United Bancshares Inc. (UBOH, Financial) filed Quarterly Report for the period ended 2010-09-30.
United Bancshares Inc. has a market cap of $32.48 million; its shares were traded at around $9.43 with and P/S ratio of 0.87. The dividend yield of United Bancshares Inc. stocks is 6.36%. United Bancshares Inc. had an annual average earning growth of 4.5% over the past 10 years.
Net income for the nine-months ended September 30, 2010 totaled $2,210,000, or $0.64 basic earnings per share compared to $1,990,000, or $0.58 basic earnings per share for the same period in 2009. Compared with the same period in 2009, net income increased $220,000 or 11.1%. The increase for the nine month period ended September 30, 2010, as compared to the nine month period ended September 30, 2009, was primarily the result of a decrease in the provision for loan losses of $1,225,000 and an increase in net interest income of $612,000, offset by a decrease in non-interest income of $1,001,000, an increase in non-interest expenses of $532,000, and an $84,000 increase in the provision for income taxes. The significant decrease in non-interest income was primarily attributable to a $738,000 decrease in gain on sale of loans, and $434,000 impact of the change in fair value of mortgage servicing rights, offset by a $146,000 increase in gain on sales of securities.
Gain on sales of loans amounted to $286,000 for the quarter ended September 30, 2010, compared to $241,000 for the third quarter of 2009, an increase of $45,000. Quarterly gains on sale of loans included capitalized servicing rights of $97,000 and $107,000 for the periods ended September 30, 2010 and 2009, respectively. Gain on sales of loans amounted to $475,000 for the nine months ended September 30, 2010 compared to $1,213,000 for the comparable period in 2009, a decrease of $738,000. Gain on sale of loans for the nine month periods included capitalized servicing rights of $153,000 in 2010 and $550,000 in 2009. The significant decrease in gain on sale of loans corresponds with the decrease in loan sales activity. Loan sales for the first nine months of 2010 were $20.1 million, compared to $56.0 million for the first nine months of 2009.
For the quarter ended September 30, 2010, non-interest expenses were $3,763,000, compared to $3,638,000 for the third quarter of 2009, a $125,000 (3.4%) increase. For the nine-month period ended September 30, 2010, non-interest expenses totaled $11,619,000, compared to $11,086,000 for the comparable period of 2009, an increase of $533,000 (4.8%). The increase in non-interest expenses for the nine month period ended September 30, 2010 as compared to 2009 included a $56,000 (1.0%) increase in salaries and benefits, a $34,000 (3.2%) increase in occupancy expense and a $443,000 (11.3%) increase in other non-interest expenses. The $443,000 increase in other non-interest expenses includes increases of $526,000 relating to other real estate owned and related asset management costs; $82,000 in advertising, $53,000 in consulting expenses, $76,000 in ATM processing expenses, $101,000 in miscellaneous losses; and $71,000 in miscellaneous expenses, offset by a $306,000 decrease in FDIC premium expenses and a $106,000 net decrease in deposit premium amortization. The increase in consulting expense is primarily related to the Findlay branch acquisition described in Note 3 to the consolidated financial statements. The increase in other real estate owned and related asset management costs is attributable to the significant increase in other real estate owned and includes $151,000 of impairment charges taken during the first nine months of 2010, as well as $29,000 of losses recognized on sale of OREO properties. The decrease in FDIC expenses resulted from the 2009 one-time industry-wide special assessment that was expensed during the second quarter. Deposit premium amortization decreased as a result of the Pemberville and Gibsonburg deposit premium being fully amortized in March, 2010.
Total assets amounted to $619.9 million at September 30, 2010, compared to $616.4 million at December 31, 2009, an increase of $3.5 million, or 0.6%. The increase in total assets was primarily the result of increases in total cash and cash equivalents of $10.3 million (37.8%), and available-for-sale securities of $6.0 million (4.3%), offset by a decrease of $11.5 million (2.8%) in gross loans (excluding the impact of the Findlay branch acquisition). Deposits during this same period increased $2.2 million, or .5% (excluding the impact of the Findlay branch acquisition) and other borrowings, consisting of Federal Home Loan Bank (FHLB) borrowings, and customer repurchase agreements, decreased $27.3 million (35.0%).
The Bank considers a loan to be impaired when it becomes probable that the Bank will be unable to collect under the contractual terms of the loan, based on current information and events. Impaired loans, principally consisting of commercial and commercial real estate credits, amounted to $18.8 million at September 30, 2010 and $13.2 million at December 31, 2009. Impaired loans at September 30, 2010 and December 31, 2009, included $4.3 million and $8.2 million, respectively of loans with no specific reserves included in the allowance for loan losses and $12.1 million and $5.0 million, respectively of loans with specific reserves of $1.7 million and $1.2 million included in the Banks September 30, 2010 and December 31, 2009 allowance for loan losses.
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United Bancshares Inc. has a market cap of $32.48 million; its shares were traded at around $9.43 with and P/S ratio of 0.87. The dividend yield of United Bancshares Inc. stocks is 6.36%. United Bancshares Inc. had an annual average earning growth of 4.5% over the past 10 years.
