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

October 30, 2009

Date of Report (Date of Earliest Event Reported))

United Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Michigan	0-16640	38-2606280
(State or other jurisdiction of incorporation or organization)	Commission File Number	(I.R.S. Employer Identification No.)

205 E. Chicago Boulevard, Tecumseh, MI  49286

(Address of principal executive offices)

(517) 423-8373

(Registrant’s telephone number including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

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

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

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

q   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 October 30, 2009, United Bancorp, Inc. issued the press release furnished with this report as Exhibit 99.1, which is here incorporated by reference. This report and the exhibit are furnished to, and not filed with, the Commission.

Item 7.01 Regulation FD Disclosures

On October 30, 2009, United Bancorp, Inc. announced that the Company will conduct an informational update meeting for shareholders at 3:00 p.m. on December 15, 2009 at the United Bank & Trust Downing Center, 209 E. Russell Road, Tecumseh, MI. The Company is making this meeting accessible to the public by telephone on a listen-only basis. Anyone interested in the meeting may access the meeting on a live basis by following call-in instructions to be posted on the Investor Relations page of the Company’s website at www.ubat.com. A recording of the meeting and copies of the presentation materials will be available on the same web page for ten days following the meeting.

 Item 9.01 Financial Statements and Exhibits

(c)           Exhibits

99.1 Press Release dated October 30, 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.

	United Bancorp, Inc. (Registrant)
	By:
Date:  October 30, 2009	/s/ Randal J. Rabe
	Randal J. Rabe Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Document
99.1	Press Release dated October 30, 2009.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE:	CONTACT:	Robert K. Chapman
October 30, 2009		United Bancorp, Inc.
		734-214-3801

UNITED BANCORP, INC. ANNOUNCES THIRD QUARTER 2009 RESULTS AND

SETS DATE FOR SHAREHOLDER INFORMATIONAL UPDATE MEETING

TECUMSEH, MI - United Bancorp, Inc. (UBMI) reported a consolidated net loss of $2.89 million, or $.62 per share of common stock, in the third quarter of 2009, bringing its year to date 2009 consolidated net loss to $8.35 million, or $1.78 per share of common stock. The loss in the third quarter of 2009 resulted primarily from a substantial provision to the Company's allowance for loan losses and charges relating to other real estate owned (“ORE”), reflecting the Company's aggressive actions regarding its problem loans. The Company also announced that it will hold an informational update meeting for shareholders in December of 2009.

The economy continues to impact the credit quality of the Company’s loan portfolio, and the result is an increase in its allowance for loan losses and nonperforming loans. At the same time, the Company continues to take steps to mitigate the impact of credit issues through the aggressive management of its loan portfolio along with focus on its profitable business segments and expense control. Robert K. Chapman, President and Chief Executive Officer of the Company, commented, “United has taken a number of steps to strengthen its balance sheet and protect its core earnings, to counteract some of the impact of current credit issues resulting from the ongoing economic downturn and to prepare us for a brighter future.”

He remarked that the Company has significantly increased its liquidity in this period of economic uncertainty. While this increased liquidity has slowed the growth of the Company’s net interest income, the Company expects to maintain increased liquidity until economic conditions improve and more attractive investment opportunities emerge. The Company also continues to grow, with an increase of 11.6% in total assets and 14.1% in total deposits over the past twelve months. CEO Chapman noted that this growth allows United to continue to support the communities it serves.

Chapman indicated, “The Company’s net interest income and noninterest income remain strong, while current economic conditions have resulted in a number of unusual or nonrecurring expense items.” He commented that the largest increases in noninterest expense during the first nine months of 2009 were in four areas. Those areas were the charge for impairment of the Company’s goodwill during the first quarter of 2009, compensation costs of generating income from mortgage loan sales and servicing, increases in FDIC insurance costs, and expenses relating to ORE. At the same time, the Company continued to implement measures to control its other expenses. The Company did not pay merit increases to its staff during the first nine months of 2009, and incentive compensation will not be paid at the anticipated depressed level of earnings. In addition, effective July 1, 2009, the Company discontinued its contributions to its co-workers’ 401(k) plans.

