2010 Press Releases
United Bancorp, Inc.

United Bancorp, Inc. Reports Earnings of $0.15 per Share for the Quarter Ended March 31, 2010

MARTINS FERRY, OHIO ••• United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $683,000 for the quarter ended March 31, 2010, compared to $801,000 for the quarter ended March 31, 2009, a decrease of 14.7%. On a per share basis, the Company’s diluted earnings were $0.15 for three months ended March 31, 2010, as compared to $0.17 for the three months ended March 31, 2009, a decrease of 11.8%.

Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s earnings in the first quarter of 2010 generated an annualized 0.61% return on average assets (“ROA”) and an annualized 7.69% return on average equity (“ROE”), compared to 0.72% ROA and 9.46% ROE for the three months ended March 31, 2009. Comparing the quarter ended March 31, 2010 to 2009, the Company’s net interest margin was 4.00% compared to 4.05%, which caused a decrease in net interest income of approximately $114,000 or 3.0%. As the historically low interest rates continue into 2010, it will be challenging to continue spreading the net interest margin by lowering the Company’s cost of funds on an accelerated basis relative to the income generated by its assets. Comparing the same periods, Customer Service Fees on deposits increased $21,000. On the expense side, the Company’s 2010 earnings were affected by a period over period increase of $65,000 in FDIC Premiums and a $35,000 increase in our Provision for Loan Losses. The net after-tax per share impact of the additional FDIC Premiums expensed in the first quarter of 2010 is approximately $0.01 per share.”

James W. Everson, Chairman, President and Chief Executive Officer stated, “We continue to forecast a year of solid earnings in 2010, based on our budgeting process, that will be equal to or better than last year’s $0.63 per share. Our management of the current risk in our loan portfolio shows improvement with non performing loans to total loans down to 2.30%, well below that of peer. We continue to aggressively work with our borrowers to strengthen our relationships and pursue quality opportunities by meeting the needs of the credit worthy borrowers within our market areas. Net outstanding loans, the engine that drives earnings, are up 10.52% over first quarter last year. As the economy recovers in 2010, we shall continue to invest in the communities we serve, to lend prudently, to evaluate strategies to grow our balance sheet, to control expenses and to maintain our services while helping our customers work through these tough times.” Everson concluded, “We are committed to being a sound and trusted provider of financial services through our twenty banking centers in the communities we shall serve for decades to come.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $450.2 million and total shareholder’s equity of approximately $36.0 million as of March 31, 2010. Through its single bank charter 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.

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. "UBCP"

United Bancorp, Inc. Declares a Regular Cash Dividend Payment of $0.14 per Share and Reports on Annual Shareholder Meeting

MARTINS FERRY, OHIO ••• On April 21, 2010, the Board of Directors of United Bancorp, Inc. (UBCP) declared the second quarter dividend payment of $0.14 per share for shareholders of record on May 21, 2010 with a payment date of June 18, 2010, 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 announced the Shareholders of UBCP at the Annual Meeting held that date elected Directors for the following year including himself, Scott A. Everson, President and CEO, The Citizens Savings Bank, Martins Ferry; John M. Hoopingarner, Executive Director, Muskingum Watershed Conservancy District, New Philadelphia; Samuel J. Jones, Athletic Club Owner, Glouster; Terry A. McGhee, President and CEO, Westerman, Inc., Bremen; Matthew C. Thomas, President, M.C. Thomas Insurance Agency, Bridgeport and Richard L. Riesbeck, President, Riesbeck Food Markets, Inc., St. Clairsville.

The following officers were appointed at the UBCP Reorganization Meeting: James W. Everson, Chairman, President & Chief Executive Officer; Scott A. Everson, Sr. Vice President - Chief Operating Officer; Randall M. Greenwood, Sr. Vice President - Chief Financial Officer & Secretary/Treasurer; Matthew F. Branstetter, Vice President – Chief Lending Officer; Timothy L. Kelley, Vice President – Chief Commercial Banking Officer; Elmer K. Leeper, Vice President – Chief Retail Banking Officer; Michael A. Lloyd, Vice President – Chief Information Officer; and James A. Lodes, Vice President – Lending Officer. Richard L. Riesbeck was appointed Lead Director of the Board.

