MARTINS FERRY, Ohio, Feb. 12 /PRNewswire-FirstCall/ -- On February 11, 2010, the Board of Directors of United Bancorp, Inc. (Nasdaq: UBCP) declared a quarterly cash dividend payment of $0.14 per share for shareholders of record on March 5, 2010, payable on March 19, 2010. Payment is to be paid out of the Company's capital surplus account which is represented on the Company's balance sheet included in the periodic reports filed with the Securities and Exchange Commission as "Additional paid-in capital". This is equal to the cash dividend paid in the first quarter of last year.
UBCP recently announced 2009 earnings at $0.63 per share compared to its record year of $0.82 in 2008, a decrease of 22.1%. In its recent earnings release, Chairman, President and CEO James W. Everson stated, "We are pleased with our earnings performance and risk management of the past year. In addition to meeting the additional FDIC premiums levied upon us, we were able to focus on improving our risk exposure in our loan portfolio. As previously reported, we never were a participant in sub-prime lending or derivative investing. This past year, while we wrote-off $1.7 million in loans impacted by current economic conditions, we generated sufficient earnings to cover the loan loss exposure; the costs associated with the three recently acquired banking offices from the FDIC and support our cash dividend payment." Everson concluded by stating, "Our 2010 Budget Process is projecting another positive year of earnings that supports our recently announced capital expenditure program which includes the replacement of our core processing systems and the construction of a new banking center in Tiltonsville, OH, both of which we project to be completed in the third quarter of this year. Despite the continuing media reports of trouble within our economy impacting business, manufacturing and financial sector performance, we are preparing for our future which we forecast to be exciting and rewarding."
United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $446.5 million and total shareholder's equity of approximately $35.2 million as of December 31, 2009. Through its single bank charter with its twenty banking offices and an operations center, The Citizens Savings Bank through its Community Bank Division serves the Ohio Counties of Athens, Fairfield and Hocking and through its Citizens Bank Division serves Belmont, Carroll, Harrison, Jefferson and Tuscarawas. United Bancorp, Inc. is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements, which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.SOURCE United Bancorp, Inc.