-----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, OCzxYFcR6kUSLUOdq21/oV3/U+tpz3yKXQoXyHEPhwyhR7G+KBQZauOljB1o1d3p tK2ejqkXU4Pwr3kYuJDmrQ== 0000950124-07-003872.txt : 20070730 0000950124-07-003872.hdr.sgml : 20070730 20070730134818 ACCESSION NUMBER: 0000950124-07-003872 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070730 DATE AS OF CHANGE: 20070730 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: 071009000 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 k17204e8vk.txt CURRENT REPORT DATED JULY 26, 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): JULY 26, 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 July 26, 2007, 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, 2007, 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 July 26, 2007, announcing Registrant's unaudited results of operations and financial condition for and as of the three and six month periods ended June 30, 2007.
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: July 30, 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 July 26, 2007, announcing Registrant's unaudited results of operations and financial condition for and as of the three and six month periods ended June 30, 2007.
EX-99 2 k17204exv99.txt PRESS RELEASE DATED JULY 26, 2007 EXHIBIT 99 [UNITED BANCORP 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: 12:00 PM July 26, 2007 SUBJECT: UNITED BANCORP, INC. REPORTS EARNINGS PER SHARE OF $0.32 FOR THE SIX MONTHS ENDED JUNE 30, 2007, AN INCREASE OF 52.4% MARTINS FERRY, OHIO - - - United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $1,482,000 compared to $989,000 for the six months ended June 30, 2007 and 2006, respectively. On a per share basis, the Company's basic earnings per share were $0.32 for 2007 as compared to $0.21 for 2006, an increase of 52.4%. Earnings per share data for 2006 gives effect to the 10% stock split paid in the form of a dividend in December 2006. Second quarter 2007 earnings were $0.17 per share compared to $0.06 per share in 2006. Six months earnings for 2006 were impacted by a $561,000 after tax charge relating to the strategic repositioning of our Community Bank affiliate's balance sheet which is now a division of the Company's lead bank, The Citizens Savings Bank. Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, "The Company's six month earnings in 2007 generated an annualized 0.71% return on average assets ("ROA") and an 9.7% return on average equity ("ROE") compared to 0.48% ROA and 6.2% ROE for the comparable six month period in 2006. With the recent positive slope of the treasury yield curve, the rate of deterioration in our net interest margin has lessened and the compression of the Company's net interest margin should stabilize in the next six months. Service charge income on deposit accounts for the six months ended June 30, 2007 increased $182,000 which reflects the positive impact of a courtesy overdraft program implemented by the Company in late 2006. We should continue to see increasing service charge results from this program in future quarters." James W. Everson, Chairman, President and Chief Executive Officer stated, "As reported last year, we took dramatic action in repositioning our balance sheet in June of 2006. Taking our 10% share dividend into consideration, we posted per share quarterly earnings at $0.06 in June 2006, $0.09 in September 2006, $0.15 in December and $0.16 in March 2007. Posting $0.17 in the second quarter of 2007, we continue to make solid progress in moving towards acceptable earnings, yet we continue to recognize we must do better. We are committed to improvement in earnings through the efficiencies to be gained by the merger on July 1st of our two affiliate bank charters and we are projecting additional benefits to begin in this fourth quarter by the enhanced oversight of the seasoned Citizens Bank management team. "As originally planned, we struck the July 1st quarter as the start date of the consolidation 'for accounting purposes' of the merger of The Community Bank with and into The Citizens Savings Bank. The 'physical consolidation' of our two charters under the management group of The Citizens Savings Bank will take between six and twelve months to complete." Everson concluded by stating, "We are pleased with our progress of the past twelve months, yet we recognize much must be accomplished as we combine the synergies of Community and Citizens, taking the best that each bank offers, into one larger, stronger and more profitable bank. While each of the banks will be combined under the charter of Citizens, the Company intends to continue to capitalize on established branding in the markets of each institution. In that respect, Community will operate