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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
OR 15(d)
of The Securities Exchange
Act of 1934
Date of Report (Date
of earliest event reported): November 6, 2024
UNITED BANCORP, INC.
(Exact name of registrant
as specified in its charter)
Ohio |
0-16540 |
34-1405357 |
|
|
|
(State
or other jurisdiction |
(Commission |
(IRS
Employer |
of
incorporation) |
File
Number) |
Identification
No.) |
201 South 4th Street, Martins Ferry, Ohio |
43935-0010 |
|
|
(Address
of principal executive offices) |
(Zip
Code) |
Registrant’s telephone
number, including area code: (740) 633-0445
(Former name or former
address, if changed since last report.)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which
registered |
Common Stock, Par Value $1.00 |
UBCP |
NASDAQ Capital Market |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition. |
On November 6, 2024, United
Bancorp, Inc. issued a press release announcing its results of operations and financial condition for and as of the three and nine month
periods ended September 30, 2024, unaudited. The press release is furnished as Exhibit No. 99 hereto.
| Item 9.01. | Financial Statements and Exhibits. |
(d)
Exhibits
The following exhibits are furnished herewith:
Signatures
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 6, 2024 |
United Bancorp, Inc. |
|
|
|
/s/ Randall
M. Greenwood |
|
Randall M. Greenwood |
|
Senior Vice President and
Chief Financial Officer |
Exhibit 99
PRESS
RELEASE
United Bancorp, Inc. 201 South 4th at Hickory Street, Martins
Ferry, OH 43935
Contact: |
Scott A. Everson |
Randall M. Greenwood |
|
President and CEO |
Senior Vice President, CFO and Treasurer |
|
(740) 633-0445 Ext. 6154 |
(740) 633-0445 Ext. 6181 |
|
ceo@unitedbancorp.com |
cfo@unitedbancorp.com |
FOR IMMEDIATE RELEASE: 11:00 a.m. November 6, 2024
United Bancorp, Inc. Reports
2024 Third Quarter and Nine-Month Earnings Performance
MARTINS FERRY, OHIO ¨¨¨
United Bancorp, Inc. (NASDAQ: UBCP) reported diluted earnings per share of $0.31 and net income of $1,820,000 for the three months ended
September 30, 2024. For the first nine months of the current year, UBCP reported diluted earnings per share of $0.95 and net income of
$5,553,000.
Randall M. Greenwood, Senior Vice President, CFO
and Treasurer remarked, “We are happy to report on the solid earnings and, overall, stable performance of United Bancorp, Inc. (UBCP)
for the third quarter ended September 30, 2024 and year to date. For the quarter, our Company produced net income and diluted earnings
per share results of $1,820,000 and $0.31, which were respective decreases of $573,000 and $0.11 from the results achieved for the third
quarter of the previous year. But, on a linked-quarter basis, net income and diluted earnings per share respectively increased by $81,000,
or 4.6%, and $0.01, or 3.3%, over the same levels achieved the prior quarter. For the first nine months of 2024, UBCP produced net income
and diluted earnings per share of $5,553,000 and $0.95, which were respective decreases of $1,007,000 and $0.20 compared to the results
achieved for the same period in 2023. As we navigated the first nine months of 2024, our Company, like most companies operating in the
financial services industry, are fighting the battle of both net interest margin compression and limited or decreasing growth as interest
rates remained elevated and economic activity was sluggish. As we started the current year, the interest rate forecast by most economists
and the financial markets indicated that we could expect up to seven rate cuts throughout the year, which, overall, was projected to be
favorable for our industry as it would help control funding costs. As we progressed through the first nine months of the current year
and ended the third quarter, interest rates have been higher for longer than anticipated, with the potential of fewer rate cuts this year.
