 |
2008 Press Releases
|
United Bancorp, Inc. Announces Cash Dividend Payment of $0.14 per Share and Reaffirms Its Stock Buy Back Program MARTINS FERRY, OHIO ¨¨¨ On November 18, 2008, the Board of Directors of United Bancorp, Inc. (UBCP) declared a quarterly cash dividend payment of $0.14 per share for shareholders of record on November 28, 2008, payable on December 19, 2008, to be paid out of the Company’s capital surplus account which is represented on the Company’s balance sheets included in the periodic reports filed with the Securities and Exchange Commission as “Additional paid-in capital”. In other action, The Board of Directors approved the renewal of the company’s stock buy-back program authorizing management to purchase up to $2,000,000 of UBCP common shares in the open market over the next two years. The declaration of the cash dividend will result in a 3.85% increase in the 2008 cash dividend payment at $0.54 per share compared to $0.52 per share paid in 2007. James W. Everson, Chairman, President and Chief Executive Officer stated, “We are extremely pleased to report an increase in dividend payment during this time of economic uncertainty where the norm in the industry is cutting dividend payments”. Everson continued, “Today, much media attention is being given to government assistance for the financial sector through the Troubled Asset Relief Program. Your Management Team and Board of Directors have declined participation in the TARP Program based upon our positive bank liquidity and capital adequacy. With the known and yet to be determined conditions the U. S. Treasury will levy upon participants in this program, we do not feel it prudent to partake at this time.” United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and has total assets of approximately $453.0 million and total shareholder’s equity of approximately $32.3 million as of September 30, 2008. Through its single bank charter with twenty banking offices and an operations center, The Citizens Savings Bank through its Community Bank Division serves the Ohio Counties of Athens, Fairfield and Hocking and through its Citizens Bank Division serves the Ohio Counties of Belmont, Carroll, Harrison, Jefferson and Tuscarawas. United Bancorp, Inc. is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109. Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements, which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. United Bancorp, Inc. Reports Continued Earnings Improvement with an Earnings per Share increase of 51% for the Nine Months Ended September 30, 2008 MARTINS FERRY, OHIO ¨¨¨ United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported continued earnings improvement with net income of $2,825,000 for the nine months ended September 30, 2008 compared to $1,874,000 for the nine months ended September 30, 2007. On a per share basis, the Company’s nine month diluted earnings were $0.62 for 2008, as compared to $0.41 for 2007, an increase of 51%. Third quarter 2008 earnings per share was $0.20 compared to $0.09 for the third quarter of 2007, up 122%. Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s nine month earnings in 2008 generated an annualized 0.87% return on average assets (“ROA”) and a 11.3% return on average equity (“ROE”), compared to 0.59% ROA and 7.91% ROE for the comparable nine month period in 2007. We are confident the 2008 results of operations for the nine months ended September 30, 2008 will compare very favorably with our peers in the banking industry. Moreover, with the recent reduction in short term interest rates by the Federal Reserve, we are projecting the Company’s net interest margin to reflect continued improvement through the end of 2008. The Company’s net interest margin of 4.08% for the nine months ended September 30, 2008, compared to 3.07% in 2007, generated an increase of approximately $2,582,000 in net interest income over the same period in 2007. Service charge income on deposit accounts for the nine months ended September 30, 2008 increased $182,000 which reflects the continuing positive impact of the Company’s courtesy overdraft and merchant check capture programs. The Company’s enhanced earnings level was accomplished despite an approximate $230,000 period over period before-tax increase in the provision for loan losses.” James W. Everson, Chairman, President and Chief Executive Officer stated, “We are pleased to report our earnings improvement and continue to project a year of record earnings for United Bancorp for 2008. Further, we wish to stress the increased loan loss provision in the 2008 nine month period reflects prudence as it relates to the economic challenges facing the banking industry as evidenced by an overall deterioration in asset quality within the financial sector.” Everson concluded by stating, “We project that our recently announced acquisition of the Ohio offices and deposits of the failed Ameribank in St. Clairsville, Dillonvale and Tiltonsville will greatly enhance our banking “footprint” in our eastern region and will be accretive to earnings beginning in the first quarter of 2009. In addition, this acquisition has provided additional liquidity by adding approximately $32 million of low cost core deposits to the Company’s deposit totals reported as of September 30, 2008. We anticipate by the end of November that our newly acquired customers will be able to bank interchangeably at all thirteen of our full service banking facilities located in the northern and eastern regions which comprise our Citizens Bank Division. Based upon our performance in 2007, which was impacted by one time charter consolidation costs, we are projecting a record forty percent improvement in year-end 2008 earnings over 2007. Needless to say, your Directors and Management Team are pleased to make this positive report during these trying economic times.” United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $453.0 million and total shareholder’s equity of approximately $32.3 million as of September 30, 2008. Through its single bank charter now with its twenty banking offices and an operations center, The Citizens Savings Bank through its Community Bank Division serves the Ohio Counties of Athens, Fairfield and Hocking and through its Citizens Bank Division serves Belmont, Carroll, Harrison, Jefferson