United Bancorp (UBCP) posts Q1 2026 profit as securities losses hit equity

Q: How did United Bancorp (UBCP) perform financially in Q1 2026?

United Bancorp generated net income of $1.9 million in Q1 2026, slightly above $1.87 million in Q1 2025. EPS was $0.33 , up from $0.32, supported by higher net interest income and stable credit costs.

Q: What were United Bancorp (UBCP)’s key balance sheet totals at March 31, 2026?

At March 31, 2026, United Bancorp reported total assets of $858.5 million , net loans of $496.1 million , and deposits of $666.7 million . Securities available for sale had a fair value of $236.3 million, and stockholders’ equity totaled $67.5 million.

Q: How strong is United Bancorp (UBCP)’s credit quality and allowance coverage?

United Bancorp reported an allowance for credit losses on loans of $4.25 million at March 31, 2026. Nonperforming loans totaled $6.5 million, mainly in commercial real estate, and provision expense was $30,000, indicating limited incremental credit deterioration this quarter.

Q: Why did United Bancorp (UBCP) report a comprehensive loss in Q1 2026?

Although net income was positive, United Bancorp recorded other comprehensive loss of $2.46 million from unrealized losses on available-for-sale securities. This drove a total comprehensive loss of $546,000 , reflecting interest rate-driven valuation changes rather than operating losses.

Q: What dividends did United Bancorp (UBCP) pay in the first quarter of 2026?

In Q1 2026 United Bancorp paid dividends of $0.3675 per share , including a special dividend of $0.175. This slightly exceeded the $0.3575 per share paid in Q1 2025, continuing the company’s pattern of regular cash returns to shareholders.

Q: How did United Bancorp (UBCP)’s liquidity and funding change during Q1 2026?

Cash and cash equivalents decreased to $27.2 million from $46.5 million as the bank increased loans, securities, and bank-owned life insurance. Deposits rose to $666.7 million , while Federal Home Loan Bank advances declined from $75.0 million to $55.0 million.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

United Bancorp, Inc. reported first-quarter 2026 net income of $1.9 million, slightly above $1.87 million a year earlier. Basic and diluted earnings per share were $0.33, up from $0.32, as net interest income increased to $6.5 million from $6.2 million.

Total assets were $858.5 million at March 31, 2026, with net loans of $496.1 million and deposits of $666.7 million. Credit quality remained controlled, with an allowance for credit losses of $4.25 million and nonperforming loans of $6.5 million. The bank paid dividends of $0.3675 per share, including a special dividend.

Despite positive net income, rising longer-term interest rates drove unrealized losses on available-for-sale securities, producing other comprehensive loss of $2.46 million and a total comprehensive loss of $0.55 million. Cash and cash equivalents declined to $27.2 million from $46.5 million as the bank increased securities, loans, and bank-owned life insurance while reducing Federal Home Loan Bank advances.

Insights

Quarter shows steady core earnings, but higher rates pressure capital through securities marks.

United Bancorp delivered relatively stable profitability in Q1 2026. Net income of $1.9 million and EPS of $0.33 rose modestly year over year as net interest income improved to $6.5 million. Loan balances grew to $500.3 million gross, while deposits reached $666.7 million.

Asset quality metrics remain manageable. The allowance for credit losses on loans was $4.25 million, and nonperforming loans totaled $6.5 million, concentrated in commercial real estate. Provision expense stayed low at $30,000, suggesting limited new credit stress in the period.

Capital is pressured more by interest rate movements than by credit. Unrealized losses on available-for-sale securities widened, driving other comprehensive loss of $2.46 million and reducing accumulated other comprehensive income to a net after-tax loss of $7.8 million. Subsequent filings for 2026 will show whether deposit growth, loan mix, and rate trends continue to offset that pressure on book value.

Key Figures

Net income: $1.91M Earnings per share: $0.33 Net interest income: $6.51M +5 more

8 metrics

Net income $1.91M Three months ended March 31, 2026 vs $1.87M in 2025

Earnings per share $0.33 Basic and diluted EPS for Q1 2026 vs $0.32 in 2025

Net interest income $6.51M Q1 2026 net interest income vs $6.25M in Q1 2025

Total assets $858.5M Total assets at March 31, 2026

Deposits $666.7M Total deposits at March 31, 2026

Allowance for credit losses $4.25M Allowance for credit losses on loans at March 31, 2026

Other comprehensive loss $2.46M Q1 2026 unrealized loss on available-for-sale securities, net of tax

Dividends per share $0.3675 Q1 2026 dividends per share including $0.175 special dividend

Key Terms

net interest income, allowance for credit losses, available-for-sale securities, other comprehensive income (loss), +2 more

6 terms

net interest income financial

"Net Interest Income | 2026 $ 6,511 | 2025 $ 6,247"

Net interest income is the difference between the interest a financial institution earns on loans and investments and the interest it pays on deposits and borrowings. It matters to investors because it is a primary source of profit for banks and similar firms — like the gross margin on a store’s trade — and changes with loan growth, deposit costs and interest rates, so it signals core earning power and sensitivity to rate moves.

allowance for credit losses financial

"Loans, net of allowance for credit losses of $ 4,250 and $ 4,261"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

available-for-sale securities financial

"Available-for-sale securities, amortized cost of $ 246,017 and $ 240,793"

Available-for-sale securities are investments in stocks, bonds or similar instruments that a company does not intend to trade frequently but may sell before they mature. They matter to investors because changes in the market value of these holdings show up as paper gains or losses on the company's balance sheet rather than immediately in profit, so they can affect reported net worth and the timing of income without changing day-to-day earnings. Think of them like items on a household shelf you might sell later: their value moves with the market even if you haven’t cashed out.

other comprehensive income (loss) financial

"Other comprehensive income (loss), net of tax"

nonperforming loans financial

"Loans past due 90 days or more and loans on nonaccrual status are considered nonperforming."

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

fair value hierarchy financial

"The Company also utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs"

10-Q Quarterly Reports: What Changes Quarter to Quarter →

05/14/2026 - 12:06 PM

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT

For the transition period from ___________ to___________

Commission File Number: 0-16540

UNITED BANCORP, INC.

(Exact name of registrant as specified in its charter)

Ohio		34-1405357
(State or other jurisdiction of		(IRS Employer Identification No.)
incorporation or organization)

201 South Fourth Street, Martins Ferry, Ohio 43935-0010

(Address of principal executive offices)

(740) 633-0445

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $1.00	UBCP	NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒
Smaller Reporting Company ☒		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes ☐ No ☒

Indicate the number of shares outstanding of the issuer’s classes of common stock as of the latest practicable date: As of May 1, 2026, 5,781,030 shares of the Company’s common stock, $1.00 par value, were issued and outstanding.

Table of Contents


PART I - FINANCIAL INFORMATION

Item 1	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Income	4

	Condensed Consolidated Statements of Comprehensive Loss	5

	Condensed Consolidated Statements of Stockholders’ Equity	6

	Condensed Consolidated Statements of Cash Flows	7

	Notes to Condensed Consolidated Financial Statements	8

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4	Controls and Procedures	37

PART II - OTHER INFORMATION

Item 1	Legal Proceedings	38

Item 1A	Risk Factors	38

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3	Defaults Upon Senior Securities	38

Item 4	Mine Safety Disclosures	38

Item 5	Other Information	38

Item 6	Exhibits	39

SIGNATURES		40

Table of Contents

ITEM 1. Financial Statements

United Bancorp, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)


		March 31,			December 31,
		2026			2025
		(Unaudited)
Assets
Cash and due from banks		$	8,186		$	9,381
Interest-bearing demand deposits			19,054			37,147
Cash and cash equivalents			27,240			46,528

Available-for-sale securities, amortized cost of $246,017 and $240,793 at March 31, 2026 and December 31, 2025			236,317			234,204
Loans held for sale			492			—
Loans, net of allowance for credit losses of $4,250 and $4,261 at March 31, 2026 and December 31, 2025, respectively			496,089			487,298
Premises and equipment			35,728			34,095
Federal Home Loan Bank stock			3,576			4,030
Foreclosed assets held for sale, net			2,540			2,540
Goodwill			682			682
Accrued interest receivable			3,446			3,982
Deferred federal income tax			3,904			3,383
Bank-owned life insurance			38,239			30,920
Other assets			10,246			9,783
Total Assets		$	858,499		$	857,445
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Demand		$	348,815		$	335,422
Savings			125,818			124,213
Time			192,024			181,731
Total deposits			666,657			641,366
Securities sold under repurchase agreements			35,596			29,403
Subordinated debentures			23,924			23,909
Advances Federal Home Loan Bank			55,000			75,000
Lease liability – finance lease			2,956			2,958
Interest payable and other liabilities			6,867			14,294
Total liabilities			791,000			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 6,263,141 shares at March 31, 2026, and 6,213,141 issued shares at December 31. 2025; outstanding 5,781,030 and 5,756,852 shares at March 31, 2026 and December 31, 2025, respectively			6,263			6,213
Additional paid-in capital			27,249			27,073
Retained earnings			48,291			48,576
Stock held by deferred compensation plan; 2026 – 194,971 shares, 2025 – 194,971 shares			(2,557)			(2,431)
Accumulated other comprehensive loss			(7,808)			(5,351)
Treasury stock, at cost 2026 – 287,140 shares, 2025 – 261,318 shares			(3,939)			(3,565)
Total stockholders’ equity			67,499			70,515
Total liabilities and stockholders’ equity		$	858,499		$	857,445

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Condensed Consolidated Statements of Income

Three Months Ended March 31, 2026 and 2025

(In thousands, except per share data)

(Unaudited)