Although the Federal Open Market Committee of the Federal Reserve (FOMC) did finally cut the target for the Federal Funds Rate (FFR) by
fifty-basis points toward the end of the most recently ended quarter, monetary policy is still more restrictive than forecast at the beginning
of the year as of September 30, 2024 and is creating challenges for our industry by putting pressure on the net interest margins and bottom-line
performances of many financial institutions. In addition, it has also been challenging for many financial institutions to grow their balance
sheets and optimally leverage their capital as economic activity has been relatively weak overall; thus, having a negative impact on loan
demand and growth in loans outstanding, which has been in the low to mid-single digits for many financial institutions in the current
year. Our Company is not immune from these challenges influenced by current monetary policy and macroeconomic trends as seen in our performance
for the current quarter and year-to-date in 2024 in comparison to the same periods in the previous year, which were some of the highest
performing periods in our Company’s history. Regardless of these challenges and all things considered at present, we are generally
satisfied with the current performance of our Company. We firmly believe that these challenges will be short-lived and will be overcome
as we execute on some of our strategic objectives and get a return on current capital investments over the course of the next twelve to
twenty-four months, which should lead to higher levels of growth and improved performance in future periods.”
Greenwood continued, “At September 30, 2024
and as previously mentioned, in the presently uncertain economic environment in which we are operating, it has been a challenge to profitably
leverage our balance sheet and, accordingly, UBCP has only achieved marginal growth in assets in the current year. As of September 30,
2024, our Company’s total average assets were $826.2 million, an increase of $19.0 million, or 2.4%, year-over-year. For this same
period, our Company’s average loans increased by $20.4 million, or 4.4%, to a level of $480.8 million. Also, as of the most recently
ended quarter, our Company saw an increase in its average investment securities of $13.4 million, or 5.5%, over the previous year to a
level of $259.3 million. With this marginally higher level of earning assets and our loans outstanding continuing to reprice in a higher
interest rate environment, we were able to increase the total level of total interest income that our Company generated by $2.3 million,
or 8.5%, for the first nine months of the current year relative to last year. But, this year-over-year increase in total interest income
was more than offset by the increase in total interest expense experienced by UBCP. At September 30, 2024, our Company’s total interest
expense increased year-over-year by $3.2 million, or 40.7%, even though average total deposits decreased by ($19.6) million, or (3.1%),
as of the most recently ended quarter. The increase in our Company’s total interest expense can be attributed to both the change
in the mix of our retail depository funding from lower cost demand and savings balances to higher cost term funding, along with having
a previously disclosed $75.0 million Federal Home Loan Bank (FHLB) Advance--- which we originated in mid-March 2023--- for the entirety
of this year. Relating to the change in the mix of our retail funding, lower cost demand and savings balances decreased by ($40.6) million,
or (8.3%), while higher cost time balances increased by $28.4 million or 20.4%. Accordingly, year-over-year, the level of net interest
income that we achieved declined by ($880,000), or (4.6%), to a level of $18.5 million and our net interest margin declined by 13 basis
points from 3.63% to 3.50%. During the third quarter of 2024, our Company was able to better control the level of decline of its net interest
margin--- experiencing a decrease on a linked quarter basis of four basis points. We are optimistic that we will be able to overcome this
trend in the coming quarters as the monetary policy of the Federal Open Market Committee (FOMC) becomes less restrictive and, hopefully,
helps us lower our overall funding costs.” Greenwood further stated, “Lastly--- relating to our retail deposit base and of
significance--- our Company does not have any brokered deposits and total uninsured deposits as of September 30, 2024 totaled 18.4% of
total deposits, which are both very low compared to industry standards and strongly indicative of our Company’s focus on building
strong relationships with long-term, core deposits.”
