Exhibit 99
PRESS RELEASE
United Bancorp, Inc.
201 South 4th at Hickory Street, Martins Ferry, OH 43935
| | | | | |
| Contact: | | James W. Everson
Chairman, President and CEO | | Randall M. Greenwood
Senior Vice President, CFO and Treasurer |
| Phone: | | (740) 633-0445 Ext. 6120
ceo@unitedbancorp.com | | (740) 633-0445 Ext. 6181
cfo@unitedbancorp.com |
FOR IMMEDIATE RELEASE: 12:00 PM April 23, 2009
| Subject: | | United Bancorp, Inc. Reports Earnings of $0.17 Per Share for the Quarter Ended March 31, 2009 |
MARTINS FERRY, OHIO ¨ ¨ ¨ United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $801,000 for the quarter ended March 31, 2009, compared to $903,000 for the quarter ended March 31, 2008, a decrease of 11.3%. On a per share basis, the Company’s first quarter 2009 diluted earnings were $0.17, as compared to $0.20 for the first quarter of 2008, a decrease of 15%.
Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s first quarter earnings in 2009 generated an annualized 0.72% return on average assets (“ROA”) and a 9.46% return on average equity (“ROE”), compared to 0.81% ROA and 10.01% ROE for the first quarter in 2008. We are confident the first quarter of 2009 results of operations will compare very favorably with our peers in the banking industry. The Company’s net interest margin of 4.05% for the first quarter of 2009, compared to 3.86% in the first quarter of 2008, generated an increase of approximately $323,000 in net interest income for 2009 as compared to 2008. Service charge income on deposit accounts for 2009 increased $21,000. The Company’s first quarter 2009 earnings level was accomplished despite a period over period increase of $157,000 in the provision for loan losses. In addition, the Company’s noninterest expense increased $332,000 period over period. The majority of this increase relates to our recent expansion of three new banking offices and the additional staff associated with the September 19th , 2008 acquisition of a failed bank from the FDIC as receiver.”
James W. Everson, Chairman, President and Chief Executive Officer stated, “Our Company’s budget process is telling us we are going to have a good year in 2009 at $0.70 per share, but not another record year as this past year. There are too many unknowns out there today that could impact bank earnings that are totally out of our control. We did budget for a 14 basis point increase in FDIC Premiums, yet every now and then we continue to hear there could be a special assessment levied upon the banking industry by the FDIC. The issues surrounding fair value measurements could have an impact on all publicly traded companies income statements.” Everson concluded by stating, “We have a strong management team, a positive marketing program, strong capital, good reserves and great liquidity. Our Citizens Savings Bank Team members, without any government “bailout” money, are out there on a day to day basis in the communities we serve through our twenty banking offices, doing what we know best, making loans and supporting our communities with conservative hometown banking practices.”
United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $445.0 million and total shareholder’s equity of approximately $34.1 million as of March 31, 2009. Through its single bank charter now with its twenty banking offices and an operations center, The Citizens Savings Bank through its Community Bank Division serves the Ohio Counties of Athens, Fairfield and Hocking and through its Citizens Bank Division serves Belmont, Carroll, Harrison, Jefferson and Tuscarawas. United Bancorp, Inc. is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.
Certain statements contained herein are not based on historical facts and are “forward-looking statements” within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements, which are based on various assumptions (some of which are beyond the Company’s control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