		2026			2025
Interest and Dividend Income
Loans, including fees		$	7,525		$	7,327
Securities:
Taxable			233			387
Non-taxable			2,048			1,896
Federal funds sold			124			138
Dividends on Federal Home Loan Bank and other stock			84			94
Total interest and dividend income			10,014			9,842
Interest Expense
Deposits			2,100			2,015
Borrowings			1,403			1,580
Total interest expense			3,503			3,595
Net Interest Income			6,511			6,247
Credit Loss Expense
Provision for credit loss expense - loans			30			96
Provision for credit loss expense - off balance sheet commitments			—			—
Provision for Credit Loss Expense			30			96
Net Interest Income After Provision for Credit Losses			6,481			6,151
Noninterest Income
Service charges on deposit accounts			792			733
Realized gain on sale of available-for-sale securities			—			143
Realized gains on sales of loans			98			84
Earnings on bank-owned life insurance			425			193
Other income			110			128
Total noninterest income			1,425			1,281
Noninterest Expense
Salaries and employee benefits			3,004			2,837
Occupancy and equipment			811			630
Professional services			337			342
Data processing and related electronic services			513			366
FDIC insurance			99			94
Insurance			183			162
Franchise and other taxes			141			145
Advertising			131			130
Stationery and office supplies			32			31
Amortization of intangibles			—			37
Other expenses			904			812
Total noninterest expense			6,155			5,586
Income Before Federal Income Taxes			1,751			1,846
(Benefit) provision for Federal Income Taxes			(160)			(26)
Net Income		$	1,911		$	1,872
Basic Earnings Per Share		$	0.33		$	0.32
Diluted Earnings Per Share		$	0.33		$	0.32
Dividends Per Share (including special dividend of $0.175 in March 2026 and March 2025)		$	0.3675		$	0.3575

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Condensed Consolidated Statements of Comprehensive Loss

Three Months Ended March 31, 2026 and 2025

(In thousands, except per share data)

(Unaudited)


	2026			2025
Net Income	$	1,911		$	1,872
Other comprehensive income (loss), net of tax
Net realized (gain) loss included in net income, net of tax $ 30		—			(113)
Unrealized holding gain (loss) on available-for-sale securities during the period, net of taxes (benefits) of ($654) and ($617) for each respective period		(2,457)			(2,322)
Other comprehensive loss		(2,457)			(2,435)
Comprehensive Loss	$	(546)		$	(563)

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Consolidated Statements of Stockholders’ Equity

Three Months Ended March 31, 2026 and 2025

(In thousands except per share data)

(Unaudited)


					Treasury				Accumulated
			Additional		Stock and				Other
	Common		Paid-in		Deferred		Retained		Comprehensive
	Stock		Capital		Compensation		Earnings		Loss		Total
Balance January 1, 2025	$	6,203	$	26,373	$	(5,326)	$	46,307	$	(10,100)	$	63,457
Net income		—		—		—		1,872		—		1,872
Restricted stock issued		—		—		—		—		—		—
Other comprehensive loss		—		—		—		—		(2,435)		(2,435)
Cash dividends - $0.3575 per share		—		—		—		(2,133)		—		(2,133)
Repurchase of common stock		—		—		(49)		—		—		(49)
Shares activity for deferred compensation plan (4,081)		—		81		(81)		—		—		—
Expense related to share-based compensation plans		—		89		—		—		—		89
Balance, March 31, 2025	$	6,203	$	26,543	$	(5,456)	$	46,046	$	(12,535)	$	60,801
Balance January 1, 2026		6,213		27,073		(5,996)		48,576		(5,351)		70,515
Net income		—		—		—		1,911		—		1,911
Restricted stock issued (50,000)		50		(50)		—		—		—		—
Other comprehensive loss		—		—		—		—		(2,457)		(2,457)
Cash dividends - $0.3675 per share		—		—		—		(2,196)		—		(2,196)
Repurchase of common stock (25,822)		—		—		(374)		—		—		(374)
Shares activity for deferred compensation plan		—		126		(126)		—		—		—
Expense related to share-based compensation plans		—		100		—		—		—		100
Balance, March 31, 2026	$	6,263	$	27,249	$	(6,496)	$	48,291	$	(7,808)	$	67,499

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31, 2026 and 2025

(In thousands except per share data)

(Unaudited)


	2026		2025
Operating Activities
Net income	$	1,911	$	1,872
Items not requiring (providing) cash
Depreciation and amortization		411		290
Amortization of intangible asset		—		37
Premium amortization on securities		97		107
Provision for credit loss expense		30		96
Gain on sale of loans		(98)		(84)
Gain on sale of available-for-sale securities		—		(143)
Expense related to share based compensation programs		100		89
Increase in value of bank-owned life insurance		(402)		(103)
Originations of loans held for sale		(4,019)		(2,378)
Proceeds from sale of loans held for sale		3,921		2,462
Amortization of debt instrument costs		15		15
Net change in accrued interest receivable and other assets		(187)		(222)
Net change in accrued expenses and other liabilities		(1,513)		(974)

Net cash used in operating activities		266		1,064

Investing Activities
Purchase of available-for-sale securities		(11,236)		—
Proceeds from calls/redemptions of available-for-sale securities		—		10
Sale of available-for-sale securities		—		7,733
Net change in loans		(8,723)		(5,838)
Purchase of bank-owned life insurance		(6,917)		—
Redemption of Federal Home Loan Bank Stock		454		—
Proceeds from sales of foreclosed assets		—		28
Purchases of premises and equipment		(2,044)		(1,658)

Net cash (used in) provided by investing activities		(28,466)		275

Financing Activities
Net change in deposits		25,291		10,587
Net change in securities sold under repurchase agreements		6,193		7,071
Net change in Federal Home Loan Bank advances		(20,000)		—
Finance lease principal payment		(2)		(20)
Repurchase of common stock		(374)		(49)
Cash dividends paid		(2,196)		(2,133)

Net cash provided by financing activities		8,912		15,456

(Decrease) increase in Cash and Cash Equivalents		(19,288)		16,795

Cash and Cash Equivalents, Beginning of Period		46,528		19,608

Cash and Cash Equivalents, End of Period	$	27,240	$	36,403

Supplemental Cash Flows Information
Federal income taxes paid	$	—	$	—
Interest paid on deposits and borrowings	$	3,525	$	3,591

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Note 1: Summary of Significant Accounting Policies

These interim financial statements are prepared without audit and reflect all adjustments which, in the opinion of management, are necessary to present fairly the financial position of United Bancorp, Inc. (“Company”) at March 31, 2026, and its results of operations and cash flows for the interim periods presented. All such adjustments are normal and recurring in nature. The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not purport to contain all the necessary financial disclosures required by accounting principles generally accepted in the United States of America that might otherwise be necessary in the circumstances and should be read in conjunction with the Company’s consolidated financial statements and related notes for the year ended December 31, 2025 included in its Annual Report on Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Consolidated Financial Statements contained in its Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet of the Company as of December 31, 2025 has been derived from the audited consolidated balance sheet of the Company as of that date.

Principles of Consolidation

The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, Unified Bank of Martins Ferry, Ohio (“the Bank”). All intercompany transactions and balances have been eliminated in consolidation.

Nature of Operations

The Company’s revenues, operating income and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas Counties in Ohio and Marshall and Ohio Counties in West Virginia and the surrounding localities in northeastern, east-central and southeastern Ohio and include a wide range of individuals, businesses and other organizations. Unified Bank conducts its business through its main office in Martins Ferry, Ohio and branches in Bridgeport, Colerain, Dellroy, Dover, Glouster, Jewett, Lancaster Downtown, Lancaster East, Nelsonville, New Philadelphia, Powhatan Point, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg, Tiltonsville, Ohio, Wheeling and Moundsville West Virginia.

The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential real estate, commercial and industrial, commercial real estate and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial and industrial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary and fiscal policies, that are outside of management’s control.

Revenue Recognition

Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.

The majority of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as loans, investment securities, as well as revenue related to mortgage banking activities, as these activities are subject to other GAAP discussed elsewhere within the Company’s disclosures.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Descriptions of the Company’s revenue-generating activities that are within the scope of ASC 606, which are presented in the income statements as components of non-interest income are as follows:

Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when the performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.

Use of Estimates

To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and future results could differ. The allowance for credit losses and fair values of financial instruments are particularly subject to change.

Investment Securities

Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date.

Investment securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Unrealized gains or losses are reported as increases or decreases in other comprehensive income (loss), net of the deferred tax effect. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities.

Allowance for Credit Losses – Available for Sale Securities

The Company measures expected credit losses on available-for-sale debt securities when the Company does not intend to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. The Company utilizes independent firms to evaluate the Company’s State and Municipal Obligations and Subordinated Notes to measure any expected credit losses. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

The allowance for credit losses on available-for-sale debt securities is included within investment securities available-for-sale on the consolidated balance sheet. Changes in the allowance for credit losses are recorded within provision for credit losses on the consolidated statement of income. Losses are charged against the allowance when the Company believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Accrued interest receivable on available-for-sale debt securities totaled $2.0 million at March 31, 2026 and $2.6 million at December 31, 2025 and is included within the line item accrued interest receivable on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Available-for-sale debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed.

Loans

Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for credit losses and any deferred fees or costs. Accrued interest receivable totaled $1.4 million at March 31, 2026 and $1.4 million at December 31, 2025 and was reported in the line item accrued interest receivable on the Consolidated Balance Sheets and is excluded from the estimate of credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is amortizing these amounts over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method.

The loans receivable portfolio is segmented into commercial and industrial, which are typically utilized for general business purposes and commercial real estate, which are collateralized by real estate. Homogeneous loans consisting of similar products that are smaller in amount and distributed over a large number of individual borrowers include residential real estate and consumer loans.

For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for credit losses. Interest generally is either applied against principal or reported as interest income on a cash basis, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months), and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past-due status of all classes of loans receivable is determined based on contractual due dates for loan payments.

Allowance for Credit Losses - Loans

The allowance for credit losses (“ACL”) is a valuation reserve established and maintained by charges against income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period.

The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans.

The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company uses the call report classification as its segment breakout and measures the allowance for credit losses using the Weighted Average Remaining Maturity method for all loan segments.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on a 2 year unemployment forecast provided by Bloomberg and management judgment. For periods beyond our reasonable and supportable forecast, we revert back to historical annual loss rates for the remainder of the life of each pool after the forecast period. The qualitative adjustments for current conditions are based upon current level of inflation, changes in lending policies and practices, experience and ability of lending staff, quality of the Company’s loan review system, value of underlying collateral, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve.

