-----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, PeDyOISlyAhNBjkpeQ9tDqeNA71HYrwMc0eVTSJPkgj5GqqJ2+SPqRgZEcoyrSMW E/pt2ZW7adfEYjweNGbGkw== 0000950124-07-000674.txt : 20070206 0000950124-07-000674.hdr.sgml : 20070206 20070206143257 ACCESSION NUMBER: 0000950124-07-000674 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070206 DATE AS OF CHANGE: 20070206 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: 07583956 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 k12056e8vk.txt CURRENT REPORT DATED FEBRUARY 2, 2007 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): FEBRUARY 2, 2007 UNITED BANCORP, INC. (Exact name of registrant as specified in its charter) OHIO 0-16540 34-1405357 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)
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 ________________________________________________________________________________ (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 February 2, 2007, United Bancorp, Inc. issued a press release announcing its results of operations and financial condition for and as of the three and twelve month periods ended December 31, 2006, unaudited. The press release is attached as Exhibit No. 99 and incorporated herein by reference. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits The following exhibits are furnished herewith:
EXHIBIT NUMBER EXHIBIT DESCRIPTION - ------- ------------------- 99 Press release, dated February 2, 2007, announcing Registrant's unaudited results of operations and financial condition for and as of the three and twelve month periods ended December 31, 2006.
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 authorized. Dated: February 5, 2007 UNITED BANCORP, INC. /s/ Randall M. Greenwood ---------------------------------------- Randall M. Greenwood Senior Vice President and Chief Financial Officer EXHIBIT INDEX
EXHIBIT NUMBER EXHIBIT DESCRIPTION - ------- ------------------- 99 Press release, dated February 2, 2007, announcing Registrant's unaudited results of operations and financial condition for and as of the three and twelve month periods ended December 31, 2006.
EX-99 2 k12056exv99.txt PRESS RELEASE DATED FEBRUARY 2, 2007 EXHIBIT 99 (LOGO) 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: 4:00 PM February 2, 2007 SUBJECT: UNITED BANCORP, INC. REPORTS EARNINGS PER SHARE OF $0.15 FOR THE THREE MONTHS ENDED DECEMBER 31, 2006 AND $0.45 FOR THE YEAR ENDED DECEMBER 31, 2006 AND ANNOUNCES AFFILIATE CONSOLIDATION PLAN MARTINS FERRY, OHIO - - - United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $676,000 for the three months ended December 31, 2006, compared to $764,000 for the three months ended December 31, 2005. On a per share basis, basic earnings were $0.15 for the three months ended December 31, 2006 compared to $0.17 for the same period in 2005. Earnings for 2006 were $0.45 per share, compared to $0.71 in 2005. UBCP Chairman, President and CEO James W. Everson stated "We are pleased with the positive progression of our earnings for the fourth quarter as compared to the earnings reported in the second and third quarters of this year. Our fourth quarter earnings of $676,000, reflecting a substantial improvement over the two previous quarters, were once again negatively impacted by $264,000 of increased provisioning and asset disposal costs at our Community Bank affiliate. These additional costs reduced the Company's after-tax earnings by approximately $0.04 per share for the fourth quarter. On a positive note, during the latter part of 2006 the overall economic environment in which The Citizens Bank operates continued to improve and show signs of economic expansion/stabilization in the steel, coal and aluminum industries." Randall M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP stated "The Company's 2006 earnings represented an annualized 0.50% return on assets ("ROA") and a 6.61% return on equity ("ROE"). The Company's earnings for 2006 were negatively impacted by increased provisioning, as well as by continued pressure on the Company's net interest margin which is a current industry challenge. Without the additional expense items, ROA would have been 0.74% and ROE of 9.83% for the year ended December 31, 2006. The net interest margin of the Company continued to decrease during 2006; however, the growth of the average loan portfolio of approximately $9.5 million, and an increase in the Company's investment portfolio of $9.7 million did help offset the margin compression. We also continued to see strong deposit growth of approximately $23.1 million, or 7.5%, for 2006." Everson continued, "We are pleased with our progress over the past nine months as we have worked to improve the future profitability of our