UNITED BANCSHARES, INC. ANNOUNCES SECOND QUARTER 2024 RESULTS AND $0.22 DIVIDEND

COLUMBUS GROVE, Ohio, July 18, 2024 /PRNewswire/ — United Bancshares, Inc. (OTCQX: UBOH)

Quarterly cash dividend declared of $0.22 per share for shareholders of record on August 30, 2024, payable on September 16, 2024. Based on the average closing price for the second quarter, this is a 4.73% dividend yield.Net income of $1.8 million or $0.61 per share for the 2024 second quarter. This is down from $2.4 million or $0.78 per share in the comparable period in 2023. YTD 2024 net income of $3.7 million or $1.22 per share, down from $4.3 million or $1.38 YTD 2023.Return on average assets of 0.68% for the 2024 second quarter, down from 0.88% in the comparable period in 2023. YTD 2024 return on average assets of 0.68%, down from 0.78% YTD 2023.Return on average tangible equity of 12.27% for the 2024 second quarter, down from 16.70% in the comparable period in 2023. YTD 2024 return on average tangible equity of 11.78%, down from 15.09% YTD 2023.Net interest margin of 3.12% for the 2024 second quarter, down from 3.47% in the comparable period in 2023. YTD 2024 net interest margin of 3.07%, down from 3.50% YTD 2023.Loan growth of $12.1 million, up 3.42% annualized from December 31, 2023.Deposit growth of $77.4 million, up 16.25% annualized from December 31, 2023.Asset quality metrics remain strong with stable non-performing and classified loans. Charge-offs remain at historically low levels through June 30, 2024.

About The Union Bank Company: 
Since 1904, The Union Bank Company has been here to provide full-service banking to the people and businesses throughout the communities we serve. Today, the bank has grown to include 18 offices across Northwest and Central Ohio, including Bowling Green, Columbus Grove, Delphos, Findlay, Gahanna, Gibsonburg, Kalida, Leipsic, Lewis Center, Lima, Marion, Ottawa, Paulding, Pemberville and Westerville. The Union Bank Company is headquartered in Columbus Grove, Ohio, and remains committed to providing the very best banking service and products to all the communities we serve. Learn more at www.theubank.com.

United Bancshares, Inc. 
Quarterly Report
June 30, 2024

Shareholders, Clients, and Team Members: 

Despite being in a historically long period of time with an inverted yield curve which has decimated net interest income at your Company and throughout our industry, your Company is reporting pre-tax income of approximately $3.9 million (11.78% return on average tangible shareholders’ equity) for the six months ended June 30, 2024. 

In addition to the Company’s continued strong liquidity position and asset quality metrics, during the first six months, we were able to opportunistically repurchase shares, redeploy investment securities into client loans, grow deposits, and stabilize deposit costs. Those results enabled the Company to have positive net interest income momentum going into the second half of 2024 for the first time in 18 months.

I am also pleased to report that the Board of Directors declared a $0.22 per common share dividend payable September 16, 2024, to shareholders of record at the close of business on August 30, 2024. The dividend is approximately 36% of the reported net income for the second quarter of 2024.

The efforts of the team and our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities are the foundation for the continued success of your Company. Thank you for your ongoing support and the trust you have placed in us.

Respectfully,

Brian D. Young
President & CEO

Financial Information (Unaudited)

Investor Materials
United Bancshares, Inc. has traded its common stock on the OTCQX Markets Exchange under the symbol “UBOH”. Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Investor Relations section of our website theubank.com or by calling 800-837-8111.

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SOURCE United Bancshares, Inc.