[10-Q] UNITED BANCORP INC /OH/ Quarterly Earnings Report

Q: How did UBCP perform in Q3 2025?

Net income was $1.93M vs. $1.82M last year, and diluted EPS was $0.34 vs. $0.31 .

Q: What were United Bancorp’s key revenue and expense metrics in Q3 2025?

Net interest income was $6.73M ; noninterest income $1.35M ; noninterest expense $5.98M .

Q: What does UBCP’s balance sheet look like as of September 30, 2025?

Assets were $866.8M , deposits $645.2M , and loans net $492.2M .

Q: How did accumulated other comprehensive income (AOCI) change?

Accumulated other comprehensive loss improved to $(8.59)M from $(10.10)M at December 31, 2024.

Q: What dividend did UBCP pay in the quarter?

The quarterly cash dividend was $0.1875 per share.

Q: How many shares of UBCP were outstanding recently?

There were 5,774,011 shares outstanding as of November 7, 2025 .

Q: What was comprehensive income in Q3 2025?

Comprehensive income was $7.84M , reflecting higher unrealized securities gains.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

United Bancorp, Inc. reported third‑quarter 2025 results. Net income was $1.93M versus $1.82M a year ago, and diluted EPS rose to $0.34 from $0.31. Net interest income increased to $6.73M from $6.14M, while provision for credit losses was $186K.

Noninterest income was $1.35M (up from $1.22M) and noninterest expense rose to $5.98M (from $5.53M). Comprehensive income for the quarter was $7.84M, reflecting higher unrealized gains on securities. The quarterly dividend was $0.1875 per share.

As of September 30, 2025, assets were $866.8M, loans net were $492.2M, and available‑for‑sale securities were $253.7M. Deposits totaled $645.2M. Stockholders’ equity was $66.47M, and accumulated other comprehensive loss narrowed to $(8.59)M from $(10.10)M at year‑end. Shares outstanding were 5,774,011 as of November 7, 2025.

Insights

Solid Q3 with higher EPS and stable credit costs.

United Bancorp (UBCP) delivered year‑over‑year earnings growth: net income of $1.93M and EPS of $0.34. Net interest income improved to $6.73M, indicating modest margin support as interest and dividend income rose to $10.64M while interest expense remained contained at $3.91M.

Credit remained manageable with a loan loss provision of $186K and allowance at $4.30M on $496.5M gross loans. Noninterest income of $1.35M contributed, and expenses rose to $5.98M as salary and occupancy costs increased, a common trend with growth and inflation.

Balance sheet trends were steady: deposits reached $645.2M, loans net were $492.2M, and equity improved to $66.47M as AOCI loss narrowed to $(8.59)M. Subsequent filings may provide more detail on margin trajectory and deposit mix.

11/12/2025 - 12:38 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 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ 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	NASDQ 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 November 7, 2025, 5,774,011 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 Income	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	34

Item 3	Quantitative and Qualitative Disclosures About Market Risk	42

Item 4	Controls and Procedures	42

PART II - OTHER INFORMATION

Item 1	Legal Proceedings	43

Item 1A	Risk Factors	43

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	43

Item 3	Defaults Upon Senior Securities	43

Item 4	Mine Safety Disclosures	43

Item 5	Other Information	43

Item 6	Exhibits	44

SIGNATURES		45

Table of Contents

ITEM 1. Financial Statements

United Bancorp, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)


	September 30,		December 31,
	2025		2024
	(Unaudited)
Assets
Cash and due from banks	$	8,033	$	8,171
Interest-bearing demand deposits		37,619		11,437
Cash and cash equivalents		45,652		19,608
Available-for-sale securities, net of allowance for credit losses of $0 at September 30, 2025 and December 31, 2024		253,726		240,631
Loans, net of allowance for credit losses of $4,303 and $4,026 at September 30, 2025 and December 31, 2024, respectively		492,234		486,945
Premises and equipment		30,171		23,599
Federal Home Loan Bank stock		4,030		4,026
Foreclosed assets held for sale, net		3,276		3,363
Core deposit other intangible asset		10		122
Goodwill		682		682
Accrued interest receivable		3,631		4,322
Deferred federal income tax		4,111		4,011
Bank-owned life insurance		20,155		19,852
Other assets		9,078		9,495
Total assets	$	866,756	$	816,656
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Demand	$	332,843	$	320,690
Savings		123,220		125,120
Time		189,130		167,684
Total deposits		645,193		613,494
Securities sold under repurchase agreements		45,514		30,494
Subordinated debentures		23,893		23,847
Advances Federal Home Loan Bank		75,000		75,000
Lease liability – finance lease		2,933		2,873
Interest payable and other liabilities		7,753		7,491
Total liabilities		800,286		753,199

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 6,203,141 shares at September 30, 2025, and 6,203,141 shares at December 31, 2024; outstanding - 5,774,011 and 5,793,611 shares at September 30, 2025 and December 31, 2024, respectively		6,203		6,203
Additional paid-in capital		26,902		26,373
Retained earnings		47,670		46,307
Stock held by deferred compensation plan; 182,267 and 172,667 shares at September 30, 2025 and December 31, 2024, respectively		(2,341)		(2,078)
Accumulated other comprehensive loss		(8,586)		(10,100)
Treasury stock, at cost 246,863 and 236,863 shares at September 30, 2025 and December 31, 2024, respectively		(3,378)		(3,248)
Total stockholders’ equity		66,470		63,457
Total liabilities and stockholders’ equity	$	866,756	$	816,656

See Notes to Condensed Consolidated Financial Statements

Table of Contents

United Bancorp, Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Interest and Dividend Income
Loans, including fees	$	7,760	$	7,232	$	22,767	$	20,980
Taxable		388		484		1,163		1,557
Non-taxable		1,957		1,878		5,711		5,439
Federal funds sold		439		254		972		1,179
Dividends on Federal Home Loan Bank stock and other stock		91		96		275		288
Total interest and dividend income		10,635		9,944		30,888		29,443
Interest expense
Deposits		2,260		2,081		7,776		6,065
Borrowings		1,646		1,724		3,541		4,922
Total interest expense		3,906		3,805		11,317		10,987
Net Interest Income		6,729		6,139		19,571		18,456
Credit Loss Expense
Provision for credit loss expense - loans		186		69		488		304
Reversal of credit loss expense - off balance sheet commitments		—		—		—		(130)
Provision for Credit Loss Expense		186		69		488		174
Net interest income after provision for credit losses		6,543		6,070		19,083		18,282
Noninterest Income
Service charges on deposit accounts		857		767		2,391		2,187
Realized gains (losses) on sale of available-for-sale securities		—		—		144		(116)
Realized gains on sales of loans		118		168		343		363
Earnings on bank-owned life insurance		192		189		572		574
Other income		181		91		569		257
Total noninterest income		1,348		1,215		4,019		3,265
Noninterest expense
Salaries and employee benefits		3,049		2,757		8,755		7,219
Occupancy and Equipment		639		573		1,889		1,739
Professional services		449		398		1,299		1,465
Data processing and related electronic services		426		396		1,201		1,210
FDIC Insurance		94		108		282		324
Insurance		168		157		489		464
Franchise and other taxes		145		148		417		441
Advertising		138		124		398		361
Stationery and office supplies		23		30		92		86
Amortization of intangibles		38		38		113		113
Other expenses		811		800		2,474		2,613
Total noninterest expense		5,980		5,529		17,409		16,035
Income Before Federal Income Taxes		1,911		1,756		5,693		5,512
Provision (Benefit) for Federal Income Taxes		(20)		(64)		(24)		(41)
Net Income	$	1,931	$	1,820	$	5,717	$	5,553
Basic Earnings Per Share	$	0.34	$	0.31	$	0.99	$	0.95
Diluted Earnings Per Share	$	0.34	$	0.31	$	0.99	$	0.95
Dividends Per Share	$	0.1875	$	0.1775	$	0.730	$	0.6750

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Condensed Consolidated Statements of Comprehensive Income

Three Months and Nine Months Ended September 30, 2025 and 2024

(In thousands, except per share data)

(Unaudited)


