United Bancorp, Inc. Reports a 10.3% increase in Core Third Quarter EPS  

MARTINS FERRY, OHIO *** United Bancorp, Inc., (UBCP) headquartered in Martins Ferry, Ohio reports third quarter results on a restated basis giving effect to the July 7, 1998 merger of The Southern Ohio Community Bancorporation, Inc. (Southern).  Southern’s operating subsidiary The Community Bank, Glouster Ohio (Community) is now the third banking charter under UBCP.  Basic and diluted earnings per share for the third quarter of 1998 were $0.29 compared to $0.29 for the third quarter of 1997.  The merger was accounted for under the pooling-of-interest method of accounting and therefore all prior operating results have been adjusted to include the results of Southern. 

For the three and nine months ended September 30, 1998, core earnings increased 9.12% and 3.94%, respectively, over core earnings for the same periods in 1997.  Core earnings exclude the financial impact of non-recurring expenses such as professional services, regulatory filings, and system conversion/integration costs.  The non-recurring after tax impact for the three months ended September 30, 1998 was approximately $82,000 and for the nine months ended September 30, 1998 the after tax impact was approximately $177,000.  Taking the non-recurring expenses into consideration, basic and diluted earnings per share for the third quarter of 1998 would have been $0.32, an increase of 10.3%, when compared to $0.29 for the third quarter of 1997.  For the nine months ended September 30, 1998 basic earnings per share would have been $0.87 (diluted $0.86) an increase of 3.6%, when compared to $0.84 (diluted $0.83) for the same period in 1997.  

Randall M. Greenwood, Vice President and Chief Financial Officer stated the growth in core earnings is attributable to the growth in non-interest income and active management of non-interest expense implemented at Community since the acquisition. Management has completed the consolidation of all backroom functions of Community to UBCP’s Operations Center in Martins Ferry, Ohio.  Greenwood continued by stating the backroom consolidation was completed during the third quarter and we are extremely pleased with the operational efficiencies achieved to date.  Additionally, basic earnings per share for the fourth quarter should be favorably impacted by the consolidation.  Management anticipates the annualized fourth quarter earnings of Community to be accretive in relation to UBCP’s 1997 basic earnings per share. 

James W. Everson, Chairman, President & CEO stated that Management is pleased with the third quarter performance of our newest banking charter and is optimistic with the expansion plans for that franchise.  We anticipate establishing a significant presence for The Community Bank in Lancaster, Ohio and Fairfield County over the near term, and growing this banking franchise from Athens County through Fairfield County.  Additionally, we are extremely pleased with the strong growth of our Secondary Market Real Estate Mortgage Program introduced during 1997.  Along with the introduction of other non-lending services, we are committed to the delivery of quality financial products, which in turn translates into enhanced shareholder value. 

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $264 million and total shareholder equity of approximately $27.2 million as of September 30, 1998.  Affiliates of UBCP include The Citizens Savings Bank, The Citizens-State Bank, and The Community Bank with all offices located in Ohio serving Belmont, Tuscarawas, Carroll and Athens Counties.  The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. 
 

 
The information contained in this press release contains forward-looking statements regarding expected future performance 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. Declares a Regular 12¢ Per Share Cash Dividend 

MARTINS FERRY, OHIO *** On August 18, 1998, the Board of Directors of United Bancorp, Inc. (UBCP) declared a quarterly cash dividend of 12¢ per share for shareholders of record on September 1, 1998, with a payment date of September 18, 1998.  On an annualized basis, this represents a projected 48¢ per share to be paid in 1998, a 9.1% increase over the 44¢ per share paid in 1997.  James W. Everson, Chairman, President & Chief Executive Officer of UBCP stated that our shareholders will receive their dividend payment directly from UBCP’s stock transfer agent, American Stock Transfer & Stock Company.  Everson further stated that he has received many positive comments from those participating in the Dividend Reinvestment Plan offered at no cost to UBCP shareholders. To enroll in the DRIP Program UBCP shareholders may contact American Stock Transfer & Trust Company toll-free at 1-800-278-4353. 

In a press release issued on July 21, 1998 UBCP Management reported the merger with The Southern Ohio Community Bancorporation (Southern) was completed on July 7, 1998 and The Community Bank of Glouster became a third banking charter for UBCP. The previously reported August conversion of Southern to our consolidated operations center in Martins Ferry, Ohio is now complete.  Randall M. Greenwood, Vice President, Chief Financial Officer and Treasurer stated the expedient manner in which the conversion was completed allows UBCP Management to now implement their reorganization plan for Southern’s operating subsidiary The Community Bank, Glouster, Ohio.  

