Exhibit 99.2
United Bancshares, Inc.
Quarterly Report
September 30, 2018
Shareholders, Clients, and Employees:
I am pleased to report on your Company’s continued successes in 2018, including reporting income before taxes of approximately $6.9 million, return on average tangible equity of 15.59% and return on average assets of 0.97%. The Board of Directors also declared a $0.12 per share dividend, payable on December 17, 2018 to shareholders of record as of November 30, 2018.
Additionally, your Company continued to grow during the first three quarters of 2018. As of September 30, 2018, the Company’s balance sheet was approximately $815 million in total assets, $551 million in gross loans and $660 million in deposits. As compared to December 31, 2017 balances, these represent increases of 4.4%, 8.8% and 4.7%, respectively.
The continued success 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.
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) | | Nine months ended September 30, 2018 | | | Nine months ended September 30, 2017 | |
(dollars in thousands, except per share data) | | | | | | | | |
Condensed Statement of Income | | | | | | | | |
Interest income | | $ | 25,210 | | | $ | 17,872 | |
Interest expense | | | 4,281 | | | | 2,035 | |
Net interest income | | | 20,929 | | | | 15,837 | |
Provision (credit) for loan losses | | | 350 | | | | (350 | ) |
Net interest income after provision (credit) for loan losses | | | 20,579 | | | | 16,187 | |
Non-interest income | | | 6,875 | | | | 3,745 | |
Non-interest expenses | | | 20,599 | | | | 15,949 | |
Income before income taxes | | | 6,855 | | | | 3,983 | |
Provision for income taxes | | | 1,070 | | | | 1,002 | |
Net income | | $ | 5,785 | | | $ | 2,981 | |
| | | | | | | | | |
Average common shares outstanding (basic) | | | 3,268,435 | | | | 3,267,191 | |
| | | | | | | | | |
PER COMMON SHARE | | | | | | | | |
Net income | | $ | 1.77 | | | $ | 0.91 | |
Book value | | $ | 23.54 | | | $ | 23.17 | |
Tangible book value | | $ | 14.48 | | | $ | 15.13 | |
Closing price | | $ | 22.90 | | | $ | 22.50 | |
| | | | | | | | | |
FINANCIAL RATIOS | | | | | | | | |
Return on average assets | | | 0.97 | % | | | 0.61 | % |
Return on average tangible equity | | | 15.59 | % | | | 6.23 | % |
Net interest margin | | | 3.98 | % | | | 3.68 | % |
Efficiency ratio | | | 72.88 | % | | | 79.36 | % |
Loans (including held for sale) to deposits | | | 84.38 | % | | | 77.39 | % |
PERIOD END BALANCES
| | | As of September 30, 2018 | | | As of September 30, 2017 | |
Assets | | $ | 815,153 | | | $ | 770,713 | |
Loans, gross | | $ | 550,777 | | | $ | 493,089 | |
Deposits | | $ | 660,349 | | | $ | 637,674 | |
Shareholders' equity | | $ | 76,956 | | | $ | 75,714 | |
| | | | | | | | | |
Common shares outstanding | | | 3,269,358 | | | | 3,267,643 | |
UNITED BANCSHARES, INC.
DIRECTORS Robert L. Benroth Herbert H. Huffman H. Edward Rigel David P. Roach | Daniel W. Schutt – Chairman R. Steven Unverferth Brian D. Young |
OFFICERS
Brian D. Young - President/CEO
Heather M. Oatman - Secretary
Daniel J. Lucke – Chief Financial Officer
THE UNION BANK COMPANY
DIRECTORS
Robert L. Benroth Anthony M.V. Eramo Herbert H. Huffman Kevin L. Lammon William R. Perry | H.Edward Rigel David P. Roach Robert M. Schulte, Sr. Daniel W. Schutt 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