and Tuscarawas. United Bancorp, Inc. is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109. United Bancorp, Inc. Increases its Quarterly Cash Dividend Payment 7.69 Percent to $0.14 Per Share Payable on September 19, 2008 MARTINS FERRY, OHIO ¨¨¨ On August 19, 2008, the Board of Directors of United Bancorp, Inc. (UBCP) declared the third quarter dividend payment of $0.14 per share for shareholders of record on September 5, 2008, with a payment date of September 19, 2008, to be paid out of the Company’s capital surplus account which is represented on the Company’s balance sheets included in its periodic reports filed with the Securities and Exchange Commission as “Additional paid-in capital”. James W. Everson, Chairman, President and CEO stated, “This 7.69% increase in quarterly payment is in keeping with the company’s policy of rewarding its shareholders for company performance. UBCP posted an earnings increase on June 30th of 31% over the first half of 2007 and projects 2008 earnings to be $0.80 per share, a 40% increase over last year.” Everson concluded, “Our positive earnings is the result of our Board of Directors and Management Team working aggressively together over the past eighteen months implementing the reorganization of our affiliate banks into one charter. We are pleased to see these positive results from the efficiencies gained through the streamlining of our management and operational support positions into one banking charter.” United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a bank holding company with total assets of approximately $427.0 million and total shareholder’s equity of approximately $32.5 million as of June 30, 2008. Through its seventeen banking offices and operations center, The Citizens Savings Bank serves the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas. The Company is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109. Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. United Bancorp, Inc. Added to Russell Microcap Index Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies. United Bancorp, Inc. will hold its membership until Russell reconstitutes its indexes in June 2009. “We are pleased with our inclusion in this index, which reflects our continued positive momentum,” said Chairman, President and Chief Executive Officer James W. Everson. “Russell is an industry leader for stock indexes and we expect our inclusion will generate greater interest in our stock among institutional investors.” The annual reconstitution of the Russell Microcap Index captures the 1,000 smallest U.S. stocks in the Russell 2000, plus the next 1,000 stocks as of the end of May. United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a bank holding company with total assets of approximately $427.0 million and total shareholder’s equity of approximately $32.5 million as of June 30, 2008. Through its seventeen banking offices and operations center, The Citizens Savings Bank serves the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas. The Company trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109. United Bancorp, Inc. Reports Continued Earnings Improvement with an Earnings per Share increase of 31% for the Six Months Ended June 30, 2008 MARTINS FERRY, OHIO ••• United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported continued earnings improvement with net earnings of $1,928,000 for the six months ended June 30, 2008 compared to $1,482,000 for the six months ended June 30, 2007. On a per share basis, the Company’s six months diluted earnings were $0.42 for 2008, as compared to $0.32 for 2007, an increase of 31%. Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s six month earnings in 2008 generated an annualized 0.88% return on average assets (“ROA”) and a 11.4% return on average equity (“ROE”), compared to 0.71% ROA and 9.68% ROE for the comparable six month period in 2007. We believe the 2008 results of operations for the six months ended June 30, 2008 will compare very favorably with our peers in the banking industry. Moreover, with the reduction in short term interest rates by the Federal Reserve, we are projecting the Company’s net interest margin to reflect continued improvement in 2008 as compared to 2007. The Company’s net interest margin of 3.96% for the six months ended June 30, 2008 generated an increase of approximately $1,490,000 in net interest income over the same period in 2007. Service charge income on deposit accounts for the six months ended June 30, 2008 increased $146,000, which reflects the continuing positive impact of the Company’s courtesy overdraft program, as well as a merchant check capture program. The Company’s enhanced earnings level was accomplished despite an approximate $125,000 period over period after-tax increase in the provision for loan losses.” James W. Everson, Chairman, President and Chief Executive Officer stated, “We are pleased to report this 31% earnings per share improvement for the six months ended June 30, 2008. This level of increased earnings was generated even with the $125,000 after tax period over period increase in the provision for loan losses. I wish to stress the increased loan loss provision in the 2008 six month period reflects prudence related to the economic challenges facing the banking industry as evidenced by significant deterioration in asset quality within the financial sector.” Everson concluded by stating “Our Board of Directors and Management Team have worked aggressively over the past eighteen months to implement the reorganization of our affiliate banks into one charter. With the operational efficiencies gained from the full integration of our two subsidiary banks and the streamlining of our management and operational support positions, which has reduced time and money spent on duplicated efforts, we anticipate a continuation of solid earnings improvement throughout 2008. Based upon our second half performance in 2007 which was impacted by one time charter consolidation costs, we are projecting a forty percent improvement in year-end 2008 earnings over 2007.” United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a bank holding company with total assets of approximately $427.0 million and total shareholder’s equity of approximately $32.5 million as of June 30, 2008. Through