United Bancshares, Inc. Reports 2020 Annual Results
COLUMBUS GROVE, Ohio, March 08, 2021 (GLOBE NEWSWIRE) – United Bancshares, Inc. (NASDAQ: UBOH)
Net income of $ 13.8 million, an increase of $ 3.1 million from 2019
Earnings per share of $ 4.21, an increase of $ 0.95 per share from 2019
Return on average total assets 1.42%, compared to 1.24% at the end of 2019
Return on average equity 13.53% vs. 12.30% at the end of 2019
All the details
Details on our 2020 financial performance are available here.
Comment from our CEO
United Bancshares President and CEO Brian D. Young said, “Despite an unprecedented operating environment, we are delighted to deliver these results and record earnings for the second year in a row. Our 2020 results include a gain on loan sales of $ 15.1 million, paycheck protection program loan origination fees of $ 2.4 million and a decrease in deposit fees of $ 2. $ 4 million. With our earnings for 2020, we were able to prepay all of the bank’s long-term debt and proactively increase the allowance for loan losses as we monitor economic conditions through 2021. Additionally, the Company maintained better credit quality metrics than its peers, reflecting the strength of our loan portfolio. We are very pleased with the early results of our expansion into Paulding County, as well as the successful adoption of technologies such as ITMs and banknote recyclers that increase efficiency, improve operational accuracy and enable our larger strengths, our team members, to focus on customer needs and relationships. We remain steadfast in promoting our core values throughout our processes. The continued achievements of the Company are the undeniable result of the dedicated members of our team and of our Board of Directors in the implementation of our strategic plan. Their efforts and our strong corporate values of respect and responsibility to our shareholders, customers, colleagues and communities are the foundation of our continued success. “
About United Bancshares, Inc.
United Bancshares, Inc. is a financial holding company headquartered in Columbus Grove, Ohio with $ 978.5 million in assets and twenty offices in Northwest and Central Ohio. Founded in 1904, The Union Bank Company provides a full range of personal, residential, small business, commercial, agricultural, cash management, wealth management, brokerage and insurance services. Union Bank also provides a comprehensive list of digital banking services to meet the needs of consumers and businesses from any location. Details of our banking services are available on our website: http://theubank.com/.