UNITED BANCORP INC /OH/

Current report

We are happy to report on the earnings performance of United Bancorp, Inc. (UBCP) for the first quarter ended March 31, 2026. For the quarter, our Company achieved solid net income and diluted earnings per share results of $1,911,000 and $0.33, which were respective increases of $39,000, or 2.1%, and $0.01, or 3.1%, over the results achieved for each metric during the first quarter of last year. We are very pleased that our first quarter results are higher than those achieved for the same period of time in 2025 considering that… as we have previously mentioned… our Company is focused on the future and has undertaken several transformative projects that have created additional expense for UBCP and are somewhat dilutive to earnings at present. In addition, even though there has been a tremendous level of uncertainty permeating our economy in recent years… that level has increased in the most recent quarter with a new realm of uncertainty created by geopolitical concerns that escalated over the course of the first quarter of this year. Regardless, we are satisfied with our increasing earnings and content with how our investment in our infrastructure and growth is developing in accordance with our visions and projections. We firmly believe that over the course of the next twelve to twenty-four months, we will see a very nice return on these investments in our Company’s infrastructure, which should lead to higher levels of earnings and help ensure the relevancy of UBCP for many years to come.

Current report

Many thought that the economic uncertainty with which our country has been dealing for the past several years was finally going to be in the rear-view mirror in 2026. Even though inflation had stagnated at a level a little bit higher than the Federal Open Market Committee (FOMC) of the Federal Reserve Bank liked, it was getting closer to their established target of two percent. In addition, they were mostly satisfied with current employment-related data within our economy. As we entered 2026, forecasts called for solid economic growth as the impact of the tariffs implemented last year was thought to also be behind us and the anticipated increase in tax refund payouts under our new tax policy were anticipated to fuel consumption and growth, driving our Gross Domestic Product (GDP) higher to levels rarely seen. In addition, forecasts for interest rates projected two to three cuts for the fed funds target rate, which would align our country’s monetary policy with a more neutral position. How quickly things can change! With the United States and Israel commencing military action on Iran in late February, the economic uncertainty that we thought was finally behind us heightened to levels even greater than before. Even with all of this concern and uncertainty, our Company was able to achieve growth in its balance sheet in the first quarter ended March 31, 2026. Year-over-year, total assets increased by $27.8 million, or 3.6%, to a level of $858.5 million. This increase in total assets is attributed to year-over-year increases in gross loans by $3.5 million to a level of $500.3 million; securities by $6.0 million to a level of $239.9 million; and, bank owned life insurance by $18.3 million to a level of $38.2 million. Overall, the increase in the level of interest earning assets on our balance sheet helped our Company achieve an increase in the total interest income that it generated by $172,000, or 1.8%, over the level achieved in the first quarter of last year. Driving the increase in our Company’s total assets in the first quarter was the growth that we experienced in our total deposits. For the quarter, total deposits grew by $42.6 million, or 6.8%, to a level of $666.7 million. Much of this increase in our total deposits came from growth in our lower-cost funding--- consisting of noninterest bearing demand, interest bearing demand and savings--- with balances increasing by $27.4 million to a level of $474.6 million (which is 71.2% of total deposits). In addition, higher-cost time deposits increased by $15.2 million to a level of $192.0 million (which is 28.8% of total deposits). Remarkably, even with this increase in the total deposits of our Company, total interest expense as of March 31, 2026 decreased by ($93,000), or (2.6%), on a year-over-year basis. This decrease in total interest expense can be attributed to both the continued downward repricing of our core deposits, along with the maturity of a $20.0 million Federal Home Loan Bank (FHLB) Ad…