Lastly, Greenwood stated, “Even with the
continued heightened inflation levels and related increases in interest rates that may be impacting some of our borrowers with higher
operating costs and rate resets to higher interest rate levels on their loans, we have successfully maintained credit-related strength
and stability within our loan portfolio. As of September 30, 2024, our Company’s total nonaccrual loans and loans past due 30 plus
days were $1.0 million, or 0.21% of gross loans, which is up from last year by $295,000… but, down on a linked-quarter basis by
$142,000 or 2 basis points. Also, as of the most recently ended quarter, United Bancorp, Inc.’s (UBCP) nonperforming assets to total
assets was a very respectable 0.46%, a 1 basis point increase from last year and the same level as last quarter. Further highlighting
the overall strength of our loan portfolio, our Company had net loans charged off of (excluding overdrafts of $141,000), which annualized
is (0.04%) of average loans and primarily related to a single relationship. With some of the economic uncertainty and macroeconomic trends
at present, our Company had a provision for credit loss expense of $69,000 for the quarter and $174,000 year-to-date (versus a negative
provision for credit loss expense the previous year for each period), which are respective increases of $223,000 for the quarter and $474,000
year-over-year. For the quarter-end and nine months ended September 30, 2024, this year-over-year increase in the provision for credit
loss expense caused a decrease in our Company’s diluted earnings per share for the quarter of $0.03 and for the year of approximately
$0.07.” Greenwood concluded, “With the increased provision for credit loss expense in the current year and continued solid
credit quality-related metrics, our Company’s total allowance for credit losses to total loans of 0.84% and its total allowance
for credit losses to nonaccrual loans 1,053% as of September 30, 2024. Overall, we firmly believe that we are presently well reserved
with very strong coverage. In addition, our Company remains very well capitalized by industry standards seeing its tangible shareholders
equity increase year-over-year by $13.0 million, or 25.2%, to a level of $64.6 million (up by $4.9, or 8.3%, on a linked-quarter basis)
and its tangible book value per share increase by $2.07, or 23.6% (up $0.80, or 7.9%, on a linked-quarter basis), to a level of $10.84
at the most recently ended quarter. Also, as of September 30, 2024, UBCP’s equity to assets increased by 1.48% year-over-year to
a level of 7.94.”
Scott A. Everson, President and CEO stated, “United
Bancorp, Inc. (UBCP), like most banking organizations, has felt the pressure of operating in an environment wherein monetary policy has
driven interest rates higher for a longer duration than many of us anticipated--- which has created different challenges for us and most
banks. Fortunately, we are hopeful that the unwinding of the restrictive monetary policy that began toward the end of this most recent
quarter by the Federal Open Market Committee (FOMC) will help alleviate some of this pressure in the coming quarters; especially, relating
to our cost of deposit pricing and the impact that it has had on our net interest margin, among other things. Overall, we are very happy
with the solid financial performance that our Company achieved during the third quarter and first nine months of 2024. As previously mentioned,
even though UBCP experienced solid year-over-year growth in the level of total interest income that it generated for the first nine months
ended September 30, 2024, our Company experienced a greater increase in the total interest expense that it incurred, which caused the
aforementioned decline in our net interest income. Fortunately for our Company, taking the $75.0 million advance from the Federal Home
Loan Bank (FHLB) toward the end of the first quarter of last year, to this point, has helped us to somewhat mitigate this decline in our
net interest income by affording us the ability to be more selective in the pricing of our offering rates on our interest-bearing depository
products while maintaining adequate levels of liquidity. With a present net interest margin of 3.50% as of September 30, 2024, we believe
that this performance metric compares favorably to that of our peer group and industry at present.”
