United Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 18, 2018 at 09:16 pm
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United Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter ended December 31, 2017, the Corporation reported net income of $865,000, or $0.27 basic earnings per share compared to the fourth quarter of 2016 net income of $1,501,000, or $0.46 basic earnings per share. In addition to the aforementioned acquisition costs and tax expense, other items impacting the quarter ended December 31, 2017, as compared to the same period in 2016, include increases in non-interest expenses of $2,092,000 and interest expense of $503,000 offset by increases in interest income of $2,362,000 and non-interest income of $997,000.
For the year, the company reported net interest income of $25,772,000 compared to $21,627,000 a year ago. Income before income taxes was $6,725,000 compared to $7,265,000 a year ago. Net income was $3,846,000 compared to $5,521,000 a year ago. Net income per common share was $1.18 compared to $1.68 a year ago. Book value per common share was $23.17 compared to $22.21 a year ago. Tangible book value was $15.11 compared to $18.89 a year ago.
United Bancshares, Inc. is a financial holding company. Its principal subsidiary is The Union Bank Company (Union Bank). Its core business operations are conducted through its subsidiaries, Union Bank and UBC Risk Management, Inc. (UBC Risk Management). Union Bank is a full-service community bank offering a full range of commercial and consumer banking services. Union Bank offers a range of deposit services, including checking accounts, savings and money market accounts, certificates of deposit and individual retirement accounts. Wealth management services are offered by Union Bank through an arrangement with LPL Financial LLC, a registered broker/dealer. Union Bankâs loan products include commercial and residential real estate loans, agricultural loans, commercial and industrial loans, home equity loans, various types of consumer loans and others. UBC Risk Management is a captive insurance subsidiary that insures various liability and property damage policies for the Company.