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Current report

Relating to the credit-quality metrics for our Company, our combined delinquency and nonaccrual loan levels have increased somewhat year-over-year from the uncharacteristically and historically low levels that we had maintained for several years… but, they did decline slightly from the levels that we reported at December 31, 2025. At quarter-end, March 31, 2026, our Company’s nonaccrual loans and loans past due thirty-plus days totaled $6.8 million (or, 1.36% of gross loans), which was an increase of $4.0 million year-over-year. On a linked-quarter basis, our level of nonaccrual loans and loans past due thirty-plus days declined by $416,000, or 5.7%, from $7.2 million. Regarding these metrics increasing on a year-over-year basis--- we had one commercial loan relationship with an outstanding balance of approximately $4.2 million go from being current last year to being classified as nonaccrual during the first quarter of 2026. This single relationship, which is presently not impaired, accounts for an overwhelming majority of the year-over-year increase in our nonaccrual loans. On the flip-side, our loans past due thirty plus days decreased by ($560,000) year-over-year to a level of $344,000 or 0.07% of gross loans. Accordingly, we believe that our overall credit quality is extremely sound and this single relationship is not indicative of a systemic increase of risk within our loan portfolio. Further highlighting the overall quality and soundness of our loan portfolio, our Company had net loans charged off (excluding overdrafts) of ($16,000) in the first quarter of this year, which on an annualized basis is (0.01%) of average loans and in-line with both the previous year and peer. In addition, our Company remains very well capitalized by regulatory standards with regulatory capital (stockholders’ equity plus accumulated other comprehensive loss) of $75.3 million or 8.8% of average assets, which is an increase of $2.0 million, or 2.7%, year-over-year.

Current report

With a committed and long-term focus of growing our balance sheet in a profitable fashion by investing in the infrastructure of our Company, we are very pleased with the financial results that we achieved in the first quarter ending March 31, 2026. In addition, we are very satisfied with the progress that we are making on the execution of our plan relating to our investment in infrastructural improvements that will help ensure our relevancy for many years to come and help us achieve our vision of becoming a community financial institution with assets of $1.0 billion or greater in the very near term. I am very happy to report that we opened our newest banking center, a regional hub in the appealing market of Wheeling, West Virginia, on December 9, 2025. As of the end of the first quarter, this office has already exceeded our first-year forecast for loan growth and is roughly two-thirds of the way to achieving our first-year forecast for deposit growth… all within the first three months of operation! We firmly believe that within five years, this new banking center will be a top performer for United Bancorp, Inc. (UBCP).

Current report

Relating to other infrastructural investments that we have undertaken within the past year or two, our Company’s Unified Mortgage Division continues to contribute meaningfully to fee income. As we continue to scale this function with the addition of mortgage loan originators and with the positive operating leverage that presently exits within this developing division… we strongly believe that Unified Mortgage will continue to produce increasingly positive results and become more lucrative for our Company. Unified Mortgage is definitely becoming a known entity amongst the realtors within the markets that we serve. We also continue to invest in and develop our Treasury Management capabilities that help our small business customers with cash management, merchant services and payments. This function not only generates fee income for United Bancorp, Inc. (UBCP); but, also is a key driver of low or no cost deposits and strengthens relationship depth with our commercial customers. No doubt, both of these areas contributed to the increasing levels of noninterest income that we generated during the first quarter of this year--- with the latter also contributing to the growth in our low-cost deposits, which helped lead to the increase in deposit totals and decrease in our interest expense level as of March 31, 2026.

Current report

Over the course of 2025 and into the current year, we have and continue to make a tremendous investment in technology. With our enhanced technological product offering, we now have more customers than ever utilizing our consumer and commercial online and mobile platforms and benefitting from these advanced solutions that we offer-- which has and will continue to lead to more relationship building and revenue generating opportunities for UBCP. Importantly, we have begun developing and are soon to implement an AI solution designed to help us better serve customers by answering inquiries more efficiently and effectively… guiding customers to the best financial solutions and supporting a more modern, customer-centric approach to delivery. To further supplement this aforementioned AI solution, we are presently in the process of implementing a system specializing in omnichannel account opening, that will allow our Company to fully digitize the account opening process through online, mobile and in-branch platforms--- enabling customers, both business and consumer, to open all deposit accounts and most services--- both in person and virtually. These enhanced systems will be housed in our soon-to-open Unified Center (which is located in St. Clairsville, Ohio) and will help support our Customer Care Center that will also be housed at this facility. The Customer Care Center will centralize the customer service function of our Company with team members that are highly skilled and more capable of providing a complete and satisfying Unified Experience to customers from any technology platform… via a live video interface. In addition, the Unified Customer Care Center will have a sales oriented function, which is anticipated to lead to additional business for our Company by routing inbound banking inquiries and requests from any banking channel to our Customer Care Center, for in person consultations with our skilled team members. By having a

Current report

centralized customer support function staffed with skilled sales and service professionals who are truly subject matter experts, we believe that we will be able to more effectively and efficiently attract, develop and retain customer relationships with more productive on-boarding and cross-selling practices--- which is anticipated to lead to a higher level of customer satisfaction and overall profitability for UBCP. We anticipate that all of these new technology and support functions will be fully implemented by year-end and believe that the Unified Customer Care Center has the potential to develop into a bona-fide digital bank for our Company, which will more readily support our growth and profitability objectives in the coming years!