Everson continued, “With the current pressure
on our net interest margin and net interest income, United Bancorp, Inc. (UBCP) is focused on controlling its net noninterest margin while
continuing with a focus of prudently growing our Company and remaining relevant in a very challenging and competitive environment. Regarding
the noninterest income-side of the noninterest margin, some fee generating services and lines of business continue to be under attack
by both regulatory and political authorities, which has ultimately put pressure on the level of noninterest income that our Company is
able to realize. Accordingly (and, instead of dwelling on this negative reality), UBCP is looking to find new alternatives to generate
additional levels of both noninterest income and other sources of revenue. One of these new alternatives is our focus on enhancing our
mortgage origination function with the development of Unified Mortgage, which is beginning to help our Company generate higher levels
of fee income with the heightened production and sale of secondary market mortgage products, along with the enhancement of our interest
income levels through the origination of higher levels of portfolio-type mortgage products. In this area, year-over-year, our Company
has experienced an increase of $355,000 on the net realized gain on the sale of loans and we anticipate the level of income to grow in
this business-line as we further scale this revenue generating function, which has a tremendous level of positive operating leverage at
present. Another alternative is our stronger commitment to developing our Treasury Management function, which offers fee-based services
to our commercial customers in the areas of cash management and payments that produce noninterest income… in addition to helping
to control interest expense by generating a higher level of low or no-cost depository balances for our Company. Lastly, another alternative
to enhancing the overall performance of UBCP (and, one that should strongly contribute to our Company attaining its goal of growing its
total assets to a level of $1.0 billion or greater) is the development of our newest banking center, which is currently under construction
in the highly favorable market of Wheeling, West Virginia and should be completed for opening in the third quarter of 2025. Our Company
already has many solid customer relationships in this coveted marketplace and we firmly believe that by finally having a “brick-and-mortar”
location therein, we will be able to more fully leverage these already existing relationships, while having the opportunity to build many
new relationships within this prime market.” Everson further stated, “Obviously, these new alternatives that can lead to additional
noninterest income and revenue enhancement opportunities for UBCP do have a cost, which already has and will continue to lead to additional
expense or overhead for our Company. But, sometimes you have to take one-step back in order to take several-steps forward and that is
what we firmly believe that we are doing by undertaking these new initiatives. With the revenue challenges that both we and the players
within our industry are currently facing, we strongly feel that now is the time for our Company to focus on enhancing and expanding existing
lines of business and growing new lines of business… thus, achieving the organic growth that will lead to the continued and future
relevance of UBCP.”
Everson further mentioned, “Our primary
focus is protecting the investment of our shareholders in our Company and rewarding them in a balanced fashion by growing their value
and paying an attractive cash dividend. In these areas, our shareholders have been nicely rewarded. In the first nine months of 2024,
we, once again, paid both our regular cash dividend, which increased by $0.03 to a level of $0.5250, and a special cash dividend of $0.15…
for a total payout of $0.6750 in the current year. This is an increase for the quarter and the year of $0.01, or 6.0%, and $0.03, or 4.7%,
respectively. This total dividend payout level for the current year produces a near-industry leading total dividend yield of 6.4%. This
total dividend yield is based on our third quarter cash dividend on a forward basis, plus the special dividend (which combined total $0.86)
and our quarter-end fair market value of $13.13. On a year-over-year basis as of September 30, 2024, the fair market value of our Company’s
stock was up $1.58, or 13.7%, from the prior year and our Company’s market price to tangible book value was 121%, which compares
favorably to our peer group.”
Everson concluded, “Considering that we
continue to operate in a concerning economic and challenging industry-related environment, we are very pleased with our current performance
and future prospects. Even with the present threats with which our overall industry is exposed, we are very optimistic about the future
growth and earnings potential for United Bancorp, Inc. (UBCP). We firmly believe that with the challenges that our industry has experienced
over the course of the past few years, our Company has evolved into a more fundamentally sound organization with a focus on evolving and
growing in order to achieve greater efficiencies and scales and generate higher levels of revenue--- while prudently managing expenses
and controlling overall costs. We have and continue to invest in areas that will lead to our continued and future relevancy within our
industry. Although such initiatives can stress the short-term performance of our Company, we firmly believe that they will help us fulfil
our intermediate and longer-term goals and produce above industry average earnings and overall performance. As previously mentioned, we
still have a vision of growing UBCP to an asset threshold of $1.0 billion or greater in the near term in a prudent and profitable fashion.
We are truly excited about our Company’s direction and the potential that it brings. With a keen focus on continual process improvement,
product development and delivery, we firmly believe the future for our Company is very bright.”
