United Bancorp Inc. (UBCP, Financial) filed Quarterly Report for the period ended 2010-03-31.
United Bancorp Inc. has a market cap of $44.1 million; its shares were traded at around $8.4 with a P/E ratio of 13.8 and P/S ratio of 1.7. The dividend yield of United Bancorp Inc. stocks is 6.6%. United Bancorp Inc. had an annual average earning growth of 1.4% over the past 10 years.
At March 31, 2010, gross loans were $260.5 million, compared to $257.7 million at December 31, 2009, an increase of $2.8 million or 1.1%. The overall increase in the loan portfolio was driven by a $2.3 million increase in commercial and commercial real estate loans since December 31, 2009.
The Company s primary source of funds is core deposits from retail and business customers. These core deposits include all categories of interest-bearing and noninterest-bearing deposits, excluding certificates of deposit greater than $100,000. For the period ended March 31, 2010, total core deposits increased approximately $1.3 million, or 0.4%. The Company s savings accounts increased $3.1 million, or 6.8%, from December 31, 2009 totals. The Company s interest-bearing demand deposits decreased $161,000, or 0.2%, noninterest-bearing demand deposits increased $440,000, or 1.9%, while certificates of deposit under $100,000 decreased by $2.1 million, or 1.8%.
Basic and diluted earnings per share for the three months ended March 31, 2010 totaled $0.15 compared with $0.17 for the three months ended March 31, 2009, a decrease of 11.8%. In dollars, the Company s net income was $683,000 for the three months ended March 31 2010, a decrease of $118,000, or 14.7% compared with net income of $801,000 for the same quarter in 2009.
Noninterest income for the three months ended March 31, 2010 was $776,000, a decrease of $13,000 or 1.7%, compared to $789,000 for the same three-month period ended March 31, 2009. During the three-months ended March 31, 2010, the decrease in noninterest income was caused by a decrease in gain on the sale of foreclosed real estate $46,000 offset by an increase in customer service fees of approximately $21,000.
Noninterest expense was $3.4 million for the three months ended March 31, 2010 an increase of $62,000, or 1.9%, over the three months ended March 31, 2009. Salaries and employee benefit expense increased $133,000, or 8.2%, for the period ended March 31, 2010 over the same period in 2009. This increase was primarily due to normal merit increases, and increases in benefit costs and restricted stock award expenses. Professional fees decreased $39,000 for the first quarter of 2010 compared to the same period in 2009. Occupancy and equipment expense increased $26,000, or 6.5% for the first quarter of 2010 over the same period in 2009. Increased depreciation expense on computer hardware and software and related service maintenance was the primary reason for the increase. Stationary and office supplies decreased $22,000 for the first quarter of 2010 compared to the same period in 2009.
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United Bancorp Inc. has a market cap of $44.1 million; its shares were traded at around $8.4 with a P/E ratio of 13.8 and P/S ratio of 1.7. The dividend yield of United Bancorp Inc. stocks is 6.6%. United Bancorp Inc. had an annual average earning growth of 1.4% over the past 10 years.
Highlight of Business Operations:
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 $113,000 or 2.9%. 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 $64,000 in FDIC Premiums and a $36,000 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.At March 31, 2010, gross loans were $260.5 million, compared to $257.7 million at December 31, 2009, an increase of $2.8 million or 1.1%. The overall increase in the loan portfolio was driven by a $2.3 million increase in commercial and commercial real estate loans since December 31, 2009.
The Company s primary source of funds is core deposits from retail and business customers. These core deposits include all categories of interest-bearing and noninterest-bearing deposits, excluding certificates of deposit greater than $100,000. For the period ended March 31, 2010, total core deposits increased approximately $1.3 million, or 0.4%. The Company s savings accounts increased $3.1 million, or 6.8%, from December 31, 2009 totals. The Company s interest-bearing demand deposits decreased $161,000, or 0.2%, noninterest-bearing demand deposits increased $440,000, or 1.9%, while certificates of deposit under $100,000 decreased by $2.1 million, or 1.8%.
Basic and diluted earnings per share for the three months ended March 31, 2010 totaled $0.15 compared with $0.17 for the three months ended March 31, 2009, a decrease of 11.8%. In dollars, the Company s net income was $683,000 for the three months ended March 31 2010, a decrease of $118,000, or 14.7% compared with net income of $801,000 for the same quarter in 2009.
Noninterest income for the three months ended March 31, 2010 was $776,000, a decrease of $13,000 or 1.7%, compared to $789,000 for the same three-month period ended March 31, 2009. During the three-months ended March 31, 2010, the decrease in noninterest income was caused by a decrease in gain on the sale of foreclosed real estate $46,000 offset by an increase in customer service fees of approximately $21,000.
Noninterest expense was $3.4 million for the three months ended March 31, 2010 an increase of $62,000, or 1.9%, over the three months ended March 31, 2009. Salaries and employee benefit expense increased $133,000, or 8.2%, for the period ended March 31, 2010 over the same period in 2009. This increase was primarily due to normal merit increases, and increases in benefit costs and restricted stock award expenses. Professional fees decreased $39,000 for the first quarter of 2010 compared to the same period in 2009. Occupancy and equipment expense increased $26,000, or 6.5% for the first quarter of 2010 over the same period in 2009. Increased depreciation expense on computer hardware and software and related service maintenance was the primary reason for the increase. Stationary and office supplies decreased $22,000 for the first quarter of 2010 compared to the same period in 2009.
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