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 25, 2007

(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:

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 and Item 7.01 Regulation FD Disclosure
	On October 25, 2007, registrant announced results of operations for the quarter and year to date periods ended September 30, 2007, as set forth in the press release included as Exhibit 99.1, which is incorporated herein by reference.
Item 9.01	Financial Statements and Exhibits
(c)	Exhibits
	99.1    Press Release dated October 25, 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 thereunto duly authorized.

	United Bancorp, Inc. (Registrant) By:
Date: October 25, 2007	/S/ Dale L. Chadderdon             Dale L. Chadderdon Executive Vice President and Chief Financial Officer

2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE
October 25, 2007 CONTACT:      Robert K. Chapman
United Bancorp, Inc.
734-214-3801

UNITED BANCORP, INC. ANNOUNCES THIRD QUARTER AND
YEAR TO DATE 2007 EARNINGS

TECUMSEH, MI — United Bancorp, Inc. (OTC: UBMI) reported net income of $2.338 million for the quarter ended September 30, 2007, compared to $2.267 million for the second quarter of 2007 and $2.445 million for the third quarter of 2006. Net income for the quarter represents the second best quarterly earnings performance in the Company’s history.

Financial Performance

Robert K. Chapman, President and Chief Executive Officer of United Bancorp, Inc. (“United”) announced that United’s earnings per share of $0.45 for the third quarter of 2007 was up from $0.43 for the second quarter of 2007. Returns on average assets and average equity for the third quarter of 2007 were 1.18% and 12.32%, compared with 1.18% and 12.11% in the second quarter of 2007. All per share amounts are fully diluted and have been adjusted to reflect the 100% stock dividend paid in May of 2007.

The Company’s core earnings for the third quarter continue to remain strong, as net interest income was up 2.0%, and noninterest income was up 13.3% over the third quarter a year ago. Noninterest expense was up 4.0% over last quarter, and year to date expenses are just 3.1% higher than the first three quarters of 2006. United’s provision for loan loss increased over the third quarter last year, as the Company addresses issues around credit quality.

Financial Condition

The Company continues to produce excellent loan growth. Consolidated total loans reached $652.5 million at September 30, with growth of $60.1 million, or 10.2% from the same period last year. Total deposits of $658.7 million grew $37.9 million, or 6.1% in the past year. Total consolidated assets of $788.3 million at September 30 have increased 6.5% during the past year, up from $739.9 million at September 30, 2006.

United’s allowance for loan losses at the end of the third quarter of 2007 was $7.7 million, representing 1.18% of total loans. Nonperforming loans totaled $9.0 million at September 30, 2007, reflecting an increase from the end of the second quarter. The Company’s ratio of nonperforming loans to loans increased to 1.38% at the end of the third quarter.

CEO Chapman commented that management continues to be concerned about the weak economic conditions in Michigan, and the related impact that it is having on the residential housing segment of our State economy. He indicated that the management team is focused on our credit quality issues around residential housing, and is working hard with borrowers who are being negatively impacted by this difficult housing market. Chapman noted that while there continues to be considerable negative press regarding subprime lending, United is not involved in the subprime lending business.

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 seventeen 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.

3

Unaudited Consolidated Financial Statements Follow.

Safe Harbor Statement

This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and about the Company itself. Words such as “anticipate,” “believe,” “determine,” “estimate,” “expect,” “forecast,” “intend,” “is likely,” “plan,” “project,” “opinion,” variations of such terms, and similar expressions are intended to identify such forward-looking statements. The presentations and discussions of the provision and allowance for loan losses presented in this report are inherently forward-looking statements in that they involve judgments and statements of belief as to the outcome of future events.

These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions 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. Internal and external factors that may cause such a difference include changes in economic conditions in the market area the Company conducts business which could materially impact credit quality trends, interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of pending and future litigation and contingencies; trends in customer behavior and customer ability to repay loans; software failure, errors or miscalculations; and the vicissitudes of the national economy. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

###

4

United Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands except per share data)