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	1,931	$	1,820	$	5,717	$	5,553
Other comprehensive income, net of tax
Net realized (gain) loss included in net income, net of taxes (benefits) of $0, $0, $30, ($24)		—		—		(113)		92
Unrealized holding gain on available-for-sale securities during the period, net of taxes of $1,571, $1,080, $402 and $62 for each respective period		5,910		4,061		1,627		228
Other comprehensive Income		5,910		4,061		1,514		320

Comprehensive Income	$	7,841	$	5,881	$	7,231	$	5,873

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Consolidated Statements of Stockholders’ Equity

Three and Nine Months Ended September 30, 2025 and 2024

(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 July 1, 2024	$	6,188	$	26,219	$	(5,362)	$	44,771	$	(11,219)	$	60,597
Net income		—		—		—		1,820		—		1,820
Restricted stock issued		15		(15)		—		—		—		—
Other comprehensive income		—		—		—		—		4,061		4,061
Cash dividends - $0.1775 per share		—		—		—		(1,060)		—		(1,060)
Shares purchased for deferred compensation plan		—		(42)		42		—		—		—
Expense related to share-based compensation plans		—		42		—		—		—		42
Balance, September 30, 2024	$	6,203	$	26,204	$	(5,320)	$	45,531	$	(7,158)	$	65,460
Balance July 1, 2025	$	6,203	$	26,712	$	(5,617)	$	46,856	$	(14,496)	$	59,658
Net income		—		—		—		1,931		—		1,931
Restricted stock issued		—		—		—		—		—		—
Other comprehensive income		—		—		—		—		5,910		5,910
Cash dividends - $0.1875 per share		—		—		—		(1,117)		—		(1,117)
Repurchase of common stock		—		—		—		—		—		—
Shares purchased for deferred compensation plan		—		102		(102)		—		—		—
Expense related to share-based compensation plans		—		88		—		—		—		88
Balance, September 30, 2025	$	6,203	$	26,902	$	(5,719)	$	47,670	$	(8,586)	$	66,470


					Treasury				Accumulated
			Additional		Stock and				Other
	Common		Paid-in		Deferred		Retained		Comprehensive
	Stock		Capital		Compensation		Earnings		Loss		Total
Balance January 1, 2024	$	6,064	$	25,913	$	(4,924)	$	44,018	$	(7,478)	$	63,593
Net income		—		—		—		5,553		—		5,553
Other comprehensive income		—		—		—		—		320		320
Cash dividends - $0.675 per share		—		—		—		(4,040)		—		(4,040)
Restricted stock issued		139		(139)		—		—		—		—
Deferred compensation plan activity		—		(291)		291		—		—		—
Repurchase of common stock		—		—		(687)		—		—		(687)
Expense related to share-based compensation plans		—		721		—		—		—		721
Balance, September 30, 2024	$	6,203	$	26,204	$	(5,320)	$	45,531	$	(7,158)	$	65,460
Balance January 1, 2025	$	6,203	$	26,373	$	(5,326)	$	46,307	$	(10,100)	$	63,457
Net income		—		—		—		5,717		—		5,717
Other comprehensive income		—		—		—		—		1,514		1,514
Cash dividends - $0.73 per share		—		—		—		(4,354)		—		(4,354)
Deferred compensation plan activity		—		264		(264)		—		—		—
Repurchase of common stock		—		—		(129)		—		—		(129)
Expense related to share-based compensation plans		—		265		—		—		—		265
Balance, September 30, 2025	$	6,203	$	26,902	$	(5,719)	$	47,670	$	(8,586)	$	66,470

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2025 and 2024

(In thousands except per share data)

(Unaudited)


	Nine months ended
	September 30,
	2025		2024
Operating Activities
Net income	$	5,717	$	5,553
Items not requiring (providing) cash
Depreciation and amortization		878		802
Amortization of intangible asset		113		100
Premium amortization on securities		328		329
Provision for credit loss expense		488		174
Gain on sale of loans		(343)		(363)
(Gain) loss on sale of available-for-sale securities		(144)		116
Expense related to share based compensation programs		265		721
Increase in value of bank-owned life insurance		(303)		(327)
Originations of loans held for sale		(11,255)		(11,337)
Proceeds from sale of loans held for sale		11,598		11,700
Amortization of debt instrument costs		45		45
Loss on sale or write down of foreclosed assets		37		7
Net change in accrued interest receivable and other assets		265		(579)
Net change in accrued expenses and other liabilities		321		295

Net cash provided by operating activities		8,010		7,236

Investing Activities
Purchase of available-for-sale securities		(20,608)		(44,911)
Sales of available-for-sale securities		7,734		27,431
Maturities of available-for-sale securities		1,510		10,040
Net change in loans		(5,434)		8,452
Purchase of Federal Home Loan Bank Stock		(4)		(47)
Proceeds from sales of foreclosed and fixed assets		107		42
Purchases of premises and equipment, net		(7,507)		(10,210)

Net cash used in investing activities		(24,202)		(9,203)

Financing Activities
Net change in deposits		31,699		(5,640)
Net change in securities sold under repurchase agreements		15,020		9,342
Repurchase of common stock		(129)		(687)
Cash dividends paid		(4,354)		(4,040)

Net cash provided by (used in) financing activities		42,236		(1,025)

Increase (Decrease) in Cash and Cash Equivalents		26,044		(2,992)

Cash and Cash Equivalents, Beginning of Period		19,608		40,770

Cash and Cash Equivalents, End of Period	$	45,652	$	37,778

Supplemental Cash Flows Information
Federal income taxes paid	$	—	$	—
Interest paid on deposits and borrowings	$	11,316	$	10,979

See Notes to Condensed Consolidated Financial Statements

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(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 September 30, 2025, 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, 2024 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 and nine months ended September 30, 2025, 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, 2024 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 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

(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 is 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

(In thousands)

Accrued interest receivable on available-for-sale debt securities totaled $2.3 million at September 30, 2025 and $2.9 million at December 31, 2024 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 September 30, 2025 and $1.4 million at December 31, 2024 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 collaterized by real estate. Homogeneous loans consisting 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

(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 September 30, 2025
			Weighted-	Per
	Net		Average	Share
	Income		Shares	Amount
	(In thousands)
Net income	$	1,931
Less allocated earnings on non-vested restricted stock		(37)
Less allocated dividends on non-vested restricted stock		(52)
Net income allocated to common stockholders		1,842
			5,486,221
Basic and diluted earnings per share				$	0.34

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)


	Three Months Ended September 30, 2024
			Weighted-
	Net		Average	Per Share
	Income		Shares	Amount
	(In thousands)
Net income	$	1,820
Less allocated earnings on non-vested restricted stock		(35)
Less allocated dividends on non-vested restricted stock		(52)
Net income allocated to common stockholders		1,733
			5,621,393
Basic and diluted earnings per share				$	0.31


	Nine Months Ended September 30, 2025
			Weighted-	Per
	Net		Average	Share
	Income		Shares	Amount
	(In thousands)
Net income	$	5,717
Less allocated earnings on non-vested restricted stock		(56)
Less allocated dividends on non-vested restricted stock		(206)
Net income allocated to common stockholders		5,455
			5,494,172
Basic and diluted earnings per share				$	0.99


	Nine Months Ended September 30, 2024
			Weighted-
			Average	Per Share
	Net Income		Shares	Amount
	(In thousands)
Net income	$	5,553
Less allocated earnings on non-vested restricted stock		(61)
Less dividends on non-vested restricted stock		(191)
Net income allocated to common stockholders		5,301
			5,584,250
Basic and diluted earnings per share				$	0.95

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 2021.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

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:
September 30, 2025:
U.S. government agencies	$	12,500	$	—	$	(67)	$	12,433
Subordinated notes		25,400		—		(1,805)		23,595
State and municipal obligations		226,040		857		(9,199)		217,698
Total debt securities	$	263,940	$	857	$	(11,071)	$	253,726


			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value

	(In thousands)
Available-for-sale Securities:
December 31, 2024:
U.S. government agencies	$	12,500	$	—	$	(246)	$	12,254
Subordinated notes		26,942		—		(2,824)		24,118
State and municipal obligations		213,319		335		(9,395)		204,259
Total debt securities	$	252,761	$	335	$	(12,465)	$	240,631

There was no allowance for credit losses at September 30, 2025 or December 31, 2024.

