United Bancshares Inc. (UBOH, Financial) filed Quarterly Report for the period ended 2010-03-31.
United Bancshares Inc. has a market cap of $33.1 million; its shares were traded at around $9.6 with and P/S ratio of 0.9. The dividend yield of United Bancshares Inc. stocks is 6.3%. United Bancshares Inc. had an annual average earning growth of 4.5% over the past 10 years.
For the quarter ended March 31, 2010, non-interest income was $730,000, compared to $983,000 for the first quarter of 2009, a $253,000 (25.7%) decrease. Gain on sales of loans amounted to $70,000 for the quarter ended March 31, 2010, compared to $417,000 for the first quarter of 2009, a decrease of $347,000. Quarterly gains on sale of loans included capitalized servicing rights of $21,000 in 2010 (on loan sales of $2.2 million) and $181,000 in 2009 (on loan sales of $18.6 million). The significant decrease in loan sales activity in 2010 as compared to 2009 is attributable to the significant decline in mortgage interest rates during the first quarter of 2009 which resulted in significant refinancing activity during that period.
For the quarter ended March 31, 2010, non-interest expenses were $3,924,000, compared to $3,575,000 for the first quarter of 2009, a $349,000 (9.8%) increase. The increase in non-interest expenses included a $94,000 (4.8%) decrease in salaries, wages and employee benefits, a $26,000 (6.6%) decrease in occupancy expense, and a $457,000 (40.8%) increase in other non-interest expenses. The increase in other non-interest expenses includes increases of $119,000 in FDIC assessments, $49,000 in consulting expenses, $32,000 in loan foreclosure expenses, and $277,000 relating to other real estate owned and related asset management costs. FDIC expense for the quarter ended March 31, 2010 was $195,000 compared to $76,000 for the quarter ended March 31, 2009 and included $180,000 amortization of December 31, 2009 prepaid FDIC assessments and $15,000 billed to the Bank by the FDIC based on deposit experience for the quarter. The increase in FDIC assessments is attributable to industry-wide increases in premium rates. The increase in consulting expenses is primarily related to the Findlay branch acquisition. The increase in other real estate owned and related asset management costs is attributable to the significant increase in other real estate owned assets during the fourth quarter of 2009 and includes $85,000 of impairment charges taken during the first quarter of 2010.
Total assets amounted to $652.2 million at March 31, 2010, compared to $616.4 million at December 31, 2009, an increase of $35.8 million, or 5.8%. The increase in total assets was primarily the result of increases in total cash and cash equivalents of $32.8 million (119.7%), and available-for-sale securities of $7.3 million (5.3%), offset by a decrease of $6.2 million (1.5%) in gross loans. Deposits during this same period increased $39.6 million (8.4%) and other borrowings (consisting of Federal Home Loan Bank (FHLB) borrowings, securities sold under agreements to repurchase, and customer repurchase agreements) decreased $5.1 million (6.5%). The increase in cash and cash equivalents and deposits was largely attributable to the Findlay, Ohio branch acquisition completed in late March, 2010 and more fully described in Note 3 to the consolidated financial statements.
Shareholders equity increased from $54.3 million at December 31, 2009 to $55.2 million at March 31, 2010. This increase was the result of net income ($1,024,000), the issuance of 783 treasury shares under the Corporations Employee Stock Purchase Plan ($12,000), and a $377,000 increase in unrealized securities gains, net of tax, offset by the payment of dividends ($517,000). The increase in unrealized securities gains during the quarter ended March 31, 2010, was the result of customary and expected changes in the bond market. Net unrealized gains on securities are reported as accumulated other comprehensive income in the consolidated balance sheets.
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 $11.7 million at March 31, 2010 and $13.2 million at December 31, 2009. Impaired loans at March 31, 2010 and December 31, 2009, included $4.0 million and $8.2 million, respectively of loans with no specific reserves included in the allowance for loan losses and $7.7 million and $5.0 million, respectively of loans with specific reserves of $1.5 million and $1.2 million included in the Banks March 31, 2010 and December 31, 2009 allowance for loan losses.