Results of Operations

Total revenues, consisting of net interest income and noninterest income, improved by 6.6% in the third quarter of 2009 and 8.5% year to date compared to the same periods of 2008. Mr. Chapman reported that net interest income for the third quarter maintained a steady growth of 4.3% compared to the same period in 2008. Noninterest income for the most recent quarter improved by 11.3% and by 17.4% year to date compared to the same periods of 2008, with income from loan sales and servicing providing the largest portion of those increases. Noninterest income represented 35.6% of the Company’s total revenues for the first nine months of 2009, up from 32.9% for the same period of 2008.

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The Company’s pre-tax, pre-provision profit was $3.5 million for the third quarter of 2009, down 2.3% compared with the same period in 2008. Year to date pre-tax, pre-provision earnings, excluding the impact of the charge for goodwill impairment, were $10.5 million and 1.60% of average assets.

The Company’s provision for loan losses of $8.2 million for the third quarter of 2009 increased compared with the $5.4 million provision recorded during the second quarter of 2009. Effective for the third quarter of 2009, the Company changed its valuation estimates for all impaired collateral-dependent construction and land development loans, and this resulted in an increase to the Company’s provision for loan losses of $2.7 million in the third quarter of 2009. While either approach is acceptable under generally accepted accounting principles, the current valuation better reflects bank regulatory reporting requirements within the consolidated financial statements of the Company.

Balance Sheet

Consolidated assets of the Company have increased by 11.6% in the past twelve months, reaching $909.8 million at September 30, 2009. The Company has significantly improved its liquidity position as total cash and securities represented 22.4% of total assets at September 30, 2009 compared with 11.3% at September 30, 2008. Total loans were $675.3 million, and total deposits grew to $783.7 million at the end of the most recent quarter. Mr. Chapman commented on the success of the Company’s “Bank Locally” campaign and indicated that total deposits grew $97.1 million in the past twelve months, with $74.1 million of that growth occurring in the first nine months of 2009.

Asset Quality

Mr. Chapman stated that as the southeast Michigan real estate markets and the economy in general experience prolonged contraction, the loan portfolios of the Banks have been affected by loans to a number of residential real estate developers struggling to meet their financial obligations. Real estate construction and development loans have been particularly impacted by declines in housing activity and the resultant impact on real estate values, and have had a disproportionate impact on the credit quality of the Company. He reported that while balances of construction and development loans make up 10.0% of total portfolio loans, they represent 50.0% of the Company’s impaired loans and have been responsible for 71.8% of the year to date charge-offs.

Within the Banks’ loan portfolios, $35.4 million of loans were non-performing loans as of September 30, 2009, compared with $27.5 million as of June 30, 2009 and $16.7 million as of September 30, 2008. Mr. Chapman commented that United continues to be proactive in addressing its credit issues to resolve them in a manner in which management believes to be in the best interests of the Company and its clients. The Company’s allowance for loan losses was 3.85% of its loan balances, resulting in a coverage ratio on its non-performing loans of 73.5% as of September 30, 2009.

Capital Position

In light of the significant challenges that current economic conditions present, United has taken steps intended to protect its capital for the long-term benefit of its shareholders. In January of 2009, United issued and sold $20.6 million in preferred stock to the United States Department of the Treasury under the Capital Purchase Plan. In its ongoing efforts to preserve capital, the Board of Directors of the Company suspended payment of a quarterly dividend on its common shares in the second quarter of 2009. Shareholders’ equity at September 30, 2009 was $82.0 million, for an increase of 12.6% since September 30, 2008. The Company and its subsidiary banks were classified as "well-capitalized" within the meaning of applicable regulatory capital guidelines as of September 30, 2009 and its total risk-based capital ratio was 13.08% at September 30, 2009.