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $450.3 million and total shareholder’s equity of approximately $35.4 million as of March 31, 2010. Through its single bank charter 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. Announces Cash Dividend Payment of $0.14 per Share

MARTINS FERRY, OHIO ¨¨¨ On February 11, 2010, 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 March 5, 2010, payable on March 19, 2010. Payment is to be paid out of the Company’s capital surplus account which is represented on the Company’s balance sheet included in the periodic reports filed with the Securities and Exchange Commission as “Additional paid-in capital”. This is equal to the cash dividend paid in the first quarter of last year.

UBCP recently announced 2009 earnings at $0.63 per share compared to its record year of $0.82 in 2008, a decrease of 22.1%. In its recent earnings release, Chairman, President and CEO James W. Everson stated, “We are pleased with our earnings performance and risk management of the past year. In addition to meeting the additional FDIC premiums levied upon us, we were able to focus on improving our risk exposure in our loan portfolio. As previously reported, we never were a participant in sub-prime lending or derivative investing. This past year, while we wrote-off $1.7 million in loans impacted by current economic conditions, we generated sufficient earnings to cover the loan loss exposure; the costs associated with the three recently acquired banking offices from the FDIC and support our cash dividend payment.” Everson concluded by stating, “Our 2010 Budget Process is projecting another positive year of earnings that supports our recently announced capital expenditure program which includes the replacement of our core processing systems and the construction of a new banking center in Tiltonsville, OH, both of which we project to be completed in the third quarter of this year. Despite the continuing media reports of trouble within our economy impacting business, manufacturing and financial sector performance, we are preparing for our future which we forecast to be exciting and rewarding.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $446.5 million and total shareholder’s equity of approximately $35.2 million as of December 31, 2009. Through its single bank charter 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.

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 Earnings of $0.63 per Share for the Year Ended December 31, 2009

MARTINS FERRY, OHIO ¨¨¨ United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported  earnings of $2,905,000 for the year ended December 31, 2009, compared to $3,759,000 for the year ended December 31, 2008, a decrease of 22.7%.  On a per share basis, the Company’s diluted earnings were $0.63 for 2009, as compared to $0.82 for 2008, a decrease of 23.2%.

Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s earnings in 2009 generated an annualized 0.64% return on average assets (“ROA”) and an 8.62% return on average equity (“ROE”), compared to 0.86% ROA and 11.33% ROE for 2008.  Comparing the year ended December 31, 2009 to 2008, the Company’s net interest margin was 3.98% compared to 4.04%.  Comparing the same periods, Service Charge Income on deposits increased $85,000.  On the expense side, the Company’s 2009 earnings were affected by a period over period increase of $819,000 in FDIC Premiums; a $137,000 increase in our Provision for Loan Losses and an $86,000 write down in the Company’s servicing asset for its secondary fixed rate mortgage program, due to the current low interest rate environment and the related accelerating payoff of loan balances.  The net after-tax per share impact of the additional FDIC Premiums expensed in 2009 is approximately $0.12 per share.”  Greenwood continued, “As anticipated, the level of net loans charged off to average loans has increased from 0.37% for the year ended December 31, 2008 to 0.70% for the year ended December 31, 2009. The Company’s impaired loans decreased by approximately $2.8 million from December 31, 2008 to December 31, 2009.  In addition, the specific allocated loan loss reserve for impaired loans decreased approximately $500,000 from December 31, 2008 to December 31, 2009. We believe the level of impaired loans have stabilized during the second half of 2009.  Compared with December 31, 2008, the Company’s other real estate owned decreased approximately $29,000. We continue to work through these difficult times and are pleased that our earnings performance is solid to support the continued growth of the Company.”

James W. Everson, Chairman, President and Chief Executive Officer stated, “We are pleased with our earnings performance and risk management of the past year.  In addition to meeting the FDIC premiums levied upon us, we were able to focus on improving our risk exposure in our loan portfolio.  As previously reported, we never were a participant in sub-prime lending or derivative investing.  This past year, while we wrote-off $1.7 million in loans impacted by current economic conditions we generated sufficient earnings to cover our costs associated with the three recently acquired banking offices from the FDIC and supported an increase in our cash dividend payment.”  Everson concluded by stating, “Our 2010 Budget Process is projecting another positive year of earnings that supports our recently announced capital expenditure programs which include the replacement of our core processing systems and the construction of a new banking center in Tiltonsville, OH, both of which we project to be completed in the third quarter of this year.  Despite the continuing media reports of trouble within our economy impacting business, manufacturing and financial sector performance, we are preparing for our future which we forecast to be exciting and rewarding.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $446.5 million and total shareholder’s equity of approximately $35.0 million as of December 31, 2009.  Through its single bank charterwith 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.

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. "UBCP"

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