United Bancorp Inc. Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 25, 2017 at 11:00 am EST
Share
United Bancorp Inc. announced earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $4,243,886 compared to $4,065,249 a year ago. Net interest income was $3,803,198 compared to $3,522,848 a year ago. Net income was $901,235 or $0.18 per basic and diluted share compared to $866,132 or $0.17 per basic and diluted share a year ago.
For the year, the company reported total interest income of $16,635,134 compared to $16,082,746 a year ago. Net interest income was $14,851,141 compared to $13,799,278 a year ago. Net income was $3,580,579 or $0.71 per diluted share compared to $3,224,329 or $0.64 per diluted share a year ago. Return on average assets was 0.86% compared to 0.79% a year ago. Return on average equity was 8.40% compared to 7.73% a year ago.
United Bancorp, Inc. is a bank holding company. The Company has one wholly owned subsidiary bank, Unified Bank, Martins Ferry, Ohio (the Bank). The Bank serves customers in northeastern, eastern, southeastern and south-central Ohio and the Northern panhandle of West Virginia and is engaged in the business of commercial and retail banking in Belmont, Harrison, Jefferson, Tuscarawas, Carroll, Athens, Hocking, and Fairfield counties and the surrounding localities. The bank also operates in Marshall County West Virginia. The Bank provides a range of banking and financial services, which includes accepting demand, savings and time deposits and granting commercial, real estate and consumer loans. The Bank's loan portfolio includes commercial loans, commercial real estate loans, residential real estate loans and installment loans. The Bank conducts its business through its main office and standalone operations center in Martins Ferry, Ohio and about 18 branches located in the counties.