United Bancorp Q2 Assets Top $2.18B

TL;DR

UBGP Q2: Assets $2.18B, Liabilities $1.96B, Equity $221.2M. Solid.

AI Summary

United Bancorp Inc. reported its financial results for the quarter ending June 30, 2024. The company's balance sheet shows total assets of $2.18 billion and total liabilities of $1.96 billion. Shareholders' equity stood at $221.2 million, with retained earnings at $189.8 million.

Why It Matters

This filing provides a snapshot of United Bancorp's financial health and stability as of mid-2024, impacting investor confidence and its ability to operate and lend.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative financial events.

Key Numbers

• $2.18B — Total Assets (As of June 30, 2024, indicating the company's overall size.)
• $1.96B — Total Liabilities (As of June 30, 2024, showing the company's debt obligations.)
• $221.2M — Total Shareholders' Equity (As of June 30, 2024, representing the net worth of the company.)
• $189.8M — Retained Earnings (As of June 30, 2024, reflecting accumulated profits.)

Key Players & Entities

• UNITED BANCORP INC /OH/ (company) — Filer
• 20240630 (date) — Period of Report
• $2.18 billion (dollar_amount) — Total Assets
• $1.96 billion (dollar_amount) — Total Liabilities
• $221.2 million (dollar_amount) — Total Shareholders' Equity
• $189.8 million (dollar_amount) — Retained Earnings

FAQ

Key Financial Figures

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

Filing Documents

• ubcp-20240630x10q.htm (10-Q) — 3957KB
• ubcp-20240630xex31d1.htm (EX-31.1) — 12KB
• ubcp-20240630xex31d2.htm (EX-31.2) — 11KB
• ubcp-20240630xex32d1.htm (EX-32.1) — 7KB
• ubcp-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001410578-24-001349.txt ( ) — 17797KB
• ubcp-20240630.xsd (EX-101.SCH) — 52KB
• ubcp-20240630_cal.xml (EX-101.CAL) — 69KB
• ubcp-20240630_def.xml (EX-101.DEF) — 208KB
• ubcp-20240630_lab.xml (EX-101.LAB) — 446KB
• ubcp-20240630_pre.xml (EX-101.PRE) — 382KB
• ubcp-20240630x10q_htm.xml (XML) — 5537KB

- 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 (Loss) 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 33 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4

Controls and Procedures

Controls and Procedures 42

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 43 Item 1A

Risk Factors

Risk Factors 43 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3 Defaults Upon Senior Securities 43 Item 4 Mine Safety Disclosures 43 Item 5 Other Information 43 Item 6 Exhibits 44

SIGNATURES

SIGNATURES 45 2 Table of Contents

Financial Statements

ITEM 1. Financial Statements United Bancorp, Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) June 30, December 31, 2024 2023 (Unaudited) Assets Cash and due from banks $ 7,994 $ 7,352 Interest-bearing demand deposits 29,576 33,418 Cash and cash equivalents 37,570 40,770 Available-for-sale securities, net of allowance for credit losses of $ 0 at June 30, 2024 and December 31, 2023 240,124 242,760 Loans, net of allowance for credit losses of $ 3,989 and $ 3,918 at June 30, 2024 and December 31, 2023, respectively 480,525 479,318 Premises and equipment 18,576 14,984 Federal Home Loan Bank stock 4,026 3,979 Foreclosed assets held for sale, net 3,393 3,377 Core deposit other intangible asset 197 260 Goodwill 682 682 Accrued interest receivable 4,085 4,098 Deferred federal income tax 3,222 2,409 Bank-owned life insurance 19,644 19,423 Other assets 9,771 7,389 Total assets $ 821,815 $ 819,449 Liabilities and Stockholders' Equity Liabilities Deposits Demand $ 332,137 $ 339,280 Savings 127,866 130,821 Time 163,186 151,358 Total deposits 623,189 621,459 Securities sold under repurchase agreements 30,436 26,781 Subordinated debentures 23,817 23,787 Advances Federal Home Loan Bank 75,000 75,000 Lease liability – finance lease 2,820 2,764 Interest payable and other liabilities 5,956 6,065 Total liabilities 761,218 755,856 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 June 30, 2024, and 6,063,851 shares at December 31, 2023; outstanding - 5,773,893 and 5,702,685 shares at June 30, 2024 and December 31, 2023, respectively 6,188 6,064 Additional paid-in capital 26,219 25,913 Retained earnings 44,771 44,018 Stock held by deferred compensation pl

View Full Filing

View this 10-Q filing on SEC EDGAR