8-K

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): January 28, 2009

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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 January 28, 2009, United Bancorp, Inc. issued a press release announcing its results of operations and financial condition for and as of, respectively, the fiscal periods ended December 31, 2008, unaudited. The press release is furnished 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	Registrant’s press release, dated January 28, 2009

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: January 30, 2009	United Bancorp, Inc.
	/s/ Randall M. Greenwood
	Randall M. Greenwood
	Senior Vice President and
	Chief Financial Officer

Exhibit Index

Exhibit
Number	Exhibit Description
99	Registrant’s press release, dated January 28, 2009

EX-99

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. 6120	(740) 633-0445 Ext. 6181
	ceo@unitedbancorp.com	cfo@unitedbancorp.com

FOR IMMEDIATE RELEASE: 11:00 AM January 28, 2009

Subject: United Bancorp, Inc. Reports Earnings of $0.82 Per Share for the Year Ended December 31, 2008, an increase of 44%

MARTINS FERRY, OHIO ¨¨¨ United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported record earnings of $3,759,000 for the year ended December 31, 2008, compared to $2,585,000 for the year ended December 31, 2007, an increase of 45%. On a per share basis, the Company’s 2008 diluted earnings were $0.82, as compared to $0.57 for 2007, an increase of 44%. The results of operations for 2008 include the September 19, 2008 acquisition of the Ohio deposits and certain offices of the failed Ameribank in St. Clairsville, Dillonvale and Tiltonsville.

Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s earnings in 2008 generated an annualized 0.86% return on average assets (“ROA”) and an 11.3% return on average equity (“ROE”), compared to 0.60% ROA and 8.12% ROE for 2007. We are confident the 2008 results of operations will compare very favorably with our peers in the banking industry. The Company’s net interest margin of 4.08% for 2008, compared to 3.31% in 2007, generated an increase of approximately $3,378,000 in net interest income for 2008 as compared to 2007. Service charge income on deposit accounts for 2008 increased $238,000 which reflects the continuing positive impact of the Company’s courtesy overdraft and remote merchant check capture programs. The Company’s enhanced earnings level was accomplished despite an approximate $195,000 period over period increase in the provision for loan losses and an approximate $290,000 period over period increase in the provision for losses on foreclosed real estate.”

James W. Everson, Chairman, President and Chief Executive Officer stated, “In a year of extremes, our Company’s recent reorganization and consolidation of our banking charters, along with our continued long term focus on conservative community bank practices, have provided us a record year of earnings performance and a strong financial outlook. Plus, we expanded our “banking” footprint in our eastern region and have strengthened our liquidity this past quarter through the acquisition of three offices and deposits of a failed institution.”

Everson concluded by stating, “After a thorough investigation of the Troubled Asset Recovery Program (TARP), with its known and yet to be determined requirements, and considering our liquidity and strong capital positions, our Board of Directors and Management Team did not feel it necessary to participate. Looking forward, we see a challenging year both with what is known and unknown today. Our budget process is projecting another good year in financial performance, even with the increased FDIC premiums that have been announced. The unknowns that center on our economy and our government could dramatically change our business environment.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $444.0 million and total shareholder’s equity of approximately $33.9 million as of December 31, 2008. Through its single bank charter now with its twenty banking offices and an operations center, The Citizens Savings Bank through its Community Bank Division serves the Ohio Counties of Athens, Fairfield and Hocking and through its Citizens Bank Division serves Belmont, Carroll, Harrison, Jefferson and Tuscarawas. United Bancorp, Inc. is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

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.

