Upcoming Dividend • Jun 03
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 10 June 2026. Payment date: 19 June 2026. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.4%). Recent Insider Transactions • May 31
Lead Independent Director recently bought US$53k worth of stock On the 27th of May, Gary Glessner bought around 4k shares on-market at roughly US$14.93 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$153k more in shares than they have sold in the last 12 months. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: US$0.33 (vs US$0.32 in 1Q 2025) First quarter 2026 results: EPS: US$0.33 (up from US$0.32 in 1Q 2025). Revenue: US$7.91m (up 6.4% from 1Q 2025). Net income: US$1.91m (up 8.0% from 1Q 2025). Profit margin: 24% (in line with 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Board Change • Apr 27
High number of new directors Independent Director Jon Clark was the last director to join the board, commencing their role in 2026. Announcement • Mar 19
United Bancorp, Inc., Annual General Meeting, Apr 22, 2026 United Bancorp, Inc., Annual General Meeting, Apr 22, 2026. Location: 201 south fourth street, martins ferry, ohio, United States Declared Dividend • Feb 24
Fourth quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 10th March 2026 Payment date: 20th March 2026 Dividend yield will be 6.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (45% forecast payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 04
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$1.41 (up from US$1.28 in FY 2024). Revenue: US$31.9m (up 10.0% from FY 2024). Net income: US$7.75m (up 9.8% from FY 2024). Profit margin: 24% (in line with FY 2024). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%. Revenue is expected to decline by 4.3% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 8.9%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 24
Third quarter dividend of US$0.19 announced Shareholders will receive a dividend of US$0.19. Ex-date: 10th December 2025 Payment date: 19th December 2025 Dividend yield will be 7.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (56% payout ratio) and is expected to be covered in 3 years' time (45% forecast payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 22
United Bancorp, Inc. Declares Fourth Quarter Dividend, Payable on December 19, 2025 On November 19, 2025, the Board of Directors of United Bancorp, Inc. (UBCP) declared a fourth quarter dividend payment of $0.19 per share for shareholders of record on December 10, 2025 with a payment date of December 19, 2025. This payment is greater than the regular cash dividends paid in the first three quarters of the current year, which were $0.1825, $0.1850 and $0.1875 respectively. With this fourth quarter dividend payment and year-to-date, UBCP has paid total cash dividends of $0.92 (inclusive of a special cash dividend of $0.1750 paid in the first quarter), which is an increase of $0.0650, or 7.6%, over the amount paid during the same period the previous year. At the fourth quarter payment level, the regular cash dividend produces a forward yield of 5.4% based on UBCP’s market value of $13.98 at the most recent quarter-end. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: US$0.35 (vs US$0.31 in 3Q 2024) Third quarter 2025 results: EPS: US$0.35 (up from US$0.31 in 3Q 2024). Revenue: US$7.89m (up 8.3% from 3Q 2024). Net income: US$1.93m (up 11% from 3Q 2024). Profit margin: 25% (in line with 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Declared Dividend • Aug 25
Second quarter dividend of US$0.19 announced Shareholders will receive a dividend of US$0.19. Ex-date: 10th September 2025 Payment date: 19th September 2025 Dividend yield will be 6.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (56% payout ratio) and is expected to be covered in 3 years' time (46% forecast payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 22
United Bancorp, Inc. Announces Increase in Cash Dividend for Third Quarter of 2025, Payable on September 19, 2025 On August 20, 2025, the Board of Directors of United Bancorp, Inc. (UBCP) declared a third quarter dividend payment of $0.1875 per share for shareholders of record on September 10, 2025 with a payment date of September 19, 2025. This is an increase of $0.01, or 5.6%, over the regular cash dividend paid in the third quarter of the previous year. In addition, this payment is greater than the regular cash dividends paid in the first and second quarters of the current year, which were $0.1825 and $0.1850 respectively. With this third quarter dividend payment and year-to-date, UBCP has paid total cash dividends of $0.73 (inclusive of a special cash dividend of $0.1750 paid in the first quarter), which is an increase of $0.0550, or 8.2%, over the amount paid during the same period last year. At the third quarter payment level, the regular cash dividend produces a forward yield of 5.2% based on UBCP’s market value of $14.50 at the most recent quarter-end. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: US$0.35 (vs US$0.29 in 2Q 2024) Second quarter 2025 results: EPS: US$0.35 (up from US$0.29 in 2Q 2024). Revenue: US$7.78m (up 8.8% from 2Q 2024). Net income: US$1.91m (up 15% from 2Q 2024). Profit margin: 25% (up from 23% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 7.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 3% per year. Upcoming Dividend • Jun 03