The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income.

The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial and industrial loans and residential and installment loans greater than $100,000 that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance.

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

Earnings Per Share

Earnings per share (EPS) were computed as follows:


	Three Months Ended March 31, 2026
				Weighted-		Per
	Net			Average		Share
	Income			Shares		Amount
	(In thousands)
Net income	$	1,911
Less allocated earnings on non-vested restricted stock		—
Less allocated dividends on non-vested restricted stock		(117)
Net income allocated to common stockholders		1,794
				5,497,474
Basic and diluted earnings per share						$	0.33

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)


	Three Months Ended March 31, 2025
				Weighted-
	Net			Average		Per Share
	Income			Shares		Amount
	(In thousands)
Net income	$	1,872
Less allocated earnings on non-vested restricted stock		—
Less allocated dividends on non-vested restricted stock		(103)
Net income allocated to common stockholders		1,769
				5,566,428
Basic and diluted earnings per share						$	0.32

Income Taxes

The Company is subject to income taxes in the U.S. federal jurisdiction, as well as various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before 2022.

Note 2: Securities

The amortized cost and fair values, together with gross unrealized gains and losses of securities are as follows:


				Gross			Gross
				Unrealized			Unrealized
	Amortized Cost			Gains			Losses			Fair Value
Available-for-sale Securities:
March 31, 2026:
U.S. government agencies	$	2,500		$	—		$	(70)		$	2,430
Subordinated notes		22,400			—			(1,479)			20,921
State and municipal obligations		221,117			325			(8,476)			212,966
Total debt securities	$	246,017		$	325		$	(10,025)		$	236,317


				Gross			Gross
				Unrealized			Unrealized
	Amortized Cost			Gains			Losses		Fair Value

	(In thousands)
Available-for-sale Securities:
December 31, 2025:
U.S. government agencies	$	2,500		$	—		$	(46)	$	2,454
Subordinated notes		22,400			—			(1,491)		20,909
State and municipal obligations		215,893			800			(5,852)		210,841
Total debt securities	$	240,793		$	800		$	(7,389)	$	234,204

There was no allowance for credit losses at March 31, 2026 or December 31, 2025.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

The amortized cost and fair value of available-for-sale securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized		Fair
	Cost		Value

	(In thousands)
Under one year	$	—	$	—
One to five years		3,200		3,009
Five to ten years		40,920		39,438
Over ten years		201,897		193,870
Totals	$	246,017	$	236,317

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $118.4 million and $119.4 million at March 31, 2026 and December 31, 2025, respectively.

Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at March 31, 2026 was $200.9 million, which represented 82% of the Company’s available-for-sale investment portfolio. The total fair value of these investments at December 31, 2025 was $143.3 million, which represented less than 61% of the Company’s available-for-sale portfolio.

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary and are a result of an increase in longer term interest rates.

The following tables show the Company’s available for sale securities and the related gross unrealized losses and fair value, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31. 2025:


	March 31, 2026
	Less than 12 Months				12 Months or More				Total
Description of			Unrealized				Unrealized				Unrealized
Securities	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

	(In thousands)
U.S. Government agencies	$	—	$	—	$	2,430	$	(70)	$	2,430	$	(70)
Subordinated notes		2,800		(201)		18,121		(1,278)		20,921		(1,479)
State and municipal obligations		129,354		(2,314)		48,212		(6,162)		177,566		(8,476)
Total temporarily impaired securities	$	132,154	$	(2,515)	$	68,763	$	(7,510)	$	200,917	$	(10,025)


	December 31, 2025
	Less than 12 Months				12 Months or More				Total
Description of			Unrealized				Unrealized				Unrealized
Securities	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

	(In thousands)
US government agencies	$	—	$	—	$	2,454	$	(46)	$	2,454	$	(46)
Subordinated notes		1,916		(84)		18,993		(1,407)		20,909		(1,491)
State and municipal obligations		15,587		(135)		104,435		(5,717)		120,022		(5,852)
Total temporarily impaired securities	$	17,503	$	(219)	$	125,882	$	(7,170)	$	143,385	$	(7,389)

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

The unrealized losses on the Company’s 215 investments in available for sale securities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to require an allowance for credit losses to be recognized as of March 31, 2026 or December 31, 2025.

The Company did not sell any securities during the three months ended March 31, 2026. The Company recorded a gain on the sale of available - for - sale securities of approximately $143,000 for the three months ended March 31, 2025. The Company sold $140,000 in securities for a loss of $2,000 and sold $7,593,000 million in securities for a gain of $145,000. The Company wanted to rebalance a portion of its security portfolio during the first quarter of 2025.

Note 3: Loans and Allowance for Credit Losses

Categories of loans by purpose include:


	March 31,		December 31,
	2026		2025

	(In thousands)
Commercial and industrial loans	$	88,783	$	92,019
Commercial real estate
Commercial real estate - secured by residential mortgages		61,678		62,963
Commercial real estate - other		255,990		240,085
Residential real estate		87,292		89,580
Consumer loans		6,596		6,912
Total gross loans		500,339		491,559
Less allowance for credit losses		(4,250)		(4,261)
Total loans	$	496,089	$	487,298

The risk characteristics of each loan portfolio segment are as follows:

Commercial and Industrial, and Commercial Real Estate

Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus nonowner-occupied loans.

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Residential Real Estate and Consumer

Residential real estate and consumer loans consist of two segments - residential mortgage loans and personal loans. For residential mortgage loans that are secured by 1-4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

The following tables present the balance in the allowance for credit losses by collateral type and the recorded investment in loans by purpose based on portfolio segment and credit loss method as of March 31, 2026 and December 31, 2025.


	March 31, 2026
	Commercial and		Commercial
	Industrial		Real Estate		Residential			Consumer		Total

	(In thousands)
Allowance for credit losses:

Balance, beginning of period	$	544	$	2,571	$	1,034		$	112	$	4,261
Provision for credit loss expense		28		125		(157)			34		30
Losses charged off		(20)		—		—			(29)		(49)
Recoveries		3		—		—			5		8
Balance, end of period	$	555	$	2,696	$	877		$	122	$	4,250

Ending balance: individually evaluated for credit losses	$	—	$	433	$	—		$	—	$	433
Ending balance: collectively evaluated for credit losses	$	555	$	2,263	$	877		$	122	$	3,817
Loans:
Ending balance: individually evaluated for credit losses	$	—	$	1,144	$	—		$	—	$	1,144
Ending balance: collectively evaluated for losses	$	88,783	$	316,524	$	87,292		$	6,596	$	499,195


	March 31, 2025
	Commercial and		Commercial
	Industrial		Real Estate		Residential		Consumer		Total

	(In thousands)
Allowance for credit losses:

Balance, beginning of period	$	557	$	2,115	$	1,223	$	131	$	4,026
Provision for credit loss expense		39		(14)		30		41		96
Losses charged off		—		—		—		(34)		(34)
Recoveries		1		—		—		6		7
Balance, end of period	$	597	$	2,101	$	1,253	$	144	$	4,095

Ending balance: individually evaluated for credit losses	$	111	$	—	$	—	$	—	$	111
Ending balance: collectively evaluated for credit losses	$	486	$	2,101	$	1,253	$	144	$	3,984

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Allowance for Loan Losses and Recorded Investment in Loans

As of December 31, 2025


	December 31, 2025
	Commercial and		Commercial
	Industrial		Real Estate		Residential		Consumer		Total

	(In thousands)
Allowance for credit losses:
Ending balance: individually evaluated for impairment	$	—	$	425	$	—	$	—	$	425
Ending balance: collectively evaluated for impairment	$	544	$	2,146	$	1,034	$	112	$	3,836

Loans:
Ending balance: individually evaluated for impairment	$	312	$	1,385	$	453	$	—	$	2,150
Ending balance: collectively evaluated for impairment	$	91,707	$	301,663	$	89,127	$	6,912	$	489,409

The following tables show the portfolio quality indicators.

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of March 31, 2026 (in thousands):


																				Revolving			Revolving
																				Loans			Loans
																				Amortized			Converted
March 31, 2026		2026			2025			2024			2023			2022			Prior			Cost Basis			to Term			Total
Commercial and Industrial
Risk Rating
Pass		$	2,879		$	13,527		$	16,910		$	10,217		$	6,466		$	16,592		$	20,879		$	—		$	87,470
Special Mention			—			—			—			—			—			—			1,020			—			1,020
Substandard			—			—			—			—			27			167			99			—			293
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	2,879		$	13,527		$	16,910		$	10,217		$	6,493		$	16,759		$	21,998		$	—		$	88,783

Commercial and Industrial
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	20		$	—		$	—		$	20

Commercial real estate
Risk Rating
Pass		$	14,290		$	22,483		$	20,855		$	22,546		$	29,371		$	123,147		$	77,362		$	—		$	310,054
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			7,614			—			—			7,614
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	14,290		$	22,483		$	20,855		$	22,546		$	29,371		$	130,761		$	77,362		$	—		$	317,668

Commercial real estate
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Total
Pass		$	17,169		$	36,010		$	37,765		$	32,763		$	35,837		$	139,739		$	98,241		$	—		$	397,524
Special Mention			—			—			—			—			—			—			1,020			—			1,020
Substandard			—			—			—			—			27			7,781			99			—			7,907
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	17,169		$	36,010		$	37,765		$	32,763		$	35,864		$	147,520		$	99,360		$	—		$	406,451
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	20		$	—		$	—		$	—

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

The Company monitors the credit risk profile by payment activity for residential and consumer loan classes. Loans past due 90 days or more and loans on nonaccrual status are considered nonperforming. Nonperforming loans are reviewed quarterly. The following table presents the amortized cost in residential and consumer loans based on payment activity:


																				Revolving			Revolving
																				Loans			Loans
																				Amortized			Converted
March 31, 2026		2026			2025			2024			2023			2022			Prior			Cost Basis			to Term			Total
Residential Real Estate
Payment Performance
Performing		$	1,396		$	9,122		$	7,780		$	8,402		$	14,036		$	45,978		$	—		$	—		$	86,714
Nonperforming			—			252			22			—			—			304			—			—			578
Total		$	1,396		$	9,374		$	7,802		$	8,402		$	14,036		$	46,282		$	—		$	—		$	87,292

Residential real estate
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Consumer
Payment Performance
Performing		$	664		$	1,468		$	2,692		$	674		$	332		$	725		$	41		$	—		$	6,596
Nonperforming			—			—			—			—			—			—			—			—			—
Total		$	664		$	1,468		$	2,692		$	674		$	332		$	725		$	41		$	—		$	6,596

Consumer
Current period gross charge-offs		$	29		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	29

Total
Payment Performance
Performing		$	2,060		$	10,590		$	10,472		$	9,076		$	14,368		$	46,703		$	41		$	—		$	93,310
Nonperforming			—			252			22			—			—			304			—			—			578
Total		$	2,060		$	10,842		$	10,494		$	9,076		$	14,368		$	47,007		$	41		$	—		$	93,888
Current period gross charge-offs		$	29		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	29

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

The following tables show the portfolio quality indicators.