United Bancorp, Inc. is headquartered in Martins Ferry, and is a multi-bank holding company with total assets of approximately $265 million and total shareholder equity of approximately $26.1 million as of June 30, 1998.  Affiliates of UBCP include The Citizens Savings Bank with offices in Bridgeport, Colerain, St. Clairsville and Martins Ferry, Ohio; The Citizens-State Bank with offices in Strasburg, Dellroy, Dover, Sherrodsville and New Philadelphia, Ohio and The Community Bank with offices in Nelsonville, Amesville and two offices in Glouster, Ohio.  The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. 
 

United Bancorp, Inc. Reports a 9.8% increase in Six Months Earnings Per Share 
 
MARTINS FERRY, OHIO *** United Bancorp, Inc., (“UBCP”) headquartered in Martins Ferry, Ohio reported six month earnings per share (basic) of $0.67 compared to $0.61 for the six months ended June 30, 1997, representing an increase of 9.8%.  On an annualized basis, six month earnings generated a 1.39% Return on Average Assets and a 13.36% Return on Average Equity compared to 1.35% and Return on Average Assets and 13.40% Return on Average Equity for the first half of 1997.  Randall M. Greenwood, Vice President and Chief Financial Officer stated these comparisons take into consideration the 10% stock dividend paid to shareholders on September 19, 1997.  

Assets increased to $213,009,702 at June 30, 1998 compared to $211,742,313 at December 31, 1997.  Net interest income increased to $4,513,402 at June 30, 1998 compared to $4,337,394 for the same period of 1997, an increase of 4.06%.  Greenwood stated that continuing the trend, which began in 1997, noninterest income increased 29.17% compared to the six months of 1997, while noninterest expense posted a modest increase of 5.83%.  We are pleased to report another earnings milestone.  For the six months ended June 30, 1998, Net Income surpassed $1.5 million.  This resulted in a 9.5% increase over the 1997 earnings for the six months.  In addition, the trailing net income for the three months ended June 30, 1998 posted an impressive 11.54% increase over the same period in 1997. 
  
James W. Everson, Chairman, President & CEO stated that UBCP’s continued strong earnings performance for the second quarter of 1998 is primarily the result of the above mentioned increase in non-interest income and active management of noninterest expense.  We are extremely pleased with the strong growth of our Secondary Market Real Estate Mortgage Program introduced during 1997.  Along with the introduction of other non-lending services, we are committed to the delivery of quality financial products, which in turn translates into enhanced shareholder value. 
  
Everson further stated the merger with The Southern Ohio Community Bancorporation (Southern) was completed on July 7, 1998.  The Southern Ohio Community Bancorporation, Inc. was the Holding Company for The Community Bank, Glouster, Ohio.  Management welcomes the addition of a third banking charter to the organization. Even before the effective date of the merger, the staff at both organizations have been preparing for the August conversion to our consolidated operations center in Martins Ferry, Ohio.  This will help ensure that our consolidated operating costs are shared over an expanded asset base.  The Community Bank, with total assets of approximately $52 million is a community banking organization located in the northern half of Athens County in Southeastern Ohio with two offices in Glouster, in addition to an office in Amesville, Ohio and Nelsonville, Ohio.  The Glouster Community Bank is now the third banking subsidiary of United Bancorp, Inc., joining The Citizens-State Bank of Strasburg, Ohio and The Citizens Savings Bank of Martins Ferry, Ohio.  
 

United Bancorp, Inc. is headquartered in Martins Ferry, and is a multi-bank holding company with total assets of approximately $213 million and total shareholder equity of approximately $22.8 million as of June 30, 1998.  In addition to The Community Bank acquisition discussed above, affiliates of UBCP include The Citizens Savings Bank with offices in Bridgeport, Colerain, St. Clairsville and Martins Ferry, Ohio and The Citizens-State Bank with offices in Strasburg, Dellroy, Dover, Sherrodsville and New Philadelphia, Ohio.  The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. 
 
