United Bancshares, Inc. Reports Full Year 2020 Results
March 08 2021 - 7:00AM
United Bancshares, Inc. (NASDAQ: UBOH)
Highlights Net income of $13.8 million, an
increase of $3.1 million over 2019Earnings per share of $4.21, an
increase of $0.95 per share over 2019Return on average total assets
1.42%, compared to 1.24% at year-end 2019Return on average
shareholder’s equity 13.53%, compared to 12.30% at year-end
2019
Full Details Details about our 2020 financial
performance are available here.
Commentary from our CEO United
Bancshares President and Chief Executive Officer, Brian D. Young
said, “Despite an unprecedented operating environment, we are
pleased to deliver these results and record profits for our second
straight year. Our 2020 results include gain on loan sales of
$15.1 million, Paycheck Protection Program Loan Origination fees of
$2.4 million and decreased deposit expense of $2.4 million. As a
result of our 2020 earnings, we were able to prepay all long-term
debt at the bank and proactively increase the allowance for loan
losses as we monitor economic conditions going into 2021.
Additionally, the Company maintained better than peer credit
quality metrics, a reflection of the strength of our loan
portfolio. We are very pleased with the early results from
our expansion into Paulding County, along with, the successful
adoption of technologies such as ITMs and cash recyclers that
increase efficiencies, enhance operational accuracy, and enable our
greatest assets, our team members, to focus on customer needs and
relationships. We remain unwavering in the promotion of our
core values throughout our processes. The continued
accomplishments of the Company are the undeniable result of our
dedicated team members and our Board of Directors in implementing
our Strategic Plan. Their efforts and our strong corporate values
of respect for and accountability to our shareholders, clients,
colleagues, and communities are the foundation for our continued
success.”
About United Bancshares, Inc.
United Bancshares, Inc. is a financial holding company
headquartered in Columbus Grove, Ohio with $978.5 million in assets
and twenty offices in Northwest and Central Ohio. Founded in
1904, The Union Bank Company provides a full variety of consumer,
residential, small business, commercial, agricultural, treasury
management, wealth management, brokerage and insurance services.
Union Bank also provides a comprehensive list of digital banking
services to support the needs of consumers and businesses from any
location. Details about our banking services are available on our
website: http://theubank.com/.
Contacts
Brian Young, President and CEO
Stacy Cox, Executive Vice President and CFO
Heather Oatman, Senior Vice President, HR, and Investor Relations
419.659.2141
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