Current report

As you can see, we are currently heavily investing in the infrastructure of our Company to set the stage for future growth and ensure that UBCP remains relevant in the ever-more competitive financial services industry. We firmly believe that within the next twelve to twenty-four months, we will see the return on these investments that we are currently making to improve our operations and delivery. Obviously, such expenditures do have a dilutive impact on the earnings that we produce in the short-term. But, even with this reality, we are very happy with the present performance of our Company. We are grateful that we have produced increasing earnings and have grown our balance sheet in the first quarter of 2026. Over the course of 2026, we anticipate these positive trends will continue. We are truly excited about UBCP’s direction and the potential that it brings. With an ongoing focus on continual process improvement, product development and delivery, we strongly believe that the future for our Company is exceedingly bright.

Current report

Net interest income increased $264,000 or 4.2% for the three months ended March 31, 2026 compared to the same period in 2025.

Current report

The Company had a provision for credit losses of $30,000 and $96,000 for the three months ended March 31, 2026 and 2025, respectively.

Current report

Noninterest income of the Company increased $144,000 year-over-year. This increase was in part due to an increase in earnings on bank-owned life insurance of $232,000 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Current report

The Company saw its noninterest expense increased by $569,000 or 10.2% year-over-year. Salaries and benefits increased $167,000 or 5.9% quarter over quarter. Occupancy expense increased $181,000 or 28.7% mainly due to the opening of the Wheeling West Virginia location in the fourth quarter of 2025. Data processing and related electronic services increased $147,000 or 40.2% mainly related to the investment in Technology, Digital Transformation project that started in 2025 and continues into 2026.

Current report

Current regulations require common equity tier 1 capital to risk-weighted assets of 4.5 percent and a common equity tier 1 capital conservation buffer of 2.5 percent of risk-weighted assets that will apply to all supervised financial institutions. The rule also raises the minimum ratio of tier 1 capital to risk-weighted assets from 4 percent to 6 percent and includes a minimum leverage ratio of 4 percent for all banking organizations.

Previous report

United Bancorp, Inc. (NASDAQ: UBCP) reported diluted earnings per share of $0.34 and net income of $1,931,000 for the three months ended September 30, 2025. For the first nine months of the current year, UBCP reported diluted earnings per share of $0.99 and net income of $5,717,000.

Previous report

We are happy to report on the increased earnings for the third quarter ended September 30, 2025 and, also, the increased earnings and overall solid performance achieved by United Bancorp, Inc. (UBCP) for the first nine months of 2025. For the quarter, our Company produced net income and diluted earnings per share of $1,931,000 and $0.34, which are respective increases of $111,000, or 6.1%, and $0.03, or 9.7%, over the results achieved for each metric in the third quarter of the previous year. In addition, and on a linked-quarter basis, our Company’s net income and diluted earnings per share results also respectively increased by $17,000, or 0.9%, and $0.01 or 3.0%. For the first nine months of 2025, UBCP produced net income of $5,717,000, an increase of $165,000, or 3.0%, and diluted earnings per share of $0.99, which is an increase of $0.04, or 4.2%, which were both respective increases over the levels achieved the previous year. Considering, over the course of the past twelve months, we have undertaken several transformative projects that have added to our noninterest expense levels, such as: the construction of our new Wheeling Banking Center, the development and scaling out of both Unified Mortgage and our Treasury Management Programs, the investment in new technology and digital transformation and the acquisition of a property in St. Clairsville, Ohio that will become our Unified Center which will house our Accounting, Information Technology and Customer Sales and Service Functions--- we are very happy with the present performance of our Company. With our unwavering focus on growing our Company through investing in its infrastructure, product development and delivery, we strongly believe that these current undertakings… which are dilutive to current financial performance will provide a pathway to future growth and lead to increasingly higher performance over the course of the next twelve to twenty-four months, and help us to maintain our overall relevance for many years to come.

