UNITED BANCSHARES, INC. ANNOUNCES FIRST QUARTER 2023 RESULTS AND $0.22 DIVIDEND
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E-mail- Quarterly cash dividend declared of
$0.22 per share for shareholders of record onMay 31, 2023 , payable onJune 15, 2023 . This dividend is up 4.8% from the prior year comparable period. Based on the average closing price for the first quarter, this is a 4.46% dividend yield. - Net income of
$1.9 million for 2023 first quarter, down from$2.5 million in the comparable period in 2022. - Basic earnings per share of
$0.60 for 2023 first quarter, down from$0.77 in the comparable period in 2022. - Return on average assets of 0.69% for the 2023 first quarter, down from 0.94% in the comparable period in 2022.
- Return on average tangible equity of 13.44% for the 2023 first quarter, up from 11.96% in the comparable period in 2022.
- Net interest margin of 3.53% for the 2023 first quarter, up from 3.42% in the comparable period in 2022.
- Deposit growth of
$22.3 million , excluding$28.7 million in brokered CDs, up 9.3% annualized fromDecember 31, 2022 . - Asset quality improved with non-performing loans down 6.5% and classified loans down 4.1% from
December 31, 2022 .
About The Union Bank Company:
Since 1904, The Union Bank Company has been here to provide full-service banking to the people and businesses throughout the communities we serve. Today, the bank has grown to include 18 offices across Northwest and
Shareholders, Clients, and Team Members:
Despite a difficult operating environment, your Company is reporting pre-tax income of approximately
I am pleased to report that the Board of Directors declared a
While we expect the headwinds and compressing margins to continue to have a negative impact on your Company's earnings throughout 2023 and into 2024, we believe that continued efforts on cost control, new loan volumes, and repricing of existing loans at market rates through this cycle will offset some of that earnings pressure. The efforts of the team and our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities are the foundation for the continued success of your Company. Thank you for your ongoing support and the trust you have placed in us.
Respectfully,
President and CEO
Financial Information (Unaudited) | |||
Cash and cash equivalents | 89,668,000 | 30,680,000 | |
Securities | 260,901,000 | 285,146,000 | |
Loans | 683,907,000 | 687,545,000 | |
Less allowance for loan loss | (9,402,000) | (9,401,000) | |
Other assets | 92,171,000 | 93,323,000 | |
Total Assets | |||
Deposits | 1,004,884,000 | 953,883,000 | |
Borrowings | 18,768,000 | 44,088,000 | |
Other liabilities | 6,409,000 | 6,631,000 | |
Total Liabilities | 1,030,061,000 | 1,004,602,000 | |
Common stock and surplus | 20,934,000 | 20,862,000 | |
Retained earnings | 113,647,000 | 112,466,000 | |
Accumulated other comprehensive (loss) income | (33,271,000) | (38,366,000) | |
Treasury stock | (14,126,000) | (12,271,000) | |
Total shareholders' equity | 87,184,000 | 82,691,000 | |
Total Liabilities and Shareholders' Equity | |||
Common shares outstanding | 3,067,883 | 3,153,368 | |
3 months ended | 3 months ended | ||
Interest income | 11,183,000 | 8,765,000 | |
Interest expense | 2,624,000 | 563,000 | |
Net interest income | 8,559,000 | 8,202,000 | |
Provision for loan losses | (26,000) | - | |
Net interest income after provision | 8,585,000 | 8,202,000 | |
Non-interest income | 1,743,000 | 3,081,000 | |
Non-interest expense | 8,356,000 | 8,399,000 | |
Income before federal income taxes | 1,972,000 | 2,884,000 | |
Federal income taxes | 87,000 | 364,000 | |
Net Income | |||
Average common shares outstanding | 3,130,198 | 3,278,044 | |
Per Share Data: | |||
Net income | |||
Cash dividends declared | |||
Book value | |||
Tangible book value (non-GAAP) | |||
Closing price | |||
Dividend yield (annualized) | 4.63 % | 2.62 % | |
Performance Ratios: | |||
Return on average assets | 0.69 % | 0.94 % | |
Return on average shareholders' equity | 8.86 % | 8.89 % | |
Return on average tangible shareholders' equity | 13.44 % | 11.96 % | |
Net interest margin | 3.53 % | 3.42 % | |
Credit Quality and Other Ratios: | |||
Net loan charge-offs (recoveries) as a percentage of average outstanding net loans | -0.02 % | -0.01 % | |
Allowance for loan losses to loans (end of period) | 1.38 % | 1.69 % | |
Loans to deposits (end of period) | 67.76 % | 65.01 % |
United Bancshares, Inc
Directors Herbert H. Huffman III
Officers | The Union Bank Co.
Directors Herbert H. Huffman III Dr. |
Investor Materials
United Bancshares, Inc. has traded its common stock on the OTCQX Markets Exchange under the symbol "UBOH". Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Investor Relations section of our website theubank.com or by calling 800-837-8111.
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SOURCE United Bancshares, Inc.
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