United Bancorp Inc. Reports 9% Asset Growth and 12.4% Increase in Net Income for Fiscal Year 2024

United Bancorp Inc., a bank holding company based in Martins Ferry, Ohio, reported a significant increase in its financial performance for the fiscal year ending December 31, 2024. The company achieved total assets of $802.1 million, up from $735.8 million in 2023, marking an increase of approximately 9.0%. Net interest income rose to $27.4 million, compared to $25.6 million in the previous year, reflecting a growth of 7.3%. The net income for the year was reported at $8.1 million, a 12.4% increase from $7.2 million in 2023, resulting in earnings per share of $1.36, up from $1.21.

The company experienced notable changes in its loan portfolio, with total loans outstanding increasing to $390.5 million, up from $384.5 million in 2023. The allowance for credit losses also saw an increase, reaching $4.0 million, which represents 0.82% of total loans, compared to 0.81% in the prior year. This adjustment reflects the company's proactive approach to managing credit risk amid changing economic conditions. Additionally, the company maintained a well-capitalized status, exceeding minimum capital requirements as of December 31, 2024.

Strategically, United Bancorp has focused on expanding its geographic footprint and enhancing its service offerings. The bank operates 18 branches across northeastern and southeastern Ohio, as well as the Northern panhandle of West Virginia. The company has no significant acquisitions or product launches reported during this fiscal year, but it continues to invest in its existing infrastructure to improve customer service and operational efficiency. The employee headcount remained stable at 115 full-time employees, with 31 in management roles.

In terms of market position, United Bancorp ranked third in total deposit market share in its primary market of Belmont County, Ohio, competing against approximately 27 other financial institutions. The bank's competitive strategy includes focusing on customer engagement and retention, which is reflected in its stable customer base and growing loan portfolio. The company reported an increase in noninterest-bearing deposits, which totaled $152.0 million, contributing to its overall financial stability.

Looking ahead, United Bancorp expressed optimism about its growth prospects, citing a favorable economic environment and a commitment to enhancing its service offerings. The company plans to continue monitoring market conditions and adjusting its strategies accordingly to maintain its competitive edge. Management remains focused on improving operational efficiencies and expanding its customer base while ensuring compliance with regulatory requirements.