Mr. Chapman concluded that the Company does not anticipate a quick turnaround in the current economic and market conditions that have negatively impacted its earnings. Net interest income continues to exhibit strength, maintaining near-record levels for the third quarter of 2009. While mortgage volumes have been

Page 2

particularly strong in the first half of 2009, primarily as a result of refinancing during a period of low rates, the volume of refinancing activity has begun to subside. The Company does not anticipate that credit quality will improve significantly until the economy rebounds. However, the Company’s business includes a diversity of sources of noninterest income and its core earnings have continued to remain healthy to help absorb the higher level of loan losses.

Informational Update Meeting for Shareholders

Chapman announced that in an effort to keep shareholders up to date on United’s progress, the Company will conduct an informational update meeting for shareholders at 3:00 p.m. on December 15, 2009 at the United Bank & Trust Downing Center, 209 E. Russell Road, Tecumseh, MI. He noted that anyone interested in the meeting may access the meeting on a live basis by following call-in instructions to be posted on the Investor Relations page of the Company’s website at www.ubat.com. A recording of the meeting and copies of the presentation materials will be available on the same web page for ten days following the meeting.

About United Bancorp, Inc.

United Bancorp, Inc. is an independent financial holding company that is the parent company for United Bank & Trust and United Bank & Trust – Washtenaw. The subsidiary banks operate sixteen banking offices in Lenawee, Washtenaw and Monroe counties, and United Bank & Trust maintains an active wealth management group that serves the Company’s market area. For more information, visit the company’s website at www.ubat.com.

Forward-Looking Statements

This press release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and United Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as "continue", “longer-term”, potential", "take steps", "ongoing", "future", "uncertainty", "expect", "until", "anticipate", "estimate", "intend" and variations of such words and similar expressions. Management's determination of the provision and allowance for loan losses and the appropriate carrying value of its goodwill and other intangible assets involves judgments that are inherently forward-looking. Our ability to successfully implement new programs and initiatives, increase efficiencies, and improve profitability is not entirely within our control and is not assured. The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and United Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements.

Risk factors include, but are not limited to, the risk factors described in "Item 1A - - Risk Factors" of United Bancorp, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2008; the timing and level of asset growth; changes in banking laws and regulations; changes in property values, asset quality and the financial capability of borrowers; actions of bank regulatory authorities; changes in tax laws; changes in prices, levies and assessments; the impact of technological advances and issues; governmental and regulatory policy changes; the local and global effects of ongoing and future military actions; and current uncertainties and fluctuations in the financial markets and stocks of financial services providers due to concerns about credit availability and concerns about the Michigan economy in particular. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement. United Bancorp, Inc. undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

Unaudited Consolidated Financial Statements Follow.

