United Bancshares Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter ended December 31, 2015, the company reported net income of $1,389,000, or $0.42 basic earnings per share compared to fourth quarter 2014 net income of $1,047,000, or $0.32 basic earnings per share. The increase in operating results for the fourth quarter of 2015 as compared to the same period in 2014 was primarily attributable to a $552,000 increase in interest income, a $514,000 decrease in non-interest expense, a decrease of $156,000 in interest expense and an increase in non-interest income of $68,000 offset by a $827,000 increase in the provision for loan losses, and the related income tax effects of these items.

Net income for the year ended December 31, 2015 totaled $5,917,000, or $1.77 basic earnings per share, compared to $4,311,000 or $1.27 basic earnings per share for the year ended December 31, 2014. Compared with the same period in 2014, net income increased $1,605,000, or 37.2%. The increase in net income for the year was primarily the result of a $3,807,000 increase in net interest income and an increase of $250,000 in non-interest income offset by an increase in non-interest expenses of $1,317,000, an increase in the provision for loan loss of $812,000 and the related income tax effects of these items. The majority of the increase in interest income for the quarter was due to the acquisition of the loan portfolio from The Ohio State Bank (OSB"). Net interest income was $20,759,000 compared to $16,952,000 a year ago. Income before income taxes was $7,322,000 compared to $5,394,000 a year ago. Book value as at December 31, 2015 was $21.62 compared to $20.12 a year ago. Tangible book value as at December 31, 2015 was $18.31 compared to $16.45 a year ago. Return on average assets was 0.94% compared to 0.73% a year ago. Return on average equity was 8.51% compared to 6.65% a year ago.