its seventeen banking offices and operations center, The Citizens Savings Bank serves the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas. The Company trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109. UNITED BANCORP, INC. MARTINS FERRY, OH Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. United Bancorp, Inc. Declares a Regular Cash Dividend Payment of $0.13 per Share and Reports on Annual Shareholder Meeting United Bancorp, Inc. Reports Continued Earnings Improvement with an Earnings per Share increase of 25% for the Three Months Ended March 31, 2008 MARTINS FERRY, OHIO ••• United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported continued earnings improvement with net earnings of $903,000 for the three months ended March 31, 2008 compared to $718,000 for the quarter ended March 31, 2007. On a per share basis, the Company’s first quarter diluted earnings were $0.20 for 2008, as compared to $0.16 for 2007, an increase of 25.0%. Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s three month earnings in 2008 generated an annualized 0.81% return on average assets (“ROA”) and a 10.0% return on average equity (“ROE”), compared to 0.69% ROA and 8.8% ROE for the comparable three month period in 2007. We believe the first quarter 2008 results of operations will compare very favorably with our peers in the banking industry. Moreover, with the continued reduction in short term interest rates by the Federal Reserve, we are projecting further improvements in the Company’s net interest margin in 2008. The Company’s net interest margin of 3.86% for the three months ended March 31, 2008 generated an increase of approximately $572,000 in net interest income over the same period in 2007. Service charge income on deposit accounts for the three months ended March 31, 2008 increased $93,000, which reflects the positive impact of the Company’s courtesy overdraft program and implementation of a merchant check capture program in 2007. The Company’s enhanced earnings level was accomplished despite an approximate $100,000 period over period after-tax increase in the provision for losses on nonperforming assets.” James W. Everson, Chairman, President and Chief Executive Officer stated, “We are pleased to report this 25% earnings improvement for the first quarter of 2008. Our Board of Directors and Management Team have worked aggressively over the past eighteen months to implement the reorganization of our affiliate banks into one charter. With the operational efficiencies gained from the full integration of our two subsidiary banks and the streamlining of our management and operational support positions, which has reduced time and money spent on duplicated efforts, we anticipate a continuation of solid earnings improvement throughout 2008.” United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $447.2 million and total shareholder’s equity of approximately $34.2 million as of March 31, 2008. Through its seventeen banking offices and operations center, The Citizens Savings Bank serves the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas. The Company trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109. UNITED BANCORP, INC. MARTINS FERRY, OH Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. United Bancorp, Inc. Declares a Regular Cash Dividend Payment of $0.13 per Share United Bancorp, Inc. Reports Earnings of $0.57 Per Share for the Year Ended December 31, 2007, an increase of 27% Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s 2007 earnings generated a 0.60% return on average assets (“ROA”) and an 8.1% return on average equity (“ROE”) compared to 0.50% ROA and 6.5% ROE for 2006. We believe the 2007 results of operations will compare very favorably with our peers in the banking industry. Moreover, with the recent reduction in short term interest rates by the Federal Reserve, we are projecting further improvement in the Company’s net interest margin in the first quarter of 2008. Service charge income on deposit accounts for 2007 increased $369,000 which reflects the positive impact of a courtesy overdraft program implemented by the Company in late 2006. During 2007, the Company recorded costs of $230,000 relating to the consolidation of its banking subsidiaries in addition to the above mentioned loan loss provision. On an after tax basis, these expenses amounted to approximately $0.05 per share for 2007. Without these costs, the Company’s earnings per share for 2007 would have been further enhanced to reflect $0.62 compared to $0.45 for 2006, an increase of 38%.” James W. Everson, Chairman, President and Chief Executive Officer stated, “We are pleased to report a significant positive movement in earnings during one of the most challenging economic periods in our corporate history. These challenges required that we make many tough decisions and take the necessary steps to strengthen our financial position through restructuring our loan and security portfolios and streamlining our operational efficiencies. Our Management Team firmly believes that the benefits of these decisions will be further realized in the form of projected double digit earnings improvements in 2008.” Everson concluded, “We as a community bank underwrite all of our credits and are not facing issues that many of the larger money center banks within our country are facing through their participation in the much reported sub-prime mortgage market. Yet, we recognize the impact this issue is having on the stock market and its financial service industry, including our company. It is our hope the market will soon recognize our projected $0.52 annualized cash dividend that equates to a current yield in excess of 5.8% based on current pricing and reward us with an upward movement in our stock value.” United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a bank holding company with total assets of approximately $451.4 million and total shareholder’s equity of approximately $33.9 million as of December 31, 2007. Through its seventeen banking offices and operations center, The Citizens Savings Bank serves the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas. The Company trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109. UNITED BANCORP, INC. MARTINS FERRY, OH Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. |
|
