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.