	September 30,		December 31,		September 30,
	2007		2006		2006
Assets
Cash and demand balances in other banks	$	14,729	$	17,606	$	20,207
Federal funds sold		—		3,770		1,700
Total cash and cash equivalents		14,729		21,376		21,907
Securities available for sale		87,691		95,811		94,442
Loans held for sale		3,885		5,772		2,376
Portfolio loans
Personal		98,331		91,817		88,411
Business		455,613		420,433		419,679
Residential Mortgage		94,682		83,741		81,915
Total loans		652,511		601,763		592,381
Less allowance for loan losses		7,714		7,849		6,994
Net loans		644,797		593,914		585,388
Premises and equipment, net		13,205		13,215		12,744
Goodwill		3,469		3,469		3,469
Bank owned life insurance		11,840		11,499		11,394
Accrued interest receivable and other assets		12,566		11,705		10,552
Total Assets	$	788,297	$	750,989	$	739,896
Liabilities
Deposits
Non-interest bearing	$	78,333	$	81,373	$	86,364
Interest bearing deposits		580,327		546,629		534,407
Total deposits		658,660		628,002		620,772
Short term borrowings		4,830		77		76
FHLB Advances outstanding		44,625		40,945		39,608
Accrued interest payable and other liabilities		4,648		7,430		6,129
Total Liabilities		712,763		676,453		666,585
Shareholders’ Equity
Common stock and paid in capital, no par value;
10,000,000 shares authorized; 5,133,444, 5,247,432 and
5,247,448 shares issued and outstanding, respectively		68,719		71,075		70,937
Retained earnings		6,603		3,393		2,204
Accumulated other comprehensive income (loss), net of tax		212		68		170
Total Shareholders’ Equity		75,534		74,536		73,312
Total Liabilities and Shareholders’ Equity	$	788,297	$	750,989	$	739,896
Book value per share of common stock	$	14.71	$	14.20	$	13.97
(Per share values restated to reflect 2007 stock dividend)

5

United Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
(Dollars in thousands except per share data)

	Quarter to Date					Year to Date
	September 30,			September 30,		September 30,		September 30,
	2007			2006		2007		2006
Interest Income
Interest and fees on loans	$	12,313.1		$	11,085.5	$	35,319.6	$	31,621.3
Interest on investment securities		996.6			983.1		3,081.9		2,770.1
Interest on federal funds sold		12.7			98.7		154.7		290.7
Total interest income		13,322.4			12,167.2		38,556.2		34,682.2
Interest Expense
Interest on deposits		5,149.0			4,269.1		14,514.4		11,434.0
Interest on fed funds purchased		73.1			6.7		160.0		47.4
Interest on FHLB advances		520.3			463.4		1,531.8		1,370.7
Total interest expense		5,742.4			4,739.3		16,206.3		12,852.1
Net Interest Income		7,580.0			7,427.9		22,349.9		21,830.2
Provision for loan losses		617.5			396.2		2,836.2		1,201.7
Net Interest Income After
Provision for Loan Losses		6,962.5			7,031.7		19,513.7		20,628.5
Noninterest Income
Service charges on deposit accounts		935.1			887.7		2,623.4		2,482.7
Trust & Investment fee income		933.2			914.9		2,822.4		2,821.4
Gains (losses) on securities transactions		(0.0	)		—		0.7		(1.7	)
Income from loan sales and servicing		472.8			236.6		1,241.9		629.2
ATM, debit and credit card fee income		544.9			493.0		1,548.9		1,409.2
Sales of nondeposit investment products		249.0			303.8		747.9		786.4
Income from bank-owned life insurance		118.6			102.1		340.6		302.1
Other income		284.5			184.6		759.7		635.1
Total noninterest income		3,538.2			3,122.9		10,085.5		9,064.4
Noninterest Expense
Salaries and employee benefits		3,987.7			3,800.2		11,330.0		11,497.1
Occupancy and equipment expense		1,228.1			1,103.2		3,645.6		3,280.0
External data processing		430.7			379.9		1,153.8		1,061.0
Advertising and marketing		279.3			281.9		941.6		819.4
Other expense		1,341.2			1,177.1		3,876.1		3,658.6
Total noninterest expense		7,267.0			6,742.3		20,947.2		20,316.1
Income Before Federal Income Tax		3,233.7			3,412.3		8,652.1		9,376.8
Federal income tax		895.4			966.8		2,320.6		2,602.3
Net Income	$	2,338.3		$	2,445.4	$	6,331.4	$	6,774.4
Basic and diluted earnings per share	$	0.45		$	0.46	$	1.20	$	1.28
(Earnings per share restated to reflect 2007 stock dividend)

6

United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)