The amortized cost and fair value of available-for-sale securities at September 30, 2025, 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	$	4,202	$	4,202
One to five years		13,199		13,155
Five to ten years		30,839		28,985
Over ten years		215,700		207,384
Totals	$	263,940	$	253,726

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $125.2 million and $121.4 million at September 30, 2025 and December 31, 2024, 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 September 30, 2025 was $198.0 million, which represented 78% of the Company’s available-for-sale investment portfolio. The total fair value of these investments at December 31, 2024 was $208.8 million, which represented less than 87% of the Company’s available-for-sale.

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.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

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 September 30, 2025 and December 31. 2024:


	September 30, 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)
U.S. Government agencies	$	—	$	—	$	12,433	$	(67)	$	12,433	$	(67)
Subordinated notes		—		—		23,595		(1,805)		23,595		(1,805)
State and municipal obligations		106,008		(2,925)		54,998		(6,274)		161,006		(9,199)
Total temporarily impaired securities	$	106,008	$	(2,925)	$	91,026	$	(8,146)	$	197,034	$	(11,071)


	December 31, 2024
	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	$	—	$	—	$	12,254	$	(246)	$	12,254	$	(246)
Subordinated notes		—		—		24,118		(2,824)		24,118		(2,824)
State and municipal obligations		127,876		(2,478)		44,535		(6,917)		172,411		(9,395)
Total temporarily impaired securities	$	127,876	$	(2,478)	$	80,907	$	(9,987)	$	208,783	$	(12,465)

The unrealized losses on the Company’s 206 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 basis 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 September 30, 2025 or December 31, 2024.

The Company recorded a net gain on the sale of available - for - sale securities of approximately $144,000 for the nine months ended September 30, 2025. The Company sold $140,000 in securities for a loss of $2,000 and sold $7.7 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.

The Company recorded a loss of approximately $116,000 for the nine month ended September 30, 2024. The Company sold $20.3 million in securities for a loss of $228,000 and sold $7.2 million in securities for a gain of $112,000. The Company wanted to rebalance a portion of its security portfolio during the first half of 2024.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

Note 3: Loans and Allowance for Credit Losses

Categories of loans by purpose include:


	September 30,		December 31,
	2025		2024

	(In thousands)
Commercial and industrial	$	95,386	$	98,795
Commercial real estate		303,077		291,673
Residential real estate		90,660		91,737
Consumer loans		7,414		8,766

Total gross loans		496,537		490,971

Less allowance for credit losses		(4,303)		(4,026)

Total loans	$	492,234	$	486,945

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.

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.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

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 September 30, 2025 and December 31, 2024.


	September 30, 2025
	Commercial and		Commercial
	Industrial		Real Estate		Residential		Installment		Total

	(In thousands)
Allowance for credit losses:

Balance, July 1, 2025	$	633	$	1,473	$	1,938	$	112	$	4,156
Provision for credit loss exposure		121		65		(46)		46		186
Losses charged off		—		—		—		(55)		(55)
Recoveries		3		—		—		13		16
Balance, September 30, 2025	$	757	$	1,538	$	1,892	$	116	$	4,303
Balance, January 1, 2025	$	699	$	1,488	$	1,708	$	131	$	4,026
Provision for credit loss exposure		162		50		188		88		488
Losses charged off		(110)		—		(4)		(133)		(247)
Recoveries		6		—		—		30		36
Balance, September 30, 2025	$	757	$	1,538	$	1,892	$	116	$	4,303

Allocation:

Ending balance: individually evaluated for credit losses	$	119	$	—	$	—	$	—	$	119
Ending balance: collectively evaluated for credit losses	$	638	$	1,538	$	1,892	$	116	$	4,184
Loans:
Ending balance: individually evaluated for credit losses	$	477	$	1,359	$	589	$	12	$	2,437
Ending balance: collectively evaluated for credit losses	$	94,909	$	301,718	$	90,071	$	7,402	$	494,100

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)


	September 30, 2024
	Commercial and		Commercial
	Industrial		Real Estate		Residential		Installment		Total

	(In thousands)
Allowance for credit losses:

Balance, July 1, 2024	$	628	$	1,413	$	1,813	$	135	$	3,989
Provision (credit) for credit loss exposure		50		(23)		(12)		54		69
Losses charged off		—		—		(10)		(49)		(59)
Recoveries		—		—		—		3		3
Balance, September 30, 2024	$	678	$	1,390	$	1,791	$	143	$	4,002
Balance, January 1, 2024	$	573	$	1,408	$	1,843	$	94	$	3,918
Provision (credit) for credit loss exposure		179		(18)		(35)		178		304
Losses charged off		(75)		—		(17)		(151)		(243)
Recoveries		1		—		—		22		23
Balance, September 30, 2024	$	678	$	1,390	$	1,791	$	143	$	4,002

Allocation:

Ending balance: individually evaluated for credit losses	$	50	$	—	$	—	$	—	$	50
Ending balance: collectively evaluated for credit losses	$	628	$	1,390	$	1,791	$	143	$	3,952
Loans:
Ending balance: individually evaluated for credit losses	$	57	$	16	$	212	$	—	$	285
Ending balance: collectively evaluated for credit losses	$	96,451	$	277,648	$	91,065	$	9,555	$	474,719

Allowance for Loan Losses and Recorded Investment in Loans

As of December 31, 2024


	December 31, 2024
	Commercial and		Commercial
	Industrial		Real Estate		Residential		Installment		Total

	(In thousands)
Allowance for credit losses:
Ending balance: individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—
Ending balance: collectively evaluated for impairment	$	699	$	1,488	$	1,708	$	131	$	4,026

Loans:
Ending balance: individually evaluated for impairment	$	—	$	—	$	220	$	—	$	220
Ending balance: collectively evaluated for impairment	$	98,795	$	291,673	$	91,517	$	8,766	$	490,751

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(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 September 30, 2025 (in thousands):


													Revolving		Revolving
													Loans		Loans
													Amortized		Converted
September 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total
Commercial and Industrial
Risk Rating
Pass	$	12,682	$	18,153	$	13,881	$	9,276	$	5,024	$	15,216	$	19,630	$	—	$	93,862
Special Mention		—		—		—		—		—		—		1,047		—		1,047
Substandard		—		—		—		26		—		198		253		—		477
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	12,682	$	18,153	$	13,881	$	9,302	$	5,024	$	15,414	$	20,930	$	—	$	95,386

Commercial and Industrial
Current period gross charge-offs	$	—	$	—	$	39	$	—	$	—	$	—	$	71	$	—	$	110

Commercial real estate
Risk Rating
Pass	$	17,492	$	19,463	$	29,239	$	29,920	$	35,210	$	92,212	$	65,028	$	—	$	288,564
Special Mention		—		—		—		309		—		6,287		6,425		—		13,021
Substandard		—		—		—		—		374		1,118		—		—		1,492
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	17,492	$	19,463	$	29,239	$	30,229	$	35,584	$	99,617	$	71,453	$	—	$	303,077

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

Total
Pass	$	30,174	$	37,616	$	43,120	$	39,196	$	40,234	$	107,428	$	84,658	$	—	$	382,426
Special Mention		—		—		—		309		—		6,287		7,472		—		14,068
Substandard		—		—		—		26		374		1,316		253		—		1,969
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	30,174	$	37,616	$	43,120	$	39,531	$	40,608	$	115,031	$	92,383	$	—	$	398,463
Current period gross charge-offs	$	—	$	—	$	39	$	—	$	—	$	—	$	71	$	—	$	110

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(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
September 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total
Residential Real Estate
Payment Performance
Performing	$	7,521	$	8,550	$	8,763	$	15,160	$	14,039	$	36,038	$	—	$	—	$	90,071
Nonperforming		265		22		—		—		18		284		—		—		589
Total	$	7,786	$	8,572	$	8,763	$	15,160	$	14,057	$	36,322	$	—	$	—	$	90,660