Previous report

The economic environment in which we are operating is posing challenges for all businesses with the present high degree of uncertainty that permeates our national and world economies as a result of the tariffs that were announced earlier this year under the new administration and which are in the process of being fully negotiated and enacted. This new trade policy--- coupled with a perceived slowing of employment and lingering inflation--- has led many of us to question the future direction of our economy and what impact it will have on the businesses that operate therein, including our Company. Even though we have dealt with changing and somewhat volatile fiscal and monetary policy over the course of the past couple of years, this new economic reality relating to trade policy has only been cast upon us within the past several months and the uncertainty relating thereto is still high. In addition--- and, to further add to the uncertainty that permeates our present economy--- our federal government shutdown on October 1, 2025 after Congress failed to pass funding legislation to support its ongoing operation. Thus far, our Company has responded in a positive fashion to this new and continuing economic uncertainty with which we have been confronted on both a year-to-date and year-over-year basis. For the first nine months of 2025 compared to the same nine-month period the previous year, the net interest income that our Company realized increased by $1,116,000, or 6.0%, and our net interest margin improved by sixteen (16) basis points to 3.66% from 3.50%. Of note and evidencing an expansionary trend, on a year-over-year basis for the most recently ended quarter--- the increase in our Company’s net interest income accelerated above the year-to-date level by increasing by $591,000, or 9.6%. We are optimistic that we can continue this current increasing and expansionary trend for both our total interest income and net interest margin for the remainder of this year.

Previous report

The primary driver of our Company’s growing level of net interest income and the expansion of its net interest margin is the growth trend we have experienced this year in our total assets, which increased on a year-over-year basis by $41.3 million, or 5.0%, to a level of $866.8 million as of September 30, 2025. This growth in total assets is primarily attributed to gross loans increasing by $21.5 million, or 4.5%, to a level of $496.5 million and cash and due from the Federal Reserve Bank increasing by $7.8 million, or 20.6%, to a level of $45.6 million as of the most recently ended quarter. In addition, during the third quarter of the current year, we took advantage of heightened yield opportunities presented in the market by investing approximately $21.0 million of our excess reserves held at the Federal Reserve Bank into municipal securities with an average taxable equivalent yield (TEY) of 6.1%. These newly purchased securities should help boost the level of interest income that we generate in future periods and further contribute to the corresponding expansion of both our net interest income and net interest margin especially, if the Federal Open Market Committee (FOMC) continues to lower short term rates as it did toward the end of the third quarter. Interestingly, a significant portion of the municipal securities that we hold in our investment portfolio have extended call protection, which should benefit our Company in a falling rate environment. Also, of interest, we continue to see the average yield of our overall loan portfolio increase as many of our loans originated over the course of the past five years are repricing in the current interest rate environment; wherein, current loan rates are considerably higher than the initial rates at which these loans were originated. With our present liquidity level at the Federal Reserve, we will have a sharp focus on continuing to grow our loans outstanding as we enter the fourth quarter of the current year. This anticipated growth in our Company’s gross loans, along with the continued repricing of our loan portfolio in a higher-rate environment, should contribute to our Company continuing to generate higher levels of interest income on loans and loan related fees, which should positively contribute to the aforementioned projection of higher levels of net interest income being realized for the remainder of the year.

Previous report

Looking at the interest expense side of the net interest margin, our Company’s total interest expense did respectively increase on both a quarterly and year-to-date basis by $101,000, or 2.7%, and $330,000 or 3.0%. This modest increase in our Company’s total interest expense was primarily driven by a year-over-year increase in our total deposits of $29.4 million, or 4.8%, to a level of $645.2 million and a shift in our Company’s depository mix with a decrease in our lower-cost funding (consisting of demand and savings balances) and an increase in our higher-cost term funding (consisting of time deposits). This trend has recently begun to shift somewhat during the course of the most recently ended quarter as our Company experienced an increase in noninterest bearing demand balances. Year-over-year and as of September 30, 2025, noninterest bearing demand balances increased by $12.3 million, or 8.5%, to a level of $156.3 million. Overall, year-over-year, our Company saw its interest expense to average assets increase by three (3) basis points to a level of 1.80%. In the present environment in which we operate, we do anticipate that we will be able to start to see a decline in our total interest expense levels, which should further contribute to net interest income expansion and margin accretion during the current year.