	Quarter to Date
	September 30,						Change
	2007			2006			Amount			Percentage
Financial Summary
Interest Income	$	13,322.4		$	12,167.2		$	1,155.2			9.5	%
Interest Expense		5,742.4			4,739.3			1,003.1			21.2	%
Net Interest Income		7,580.0			7,427.9			152.1			2.0	%
Provision for loan losses		617.5			396.2			221.3			55.9	%
Non-interest income		3,538.2			3,122.9			415.3			13.3	%
Non-interest expense		7,267.0			6,742.3			524.7			7.8	%
Income before taxes		3,233.7			3,412.3			(178.6	)		-5.2	%
Federal income tax		895.4			966.8			(71.4	)		-7.4	%
Net income	$	2,338.3		$	2,445.4		$	(107.2	)		-4.4	%
Performance Ratios
Return on average assets (annualized)		1.18	%		1.32	%		-0.14	%		-10.6	%
Return on average equity (annualized)		12.32	%		13.52	%		-1.20	%		-8.9	%
Net interest margin (tax equivalent)		4.21	%		4.43	%		-0.22	%		-4.9	%
Efficiency ratio		64.0	%		62.6	%		1.41	%		-2.3	%
Balance Sheet Data
Average earning assets		748,878			695,353			53,525			7.7	%
Total loans		652,511			592,381			60,129			10.2	%
Allowance for loan loss		7,714			6,994			720			10.3	%
Average loans		648,026			581,269			66,757			11.5	%
Total deposits		658,660			620,772			37,888			6.1	%
Average deposits		654,216			615,475			38,741			6.3	%
Total assets		788,297			739,896			48,400			6.5	%
Average assets		784,135			736,740			47,395			6.4	%
Asset Quality
Net charge offs		464			270			194			71.8	%
Non-accrual loans		7,467			2,869			4,598			160.3	%
Non-performing loans		8,999			3,029			5,970			197.1	%
Loans over 90 days past due/total loans		0.23	%		0.03	%		0.21	%		769.8	%
Nonperforming loans/total loans		1.38	%		0.51	%		0.87	%		169.7	%
Allowance for loan loss/total loans		1.18	%		1.18	%		0.00	%		0.1	%
Allowance for loan loss/nonperforming loans		85.7	%		230.9	%		-145.2	%		-62.9	%
Other real estate owned		1,938			551			1,387			251.5	%
Stock Performance
Earnings per share:
Basic and diluted	$	0.45		$	0.46		$	(0.02	)		-3.3	%
Market Value:
High	$	22.50		$	23.55		$	(1.05	)		-4.5	%
Low	$	20.20		$	21.87		$	(1.67	)		-7.6	%
Close	$	20.75		$	22.50		$	(1.75	)		-7.8	%
Shares outstanding		5,133,444			5,247,448			(114,004	)		-2.2	%
Dividends/share	$	0.20		$	0.19		$	0.02			8.1	%
Dividend payout ratio		44.8	%		40.1	%		4.71	%		11.7	%
Price/Earnings ratio (prior 12 months)		12.9x			13.1x			-0.3x			-2.0	%
Selling price/Book		141.0	%		161.0	%		-20.0	%		-12.4	%
Book Value per share	$	14.71		$	13.97		$	0.74			5.3	%
All per-share data is restated to reflect 100% stock dividend in 2007

7

United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)

	Year to Date
	September 30,						Change
	2007			2006			Amount			Percentage
Financial Summary
Interest Income	$	38,556.2		$	34,682.2		$	3,873.9			11.2	%
Interest Expense		16,206.3			12,852.1			3,354.2			26.1	%
Net Interest Income		22,349.9			21,830.2			519.7			2.4	%
Provision for loan losses		2,836.2			1,201.7			1,634.5			136.0	%
Non-interest income		10,085.5			9,064.4			1,021.2			11.3	%
Non-interest expense		20,947.2			20,316.1			631.0			3.1	%
Income before taxes		8,652.1			9,376.8			(724.7	)
Federal income tax		2,320.6			2,602.3			(281.7	)		-10.8	%
Net income	$	6,331.4		$	6,774.4		$	(443.0	)		-6.5	%
Performance Ratios
Return on average assets (annualized)		1.10	%		1.25	%		-0.15	%		-12.00	%
Return on average equity (annualized)		11.28	%		12.89	%		-1.61	%		-12.49	%
Net interest margin (tax equivalent)		4.26	%		4.46	%		-0.20	%		-4.40	%
Efficiency ratio		63.1	%		64.3	%		-1.2	%		1.85	%
Balance Sheet Data
Average earning assets		735,425			684,733			50,692			7.4	%
Total loans		652,511			592,381			60,129			10.2	%
Allowance for loan loss		7,714			6,994			720			10.3	%
Average loans		628,272			568,629			59,643			10.5	%
Total deposits		658,660			620,772			37,888			6.1	%
Average deposits		641,136			605,318			35,818			5.9	%
Total assets		788,297			739,896			48,400			6.5	%
Average assets		770,431			726,040			44,391			6.1	%
Asset Quality
Net charge offs		2,971			569			2,402			422.3	%
Non-accrual loans		7,467			2,869			4,598			160.3	%
Non-performing loans		8,999			3,029			5,970			197.1	%
Loans over 90 days past due/total loans		0.23	%		0.03	%		0.21	%		769.8	%
Nonperforming loans/total loans		1.38	%		0.51	%		0.87	%		169.7	%
Allowance for loan loss/total loans		1.18	%		1.18	%		0.00	%		0.1	%
Allowance for loan loss/nonperforming loans		85.7	%		230.9	%		-145.2	%		-62.9	%
Stock Performance
Earnings per share:
Basic and diluted	$	1.20		$	1.28		$	(0.08	)		-6.2	%
Market Value:
High	$	24.00		$	29.31		$	(5.31	)		-18.1	%
Low	$	20.20		$	21.39		$	(1.19	)		-5.6	%
Close	$	20.75		$	22.50		$	(1.75	)		-7.8	%
Shares outstanding		5,133,444			5,247,448			(114,004	)		-2.2	%
Dividends/share	$	0.59		$	0.54		$	0.05			9.3	%
Dividend payout ratio		49.2	%		42.3	%		6.95	%		16.5	%
Price/Earnings ratio (prior 12 months)		12.9x			13.1x			-0.3x			-2.0	%
Selling price/Book		141.0	%		161.0	%		-20.0	%		-12.4	%
Book Value per share	$	14.71		$	13.97		$	0.74			5.3	%
All per-share data is restated to reflect 100% stock dividend in 2007

