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2003 Press Releases
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United Bancorp, Inc. Announces 10% Share Dividend and Cash Dividend Payment of 13¢ per Share MARTINS FERRY, OHIO ¨¨¨ On November 18,
2003, the Board of Directors of United Bancorp, Inc. (UBCP) declared a 10
percent share dividend for shareholders of record on December 2, 2003 and
a quarterly cash dividend payment of 13¢ per share. On United Bancorp, Inc. and its lead bank,
The Citizens Savings Bank of Martins Ferry, United Bancorp, Inc. is headquartered in
Martins Ferry, This announcement contains forward-looking statements that involve risk and uncertainties, including changes in general economic and financial market conditions and the Company’s ability to execute its business plans. Although management believes the expectations reflected in such statements are reasonable, actual results may differ materially United
Bancorp, Inc. Reports an Earnings Per Share increase of 18% for the
Nine-months and 27% for the three months ended September 30, 2003. MARTINS
FERRY, OHIO ¨¨¨
United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio
reported earnings of $2,522,000 compared to $2,220,000 for the nine months
ended September 30, 2003 and 2002, respectively. On a per share basis, basic
earnings per share was $0.79 for the nine months ended September 30, 2003
compared to $0.67 for the same period in 2002, a solid increase of 18%.
Earnings for the three months ended September 30, 2003 were $0.28 per
share compared to $0.22 in 2002, an increase of 27%.
The earnings per share data for 2002 were restated to give effect to
the 5% share dividend paid in December 2002. Randall
M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP remarked,
“Nine months earnings generated an annualized 0.91% return on average
assets (“ROA”) and an annualized 10.6% return on average equity
(“ROE”) compared to 0.87% ROA and 9.6% ROE for the same period in
2002”. Greenwood
also indicated that United Bancorp, Inc’s 2003 nine months earnings have
benefited from strong growth in non-interest income of 41% or $505,000 over
the comparable nine months in 2002.
The major components of the increase in non-interest income included
an increase in fee income of $116,000, net realized gains on the sale of
loans of $117,000 and earnings on bank owned life insurance contracts of
$189,000. Realized
gains from the sale of securities totaled $336,000 for the nine months ended
September 30, 2003 compared to $123,000 for the nine months ended September
30, 2002, an increase of $213,000. James
W. Everson, Chairman, President & CEO, stated, “We are quite pleased
to report our 27% increase in quarterly earnings at $0.28 per share exceeded
analyst expectation for the third quarter.
Our Board Members, Management and Team Members have spent many hours
this past quarter on strategic planning at both company and affiliate bank
levels. Our
focus has been on the improvement of shareholder value through improved
products, services and profitability.
Hopefully as our three year strategic plans unfold, we shall see a
continuation of this strong growth performance.”
United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $381 million and total shareholder’s equity of approximately $32 million as of September 30, 2003. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, an Operations Center and a UVEST Investment Services® brokerage office located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. UNITED BANCORP, INC. MARTINS FERRY, OH Symbol “UBCP”
The information contained in this press release contains forward-looking statements regarding expected future performances which are not historical facts and which involve risk and uncertainties. Actual results and performance could differ materially from those contemplated by these forward-looking statements. United Bancorp, Inc. Reports an Earnings Per Share increase of 13% for the Six-months ended June 30, 2003. MARTINS FERRY, OHIO ¨¨¨ United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $1,630,000 compared to $1,484,000 for the six months ended June 30, 2003 and 2002, respectively. On a per share basis, basic earnings per share was $0.51 for the six months ended June 30, 2003 compared to $0.45 for the same period in 2002, a solid increase of 13%. Second quarter earnings were $0.26 per share compared to $0.24 in 2002, an increase of 8%. The earnings per share data for 2002 gives effect to the 5% share dividend paid in December 2002. Randall M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP remarked, “Six months earnings generated an annualized 0.89% return on average assets (“ROA”) and an annualized 10.09% return on average equity (“ROE”) compared to 0.88% ROA and 9.79% ROE for the