# United Bancorp Inc: Form 10-Q for the period ended Jun 30, 2023

- Company: [United Bancorp Inc](/companies/ubcp.md) (CIK 731653)
- Form: 10-Q
- Filed: 2023-08-14
- Accepted by EDGAR: Aug 14, 2023, 10:57 ET
- Period: 2023-06-30
- Accession: 0001410578-23-001850
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/731653/000141057823001850/ubcp-20230630x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/731653/000141057823001850/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2023-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Interest expense | 3 months, 2023-04-01 to 2023-06-30 | $2.9m | us-gaap:InterestExpense |
| Interest expense | 6 months, 2023-01-01 to 2023-06-30 | $4.7m | us-gaap:InterestExpense |
| Income tax | 3 months, 2023-04-01 to 2023-06-30 | $168.0k | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2023-01-01 to 2023-06-30 | $281.0k | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2023-04-01 to 2023-06-30 | $2.3m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2023-01-01 to 2023-06-30 | $4.2m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2023-04-01 to 2023-06-30 | $0.40 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2023-01-01 to 2023-06-30 | $0.73 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2023-04-01 to 2023-06-30 | $0.40 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2023-01-01 to 2023-06-30 | $0.73 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2023-04-01 to 2023-06-30 | 5,496,049 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2023-01-01 to 2023-06-30 | 5,490,620 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2023-01-01 to 2023-06-30 | $3.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2023-01-01 to 2023-06-30 | $526.0k | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 6 months, 2023-01-01 to 2023-06-30 | $2.8m | us-gaap:PaymentsOfDividends |
| Share repurchases | 6 months, 2023-01-01 to 2023-06-30 | $733.0k | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Total assets | at 2023-06-30 | $830.3m | us-gaap:Assets |
| Total liabilities | at 2023-06-30 | $771.9m | us-gaap:Liabilities |
| Shareholders' equity | at 2023-06-30 | $58.4m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 2,261 characters.

ISSUER PURCHASES OF EQUITY SECURITIES

| ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period ​ | ​ ​ ​ ​ (a) Total Number of Shares (or Units) Purchased | ​ ​ ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ (b) Average Price Paid Per Share (or Unit) | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ | ​ ​ (c) Total Number of ​ Shares (or Units) ​ Purchased as Part ​ Of Publicly ​ Announced Plans ​ Or Programs | ​ (d) Maximum Number or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
| --- | ---: | --- | --- | ---: | ---: | ---: |
| Month #1 4/1/2023 to 4/30/2023 | –– |  | ​ | –– | –– | –– |
| Month #2 5/1/2023 to 5/31/2023 | 4,568 |  | ​ | 12.36 | –– | –– |
| Month #3 6/1/2023 to 6/30/2023 | –– | ​ | ​ | –– | –– | –– |

The Company adopted the United Bancorp, Inc. Affiliate Banks Directors and Officers Deferred Compensation Plan (the “Plan”), which is an unfunded deferred compensation plan. Amounts deferred pursuant to the Plan remain unrestricted assets of the Company, and the right to participate in the Plan is limited to members of the Board of Directors and Company officers. Under the Plan, directors or other eligible participants may defer fees and up to 50% of their annual incentive award payable to them by the Company, which are used to acquire common shares which are credited to a participant’s respective account. Except in the event of certain emergencies, no distributions are to be made from any account as long as the participant continues to be an employee or member of the Board of Directors. Upon termination of service, the aggregate number of shares credited to a participant’s account is distributed with any cash proceeds credited to the account which have not yet been invested in the Company’s stock. All purchases under this deferred compensation plan are funded with either earned director fees or officer incentive award payments. No underwriting fees, discounts, or commissions are paid in connection with the Plan. The shares allocated to participant accounts have not been registered under the Securities Act of 1933 in reliance upon the exemption provided by Section 4(2) thereof. On May 22, 2023, the Company purchased 4,568 shares to fund deferred compensation plan acquisitions at a weighted average price per share of $12.36.

## Controls and procedures

As filed, 684 characters.

The Company, under the supervision, and with the participation, of its management, including the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to the requirements of Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2023, in timely alerting them to material information relating to the Company (including its consolidated subsidiary) required to be included in the Company’s periodic SEC filings.

Filed Aug 14, 2023.
Source: SEC EDGAR, the filing index for accession 0001410578-23-001850. Last ingested by Listed: Nov 6, 2026, 12:26 ET. No prices; not investment advice.