Wed, May 15, 3:00 PM (73 days ago)
United Bancorp, Inc. reported a net income of $1,993,000 for Q1 2024, a 5.6% increase from Q1 2023. Diluted earnings per share rose to $0.35 from $0.33. Despite facing a challenging interest rate environment, the company managed a 17.2% increase in total interest income, offset by a 96.4% rise in interest expenses, resulting in a 4.8% decline in net interest income. The net interest margin decreased by 29 basis points to 3.46%. Total assets stood at $834.0 million, with a slight decrease in total deposits by $27.6 million. The company also executed a securities portfolio rebalancing strategy, incurring a $194,000 loss but expecting long-term benefits. Noninterest expenses were reduced by $600,000, aided by an Employee Retention Credit. The allowance for credit losses remained stable at 0.81% of total loans. The company's equity improved to $63.2 million, maintaining a well-capitalized position. Future performance is expected to benefit from new growth initiatives and continued focus on revenue enhancement.