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



Exhibit 99.2


United Bancshares, Inc.


Quarterly Report

June 30, 2017


Shareholders, Clients and Team Members:


I am pleased to inform you that your Company reported positive results for the first half of 2017.  In addition to reporting pre-tax income of approximately $3.3 million, the Company reported increases in interest income, non-interest income, loans, deposits, and total assets as compared to the same period in 2016. The Company also reported that the Board of Directors declared a $0.12 per common share dividend payable September 15, 2017 to shareholders of record at the close of business on August 31, 2017.


In the first quarter we announced that your Company had signed a definitive merger agreement under which we agreed to acquire all of the stock of Benchmark Bancorp, Inc. in an all-cash transaction.  Your team continues to work diligently to close the transaction, which is expected to be completed in the third quarter of 2017.  This acquisition is not only expected to give your Company immediate asset growth and income accretion, but will also give your Company a larger geographic presence in Ohio’s fastest growing region.  


We continue to work to manage your investment through several capital management strategies. Those strategies include increasing earning assets through organic growth and acquisition, share repurchasing, improving the net margin of our assets, and balancing those with a regular payment of dividends.  I am also pleased to report that in 2017 the Company’s shares have been regularly trading at increased price levels, reaching as high as $23.50 during June 2017.     


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, clients, colleagues, and communities are the foundation for the continued success of your Company.


As always, we greatly appreciate 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, 2017


Six months ended

June 30, 2016


(dollars in thousands, except per share data)





CONDENSED STATEMENT OF INCOME





Interest income

$   11,388


$ 10,548


Interest expense

  1,259


  1,071


    Net interest income

10,129


9,477


Credit for loan and lease losses

(350)


(700)


    Net interest income after credit for loan and lease losses

10,479


10,177


Non-interest income

2,385


2,181


Non-interest expenses

9,522


8,917


    Income before income taxes

3,342


3,441


Provision for income taxes

763


798


Net income

$  2,579


$   2,643







Average common shares outstanding (basic)

3,267,020


3,299,064







PER COMMON SHARE





Net income

$  0.79


$  0.80


Book value

$23.13


$22.85


Tangible book value

$19.83


$19.54


Closing price

$22.30


$17.80







FINANCIAL RATIOS





Return on average assets

0.81%


0.86%


Return on average equity

6.97%


7.21%


Net interest margin

3.62%


3.51%


Efficiency ratio

73.89%


74.50%


Loans to deposits

71.53%


70.27%


Allowance for loan and lease losses to loans

0.74%

                    

0.94%



PERIOD END BALANCES






As of

June 30, 2017


As of

June 30, 2016


Assets

$636,678


$618,053


Loans and leases, gross

$384,311


$359,773


Deposits

$537,303


$511,961


Shareholders' equity

$  75,557


$  75,332







Common shares outstanding

3,267,049


3,296,745








 


UNITED BANCSHARES, INC.


DIRECTORS

Robert L. Benroth

Daniel W. Schutt – Vice Chairman

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

Daniel J. Lucke – Chief Financial Officer



THE UNION BANK COMPANY


DIRECTORS

Robert L. Benroth

H.Edward Rigel

Anthony M.V. Eramo

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



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