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of December 31, 2025 (in thousands):


																			Revolving			Revolving
																			Loans			Loans
																			Amortized			Converted
December 31, 2025	2025			2024			2023			2022			2021			Prior			Cost Basis			to Term			Total
Commercial and industrial
Risk Rating
Pass	$	16,029		$	17,946		$	11,518		$	7,127		$	3,815		$	13,946		$	20,293		$	—		$	90,674
Special Mention		—			—			—			—			—			—			1,033			—			1,033
Substandard		—			—			—			26			—			170			116			—			312
Doubtful		—			—			—			—			—			—			—			—			—
Total	$	16,029		$	17,946		$	11,518		$	7,153		$	3,815		$	14,116		$	21,442		$	—		$	92,019

Commercial and industrial
Current period gross charge-offs	$	—		$	—		$	39		$	—		$	—		$	27		$	189		$	—		$	255

Commercial real estate
Risk Rating
Pass	$	22,707		$	19,186		$	28,952		$	29,460		$	39,927		$	85,508		$	65,095		$	—		$	290,835
Special Mention		—			—			—			308			4,198			4,283			—			—			8,789
Substandard		—			—			—			—			368			3,056			—			—			3,424
Doubtful		—			—			—			—			—			—			—			—			—
Total	$	22,707		$	19,186		$	28,952		$	29,768		$	44,493		$	92,847		$	65,095		$	—		$	303,048

Commercial real estate
Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Total
Pass	$	38,736		$	37,132		$	40,470		$	36,587		$	43,742		$	99,454		$	85,388		$	—		$	381,509
Special Mention		—			—			—			308			4,198			4,283			1,033			—			9,822
Substandard		—			—			—			26			368			3,226			116			—			3,736
Doubtful		—			—			—			—			—			—			—			—			—
Total	$	38,736		$	37,132		$	40,470		$	36,921		$	48,308		$	106,963		$	86,537		$	—		$	395,067
Current period gross charge-offs	$	—		$	—		$	39		$	—		$	—		$	27		$	189		$	—		$	255

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)


																			Revolving			Revolving
																			Loans			Loans
																			Amortized			Converted
December 31, 2025	2025			2024			2023			2022			2021			Prior			Cost Basis			to Term			Total
Residential Real Estate
Payment Performance
Performing	$	10,113		$	7,972		$	8,730		$	14,302		$	13,348		$	34,556		$	—		$	—		$	89,021
Nonperforming		254			22			—			—			—			283			—			—			559
Total	$	10,367		$	7,994		$	8,730		$	14,302		$	13,348		$	34,839		$	—		$	—		$	89,580

Residential real estate
Current period gross charge-offs	$	—		$	—		$	—		$	—		$	4		$	4		$	—		$	—		$	8

Consumer
Payment Performance
Performing	$	1,858		$	2,968		$	787		$	398		$	202		$	643		$	46		$	—		$	6,902
Nonperforming		—			—			—			—			—			10			—			—			10
Total	$	1,858		$	2,968		$	787		$	398		$	202		$	653		$	46		$	—		$	6,912

Consumer
Current period gross charge-offs	$	136		$	7		$	29		$	2		$	—		$	—		$	—		$	—		$	174

Total
Payment Performance
Performing	$	11,971		$	10,940		$	9,517		$	14,700		$	13,550		$	35,202		$	46		$	—		$	95,926
Nonperforming		254			22			—			—			—			294			—			—			570
Total	$	12,225		$	10,962		$	9,517		$	14,700		$	13,550		$	35,496		$	46		$	—		$	96,496
Current period gross charge-offs	$	136		$	7		$	29		$	2		$	4		$	4		$	—		$	—		$	182

To facilitate the monitoring of credit quality within the loan portfolio, and for purposes of analyzing historical loss rates used in the determination of the allowance for credit losses, the Company utilizes the following categories of credit grades: pass, special mention, substandard, and doubtful. The four categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on at least a quarterly basis.

The Company assigns a special mention rating to loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or the Company’s credit position.

The Company assigns a substandard rating to loans that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies noted are not addressed and corrected.

The Company assigns a doubtful rating to loans that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans.

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

The Company evaluates the loan risk grading system definitions and allowance for credit losses methodology on an ongoing basis. No significant changes were made to either during the past year to date period.

Loan Portfolio Aging Analysis

As of March 31, 2026


	30-59 Days		60‑89 Days		Greater
	Past Due		Past Due		Than 90 Days				Total Past
	and		and		and				Due and				Total Loans
	Accruing		Accruing		Accruing		Non Accrual		Non Accrual		Current		Receivable

	(In thousands)
Commercial and Industrial	$	28	$	—	$	—	$	293	$	321	$	88,462	$	88,783
Commercial real estate		123		—		—		5,608		5,731		311,937		317,668
Residential		179		—		—		578		757		86,535		87,292
Consumer		14		—		—		—		14		6,582		6,596
Total	$	344	$	—	$	—	$	6,479	$	6,823	$	493,516	$	500,339

Loan Portfolio Aging Analysis

As of December 31, 2025


	30‑59 Days		60‑89 Days		Greater
	Past Due		Past Due		Than 90 Days				Total Past
	and		and		and				Due and				Total Loans
	Accruing		Accruing		Accruing		Non Accrual		Non Accrual		Current		Receivable

	(In thousands)
Commercial and industrial	$	19	$	—	$	—	$	312	$	331	$	91,688	$	92,019
Commercial real estate		124		4,198		—		1,385		5,707		297,341		303,048
Residential		551		45		—		559		1,155		88,425		89,580
Consumer		36		—		—		10		46		6,866		6,912
Total	$	730	$	4,243	$	—	$	2,266	$	7,239	$	484,320	$	491,559

Nonperforming Loans

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of March 31, 2026:


								Loans Past
								Due Over 90 Days		Total
		Nonaccrual with no ACL		Nonaccrual with ACL		Total Nonaccrual		Still Accruing		Nonperforming

		(In thousands)
Commercial and Industrial		$	293	$	—	$	293	$	—	$	293
Commercial real estate			4,464		1,144		5,608		—		5,608
Residential			578		—		578		—		578
Consumer			—		—		—		—		—
Total		$	5,335	$	1,144	$	6,479	$	—	$	6,479

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

The Company recognized $6,000 interest income on nonaccrual loans during the period ended March 31, 2026. As of March 31, 2026, the Company did not grant any loan modifications to borrower experiencing financial difficulty. As of March 31, 2026, the Company has not initiated formal proceedings on any loans that have not been transferred into foreclosed assets.

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of December 31, 2025:


								Loans Past
								Due Over 90 Days		Total
		Nonaccrual with no ACL		Nonaccrual with ACL		Total Nonaccrual		Still Accruing		Nonperforming

		(In thousands)
Commercial and industrial		$	312	$	—	$	312	$	—	$	312
Commercial real estate			1		1,384		1,385		—		1,385
Residential			559		—		559		—		559
Consumer			10		—		10		—		10
Total		$	882	$	1,384	$	2,266	$	—	$	2,266

The Company recognized approximately $6,000 interest income on nonaccrual loans during the period ended December 31, 2025.

Note 4: Benefit Plans

Pension expense includes the following:


	Three months ended
	March 31
	2026		2025

	(In thousands)
Service cost	$	92	$	87
Interest cost		106		98
Expected return on assets		(205)		(178)
Amortization of prior service cost		(12)		(22)

Pension (contra expense) expense	$	(19)	$	(15)

All components of pension expense are reflected within the salaries and employee benefits line of the consolidated statement of income.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Note 5: Off-balance-sheet Activities

Some financial instruments, such as loan commitments, credit lines, letters of credit and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contracts are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment.

A summary of the notional or contractual amounts of financial instruments with off-balance-sheet risk at the indicated dates is as follows:


	March 31,		December 31,
	2026		2025

	(In thousands)
Commercial loans unused lines of credit	$	124,068	$	114,967
Commitment to originate loans		125,943		115,953
Consumer open end lines of credit		33,330		32,615
Standby lines of credit		477		477

During the three months ended March 31, 2026, there was no change in the provision for credit expense for off balance sheet exposure of $144,000.

Allowance for Credit Losses on Off-Balance Sheet Commitments

The following table present the activity in the allowance for credit losses related to off-balance sheet commitments, that is included in interest payable and other liabilities on the consolidated balance sheets of financial condition for the three months ended March 31, 2026 and 2025.


