Business
United Bancorp, Inc. Reports Second Quarter Earnings Up 31% and Record Six Month Earnings!
MARTINS FERRY, OH / ACCESSWIRE / July 29, 2021 / United Bancorp, Inc. (NASDAQ:UBCP) reported diluted earnings per share of $0.38 and net income of $2,185,000
About this update from United Bancorp, Inc.
[{"type":"text","content":"MARTINS FERRY, OH / ACCESSWIRE / July 29, 2021 / United Bancorp, Inc. (NASDAQ:UBCP) reported diluted earnings per share of $0.38 and net income of $2,185,000 for the three months ended June 30, 2021, an increase of $0.09 per share, or 31%, over the previous year. For the first six months of the current year, UBCP reported diluted earnings per share of $0.71, an increase of 25%, and net income of $4,093,000, an increase of 26%, over the previous year, which are record levels for the Company.Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, \"Even though our economy continues on its road to full recovery from the impact of the events that have occurred over the course of the past fifteen plus months, we are extremely pleased to report on our earnings performance for the first six months of 2021. For the quarter ending June 30, 2021, our Company achieved net income of $2,185,000 and diluted earnings per share of $0.38, which was an increase of $510,000, or 30%, and $0.09, or 31%, respectively over the previous year. For the six months ended June 30, 2021, our Company produced net income of $4,093,000 and diluted earnings per share of $0.71, which was a respective increase of $839,000, or 26%, and $0.14, or 25%, over the previous year. We are exceedingly proud to report these earnings levels, which reflect record performance for our Company for the first six months. Our Company achieved this level of earnings performance even though we only saw marginal growth in our loan portfolio and a fairly substantial decline in our securities portfolio balances. As of June 30, 2021, gross loans were $458.7 million, which was an increase of $12.8 million, or 2.9%, over the previous year. In addition, securities and other restricted stock was $148.3 million, which was a decrease of $47.7 million, or 24.3%, from the previous year. Our loan growth is in-line with our peer and reflective of the limited lending growth opportunities with which our industry is confronted due to the economic challenges that all businesses have faced after the commencement of the pandemic. The decline in our securities and other restricted stock is primarily related to some calls and prepayments on various securities that we hold within our investment portfolio along with the sale of approximately $32.0 million in agency and municipal investment s...