As of September 30, 2024, United Bancorp, Inc.
has total assets of $825.5 million and total shareholders’ equity of $65.5 million. Through its single bank charter, Unified Bank,
the Company currently has eighteen banking centers that serve the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson
and Tuscarawas and Marshall County in West Virginia. United Bancorp, Inc. 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 carry forward-looking statements, whether as a result of new information,
future events or otherwise.
United Bancorp, Inc, |
"UBCP" |
| |
For the Three Months Ended September 30, | | |
% | | |
$ | |
| |
2024 | | |
2023 | | |
Change | | |
Change | |
Earnings | |
| | |
| | |
| | |
| |
Interest income on loans | |
$ | 7,064,731 | | |
$ | 6,203,404 | | |
| 13.88 | % | |
$ | 861,327 | |
Loan fees | |
| 168,355 | | |
| 250,864 | | |
| -32.89 | % | |
$ | (82,509 | ) |
Interest income on securities | |
| 2,710,711 | | |
| 3,197,109 | | |
| -15.21 | % | |
$ | (486,398 | ) |
Total interest income | |
| 9,943,797 | | |
| 9,651,377 | | |
| 3.03 | % | |
$ | 292,420 | |
Total interest expense | |
| 3,804,903 | | |
| 3,083,418 | | |
| 23.40 | % | |
$ | 721,485 | |
Net interest income | |
| 6,138,894 | | |
| 6,567,959 | | |
| -6.53 | % | |
$ | (429,065 | ) |
(Credit) Provision for credit losses - loans | |
| 69,665 | | |
| (153,750 | ) | |
| -145.31 | % | |
$ | 223,415 | |
(Credit) Provision for credit losses - off balance sheet commitments | |
| - | | |
| - | | |
| N/A | | |
$ | - | |
(Credit) Provision for Credit Loss Expense | |
| 69,665 | | |
| (153,750 | ) | |
| -145.31 | % | |
$ | 223,415 | |
Net interest income after (Credit) provision for credit losses | |
| 6,069,229 | | |
| 6,721,709 | | |
| -9.71 | % | |
$ | (652,480 | ) |
Service charges on deposit accounts | |
| 766,866 | | |
| 703,699 | | |
| 8.98 | % | |
$ | 63,167 | |
Net realized gains on sale of loans | |
| 167,901 | | |
| 1,068 | | |
| 15621.07 | % | |
$ | 166,833 | |
Other noninterest income | |
| 280,448 | | |
| 257,843 | | |
| 8.77 | % | |
$ | 22,605 | |
Total noninterest income | |
| 1,215,215 | | |
| 962,610 | | |
| 26.24 | % | |
$ | 252,605 | |
Total noninterest expense | |
| 5,529,138 | | |
| 5,233,772 | | |
| 5.64 | % | |
$ | 295,366 | |
Earnings before taxes | |
| 1,755,306 | | |
| 2,450,547 | | |
| -28.37 | % | |
$ | (695,241 | ) |
Income tax (benefit) expense | |
| (64,353 | ) | |
| 58,089 | | |
| -210.78 | % | |
$ | (122,442 | ) |
Net income | |
$ | 1,819,659 | | |
$ | 2,392,458 | | |
| -23.94 | % | |
$ | (572,799 | ) |
| |
| | | |
| | | |
| | | |
| | |
Per share | |
| | | |
| | | |
| | | |
| | |
Earnings per common share - Basic | |
$ | 0.31 | | |
$ | 0.42 | | |
| -26.19 | % | |
| | |
Earnings per common share - Diluted | |
| 0.31 | | |
| 0.42 | | |
| -26.19 | % | |
| | |
Cash Dividends paid | |
| 0.1775 | | |
| 0.1675 | | |
| 5.97 | % | |
| | |
Annualized yield based on quarter end close | |
