-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LskIIyjdXCUgaSnzg/pJOBV6QGDbicYVLIe5jpfzP4Oe9w70DLsb1YC9UUlaygLX LxDg49sP0aliya7KgMWJIA== 0000950124-05-004411.txt : 20050726 0000950124-05-004411.hdr.sgml : 20050726 20050726111419 ACCESSION NUMBER: 0000950124-05-004411 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050726 DATE AS OF CHANGE: 20050726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED BANCORP INC /OH/ CENTRAL INDEX KEY: 0000731653 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 341405357 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16540 FILM NUMBER: 05973197 BUSINESS ADDRESS: STREET 1: 201 SOUTH FOURTH STREET STREET 2: P O BOX 10 CITY: MARTINS FERRY STATE: OH ZIP: 43935 BUSINESS PHONE: 7406330445 MAIL ADDRESS: STREET 1: 201 SOUTH FOURTH STREET STREET 2: P O BOX 10 CITY: MARTINS FERRY STATE: OH ZIP: 43935 8-K 1 k96976e8vk.txt CURRENT REPORT, DATED JULY 21, 2005 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 21, 2005 UNITED BANCORP, INC. (Name of Issuer in its charter) Ohio 0-16540 34-1405357 - --------------- ------------ ---------------- (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification incorporation) Number) 201 South 4th Street, Martins Ferry, Ohio 43935-0010 - ----------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (740) 633-0445 N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: / / Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) / / Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) / / Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) / / Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 21, 2005, United Bancorp, Inc. issued a press release announcing its results of operations and financial condition for and as of the three and six month periods ended June 30, 2005, unaudited. The press release is attached as Exhibit No. 99 and incorporated herein by reference. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits EXHIBIT NO. DESCRIPTION OF EXHIBIT - ----------- -------------------------------------------------------------- 99 Press release dated July 21, 2005 announcing Registrant's results of operations and financial condition for and as of the fiscal period ended June 30, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: July 26, 2005 United Bancorp, Inc. By: /s/ Mr. Randall M. Greenwood Randall M. Greenwood Senior Vice President and Chief Financial Officer 2 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION OF EXHIBIT - ----------- ---------------------- 99 Press release dated July 21, 2005 announcing Registrant's results of operations and financial condition for and as of the fiscal period ended June 30, 2005. 3 EX-99 2 k96976exv99.txt PRESS RELEASE DATED JULY 21, 2005 Exhibit 99 United Bancorp, Inc. P. O. BOX 10 - MARTINS FERRY, OHIO 43935 - Phone: 740/633-BANK Fax:740/633-1448 We are United to Better Serve You ================================================================================ PRESS RELEASE ================================================================================ UNITED BANCORP, INC. 201 South 4th at Hickory Street, Martins Ferry, OH 43935 Contact: James W. Everson Randall M. Greenwood Chairman, President and CEO Senior Vice President, CFO and Treasurer Phone: (740) 633-0445 Ext. 120 (740) 633-0445 Ext. 181 ceo@unitedbancorp.com cfo@unitedbancorp.com FOR IMMEDIATE RELEASE: 2:00 PM July 21, 2005 SUBJECT: UNITED BANCORP, INC. REPORTS EARNINGS PER SHARE OF $0.45 FOR THE SIX-MONTHS ENDED JUNE 30, 2005. MARTINS FERRY, OHIO --- United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $1,701,000 compared to $1,731,000 for the six-months ended June 30, 2005 and 2004, respectively. On a per share basis, basic earnings per share were $0.45 for the six-months ended for both June 30, 2005 and 2004. Earnings per share data for the 2004 quarter gives effect to the 10% stock split paid in the form of a dividend in December 2004. Randall M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP remarked, "The Company's 2005 six-months earnings generated an annualized 0.85% return on average assets ("ROA") and an annualized 10.6% return on average equity ("ROE") compared to 0.90% ROA and 10.6% ROE for the same period in 2004." During the six-months ended June 30, the Company's core earnings increased $75,000. Core earnings improvements were driven by net interest income increasing 2.4% or $153,000 and service charges on depository accounts and other noninterest income increasing 8.0% or $85,000. The $30,000 decline in net earnings for the six-months ended June 30, 2005 compared to the same period in 2004 is attributable to an $88,000 after-tax reduction in cyclical gains on sale of loans and securities. The Company's realized loss from the sale of securities and loans totaled $6,000 for the six-months ended June 30, 2005 compared to a gain of $95,000 for the same period in 2004, a decrease of $101,000 or $67,000 after-tax. James W. Everson, Chairman, President & CEO, stated, "Our core earnings increased $75,000 for the six-months ended June 30, 2005 is due to our continued expansion and growth of market share within the markets we serve. Additionally, although earnings are down $30,000 from the six-month ended June 30, 2004 to June 30, 