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 10 June 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 6.7%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (2.7%). Reported Earnings • May 12
First quarter 2025 earnings released: EPS: US$0.34 (vs US$0.35 in 1Q 2024) First quarter 2025 results: EPS: US$0.34 (down from US$0.35 in 1Q 2024). Revenue: US$7.43m (up 6.5% from 1Q 2024). Net income: US$1.87m (down 1.6% from 1Q 2024). Profit margin: 25% (down from 27% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • Apr 20
Fourth quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 10th June 2025 Payment date: 20th June 2025 Dividend yield will be 6.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (55% payout ratio) and is expected to be covered in 3 years' time (43% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 18
United Bancorp, Inc. Declares Dividend for the Second Quarter of 2025, Payable on June 20, 2025 On April 16, 2025, the Board of Directors of United Bancorp, Inc. (UBCP) declared a second quarter dividend payment of $0.1850 per share for shareholders of record on June 10, 2025 with a payment date of June 20, 2025. This is an increase of $0.01, or 5.7%, over the regular cash dividend paid in the second quarter of last year. In the first two quarters of the current year, UBCP has paid total cash dividends of $0.5425 (inclusive of a special cash dividend of $0.1750 paid in the first quarter), which is an increase over the previous year of $0.0450 or 9.0%. At the second quarter payment level, the regular cash dividend produces a forward yield of 5.51% based on UBCP’s market value of $13.42 at the most recent quarter-end. Reported Earnings • Mar 18
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$1.28 (down from US$1.57 in FY 2023). Revenue: US$29.0m (down 4.6% from FY 2023). Net income: US$7.06m (down 18% from FY 2023). Profit margin: 24% (down from 28% in FY 2023). Net interest margin (NIM): 3.51% (down from 3.65% in FY 2023). Non-performing loans: 0.16% (up from 0.13% in FY 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Revenue is forecast to stay flat during the next 3 years compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year. Announcement • Mar 17
United Bancorp, Inc., Annual General Meeting, Apr 16, 2025 United Bancorp, Inc., Annual General Meeting, Apr 16, 2025. Location: 201 south fourth street, martins ferry, ohio United States Declared Dividend • Feb 24
Fourth quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 10th March 2025 Payment date: 20th March 2025 Dividend yield will be 6.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (43% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 09
Full year 2024 earnings released: EPS: US$1.27 (vs US$1.57 in FY 2023) Full year 2024 results: EPS: US$1.27 (down from US$1.57 in FY 2023). Revenue: US$28.8m (down 5.0% from FY 2023). Net income: US$7.40m (down 14% from FY 2023). Profit margin: 26% (down from 28% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Declared Dividend • Nov 25
Third quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 10th December 2024 Payment date: 20th December 2024 Dividend yield will be 6.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (41% forecast payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 22
United Bancorp, Inc. Increases Its Fourth Quarter Cash Dividend Payment, Payable on December 20, 2024 United Bancorp, Inc. announced that on November 20, 2024, the Board of Directors of the company declared a fourth quarter dividend payment of $0.18 per share for shareholders of record on December 10, 2024 with a payment date of December 20, 2024. This payment is greater than the regular cash dividends paid in the first three quarters of the current year, which were $0.1725, $0.1750 and $0.1775 respectively. With this fourth quarter dividend payment and year-to-date, UBCP has paid total cash dividends of $0.8550 (inclusive of a special cash dividend of $0.15 paid in the first quarter), which is an increase of $0.04, or 4.9%, over the amount paid during the same period the previous year. At the fourth quarter payment level, the regular cash dividend produces a forward yield of 5.4% based on UBCP's market value of $13.13 at the most recent quarter-end. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: US$0.32 (vs US$0.42 in 3Q 2023) Third quarter 2024 results: EPS: US$0.32 (down from US$0.42 in 3Q 2023). Revenue: US$7.28m (down 5.2% from 3Q 2023). Net income: US$1.82m (down 21% from 3Q 2023). Profit margin: 25% (down from 30% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$13.78, the stock trades at a trailing P/E ratio of 10x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 11% over the past three years. Declared Dividend • Aug 25
Second quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 10th September 2024 Payment date: 20th September 2024 Dividend yield will be 7.0%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 22