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

Consumer
Payment Performance
Performing	$	1,264	$	3,376	$	920	$	495	$	240	$	745	$	362	$	—	$	7,402
Nonperforming		—		—		—		—		—		12		—		—		12
Total	$	1,264	$	3,376	$	920	$	495	$	240	$	757	$	362	$	—	$	7,414

Consumer
Current period gross charge-offs	$	98	$	7	$	27	$	1	$	—	$	—	$	—	$	—	$	133

Total
Payment Performance
Performing	$	8,785	$	11,926	$	9,683	$	15,655	$	14,279	$	36,783	$	362	$	—	$	97,473
Nonperforming		265		22		—		—		18		296		—		—		601
Total	$	9,050	$	11,948	$	9,683	$	15,655	$	14,297	$	37,079	$	362	$	—	$	98,074
Current period gross charge-offs	$	98	$	7	$	27	$	1	$	—	$	4	$	—	$	—	$	137

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(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, 2024 (in thousands):


													Revolving		Revolving
													Loans		Loans
													Amortized		Converted
December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
Commercial and industrial
Risk Rating
Pass	$	22,474	$	17,993	$	11,487	$	8,082	$	10,099	$	8,295	$	19,068	$	—	$	97,498
Special Mention		—		—		26		—		—		185		1,086		—		1,297
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	22,474	$	17,993	$	11,513	$	8,082	$	10,099	$	8,480	$	20,154	$	—	$	98,795

Commercial and industrial
Current period gross charge-offs	$	—	$	127	$	—	$	—	$	—	$	—	$	—	$	—	$	127

Commercial real estate
Risk Rating
Pass	$	19,554	$	30,858	$	32,972	$	36,870	$	31,461	$	68,279	$	57,096	$	—	$	277,090
Special Mention		—		—		315		242		—		7,781		6,229		—		14,567
Substandard		—		—		—		—		—		16		—		—		16
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	19,554	$	30,858	$	33,287	$	37,112	$	31,461	$	76,076	$	63,325	$	—	$	291,673

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

Total
Pass	$	42,028	$	48,851	$	44,459	$	44,952	$	41,560	$	76,574	$	76,164	$	—	$	374,588
Special Mention		—		—		341		242		—		7,966		7,315		—		15,864
Substandard		—		—		—		—		—		16		—		—		16
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	42,028	$	48,851	$	44,800	$	45,194	$	41,560	$	84,556	$	83,479	$	—	$	390,468
Current period gross charge-offs	$	—	$	127	$	—	$	—	$	—	$	—	$	—	$	—	$	127

Table of Contents

United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)


													Revolving		Revolving
													Loans		Loans
													Amortized		Converted
December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
Residential Real Estate
Payment Performance
Performing	$	9,480	$	10,469	$	16,912	$	15,174	$	17,401	$	21,993	$	—	$	—	$	91,429
Nonperforming		—		22		—		17		—		269		—		—		308
Total	$	9,480	$	10,491	$	16,912	$	15,191	$	17,401	$	22,262	$	—	$	—	$	91,737

Residential real estate
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	17	$	—	$	—	$	17

Consumer
Payment Performance
Performing	$	4,619	$	1,427	$	798	$	349	$	275	$	907	$	376	$	—	$	8,751
Nonperforming		—		—		—		—		15		—		—		—		15
Total	$	4,619	$	1,427	$	798	$	349	$	290	$	907	$	376	$	—	$	8,766

Consumer
Current period gross charge-offs	$	144	$	72	$	—	$	—	$	—	$	—	$	—	$	—	$	216

Total
Payment Performance
Performing	$	14,099	$	11,896	$	17,710	$	15,523	$	17,676	$	22,900	$	376	$	—	$	100,180
Nonperforming		—		22		—		17		15		269		—		—		323
Total	$	14,099	$	11,918	$	17,710	$	15,540	$	17,691	$	23,169	$	376	$	—	$	100,503
Current period gross charge-offs	$	144	$	72	$	—	$	—	$	—	$	17	$	—	$	—	$	233

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

(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 September 30, 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	$	—	$	—	$	14	$	477	$	491	$	94,895	$	95,386
Commercial real estate		199		—		—		1,359		1,558		301,519		303,077
Residential		438		32		—		589		1,059		89,601		90,660
Installment		24		2		—		12		38		7,376		7,414
Total	$	661	$	34	$	14	$	2,437	$	3,146	$	493,391	$	496,537

Loan Portfolio Aging Analysis

As of December 31, 2024


	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	$	—	$	43	$	41	$	170	$	254	$	98,541	$	98,795
Commercial real estate		48		—		—		258		306		291,367		291,673
Residential		95		30		—		308		433		91,304		91,737
Installment		15		2		15		—		32		8,734		8,766
Total	$	158	$	75	$	56	$	736	$	1,025	$	489,946	$	490,971

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 September 30, 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	$	225	$	252	$	477	$	14	$	491
Commercial real estate		1,359		—		1,359		—		1,359
Residential		589		—		589		—		589
Installment		12		—		12		—		12
Total	$	2,185	$	252	$	2,437	$	14	$	2,451

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

The Company did not recognize interest income on nonaccrual loans during the period ended September 30, 2025.

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, 2024:


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

	(In thousands)
Commercial and Industrial	$	170	$	—	$	170	$	41	$	211
Commercial real estate		258		—		258		—		258
Residential		308		—		308		—		308
Consumer		—		—		—		15		15
Total	$	736	$	—	$	736	$	56	$	792

The Company recognized approximately $4,000 interest income on nonaccrual loans during the the period ended December 31, 2024.

Note 4: Benefit Plans

Pension expense includes the following:


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024

	(In thousands)
Service cost	$	87	$	81	$	261	$	243
Interest cost		97		81		291		243
Expected return on assets		(178)		(156)		(534)		(468)
Accretion of prior service cost and net loss		(22)		(22)		(66)		(66)

Pension (contra expense) expense	$	(16)	$	(16)	$	(48)	$	(48)

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

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.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

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


	September 30,		December 31,
	2025		2024

	(In thousands)
Commercial loans unused lines of credit	$	124,947	$	107,816
Commitment to originate loans		123,738		106,607
Consumer open end lines of credit		32,235		35,730
Standby lines of credit		477		513

During the three and nine months ended September 30, 2025, there was no change in the allowance for credit expense for off balance sheet exposure of $94,000.

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 and six months ended September 30, 2025 and 2024.


	September 30,
	2025

Balance – December 31, 2024	$	94
Provision for (reversal of) credit losses		—
Balance – June 30, 2025		94
Provision for (reversal of) credit losses		—
Balance – September 30, 2025	$	94


	September 30,
	2024

Balance – December 31, 2023	$	224
Provision for (reversal of) credit losses		(130)
Balance – June 30, 2024		94
Provision for (reversal of) credit losses		—
Balance – September 30, 2024	$	94

Note 6: Accumulated Other Comprehensive Income (Loss)

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


	September 30,		December 31,
	2025		2024

	(In thousands)
Net unrealized loss on securities available-for-sale	$	(10,214)	$	(12,130)
Net unrealized loss for unfunded status of defined benefit plan liability		(654)		(654)
		(10,868)		(12,784)
Less: Tax effect		2,282		2,684
Net-of-tax amount	$	(8,586)	$	(10,100)

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

The changes in accumulated other comprehensive income (loss) by component shown of net of tax and parenthesis indicating debits as of September 30, 2025 and 2024.