Highlight of Business Operations:
For the quarter ended September 30, 2010, the Corporation reported net income of $879,000, or $0.26 basic earnings per share. This compares to the third quarter of 2009 net loss of $777,000, or $(0.23) basic earnings per share. The significant improvement in operating results for the third quarter of 2010 as compared to the same period in 2009 was primarily attributable to a $2,050,000 decrease in the provision for loan losses and a $398,000 increase in non-interest income offset by the related income tax effects of these items.Net income for the nine-months ended September 30, 2010 totaled $2,210,000, or $0.64 basic earnings per share compared to $1,990,000, or $0.58 basic earnings per share for the same period in 2009. Compared with the same period in 2009, net income increased $220,000 or 11.1%. The increase for the nine month period ended September 30, 2010, as compared to the nine month period ended September 30, 2009, was primarily the result of a decrease in the provision for loan losses of $1,225,000 and an increase in net interest income of $612,000, offset by a decrease in non-interest income of $1,001,000, an increase in non-interest expenses of $532,000, and an $84,000 increase in the provision for income taxes. The significant decrease in non-interest income was primarily attributable to a $738,000 decrease in gain on sale of loans, and $434,000 impact of the change in fair value of mortgage servicing rights, offset by a $146,000 increase in gain on sales of securities.
Gain on sales of loans amounted to $286,000 for the quarter ended September 30, 2010, compared to $241,000 for the third quarter of 2009, an increase of $45,000. Quarterly gains on sale of loans included capitalized servicing rights of $97,000 and $107,000 for the periods ended September 30, 2010 and 2009, respectively. Gain on sales of loans amounted to $475,000 for the nine months ended September 30, 2010 compared to $1,213,000 for the comparable period in 2009, a decrease of $738,000. Gain on sale of loans for the nine month periods included capitalized servicing rights of $153,000 in 2010 and $550,000 in 2009. The significant decrease in gain on sale of loans corresponds with the decrease in loan sales activity. Loan sales for the first nine months of 2010 were $20.1 million, compared to $56.0 million for the first nine months of 2009.
For the quarter ended September 30, 2010, non-interest expenses were $3,763,000, compared to $3,638,000 for the third quarter of 2009, a $125,000 (3.4%) increase. For the nine-month period ended September 30, 2010, non-interest expenses totaled $11,619,000, compared to $11,086,000 for the comparable period of 2009, an increase of $533,000 (4.8%). The increase in non-interest expenses for the nine month period ended September 30, 2010 as compared to 2009 included a $56,000 (1.0%) increase in salaries and benefits, a $34,000 (3.2%) increase in occupancy expense and a $443,000 (11.3%) increase in other non-interest expenses. The $443,000 increase in other non-interest expenses includes increases of $526,000 relating to other real estate owned and related asset management costs; $82,000 in advertising, $53,000 in consulting expenses, $76,000 in ATM processing expenses, $101,000 in miscellaneous losses; and $71,000 in miscellaneous expenses, offset by a $306,000 decrease in FDIC premium expenses and a $106,000 net decrease in deposit premium amortization. The increase in consulting expense is primarily related to the Findlay branch acquisition described in Note 3 to the consolidated financial statements. The increase in other real estate owned and related asset management costs is attributable to the significant increase in other real estate owned and includes $151,000 of impairment charges taken during the first nine months of 2010, as well as $29,000 of losses recognized on sale of OREO properties. The decrease in FDIC expenses resulted from the 2009 one-time industry-wide special assessment that was expensed during the second quarter. Deposit premium amortization decreased as a result of the Pemberville and Gibsonburg deposit premium being fully amortized in March, 2010.
Total assets amounted to $619.9 million at September 30, 2010, compared to $616.4 million at December 31, 2009, an increase of $3.5 million, or 0.6%. The increase in total assets was primarily the result of increases in total cash and cash equivalents of $10.3 million (37.8%), and available-for-sale securities of $6.0 million (4.3%), offset by a decrease of $11.5 million (2.8%) in gross loans (excluding the impact of the Findlay branch acquisition). Deposits during this same period increased $2.2 million, or .5% (excluding the impact of the Findlay branch acquisition) and other borrowings, consisting of Federal Home Loan Bank (FHLB) borrowings, and customer repurchase agreements, decreased $27.3 million (35.0%).
The Bank considers a loan to be impaired when it becomes probable that the Bank will be unable to collect under the contractual terms of the loan, based on current information and events. Impaired loans, principally consisting of commercial and commercial real estate credits, amounted to $18.8 million at September 30, 2010 and $13.2 million at December 31, 2009. Impaired loans at September 30, 2010 and December 31, 2009, included $4.3 million and $8.2 million, respectively of loans with no specific reserves included in the allowance for loan losses and $12.1 million and $5.0 million, respectively of loans with specific reserves of $1.7 million and $1.2 million included in the Banks September 30, 2010 and December 31, 2009 allowance for loan losses.
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