UNITED BANCORP INC /OH/
For the period ended Dec 31, 2025. Filed Mar 18, 2026.
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FY2025 · Filed Mar 18, 2026
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EX-13 · Foreclosed Assets Held for Sale
Foreclosed Assets Held for Sale
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Management has determined fair value measurements on other real estate owned primarily through evaluations of appraisals performed, and current and past offers for the other real estate under evaluation. Due to the nature of the valuation inputs, foreclosed assets held for sale are classified within Level 3 of the hierarchy.
Appraisals of other real estate owned (OREO) are obtained when the real estate is acquired and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender and are selected from the list of approved appraisers maintained by management.
The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2025 and 2024:
| · · · · · · · · · · · · | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · December 31, 2025 | |||||||||||
| · · · · · Fair Value Measurements Using | |||||||||||
| · · · · · Quoted Prices in · · Significant · · · | |||||||||||
| · · · · · Active Markets · · Other · · Significant | |||||||||||
| · · · · · for Identical · · Observable · · Unobservable | |||||||||||
| · · Fair · · Assets · · Inputs · · Inputs | |||||||||||
| · · Value · · (Level 1) · · (Level 2) · · (Level 3) | |||||||||||
| · · (In thousands) | |||||||||||
| Collateral dependent loans | | $673 | | $— | | $— | | $673 | |||
| Foreclosed assets held for sale | | 2,540 | | | — | | | — | | | 2,540 |
| · · · · · · · · · · · · | ||||||||
|---|---|---|---|---|---|---|---|---|
| · · · · · December 31, 2024 | ||||||||
| · · · · · Fair Value Measurements Using | ||||||||
| | | | | Quoted Prices in | | Significant | | |
| | | | | Active Markets | | Other | | Significant |
| | | | | for Identical | | Observable | | Unobservable |
| | | Fair | | Assets | | Inputs | | Inputs |
| | | Value | | (Level 1) | | (Level 2) | | (Level 3) |
| · · (In thousands) | ||||||||
| Collateral dependent loans | | $— | | $— | | $— | | $— |
| Foreclosed assets held for sale | | 120 | | — | | — | | 120 |
| | |
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