Company. The events of 2006 have required our Company's senior management team to rapidly reassess corporate strengths and weaknesses. We have taken immediate actions that are now showing positive results, which reflect in our Company's quarterly earnings increases these past three quarters. The focus of our efforts has resulted in a restructuring of our balance sheet and elimination of problem credits through additional loan loss provisions. These $1.5 million pre-tax initiatives during the year at Community negatively impacted our Company's 2006 after-tax earnings by $0.22 per share. We see continued earnings improvement during 2007 as we carry out our action plan of keeping our Community Bank franchise as a division and consolidating the charters of our two affiliates into The Citizens Bank. This plan has been endorsed by The Community Bank Board who recognizes that The Citizen Bank has a demonstrated compliant and responsible management team with strong financial performance consistently ranking in the top quadrant of its peer group." Everson concluded by stating, "We are optimistic regarding our 2007 earnings as we see a more normalized earnings stream as well as operational efficiencies to be gained by this consolidation." United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $422.1 million and total shareholder's equity of approximately $31.1 million as of December 31, 2006. 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 Capital 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 DECEMBER 31, ----------------------- % 2006 2005 CHANGE ---------- ---------- ------- EARNINGS Total interest income $ 6,423 $ 5,855 9.70% Total interest expense 3,466 2,607 32.95% ---------- ---------- Net interest income 2,957 3,248 -8.96% Provision for loan losses 328 84 290.48% Service charges on deposit accounts 473 366 29.23% Net realized (losses)/gains of sales on securities 1 (27) -103.70% Net realized gains on sale of loans 3 5 -40.00% Other noninterest income 299 269 -14.87% Total noninterest income 706 613 15.17% Total noninterest expense 2,543 2,839 -10.43% Income tax expense 116 174 -33.33% ---------- ---------- Net income 676 $ 764 -11.52% PER SHARE Earnings per common share - Basic $ 0.15 $ 0.17 -11.76% Earnings per common share - Diluted 0.15 0.17 -11.76% Cash Dividends paid 0.13 0.12 8.33% SHARES OUTSTANDING Average - Basic 4,587,000 4,195,294 -- Average - Diluted 4,587,689 4,200,222 --
FOR THE TWELVE MONTHS ENDED DECEMBER 31, ----------------------- % 2006 2005 CHANGE ---------- ---------- ------- EARNINGS Total interest income $ 25,279 $ 22,181 13.97% Total interest expense 12,837 9,146 40.36% ---------- ---------- Net interest income 12,442 13,035 -4.55% Provision for loan losses 1,384 412 235.92% Service charges on deposit accounts 1,497 1,339 11.80% Net realized losses of sales on securities (349) (52) 571.15% Net realized gains on sale of loans 17 21 -19.05% Other noninterest income 1,132 1,034 9.48% Total noninterest income 2,297 2,342 -1.92% Total noninterest expense 11,046 10,763 2.63% Income tax expense 241 909 -73.49% ---------- ---------- Net income $ 2,068 $ 3,293 -37.20% PER SHARE Earnings per common share - Basic $ 0.45 $ 0.71 -36.62% Earnings per common share - Diluted 0.45 0.71 -36.62% Cash Dividends paid 0.48 0.43 11.63% Book value (end of period) 7.73 7.06 9.49% SHARES OUTSTANDING Average - Basic 4,551,256 4,608,809 -- Average - Diluted 4,552,054 4,620,205 -- AT QUARTER END Total assets $ 422,061 $ 411,933 2.46% Total assets (average) 414,181 403,174 2.73% Other real estate and repossessions 794 1,244 -36.17% Gross loans 231,517 232,011 -0.21% Allowance for loan losses 2,345 2,904 -19.25% Net loans 229,172 229,107 0.03% Net loans charged off 1,936 503 284.89% Non-performing loans 3,432 1,144 200.00% Average loans 234,436 224,945 4.22% Total deposits 330,005 306,915 7.52% Securities and other restricted stock 156,234 146,514 6.63% Shareholders' equity 31,100 32,480 -4.25% Shareholders' equity(average) 31,266 32,885 -4.92% STOCK DATA Market value - last close (end of period) $ 9.96 $ 11.05 -9.86% Dividend payout ratio 106.67% 60.56% 76.12% Price earnings ratio 16.33X 15.56X 4.91% KEY PERFORMANCE RATIOS Return on average assets (ROA) 0.05% 0.82% -38.87% Return on average equity (ROE) 6.61% 10.01% -33.95% Net interest margin (FTE) 3.24% 3.59% -9.75% Interest expense to average assets 4.13% 2.27% 82.17% Total allowance loans losses to nonperforming loans 68.33% 253.85% -73.08% Total allowance loan losses to total loans 1.01% 1.25% -19.08% Nonperforming loans to total loans 1.48% 0.49% 202.53% Nonperforming assets to total assets 1.00% 0.58% 72.72%
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. -----END PRIVACY-ENHANCED MESSAGE-----