Business
United Bancorp, Inc. Reports an Increase in Net Income of 59% for the Twelve Months Ended December 31, 2019; Diluted Earnings per Share of $1.19 versus $0.82 Reported in 2018, and a Forward Dividend Yield of 3.92%
MARTINS FERRY, Ohio, Jan. 23, 2020 /PRNewswire/ -- United Bancorp, Inc. (NASDAQ: UBCP) reported diluted earnings per share of $1.19 and net income of
About this update from United Bancorp, Inc.
[{"type":"text","content":"MARTINS FERRY, Ohio, Jan. 23, 2020 /PRNewswire/ -- United Bancorp, Inc. (NASDAQ: UBCP) reported diluted earnings per share of $1.19 and net income of $6,809,000 for the twelve months ended December 31, 2019, as compared to $0.82 and $4,282,000, respectively, for the corresponding twelve-month period in 2018. The Company's diluted earnings per share for the three months ended December 31, 2019 was $0.31 as compared to $0.10 for the same period in the previous year. Last year's fourth quarter performance was impacted by the Company's acquisition of Powhatan Point Community Bancshares. These year-over-year improvements in UBCP's earnings are directly related to the Company executing its strategic vision of achieving profitable growth by both growing organically and acquiring other like-minded community banking organizations. \n\n \n \n\n \nRandall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, \"We are extremely pleased to report on our solid financial performance for the year 2019. For the most recently-ended quarter, our Company had an increase in net income of $1,177,000. For the twelve-month period ending December 31, 2019, our Company saw its net income increase by $2,527,000, or 59%, to a level of $6,809,000--- which is a new earnings record for our Company. This increase in earnings is highly correlated to the strong organic and acquisition-related growth that our Company experienced during the past year. Even with the issuance of common shares to facilitate our most recent acquisition completed in the fourth quarter of 2018, our diluted earnings per share was $1.19 versus $0.82 in 2018, an increase of 45%. The combination of the acquisition-related and strong organic growth that we achieved this past year facilitated the increase in the level of our Company's higher-yielding earning assets, which grew by $92.2 million, or 16%, on a year-over-year basis. This growth in earning assets was divided between steady growth in our Company's loan portfolio, which increased by $31.9 million, or 7.8%, and solid growth in our investment portfolio, with securities and other restricted stock increasing by $64.6 million, or 50.4%. With our increased level of higher-yielding earning assets, our Company saw a year-over-year increase in the level of interest income that it generated in 2019 of $5.7 million or 27%.\" \nGreen...