COLUMBUS GROVE, Ohio, April 18, 2024 /PRNewswire/ -- United Bancshares, Inc. (OTCQX:UBOH) Quarterly cash dividend declared of $0.22 per share for shareholders of record on May 31, 2024, payable on June 14, 2024. Based on the average closing price for the first quarter, this is a 4.64% dividend yield. Net income of $1.8 million or $0.61 per share for the 2024 first quarter ($1.2 million or $0.39 per share when excluding a $435,000 mortgage loan reserve recapture and a $291,000 provision for credit loss reversal). This is in line with $1.9 million or $0.60 per share in the comparable period in 2023. Return on average assets of 0.69% for the 2024 first quarter (0.44% when excluding a $435,000 mortgage loan reserve recapture and a $291,000 provision for credit loss reversal). This is unchanged from the comparable period in 2023. Return on average tangible equity of 11.33% for the 2024 first quarter (7.28% when excluding a $435,000 mortgage loan reserve recapture and a $291,000 provision for credit loss reversal). This is down from 13.43% in the comparable period in 2023. Net interest margin of 3.03% for the 2024 first quarter, down from 3.53% in the comparable period in 2023. Asset quality metrics remain strong with stable non-performing and classified loans. Charge-offs remain at historically low levels through March 31, 2024. 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 grown to include 18 offices across Northwest and Central Ohio, including Bowling Green, Columbus Grove, Delphos, Findlay, Gahanna, Gibsonburg, Kalida, Leipsic, Lewis Center, Lima, Marion, Ottawa, Paulding, Pemberville and Westerville. The Union Bank Company is headquartered in Columbus Grove, Ohio, and remains committed to providing the very best banking service and products to all the communities we serve. Learn more at www.theubank.com. United Bancshares, Inc. Quarterly ReportMarch 31, 2024  A Letter to Our Shareholders, Clients, and Team Members: Despite a continued difficult operating environment, your Company is reporting pre-tax income of approximately $1.93 million, which equates to an 11.33% return on average tangible shareholders' equity for the quarter ended March 31, 2024. The Company also continues to have a strong liquidity position and asset quality metrics. As compared to the same quarter of last year, earnings for the quarter were suppressed by significant headwinds in net interest income, which decreased by $1.4 million (16.5%). Despite that challenge and continued inflationary pressures, the Company has offset those headwinds by reducing non-interest expense by $569,000 (6.8%), reducing the provision for credit losses by $265,000, and improved non-interest income of $536,000 (30.8%). A significant amount of the increase in non-interest income ($435,000) is from the recognition of gain on sale of residential mortgage loans originated in prior periods, which was previously held in reserve. I am also pleased to report that the Board of Directors declared a $0.22 per common share dividend payable June 14, 2024, to shareholders of record at the close of business on May 31, 2024. The dividend is approximately 36% of the reported net income for the first quarter of 2024. While we expect a challenging operating environment to continue to have a negative impact on your company's earnings throughout 2024 and into 2025, we believe that continued efforts on cost controls, new loan originations, and upward repricing of existing loans through this cycle will offset some of that marginal earnings pressure. The efforts of the team and our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities are the foundation for the continued success of your Company. Thank you for your ongoing support and the trust you have placed in us. Respectfully, Brian D. YoungPresident & CEO Financial Information (Unaudited) March 31, 2024 December 31, 2023 Cash and cash equivalents $       27,448,000 $       26,915,000 Securities 247,643,000 253,588,000 Loans 705,145,000 708,828,000 Less allowance for loan loss