| 5.33 | % | |
| 5.80 | % | |
| N/A | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
Average - Basic | |
| 5,621,393 | | |
| 5,488,995 | | |
| -------- | | |
| | |
Average - Diluted | |
| 5,621,393 | | |
| 5,488,995 | | |
| -------- | | |
| | |
Common stock, shares issued | |
| 6,203,141 | | |
| 6,063,851 | | |
| -------- | | |
| | |
Shares used for Book Value Computation | |
| 5,966,278 | | |
| 5,884,488 | | |
| | | |
| | |
Shares held as treasury stock | |
| 236,863 | | |
| 179,363 | | |
| -------- | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
| For the Nine Months Ended September 30, | | |
| % | | |
| $ | |
| |
| 2024 | | |
| 2023 | | |
| Change | | |
| Change | |
Earnings | |
| | | |
| | | |
| | | |
| | |
Interest income on loans | |
$ | 20,462,806 | | |
$ | 17,786,193 | | |
| 15.05 | % | |
$ | 2,676,613 | |
Loan fees | |
| 517,371 | | |
| 603,239 | | |
| -14.23 | % | |
$ | (85,868 | ) |
Interest income on securities | |
| 8,462,643 | | |
| 8,756,313 | | |
| -3.35 | % | |
$ | (293,670 | ) |
Total interest income | |
| 29,442,820 | | |
| 27,145,745 | | |
| 8.46 | % | |
$ | 2,297,075 | |
Total interest expense | |
| 10,987,418 | | |
| 7,810,006 | | |
| 40.68 | % | |
$ | 3,177,412 | |
Net interest income | |
| 18,455,402 | | |
| 19,335,739 | | |
| -4.55 | % | |
$ | (880,337 | ) |
(Credit) Provision for credit losses - loans | |
| 174,165 | | |
| (300,000 | ) | |
| -158.06 | % | |
$ | 474,165 | |
(Credit) Provision for credit losses - off balance sheet commitments | |
| - | | |
| - | | |
| N/A | | |
$ | - | |
(Credit) Provision for Credit Loss Expense | |
| 174,165 | | |
| (300,000 | ) | |
| -158.06 | % | |
$ | 474,165 | |
Net interest income after provision for credit losses | |
| 18,281,237 | | |
| 19,635,739 | | |
| -6.90 | % | |
$ | (1,354,502 | ) |
Service charges on deposit accounts | |
| 2,187,177 | | |
| 2,202,060 | | |
| -0.68 | % | |
$ | (14,883 | ) |
Net realized gains on sale of loans | |
| 363,364 | | |
| 8,156 | | |
| 4355.17 | % | |
$ | 355,208 | |
Net realized loss on sale of available-for-sale securities | |
| (115,685 | ) | |
| - | | |
| N/A | | |
$ | (115,685 | ) |
Other noninterest income | |
| 830,774 | | |
| 814,293 | | |
| 2.02 | % | |
$ | 16,481 | |
Total noninterest income | |
| 3,265,630 | | |
| 3,024,509 | | |
| 7.97 | % | |
$ | 241,121 | |
Total noninterest expense | |
| 16,035,175 | | |
| 15,760,658 | | |
| 1.74 | % | |
$ | 274,517 | |
Earnings before income taxes | |
| 5,511,692 | | |
| 6,899,590 | | |
| -20.12 | % | |
$ | (1,387,898 | ) |
Income tax expense | |
| (40,845 | ) | |
| 339,099 | | |
| -112.05 | % | |
$ | (379,944 | ) |
Net income | |
$ | 5,552,537 | | |
$ | 6,560,491 | | |
| -15.36 | % | |
$ | (1,007,954 | ) |
Per share | |
| | | |
| | | |
| | | |
| | |
Earnings per common share - Basic | |
$ | 0.95 | | |
$ | 1.15 | | |
| -17.39 | % | |
| | |
Earnings per common share - Diluted | |
| 0.95 | | |
