UNITED BANCORP INC OH

For the period ended Dec 31, 2023. Filed Mar 20, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 20, 2024

UBCP$14.55+2.5%Stored close · as of Nov 9, 2026

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Contents

EX-13 · Noninterest Expense

Noninterest Expense

Our Company experienced an increase in total noninterest expense. In 2023, total noninterest expense increased by $962,000 or 4.8%. Most of this increase in non-interest expense is correlated to a higher IT-related expense due to our investment in our future and higher customer utilization of our suite of products and higher deposit insurance premiums due mainly to an increase in rate from the FDIC.

Income tax expense for 2023 was $541,000 compared to $879,000 in 2022, a decrease of $338,000. The Company’s effective income tax rate was 5.7% in 2023 and 9.2% in 2022. Refer to Note 9 Income Taxes for a reconciliation of the effective tax rate for the Company.


(In thousands)	2023		2022
Noninterest income
Customer service fees		$2,940		$2,978
Gains on sales of loans		29		36
Earnings on bank-owned life insurance		725		708
Other income		360		361
Total noninterest income		$4,054		$4,083

Noninterest expense
Salaries and employee benefits		$10,272		$10,305
Occupancy and equipment		2,064		2,217
Professional services		1,465		1,451
Insurance		623		568
FDIC Insurance		375		198
Franchise and other taxes		555		562
Advertising		361		346
Printing and office supplies		113		110
Amortization of intangibles		150		150
Other expenses		4,874		3,983
Total noninterest expense		$20,852		$19,890


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