Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
June 30, 2018
Shareholders, Clients and Team Members:
I am pleased to report that in addition to reporting net income for the first half of 2018 of approximately $4.0 million, a 55.1% increase as compared to the first half of 2017, the Company’s Board of Directors declared a $0.12 per common share dividend.
During the first half of 2018, we continued the execution of our strategic initiatives to further improve the value of your investment. During that six month period, those efforts led to positive results including increased deposit and loan balances of 1.7% and 6.5%, respectively. In addition to continued growth, the company has been putting efforts into further development of our residential loan originations and governmental lending. While these two initiatives required net investments in the first half of the year, these areas will give your company the opportunity to generate additional non-interest income through gain on loan sales. I believe it is important to note that we are focusing the growth of these areas in our current markets. That strategy will give the Company the opportunity to grow relationships, not merely conduct transactions. While transactional gains drive current profitability, relationship banking is, has been, and will continue to be the fundamental driver of our long-term profitability and success.
The continued accomplishments of your Company is the undeniable result of the ongoing efforts of the Company’s dedicated team members and Board of Directors in implementing our Strategic Plan. 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 success of your Company.
Thank you for 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) | Six months ended June 30, 2018 |
| Six months ended June 30, 2017 |
|
(dollars in thousands, except per share data) |
|
|
|
|
CONDENSED STATEMENT OF INCOME |
|
|
|
|
Interest income | $ 16,451 |
| $ 11,388 |
|
Interest expense | 2,594 |
| 1,259 |
|
Net interest income | 13,857 |
| 10,129 |
|
Provision (credit) for loan losses | 200 |
| (350) |
|
Net interest income after provision (credit) for loan losses | 13,657 |
| 10,479 |
|
Non-interest income | 4,411 |
| 2,385 |
|
Non-interest expenses | 13,350 |
| 9,522 |
|
Income before income taxes | 4,718 |
| 3,342 |
|
Provision for income taxes | 719 |
| 763 |
|
Net income | $ 3,999 |
| $ 2,579 |
|
|
|
|
|
|
Average common shares outstanding (basic) | 3,268,083 |
| 3,267,020 |
|
|
|
|
|
|
PER COMMON SHARE |
|
|
|
|
Net income | $ 1.22 |
| $ 0.79 |
|
Book value | $23.36 |
| $23.13 |
|
Tangible book value | $15.33 |
| $19.83 |
|
Closing price | $22.00 |
| $22.30 |
|
|
|
|
|
|
FINANCIAL RATIOS |
|
|
|
|
Return on average assets | 1.02% |
| 0.81% |
|
Return on average tangible equity | 16.42% |
| 8.16% |
|
Net interest margin | 4.02% |
| 3.62% |
|
Efficiency ratio | 71.68% |
| 73.89% |
|
Loans (including held for sale) to deposits | 85.19% |
| 71.53% |
|
|
|
|
|
|
PERIOD END BALANCES |
|
|
|
|
| As of June 30, 2018 |
| As of June 30, 2017 |
|
Assets | $807,784 |
| $636,678 |
|
Loans, gross | $539,535 |
| $384,311 |
|
Deposits | $641,228 |
| $537,303 |
|
Shareholders' equity | $ 76,352 |
| $ 75,557 |
|
|
|
|
|
|
Common shares outstanding | 3,268,111 |
| 3,267,049 |
|
UNITED BANCSHARES, INC.
DIRECTORS
Robert L. Benroth
Daniel W. Schutt – Chairman
Herbert H. Huffman
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
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