2005, we can see the value of our continued stock repurchase plan has made since we are reporting the same earnings per share for the six-month ended June 30, 2005 and 2004. Our increase in core earnings is attributed to the continuing growth in loans which have increased 8.2% comparing June 30, 2005 to June 30, 2004. The focus of the affiliate banks' lending activities in the local markets they serve and credit quality is strong, as evidenced by a low 0.13% of net charge-offs to average loans. This level of net charge-offs to average loans of 0.13% for the for the six-months ended June 30, 2005 is at its lowest levels since the expansion of our Community Bank affiliate into Fairfield County in 2000." United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $403.5 million and total shareholder's equity of approximately $33.8 million as of June 30, 2005. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #909911109. UNITED BANCORP, INC. MARTINS FERRY, OH Symbol "UBCP"
FOR THE THREE MONTHS ENDED JUNE 30, --------------------------------------- % 2005 2004 CHANGE ----------- ----------- ------- EARNINGS Total interest income $ 5,445,000 $ 5,096,483 6.84% Total interest expense 2,160,700 1,862,511 16.01% Net interest income 3,284,300 3,233,972 1.56% Provision for loan losses 116,000 199,500 -41.85% Service charges on deposit accounts 314,726 330,636 -4.81% Net realized losses of sales on securities (8,662) (15,272) -43.28% Net realized gains on sale of loans 6,042 13,019 -53.59% Other noninterest income 276,703 205,013 34.97% Total noninterest income 588,809 533,396 10.39% Total noninterest expense 2,639,986 2,438,167 8.28% Income tax expense 237,270 254,705 -6.85% ------------ ------------ Net income 879,853 874,996 0.56% PER SHARE Earnings per common share - Basic $ 0.23 $ 0.23 0.00% Earnings per common share - Diluted 0.23 0.23 0.00% Cash Dividends paid 0.13 0.12 8.33% SHARES OUTSTANDING Average - Basic 3,807,488 3,818,230 -- Average - Diluted 3,808,137 3,829,057 --
FOR THE SIX MONTHS ENDED JUNE 30, ---------------------------------------- % 2005 2004 CHANGE ------------ ------------ ------- EARNINGS Total interest income $ 10,667,684 $ 10,123,932 5.37% Total interest expense 4,135,053 3,744,605 10.43% ------------ ------------ Net interest income 6,532,631 6,379,327 2.40% Provision for loan losses 260,000 339,000 -23.30% Service charges on deposit accounts 629,102 635,950 -1.08% Net realized (losses) gains of sales on securities (6,096) 95,286 -106.40% Net realized gains on sale of loans 12,520 24,536 -48.97% Other noninterest income 519,723 428,127 21.39% Total noninterest income 1,155,249 1,183,899 -2.42% Total noninterest expense 5,260,308 5,005,653 5.09% Income tax expense 466,770 487,605 -4.27% ------------ ------------ Net income $ 1,700,802 $ 1,730,968 -1.74% PER SHARE Earnings per common share - Basic $ 0.45 $ 0.45 0.00% Earnings per common share - Diluted 0.45 0.45 0.00% Cash Dividends paid 0.26 0.24 8.33% Book value (end of period) 8.84 7.97 10.86% SHARES OUTSTANDING Average - Basic 3,797,842 3,823,355 -- Average - Diluted 3,799,137 3,836,163 -- AT QUARTER END Total assets $ 403,482,800 $ 393,181,704 2.62% Total assets (average) 398,480,000 384,547,000 3.62% Other real estate and repossessions 832,163 975,029 -14.65% Gross loans 226,866,582 209,646,517 8.21% Allowance for loan losses 3,111,090 2,925,133 6.36% Net loans 223,755,492 206,721,384 8.24% Non-performing loans 645,000 278,000 132.01% Net loans charged off 144,332 257,351 -43.92% Average loans 219,999,000 204,388,000 7.64% Securities and other restricted stock 145,135,865 154,495,776 -6.06% Shareholders' equity 33,800,505 30,750,903 9.92% Shareholders' equity (average) 32,183,000 32,686,000 -1.54% STOCK DATA Market value - last close (end of period) $ 13.18 $ 12.71 3.70% Dividend payout ratio 57.78% 53.33% 8.33% Price earnings ratio 14.64x 14.12x 3.70% KEY PERFORMANCE RATIOS Return on average assets (ROA) 0.85% 0.90% -5.17% Return on average equity (ROE) 10.57% 10.59% -0.20% Net interest margin (FTE) 3.71% 3.70% 0.27% Interest expense to average assets 2.08% 1.95% 6.57% Total allowance for loan losses to nonperforming loans 482.34% 1052.16% -54.16% Total allowance for loan losses to total loans 1.37% 1.40% -1.79% Nonperforming loans to total loans 0.28% 0.13% 114.40% Nonperforming assets to total assets 0.37% 0.32% 14.88% Net charge-offs to average loans 0.13% 0.25% -47.90% Equity to assets at period end 8.38% 7.82% 7.11%
The information contained in this press release contains forward-looking statements regarding expected future performances which are not historical facts and which involve risk and uncertainties. Actual results and performance could differ materially from those contemplated by these forward-looking statements. In order to comply with securities regulations and to treat all investors fairly, we will not disclose material non-public information to any shareholder. However, if a question recurs or raises an issue which we have not addressed in our public releases, we will consider including the information in our next public release. Please note that we do not hold conference calls, and that we do not intend to do so in the future. -----END PRIVACY-ENHANCED MESSAGE-----