EX-99 3 ex992.htm EXHIBIT 99.2 Converted by EDGARwiz




Exhibit 99.2


United Bancshares, Inc.


Quarterly Report

June 30, 2015


Shareholders, Customers, and Employees:


I am pleased to inform you that your company reported positive results for the first half of 2015. Those positive results include net income of approximately $3.025 million ($0.90 basic earnings per share), which is a 36% increase over the same period in 2014.  The increase was driven by increases in our core earnings and a one-time tax benefit due to a change in the tax law ($331,000, $0.10 earnings per share).  Year to date core earnings as compared to the same period last year, were driven by an increase in net interest margin (27 basis points), increased earning assets (16% increase) and the resulting increased net interest income (24%).  


We continue to manage your investment through several capital management strategies. Those strategies include repurchasing Company shares (39,321 shares YTD), improving the earnings of the assets we have (margin increase) and balancing those with a regular payment of dividends ($0.18 per basic earnings per share YTD).  I am also pleased to report that in 2015 the Company’s shares have been regularly trading at increased price levels, reaching as high as $16.00 during June 2015.     


After review of your Company’s earnings, capital position, risk profile and strategic plan, your Board of Directors declared a $.09 per share cash dividend, payable to shareholders on September 16, 2015. This cash dividend represents 16% of the second quarter earnings and is an 80% increase compared to the same quarter last year.


The continued success of your Company is the undeniable result of the ongoing efforts of the Company’s dedicated team members and Board of Directors in implementing our Strategic Plan. Their efforts and our strong corporate values of respect for and accountability to our shareholders, customers, colleagues, and communities are the foundation for the continued success of your Company.


Thank you for your continued support and the trust you have placed in us.


Respectfully,




Brian D. Young

President & CEO






United Bancshares, Inc.

and Subsidiary


Financial Information (unaudited)

Six months ended

June 30, 2015


Six months ended

June 30, 2014


(dollars in thousands, except per share data)





CONDENSED STATEMENT OF INCOME





Interest income

$  11,381


$ 9,672


Interest expense

   1,082


   1,356


    Net interest income

10,299


8,316


Provision for loan losses

   100


   115


    Net interest income after provision for loan losses

10,199


8,201


Non-interest income

2,280


2,163


Non-interest expenses

8,943


7,575


    Income before income taxes

3,536


2,789


Provision for income taxes

   511


           563


Net income

$  3,025


$  2,226







Average common shares outstanding

3,354,839


3,431,317







PER COMMON SHARE





Net income

$  0.90


$  0.65


Book value

$20.80


$19.52


Tangible book value

$17.48


$16.99


Closing price

$15.48


$13.39







FINANCIAL RATIOS





Return on average assets

0.94%


0.78%


Return on average equity

8.85%


7.01%


Net interest margin

3.64%


3.37%


Efficiency ratio

63.76%


69.13%


Loans to deposits

68.17%


61.93%


Allowance for loan losses to loans, excluding





     loans marked to market in the acquisition of OSB

1.14%


1.32%



PERIOD END BALANCES






As of

June 30, 2015


As of

December 31, 2014


Assets

$628,548


$650,200


Loans, gross

$357,762


$360,937


Deposits

$519,626


$565,445


Shareholders' equity

$  69,251


$  67,772







Common shares outstanding

3,328,817


3,367,735








 


UNITED BANCSHARES, INC.


DIRECTORS

Robert L. Benroth

Daniel W. Schutt

James N. Reynolds - Chairman

R. Steven Unverferth

H. Edward Rigel

Brian D. Young

David P. Roach



OFFICERS

Brian D. Young - President/CEO

Heather M. Oatman - Secretary

Diana L. Engelhardt - Chief Financial Officer



THE UNION BANK COMPANY


DIRECTORS

Robert L. Benroth

David P. Roach

Herbert H. Huffman

Robert M. Schulte, Sr.

Kevin L. Lammon

Daniel W. Schutt

William R. Perry

R. Steven Unverferth

James N. Reynolds

Brian D. Young - Chairman/President/CEO

H. Edward Rigel



INVESTOR MATERIALS:

United Bancshares, Inc. has traded its common stock on the NASDAQ Markets Exchange under the symbol “UBOH” since March 2001.  Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Shareholder Information section of our website www.theubank.com or by calling 1-800-837-8111.  




Locations


1300 N. Main St.

Bowling Green, OH 43402

419-353-6088


100 S. High St.

Columbus Grove, OH 45830

419-659-2141


101 Progressive Dr.

Columbus Grove, OH 45830

419-659-4250


30 Coal Bend

Delaware, OH 43015

740-549-3400


114 E. 3rd St.

Delphos, OH 45833

419-692-2010


1500 Bright Rd.

Findlay, OH 45840

419-424-1400


230 W. Madison St.

Gibsonburg, OH 43431

419-637-2124


110 E. North St.

Kalida, OH 45853

419-532-3366


318 S. Belmore St.

Leipsic, OH 45856

419-943-2171


1410 Bellefontaine Ave.

Lima, OH 45804

419-229-6500


3211 Elida Rd.

Lima, OH 45805

419-331-3211


701 Shawnee Rd.

Lima, OH 45805

419-228-2114


111 S. Main St.

Marion, OH 43302

740-387-2265


220 Richland Rd.

Marion, OH 43302

740-386-2171


245 W. Main St.

Ottawa, OH 45875

419-523-2265


132 E. Front St.

Pemberville, OH 43450

419-287-3211