8

United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)

	Quarter Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2007			2007			2007			2006			2006
Financial Summary
Interest Income	$	13,322.4			12,880.3			12,353.5			12,373.5			12,167.2
Interest Expense		5,742.4			5,402.4			5,061.5			4,950.1			4,739.3
Net Interest Income		7,580.0			7,477.9			7,292.0			7,423.4			7,427.9
Provision for loan losses		617.5			710.0			1,508.7			921.3			396.2
Non-interest income		3,538.2			3,338.3			3,209.1			3,110.5			3,122.9
Non-interest expense		7,267.0			6,990.4			6,689.7			6,597.9			6,742.3
Income before taxes		3,233.7			3,115.7			2,302.7			3,014.7			3,412.3
Federal income tax		895.4			848.6			576.7			817.6			966.8
Net income	$	2,338.3		$	2,267.2		$	1,726.0		$	2,197.1		$	2,445.4
Performance Ratios
Return on average assets (annualized)		1.18	%		1.18	%		0.92	%		1.18	%		1.32	%
Return on average equity (annualized)		12.32	%		12.11	%		9.35	%		11.85	%		13.52	%
Net interest margin (tax equivalent)		4.21	%		4.29	%		4.30	%		4.39	%		4.43	%
Efficiency ratio		64.0	%		63.2	%		62.3	%		61.2	%		62.6	%
Balance Sheet Data
Average earning assets		748,878			733,693			720,664			703,339			695,353
Total loans		652,511			640,065			615,104			601,763			592,382
Allowance for loan loss		7,714			7,561			9,229			7,849			6,994
Average loans		648,026			630,439			605,872			592,948			581,269
Total deposits		658,660			656,866			636,413			628,002			620,772
Average deposits		654,216			636,702			632,500			618,066			615,475
Total assets		788,297			781,640			760,473			750,989			739,896
Average assets		784,135			768,165			758,816			741,678			736,740
Asset Quality
Net charge offs		464			2,379			128			66			270
Non-accrual loans		7,467			7,261			10,629			5,427			2,869
Non-performing loans		8,999			7,514			10,855			6,282			3,029
Non-performing assets		10,978			8,672			11,966			7,360			3,585
Loans over 90 days past due/total loans		0.23	%		0.04	%		0.04	%		0.14	%		0.03	%
Nonperforming loans/total loans		1.38	%		1.17	%		1.76	%		1.04	%		0.51	%
ALL/total loans		1.18	%		1.18	%		1.50	%		1.30	%		1.18	%
ALL/nonperforming loans		85.7	%		100.6	%		85.0	%		124.9	%		230.9	%
Stock Performance
Earnings per share:
Basic and diluted	$	0.45		$	0.43		$	0.33		$	0.41		$	0.46
Market Value:
High	$	22.50		$	24.00		$	23.50		$	22.50		$	23.55
Low	$	20.20		$	21.75		$	21.88		$	22.00		$	21.87
Close	$	20.75		$	21.75		$	22.05		$	22.50		$	22.50
Shares outstanding		5,133,444			5,216,770			5,242,572			5,247,432			5,247,448
Dividends/share	$	0.20		$	0.20		$	0.19		$	0.19		$	0.19
Dividend payout ratio		44.8	%		46.6	%		58.5	%		45.9	%		40.1	%
Price/Earnings ratio (prior 12 months)		12.9x			13.4x			13.7x			13.3x			13.1x
Selling price/Book		141.0	%		150.3	%		153.6	%		158.4	%		161.1	%
Book Value per share	$	14.71		$	14.47		$	14.36		$	14.21		$	13.97
All per-share data is restated to reflect 100% stock dividend in 2007

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