 

United Bancorp, Inc. Reports a 10% increase in First Quarter Earnings Per Share and Declares a Regular 12¢ Per Share Cash Dividend 

MARTINS FERRY, OHIO *** United Bancorp, Inc., (“UBCP”) headquartered in Martins Ferry, Ohio reported first quarter earnings per share (basic) of $0.33 compared to $0.30 for the first quarter of 1997, representing an increase of 10%.  On an annualized basis, first quarter earnings generated a 1.35% Return on Average Assets and a 13.10% Return on Average Equity compared to 1.34% and Return on Average Assets and 13.41% Return on Average Equity for the first quarter of 1997.  Randall M. Greenwood, Vice President and Chief Financial Officer stated these comparisons take into consideration the 10% stock dividend paid to shareholders on September 19, 1997.  

Assets increased to $221,802,685 at March 31, 1998 compared to $211,742,313 at December 31, 1997.  Net interest income increased to $2,223,935 at March 31, 1998 compared to $2,140,852 for the first quarter of 1997, an increase of 3.88%.  Greenwood stated that continuing the trend, which began in 1997, noninterest income increased 19.33% compared to the first quarter of 1997, while noninterest expense posted a modest increase of 4.12%. 
  
The Board of Directors of UBCP met directly following the Company’s Annual Meeting of Shareholders of April 15, 1998 and declared a 12¢ per share cash dividend for shareholders of record on June 1, 1998, payable on June 19, 1998.  On an annualized basis, this represents a 9% increase taking into consideration last year’s 10% stock dividend. 

James W. Everson, Chairman, President & CEO stated that UBCP’s continued strong earnings performance for the first quarter of 1998 is primarily the result of the 19.33% increase in non-interest income and active management of noninterest expense.  We are extremely pleased with the strong growth of our Secondary Market Real Estate Mortgage Program introduced during 1997.  This along with the planned installation of additional ATM machines during second quarter 1998 and the fourth quarter 1997 introduction of a MasterCard® Check Card demonstrates our focus on enhancing the delivery of quality financial services products to our customers that translates into enhanced shareholder value. 
  
Everson further stated the announced merger with The Southern Ohio Community Bancorporation (Southern) is on schedule with all the regulatory applications filed as anticipated.  Pending approval by the Southern shareholders during second quarter the transaction is anticipated to close during third quarter 1998.  The Southern Ohio Community Bancorporation, Inc. is the Holding Company for The Glouster Community Bank, Glouster, Ohio.  The Glouster Community Bank, with total assets of approximately $52 million is a community banking organization located in the northern half of Athens County in Southeastern Ohio with two offices in Glouster, in addition to an office in Amesville, Ohio and Nelsonville, Ohio.  The Glouster Community Bank will become the third banking subsidiary of United Bancorp, Inc., joining The Citizens-State Bank of Strasburg, Ohio and The Citizens Savings Bank of Martins Ferry, Ohio.  

United Bancorp, Inc. is headquartered in Martins Ferry, and is a multi-bank holding company with total assets of approximately $222 million and total shareholder equity of approximately $22.3 million as of March 31, 1998.  Affiliates of UBCP include The Citizens Savings Bank with offices in Bridgeport, Colerain, St. Clairsville and Martins Ferry, Ohio and The Citizens-State Bank with offices in Strasburg, Dellroy, Dover, Sherrodsville and New Philadelphia, Ohio.  The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. 

United Bancorp, Inc. Reports an 18% Increase in Fourth Quarter Earnings 

MARTINS FERRY, Ohio - United Bancorp, Inc., (UBCP) headquartered in Martins Ferry, Ohio reported 1997 fourth quarter earnings of $762,681 compared to $647,247 for the fourth quarter of 1996, representing an increase of 17.8%. Basic earnings per share for the fourth quarter of 1997 were $0.34 compared to $0.29 for the fourth quarter of 1996. On an annualized basis, fourth quarter earnings generated a 1.48% Return on Average Assets and a 14.54% Return on Average Equity compared to 1.32% Return on Average Assets and a 13.52% Return on Average Equity for the fourth quarter of 1996. These comparisons take into consideration the 10% stock dividend paid to shareholders on September 19, 1997. James W. Everson, Chairman, President and Chief Executive Officer of United Bancorp, Inc. stated that he and his Management Team are very pleased with the overall performance of United Bancorp, Inc. during 1997 especially the strong fourth quarter performance compared to fourth quarter of 1996.  