United Bancorp, Inc. Declares Third Quarter Dividend, Payable on September 20, 2024 On August 21, 2024, the Board of Directors of United Bancorp, Inc. declared a third quarter dividend payment of $0.1775 per share for shareholders of record on September 10, 2024 with a payment date of September 20, 2024. This is an increase of $0.01, or 6.0%, over the regular cash dividend paid in the third quarter of the previous year. In addition, this payment is greater than the regular cash dividends paid in the first and second quarters of the current year, which were $0.1725 and $0.1750 respectively. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: US$0.31 (vs US$0.41 in 2Q 2023) Second quarter 2024 results: EPS: US$0.31 (down from US$0.41 in 2Q 2023). Revenue: US$7.15m (down 5.1% from 2Q 2023). Net income: US$1.74m (down 22% from 2Q 2023). Profit margin: 24% (down from 30% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. New Risk • Jun 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (US$72.3m market cap). Upcoming Dividend • Jun 03
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 10 June 2024. Payment date: 20 June 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.0%). Major Estimate Revision • May 17
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$27.1m to US$25.2m. EPS estimate also fell from US$1.59 per share to US$1.37 per share. Net income forecast to shrink 7.9% next year vs 2.0% growth forecast for Banks industry in the US . Consensus price target of US$20.00 unchanged from last update. Share price was steady at US$12.39 over the past week. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: US$0.36 (vs US$0.33 in 1Q 2023) First quarter 2024 results: EPS: US$0.36 (up from US$0.33 in 1Q 2023). Revenue: US$6.98m (down 6.2% from 1Q 2023). Net income: US$1.99m (up 10% from 1Q 2023). Profit margin: 28% (up from 24% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.5% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.0%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 10
United Bancorp, Inc. Reports Net Charge-Offs for the First Quarter Ended March 31, 2024 United Bancorp, Inc. reported net charge-offs for the first quarter ended March 31, 2024. For the quarter, the company had net loans charged off of $28,000. Declared Dividend • Apr 24
Fourth quarter dividend increased to US$0.17 Dividend of US$0.17 is 6.1% higher than last year. Ex-date: 10th June 2024 Payment date: 20th June 2024 Dividend yield will be 6.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (42% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 19
United Bancorp, Inc. Declares Second Quarter Dividend, Payable on June 20, 2024 On April 17, 2024, the Board of Directors of United Bancorp, Inc. declared a second quarter dividend payment of $0.1750 per share for shareholders of record on June 10, 2024 with a payment date of June 20, 2024. This is an increase of $0.01, or 6.1%, over the regular cash dividend paid in the second quarter of last year. In the first two quarters of the current year, UBCP has paid total cash dividends of $0.4975 (inclusive of a special cash dividend of $0.15 paid in the first quarter). At the second quarter payment level, the regular cash dividend produces a forward yield of 4.84% based on UBCP's market value of $14.47 at the most recent quarter-end. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$13.53, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Banks industry in the US. Total returns to shareholders of 12% over the past three years. Announcement • Mar 21
United Bancorp, Inc., Annual General Meeting, Apr 17, 2024 United Bancorp, Inc., Annual General Meeting, Apr 17, 2024, at 14:00 Eastern Daylight. Location: 201 South Fourth Street, Martins Ferry, Ohio United States Agenda: To consider the Election of Directors; to consider the Advisory vote on the Appointment of the Independent Registered Public Accounting Firm; and to consider other matters. Upcoming Dividend • Feb 29
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 20 March 2024. Trailing yield: 7.0%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (3.1%). Declared Dividend • Feb 25
Fourth quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 7th March 2024 Payment date: 20th March 2024 Dividend yield will be 7.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (41% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.6% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 07
Full year 2023 earnings released: EPS: US$1.63 (vs US$1.51 in FY 2022) Full year 2023 results: EPS: US$1.63 (up from US$1.51 in FY 2022). Revenue: US$30.3m (up 3.1% from FY 2022). Net income: US$8.95m (up 8.2% from FY 2022). Profit margin: 30% (up from 28% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.4% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$13.45, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Banks industry in the US. Total returns to shareholders of 21% over the past three years. Upcoming Dividend • Nov 30
Upcoming dividend of US$0.17 per share at 7.5% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 20 December 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of American dividend payers (5.0%). Higher than average of industry peers (3.6%). Announcement • Nov 29