	Three months ended						Three months ended
	September 30, 2025						September 30, 2024
	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	$	(13,979)	$	(517)	$	(14,496)	$	(10,790)	$	(429)	$	(11,219)
Other comprehensive income (loss) before reclassification		5,910		—		5,910		4,061		—		4,061
Amounts reclassified from accumulated other comprehensive gain (loss)		—		—		—		—		—		—
Net current -period other comprehensive income (loss)		5,910		—		5,910		4,061		—		4,061
Ending balance	$	(8,069)	$	(517)	$	(8,586)	$	(6,729)	$	(429)	$	(7,158)


	Nine months ended						Nine months ended
	September 30, 2025						September 30, 2024
	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	$	(9,583)	$	(517)	$	(10,100)	$	(7,049)	$	(429)	$	(7,478)
Other comprehensive income (loss) before reclassification		1,627		—		1,627		228		—		228
Amounts reclassified from accumulated other comprehensive (gain) loss		(113)		—		(113)		92		—		92
Net current -period other comprehensive income (loss)		1,514		—		1,514		320		—		320
Ending balance	$	(8,069)	$	(517)	$	(8,586)	$	(6,729)	$	(429)	$	(7,158)

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.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

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 September 30, 2025 and December 31, 2024:


			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)
September 30, 2025
U.S. government agencies	$	12,433	$	—	$	12,433	$	—
Subordinated Notes		23,595		—		23,595		—
State and municipal obligations		217,698		—		217,698		—


December 31, 2024
U.S. government agencies	$	12,254	$	—	$	12,254	$	—
Subordinated Notes		24,118		—		24,118		—
State and municipal obligations		204,259		—		204,259		—

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.

At September 30, 2025 approximately $224,000 of Commercial, $1.4 million of Commercial Real Estate and $463,000 of Residential loans were collateral dependent. As of September 30, 2025, there was one commercial and industrial loan secured by the revenue from the business assets for $253,000 that had a specific reserve of $119,000 against it. As of December 31, 2024, the fair value investment in individually analyzed loans totaled $220,000 that did not require a specific allowance for credit loss since either the estimated realizable value of the collateral or the discounted cash flows exceeded the recorded investment in the loan.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

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. There were no collateral dependent loans at December 31, 2024.

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.

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 September 30, 2025 and December 31, 2024.


			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)
September 30, 2025
Collateral dependent loans	$	134	$	—	$	134	$	—
Foreclosed assets held for sale		—		—		—		—

December 31, 2024
Collateral dependent loans	$	—	$	—	$	—	$	—
Foreclosed assets held for sale		120		—		—		120

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

Unobservable (Level 3) Inputs

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


	Fair Value at		Valuation	Unobservable
	9/30/25		Technique	Inputs	Range

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


	Fair Value at		Valuation	Unobservable
	12/31/24		Technique	Inputs	Range

	(In thousands)
Collateral-dependent loans	$	—	Market comparable properties	Comparability adjustments	5% – 10%
Foreclosed assets held for sale		120	Market comparable properties	Marketability discount	10% – 35%

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(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)
September 30, 2025:

Financial assets
Cash and cash equivalents	$	45,652	$	45,652	$	—	$	—
Loans, net of allowance		492,234		—		—		479,128
Federal Home Loan Bank		4,030		—		4,030		—
Accrued interest receivable		3,631		—		3,631		—

Financial liabilities
Deposits		645,193		—		644,095		—
Securities sold under repurchase agreements		45,514		—		45,514		—
Subordinated debentures		23,893		—		23,092		—
Advance Federal Home Loan Bank		75,000		—		75,464		—
Accrued interest payable		607		—		607		—


			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, 2024:

Financial assets
Cash and cash equivalents	$	19,608	$	19,608	$	—	$	—
Loans, net of allowance		486,945		—		—		466,951
Federal Home Loan Bank stock		4,026		—		4,026		—
Accrued interest receivable		4,322		—		4,322		—

Financial liabilities
Deposits		613,494		—		614,869		—
Securities sold under repurchase agreements		30,494		—		30,494		—
Subordinated debentures		23,847		—		24,386		—
Advance Federal Home Loan Bank		75,000		—		74,728		—
Accrued interest payable		831		—		831		—

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. Accrued Interest Payable, and Securities Sold Under Repurchase Agreements

The carrying amounts approximate fair value.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(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.

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 September 30, 2025 and December 31, 2024.

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
September 30, 2025	Continuous		Up to 30 Days		30‑90 Days		90 Days		Total
Repurchase Agreements
State and municipal obligations	$	45,514	$	—	$	—	$	—	$	45,514
Total	$	45,514	$	—	$	—	$	—	$	45,514


	Overnight and						Greater than
December 31, 2024	Continuous		Up to 30 Days		30‑90 Days		90 Days		Total
Repurchase Agreements
State and municipal obligations	$	30,494	$	—	$	—	$	—	$	30,494
Total	$	30,494	$	—	$	—	$	—	$	30,494

These borrowings were collateralized with state and municipal obligations with a carrying value of $56.8 million at September 30, 2025 and $49.9 million at December 31, 2024. 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

(In thousands)

Note 9: Core Deposits and Intangible Assets

The following table shows the changes in the carrying amount of goodwill for September 30, 2025 and December 31, 2024 (in thousands):


	September 30,		December 31,
	2025		2024
Balance beginning of year	$	682	$	682
Additions from acquisition		—		—
Balance, end of period	$	682	$	682

Intangible assets in the consolidated balance sheets at September 30, 2025 and December 31, 2024 were as follows (in thousands):


	Nine Months Ended September 30, 2025						Year Ended December 31, 2024
	Gross						Gross
	Intangible		Accumulated		Net Intangible		Intangible		Accumulated		Net Intangible
	Assets		Amortization		Assets		Assets		Amortization		Assets
Core deposit intangibles	$	1,041	$	1,031	$	10	$	1,041	$	919	$	122

The estimated aggregate future amortization expense for 2025 for intangible assets as of September 30, 2025 is as follows (in thousands):


2025		$	10

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 September 30, 2025 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 September 30, 2025, advance from the Federal Home Loan Bank were $75 million. The Company had $75 million of advances from the Federal Home Loan Bank at December 31, 2024.

At September 30, 2025, required repayments on Federal Home Loan Bank advances were for year ending December 31, 2026 are $20 million (4.39% fixed rate), December 31, 2027 are $35 million (4.24% fixed rate) and December 31, 2028 are $20 million (4.11% fixed rate).

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

Note 11: Restricted Stock Plan

A summary of the status of the Company’s nonvested restricted shares as of September 30, 2025, and changes during the nine months ended September 30, 2025, is presented below:


	Weighted-
	Average
	Grant-Date
	Shares	Fair Value
Nonvested, beginning of year	287,790	$	11.68
Granted	—		—
Vested	(10,000)		9.00
Forfeited	—		—
Nonvested, end of quarter	277,790	$	11.78

Total compensation cost recognized in the income statement for share-based payment arrangements during the three and nine months ended September 30, 2025 was $88,000 and $265,000, respectively. Total compensation cost recognized in the income statement for share-based payment arrangements during the three and nine months ended September 30, 2024 was $42,000 and $721,000. The 10,000 shares vested during the first quarter of 2025.

Note 12: Premises and Equipment

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


	September 30,		December 31,
	2025		2024

	(In thousands)
Land, buildings and improvements	$	37,940	$	31,727
Furniture and equipment		17,368		16,158
Computer software		2,707		2,680
		58,015		50,565
Less accumulated depreciation		(27,844)		(26,966)
Net premises and equipment	$	30,171	$	23,599

Depreciation and amortization charged to operations was $878,000 and $802,000 for the nine months ended September 30, 2025 and 2024, respectively.

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United Bancorp, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands)

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.


	Three Months Ended September 30,
	2025		2024

	(In thousands)
Banking Segment
Total interest income	$	10,635	$	9,944
Total interest expense		3,906		3,805
Net interest income		6,729		6,139
Provision for credit loss expense		186		69
Net interest income after provision for (reversal of) credit losses		6,543		6,070
Noninterest income		1,348		1,215
Noninterest expense (including taxes)		5,960		5,465
Net income		1,931		1,820
Net income (consolidated statements of income)	$	1,931	$	1,820
Total assets Banking segment	$	866,756	$	816,656
Total assets (consolidated balance sheets)	$	866,756	$	816,656


	Nine Months Ended September 30,
	2025		2024

	(In thousands)
Banking Segment
Total interest income	$	30,888	$	29,443
Total interest expense		11,317		10,987
Net interest income		19,571		18,456
Provision for credit loss expense		488		174
Net interest income after provision for (reversal of) credit losses		19,083		18,282
Noninterest income		4,019		3,265
Noninterest expense (including taxes)		17,385		15,994
Net income		5,717		5,553
Net income (consolidated statements of income)	$	5,717	$	5,553
Total assets Banking segment	$	866,756	$	816,656
Total assets (consolidated balance sheets)	$	866,756	$	816,656

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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 September 30, 2025, as compared to December 31, 2024, and the results of consolidated operations for the three and nine months ended September 30, 2025, compared to the same period in 2024. This discussion should be read in conjunction with the interim condensed consolidated financial statements and related footnotes included herein.