Previous report

Even with many of our borrowers experiencing rate resets to levels that may be double their previous rates on their loans in this higher-rate environment and with the economic uncertainty that continues, we have successfully maintained credit-related strength and stability within our loan portfolio. As of September 30, 2025, our Company’s total nonaccrual loans and loans past due 30 plus days were $3.1 million, which is 0.63% of gross loans. At the end of the most recent quarter, our Company’s nonperforming assets to total assets was 0.66%, which compares favorably to our industry and peer group of financial institutions. In addition, these reported levels continue to be well-below historic levels. Further highlighting the overall strength of our loan portfolio, our Company had net loans charged off (excluding overdrafts) of ($137,000) for the first nine months of this year, which annualized is (0.04%) of average loans and is in-line with the previous year. Considering some of the economic uncertainty and macroeconomic trends in the current year--- along with the growth in our gross loans--- our Company had a provision for credit loss expense for the first nine months of the current year of $488,000 for the quarter ended September 30, 2025, which is an increase of $314,000 year-over-year. This increase in our provision for credit loss expense led to a decrease in our Company’s diluted earnings per share of approximately ($0.045) in the current year. Even considering our growing gross loan totals… with the increased provision for credit losses this year and continued solid credit quality-related metrics as of the most recently ended quarter, our Company had a total allowance for credit losses to total loans of 0.87%, which is a three (3) basis point increase over the previous year (and, on a linked quarter basis), and our total allowance for credit losses to nonaccrual loans was 177% as of September 30, 2025. Overall, we firmly believe that we are presently well reserved with strong coverage. Also, our Company remains very well capitalized by regulatory standards with regulatory capital (stockholders’ equity plus accumulated other comprehensive loss (AOCI)) of $75.1 million, or 8.9% of average assets as of September 30, 2025.

Previous report

Considering that the uncertainty relating to our country’s present economic outlook remains elevated due to our current administration’s trade policy implemented within the past several months--- coupled with the potentially restrictive monetary policy position of the Federal Open Market Committee’s (FOMC) under which we presently operate--- our Company has performed in an admirable fashion over the course of the first nine months of 2025. We are happy to see the growth trends that we have experienced during the first three quarters of the current year in both our total deposits and gross loans and the current quality of the credit related metrics of our loan portfolio that remain relatively stable and low by historic standards. With the stronger demand for our loan products that we are currently experiencing--- especially, in the relationship-driven, small-business oriented commercial portfolio, which accounts for approximately eighty percent (80%) of our total loans--- we can continue our focus of attracting more deposits to fund this increased loan demand, which will help our Company’s positive pursuit of achieving its goal of growing total assets to a level of $1.0 billion or greater! As we invest in the infrastructure of our Company, we have a lot of positive operating leverage and scale is definitely our friend. We anticipate that this envisioned growth of our Company’s balance sheet should lead to increasing revenue generation and profitability in future periods.

Previous report

Under our Company’s guiding principles and vision, United Bancorp, Inc. (UBCP) has had a goal to grow its asset-base to a level of $1.0 billion (and, beyond) for the past several years. With all of the economic uncertainty and challenges within the past few years with which we have been confronted, our Company adopted a more defensive posture… which sacrificed growth for the sake of maintaining sound performance with a more conservative balance sheet management approach. Beginning in 2024, we began to adopt a more offensive-oriented posture with a focus, once again, on driving the growth of the balance sheet of our Company, which we believe will lead to higher levels of earnings and profitability and ensure our long-term relevance. Several new initiatives which we have previously announced--- and, which we have either already begun or are in the process implementing--- are key to driving this envisioned growth. A major initiative that our Company has undertaken is the development and construction of a new regional banking center in the desirable market of Wheeling, West Virginia. We are excited by the progress that has been made on this highly-promising banking center, which is scheduled to open within the next few weeks. Even though this banking center has not yet opened, some of the recent growth within our loan and depository portfolios is directly attributed to this office through the efforts of the business development team that we already have in place for this location. We firmly believe that within five years, this new banking center will be a top performer for UBCP! Another exciting initiative that we have undertaken (and, more fully developed over the course of the past year) is our new Unified Mortgage Division. Last year, this new division helped our Company produce higher levels of fee income and we believe that as we scale this function more fully, it will only become more lucrative for us. We have also become more focused on developing our Treasury Management function, which focusses on helping our small business customers with cash management, merchant services and payments. Not only does this developing department within our Company help generate higher levels of fee income, it also is key to helping us grow our no or low-cost deposit base… both of which lead to increased profitability. Also, over the course of the past year, UBCP has made a tremendous investment in the area of technology as we focus on digital transformation and omni-channel delivery, which will ensure that we meet the changing needs of our customer base and attract new customers to our Company. We are also in the process of implementing an artificial intelligence (AI) solution, which will help us better serve our customers by more effectively and efficiently responding to and answering customer inquiries on their terms and guiding them to the best financial solutions that better meet their current and changing needs. Lastly, we acquired a property in St. Clairs…

