United Bancshares Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 29, 2014 at 04:16 pm
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United Bancshares Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income of $1,080,000, or $0.31 basic earnings per share compared to fourth quarter 2012 net income of $1,175,000 or $0.34 per share. Compared with the same period in 2012, fourth quarter net income decreased $95,000, 8.1% primarily due to a $166,000 decrease in net interest income, a $91,000 decrease in non-interest income and a $438,000 increase in non-interest expenses offset by a $533,000 decrease in provision for loan losses and a $67,000 decrease in the provision for income taxes. Net income totaled $4,641,000, or $1.35 basic earnings per share compared to $4,485,000 or $1.30 basic earnings per share for the same period in 2012. Compared with the same period in 2012, net income increased $156,000, or 3.5%. The increase in net income for the year was primarily the result of a decrease in provision for loan losses of $1,033,000, a decrease in non-interest expenses of $489,000 and an increase in non-interest income of $115,000 offset by a decrease in net interest income of $1,312,000, and an increase in the provision for income taxes of $169,000.
For the full year, the company reported net income of $4,641,000 or $1.35 per share on interest income $19,854,000 against net income of $4,485,000 or $1.30 per share on interest income $22,592,000 a year ago. Net interest income was $16,604,000 compared to $17,916,000 a year ago. Income before income taxes was $5,881,000 compared to $5,556,000 a year ago. Book value as at December 31, 2013 was $18.31 per share. Return on average assets was 0.83% compared to 0.79% a year ago. Return on average equity was 7.33% compared to 7.23% a year ago.
United Bancshares, Inc. is a financial holding company. Its principal subsidiary is The Union Bank Company (Union Bank). Its core business operations are conducted through its subsidiaries, Union Bank and UBC Risk Management, Inc. (UBC Risk Management). Union Bank is a full-service community bank offering a full range of commercial and consumer banking services. Union Bank offers a range of deposit services, including checking accounts, savings and money market accounts, certificates of deposit and individual retirement accounts. Wealth management services are offered by Union Bank through an arrangement with LPL Financial LLC, a registered broker/dealer. Union Bankâs loan products include commercial and residential real estate loans, agricultural loans, commercial and industrial loans, home equity loans, various types of consumer loans and others. UBC Risk Management is a captive insurance subsidiary that insures various liability and property damage policies for the Company.