Introduction

United Bancorp, Inc. (NASDAQ: UBCP) reported diluted earnings per share of $0.34 and net income of $1,931,000 for the three months ended September 30, 2025. For the first nine months of the current year, UBCP reported diluted earnings per share of $0.99 and net income of $5,717,000.

We are happy to report on the increased earnings for the third quarter ended September 30, 2025 and, also, the increased earnings and overall solid performance achieved by United Bancorp, Inc. (UBCP) for the first nine months of 2025. For the quarter, our Company produced net income and diluted earnings per share of $1,931,000 and $0.34, which are respective increases of $111,000, or 6.1%, and $0.03, or 9.7%, over the results achieved for each metric in the third quarter of the previous year. In addition, and on a linked-quarter basis, our Company’s net income and diluted earnings per share results also respectively increased by $17,000, or 0.9%, and $0.01 or 3.0%. For the first nine months of 2025, UBCP produced net income of $5,717,000, an increase of $165,000, or 3.0%, and diluted earnings per share of $0.99, which is an increase of $0.04, or 4.2%, which were both respective increases over the levels achieved the previous year. Considering, over the course of the past twelve months, we have undertaken several transformative projects that have added to our noninterest expense levels, such as: the construction of our new Wheeling Banking Center, the development and scaling out of both Unified Mortgage and our Treasury Management Programs, the investment in new technology and digital transformation and the acquisition of a property in St. Clairsville, Ohio that will become our Unified Center which will house our Accounting, Information Technology and Customer Sales and Service Functions--- we are very happy with the present performance of our Company. With our unwavering focus on growing our Company through investing in its infrastructure, product development and delivery, we strongly believe that these current undertakings… which are dilutive to current financial performance will provide a pathway to future growth and lead to increasingly higher performance over the course of the next twelve to twenty-four months, and help us to maintain our overall relevance for many years to come.

The economic environment in which we are operating is posing challenges for all businesses with the present high degree of uncertainty that permeates our national and world economies as a result of the tariffs that were announced earlier this year under the new administration and which are in the process of being fully negotiated and enacted. This new trade policy--- coupled with a perceived slowing of employment and lingering inflation--- has led many of us to question the future direction of our economy and what impact it will have on the businesses that operate therein, including our Company. Even though we have dealt with changing and somewhat volatile fiscal and monetary policy over the course of the past couple of years, this new economic reality relating to trade policy has only been cast upon us within the past several months and the uncertainty relating thereto is still high. In addition--- and, to further add to the uncertainty that permeates our present economy--- our federal government shutdown on October 1, 2025 after Congress failed to pass funding legislation to support its ongoing operation. Thus far, our Company has responded in a positive fashion to this new and continuing economic uncertainty with which we have been confronted on both a year-to-date and year-over-year basis. For the first nine months of 2025 compared to the same nine-month period the previous year, the net interest income that our Company realized increased by $1,116,000, or 6.0%, and our net interest margin improved by sixteen (16) basis points to 3.66% from 3.50%. Of note and evidencing an expansionary trend, on a year-over-year basis for the most recently ended quarter--- the increase in our Company’s net interest income accelerated above the year-to-date level by increasing by $591,000, or 9.6%. We are optimistic that we can continue this current increasing and expansionary trend for both our total interest income and net interest margin for the remainder of this year.

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United Bancorp, Inc.

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

The primary driver of our Company’s growing level of net interest income and the expansion of its net interest margin is the growth trend we have experienced this year in our total assets, which increased on a year-over-year basis by $41.3 million, or 5.0%, to a level of $866.8 million as of September 30, 2025. This growth in total assets is primarily attributed to gross loans increasing by $21.5 million, or 4.5%, to a level of $496.5 million and cash and due from the Federal Reserve Bank increasing by $7.8 million, or 20.6%, to a level of $45.6 million as of the most recently ended quarter. In addition, during the third quarter of the current year, we took advantage of heightened yield opportunities presented in the market by investing approximately $21.0 million of our excess reserves held at the Federal Reserve Bank into municipal securities with an average taxable equivalent yield (TEY) of 6.1%. These newly purchased securities should help boost the level of interest income that we generate in future periods and further contribute to the corresponding expansion of both our net interest income and net interest margin especially, if the Federal Open Market Committee (FOMC) continues to lower short term rates as it did toward the end of the third quarter. Interestingly, a significant portion of the municipal securities that we hold in our investment portfolio have extended call protection, which should benefit our Company in a falling rate environment. Also, of interest, we continue to see the average yield of our overall loan portfolio increase as many of our loans originated over the course of the past five years are repricing in the current interest rate environment; wherein, current loan rates are considerably higher than the initial rates at which these loans were originated. With our present liquidity level at the Federal Reserve, we will have a sharp focus on continuing to grow our loans outstanding as we enter the fourth quarter of the current year. This anticipated growth in our Company’s gross loans, along with the continued repricing of our loan portfolio in a higher-rate environment, should contribute to our Company continuing to generate higher levels of interest income on loans and loan related fees, which should positively contribute to the aforementioned projection of higher levels of net interest income being realized for the remainder of the year.

Looking at the interest expense side of the net interest margin, our Company’s total interest expense did respectively increase on both a quarterly and year-to-date basis by $101,000, or 2.7%, and $330,000 or 3.0%. This modest increase in our Company’s total interest expense was primarily driven by a year-over-year increase in our total deposits of $29.4 million, or 4.8%, to a level of $645.2 million and a shift in our Company’s depository mix with a decrease in our lower-cost funding (consisting of demand and savings balances) and an increase in our higher-cost term funding (consisting of time deposits). This trend has recently begun to shift somewhat during the course of the most recently ended quarter as our Company experienced an increase in noninterest bearing demand balances. Year-over-year and as of September 30, 2025, noninterest bearing demand balances increased by $12.3 million, or 8.5%, to a level of $156.3 million. Overall, year-over-year, our Company saw its interest expense to average assets increase by three (3) basis points to a level of 1.80%. In the present environment in which we operate, we do anticipate that we will be able to start to see a decline in our total interest expense levels, which should further contribute to net interest income expansion and margin accretion during the current year.

Even with many of our borrowers experiencing rate resets to levels that may be double their previous rates on their loans in this higher-rate environment and with the economic uncertainty that continues, we have successfully maintained credit-related strength and stability within our loan portfolio. As of September 30, 2025, our Company’s total nonaccrual loans and loans past due 30 plus days were $3.1 million, which is 0.63% of gross loans. At the end of the most recent quarter, our Company’s nonperforming assets to total assets was 0.66%, which compares favorably to our industry and peer group of financial institutions. In addition, these reported levels continue to be well-below historic levels. Further highlighting the overall strength of our loan portfolio, our Company had net loans charged off (excluding overdrafts) of ($137,000) for the first nine months of this year, which annualized is (0.04%) of average loans and is in-line with the previous year. Considering some of the economic uncertainty and macroeconomic trends in the current year--- along with the growth in our gross loans--- our Company had a provision for credit loss expense for the first nine months of the current year of $488,000 for the quarter ended September 30, 2025, which is an increase of $314,000 year-over-year. This increase in our provision for credit loss expense led to a decrease in our Company’s diluted earnings per share of approximately ($0.045) in the current year. Even considering our growing gross loan totals… with the increased provision for credit losses this year and continued solid credit quality-related metrics as of the most recently ended quarter, our Company had a total allowance for credit losses to total loans of 0.87%, which is a three (3) basis point increase over the previous year (and, on a linked quarter basis), and our total allowance for credit losses to nonaccrual loans was 177% as of September 30, 2025. Overall, we firmly believe that we are presently well reserved with strong coverage. Also, our Company remains very well capitalized by regulatory standards with regulatory capital (stockholders’ equity plus accumulated other comprehensive loss (AOCI)) of $75.1 million, or 8.9% of average assets as of September 30, 2025.