United Bancorp, Inc., reported 1997 12 month earnings of $2,846,568, representing a 10.16% increase over 1996 reported earnings of $2,583,989. Increased performance is also reported with a 9.66% increase in basic earnings per share to $1.27 in 1997 from $1.16 in 1996. Return on Average Assets and Average Equity also posted increases for 1997. Return of Average Assets increased to 1.38% from 1.32% and Return on Average Equity to 13.56% from 13.49%.  

Everson further stated that UBCPís strong earnings performance during 1997 and particularly the fourth quarter is the result of a 6.98% increase in net interest income and a 14% increase in non-interest income. We are very pleased with the strong growth in both net interest and non-interest income categories. Non-interest income increased 14% as a result of our mid-year introduction of our Secondary Market Real Estate Mortgage Program. Additionally, our In-Store St. Clairsville retail branch has exceeded our expectations in attracting new depository customers and has expanded our marketing area since opening in July 1997. 

On January 13, 1998 UBCP reported that a Letter of Intent had been executed where UBCP will acquire all the outstanding shares of Southern Ohio Community Bancorporation, Inc., in an all stock transaction to be accounted for under the pooling of interest method of accounting. The Southern Ohio Community Bancorporation, Inc. is the Holding Company for The Glouster Community Bank, Glouster, Ohio. The Glouster Community Bank, with total assets of approximately $52 million is a community banking Organization located in the northern half of Athens County in Southeastern Ohio with two offices in Glouster, in addition to an office in Amesville, Ohio and Nelsonville, Ohio. The Glouster Community Bank will become the third banking subsidiary of United Bancorp, Inc., joining The Citizens-State Bank of Strasburg, Ohio and The Citizens Savings Bank of Martins Ferry, Ohio.  

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $212 million and total shareholder equity of approximately $21.9 million as of December 31, 1997. Affiliates of UBCP include The Citizens Savings Bank with offices in Bridgeport, Colerain, St. Clairsville and Martins Ferry, Ohio and The Citizens-State Bank with offices in Strasburg, Dellroy, Dover, Sherrodsville and New Philadelphia, Ohio. The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. 
 

United Bancorp, Inc. to Acquire Southern Ohio Community Bancorporation Inc. of Glouster, Ohio 

MARTINS FERRY, Ohio - United Bancorp, Inc., (UBCP) headquartered in Martins Ferry, Ohio announced today that a Letter of Intent has been executed where UBCP will acquire all the outstanding shares of Southern Ohio Community Bancorporation, Inc., in an all stock transaction to be accounted for under the pooling of interest method of accounting. The Southern Ohio Community Bancorporation, Inc. is the Holding Company for The Glouster Community Bank, Glouster, Ohio. The Glouster Community Bank, with total assets of approximately $52 million is a community banking organization located in the northern half of Athens County in Southeastern Ohio with two offices in Glouster, in addition to an office in Amesville, Ohio and Nelsonville, Ohio. 

The Glouster Community Bank will become the third banking subsidiary of United Bancorp, Inc., joining The Citizens-State Bank of Strasburg, Ohio and The Citizens Savings Bank of Martins Ferry, Ohio. Glouster Chairman, President and Chief Executive Officer, L. E. Richardson, Jr., stated they are very excited to be joining United Bancorp, Inc. where they will be able to continue their own local Board of Directors and Officership. ìMy father began The Glouster Community Bank in 1945 and we will have the advantages of both continuing as a community bank and the expanded ability to serve our customers through our new affiliation. 

James W. Everson, Chairman, President and Chief Executive Officer of United Bancorp, Inc., stated "We are extremely pleased to be expanding farther into Southeastern Ohio, an economic area in which we are very familiar. This transaction provides us with the opportunity to expand outside our current marketing areas and will provide the customer base of The Glouster Community Bank and their market area with access to our expanded financial services." Everson concluded by stating the transaction is conditioned to the execution of a Definitive Agreement as well as shareholder and regulatory approval and is anticipated to close during the third quarter of 1998. United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $212 million and total shareholder equity of approximately $21.9 million as of December 31, 1997. Affiliates of UBCP include The Citizens Savings Bank with offices in Bridgeport, Colerain, St. Clairsville and Martins Ferry, Ohio and The Citizens-State Bank with offices in Strasburg, Dellroy, Dover, Sherrodsville and New Philadelphia, Ohio. The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #90991109. 

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The Citizens Savings Bank / The Community Bank

Updated as of 12/1/2000