UNITED BANCSHARES, INC. ANNOUNCES THIRD QUARTER 2025 RESULTS AND $0.23 DIVIDEND

COLUMBUS GROVE, Ohio, Oct. 23, 2025 /PRNewswire/ -- United Bancshares, Inc. (OTCQX: UBOH) ("United Bancshares" or the "Company"), the holding company for The Union Bank Company, today reported financial results for the quarter ended September 30, 2025, and announced that its Board of Directors has declared a quarterly cash dividend of $0.23 per share.

Third Quarter 2025 Highlights

Non ‑ GAAP Financial Measures
This release contains certain non‑GAAP financial measures, including return on average tangible equity. Tangible equity is defined as total shareholders' equity less goodwill and other intangible assets. Management believes these measures provide meaningful supplemental information to assess performance and capital adequacy and are useful to investors; however, they should not be viewed as a substitute for GAAP measures.

Cautionary Note Regarding Forward ‑ Looking Statements
This press release may contain forward‑looking statements, including statements regarding future financial and operating results, loan and deposit growth, net interest margin, asset quality, capital, dividends, and strategy. Forward‑looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially include, among others, changes in interest rates, inflation, competitive pressures, credit quality and economic conditions in our markets, liquidity and funding conditions, regulatory and accounting developments, and other risks described from time to time in public materials made available by the Company. The Company undertakes no obligation to update any forward‑looking statements, except as required by law.

About United Bancshares, Inc.
United Bancshares, Inc. (OTCQX: UBOH) is a financial holding company headquartered in Columbus Grove, Ohio, and the parent company of The Union Bank Company. United Bancshares' common stock trades on the OTCQX Best Market under the symbol "UBOH."

About The Union Bank Company:
Since 1904, The Union Bank Company has been here to provide full-service banking to the people and businesses throughout the communities we serve. Today, the bank has 14 full-service branch locations across Northwest and Central Ohio, including Bowling Green, Columbus Grove, Delphos, Findlay, Gibsonburg, Kalida, Leipsic, Lewis Center, Lima, Marion, Ottawa, Paulding and Pemberville. We have Interactive Teller Machines (ITMs) located at all of our branch locations with additional ITM only locations in Lima, Marion, Paulding and Westerville. The Union Bank Company is headquartered in Columbus Grove, Ohio, and remains committed to providing the best banking service and products to all the communities we serve. Learn more at www.theubank.com. 

Contact:
Brian D. Young, President and CEO
Klint D. Manz, Chief Financial Officer
419.659.2141

United Bancshares, Inc.

Quarterly Report
September 30, 2025

Shareholders, Clients, and Team Members:

I am pleased to report that your Company continued to see strong results for 2025, reporting $8.9 million in net income ($3.00/share) and 16.29% return on average tangible shareholders' equity. The Company also reported $37.9 million in loan growth (6.58% annualized) and $11.5 million (1.6% annualized) in core deposit growth (excluding the deposit fluctuations from the Ohio Treasurer's Ohio Homebuyer's matching deposits). As a result of a $6.5 million increase (28.2%) in net interest income as compared to the first nine months of 2024, net interest margin improved to 3.69% from 3.09% from the same period in 2024.

Trading of shares (UBOH) on OTCQX during the third quarter was noticeably elevated as compared to the previous quarter (167% increase). The average share price close during the quarter was $31.58, (18% increase) with a high close of $37.35 and a low close of $27.00. We continue to believe that selectively repurchasing our shares at attractive pricing creates long-term value for our shareholders. From 2022 through September 2025, the Company has repurchased 374,121 shares at an average price of $21.53.

As a result of these successes, the Board of Directors declared a $0.23 per share quarterly dividend, payable on December 15th for shareholders of record on November 28th. The dividend is 22.8% of the reported net income for the third quarter of 2025.

I am also pleased to report implementation of an all-new digital platform for our clients continues with an expected rollout in the first quarter of 2026, increased usage of our 7am-7pm live teller access at all our locations, and the addition of incredible new team members with significant experience and compatible cultural approaches in our commercial, retail and operational areas. We continue to be blessed by the countless people who have chosen to serve or be served by The Union Bank Company.

