United Bancorp Inc. Files Q1 2024 10-Q Report

TL;DR

<b>United Bancorp Inc. (UBCP) has submitted its Q1 2024 10-Q filing, providing a detailed financial update.</b>

AI Summary

UNITED BANCORP INC /OH/ (UBCP) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. United Bancorp Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The filing covers financial data and operational details for the first quarter of 2024. Key financial statement information, including balance sheets and income statements, is presented. The report details various financial instruments and their maturities, such as US States and Political Subdivisions. The company's fiscal year ends on December 31st.

Why It Matters

For investors and stakeholders tracking UNITED BANCORP INC /OH/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of United Bancorp Inc. for the first quarter of 2024, enabling informed investment decisions. The detailed breakdown of financial instruments and their maturities offers insight into the company's liquidity management and investment strategies.

Risk Assessment

Risk Level: low — UNITED BANCORP INC /OH/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess United Bancorp's performance and financial health in Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• UNITED BANCORP INC /OH/ (company) — Filer name
• UBCP (company) — Ticker symbol
• 201 SOUTH FOURTH STREET (address) — Business and mailing address
• MARTINS FERRY (location) — City for business and mailing address
• OH (location) — State for business and mailing address
• 43935 (postal_code) — ZIP code for business and mailing address
• 7406330445 (phone_number) — Business phone number
• NASDAQ (exchange) — Stock exchange

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

US States and Political Subdivisions

Investments in debt securities issued by U.S. states and their political subdivisions. (Indicates a portion of the company's investment portfolio and exposure to municipal debt.)

Key Financial Figures

• $1.00 — ch registered Common Stock, Par Value $1.00 UBCP NASDQ Capital Market Indicat

Filing Documents

• ubcp-20240331x10q.htm (10-Q) — 3137KB
• ubcp-20240331xex31d1.htm (EX-31.1) — 9KB
• ubcp-20240331xex31d2.htm (EX-31.2) — 11KB
• ubcp-20240331xex32d1.htm (EX-32.1) — 5KB
• ubcp-20240331xex32d2.htm (EX-32.2) — 5KB
• 0001410578-24-000855.txt (&nbsp;) — 15832KB
• ubcp-20240331.xsd (EX-101.SCH) — 53KB
• ubcp-20240331_cal.xml (EX-101.CAL) — 67KB
• ubcp-20240331_def.xml (EX-101.DEF) — 206KB
• ubcp-20240331_lab.xml (EX-101.LAB) — 437KB
• ubcp-20240331_pre.xml (EX-101.PRE) — 377KB
• ubcp-20240331x10q_htm.xml (XML) — 4976KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4

Controls and Procedures

Controls and Procedures 37

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 38 Item 1A

Risk Factors

Risk Factors 38 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3 Defaults Upon Senior Securities 38 Item 4 Mine Safety Disclosures 38 Item 5 Other Information 38 Item 6 Exhibits 39

SIGNATURES

SIGNATURES 40 2 Table of Contents

Financial Statements

ITEM 1. Financial Statements United Bancorp, Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) March 31, December 31, 2024 2023 (Unaudited) Assets Cash and due from banks $ 8,073 $ 7,352 Interest-bearing demand deposits 38,804 33,418 Cash and cash equivalents 46,877 40,770 Available-for-sale securities, amortized cost of $ 261,146 net of allowance of allowance for credit losses of $ 0 at March 31, 2024 and December 31, 2023 251,807 242,760 Loans, net of allowance for credit losses of $ 3,870 and $ 3,918 at March 31, 2024 and December 31, 2023, respectively 476,437 479,318 Premises and equipment 18,115 14,984 Federal Home Loan Bank stock 3,979 3,979 Foreclosed assets held for sale, net 3,377 3,377 Core deposit other intangible asset 222 260 Goodwill 682 682 Accrued interest receivable 3,811 4,098 Deferred federal income tax 2,497 2,409 Bank-owned life insurance 19,537 19,423 Other assets 6,686 7,389 Total assets $ 834,027 $ 819,449 Liabilities and Stockholders' Equity Liabilities Deposits Demand $ 333,606 $ 339,280 Savings 128,810 130,821 Time 163,334 151,358 Total deposits 625,750 621,459 Securities sold under repurchase agreements 37,805 26,781 Subordinated debentures 23,802 23,787 Advances Federal Home Loan Bank 75,000 75,000 Lease liability – finance lease 2,795 2,764 Interest payable and other liabilities 5,669 6,065 Total liabilities 770,821 755,856 Stockholders' Equity Preferred stock, no par value, authorized 2,000,000 shares; no shares issued — — Common stock, $ 1 par value; authorized 10,000,000 shares; issued 6,188,141 shares at March 31, 2024, and 6,063,851 shares at December 31, 2023; outstanding - 5,791,156 and 5,702,685 shares at March 31, 2024 and December 31, 2023, respectively 6,188 6,064 Additional paid-in capital 25,998 25,913 Retained earnings 44,073 4

View Full Filing

View this 10-Q filing on SEC EDGAR