SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 20, 2004
UNITED BANCSHARES, INC.
(Exact name of Registrant as specified in its Charter)
Ohio | 000-29283 | 34-1516518 | ||
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification Number) | ||
100 S. High Street, Columbus Grove, Ohio | 45830-1241 | |||
(Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: |
| (419) 659-2141 | ||
N/A
(Former name or former address, if changed since last report)
Item 7. Financial Statements, ProForma Financial Information and Exhibits.
On April 20, 2004, United Bancshares, Inc. issued an earnings release announcing its financial results for the quarter ending March 31, 2004. A copy of the Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Income are attached as Exhibit 99.2
Item 9. Regulation FD Disclosure
On April 20, 2004, United Bancshares, Inc. issued an earnings release announcing its financial results for the quarter ending March 31, 2004. A copy of the earnings release is attached as Exhibit 99.1 and is furnished under this Item 9.
Item 12. Results of Operations and Financial Condition
On April 20, 2004, United Bancshares, Inc. issued an earnings release announcing its financial results for the quarter ending March 31, 2004. A copy of the earnings release is attached as Exhibit 99.1 and is furnished under this Item 12.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
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| United Bancshares, Inc. | |
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Date: April 20, 2004 |
| By: /s/ Brian D. Young | ||||
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| Brian D. Young CFO |
Exhibit 99.1
On April 20, 2004, United Bancshares, Inc. issued the following press release:
United Bancshares, Inc. (Nasdaq: UBOH – news), a bank holding company headquartered in Columbus Grove, Ohio with consolidated assets of $495 million, today announced its first quarter 2004 net earnings of $845,000, or 23¢ per share. This compares to first quarter 2003 net earnings of $1,061,000, or $0.29 per share. Compared with the same period in 2003, first quarter 2004 net income decreased $216,000 or 20%. The decrease was primarily the result of a $470,000 decrease in gain on sale of loans, somewhat offset by $206,000 of gains on sale of securities for the first quarter of 2004.
Despite a decrease in the net interest margin (3.41% in 2004 compared to 3.62% in 2003), net interest income increased $227,000, largely as a result of the March 28, 2003 acquisition of three RFCBC branches. Non-interest expenses also increased 558,000 (.16%), partially due to additional operating costs relating to the acquired branches. The Company’s effective income tax rate for the first quarter of 2004 was 17%, compared to 28% for the first quarter of 2003, due to the increased investing in tax-exempt securities.
United Bancshares, Inc. is a locally-owned and operated holding company of The Union Bank Company which serves Allen, Putnam, Sandusky, Van Wert and Wood Counties, with office locations in Bowling Green, Columbus Grove, Delphos, Gibsonburg, Kalida, Leipsic, Lima, Ottawa, and Pemberville.
This release may contain certain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risk and uncertainties that may cause actual results to differ materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, the strength of the local economies in which operations are conducted, the effects of and changes in policies and laws of regulatory agencies, inflation, and interest rates. For further discussion of certain factors that may cause such forward-looking statements to differ materially from actual results, refer to the 2003 Form 10-K.
Exhibit 99.2
United Bancshares, Inc.'s unaudited financial information:
UNITED BANCSHARES, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
March 31, 2004 and December 31, 2003
(Dollars in thousands)
ASSETS | March 31, 2004 | December 31, 2003 |
CASH AND CASH EQUIVALENTS | ||
Cash and due from banks | $ 10,676 | $ 10,533 |
Interest-bearing deposits in other banks | 119 | 31 |
Federal funds sold | 89 | 531 |
Total cash and cash equivalents | 10,884 | 11,095 |
SECURITIES, available-for-sale | 163,016 | 170,505 |
FEDERAL HOME LOAN BANK STOCK, at cost | 4,095 | 4,055 |
LOANS HELD FOR SALE | 2,649 | 2,760 |
LOANS | 292,928 | 289,461 |
Less allowance for loan losses | 2,677 | 2,768 |
Net loans | 290,251 | 286,693 |
PREMISES AND EQUIPMENT, net | 7,122 | 7,222 |
GOODWILL | 7,282 | 7,282 |
OTHER ASSETS, including accrued interest and other intangible assets | 9,418 | 9,083 |
TOTAL ASSETS | $494,717 ======= | $498,695 ======= |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
LIABILITIES | ||
Deposits: | ||
Non-interest bearing | $ 30,100 | $ 32,144 |
Interest-bearing | 358,937 | 356,156 |
Total deposits | 389,037 | 388,300 |
Federal Home Loan Bank borrowings | 48,058 | 54,446 |
Junior subordinated deferrable interest debentures | 10,300 | 10,300 |
Other liabilities | 3,332 | 2,938 |
Total liabilities | 450,727 | 455,984 |
SHAREHOLDERS' EQUITY | ||
Common stock, stated value $1. Authorized 4,750,000 shares; issued 3,740,468 shares at March 31, 2004 and December 31, 2003 | 3,740 | 3,740 |
Surplus | 14,458 | 14,460 |
Retained earnings | 25,140 | 24,697 |
Accumulated other comprehensive income | 1,851 | 1,056 |
Treasury stock, 84,940 shares at March 31, 2004 and 88,064 shares at December 31, 2003, at cost | (1,199) | (1,243) |
Total shareholders' equity | 43,990 | 42,710 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $494,717 ======= | $498,695 ======= |
UNITED BANCSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
March 31, 2004 and 2003
(Dollars in thousands, except per share data)
March 31, 2004 | March 31, 2003 | |
INTEREST INCOME | ||
Loans, including fees | $ 4,568 | $ 4,181 |
Securities: | ||
Taxable | 1,012 | 1,353 |
Tax-exempt | 619 | 349 |
Other | 7 | 31 |
Total interest income | 6,206 | 5,914 |
INTEREST EXPENSE | ||
Deposits | 1,825 | 1,810 |
Borrowings | 674 | 624 |
Total interest expense | 2,499 | 2,434 |
Net interest income | 3,707 | 3,480 |
PROVISION FOR LOAN LOSSES | 75 | -- |
Net interest income after provision for loan losses | 3,632 | 3,480 |
NON-INTEREST INCOME | ||
Gain on sale of loans | 208 | 678 |
Other | 662 | 254 |
Total non-interest income | 870 | 932 |
NON-INTEREST EXPENSES | 3,485 | 2,927 |
Income before income taxes | 1,017 | 1,485 |
PROVISION FOR INCOME TAXES | 172 | 424 |
NET INCOME | $ 845 ======== | $ 1,061 ======== |
NET INCOME PER SHARE | ||
Basic | $ 0.23 ======== | $ 0.29 ======== |
Weighted average common shares outstanding | 3,655,528 | 3,631,793 |
Diluted | $ 0.23 ======== | $ 0.29 ======== |
Weighted average common shares outstanding | 3,699,967 | 3,677,011 |