Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
March 31, 2018
Shareholders, Clients and Team Members:
I am pleased to report that your Company is off to a great start in 2018. The Company reported pre-tax income of approximately $2.1 million for the quarter ended March 31, 2018. Excluding the impact of the credit for loan losses recognized in the first quarter of 2017, the Company reported a 43.9% increase in pretax net income. This increase was primarily attributable to the contribution from Benchmark Bank, which was acquired during the third quarter of last year.
As anticipated the acquisition not only generated additional income, but also created a substantial positive impact on the Company’s ability to grow in the future. As a result, the Company grew loans and deposits in the first three months of 2018 at an annualized rate of 11.6% and 6.8%, respectfully. Management continues to identify ways to methodically leverage synergies and positioning in the new markets to identify new opportunities for growth.
I am also pleased to report that the Board of Directors declared a $0.12 per common share dividend payable June 15, 2018 to shareholders of record at the close of business on May 31, 2018.
The continued success of your Company is the unquestionable product of the ongoing efforts of the Company’s dedicated team members and Board of Directors in executing our Strategic Plan to create sustainable growth in profitability. Their efforts and our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities are the foundation for the continued long-term success of your Company.
As always, we greatly appreciate your continued support and the trust you have placed in us.
Respectfully,
Brian D. Young
President & CEO
United Bancshares, Inc.
and Subsidiary
| | | | |
Financial Information (unaudited) | Three months ended March 31, 2018 |
| Three months ended March 31, 2017 |
|
(dollars in thousands, except per share data) |
|
|
|
|
CONDENSED STATEMENT OF INCOME |
|
|
|
|
Interest income | $ 7,741 |
| $ 5,468 |
|
Interest expense | 1,211 |
| 609 |
|
Net interest income | 6,530 |
| 4,859 |
|
Provision (credit) for loan and lease losses | 90 |
| (350) |
|
Net interest income after provision (credit) for loan and lease losses | 6,440 |
| 5,209 |
|
Non-interest income | 2,248 |
| 1,260 |
|
Non-interest expenses | 6,551 |
| 4,633 |
|
Income before income taxes | 2,137 |
| 1,836 |
|
Provision for income taxes | 338 |
| 442 |
|
Net income | $ 1,799 |
| $ 1,394 |
|
|
|
|
|
|
Average common shares outstanding (basic) | 3,268,054 |
| 3,266,990 |
|
|
|
|
|
|
PER COMMON SHARE |
|
|
|
|
Net income | $ 0.55 |
| $ 0.43 |
|
Book value | $22.97 |
| $22.64 |
|
Tangible book value | $14.93 |
| $19.33 |
|
Closing price | $22.00 |
| $20.81 |
|
|
|
|
|
|
FINANCIAL RATIOS |
|
|
|
|
Return on average assets | 0.92% |
| 0.88% |
|
Return on average tangible equity | 14.86% |
| 8.96% |
|
Net interest margin | 3.82% |
| 3.51% |
|
Efficiency ratio | 73.15% |
| 73.19% |
|
Loans to deposits | 81.68% |
| 71.45% |
|
|
|
|
|
|
PERIOD END BALANCES |
|
|
|
|
| As of March 31, 2018 |
| As of March 31, 2017 |
|
Assets | $786,661 |
| $640,540 |
|
Loans and leases, gross | $521,035 |
| $381,529 |
|
Deposits | $641,343 |
| $533,993 |
|
Shareholders' equity | $ 75,084 |
| $ 73,960 |
|
|
|
|
|
|
Common shares outstanding | 3,268,111 |
| 3,267,049 |
|
UNITED BANCSHARES, INC.
DIRECTORS
Robert L. Benroth
Daniel W. Schutt – Vice Chairman
James N. Reynolds - Chairman
R. Steven Unverferth
H. Edward Rigel
Brian D. Young
David P. Roach
OFFICERS
Brian D. Young - President/CEO
Heather M. Oatman - Secretary
Daniel J. Lucke – Chief Financial Officer
THE UNION BANK COMPANY
DIRECTORS
Robert L. Benroth
H.Edward Rigel
Anthony M.V. Eramo
David P. Roach
Herbert H. Huffman
Robert M. Schulte, Sr.
Kevin L. Lammon
Daniel W. Schutt
William R. Perry
R. Steven Unverferth
James N. Reynolds
Brian D. Young - Chairman/President/CEO
INVESTOR MATERIALS:
United Bancshares, Inc. has traded its common stock on the NASDAQ Markets Exchange under the symbol “UBOH” since March 2001. Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Shareholder Information section of our website www.theubank.com or by calling 1-800-837-8111.
Locations
1300 N. Main St.
Bowling Green, OH 43402
419-353-6088
100 S. High St.
Columbus Grove, OH 45830
419-659-2141
101 Progressive Dr.
Columbus Grove, OH 45830
419-659-4250
30 Coal Bend
Delaware, OH 43015
740-549-3400
114 E. 3rd St.
Delphos, OH 45833
419-692-2010
1500 Bright Rd.
Findlay, OH 45840
419-424-1400
461 Beecher Road
Gahanna, OH 43230
614-269-4400
230 W. Madison St.
Gibsonburg, OH 43431
419-637-2124
110 E. North St.
Kalida, OH 45853
419-532-3366
318 S. Belmore St.
Leipsic, OH 45856
419-943-2171
1410 Bellefontaine Ave.
Lima, OH 45804
419-229-6500
3211 Elida Rd.
Lima, OH 45805
419-331-3211
701 Shawnee Rd.
Lima, OH 45805
419-228-2114
111 S. Main St.
Marion, OH 43302
740-387-2265
220 Richland Rd.
Marion, OH 43302
740-386-2171
245 W. Main St.
Ottawa, OH 45875
419-523-2265
132 E. Front St.
Pemberville, OH 43450
419-287-3211
468 Polaris Parkway
Westerville, OH 43082
614-269-4402
