UNITED BANCORP INC /OH/
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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FY2024 · Filed Mar 14, 2025
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EX-13 · Noninterest Expense
Noninterest Expense
The Company saw its noninterest expense increase by $814,000 or 3.9% year-over-year. Our Company was able to successfully apply and be approved for an Employee Retention Credit (ERC) in the first quarter which helped to offset the general increase due to inflation during 2024.
Income tax (benefit) expense for 2024 was ($107,000) compared to $541,000 in 2023, a decrease of $648,000. The Company’s effective (benefit) income tax rate was (1.5%) in 2024 and 5.7% in 2023. Refer to Note 9 Income Taxes for a reconciliation of the effective tax rate for the Company. Refer to Annual report for schedule
| | | | | | | |
|---|---|---|---|---|---|---|
| (In thousands) | 2024 | 2023 | ||||
| Noninterest income | | | | | | |
| Customer service fees | $2,993 | $2,940 | ||||
| Net gains on loan sales | | | 482 | | | 29 |
| Earnings on bank-owned life insurance | | | 761 | | | 725 |
| Realized loss on sale of available for sale securities | | | (116) | | | — |
| Other | | | 340 | | | 360 |
| Total noninterest income | $4,460 | $4,054 | ||||
| | | | | | | |
| Noninterest expense | | | | | | |
| Salaries and employee benefits | $10,083 | $10,272 | ||||
| Net occupancy and equipment expense | | | 2,318 | | | 2,064 |
| Professional service fees | | | 1,819 | | | 1,427 |
| Data processing and related electronic services | | | 1,709 | | | 1,525 |
| Insurance | | | 622 | | | 623 |
| Deposit Insurance premiums | | | 372 | | | 375 |
| Franchise and other taxes | | | 585 | | | 555 |
| Advertising expense | | | 425 | | | 361 |
| Printing and office supplies | | | 112 | | | 113 |
| Amortization of intangible assets | | | 150 | | | 150 |
| Other | | | 3,471 | | | 3,383 |
| Total noninterest expense | $21,666 | $20,852 | ||||
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