\nUB Bancorp (OTCQX: UBNC) (the \u201cCompany\u201d) the parent of Union Bank (the \u201cBank\u201d) is pleased to report its results for the quarter ended March 31, 2021.\n<\/p>\n
\nHighlights of the Company\u2019s first quarter of 2021 included:\n<\/p>\n
- \n
- \nThe Company earned a record $2.98 million or $0.50 per basic common share during the first quarter\n<\/li>\n
- \nAchieved net revenue of approximately $1.1 million from Paycheck Protection Program (\u201cPPP\u201d) loans in the quarter\n<\/li>\n
- \nGenerated an additional $20.9 million of Round 2 PPP loans in support of our customers\n<\/li>\n
- \nGrew core deposits at a robust pace, increasing $64.3 million or 9.0% during the quarter\n<\/li>\n
- \nIncreased our balance sheet $68.9 million or 6.98% in the quarter, pushing the Company above $1.0 billion in total assets\n<\/li>\n
- \nContinued to lower our funding costs, down 9 basis points from the 4th<\/sup> quarter of 2020\n<\/li>\n
- \nMaintained strong liquidity position\n<\/li>\n
- \nWorked with customers, such that almost all customers that received pandemic related loan payment relief have returned to normal payments\n<\/li>\n
- \nMaintained strong asset quality\n<\/li>\n
- \nMaintained capital levels at the Bank that are solid and remain well above regulatory thresholds to be considered \u2018Well Capitalized\u2019\n<\/li>\n
- \nRepurchased over 36,250 shares of UBNC common stock during the quarter\n<\/li>\n
- \nEnded the quarter with 5,957,513 common shares outstanding\n<\/li>\n
- \nIncreased the semi-annual cash dividend to $0.105 per share of UBNC common stock, a 5.0% annualized increase\n<\/li>\n
- \nAdded Raleigh native Ms. Donna Curtis McClatchey to the Company\u2019s Bank Board of Directors\n<\/li>\n<\/ul>\n
\nNet income for the first quarter of 2021 was $2.98 million or $0.50 per basic common share versus $1.73 million or $0.29 per basic common share earned for the same three-month period in 2020. The Company\u2019s annualized return on average assets and average tangible equity (*) for the first quarter of 2021 was 1.19% and 12.78%, respectively. These returns were favorable when compared to the 0.84% annualized return on average assets and 9.53% return on average tangible equity for the first quarter of 2020. The earnings for the first quarter of 2021 relative to that of the same quarter in 2020 benefited from a much larger earning asset base coupled with a reduction in funding costs and $1.1 million of net PPP revenue, which have helped offset declining asset yields. Average earning assets for the quarter ended March 31, 2021, were $948.4 million , an increase of $180.8 million when compared to the same quarter one year ago. However, the yield on our earning assets for the first quarter of 2021, versus the first quarter of 2020, is 66 basis points lower. In response to this dramatic drop in interest rates related to the COVID-19 pandemic, the Company aggressively reduced its deposit pricing. The cost of interest bearing deposits for the quarter ended March 31, 2021, was 0.31%, an 85 basis point reduction from the 1.16% cost for the same quarter one year prior.\n<\/p>\n
\nRob Jones, President and Chief Executive Officer, stated, \u201cWe are pleased to report a record quarter of earnings and an increase in our semi-annual cash dividend. In addition, we are excited about the appointment of Donna Curtis McClatchey to our Bank\u2019s Board of Directors.\u201d Jones continued, \u201cSince the beginning of the pandemic, the impact of COVID-19 on the performance of our Company has been unusual. Extremely low interest rates have put downward pressure on our earning asset yields. Deposits at our Bank and throughout the industry have grown at an unsustainable pace, during a time when we have had restricted access to our branch lobbies. At the same time, the credit problems anticipated at the beginning of the pandemic have not materialized as of this date. With additional government stimulus and a successful vaccine rollout we see continued economic improvement and a positive outlook for the remainder of the year.\u201d\n<\/p>\n
\nPPP loans have impacted our Company in a variety of ways. They have increased our balance sheet, generating additional revenue, and provided us with another avenue to assist our customers and communities. As of March 31, 2021, the Company had approximately $52.0 million of PPP loans on its books. This balance includes approximately $32.0 million of PPP loans from the initial round of the program in 2020, as well as an additional $20.0 million from the second round of funding in 2021. During the first quarter of 2021, the Company assisted customers with gaining forgiveness on $24.5 million of PPP loans. This volume of forgiveness activity, along with the net interest income generated from this book of loans, resulted in the Company recognizing $1.1 million in net pre-tax revenue during the first quarter of 2021. While we cannot know the timing of future forgiveness for our customers, we do anticipate that we will recognize additional fee revenue as loans from both rounds of the PPP seek forgiveness from the Small Business Administration throughout the balance of 2021.\n<\/p>\n
\nAs of March 31, 2021, the Company had total assets of $1.1 billion, an increase of $189.8 million or 21.9% from the end of the first quarter of 2020. Over this same period gross loans have grown $49.3 million or 8.2%, ending the period at $650.4 million. We have utilized additional liquidity from growth in our core deposit base, as well as from our subordinated note offering, in our available-for-sale investment portfolio. These investments have increased $116.0 million when compared to the end of the first quarter one year ago and totaled $297.0 million on March 31, 2021. Total deposits on March 31, 2021, were $867.1 million compared to $675.2 million on March 31, 2020, an increase of $191.9 million or 28.4%. During this same period noninterest bearing deposits have increased $116.8 million or 53.2% to $336.2 million. While a portion of this growth is due to activity from the PPP, the Bank has actively worked to attract new deposit customers.\n<\/p>\n
