Stock Analysis Report

Executive Summary

United Bancshares, Inc. operates as the bank holding company for The Union Bank Company that provides various commercial and retail banking products and services.


PE ratio (8.5x) is below the US market (18.9x)

Earnings grew by 34.6% over the past year

Risk Analysis

Unstable dividend track record

Does not have a meaningful market cap ($76M)

Snowflake Analysis

Flawless balance sheet with solid track record.

Similar Companies

Share Price & News

How has United Bancshares's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: UBOH has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: UBOH underperformed the US Banks industry which returned 21.7% over the past year.

Return vs Market: UBOH underperformed the US Market which returned 24.7% over the past year.

Shareholder returns

7 Day-2.8%-1.6%0.8%
30 Day-3.7%-2.6%3.1%
90 Day12.6%5.4%10.9%
1 Year13.0%10.2%18.6%15.3%27.7%25.1%
3 Year5.6%-1.4%31.4%22.1%51.3%41.6%
5 Year74.7%55.7%85.5%64.7%77.2%57.6%

Price Volatility Vs. Market

How volatile is United Bancshares's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is United Bancshares undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: UBOH ($23.29) is trading above our estimate of fair value ($18.47)

Significantly Below Fair Value: UBOH is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: UBOH is good value based on its PE Ratio (8.5x) compared to the Banks industry average (12.8x).

PE vs Market: UBOH is good value based on its PE Ratio (8.5x) compared to the US market (18.9x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate UBOH's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: UBOH is good value based on its PB Ratio (0.8x) compared to the US Banks industry average (1.2x).

Next Steps

Future Growth

How is United Bancshares forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as United Bancshares has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has United Bancshares performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: UBOH has high quality earnings.

Growing Profit Margin: UBOH's current net profit margins (22.2%) are higher than last year (18.2%).

Past Earnings Growth Analysis

Earnings Trend: UBOH's earnings have grown by 11% per year over the past 5 years.

Accelerating Growth: UBOH's earnings growth over the past year (34.6%) exceeds its 5-year average (11% per year).

Earnings vs Industry: UBOH earnings growth over the past year (34.6%) exceeded the Banks industry 27.1%.

Return on Equity

High ROE: UBOH's Return on Equity (9.8%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is United Bancshares's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: UBOH has a low level of unsold assets or inventory.

Debt Coverage by Assets: UBOH's debt is not covered by short term assets (assets are 0.6x debt).

Financial Institutions Analysis

Asset Level: UBOH's level of assets compared to its equity is low.

Allowance for Bad Loans: UBOH has a sufficient allowance for bad loans.

Low Risk Liabilities: UBOH's liabilities are made up of primarily low risk sources of funding.

Loan Level: UBOH has an acceptable proportion of non-loan assets held.

Low Risk Deposits: UBOH's loans are broadly funded by customer deposits.

Level of Bad Loans: UBOH has an appropriate level of bad loans (0.53%)

Next Steps


What is United Bancshares's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: UBOH's dividend (2.23%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: UBOH's dividend (2.23%) is low compared to the top 25% of dividend payers in the US market (3.66%).

Stability and Growth of Payments

Stable Dividend: UBOH's dividend payments have been volatile in the past 10 years.

Growing Dividend: UBOH's dividend payments have fallen over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (18.6%), UBOH's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


What is the CEO of United Bancshares's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Brian Young (52yo)





Mr. Brian D. Young, CPA has been the Chief Executive Officer and President of United Bancshares, Inc. and Chairman and Chief Executive Officer of The Union Bank Company since August 1, 2012. Mr. Young has  ...

CEO Compensation Analysis

Compensation vs Market: Brian's total compensation ($USD457.93K) is about average for companies of similar size in the US market ($USD519.76K).

Compensation vs Earnings: Brian's compensation has been consistent with company performance over the past year.

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: UBOH's management team is seasoned and experienced (7.4 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: UBOH's board of directors are seasoned and experienced ( 14.8 years average tenure).

Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Management Team

  • Brian Young (52yo)

    CEO, President & Director

    • Tenure: 7.4yrs
    • Compensation: US$457.93k
  • Heather Oatman (46yo)


    • Tenure: 11.8yrs
    • Compensation: US$170.81k
  • Stacy Cox (51yo)

    Chief Financial Officer

    • Tenure: 0.9yrs
  • C. Ramsey

    Vice President of The Union Bank Company

    Board Members

    • Brian Young (52yo)

      CEO, President & Director

      • Tenure: 7.4yrs
      • Compensation: US$457.93k
    • David Roach (68yo)

      Independent Director

      • Tenure: 19yrs
      • Compensation: US$23.50k
    • H. Rigel (76yo)

      Independent Director

      • Tenure: 20yrs
      • Compensation: US$22.93k
    • Dan Schutt (71yo)


      • Tenure: 1.8yrs
      • Compensation: US$26.43k
    • Robert Benroth (56yo)

      Independent Director

      • Tenure: 17yrs
      • Compensation: US$25.84k
    • Steve Unverferth (66yo)

      Independent Director

      • Tenure: 14.8yrs
      • Compensation: US$23.23k
    • Herb Huffman (70yo)

      Independent Director

      • Tenure: 1.8yrs
      • Compensation: US$18.83k

    Company Information

    United Bancshares, Inc.'s company bio, employee growth, exchange listings and data sources

    Key Information

    • Name: United Bancshares, Inc.
    • Ticker: UBOH
    • Exchange: NasdaqGM
    • Founded: 1904
    • Industry: Regional Banks
    • Sector: Banks
    • Market Cap: US$74.054m
    • Shares outstanding: 3.27m
    • Website:

    Number of Employees


    • United Bancshares, Inc.
    • 105 Progressive Drive
    • Columbus Grove
    • Ohio
    • 45830
    • United States


    TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
    UBOHNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDJun 1998


    United Bancshares, Inc. operates as the bank holding company for The Union Bank Company that provides various commercial and retail banking products and services. The company accepts various deposits products, such as checking, savings, demand deposit, money market deposit, term certificate, and individual retirement accounts, as well as certificates of deposit. Its loan products include commercial, consumer, agricultural, residential mortgage, and home equity loans. The company also offers wealth management, treasury management, online banking and automatic teller machines, safe deposit box rental, and other personalized banking services. It operates 18 branch offices located in Bowling Green, Columbus Grove, Delaware, Delphos, Findlay, Gahanna, Gibsonburg, Kalida, Leipsic, Lima, Marion, Ottawa, Pemberville, Westerville, and Worthington in Ohio. United Bancshares, Inc. was founded in 1904 and is headquartered in Columbus Grove, Ohio. 

    Company Analysis and Financial Data Status

    All financial data provided by Standard & Poor's Capital IQ.
    DataLast Updated (UTC time)
    Company Analysis2020/01/21 23:56
    End of Day Share Price2020/01/21 00:00
    Annual Earnings2018/12/31

    Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.