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United Bancorp, Inc. and Subsidiaries
Comparative Consolidated Balance Sheet Data (Unaudited)
Dollars in thousands	Sept. 30,		June 30,			Percent			Dec 31			Percent			Sept. 30,		Percent
Period-end Balance Sheet	2009		2009			Change			2008			Change			2008		Change
Assets
Cash and due from banks	$	12,735	$	15,263			-16.6	%	$	18,472			-31.1	%	$	16,856		-24.4	%
Interest bearing bal. with banks		60,872		25,046			143.0	%		-			100.0	%		-		100.0	%
Federal funds sold		27,896		30,362			100.0	%		-			0.0	%		-		0.0	%
Total cash & cash equivalents		101,503		70,671			43.6	%		18,472			449.5	%		16,856		502.2	%
Securities available for sale		102,277		94,475			8.3	%		82,101			24.6	%		75,021		36.3	%
FHLB Stock		2,992		2,992			0.0	%		2,992			0.0	%		2,992		0.0	%
Loans held for sale		7,898		13,800			-42.8	%		4,988			58.3	%		7,107		11.1	%
Portfolio loans
Personal		111,601		110,796			0.7	%		112,095			-0.4	%		110,136		1.3	%
Business		470,239		470,829			-0.1	%		482,564			-2.6	%		475,648		-1.1	%
Residential mortgage		93,466		95,946			-2.6	%		102,360			-8.7	%		97,280		-3.9	%
Total portfolio loans		675,306		677,571			-0.3	%		697,019			-3.1	%		683,064		-1.1	%
Allowance for loan losses		26,003		21,050			23.5	%		18,312			42.0	%		14,335		81.4	%
Net loans		649,303		656,521			-1.1	%		678,707			-4.3	%		668,729		-2.9	%
Premises and equipment, net		12,466		12,649			-1.4	%		13,205			-5.6	%		12,621		-1.2	%
Goodwill		-		-						3,469			-100.0	%		3,469		-100.0	%
Bank owned life insurance		12,817		12,692			1.0	%		12,447			3.0	%		12,319		4.0	%
Other assets		20,592		19,330			6.5	%		16,012			28.6	%		16,234		26.8	%
Total Assets	$	909,848	$	883,130			3.0	%	$	832,393			9.3	%	$	815,347		11.6	%
Liabilities
Deposits
Non-interest bearing	$	98,986	$	107,613			-8.0	%	$	89,487			10.6	%	$	88,212		12.2	%
Interest bearing		684,713		643,671			6.4	%		620,062			10.4	%		598,341		14.4	%
Total deposits		783,699		751,284			4.3	%		709,549			10.5	%		686,553		14.1	%
Fed funds borrowed		-		-						-			0.0	%		-		-100.0	%
FHLB advances outstanding		42,114		44,126			-4.6	%		50,036			-15.8	%		51,951		-18.9	%
Other liabilities		2,070		3,433			-39.7	%		3,357			-38.3	%		4,077		-49.2	%
Total Liabilities		827,883		798,843			3.6	%		762,942			8.5	%		742,581		11.5	%
Shareholders' Equity		81,965		84,287			-2.8	%		69,451			18.0	%		72,766		12.6	%
Total Liabilities and Equity	$	909,848	$	883,130			3.0	%	$	832,393			9.3	%	$	815,347		11.6	%
			Third Quarter									Year to Date
Average Balance Data				2009			2008		% Change				2009			2008	% Change
Total loans			$	689,959		$	673,548			2.4	%	$	697,776		$	664,499		5.0	%
Earning assets				866,377			765,119			13.2	%		853,198			766,044		11.4	%
Total assets				898,426			801,175			12.1	%		878,729			798,707		10.0	%
Deposits				760,086			668,354			13.7	%		745,158			666,411		11.8	%
Shareholders' Equity				85,066			72,890			16.7	%		85,149			72,948		16.7	%
Asset Quality
Net charge offs			$	3,247		$	1,973			64.6	%	$	12,779		$	1,611		693.2	%
Non-accrual loans				30,017			13,986			114.6	%
Non-performing loans				35,366			16,717			111.6	%
Non-performing assets				38,352			20,270			89.2	%
Nonperforming loans/total loans				5.24	%		2.45	%		114.0	%
Allowance for loan loss/total loans				3.85	%		2.10	%		83.5	%
Allowance/nonperforming loans				73.5	%		85.8	%		-14.3	%