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United Bancorp, Inc.

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

Considering that the uncertainty relating to our country’s present economic outlook remains elevated due to our current administration’s trade policy implemented within the past several months--- coupled with the potentially restrictive monetary policy position of the Federal Open Market Committee’s (FOMC) under which we presently operate--- our Company has performed in an admirable fashion over the course of the first nine months of 2025. We are happy to see the growth trends that we have experienced during the first three quarters of the current year in both our total deposits and gross loans and the current quality of the credit related metrics of our loan portfolio that remain relatively stable and low by historic standards. With the stronger demand for our loan products that we are currently experiencing--- especially, in the relationship-driven, small-business oriented commercial portfolio, which accounts for approximately eighty percent (80%) of our total loans--- we can continue our focus of attracting more deposits to fund this increased loan demand, which will help our Company’s positive pursuit of achieving its goal of growing total assets to a level of $1.0 billion or greater! As we invest in the infrastructure of our Company, we have a lot of positive operating leverage and scale is definitely our friend. We anticipate that this envisioned growth of our Company’s balance sheet should lead to increasing revenue generation and profitability in future periods.

Under our Company’s guiding principles and vision, United Bancorp, Inc. (UBCP) has had a goal to grow its asset-base to a level of $1.0 billion (and, beyond) for the past several years. With all of the economic uncertainty and challenges within the past few years with which we have been confronted, our Company adopted a more defensive posture… which sacrificed growth for the sake of maintaining sound performance with a more conservative balance sheet management approach. Beginning in 2024, we began to adopt a more offensive-oriented posture with a focus, once again, on driving the growth of the balance sheet of our Company, which we believe will lead to higher levels of earnings and profitability and ensure our long-term relevance. Several new initiatives which we have previously announced--- and, which we have either already begun or are in the process implementing--- are key to driving this envisioned growth. A major initiative that our Company has undertaken is the development and construction of a new regional banking center in the desirable market of Wheeling, West Virginia. We are excited by the progress that has been made on this highly-promising banking center, which is scheduled to open within the next few weeks. Even though this banking center has not yet opened, some of the recent growth within our loan and depository portfolios is directly attributed to this office through the efforts of the business development team that we already have in place for this location. We firmly believe that within five years, this new banking center will be a top performer for UBCP! Another exciting initiative that we have undertaken (and, more fully developed over the course of the past year) is our new Unified Mortgage Division. Last year, this new division helped our Company produce higher levels of fee income and we believe that as we scale this function more fully, it will only become more lucrative for us. We have also become more focused on developing our Treasury Management function, which focusses on helping our small business customers with cash management, merchant services and payments. Not only does this developing department within our Company help generate higher levels of fee income, it also is key to helping us grow our no or low-cost deposit base… both of which lead to increased profitability. Also, over the course of the past year, UBCP has made a tremendous investment in the area of technology as we focus on digital transformation and omni-channel delivery, which will ensure that we meet the changing needs of our customer base and attract new customers to our Company. We are also in the process of implementing an artificial intelligence (AI) solution, which will help us better serve our customers by more effectively and efficiently responding to and answering customer inquiries on their terms and guiding them to the best financial solutions that better meet their current and changing needs. Lastly, we acquired a property in St. Clairsville, Ohio, which will be known as the Unified Center, that will house the Accounting, Technology and Customer Support functions of our Company. As UBCP has grown and evolved over the course of the past several years (and, as we continue to do so), we have had a need for a facility such as this. I am most excited about the Customer Support function that we are developing at the Unified Center, which will centralize the service function of our Company with team members that are highly skilled and more capable of providing a complete and satisfying Unified Experience to our valued customers. In addition, it will have a sales-oriented function, which is anticipated to lead to additional business for our Company (with the help of our AI-solution) by routing inbound inquiries from any banking channel to skilled sales professionals. This process will focus on the attraction and expansion of relationships through more effective on-boarding and cross-selling practices, which will lead to the sale of additional products and services to both our existing and newly prospected customers through this much more efficient and effective delivery channel. The renovation of the Unified Center should be completed by year-end and we will be ready to launch our new and exciting customer-centric solutions in the first quarter of next year.

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United Bancorp, Inc.

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

As always, our primary focus is protecting the investment of our shareholders in our Company and rewarding them in a balanced fashion by growing their value and paying an attractive cash dividend. In these areas, our shareholders have been nicely rewarded. In the first three quarters of the current year, we, once again, paid both our regular cash dividend and a special dividend to our valued shareholders. With these payouts, the regular cash dividend increased by $0.03 from the previous year to a level of $0.555, an increase of 5.7%. The special cash dividend paid out in the first quarter of this year was $0.175, which was an increase of $0.025, or 16.7%, over the payout the previous year. In the current year, United Bancorp, Inc. (UBCP) has paid total cash dividends to its shareholders in the amount of $0.73, an increase of $0.055, or 8.2%, over the amount paid in the first nine months of 2024, which produces a near-industry leading total dividend yield of 6.6%. This total dividend yield is based on our third quarter cash dividend on a forward basis, plus the special dividend (which combined total $0.925) and our quarter-end fair market value of $13.98. On a year-over-year basis as of September 30, 2025, the fair market value of our Company’s stock favorably increased by $0.85, or 6.5%, and our market price to tangible book value was 127%, which compares favorably to current industry standards.

Considering that we continue to operate in a challenging economic and a highly competitive industry-related environment, we are very pleased with our current performance and future prospects. Even with these present threats to which we are exposed, we are very optimistic about the future growth and earnings potential for United Bancorp, Inc. (UBCP). We firmly believe that with the challenges that our industry has experienced over the course of the past few years, our Company has evolved into a more fundamentally sound organization with a focus on evolving and growing in order to achieve greater efficiencies and scales and generate higher levels of revenue--- while prudently managing expenses and controlling overall costs. We have and continue to invest in areas that will lead to our continued and future relevancy within our industry. Although such initiatives can stress the short-term performance of our Company, we firmly believe that they will help us fulfill our intermediate and longer-term goals and produce above industry earnings and performance. As previously mentioned, we still have a vision of prudently and profitably growing UBCP to an asset threshold of $1.0 billion, or greater, in the near term. We are truly excited about our Company’s direction and the potential that it brings. With an unwavering focus on continual process improvement, product development and enhanced delivery, we firmly believe the future for our Company is very bright.

As of September 30, 2025, United Bancorp, Inc. has total assets of $866.8 million and total shareholders’ equity of $66.5 million. Through its single bank charter, Unified Bank, the Company currently has eighteen banking centers that serve the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas and Marshall County in West Virginia. United Bancorp, Inc. trades on the NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

Certain statements contained herein are not based on historical facts and are “forward-looking statements” within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements, which are based on various assumptions (some of which are beyond the Company’s control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or carry forward-looking statements, whether as a result of new information, future events or otherwise.

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United Bancorp, Inc.

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

Forward-Looking Statements

When used in this document, the words such as “may,” “will,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate,” “project,” “could,” “should,” 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, among others, changes in economic or market conditions in the Company’s geographic markets; changes in interest rates and funding costs; changes in loan demand or deposit flows; credit quality trends; competition from financial and non-financial institutions; regulatory or legislative actions and supervisory matters; cybersecurity events or operational disruptions; and other risks described from time to time in the Company’s filings with the Securities and Exchange Commission, 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.

Forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on such forward-looking statements. 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.

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 September 30, 2025, gross loans were $496.5 million, compared to $491.0 million at December 31, 2024, an increase of $5.6 million after offsetting repayments for the period. The overall increase in the loan portfolio was comprised of a $8.0 million increase in commercial and commercial real estate loans and a $1.1 million decrease in real estate lending and a $1.4 million decrease in installment loans since December 31, 2024.

Commercial and commercial real estate loans comprised 80.2% of total loans at September 30, 2025, compared to 79.5% at December 31, 2024. Commercial and commercial real estate loans have increased $8.0 million, or approximately 2.0% since December 31, 2024. 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.

