United Bancorp 4Q profit falls |
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Fri, 02 Feb 2007 23:45
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MARTINS FERRY, Ohio (AFX) - Ohio bank holding company United Bancorp Inc. on Friday said fourth-quarter profit fell 11.5 percent mostly because of costs at its Community Bank affiliate.Quarterly earnings of $676,000, or 15 cents per share, compared with $764,000, or 17 cents per share, in the year-ago period. Recent results reflect $264,000, or about 4 cents per share, in costs at Community Bank.Net interest income, or income from loans and similar sources, fell to about $3 million in the quarter from more than $3.2 million in the 2005 quarter.Noninterest income rose 15.2 percent to $706,000.For the year, United Bancorp profit dipped to $2.1 million, or 45 cents per share, from $3.3 million, or 71 cents per share, in 2005. The company said additional loan loss provisions to eliminate problem credits brought pretax charges of $1.5 million, or 22 cents per share, at the Community Bank affiliate.Net interest income slid to $12.4 million from $13 million in 2005. Noninterest income fell about 2 percent to $2.3 million.Shares of United Bancorp dipped a penny to end at $10.19 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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