Business
United Bancorp, Inc. Reports 2024 Fourth Quarter Earnings and Earnings Performance for the Twelve Months Ended December 31, 2024
MARTINS FERRY, OH / ACCESS Newswire / February 7, 2025 / United Bancorp, Inc. (NASDAQ:UBCP) reported diluted earnings per share of $0.31 and net income of
About this update from United Bancorp, Inc.
[{"type":"text","content":"MARTINS FERRY, OH / ACCESS Newswire / February 7, 2025 / United Bancorp, Inc. (NASDAQ:UBCP) reported diluted earnings per share of $0.31 and net income of $1,850,000 for the three months ended December 31, 2024. For the year ended December 31, 2024, UBCP reported diluted earnings per share of $1.27 and net income of $7,402,000.Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, \"We are happy to report on the solid earnings and, overall, stable performance of United Bancorp, Inc. (UBCP) for the fourth quarter and year ended December 31, 2024. For the quarter, our Company produced net income and diluted earnings per share results of $1,850,000 and $0.31, which were respective decreases of $539,000 and $0.11 from the results achieved for the fourth quarter of the previous year. But, on a linked-quarter basis, net income increased by $30,000, or 1.7%, and diluted earnings per share matched the level achieved the previous quarter at $0.31. For the year, UBCP produced net income and diluted earnings per share of $7,402,000 and $1.27, which were respective decreases of $1,548,000 and $0.30 compared to the results achieved for the same period in 2023. As we navigated through the twelve months ended December 31, 2024, our Company, like most companies operating in the financial services industry, fought the battle of net interest margin compression, an increased provision for credit loss expense and limited balance sheet growth as interest rates remained elevated throughout most of 2024. As we started 2024, the interest rates forecast by most economists and the financial markets indicated that we could expect up to seven rate cuts throughout the year, which, overall, was projected to be favorable for our industry as it would help control funding costs and create stronger demand for our loan products. As we progressed through the year, interest rates ended-up being higher for longer. Although the Federal Open Market Committee of the Federal Reserve (FOMC) did cut the target for the Federal Funds Rate (FFR) by year-end by one hundred basis points--- which began at their September 18, 2024 meeting--- monetary policy remained more restrictive and interest rates higher than forecast at the beginning of the year. This reality created challenges for both our Company and industry by putting pressure on net interest margins a...