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United Bancorp, Inc.

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

Consumer loans represented 1.5% of total loans at September 30, 2025 and 1.8% at December 31, 2024. Some of the consumer loans carry somewhat more risk than real estate lending; however, it also provides for higher yields. Consumer loans have decreased $1.4 million, or 15.4%, since December 31, 2024. 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 18.3% of total loans at September 30, 2025 and 18.7% at December 31, 2024, representing a decrease of $1.1 million, or 1.2% since December 31, 2024. At September 30, 2025, the Company did not hold any loans for sale.

As of September 30, 2025, the Company considered its concentration of credit risk to be acceptable. The following table presents additional detail regarding the Company’s largest loan concentration as of September 30, 2025 and December 31, 2024.


	September 30, 2025				December 31, 2024
	Outstanding		Percent		Outstanding		Percent
Commercial and Industrial	$	95,386	19.21	%	$	98,795	20.12	%
Other Non Farm Non Residential		92,663	18.66	%		93,703	19.09	%
Owner Occupied Non Farm/Non Residential		92,810	18.69	%		96,299	19.61	%

The allowance for credit losses totaled $4.3 million at September 30, 2025, which represented 0.87% 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 charge-offs (exclusive of overdrafts net charge-offs of $74,000) for the nine months ended September 30, 2025 were approximately $137,000. Net loans charged off (exclusive of overdrafts net charge-offs $80,000) was $141,000 for the nine months ended September 30, 2024.

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 September 30, 2025 increased approximately $13.1 million from December 31, 2024 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 September 30, 2025, total core deposits (interest and non interest bearing accounts and savings) increased approximately $12.2 million, or 3.8% from December 31, 2024 totals. The Company’s savings accounts decreased $1.9 million or 1.5% from December 31, 2024 totals. The Company’s interest-bearing and non-interest bearing demand deposits increased $12.2 million while certificates of deposit under $250,000 increased by $13.3 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 September 30, 2025, certificates of deposit greater than $250,000 increased $8.1 million or 22.7%, from December 31, 2024 totals.

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United Bancorp, Inc.

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

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 $15.0 million from December 31, 2024 totals. At September 30, 2025, the Company has $75 million of fixed rate advances that mature over the next 6 months to 2.5 years. Refer to footnote 10 for further information.

Results of Operations for the Three Months Ended September 30, 2025 and 2024

Net Income

The reported diluted earnings per share was $0.34 for the quarter ended September 30, 2025 compared to $0.31 for the quarter ended September 30, 2024, an increase of 9.7%.

Net Interest Income

Net interest income increased $591,000 or 9.6% for the three months ended September 30, 2025 compared to the same period in 2024. This increase was mainly due to increase in the yield in our securities and lending portfolios and overall growth in our earning asset balances.

Provision for Credit Losses

The Company had a provision for credit losses of $186,000 for the three months ended September 30, 2025 as compared to a provision form credit losses of $69,000 for same period in 2024.

Noninterest Income

Noninterest income of the Company increased $133,000 quarter-over-quarter. This increase was maily dure to an increase in service charge on deposit account of $90,000 for the three months ended September 30, 2025 over the same period in 2024.

Noninterest Expense

The Company saw its noninterest expense increase by $451,000 or 8.2% year-over-year. The increase is due to additional staffing related to the Fall 2025 opening of our Wheeling Banking Center and normal merit increases.

Federal Income Taxes

The provision for federal income taxes (benefits) was $20,000 for the three months ended September 30, 2025. The Company had an income tax benefit of $64,000 for the three months ended September 30, 2024.

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

Net Income

The reported diluted earnings per share was $0.99 for the nine months ended September 30, 2025 compared to $0.95 for the nine months ended September 30, 2024 an increase 4.2%.

Net Interest Income

Net interest income increased $1,116,000 or 6.1% for the nine months ended September 30, 2025 compared to the same period in 2024. This increase was mainly due to our variable rate loans repricing upward and an increase in earning assets period over period.

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United Bancorp, Inc.

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

Provision for Credit Losses

The Company had a provision for credit losses of $488,000 for the nine months ended September 30, 2025 as compared to a provision for credit losses of $174,000 for same period in 2024.

Noninterest Income

Noninterest income of the Company increased $754,000 year-over-year. This increase was in part due to the Company $205,000 receipt of interest due from the Internal Revenue Service for refunds related to the Employee Retention Credit for the Company. The Company also had a gain on the sale of available-for-sale securities of $144,000 for the nine months ended September 30, 2025 as compared to a loss of $116,000 for the nine months ended September 30, 2024, a difference of $260,000.

Noninterest Expense

The Company saw its noninterest expense increased by $1,374,000 or 8.6% year-over-year. The increase is due to additional staffing related to the Fall 2025 opening of our Wheeling Banking Center and normal merit increases and general inflation. Our Company was able to successfully apply and be approved for an Employee Retention Credit (ERC) in the first quarter of 2024 which helped to offset the general increase due to inflation during the nine months ended September 30, 2024.

Federal Income Taxes

The provision for federal income taxes (benefits) was ($24,000) for the nine months ended September 30, 2025. The Company had an income tax benefit of ($41,000) for the nine months ended September 30, 2024.

Capital Resources

Internal capital growth, through the retention of earnings, is the primary means of maintaining capital adequacy for the Company. Stockholders’ equity totaled $66.5 million at September 30, 2025, compared to $63.5 million at December 31, 2024, a $3.0 million increase. Total stockholders’ equity in relation to total assets was 7.67% at September 30, 2025 and 7.77% at December 31, 2024. 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.

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	12.60	%
Tier 1 capital ratio	12.60	%
Total capital ratio	13.30	%
Leverage ratio	9.23	%

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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 this 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 September 30, 2025, 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 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 7/1/2025 to 7/31/2025	––		––	––	––
Month #2 8/1/2025 to 8/31/2025	—	$	—	––	––
Month #3 9/1/2025 to 9/30/2025	––		––	––	––

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. During the three months ended September 30, 2025 there were no purchases. 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.

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.

Table of Contents

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.


	/s/ United Bancorp, Inc.

Date: November 12, 2025	By:	/s/Scott A. Everson
		Scott A. Everson
		President and Chief Executive Officer

Date: November 12, 2025	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 UBCP perform in Q3 2025?

Net income was $1.93M vs. $1.82M last year, and diluted EPS was $0.34 vs. $0.31.

What were United Bancorp’s key revenue and expense metrics in Q3 2025?

Net interest income was $6.73M; noninterest income $1.35M; noninterest expense $5.98M.

What does UBCP’s balance sheet look like as of September 30, 2025?

Assets were $866.8M, deposits $645.2M, and loans net $492.2M.

How did accumulated other comprehensive income (AOCI) change?

Accumulated other comprehensive loss improved to $(8.59)M from $(10.10)M at December 31, 2024.

What dividend did UBCP pay in the quarter?

The quarterly cash dividend was $0.1875 per share.

How many shares of UBCP were outstanding recently?

There were 5,774,011 shares outstanding as of November 7, 2025.

What was comprehensive income in Q3 2025?

Comprehensive income was $7.84M, reflecting higher unrealized securities gains.

[10-Q] UNITED BANCORP INC /OH/ Quarterly Earnings Report

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FAQ

How did UBCP perform in Q3 2025?

What were United Bancorp’s key revenue and expense metrics in Q3 2025?

What does UBCP’s balance sheet look like as of September 30, 2025?

How did accumulated other comprehensive income (AOCI) change?

What dividend did UBCP pay in the quarter?

How many shares of UBCP were outstanding recently?

What was comprehensive income in Q3 2025?

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[10-Q] UNITED BANCORP INC /OH/ Quarterly Earnings Report

Insights

Banking sector analyst neutral

FAQ

How did UBCP perform in Q3 2025?

What were United Bancorp’s key revenue and expense metrics in Q3 2025?

What does UBCP’s balance sheet look like as of September 30, 2025?

How did accumulated other comprehensive income (AOCI) change?

What dividend did UBCP pay in the quarter?

How many shares of UBCP were outstanding recently?

What was comprehensive income in Q3 2025?

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UBCP Latest News

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