| 1.15 | | |
| -17.39 | % | |
| | |
Cash dividends paid | |
| 0.6750 | | |
| 0.6450 | | |
| 4.65 | % | |
| | |
Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
Average - Basic | |
| 5,584,250 | | |
| 5,490,072 | | |
| -------- | | |
| | |
Average - Diluted | |
| 5,584,250 | | |
| 5,490,072 | | |
| -------- | | |
| | |
At quarter end | |
| | | |
| | | |
| | | |
| | |
Total assets | |
$ | 825,482,119 | | |
$ | 814,280,733 | | |
| 1.38 | % | |
$ | 11,201,386 | |
Total assets (average) | |
| 826,203,000 | | |
| 807,244,000 | | |
| 2.35 | % | |
$ | 18,959,000 | |
Other real estate and repossessions | |
| 3,380,610 | | |
| 3,480,404 | | |
| -2.87 | % | |
$ | (99,794 | ) |
Gross loans | |
| 475,004,333 | | |
| 466,841,622 | | |
| 1.75 | % | |
$ | 8,162,711 | |
Allowance for credit losses | |
| 4,002,140 | | |
| 4,111,999 | | |
| -2.67 | % | |
$ | (109,859 | ) |
Net loans | |
| 471,002,193 | | |
| 462,729,623 | | |
| 1.79 | % | |
$ | 8,272,570 | |
Net loans recovered (charge offs) | |
| (140,629 | ) | |
| 22,056 | | |
| -737.60 | % | |
$ | (162,685 | ) |
Net overdrafts (charge offs) | |
| (79,580 | ) | |
| (81,553 | ) | |
| -2.42 | % | |
$ | 1,973 | |
Total net (charge offs) | |
| (220,209 | ) | |
| (59,497 | ) | |
| 270.12 | % | |
$ | (160,712 | ) |
Non-accrual loans | |
| 379,988 | | |
| 216,515 | | |
| 75.50 | % | |
$ | 163,473 | |
Loans past due 30+ days (excludes non accrual loans) | |
| 624,883 | | |
| 493,190 | | |
| 26.70 | % | |
$ | 131,693 | |
Average loans | |
| 480,841,000 | | |
| 460,403,000 | | |
| 4.44 | % | |
$ | 20,438,000 | |
Cash and due from Federal Reserve Bank | |
| 37,777,822 | | |
| 70,892,134 | | |
| -46.71 | % | |
$ | (33,114,312 | ) |
Average cash and due from Federal Reserve Bank | |
| 39,963,000 | | |
| 68,699,000 | | |
| -41.83 | % | |
$ | (28,736,000 | ) |
Securities and other restricted stock | |
| 254,186,642 | | |
| 246,739,625 | | |
| 3.02 | % | |
$ | 7,447,017 | |
Average securities and other restricted stock | |
| 250,081,000 | | |
| 245,931,000 | | |
| 1.69 | % | |
$ | 4,150,000 | |
Average total deposits | |
| 620,828,000 | | |
| 640,408,000 | | |
| -3.06 | % | |
$ | (19,580,000 | ) |
Total deposits | |
| 615,818,830 | | |
| 628,011,577 | | |
| -1.94 | % | |
$ | (12,192,747 | ) |
Non interest bearing demand | |
| 144,011,842 | | |
| 148,850,104 | | |
| -3.25 | % | |
$ | (4,838,262 | ) |
Interest bearing demand | |
| 180,917,593 | | |
| 205,449,982 | | |
| -11.94 | % | |
$ | (24,532,389 | ) |
Savings | |
| 123,171,427 | | |
| 134,422,588 | | |
| -8.37 | % | |
$ | (11,251,161 | ) |
Time | |
| 167,717,968 | | |
| 139,288,903 | | |
| 20.41 | % | |
$ | 28,429,065 | |
Advances from the Federal Home Loan Bank | |
| 75,000,000 | | |
| 75,000,000 | | |
| N/A | | |
$ | - | |
Overnight advances | |
| - | | |
| - | | |
| N/A | | |
$ | - | |
Term advances | |
| 75,000,000 | | |
| 75,000,000 | | |
| N/A | | |
$ | - | |