The continued accomplishments of your Company are the result of ongoing efforts of the Company's resolute team members and Board of Directors in applying our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities. As always, your ongoing support and the trust you have placed in us is appreciated.

Respectfully,

Brian D. Young
President & CEO

Sept 30, 2025

Dec 31, 2024

Cash and cash equivalents

$     77,099,000

$     95,283,000

Securities

226,905,000

237,779,000

Loans

804,928,000

766,987,000

Less allowance for credit losses

(8,511,000)

(7,937,000)

Other assets

98,213,000

97,218,000

Total Assets

$1,198,634,000

$1,189,330,000

Deposits

$1,067,602,000

$1,071,105,000

Borrowings

16,821,000

17,091,000

Other liabilities

6,267,000

6,394,000

Total Liabilities

1,090,690,000

1,094,590,000

Common stock and surplus

22,086,000

21,461,000

Retained earnings

131,712,000

124,822,000

Accumulated other comprehensive (loss) income

(28,493,000)

(34,786,000)

Treasury stock

(17,361,000)

(16,757,000)

Total shareholders' equity

107,944,000

94,740,000

Total Liabilities and Shareholders' Equity

$1,198,634,000

$1,189,330,000

Common shares outstanding

2,966,066

2,964,007

Book value

$36.39

$31.96

Tangible book value (non-GAAP)

$26.72

$22.28

Closing price

$36.98

$31.00

Allowance for credit losses to loans

(end of period, excluding LHFS)

1.06 %

1.04 %

Loans to deposits

75.40 %

71.61 %

3 months ended

3 months ended

9 months ended

9 months ended

Sept 30, 2025

Sept 30, 2024

Sept 30, 2025

Sept 30, 2024

Interest income

$14,771,000

$14,330,000

$43,501,000

$38,703,000

Interest expense

4,806,000

5,986,000

14,090,000

15,762,000

Net interest income

9,965,000

8,344,000

29,411,000

22,941,000

Provision for credit losses

64,000

(288,000)

392,000

(769,000)

Net interest income after provision

9,901,000

8,632,000

29,019,000

23,710,000

Non-interest income

1,826,000

2,113,000

5,430,000

6,418,000

Non-interest expense

8,366,000

8,050,000

24,449,000

23,520,000

Income before federal income taxes

3,361,000

2,695,000

10,000,000

6,608,000

Federal income taxes

370,000

226,000

1,091,000

474,000

Net Income

$2,991,000

$2,469,000

$8,909,000

$6,134,000

Average common shares outstanding

2,962,803

2,980,554

2,968,674

2,999,048

Per Share Data:

Net income (basic)

$1.01

$0.83

$3.00

$2.05

Cash dividends declared

$0.23

$0.22

$0.69

$0.66

Dividend yield (annualized) based on quarterly avg. closing price

2.91 %

4.50 %

3.17 %

4.62 %

Performance Ratios:

Return on average assets

1.01 %

0.83 %

0.99 %

0.73 %

Return on average tangible shareholders' equity

15.89 %

14.96 %

16.29 %

12.85 %

Net interest margin

3.76 %

3.12 %

3.69 %

3.09 %

Credit Quality and Other Ratios:

Net loan charge-offs (recoveries) as a percentage of average outstanding net loans

0.00 %

0.00 %

-0.04 %

0.00 %

United Bancshares, Inc

Directors

Robert L. Benroth

Herbert H. Huffman III

Daniel W. Schutt, Chairman

R. Steven Unverferth

Brian D. Young

Officers

Brian D. Young, President/CEO

Denise E. Giesige, Secretary

Klint D. Manz, CFO

The Union Bank Co.

Directors

Robert L. Benroth

Anthony M. V. Eramo

Herbert H. Huffman III

Kevin L. Lammon

John P. Miller

William R. Perry

Carol R. Russell

Daniel W. Schutt

R. Steven Unverferth

Dr. Jane M. Wood

Brian D. Young, Chairman

Investor Materials
United Bancshares, Inc. has traded its common stock on the OTCQX Markets Exchange under the symbol "UBOH". Annual and quarterly shareholder reports, regulatory filings, press releases, and articles about United Bancshares, Inc. are available in the Investor Relations section of our website theubank.com or by calling 800-837-8111.

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SOURCE United Bancshares, Inc.