under the trade name 'The Community Bank, a Division of The Citizens Savings Bank' and Citizens will operate under the trade name 'The Citizens Bank, a Division of The Citizens Savings Bank'. The Company expects a normalization of earnings to occur over the next twelve to eighteen months as a result of enhanced operating and cost efficiencies to be realized from the consolidation. In addition, the combined $432.3 million asset institution will have an expanded $5.5 million lending authority with improved products and services to its customers and will continue to provide quick loan approvals. As always, our lending efforts are directed toward quality loans, as we have steered clear of the sub-prime credits that have recently affected others within the financial services industry." United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a bank holding company with total assets of approximately $432.3 million and total shareholder's equity of approximately $30.6 million as of June 30, 2007. Through its seventeen banking offices and operations center, The Citizens Savings Bank serves the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas. 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 JUNE 30, ------------------------------------ % 2007 2006 CHANGE ------------ ------------ -------- EARNINGS Total interest income $ 6,648,974 $ 6,319,541 5.21% Total interest expense 3,601,598 3,150,992 14.30% ------------ ------------ Net interest income 3,047,376 3,168,549 -3.82% Provision for loan losses 191,009 302,000 -36.75% Service charges on deposit accounts 457,499 323,380 41.47% Net realized gains (losses) of sales on securities 749 (319,976) -100.23% Net realized gains (losses) on sale of loans (4,440) 5,078 -187.44% Other noninterest income 328,540 271,002 21.23% Total noninterest income 782,348 279,484 179.93% Total noninterest expense 2,726,552 2,940,711 -7.28% Income tax expense 147,700 (81,546) -281.12% ------------ ------------ Net income 764,463 286,868 166.49% PER SHARE Earnings per common share - Basic $ 0.17 $ 0.06 183.33% Earnings per common share - Diluted 0.17 0.06 183.33% Cash dividends paid 0.13 0.12 8.33% SHARES OUTSTANDING Average - Basic 4,603,769 4,591,932 -- Average - Diluted 4,605,657 4,592,563 --
FOR THE SIX MONTHS ENDED JUNE 30, ------------------------------------ % 2007 2006 CHANGE ------------ ------------ -------- EARNINGS Total interest income $ 13,074,833 $ 12,304,170 6.26% Total interest expense 7,082,780 5,985,954 18.32% ------------ ------------ Net interest income 5,992,053 6,318,216 -5.16% Provision for loan losses 374,353 404,000 -7.34% Service charges on deposit accounts 855,481 673,709 26.98% Net realized gains (losses) of sales on securities 1,389 (350,003) -100.40% Net realized gains (losses) on sale of loans (4,531) 9,857 -145.97% Other noninterest income 598,689 558,101 7.27% Total noninterest income 1,451,028 891,664 62.73% Total noninterest expense 5,336,572 5,729,801 -6.86% Income tax expense 250,013 87,007 187.35% ------------ ------------ Net income $ 1,482,143 $ 989,072 49.85% PER SHARE Earnings per common share - Basic $ 0.32 $ 0.21 52.38% Earnings per common share - Diluted 0.32 0.21 52.38% Cash dividends paid 0.26 0.24 8.33% Book value (end of period) 6.70 6.66 0.60% SHARES OUTSTANDING Average - Basic 4,607,900 4,621,663 -- Average - Diluted 4,609,328 4,622,803 -- AT QUARTER END Total assets $432,309,393 $419,318,216 3.10% Total assets (average) 420,024,000 414,680,000 1.29% Other real estate and repossessions 521,343 1,183,015 -55.93% Gross loans 227,080,310 236,279,137 -3.89% Allowance for loan losses 2,188,431 2,839,442 -22.93% Net loans 224,891,879 233,439,695 -3.66% Non-performing loans 1,447,000 1,533,000 -5.61% Net loans charged off 491,000 469,146 4.66% Average loans 228,246,000 233,452,000 -2.23% Securities and other restricted stock 172,657,366 144,951,202 19.11% Total deposits 346,136,488 330,005,480 4.89% Shareholders' equity 30,607,766 30,420,478 0.62% Shareholders' equity (average) 30,608,000 31,839,000 -3.87% STOCK DATA Market value - last close (end of period) $ 10.55 $ 10.00 5.50% Dividend payout ratio 81.25% 114.29% -28.91% Price earnings ratio 16.23x 22.22x -26.95% KEY PERFORMANCE RATIOS Return on average assets (ROA) 0.71% 0.48% 47.92% Return on average equity (ROE) 9.68% 6.21% 55.88% Net interest margin (FTE) 3.16% 3.20% -1.25% Interest expense to average assets 3.37% 2.89% 16.61% Total allowance for loan losses to nonperforming loans 151.24% 185.22% -18.35% Total allowance for loan losses to total loans 0.96% 1.20% -20.00% Nonperforming loans to total loans 0.64% 0.65% -1.54% Nonperforming assets to total assets 0.46% 0.65% -29.23%
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-----