United Bancorp, Inc,
“UBCP”

	For the Three Months Ended December 31,						%
	2008			2007			Change
Earnings
Total interest income	$	6,254,825		$	6,856,342			-8.77	%
Total interest expense		2,244,183			3,628,162			-38.15	%
Net interest income		4,010,642			3,228,180			24.24	%
Provision for loan losses		300,912			336,037			-10.45	%
Net interest income after provision for loan losses		3,709,730			2,892,143			28.27	%
Service charges on deposit accounts		586,260			529,727			10.67	%
Net realized losses of sales on securities		—			3,161			-100.00	%
Net realized gains on sale of loans		2,617			13,340			-80.38	%
Net realized gains on sale of other real estate and repossessions		67,358			—			N/A
Other noninterest income		158,559			296,592			-46.54	%
Total noninterest income		814,794			842,820			-3.33	%
Total noninterest expense		3,398,411			2,911,018			16.74	%
Income tax expense		191,593			113,000			69.55	%
Net income	$	934,520		$	710,945			31.45	%
Per share
Earnings per common share — Basic	$	0.20		$	0.15			33.33	%
Earnings per common share — Diluted		0.20			0.15			33.33	%
Cash Dividends paid		0.14			0.13			7.69	%
Shares Outstanding
Average — Basic		4,608,545			4,574,751			—
Average — Diluted		4,608,545			4,576,392			—
	For the Year Ended December 31,						%
	2008			2007			Change
Earnings
Total interest income	$	25,715,209		$	26,603,043			-3.34	%
Total interest expense		10,251,384			14,517,591			-29.39	%
Net interest income		15,463,825			12,085,452			27.95	%
Provision for loan losses		1,188,270			993,505			19.60	%
Net interest income after provision for loan losses		14,275,555			11,091,947			28.70	%
Service charges on deposit accounts		2,103,993			1,865,892			12.76	%
Net realized gains (losses) of sales on securities		(14,177	)		4,550			-411.58	%
Net realized gains on sale of loans		84,901			22,421			278.67	%
Net realized gains on sale of other real estate and repossessions		79,166			—			N/A
Other noninterest income		812,986			1,186,704			-31.49	%
Total noninterest income		3,066,869			3,079,567			-0.41	%
Total noninterest expense		12,627,590			11,252,758			12.22	%
Income tax expense		955,700			333,926			186.20	%
Net income	$	3,759,134		$	2,584,830			45.43	%
Per share
Earnings per common share — Basic	$	0.82		$	0.57			43.86	%
Earnings per common share — Diluted		0.82			0.57			43.86	%
Cash Dividends paid		0.54			0.52			3.85	%
Book value (end of period)		7.35			7.41			-0.81	%
Shares Outstanding
Average — Basic		4,600,998			4,562,517			—
Average — Diluted		4,600,998			4,564,415			—
At year end
Total assets	$	443,963,172		$	451,369,729			-1.64	%
Total assets (average)		434,717,000			430,438,000			0.99	%
Other real estate and repossessions		627,491			524,746			19.58	%
Gross loans		238,999,040			234,644,007			1.86	%
Allowance for loan losses		2,770,360			2,447,254			13.20	%
Net loans		236,228,680			232,196,753			1.74	%
Net loans charged off		865,000			892,000			-3.03	%
Non-performing loans		6,971,000			4,406,000			58.22	%
Average loans		235,670,000			228,673,000			3.06	%
Securities and other restricted stock		149,912,873			186,089,757			-19.44	%
Shareholders’ equity		33,904,759			33,886,779			0.05	%
Shareholders’ equity (average)		33,184,000			31,841,000			4.22	%
Stock data
Market value — last close (end of period)	$	10.00		$	10.48			-4.58	%
Dividend payout ratio		65.85	%		91.23	%		-27.81	%
Price earnings ratio		12.50	x		18.39	x		-32.03	%
Key performance ratios
Return on average assets (ROA)		0.86	%		0.60	%		0.26	%
Return on average equity (ROE)		11.33	%		8.12	%		3.21	%
Net interest margin (FTE)		4.08	%		3.31	%		0.77	%
Interest expense to average assets		2.36	%		3.37	%		-1.01	%
Total allowance for loan losses to nonperforming loans		39.74	%		55.54	%		-15.80	%
Total allowance for loan losses to total loans		1.16	%		1.04	%		0.12	%
Nonperforming loans to total loans		2.92	%		1.88	%		1.04	%
Nonperforming assets to total assets		1.71	%		1.09	%		0.62	%
Net charge-offs to average loans		0.37	%		0.39	%		-0.02	%
Equity to assets at period end		7.64	%		7.51	%		0.13	%