		March 31,
		2026

Balance – December 31, 2025		$	144
Provision for (reversal of) credit losses			—
Balance – March 31, 2026		$	144


	March 31,
	2025

Balance – December 31, 2024	$	94
Provision for (reversal of) credit losses		—
Balance – March 31, 2025	$	94

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Note 6: Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:


	March 31,		December 31,
	2026		2025

	(In thousands)
Net unrealized loss on securities available-for-sale	$	(9,700)	$	(6,589)
Net unrealized loss for unfunded status of defined benefit plan liability		(185)		(185)
		(9,885)		(6,774)
Less: Tax effect		2,077		1,423
Net-of-tax amount	$	(7,808)	$	(5,351)

The changes in accumulated other comprehensive income (loss) by component shown of net of tax and parenthesis indicating debits as of March 31, 2026 and 2025.


	Three months ended						Three months ended
	March 31, 2026						March 31, 2025
	Net unrealized						Net unrealized
	(Loss)		Defined				(Loss)		Defined
	Gain on Available		Benefit				Gain on Available		Benefit
	For Sale Securities		Plan		Total		For Sale Securities		Plan		Total
(In thousands)
Beginning balance	$	(5,205)	$	(146)	$	(5,351)	$	(9,583)	$	(517)	$	(10,100)
Other comprehensive income (loss) before reclassification		(2,457)		—		(2,457)		(2,322)		—		(2,322)
Amounts reclassified from accumulated other comprehensive gain (loss)		—		—		—		(113)		—		(113)
Net current -period other comprehensive income (loss)		(2,457)		—		(2,457)		(2,435)		—		(2,435)
Ending balance	$	(7,662)	$	(146)	$	(7,808)	$	(12,018)	$	(517)	$	(12,535)

The reclassification net of accumulated other comprehensive (loss) income shown, net of tax and parenthesis indicating debits in net income, as of March 31, 2026 and 2025 were as follows:


		Amounts Reclassified from Accumulated
		Other Comprehensive (Loss) Income
								Affected Line Item
								In the Consolidate
(In thousands)		March 31, 2026			March 31, 2025			Statement of Income
Details about Accumulated Other Comprehensive (loss) Income Components
Net unrealized gain (loss) on available for sale securities		$	—		$	143		Realized gain (loss) on sale of available-for-sale securities, net
Income tax effect			—			(30)		(Credit) provision for federal income taxes
		$	—		$	113

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Note 7: Fair Value Measurements

The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company also utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Available-for-sale Securities

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. The Company’s equity securities are classified within Level 1 of the hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy.

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and December 31, 2025:


			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)

	(In thousands)
March 31, 2026
U.S. government agencies	$	2,430	$	—	$	2,430	$	—
Subordinated Notes		20,921		—		20,921		—
State and municipal obligations		212,966		—		212,966		—


December 31, 2025
U.S. government agencies	$	2,454	$	—	$	2,454	$	—
Subordinated Notes		20,909		—		20,909		—
State and municipal obligations		210,841		—		210,841		—

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Collateral Dependent

Collateral dependent loans consisted primarily of loans secured by nonresidential real estate. Management has determined fair value measurements on collateral dependent loans primarily through evaluations of appraisals performed. Due to the nature of the valuation inputs, impaired loans are classified within Level 3 of the hierarchy.

The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Company’s Chief Lender by comparison to historical results. At March 31, 2026, the Company had one collateral dependent loan with a carrying value of $1,144,000 that required a calculation allowance of $433,000. At March 31, 2026, the Company has four collateral dependent loan with a carrying value of $4,938,000 that did not require a valuation allowance. As of December 31, 2025, collateral dependent loans included 1 loan relationships with a carrying value of $1,130,000 that required a valuation allowance of $425,000

Foreclosed Assets Held for Sale

Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Management has determined fair value measurements on other real estate owned primarily through evaluations of appraisals performed, and current and past offers for the other real estate under evaluation. Due to the nature of the valuation inputs, foreclosed assets held for sale are classified within Level 3 of the hierarchy.

Appraisals of OREO are obtained when the real estate is acquired and subsequently as deemed necessary by the Company’s Chief lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender and are selected from the list of approved appraisers maintained by management.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and December 31, 2025.


					Fair Value Measurements Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Fair			Assets			Inputs			Inputs
		Value			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
March 31, 2026
Collateral dependent loans		$	711		$	—		$	—		$	711
Foreclosed assets held for sale			—			—			—			—

December 31, 2025
Collateral dependent loans		$	673		$	—		$	—		$	673
Foreclosed assets held for sale			2,540			—			—			2,540

Unobservable (Level 3) Inputs

The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements.


		Fair Value at			Valuation		Unobservable
		3/31/26			Technique		Inputs		Range

		(In thousands)
Collateral-dependent loans		$	711		Market comparable properties		Comparability adjustments		5% –10%
Foreclosed assets held for sale			—		Market comparable properties		Marketability discount		10% – 35%


		Fair Value at			Valuation		Unobservable
		12/31/25			Technique		Inputs		Range

		(In thousands)
Collateral-dependent loans		$	673		Market comparable properties		Comparability adjustments		5% – 10%
Foreclosed assets held for sale			2,540		Market comparable properties		Marketability discount		10% – 35%

The following tables presents estimated fair values of the Company’s financial instruments not required to be reported at fair value. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial statements, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)


					Fair Value Measurements Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Carrying			Assets			Inputs			Inputs
		Amount			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
March 31, 2026:

Financial assets
Cash and cash equivalents		$	27,240		$	27,240		$	—		$	—
Loans, net of allowance			496,089			—			—			486,583
Federal Home Loan Bank			3,576			—			3,576			—
Accrued interest receivable			3,446			—			3,446			—

Financial liabilities
Deposits			666,657			—			667,745			—
Securities sold under repurchase agreements			35,596			—			35,596			—
Subordinated debentures			23,924			—			23,575			—
Advance Federal Home Loan Bank			55,000			—			55,183			—
Interest payable			590			—			590			—


					Fair Value Measurements Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Carrying			Assets			Inputs			Inputs
		Amount			(Level 1)			(Level 2)			(Level 3)

		(In thousands)
December 31, 2025

Financial assets
Cash and cash equivalents		$	46,528		$	46,528		$	—		$	—
Loans, net of allowance			487,298			—			—			473,747
Federal Home Loan Bank stock			4,030			—			4,030			—
Accrued interest receivable			3,982			—			3,982			—

Financial liabilities
Deposits		$	641,366		$	—		$	642,416		$	—
Securities sold under repurchase agreements			29,403			—			29,403			—
Federal Home Loan Bank Advances			75,000			—			75,464			—
Subordinated debentures			23,909			—			23,393			—
Interest payable			612			—			612			—

The following methods and assumptions were used to estimate the fair value of each class of financial instruments.

Cash and Cash Equivalents, Accrued Interest Receivable, Federal Home Loan Bank Stock, and Interest Payable

The carrying amounts approximate fair value.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Loans

Fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors.

Deposits

Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities.

Securities Sold under Repurchase Agreements. Federal Home Loan Bank Advances and Subordinated Debentures

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.

Commitments to Originate Loans, Letters of Credit and Lines of Credit

The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at March 31, 2026 and December 31, 2025.

Note 8: Repurchase Agreements

Securities sold under agreements to repurchase (“repurchase agreements”) with customers represent funds deposited by customers, generally on an overnight basis that are collateralized by investment securities owned by the Company.

The following table presents the Company’s repurchase agreements accounted for as secured borrowings:

Remaining Contractual Maturity of the Agreement

(In thousands)


		Overnight and									Greater than
March 31, 2026		Continuous			Up to 30 Days			30‑90 Days			90 Days			Total
Repurchase Agreements
State and municipal obligations		$	35,596		$	—		$	—		$	—		$	35,596
Total		$	35,596		$	—		$	—		$	—		$	35,596


		Overnight and									Greater than
December 31, 2025		Continuous			Up to 30 Days			30‑90 Days			90 Days			Total
Repurchase Agreements
State and municipal obligations		$	29,403		$	—		$	—		$	—		$	29,403
Total		$	29,403		$	—		$	—		$	—		$	29,403

These borrowings were collateralized with state and municipal obligations with a carrying value of $50.7 million at March 31, 2026 and $51.3 million at December 31, 2025. Declines in the fair value would require the Company to pledge additional securities.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Note 9: Core Deposits and Intangible Assets

The following table shows the changes in the carrying amount of goodwill for March 31, 2026 and December 31, 2025 (in thousands):


		March 31,			December 31,
		2026			2025
Balance beginning of year		$	682		$	682
Additions from acquisition			—			—
Balance, end of period		$	682		$	682

At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. At the conclusion of the assessment, the Company determined that as of March 31, 2026 it was more likely than not that the fair value exceeded its carrying values. The Company will continue to monitor the overall economic conditions and any other triggering events or circumstances that may indicate an impairment of goodwill in the future.

Note 10: Advances from the Federal Home Loan Bank

At March 31, 2026, advance from the Federal Home Loan Bank were $55 million. The Company had $75 million of advances from the Federal Home Loan Bank at December 31, 2025.

At March 31, 2026, required repayments on Federal Home Loan Bank advances were for year ending December 31, 2027 are $35 million (4.24% fixed rate) and December 31, 2028 are $20 million (4.11% fixed rate).

Note 11: Restricted Stock Plan

A summary of the status of the Company’s nonvested restricted shares as of March 31, 2026, and changes during the three months ended March 31, 2026, is presented below:


		Weighted-
		Average
		Grant-Date
		Shares	Fair Value
Nonvested, beginning of year		287,790	$	11.58
Granted		50,000		14.12
Vested		(20,000)		9.00
Forfeited		—		—
Nonvested, end of year		317,790	$	13.54

Total compensation cost recognized in the income statement for share-based payment arrangements during the three months ended March 31, 2026 and 2025 was $100,000 and $89,000, respectively.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 and 2025

(In thousands)

Note 12: Premises and Equipment

Major classifications of premises and equipment, stated at cost, are as follows:


		March 31,			December 31,
		2026			2025

		(In thousands)
Land, buildings and improvements		$	43,173		$	41,530
Furniture and equipment			18,218			17,839
Computer software			2,893			2,871
			64,284			62,240
Less accumulated depreciation			(28,556)			(28,145)
Net premises and equipment		$	35,728		$	34,095

Depreciation and amortization charged to operations was $411,000 and $290,000 for the three months ended March 31, 2026 and March 31, 2025, respectively.