United Bancorp, Inc. Announces Board Changes United Bancorp, Inc. announced that Effective November 22, 2023, the Board of Directors of United Bancorp, Inc. (the “Company”) appointed Bethany E. Schunn and Brian M. Hendershot to fill two vacancies created on August 16, 2023, at the recommendation of the Board’s Nominating and Governance Committee that increased the size of the Company’s Board of Directors from four members to six. The increase in Board size was affected primarily to enhance the overall depth and strength of the Board and is also expected to facilitate more seamless committee transitions in the event of Board turnover related to normal retirements. During the intervening period, the Board and Committee have been involved in the process of evaluating potential candidates to fill the newly created vacancies. In addition, the Board also approved the appointment of Scott A. Everson, the Company’s President, and CEO, to the position of Chairman of the Board of Directors to effect immediately upon the retirement of Richard L. Riesbeck on October 20, 2024. Mr. Riesbeck, who has served as Chairman of the Company’s Board of Directors since 2014, will retire from the Board pursuant to service limit requirements contained in the Company’s Corporate Governance Guidelines. Ms. Schunn, Plant Manager for the Cardinal Operating Company in Brilliant, Ohio has served on the Bank’s Board of Directors since 2021. Mr. Hendershot, President of Ohio-West Virginia Excavating in Shadyside, Ohio, has been a member of the Bank’s Board since 2020. Announcement • Nov 23
United Bancorp, Inc. Increases Cash Dividend for the Fourth Quarter, Payable on December 20, 2023 The Board of Directors of United Bancorp, Inc. (UBCP) declared a fourth quarter dividend payment of $0.17 per share for shareholders of record on December 8, 2023 with a payment date of December 20, 2023. This payment is greater than the regular cash dividends paid in the first three quarters of the current year, which were $0.1625, $0.1650 and $0.1675 respectively. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: US$0.44 (vs US$0.40 in 3Q 2022) Third quarter 2023 results: EPS: US$0.44 (up from US$0.40 in 3Q 2022). Revenue: US$7.68m (up 3.9% from 3Q 2022). Net income: US$2.39m (up 8.6% from 3Q 2022). Profit margin: 31% (up from 30% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 05
Price target decreased by 9.1% to US$20.00 Down from US$22.00, the current price target is provided by 1 analyst. New target price is 85% above last closing price of US$10.80. Stock is down 28% over the past year. The company is forecast to post earnings per share of US$1.50 for next year compared to US$1.51 last year. Upcoming Dividend • Aug 31
Upcoming dividend of US$0.17 per share at 7.0% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.6%). Announcement • Aug 22
United Bancorp, Inc. Declares Third Quarter Dividend, Payable on September 20, 2023 United Bancorp, Inc. (UBCP) declared a third quarter dividend payment of $0.1675 per share for shareholders of record on September 8, 2023 with a payment date of September 20, 2023. This is an increase of $0.01, or 6.3%, over the regular cash dividend paid in the third quarter of the previous year. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: US$0.41 (vs US$0.41 in 2Q 2022) Second quarter 2023 results: EPS: US$0.41 (up from US$0.41 in 2Q 2022). Revenue: US$7.54m (up 1.3% from 2Q 2022). Net income: US$2.28m (up 2.1% from 2Q 2022). Profit margin: 30% (in line with 2Q 2022). Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Jun 01
Upcoming dividend of US$0.17 per share at 7.1% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 7.1%. Within top quartile of American dividend payers (5.2%). Higher than average of industry peers (3.8%). Reported Earnings • May 07
First quarter 2023 earnings released: EPS: US$0.33 (vs US$0.31 in 1Q 2022) First quarter 2023 results: EPS: US$0.33 (up from US$0.31 in 1Q 2022). Revenue: US$7.44m (up 6.3% from 1Q 2022). Net income: US$1.89m (up 13% from 1Q 2022). Profit margin: 25% (up from 24% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Announcement • May 05
United Bancorp, Inc. Reports Net Charge-Offs for the First Quarter Ended March 31, 2023 United Bancorp, Inc. reported net charge-offs for the first quarter ended March 31, 2023. For the quarter, the company reported total net charge-offs of $19,033 compared to $1,765 a year ago. Reported Earnings • Mar 21
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$1.51 (down from US$1.62 in FY 2021). Revenue: US$29.4m (up 1.2% from FY 2021). Net income: US$8.27m (down 6.9% from FY 2021). Profit margin: 28% (down from 31% in FY 2021). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.73% (up from 3.48% in FY 2021). Non-performing loans: 0.04% (down from 0.93% in FY 2021). Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$12.71, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 46% over the past three years. Upcoming Dividend • Mar 02
Upcoming dividend of US$0.31 per share at 5.3% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 20 March 2023. Trailing yield: 5.3%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (3.0%). Upcoming Dividend • Dec 01