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United Bancorp, Inc. and Subsidiaries
Comparative Consolidated Income Statement and Performance Data (Unaudited)
Dollars in thousands except per share data		Three months ended Sept. 30,									Nine months ended Sept. 30,
Consolidated Income Statement		2009			2008			% Change			2009			2008			% Change
Interest Income
	Interest and fees on loans	$	9,943		$	10,747			-7.5	%	$	30,275		$	32,645			-7.3	%
	Interest on investment securities		791			868			-8.9	%		2,444			2,755			-11.3	%
	Interest on fed funds sold & bank balances		41			3			1266.7	%		92			125			-26.4	%
	Total interest income		10,775			11,618			-7.3	%		32,811			35,525			-7.6	%
Interest Expense
	Interest on deposits		2,475			3,477			-28.8	%		8,046			11,367			-29.2	%
	Interest on federal funds purchased		-			20			-100.0	%		-			95			-100.0	%
	Interest on FHLB advances		440			583			-24.5	%		1,430			1,661			-13.9	%
	Total interest expense		2,915			4,080			-28.6	%		9,476			13,123			-27.8	%
Net Interest Income			7,860			7,538			4.3	%		23,335			22,402			4.2	%
Provision for loan losses			8,200			3,300			148.5	%		20,470			5,610			264.9	%
Net Interest Income After Provision			(340	)		4,238			-108.0	%		2,865			16,792			-82.9	%
Noninterest Income
	Service charges on deposit accounts		694			883			-21.4	%		2,076			2,600			-20.2	%
	Trust & Investment fee income		1,045			1,074			-2.7	%		2,989			3,387			-11.8	%
	Gains (losses) on securities transactions		-			2			100.0	%		(13	)		106			-112.3	%
	Income from loan sales and servicing		1,405			724			94.1	%		5,161			2,140			141.2	%
	ATM, debit and credit card fee income		601			579			3.8	%		1,699			1,699			0.0	%
	Income from bank-owned life insurance		125			124			0.8	%		370			359			3.1	%
	Other income		211			281			-24.9	%		595			681			-12.6	%
	Total noninterest income		4,081			3,667			11.3	%		12,877			10,972			17.4	%
Noninterest Expense
	Salaries and employee benefits		4,268			3,962			7.7	%		13,635			12,432			9.7	%
	Occupancy and equipment expense		1,323			1,257			5.3	%		3,979			3,716			7.1	%
	External data processing		439			435			0.9	%		1,277			1,311			-2.6	%
	Advertising and marketing expenses		174			282			-38.3	%		572			972			-41.2	%
	Attorney & other professional fees		354			239			48.1	%		837			707			18.4	%
	Director fees		112			107			4.7	%		336			322			4.3	%
	Expenses relating to ORE property		828			468			76.9	%		1,496			544			175.0	%
	FDIC Insurance premiums		332			85			290.6	%		1,334			228			485.1	%
	Goodwill impairment		-			-			0.0	%		3,469			-			100.0	%
	Other expense		613			788			-22.2	%		2,228			2,440			-8.7	%
	Total noninterest expense		8,443			7,623			10.8	%		29,163			22,672			28.6	%
Income (Loss) Before Federal Income Tax			(4,702	)		282			-1767.4	%		(13,421	)		5,092			-363.6	%
Federal income tax			(1,812	)		(114	)		1489.5	%		(5,070	)		1,112			-555.9	%
Net Income (Loss)		$	(2,890	)	$	396			-829.8	%	$	(8,351	)	$	3,980			-309.8	%
Performance Ratios
Return on average assets			-1.28	%		0.20	%		-738.0	%		-1.27	%		0.66	%		-292.5	%
Return on average equity			-13.48	%		2.14	%		-729.7	%		-13.11	%		7.24	%		-281.1	%
Pre-tax, pre-provision ROA (1)			1.56	%		1.79	%		-12.9	%		1.60	%		1.79	%		-10.4	%
Net interest margin (FTE)			3.77	%		4.16	%		-9.4	%		3.83	%		4.10	%		-6.6	%
Efficiency ratio			69.3	%		66.5	%		4.1	%		78.9	%		66.5	%		18.8	%
Common Stock Performance
Basic & diluted earnings (loss) per share		$	(0.62	)	$	0.08			-875.0	%	$	(1.78	)	$	0.78			-328.2	%
Dividends per share			0.00			0.20			-100.0	%		0.02			0.60			-96.7	%
Dividend payout ratio			0.0	%		256.4	%		-100.0	%	NA				76.9	%	NA
Book value per share											$	12.22		$	14.40			-15.1	%
Market value per share (2)												6.00			10.00			-40.0	%
(1)	Excludes first quarter 2009 goodwill impairment charge
(2)	Market value per share is based on the last reported transaction on OTCBB before period end.