\nAs previously mentioned, the Bank has been actively working with our borrowers to provide relief during this pandemic. Through March 31, 2021, we had granted Covid related loan payment deferrals on 347 loans with an aggerate maximum outstanding balance of approximately $92.5 million. As of the end of the first quarter of 2021 we had 11 loans with balances of $5.0 million, or 0.83% of our loan portfolio (excluding PPP loans) with an active payment deferral. We expect most of these loans will return to contractual payments at the end of their deferral period. We had anticipated that as a result of this prolonged pandemic that some of our customers may face economic challenges. During 2020, we added to our allowance for loan losses due to the credit uncertainty created by the COVID-19 pandemic. As of March 31, 2021, our allowance for loan losses totaled $10.1 million and represented 1.56% of total loans outstanding. Furthermore, our allowance relative to our originated loan portfolio (excluding purchased loans), net of PPP loans, stands at 1.87% at the end of the first quarter of 2021. Currently our asset quality remains very strong with total non-performing assets representing only 0.28% of total assets as of March 31, 2021. This represents a slight decrease from our level of 0.36% at the end of the fourth quarter of 2020. Given some of the improvements we have seen in the overall economy, coupled with our current asset quality metrics, we do not anticipate a need to build our allowance above its current level at this point in time.\n<\/p>\n
\nCapital levels at our Bank remain strong with total risk-based capital of 15.08%, common equity tier 1 to risk-weighted assets of 12.93%, and the Bank\u2019s tier 1 leverage ratio of 9.24% at quarter-end. In addition, the parent company, UB Bancorp, has the capacity to inject additional capital into the Bank should the need arise.\n<\/p>\n
\nOn April 15, 2021, the Company\u2019s Board of Directors approved a semi-annual cash dividend of $0.105 per share on UB Bancorp\u2019s common stock. The dividend is payable on June 30, 2021, to shareholders of record at the close of business on June 15, 2021.\n<\/p>\n
\nUB Bancorp and Union Bank are headquartered in Greenville, North Carolina and operate 14 branches located in 12 counties throughout Eastern and Central North Carolina. UB Bancorp stock is traded on the OTCQX under the symbol UBNC.\n<\/p>\n
\nThis press release includes certain forward-looking statements in reliance on the \u201csafe-harbor\u201d provisions of The Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from those anticipated in any such forward-looking statements. The Company undertakes no obligation to update or revise any such forward-looking statements. This press release contains financial information determined by methods other than in accordance with GAAP (*). The Company\u2019s management uses these non-GAAP financial measures in their analysis of the Company\u2019s performance. These measures typically adjust GAAP performance measures to exclude the effects of transactions that are infrequent in nature. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company\u2019s core businesses.\n<\/p>\n
\n
\n UB Bancorp<\/b><\/td>\n<\/tr>\n \n Consolidated Balance Sheets<\/td>\n<\/tr>\n \n ($000’s omitted)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n As of the Period Ended<\/td>\n<\/tr>\n \n \n \n March 31,<\/td>\n \n \n December 31,<\/td>\n \n \n March 31,<\/td>\n<\/tr>\n \n \n \n \n \n2021\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n2020\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n2020\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n ASSETS<\/td>\n \n (un-audited)<\/td>\n \n \n *<\/td>\n \n \n (un-audited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash and due from banks<\/td>\n $<\/td>\n \n \n12,621\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n11,460\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n10,997\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest-bearing deposits with banks<\/td>\n \n \n \n51,410\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n17,905\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n18,996\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Investment securities available-for-sale<\/td>\n \n \n \n297,045\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n249,971\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n181,094\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Loans – gross<\/td>\n \n \n \n650,398\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n662,770\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n601,143\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net fair value marks<\/td>\n \n \n \n(1,656\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(1,807\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(2,397\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Allowance for loan losses<\/td>\n \n \n \n(10,119\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(10,113\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(5,321\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net Loans<\/td>\n \n \n \n638,623\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n650,850\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n593,425\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Bank premises and equipment, net<\/td>\n \n \n \n14,704\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n14,923\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n18,636\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Bank-owned life insurance<\/td>\n \n \n \n17,462\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n17,350\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n17,009\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other real estate owned<\/td>\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n118\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Goodwill<\/td>\n \n \n \n12,897\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n12,897\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n12,897\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Core deposit intangible<\/td>\n \n \n \n582\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n694\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n1,091\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other assets<\/td>\n \n \n \n10,941\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n11,203\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n12,384\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Assets<\/td>\n $<\/td>\n \n \n1,056,285\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n987,371\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n866,529\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Deposits<\/td>\n $<\/td>\n \n \n867,076\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n753,448\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n675,216\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Advances from the Federal Home Loan Bank<\/td>\n \n \n \n8,000\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n46,500\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n85,225\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Subordinated debentures<\/td>\n \n \n \n30,643\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n30,633\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n6,000\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other borrowings<\/td>\n \n \n \n53,089\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n57,523\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n10,000\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Accrued expenses and other liabilities<\/td>\n \n \n \n5,386\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n5,274\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n4,615\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Liabilities<\/td>\n \n \n \n964,194\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n893,378\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n781,056\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders’ Equity<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Common stock, no par value<\/td>\n \n \n \n70,729\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n71,088\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n70,713\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Retained earnings<\/td>\n \n \n \n20,478\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n17,502\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n15,356\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Accumulated other comprehensive income \/ (loss)<\/td>\n \n \n \n884\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n5,403\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n(596\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Stockholders’ Equity<\/td>\n \n \n \n92,091\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n93,993\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n85,473\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Liabilities and Stockholders’ Equity<\/td>\n $<\/td>\n \n \n1,056,285\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n987,371\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n866,529\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n *Derived from audited financial statements<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n UB Bancorp<\/b><\/td>\n<\/tr>\n \n Consolidated Statements of Operations<\/td>\n<\/tr>\n \n ($000’s omitted except per share data)<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n For the Three Months Ended<\/td>\n<\/tr>\n \n \n \n March 31,
2021<\/td>\n\n \n March 31,
2020<\/td>\n<\/tr>\n\n \n \n (un-audited)<\/td>\n \n \n (un-audited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Interest Income<\/td>\n $<\/td>\n \n \n9,168\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n8,730\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Interest Expense<\/td>\n \n \n \n846\n<\/p>\n<\/td>\n
\n \n \n \n1,719\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Interest Income<\/td>\n \n \n \n8,322\n<\/p>\n<\/td>\n
\n \n \n \n7,011\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Provision for Loan Losses<\/td>\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n \n \n355\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Interest Income after Provision for Loan Losses<\/td>\n \n \n8,322\n<\/p>\n<\/td>\n
\n \n \n \n6,656\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Noninterest Income<\/td>\n \n \n \n795\n<\/p>\n<\/td>\n
\n \n \n \n806\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Noninterest Expense<\/td>\n \n \n \n5,362\n<\/p>\n<\/td>\n
\n \n \n \n5,319\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income Before Income Taxes<\/td>\n \n \n \n3,755\n<\/p>\n<\/td>\n
\n \n \n \n2,143\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income Taxes<\/td>\n \n \n \n779\n<\/p>\n<\/td>\n
\n \n \n \n410\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Income<\/td>\n $<\/td>\n \n \n2,976\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n1,733\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Income Available Per Basic Common Share<\/td>\n $<\/td>\n \n \n0.50\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n0.29\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210420005754\/en\/<\/a><\/span><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210420005754\/en\/872720\/3\/UBBancorp-logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n