Upcoming dividend of US$0.16 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 20 December 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: US$0.42 (vs US$0.50 in 3Q 2021) Third quarter 2022 results: EPS: US$0.42 (down from US$0.50 in 3Q 2021). Revenue: US$7.40m (down 11% from 3Q 2021). Net income: US$2.30m (down 16% from 3Q 2021). Profit margin: 31% (down from 33% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 18
United Bancorp, Inc. Increases Its Fourth Quarter Cash Dividend Payment, Payable on December 20, 2022 On November 16, 2022, the Board of Directors of United Bancorp, Inc. (UBCP) declared a fourth quarter dividend payment of $0.16 per share for shareholders of record on December 9, 2022 with a payment date of December 20, 2022. Price Target Changed • Nov 17
Price target increased to US$22.00 Up from US$20.00, the current price target is provided by 1 analyst. New target price is 53% above last closing price of US$14.40. Stock is down 4.4% over the past year. The company is forecast to post earnings per share of US$1.52 for next year compared to US$1.62 last year. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Director Gary Glessner was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$0.42 (vs US$0.50 in 3Q 2021) Third quarter 2022 results: EPS: US$0.42 (down from US$0.50 in 3Q 2021). Revenue: US$7.40m (down 11% from 3Q 2021). Net income: US$2.30m (down 16% from 3Q 2021). Profit margin: 31% (down from 33% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 01
Upcoming dividend of US$0.16 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 20 September 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.2%). Announcement • Aug 23
United Bancorp, Inc. Declares Dividend for the Third Quarter of 2022, Payable on September 20, 2022 On August 17, 2022, the Board of Directors of United Bancorp, Inc. (UBCP) declared a third quarter dividend payment of $0.1575 per share for shareholders of record on September 9, 2022 with a payment date of September 20, 2022. This payment is greater than the regular cash dividends paid in the first and second quarters of the current year, which were $0.1525 and $0.1550 respectively. With this third quarter dividend payment and year-to-date, UBCP has paid total cash dividends of $0.6150 (inclusive of a special cash dividend of $0.15 paid in the first quarter), which is an increase of $0.08, or 15.0%, over the amount paid during the same period the previous year. At the third quarter payment level, the regular cash dividend produces a forward yield of 3.84% based on UBCP’s market value of $16.39 at the most recent quarter-end. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: US$0.42 (vs US$0.38 in 2Q 2021) Second quarter 2022 results: EPS: US$0.42 (up from US$0.38 in 2Q 2021). Revenue: US$7.44m (up 7.1% from 2Q 2021). Net income: US$2.30m (up 11% from 2Q 2021). Profit margin: 31% (up from 30% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 20% compared to a 16% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 17 June 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of American dividend payers (3.9%). Higher than average of industry peers (2.9%). Recent Insider Transactions • May 14
Independent Chairman of the Board recently sold US$51k worth of stock On the 12th of May, Richard Riesbeck sold around 3k shares on-market at roughly US$16.88 per share. This was the largest sale by an insider in the last 3 months. Richard has been a seller over the last 12 months, reducing personal holdings by US$80k. Price Target Changed • Apr 27
Price target increased to US$22.00 Up from US$20.00, the current price target is provided by 1 analyst. New target price is 26% above last closing price of US$17.50. Stock is up 15% over the past year. The company is forecast to post earnings per share of US$1.57 for next year compared to US$1.62 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Director Gary Glessner was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 22
United Bancorp, Inc. Declares Second Quarter Dividend, Payable on June 17, 2022 On April 20, 2022, the Board of Directors of United Bancorp, Inc. declared a second quarter dividend payment of $0.1550 per share for shareholders of record on June 10, 2022 with a payment date of June 17, 2022. This payment is greater than the regular cash dividend paid in the first quarter, which was $0.1525. In the first two quarters of the current year, UBCP has paid total cash dividends of $0.4575 (inclusive of a special cash dividend of $0.15 paid in the first quarter), which is an increase of $0.07, or 18.1%, over the amount paid during the same period the previous year. At the second quarter payment level, the regular cash dividend produces a forward yield of 3.47% based on UBCP's market value of $17.89 at the most recent quarter-end. Upcoming Dividend • Mar 02
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 18 March 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of American dividend payers (3.6%). Higher than average of industry peers (2.4%). Upcoming Dividend • Dec 02
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 20 December 2021. Trailing yield: 3.9%. Within top quartile of American dividend payers (3.6%). Higher than average of industry peers (2.3%).