United Bancorp (UBCP) has reported a 0.62 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $0.85 million, or $0.17 a share in the quarter, compared with $0.84 million, or $0.17 a share for the same period last year.

Revenue during the quarter grew 4.40 percent to $4.55 million from $4.36 million in the previous year period. Net interest income for the quarter rose 5.09 percent over the prior year period to $3.75 million. Non-interest income for the quarter fell 4.05 percent over the last year period to $0.83 million.

United Bancorp has made provision of $0.02 million for loan losses during the quarter, down 64.67 percent from $0.07 million in the same period last year.

Net interest margin contracted 3 basis points to 3.77 percent in the quarter from 3.80 percent in the last year period.

Scott A. Everson, president and chief executive officer stated, "We are very pleased to report that we have begun to execute upon our growth strategy, Mission 2020, which calls for our Company to grow its assets (in a profitable fashion) to a level of $1.0 billion or greater by the end of 2020. It is extremely gratifying to see the initial growth occur under this vision in an organic-fashion this past year. Even though we realize that we will need to have a compounded annual growth rate of approximately twenty-three percent from the beginning of this year in order to achieve this ambitious growth goal, we firmly believe that it is achievable with the present vision that we have (which includes both organic and acquisition- related growth). From an organic perspective this past year, our Company grew its assets $28.4 million, or 6.9%, to an overall level of $440.8 million as of March 31, 2017."

Return on average assets moved down 5 basis points to 0.78 percent in the quarter from 0.83 percent in the last year period. At the same time, return on average equity decreased 18 basis points to 7.88 percent in the quarter from 8.06 percent in the last year period.

Meanwhile, nonperforming assets to total assets was 0.48 percent in the quarter, up from 0.09 percent in the last year period.

Equity to assets ratio was 9.78 percent for the quarter, down from 10.16 percent for the previous year quarter. Book value per share was $8.69 for the quarter, up 1.28 percent or $0.11 compared to $8.58 for the same period last year.