Note 13: Segment Reporting

The Company’s has one reportable segment (“Banking”) as determined by the after considering the level of information to review and the performance of various components of the business. The Company’s Management will use the consolidated information to benchmark against similar entities to evaluate financial performance and budget to actual results. Accounting policies followed by the Company are the same used for the single segment. The one segment identified is evaluated using net income, earnings per share, return of average assets and equity. Information used for performance assessment follows. Since reported consolidated financial results are used for the performance assessment, there are no reconciling items noted from our financial reporting results published and segment reporting financial information.


		Quarters Ended March 31,
		2026			2025

		(In thousands)
Banking Segment
Total interest income		$	10,014		$	9,842
Total interest expense			3,503			3,595
Net interest income			6,511			6,247
Provision for credit loss expense			30			96
Net interest income after provision for (reversal of) credit losses			6,481			6,151
Noninterest income			1,425			1,281
Noninterest expense (including taxes)			5,995			5,560
Net income			1,911			1,872
Net income (consolidated statements of income)		$	1,911		$	1,872
Total assets Banking segment		$	858,499		$	830,681
Total assets (consolidated balance sheets)		$	858,499		$	830,681

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United Bancorp, Inc.

Management’s Discussion and Analysis of Financial
Condition and Results of Operations

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation

The following discusses the consolidated financial condition of the Company as of March 31, 2026, as compared to December 31, 2025, and the results of consolidated operations for the three months ended March 31, 2026, compared to the same period in 2025. This discussion should be read in conjunction with the interim condensed consolidated financial statements and related footnotes included herein.

Introduction

We are happy to report on the earnings performance of United Bancorp, Inc. (UBCP) for the first quarter ended March 31, 2026. For the quarter, our Company achieved solid net income and diluted earnings per share results of $1,911,000 and $0.33, which were respective increases of $39,000, or 2.1%, and $0.01, or 3.1%, over the results achieved for each metric during the first quarter of last year. We are very pleased that our first quarter results are higher than those achieved for the same period of time in 2025 considering that… as we have previously mentioned… our Company is focused on the future and has undertaken several transformative projects that have created additional expense for UBCP and are somewhat dilutive to earnings at present. In addition, even though there has been a tremendous level of uncertainty permeating our economy in recent years… that level has increased in the most recent quarter with a new realm of uncertainty created by geopolitical concerns that escalated over the course of the first quarter of this year. Regardless, we are satisfied with our increasing earnings and content with how our investment in our infrastructure and growth is developing in accordance with our visions and projections. We firmly believe that over the course of the next twelve to twenty-four months, we will see a very nice return on these investments in our Company’s infrastructure, which should lead to higher levels of earnings and help ensure the relevancy of UBCP for many years to come.

Many thought that the economic uncertainty with which our country has been dealing for the past several years was finally going to be in the rear-view mirror in 2026. Even though inflation had stagnated at a level a little bit higher than the Federal Open Market Committee (FOMC) of the Federal Reserve Bank liked, it was getting closer to their established target of two percent. In addition, they were mostly satisfied with current employment-related data within our economy. As we entered 2026, forecasts called for solid economic growth as the impact of the tariffs implemented last year was thought to also be behind us and the anticipated increase in tax refund payouts under our new tax policy were anticipated to fuel consumption and growth, driving our Gross Domestic Product (GDP) higher to levels rarely seen. In addition, forecasts for interest rates projected two to three cuts for the fed funds target rate, which would align our country’s monetary policy with a more neutral position. How quickly things can change! With the United States and Israel commencing military action on Iran in late February, the economic uncertainty that we thought was finally behind us heightened to levels even greater than before. Even with all of this concern and uncertainty, our Company was able to achieve growth in its balance sheet in the first quarter ended March 31, 2026. Year-over-year, total assets increased by $27.8 million, or 3.6%, to a level of $858.5 million. This increase in total assets is attributed to year-over-year increases in gross loans by $3.5 million to a level of $500.3 million; securities by $6.0 million to a level of $239.9 million; and, bank owned life insurance by $18.3 million to a level of $38.2 million. Overall, the increase in the level of interest earning assets on our balance sheet helped our Company achieve an increase in the total interest income that it generated by $172,000, or 1.8%, over the level achieved in the first quarter of last year. Driving the increase in our Company’s total assets in the first quarter was the growth that we experienced in our total deposits. For the quarter, total deposits grew by $42.6 million, or 6.8%, to a level of $666.7 million. Much of this increase in our total deposits came from growth in our lower-cost funding--- consisting of noninterest bearing demand, interest bearing demand and savings--- with balances increasing by $27.4 million to a level of $474.6 million (which is 71.2% of total deposits). In addition, higher-cost time deposits increased by $15.2 million to a level of $192.0 million (which is 28.8% of total deposits). Remarkably, even with this increase in the total deposits of our Company, total interest expense as of March 31, 2026 decreased by ($93,000), or (2.6%), on a year-over-year basis. This decrease in total interest expense can be attributed to both the continued downward repricing of our core deposits, along with the maturity of a $20.0 million Federal Home Loan Bank (FHLB) Advance during the first quarter on which we were paying a rate of 4.39%. With this year-over-year increase in total interest income and decrease in total interest expense, our Company was able to continue the trend of having increasing net interest income and an expanding net interest margin. As of the most recently ended quarter, net interest income increased by $265,000, or 4.2%, and the net interest margin increased by twelve basis points (12bps) to a level of 3.72%, both year-over-year. We anticipate that these positive trends with our net interest income and net interest margin will continue over the course of 2026.

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United Bancorp, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Relating to the credit-quality metrics for our Company, our combined delinquency and nonaccrual loan levels have increased somewhat year-over-year from the uncharacteristically and historically low levels that we had maintained for several years… but, they did decline slightly from the levels that we reported at December 31, 2025. At quarter-end, March 31, 2026, our Company’s nonaccrual loans and loans past due thirty-plus days totaled $6.8 million (or, 1.36% of gross loans), which was an increase of $4.0 million year-over-year. On a linked-quarter basis, our level of nonaccrual loans and loans past due thirty-plus days declined by $416,000, or 5.7%, from $7.2 million. Regarding these metrics increasing on a year-over-year basis--- we had one commercial loan relationship with an outstanding balance of approximately $4.2 million go from being current last year to being classified as nonaccrual during the first quarter of 2026. This single relationship, which is presently not impaired, accounts for an overwhelming majority of the year-over-year increase in our nonaccrual loans. On the flip-side, our loans past due thirty plus days decreased by ($560,000) year-over-year to a level of $344,000 or 0.07% of gross loans. Accordingly, we believe that our overall credit quality is extremely sound and this single relationship is not indicative of a systemic increase of risk within our loan portfolio. Further highlighting the overall quality and soundness of our loan portfolio, our Company had net loans charged off (excluding overdrafts) of ($16,000) in the first quarter of this year, which on an annualized basis is (0.01%) of average loans and in-line with both the previous year and peer. In addition, our Company remains very well capitalized by regulatory standards with regulatory capital (stockholders’ equity plus accumulated other comprehensive loss) of $75.3 million or 8.8% of average assets, which is an increase of $2.0 million, or 2.7%, year-over-year.

With a committed and long-term focus of growing our balance sheet in a profitable fashion by investing in the infrastructure of our Company, we are very pleased with the financial results that we achieved in the first quarter ending March 31, 2026. In addition, we are very satisfied with the progress that we are making on the execution of our plan relating to our investment in infrastructural improvements that will help ensure our relevancy for many years to come and help us achieve our vision of becoming a community financial institution with assets of $1.0 billion or greater in the very near term. I am very happy to report that we opened our newest banking center, a regional hub in the appealing market of Wheeling, West Virginia, on December 9, 2025. As of the end of the first quarter, this office has already exceeded our first-year forecast for loan growth and is roughly two-thirds of the way to achieving our first-year forecast for deposit growth… all within the first three months of operation! We firmly believe that within five years, this new banking center will be a top performer for United Bancorp, Inc. (UBCP).

Relating to other infrastructural investments that we have undertaken within the past year or two, our Company’s Unified Mortgage Division continues to contribute meaningfully to fee income. As we continue to scale this function with the addition of mortgage loan originators and with the positive operating leverage that presently exits within this developing division… we strongly believe that Unified Mortgage will continue to produce increasingly positive results and become more lucrative for our Company. Unified Mortgage is definitely becoming a known entity amongst the realtors within the markets that we serve. We also continue to invest in and develop our Treasury Management capabilities that help our small business customers with cash management, merchant services and payments. This function not only generates fee income for United Bancorp, Inc. (UBCP); but, also is a key driver of low or no cost deposits and strengthens relationship depth with our commercial customers. No doubt, both of these areas contributed to the increasing levels of noninterest income that we generated during the first quarter of this year--- with the latter also contributing to the growth in our low-cost deposits, which helped lead to the increase in deposit totals and decrease in our interest expense level as of March 31, 2026.