Subordinated debt (net of unamortized issuance costs) | |
| 23,832,374 | | |
| 23,771,498 | | |
| 0.26 | % | |
$ | 60,876 | |
Securities sold under agreements to repurchase | |
| 36,122,587 | | |
| 28,583,996 | | |
| 26.37 | % | |
$ | 7,538,591 | |
Shareholders' equity | |
| 65,459,697 | | |
| 52,589,312 | | |
| 24.47 | % | |
$ | 12,870,385 | |
Common Stock, Additional Paid in Capital | |
| 32,406,779 | | |
| 31,544,430 | | |
| 2.73 | % | |
$ | 862,349 | |
Retained Earnings | |
| 45,531,256 | | |
| 42,629,322 | | |
| 6.81 | % | |
$ | 2,901,934 | |
Share held by Deferred Plan and Treasury Stock | |
| (5,320,742 | ) | |
| (4,564,244 | ) | |
| 16.57 | % | |
$ | (756,498 | ) |
Accumulated other comprehensive loss, net of tax benefits | |
| (7,157,596 | ) | |
| (17,020,196 | ) | |
| -57.95 | % | |
$ | 9,862,600 | |
Goodwill and intangible assets (impact on Shareholders' equity) | |
| 842,293 | | |
| 979,793 | | |
| -14.03 | % | |
$ | (137,500 | ) |
Tangible shareholders' equity | |
| 64,617,404 | | |
| 51,609,519 | | |
| 25.20 | % | |
$ | 13,007,885 | |
Shareholders' equity (average) | |
| 65,507,000 | | |
| 51,612,000 | | |
| 26.92 | % | |
$ | 13,895,000 | |
Stock data | |
| | | |
| | | |
| | | |
| | |
Market value - last close (end of period) | |
$ | 13.13 | | |
$ | 11.55 | | |
| 13.68 | % | |
| | |
Dividend payout ratio (without special dividend) | |
| 55.26 | % | |
| 43.04 | % | |
| 28.39 | % | |
| | |
Book value (end of period) | |
| 10.98 | | |
| 8.97 | | |
| 22.41 | % | |
| | |
Tangible book value | |
| 10.84 | | |
| 8.77 | | |
| 23.60 | % | |
| | |
Market price to book value | |
| 119.58 | % | |
| 128.76 | % | |
| -7.13 | % | |
| | |
Market price to tangible book value | |
| 121.13 | % | |
| 131.70 | % | |
| -8.03 | % | |
| | |
Key performance ratios | |
| | | |
| | | |
| | | |
| | |
Return on average assets (ROA) | |
| 0.90 | % | |
| 1.08 | % | |
| -0.19 | % | |
| | |
Return on average equity (ROE) | |
| 11.30 | % | |
| 16.95 | % | |
| -5.65 | % | |
| | |
Net interest margin (federal tax equivalent) | |
| 3.50 | % | |
| 3.63 | % | |
| -0.13 | % | |
| | |
Interest expense to average assets | |
| 1.77 | % | |
| 1.29 | % | |
| 0.48 | % | |
| | |
Total allowance for credit losses | |
| | | |
| | | |
| | | |
| | |
to nonaccrual loans | |
| 1053.23 | % | |
| 1899.18 | % | |
| -845.95 | % | |
| | |
Total allowance for credit losses | |
| | | |
| | | |
| | | |
| | |
to total loans | |
| 0.84 | % | |
| 0.88 | % | |
| -0.04 | % | |
| | |
Net charge-offs (recoveries) to average loans | |
| -0.05 | % | |
| 0.05 | % | |
| -0.09 | % | |
| | |
Nonaccrual loans and OREO to average assets | |
| 0.46 | % | |
| 0.46 | % | |
| 0.00 | % | |
| | |
Nonaccrual loans and OREO to total assets | |
| 0.46 | % | |
| 0.45 | % | |
| 0.01 | % | |
| | |
Equity to assets at period end | |
| 7.93 | % | |
| 6.46 | % | |
| 1.47 | % | |
| | |
| |
| | | |
| | | |
| | | |
| | |
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