1.90/share) and $10.5 million ($3.83/share) in net income for the third quarter and year to date, respectively. That equated to return on average tangible equity of 25.7% and 17.2% for the three- and nine-month periods in 2026, respectively. The Company also reported approximately $43 million in loan growth (7% annualized) and $54.4 million (7.5% annualized) in core deposit growth (excluding the deposit fluctuations from the Ohio Treasurer's matching deposits and acquired brokered CDs). While credit quality remained relatively stable, the Company has allocated $642,000 to provision for credit losses so far in 2026.

As a result of these successes, the Board of Directors declared a $0.26 per share quarterly dividend, payable on December 15^th for shareholders of record on November 30^th. The dividend is a 13% increase as compared to the third quarter 2025 dividend and 13.7% of the reported net income for the third quarter of 2026.

As the Company continues to report positive movement in many of our financial metrics, we continue to believe that repurchasing our shares at appropriate levels brings long-term value to our shareholders. Throughout 2026, UBOH shares closed on the OTCQX market at an average price of $38.82 per share and closed the third quarter at $40.04 per share. If your investment strategy has changed or you would simply like to use your capital for another purpose, we encourage you to contact the Company. By contacting us directly, you may benefit from a negotiated price, avoid brokerage commissions or fees, and experience a faster and simpler transaction process. Any share repurchase is entirely voluntary for both the shareholder and the Company. If you are interested in discussing a potential repurchase of your shares, please contact me directly at 419-879-6111.

The continued accomplishments of your Company are the result of the ongoing efforts of the Company's unyielding 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
Chairman, President & CEO

Financial Reports
(unaudited)
	September 30, 2026		December 31, 2025
Cash and cash equivalents	$     57,121,000		$     51,833,000
Securities	428,469,000		227,895,000
Loans	868,505,000		825,129,000
Less allowance for credit losses	(9,328,000)		(8,630,000)
Other assets	113,523,000		97,170,000
Total Assets	$1,458,290,000		$1,193,397,000
Deposits	$1,191,472,000		$1,055,736,000
Borrowings	163,628,000		16,568,000
Other liabilities	8,148,000		7,431,000
Total Liabilities	1,363,248,000		1,079,735,000
Common stock and surplus	22,582,000		22,326,000
Retained earnings	142,573,000		134,117,000
Accumulated other comprehensive (loss) income	(40,907,000)		(24,776,000)
Treasury stock	(29,206,000)		(18,005,000)
Total shareholders' equity	95,042,000		113,662,000
Total Liabilities and Shareholders' Equity	$1,458,290,000		$1,193,397,000
Common shares outstanding	2,691,611		2,954,518
Book value	$35.31		$38.47
Tangible book value (non-GAAP)	$24.53		$28.76
Closing price	$40.04		$43.02
Allowance for credit losses to loans (end of period, excluding LHFS)	1.08 %		1.05 %
Loans to deposits	72.89 %		78.16 %

 

	3 months ended		3 months ended		9 months ended		9 months ended
	Sept 30, 2026		Sept 30, 2025		Sept 30, 2026		Sept 30, 2025
Interest income	$18,669,000		$14,771,000		$50,755,000		$43,501,000
Interest expense	6,278,000		4,806,000		15,572,000		14,090,000
Net interest income	12,391,000		9,965,000		35,183,000		29,411,000
Provision for credit losses	253,000		64,000		642,000		392,000
Net interest income after provision	12,138,000		9,901,000		34,541,000		29,019,000
Non-interest income	1,777,000		1,826,000		1,824,000		5,430,000
Non-interest expense	8,254,000		8,366,000		24,893,000		24,449,000
Income before federal income taxes	5,661,000		3,361,000		11,472,000		10,000,000
Federal income taxes	510,000		370,000		972,000		1,091,000
Net Income	$5,151,000		$2,991,000		$10,500,000		$8,909,000
Average common shares outstanding	2,705,764		2,962,803		2,742,528		2,968,674
Per Share Data:
Net income (basic)	$1.90		$1.01		$3.83		$3.00
Cash dividends declared	$0.26		$0.23		$0.77		$0.69
Performance Ratios:
Return on average assets	1.42 %		1.01 %		1.05 %		0.99 %
Return on average tangible shareholders' equity	25.73 %		15.89 %		17.18 %		16.29 %
Net interest margin	3.87 %		3.76 %		3.95 %		3.69 %
Credit Quality and Other Ratios:
Net loan charge-offs (recoveries) as a percentage of average outstanding net loans	0.00 %		0.00 %		0.01 %		(0.04 %)

 

United Bancshares, Inc. Directors Robert L. Benroth Herbert H. Huffman III Kevin L. Lammon R. Steven Unverferth Brian D. Young, Chairman		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 R. Steven Unverferth Brian D. Young, Chairman
Officers Brian D. Young, President/CEO Jane M. Wood, Secretary Klint D. Manz, CFO

Investor Materials
United Bancshares, Inc. trades its common stock on the OTCQX Best Market 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will United Bancshares pay its $0.26 dividend?

United Bancshares will pay the $0.26 per-share quarterly cash dividend on December 15, 2026, to shareholders of record on November 30, 2026. The dividend is 13% higher than the same quarter in 2025.

What were United Bancshares' third-quarter 2026 earnings?

United Bancshares earned $5.151 million, or $1.90 per share, in the third quarter of 2026, compared with $2.991 million, or $1.01 per share, a year earlier.

How can UBOH shareholders discuss selling shares directly to United Bancshares?

Shareholders can contact Brian D. Young directly at 419-879-6111 to discuss a potential share repurchase. Participation is voluntary for both the shareholder and the company. The company says a direct transaction may offer a negotiated price, avoid brokerage commissions or fees, and provide a faster process.

What was United Bancshares' allowance for credit losses at September 30, 2026?

The allowance for credit losses was $9.328 million at September 30, 2026, compared with $8.630 million at December 31, 2025. The allowance-to-loans ratio, excluding loans held for sale, increased to 1.08% from 1.05%.