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United Bancshares Inc. has a market cap of $33.1 million; its shares were traded at around $9.6 with and P/S ratio of 0.9. The dividend yield of United Bancshares Inc. stocks is 6.3%. 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 March 31, 2010, the Corporation reported net income of $1,024,000, or $0.30 basic earnings per share. This compares to first quarter 2009 net income of $1,432,000, or $0.42 basic earnings per share. Compared with the same period in 2009, first quarter 2010 net income decreased $408,000 (28.5%) due to an increase in the provision for loan losses of $200,000, a decrease in non-interest income of $253,000, and an increase in non-interest expenses of $349,000 offset by increases in net interest income of $183,000, and a $210,000 decrease in the provision for income taxes.For the quarter ended March 31, 2010, non-interest income was $730,000, compared to $983,000 for the first quarter of 2009, a $253,000 (25.7%) decrease. Gain on sales of loans amounted to $70,000 for the quarter ended March 31, 2010, compared to $417,000 for the first quarter of 2009, a decrease of $347,000. Quarterly gains on sale of loans included capitalized servicing rights of $21,000 in 2010 (on loan sales of $2.2 million) and $181,000 in 2009 (on loan sales of $18.6 million). The significant decrease in loan sales activity in 2010 as compared to 2009 is attributable to the significant decline in mortgage interest rates during the first quarter of 2009 which resulted in significant refinancing activity during that period.
For the quarter ended March 31, 2010, non-interest expenses were $3,924,000, compared to $3,575,000 for the first quarter of 2009, a $349,000 (9.8%) increase. The increase in non-interest expenses included a $94,000 (4.8%) decrease in salaries, wages and employee benefits, a $26,000 (6.6%) decrease in occupancy expense, and a $457,000 (40.8%) increase in other non-interest expenses. The increase in other non-interest expenses includes increases of $119,000 in FDIC assessments, $49,000 in consulting expenses, $32,000 in loan foreclosure expenses, and $277,000 relating to other real estate owned and related asset management costs. FDIC expense for the quarter ended March 31, 2010 was $195,000 compared to $76,000 for the quarter ended March 31, 2009 and included $180,000 amortization of December 31, 2009 prepaid FDIC assessments and $15,000 billed to the Bank by the FDIC based on deposit experience for the quarter. The increase in FDIC assessments is attributable to industry-wide increases in premium rates. The increase in consulting expenses is primarily related to the Findlay branch acquisition. The increase in other real estate owned and related asset management costs is attributable to the significant increase in other real estate owned assets during the fourth quarter of 2009 and includes $85,000 of impairment charges taken during the first quarter of 2010.
Total assets amounted to $652.2 million at March 31, 2010, compared to $616.4 million at December 31, 2009, an increase of $35.8 million, or 5.8%. The increase in total assets was primarily the result of increases in total cash and cash equivalents of $32.8 million (119.7%), and available-for-sale securities of $7.3 million (5.3%), offset by a decrease of $6.2 million (1.5%) in gross loans. Deposits during this same period increased $39.6 million (8.4%) and other borrowings (consisting of Federal Home Loan Bank (FHLB) borrowings, securities sold under agreements to repurchase, and customer repurchase agreements) decreased $5.1 million (6.5%). The increase in cash and cash equivalents and deposits was largely attributable to the Findlay, Ohio branch acquisition completed in late March, 2010 and more fully described in Note 3 to the consolidated financial statements.
Shareholders equity increased from $54.3 million at December 31, 2009 to $55.2 million at March 31, 2010. This increase was the result of net income ($1,024,000), the issuance of 783 treasury shares under the Corporations Employee Stock Purchase Plan ($12,000), and a $377,000 increase in unrealized securities gains, net of tax, offset by the payment of dividends ($517,000). The increase in unrealized securities gains during the quarter ended March 31, 2010, was the result of customary and expected changes in the bond market. Net unrealized gains on securities are reported as accumulated other comprehensive income in the consolidated balance sheets.
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 $11.7 million at March 31, 2010 and $13.2 million at December 31, 2009. Impaired loans at March 31, 2010 and December 31, 2009, included $4.0 million and $8.2 million, respectively of loans with no specific reserves included in the allowance for loan losses and $7.7 million and $5.0 million, respectively of loans with specific reserves of $1.5 million and $1.2 million included in the Banks March 31, 2010 and December 31, 2009 allowance for loan losses.
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