Over the course of 2025 and into the current year, we have and continue to make a tremendous investment in technology. With our enhanced technological product offering, we now have more customers than ever utilizing our consumer and commercial online and mobile platforms and benefitting from these advanced solutions that we offer-- which has and will continue to lead to more relationship building and revenue generating opportunities for UBCP. Importantly, we have begun developing and are soon to implement an AI solution designed to help us better serve customers by answering inquiries more efficiently and effectively… guiding customers to the best financial solutions and supporting a more modern, customer-centric approach to delivery. To further supplement this aforementioned AI solution, we are presently in the process of implementing a system specializing in omnichannel account opening, that will allow our Company to fully digitize the account opening process through online, mobile and in-branch platforms--- enabling customers, both business and consumer, to open all deposit accounts and most services--- both in person and virtually. These enhanced systems will be housed in our soon-to-open Unified Center (which is located in St. Clairsville, Ohio) and will help support our Customer Care Center that will also be housed at this facility. The Customer Care Center will centralize the customer service function of our Company with team members that are highly skilled and more capable of providing a complete and satisfying Unified Experience to customers from any technology platform… via a live video interface. In addition, the Unified Customer Care Center will have a sales oriented function, which is anticipated to lead to additional business for our Company by routing inbound banking inquiries and requests from any banking channel to our Customer Care Center, for in person consultations with our skilled team members. By having a

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United Bancorp, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

centralized customer support function staffed with skilled sales and service professionals who are truly subject matter experts, we believe that we will be able to more effectively and efficiently attract, develop and retain customer relationships with more productive on-boarding and cross-selling practices--- which is anticipated to lead to a higher level of customer satisfaction and overall profitability for UBCP. We anticipate that all of these new technology and support functions will be fully implemented by year-end and believe that the Unified Customer Care Center has the potential to develop into a bona-fide digital bank for our Company, which will more readily support our growth and profitability objectives in the coming years!

As always, our primary focus is protecting the investment of our shareholders in our Company and rewarding them in a balanced fashion by growing the value of their investment and paying an attractive cash dividend. In these areas, our shareholders have been nicely rewarded. In the first quarter of this year, UBCP, once again, paid both a regular cash dividend and a special cash dividend to our valued owners. With these first quarter payouts, the regular cash dividend increased year-over-year by $0.01, or 5.5%, to a level of $0.1925. In addition, the special cash dividend paid in the first quarter was $0.175. On a combined basis, the total dividend payment to our shareholders in the first quarter of this year totaled $0.3675 and was paid on March 20^th. At these current dividend payout levels, the forward yield produced by our regular cash dividend is 5.1% and, inclusive of the special dividend, the forward yield is 6.2%, considering our quarter-ending fair market value as of March 31, 2026 of $15.21. On a year-over-year basis, the fair market value of our Company’s stock increased by $1.79 or 13.3%.

As you can see, we are currently heavily investing in the infrastructure of our Company to set the stage for future growth and ensure that UBCP remains relevant in the ever-more competitive financial services industry. We firmly believe that within the next twelve to twenty-four months, we will see the return on these investments that we are currently making to improve our operations and delivery. Obviously, such expenditures do have a dilutive impact on the earnings that we produce in the short-term. But, even with this reality, we are very happy with the present performance of our Company. We are grateful that we have produced increasing earnings and have grown our balance sheet in the first quarter of 2026. Over the course of 2026, we anticipate these positive trends will continue. We are truly excited about UBCP’s direction and the potential that it brings. With an ongoing focus on continual process improvement, product development and delivery, we strongly believe that the future for our Company is exceedingly bright.

Forward-Looking Statements

When used in this document, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “projected” or similar expressions are intended to identify “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the Bank’s market areas, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Bank’s market areas and competition, that could affect the Company’s financial performance and cause actual results to differ materially from historical earnings and those presently anticipated or projected with respect to future periods. These risks and uncertainties should be considered in evaluating forward looking statements, and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including other factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

The Company is not aware of any trends, events or uncertainties that will have or are reasonably likely to have a material effect on its financial condition, results of operations, liquidity or capital resources except as discussed herein. The Company is not aware of any current recommendation by regulatory authorities that would have such effect if implemented except as discussed herein.

The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date such statements were made or to reflect the occurrence of anticipated or unanticipated events.

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United Bancorp, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Critical Accounting Policies

The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. Management makes certain judgments that affect the amounts reported in the financial statements and footnotes. These estimates, assumptions and judgments are based on information available as of the date of the financial statements, and as this information changes, the financial statements could reflect different estimates, assumptions, and judgments.

See Note 1, “Summary of Significant Accounting Policies” Management considers the measurement of the allowance for credit losses on loans to be a critical accounting policy.

This discussion of the Company’s critical accounting policies should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes presented elsewhere herein, as well as other relevant portions of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Analysis of Financial Condition

Earning Assets – Loans

The Company’s focus as a community bank is to meet the credit needs of the markets it serves. At March 31, 2026, gross loans were $500.3 million, compared to $491.6 million at December 31, 2025, an increase of $8.8 million after offsetting repayments for the period. The overall increase in the loan portfolio was comprised of a $11.4 million increase in commercial and commercial real estate loans a $2.3 million decrease in real estate lending and a $316,000 decrease in installment loans since December 31, 2025.

Commercial and commercial real estate loans comprised 81.2% of total loans at March 31, 2026, compared to 80.4% at December 31, 2025. Commercial and commercial real estate loans have increased $11.4 million, or approximately 2.9% since December 31, 2025. This segment of the loan portfolio includes originated loans in its market areas and purchased participations in loans from other banks for out-of-area commercial and commercial real estate loans to benefit from consistent economic growth outside the Company’s primary market area.

Consumer loans represented 1.3% of total loans at March 31, 2026 and 1.4% at December 31, 2025. Some of the consumer loans carry somewhat more risk than real estate lending; however, it also provides for higher yields. Consumer loans have decreased $316,000, or 4.58%, since December 31, 2025. The targeted lending areas encompass four separate metropolitan areas, minimizing the risk to changes in economic conditions in the communities housing the Company’s banking locations.

Residential real estate loans were 17.5% of total loans at March 31, 2026 and 18.2% at December 31, 2025, representing a decrease of $2.3 million, or 2.55% since December 31, 2025.

The allowance for credit losses totaled $4.3 million at March 31, 2026, which represented 0.85% of total loans. The allowance represents the amount which management and the Board of Directors estimates is adequate to provide for probable losses inherent in the loan portfolio. The allowance balance and the provision charged to expense are reviewed by management and the Board of Directors monthly using a risk evaluation model that considers borrowers’ past due experience, economic conditions and various other circumstances that are subject to change over time. Management believes the current balance of the allowance for credit losses is adequate to absorb credit losses over the life of the loan portfolio. Net loan (recoveries) charge-offs (exclusive of overdrafts net charge-offs of $24,000) for the three months ended March 31, 2026 were approximately $17,000. Net loans charged off (exclusive of overdrafts net charge-offs $25,000) was $28,000 for the three months ended March 31, 2025.

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United Bancorp, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Earning Assets – Securities

The securities portfolio is comprised of U.S. Government agency-backed securities, tax-exempt obligations of state and political subdivisions and certain other investments. Securities available for sale at March 31, 2026 increased approximately $2.1 million from December 31, 2025 totals.

Sources of Funds – Deposits

The Company’s primary source of funds is core deposits from retail and business customers. These core deposits include all categories of interest-bearing and noninterest-bearing deposits, excluding certificates of deposit greater than $250,000. For the period ended March 31, 2026, total core deposits (interest and non interest bearing accounts and savings) increased approximately $25.3 million, or 3.9% from December 31, 2025 totals. The Company’s savings accounts decreased $1.6 million or 1.3% from December 31, 2025 totals. The Company’s interest-bearing and non-interest bearing demand deposits increased $13.4 million while certificates of deposit under $250,000 increased by $7.1 million.

The Company has a strong deposit base from public agencies, including local school districts, city and township municipalities, public works facilities and others that may tend to be more seasonal in nature resulting from the receipt and disbursement of state and federal grants. These entities have maintained fairly static balances with the Company due to various funding and disbursement timeframes.

Certificates of deposit greater than $250,000 are not considered part of core deposits, and as such, are used to balance rate sensitivity as a tool of funds management. At March 31, 2026, certificates of deposit greater than $250,000 increased $3.2 million or 7.8%, from December 31, 2025 totals.

Sources of Funds – Securities Sold under Agreements to Repurchase and Other Borrowings

Other interest-bearing liabilities include securities sold under agreements to repurchase and Federal Home Loan Bank (“FHLB”) advances. The majority of the Company’s repurchase agreements are with local school districts and city and county governments. The Company’s repurchase agreements increased approximately $6.2 million from December 31, 2025 totals. At March 31, 2026, the Company has $55 million of fixed rate advances that mature over the next 1 to 2 years. Refer to footnote 10 for further information.

Results of Operations for the Three Months Ended March 31, 2026 and 2025

Net Income

The reported diluted earnings per share was $0.33 for the quarter ended March 31, 2026 compared to $0.32 for the quarter ended March 31, 2025, an increase of 3.1%.

Net Interest Income

Net interest income increased $264,000 or 4.2% for the three months ended March 31, 2026 compared to the same period in 2025.

Provision for Credit Losses

The Company had a provision for credit losses of $30,000 and $96,000 for the three months ended March 31, 2026 and 2025, respectively.

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United Bancorp, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Noninterest Income

Noninterest income of the Company increased $144,000 year-over-year. This increase was in part due to an increase in earnings on bank-owned life insurance of $232,000 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Noninterest Expense

The Company saw its noninterest expense increased by $569,000 or 10.2% year-over-year. Salaries and benefits increased $167,000 or 5.9% quarter over quarter. Occupancy expense increased $181,000 or 28.7% mainly due to the opening of the Wheeling West Virginia location in the fourth quarter of 2025. Data processing and related electronic services increased $147,000 or 40.2% mainly related to the investment in Technology, Digital Transformation project that started in 2025 and continues into 2026.

Federal Income Taxes

The benefit for federal income taxes was $160,000 for the three months ended March 31, 2026. The Company had a federal income tax benefit of $26,000 for the three months ended March 31, 2025.

Capital Resources

Internal capital growth, through the retention of earnings, is the primary means of maintaining capital adequacy for the Company. Stockholders’ equity totaled $67.5 million at March 31, 2026, compared to $70.5 million at December 31, 2025, a $3.0 million decrease. Total stockholders’ equity in relation to total assets was 7.86% at March 31, 2026 and 8.22% at December 31, 2025. The Company’s Articles of Incorporation allows for a class of preferred shares with 2,000,000 authorized shares. This enables the Company, at the option of the Board of Directors, to issue series of preferred shares in a manner calculated to take advantage of financing techniques which may provide a lower effective cost of capital to the Company. The amendment also provides greater flexibility to the Board of Directors in structuring the terms of equity securities that may be issued by the Company. Although this preferred stock is a financial tool, it has not been utilized to date.