same period in 2002”. Greenwood also indicated that United Bancorp, Inc’s 2003 six months earnings have benefited from strong growth in non-interest income of 61% or $537,000 over the comparable six months in 2002. The major components of the increase in non-interest income included an increase in service charge income of $64,000, net realized gains on the sale of loans of $49,000 and earnings on bank owned life insurance contracts of $182,000. Realized gains from the sale of securities totaled $282,000 for the six months ended June 30, 2003 compared to $114,000 for the six months ended June 30, 2002, an increase of $168,000. James W. Everson, Chairman, President & CEO, stated, “Management is pleased with the six month results. The Company benefited from continued strong financial performance at The Citizens Savings Bank affiliate, in Martins Ferry OH, which continues to offset the business development costs associated with growth at The Community Bank affiliate in Lancaster, OH.” The Citizens Savings Bank recorded a net income of $1,821,000 for the six months ended June 30, 2003 compared to $1,504,000 for the six months ended June 30, 2002, an increase of 21%. The Community Bank continuing to incur market expansion costs, posted a net loss of $12,000 for the six months ended June 30, 2003 compared to a profit of $120,000 for the six months ended June 30, 2002. The Community Bank’s net loss included realized gains from the sale of securities as interest rates fluctuated during the first quarter. Excluding these investment gains, the Community Bank would have posted a net loss of approximately $125,000 for the six months ended June 30, 2003. “Our Management Team continues to focus on opportunities to improve The Community Bank’s financial results,” Everson stated. Everson continued by stating, “The Jobs and Growth Tax Relief Reconciliation Act of 2003 and its tax relief on dividends have significantly altered the tax landscape for dividend paying community banks and their shareholders. This coupled with the current low interest rate environment, should add to the attraction of owning a stock that has positive cash and share dividend histories. The current yield on UBCP stock is near 3.7% and this does not take into consideration our history of share dividend payment. This new environment for dividend paying stocks has given investors another reason to hold them in their investment portfolio. On another positive note, United Bancorp, Inc was listed this past month in the annual Cleveland Plain Dealer 100 recognizing Ohio’s 100 best-performing public companies in 2002. Everson concluded by stating, We are pleased to be listed again along with other high quality companies who have chosen Ohio as their headquarters.” United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $385 million and total shareholder’s equity of approximately $33 million as of June 30, 2003. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, an Operations Center and a UVEST Investment Services® brokerage office located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. UNITED BANCORP, INC. MARTINS FERRY, OH Symbol “UBCP”
The information contained in this press release contains forward-looking statements regarding expected future performances which are not historical facts and which involve risk and uncertainties. Actual results and performance could differ materially from those contemplated by these forward-looking statements. United Bancorp, Inc. Reports First Quarter 2003 Earnings per Share increases of 19% and Declares a Cash Dividend of 13¢ per Share MARTINS
FERRY, OHIO *** United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio
reported earnings of $803,000 compared to $680,000 for the quarter ended
March 31, 2003 and 2002, respectively. On a per share basis, basic earnings
per share was $0.25 for the quarter ended March 31, 2003 compared to $0.21
for the quarter ended March 31, 2002, a solid increase of 19%. On Randall
M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP remarked,
“First quarter earnings generated an annualized 0.88% return on average
assets (“ROA”) and an annualized 10.02% return on average equity
(“ROE”) compared to 0.82% ROA and 9.00% ROE for the same period in
2002”. James
W. Everson, Chairman, President & CEO, stated, “Management is pleased
with the first quarter results. The Company benefited from continued
strong financial performance at The Citizens Savings Bank affiliate, in
Martins Ferry OH, which more than offset the business development costs
associated with growth at The Community Bank affiliate in The
Annual Meeting of United Bancorp was held at United
Bancorp, Inc. is headquartered in Martins Ferry, UNITED BANCORP, INC. MARTINS
FERRY, OH
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