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United Bancorp, Inc. and Subsidiaries
Trends of Selected Consolidated Financial Data (Unaudited)
Dollars in thousands except per share data		2009									2008
Balance Sheet Data		3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
Period-end:
Portfolio loans		$	675,306		$	677,571		$	690,355		$	697,019		$	683,064
Total loans			683,204			691,371			694,048			702,007			690,171
Allowance for loan losses			26,003			21,050			20,698			18,312			14,335
Earning assets			877,241			844,246			839,974			787,100			768,184
Total assets			909,848			883,130			878,338			832,393			815,347
Deposits			783,699			751,284			741,282			709,549			686,553
Shareholders' Equity			81,965			84,287			85,254			69,451			72,766
Average:
	Total loans	$	689,959		$	699,115		$	704,412		$	697,865		$	673,548
	Earning assets		866,377			845,415			837,712			793,937			765,119
	Total assets		898,426			887,913			866,243			836,741			801,175
	Deposits		760,086			746,346			727,715			706,757			668,354
	Shareholders' Equity		85,066			85,493			86,081			72,343			72,890
Income Statement Summary
Net interest income		$	7,860		$	7,913		$	7,562		$	7,342		$	7,538
Provision for loan losses			8,200			5,400			6,870			8,997			3,300
Non-interest income			4,081			4,713			4,083			2,538			3,667
Non-interest expense (1)			8,443			8,699			8,553			7,291			7,623
Federal income tax			(1,812	)		(711	)		(2,547	)		(2,392	)		(114	)
Net income (loss)		$	(2,890	)	$	(762	)	$	(4,699	)	$	(4,016	)	$	396
Basic & diluted earnings (loss) per common share		$	(0.62	)	$	(0.20	)	$	(0.96	)	$	(0.79	)	$	0.08
Performance Ratios and Liquidity
Return on average assets			-1.28	%		-0.34	%		-2.20	%		-1.91	%		0.20	%
Return on average common equity			-13.48	%		-3.54	%		-22.14	%		-22.08	%		2.14	%
Pre-tax, pre-provision ROA (1)			1.56	%		1.77	%		1.43	%		1.24	%		1.78	%
Net interest margin (FTE)			3.77	%		3.88	%		3.84	%		3.87	%		4.16	%
Efficiency ratio			69.3	%		67.6	%		101.1	%		72.0	%		66.5	%
Ratio of loans to deposits			86.2	%		90.2	%		93.1	%		98.2	%		99.5	%
Asset Quality
Net charge offs		$	3,247		$	5,048		$	4,484		$	5,020		$	1,973
Non-accrual loans			30,017			23,889			25,962			20,019			13,986
Non-performing loans			35,366			27,547			29,181			21,522			16,717
Non-performing assets			38,352			31,213			32,582			24,981			20,270
Nonperforming loans/total loans			5.24	%		4.07	%		4.23	%		3.09	%		2.45	%
Allowance for loan loss/total loans			3.85	%		3.11	%		3.00	%		2.63	%		2.10	%
Allowance/nonperforming loans			73.5	%		76.4	%		70.9	%		85.1	%		85.8	%
Market Data for Common Stock
Book value per share		$	12.22		$	12.68		$	12.88		$	13.75		$	14.40
Market value per share (2)
	High		6.90			7.00			10.50			12.99			14.98
	Low		4.74			5.60			5.50			7.55			9.20
	Period-end		6.00			6.10			6.50			7.55			10.00
Period-end shares outstanding			5,059			5,059			5,059			5,053			5,053
Average shares outstanding			5,059			5,059			5,054			5,053			5,053
Capital and Stock Performance
Tier 1 Leverage Ratio			8.9	%		9.4	%		9.7	%		7.9	%		8.7	%
Total capital to risk-weighted assets			13.1	%		13.4	%		13.3	%		10.7	%		11.4	%
Dividends per common share		$	-		$	-		$	0.02		$	0.10		$	0.20
Dividend payout ratio			0.0	%		0.0	%	NA			NA				256.4	%
Price/earnings ratio (TTM)		NA			NA			NA			NA				15.8	x
Period-end common stock market price/book value			49.1	%		48.1	%		50.5	%		54.9	%		69.4	%
(1)	Excludes first quarter 2009 goodwill impairment charge
(2)	Market value per share is based on the last reported transaction on OTCBB before period end.

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