The Company has offered for many years a Dividend Reinvestment Plan (“The Plan”) for shareholders under which the Company’s common stock will be purchased by the Plan for participants with automatically reinvested dividends. The Plan does not represent a change in the Company’s dividend policy or a guarantee of future dividends.

The Company is subject to the regulatory requirements of The Federal Reserve System as a bank holding company. The Bank is subject to regulations of the FDIC and the State of Ohio, Division of Financial Institutions. The most important of these various regulations address capital adequacy.

Current regulations require common equity tier 1 capital to risk-weighted assets of 4.5 percent and a common equity tier 1 capital conservation buffer of 2.5 percent of risk-weighted assets that will apply to all supervised financial institutions. The rule also raises the minimum ratio of tier 1 capital to risk-weighted assets from 4 percent to 6 percent and includes a minimum leverage ratio of 4 percent for all banking organizations.

The Bank continues to be well-capitalized in accordance with Federal regulatory capital requirements as the capital ratios below show:


Common equity tier 1 capital ratio	12.40	%
Tier 1 capital ratio	12.40	%
Total capital ratio	13.07	%
Leverage ratio	9.17	%

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United Bancorp, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity

Management’s objective in managing liquidity is maintaining the ability to continue meeting the cash flow needs of its customers, such as borrowings or deposit withdrawals, as well as its own financial commitments. The principal sources of liquidity are net income, loan payments, maturing securities and sales of securities available for sale, federal funds sold and cash and deposits with banks. Along with its liquid assets, the Company has additional sources of liquidity available to ensure that adequate funds are available as needed. These include, but are not limited to, the purchase of federal funds, the ability to borrow funds under line of credit agreements with correspondent banks, a borrowing agreement with the Federal Home Loan Bank of Cincinnati and the adjustment of interest rates to obtain depositors. Management feels that it has the capital adequacy and profitability to meet the current and projected liquidity needs of its customers.

Inflation and Economic Environment

Inflation can directly impact the Company’s performance by potentially reducing the spending power of its borrowers. Higher costs continue to present a risk to the economy. The Company continues to closely monitor and analyze the higher risk segments within the loan portfolio, tracking past due accounts. Based on the Company’s capital levels, prudent underwriting policies, loan concentration diversification and our geographic footprint, senior management is cautiously optimistic that the Company is positioned to continue managing the impact of the varied set of risks and uncertainties currently impacting the economy and remain adequately capitalized. However, the Company may be required to make additional credit loss provisions as warranted by the extremely fluid economic condition.

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk

Smaller Reporting Companies are not required to provide these disclosures.

ITEM 4. Controls and Procedures

The Company, under the supervision, and with the participation, of its management, including the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to the requirements of Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2026, in timely alerting them to material information relating to the Company (including its consolidated subsidiary) required to be included in the Company’s periodic SEC filings. There were no changes in the Company’s internal controls over financial reporting that occurred during the Company’s most recent completed fiscal quarter that has materially or is reasonably likely to materially affect the Company’s internal controls over financial reporting.

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United Bancorp, Inc.

Part II – Other Information

ITEM 1. Legal Proceedings

None, other than ordinary routine litigation incidental to the Company’s business.

ITEM 1A. Risk Factors

Smaller reporting companies are not required to provide this information.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

ISSUER PURCHASES OF EQUITY SECURITIES


							(c)		(d)
							Total Number of		Maximum Number or
							Shares (or Units)		Approximate Dollar
		(a)					Purchased as Part		Value) of Shares (or
		Total Number of		(b)			Of Publicly		Units) that May Yet
		Shares (or Units)		Average Price Paid			Announced Plans		Be Purchased Under
Period		Purchased		Per Share (or Unit)			Or Programs		the Plans or Programs
Month #1 1/1/2026 to 1/31/2026		––			––		––		––
Month #2 2/1/2026 to 2/29/2026		—			—		––		––
Month #3 3/1/2026 to 3/31/2026		––			––		––		––

The Company adopted the United Bancorp, Inc. Affiliate Banks Directors and Officers Deferred Compensation Plan (the “Plan”), which is an unfunded deferred compensation plan. Amounts deferred pursuant to the Plan remain unrestricted assets of the Company, and the right to participate in the Plan is limited to members of the Board of Directors and Company officers. Under the Plan, directors or other eligible participants may defer fees and up to 50% of their annual incentive award payable to them by the Company, which are used to acquire common shares which are credited to a participant’s respective account. Except in the event of certain emergencies, no distributions are to be made from any account as long as the participant continues to be an employee or member of the Board of Directors. Upon termination of service, the aggregate number of shares credited to a participant’s account is distributed with any cash proceeds credited to the account which have not yet been invested in the Company’s stock. All purchases under this deferred compensation plan are funded with either earned director fees or officer incentive award payments. No underwriting fees, discounts, or commissions are paid in connection with the Plan. The shares allocated to participant accounts have not been registered under the Securities Act of 1933 in reliance upon the exemption provided by Section 4(2) thereof. No purchases were made under the plan during the most recently completed fiscal quarter.

ITEM 3. Defaults Upon Senior Securities

Not applicable.

ITEM 4. Mine Safety Disclosures

Not applicable.

ITEM 5. Other Information

Not applicable.

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United Bancorp, Inc.

Part II – Other Information

ITEM 6. Exhibits


EX-3.1		Amended Articles of Incorporation of United Bancorp, Inc. ⁽¹⁾

EX-3.2		Amended and Restated Code of Regulations of United Bancorp, Inc. ⁽²⁾

EX-4.1		Description of Registrant’s Common Stock ⁽³⁾

EX 4.2		Forms of 6.00% Fixed to Floating Rate Subordinated Note due May 15, 2029 ⁽⁴⁾

EX 31.1		Rule 13a-14(a) Certification – CEO

EX 31.2		Rule 13a-14(a) Certification – CFO

EX 32.1		Section 1350 Certification – CEO

EX 32.2		Section 1350 Certification – CFO

EX 101.INS		XBRL Instance Document

EX 101.SCH		XBRL Taxonomy Extension Schema Document

EX 101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

EX 101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

EX 101.LAB		XBRL Taxonomy Extension Label Linkbase Document

EX 101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

(1)	Incorporated by reference to Appendix B to the registrant’s Definitive Proxy Statement filed with the Securities and Exchange Commission on March 14, 2001.

(2)	Incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 18, 2016.

(3)	Incorporated by reference to Exhibit 4 to the registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2020.

(4)	Incorporated by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 14, 2019.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	United Bancorp, Inc.

Date: May 14, 2026	By:	/s/ Scott A. Everson
		Scott A. Everson
		President and Chief Executive Officer

Date: May 14, 2026	By:	/s/ Randall M. Greenwood
		Randall M. Greenwood
		Sr Vice President and Chief Financial Officer

Source: View Original Filing on SEC EDGAR

FAQ

How did United Bancorp (UBCP) perform financially in Q1 2026?

United Bancorp generated net income of $1.9 million in Q1 2026, slightly above $1.87 million in Q1 2025. EPS was $0.33, up from $0.32, supported by higher net interest income and stable credit costs.

What were United Bancorp (UBCP)’s key balance sheet totals at March 31, 2026?

At March 31, 2026, United Bancorp reported total assets of $858.5 million, net loans of $496.1 million, and deposits of $666.7 million. Securities available for sale had a fair value of $236.3 million, and stockholders’ equity totaled $67.5 million.

How strong is United Bancorp (UBCP)’s credit quality and allowance coverage?

United Bancorp reported an allowance for credit losses on loans of $4.25 million at March 31, 2026. Nonperforming loans totaled $6.5 million, mainly in commercial real estate, and provision expense was $30,000, indicating limited incremental credit deterioration this quarter.

Why did United Bancorp (UBCP) report a comprehensive loss in Q1 2026?

Although net income was positive, United Bancorp recorded other comprehensive loss of $2.46 million from unrealized losses on available-for-sale securities. This drove a total comprehensive loss of $546,000, reflecting interest rate-driven valuation changes rather than operating losses.

What dividends did United Bancorp (UBCP) pay in the first quarter of 2026?

In Q1 2026 United Bancorp paid dividends of $0.3675 per share, including a special dividend of $0.175. This slightly exceeded the $0.3575 per share paid in Q1 2025, continuing the company’s pattern of regular cash returns to shareholders.

How did United Bancorp (UBCP)’s liquidity and funding change during Q1 2026?

Cash and cash equivalents decreased to $27.2 million from $46.5 million as the bank increased loans, securities, and bank-owned life insurance. Deposits rose to $666.7 million, while Federal Home Loan Bank advances declined from $75.0 million to $55.0 million.

United Bancorp (UBCP) posts Q1 2026 profit as securities losses hit equity

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FAQ

How did United Bancorp (UBCP) perform financially in Q1 2026?

What were United Bancorp (UBCP)’s key balance sheet totals at March 31, 2026?

How strong is United Bancorp (UBCP)’s credit quality and allowance coverage?

Why did United Bancorp (UBCP) report a comprehensive loss in Q1 2026?

What dividends did United Bancorp (UBCP) pay in the first quarter of 2026?

How did United Bancorp (UBCP)’s liquidity and funding change during Q1 2026?

United Bancorp (UBCP) posts Q1 2026 profit as securities losses hit equity

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Regional bank equity analyst neutral

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FAQ

How did United Bancorp (UBCP) perform financially in Q1 2026?

What were United Bancorp (UBCP)’s key balance sheet totals at March 31, 2026?

How strong is United Bancorp (UBCP)’s credit quality and allowance coverage?

Why did United Bancorp (UBCP) report a comprehensive loss in Q1 2026?

What dividends did United Bancorp (UBCP) pay in the first quarter of 2026?

How did United Bancorp (UBCP)’s liquidity and funding change during Q1 2026?