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Previous report

Considering that we continue to operate in a challenging economic and a highly competitive industry-related environment, we are very pleased with our current performance and future prospects. Even with these present threats to which we are exposed, we are very optimistic about the future growth and earnings potential for United Bancorp, Inc. (UBCP). We firmly believe that with the challenges that our industry has experienced over the course of the past few years, our Company has evolved into a more fundamentally sound organization with a focus on evolving and growing in order to achieve greater efficiencies and scales and generate higher levels of revenue--- while prudently managing expenses and controlling overall costs. We have and continue to invest in areas that will lead to our continued and future relevancy within our industry. Although such initiatives can stress the short-term performance of our Company, we firmly believe that they will help us fulfill our intermediate and longer-term goals and produce above industry earnings and performance. As previously mentioned, we still have a vision of prudently and profitably growing UBCP to an asset threshold of $1.0 billion, or greater, in the near term. We are truly excited about our Company’s direction and the potential that it brings. With an unwavering focus on continual process improvement, product development and enhanced delivery, we firmly believe the future for our Company is very bright.

Previous report

As of September 30, 2025, United Bancorp, Inc. has total assets of $866.8 million and total shareholders’ equity of $66.5 million. Through its single bank charter, Unified Bank, the Company currently has eighteen banking centers that serve the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas and Marshall County in West Virginia. United Bancorp, Inc. trades on the NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

Previous report

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 carry forward-looking statements, whether as a result of new information, future events or otherwise.

Previous report

As of September 30, 2025, the Company considered its concentration of credit risk to be acceptable. The following table presents additional detail regarding the Company’s largest loan concentration as of September 30, 2025 and December 31, 2024.

Previous report

Net interest income increased $591,000 or 9.6% for the three months ended September 30, 2025 compared to the same period in 2024. This increase was mainly due to increase in the yield in our securities and lending portfolios and overall growth in our earning asset balances.

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The Company had a provision for credit losses of $186,000 for the three months ended September 30, 2025 as compared to a provision form credit losses of $69,000 for same period in 2024.

Previous report

Noninterest income of the Company increased $133,000 quarter-over-quarter. This increase was maily dure to an increase in service charge on deposit account of $90,000 for the three months ended September 30, 2025 over the same period in 2024.

Previous report

The Company saw its noninterest expense increase by $451,000 or 8.2% year-over-year. The increase is due to additional staffing related to the Fall 2025 opening of our Wheeling Banking Center and normal merit increases.

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Results of Operations for the Nine Months Ended September 30, 2025 and 2024

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Net Income

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The reported diluted earnings per share was $0.99 for the nine months ended September 30, 2025 compared to $0.95 for the nine months ended September 30, 2024 an increase 4.2%.

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Net Interest Income

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Net interest income increased $1,116,000 or 6.1% for the nine months ended September 30, 2025 compared to the same period in 2024. This increase was mainly due to our variable rate loans repricing upward and an increase in earning assets period over period.

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Provision for Credit Losses

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The Company had a provision for credit losses of $488,000 for the nine months ended September 30, 2025 as compared to a provision for credit losses of $174,000 for same period in 2024.

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Noninterest Income

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Noninterest income of the Company increased $754,000 year-over-year. This increase was in part due to the Company $205,000 receipt of interest due from the Internal Revenue Service for refunds related to the Employee Retention Credit for the Company.** **The Company also had a gain on the sale of available-for-sale securities of $144,000 for the nine months ended September 30, 2025 as compared to a loss of $116,000 for the nine months ended September 30, 2024, a difference of $260,000.

Previous report

Noninterest Expense

Previous report

The Company saw its noninterest expense increased by $1,374,000 or 8.6% year-over-year. The increase is due to additional staffing related to the Fall 2025 opening of our Wheeling Banking Center and normal merit increases and general inflation. Our Company was able to successfully apply and be approved for an Employee Retention Credit (ERC) in the first quarter of 2024 which helped to offset the general increase due to inflation during the nine months ended September 30, 2024.

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Federal Income Taxes

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The provision for federal income taxes (benefits) was ($24,000) for the nine months ended September 30, 2025. The Company had an income tax benefit of ($41,000) for the nine months ended September 30, 2024.