United Bancorp, Inc. (UBCP): Business Model Canvas [Dec-2025 Updated]

You're looking under the hood of United Bancorp, Inc. (UBCP) to see how this regional player actually makes money, right? Well, after a decade analyzing balance sheets, I can tell you their model hinges on deep community ties across Ohio and West Virginia, supported by a $866.8 million asset base as of September 30, 2025. They are skillfully blending their 18 physical centers with digital upgrades while maintaining a solid 3.66% Net Interest Margin in Q3 2025, which is defintely a strong signal. Honestly, understanding this balance between local, relationship-driven service and modern scale is key to valuing their next move, so let's break down the nine blocks of their business engine below.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Key Partnerships

You're looking at the essential external relationships United Bancorp, Inc. (UBCP) relies on to keep Unified Bank running smoothly, especially as they push forward with infrastructure investments. Here's the breakdown of those critical connections, grounded in their late 2025 financial scale.

Core banking system and IT vendors for digital transformation

United Bancorp, Inc. explicitly noted undertaking 'investment in new technology and digital transformation' over the twelve months leading up to September 30, 2025. This effort adds to noninterest expense levels as the company scales out programs like Treasury Management and builds out the new Unified Center to house Information Technology functions.

The scale of operations supported by these technology partnerships is significant:

• Gross Loans as of September 30, 2025: $496.5 million
• Total Assets as of September 30, 2025: $866.8 million
• Net Income for Q3 2025: $1,931,000

Regulatory bodies (e.g., FDIC, Federal Reserve) for compliance

The structure of United Bancorp, Inc. as a bank holding company necessitates constant engagement with federal and state oversight bodies. Compliance with regulations overseen by these partners is non-negotiable for continued operation.

The primary regulatory partners overseeing Unified Bank and the Holding Company include:

External auditors and legal counsel for governance

Governance relies on external validation and legal guidance. While specific firm names aren't public in the latest reports, the administrative functions tied to governance are clear.

Key administrative/governance contacts and associated data points include:

• Chief Executive Officer: Scott A. Everson
• Senior Vice President, CFO and Treasurer: Randall M. Greenwood
• Transfer Agent: Equiniti Trust Company, LLC
• Transfer Agent Address: 48 Wall Street, Floor 23, New York, NY 10005

The need for rigorous external auditing is underscored by the reported financial performance, such as the 4.2% increase in diluted EPS for the first nine months of 2025 compared to the prior year.

Correspondent banks for liquidity and specialized services

For liquidity management and services beyond its core regional footprint, United Bancorp, Inc. depends on correspondent relationships. These partnerships support the balance sheet, which saw gross loans grow by 4.5% year-over-year as of Q3 2025.

The scale of the balance sheet requiring correspondent support:

Finance: draft 13-week cash view by Friday.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Key Activities

Loan origination and servicing (commercial, real estate, consumer)

The core activity involves originating and servicing loans across commercial, real estate, and consumer segments. As of September 30, 2025, United Bancorp, Inc. managed a gross loan portfolio of $496.5 million, which represented a 4.5% year-over-year expansion. The commercial loan portfolio, which includes Commercial and Industrial and Commercial Real Estate loans, accounts for approximately 80% of total loans.

The activity of loan management is detailed below:

Deposit gathering and liability management

Gathering core deposits is a key activity to fund loan growth and manage the liability structure. Total deposits increased 4.8% year-over-year to reach $645.2 million as of the third quarter of 2025. A focus on relationship banking is evident in the growth of noninterest-bearing demand deposits, which rose 8.5% to $156.3 million.

The cost of funding is managed with interest expense to average assets at 1.80% as of September 30, 2025, a modest increase of 3 basis points year-over-year. At the end of 2024, uninsured deposits were 17.6% of total deposits, indicating a strong core base.

Scaling the Unified Mortgage and Treasury Management Divisions

United Bancorp, Inc. is actively scaling two specific business functions as part of its transformative projects over the past twelve months.

• Unified Mortgage Division development is underway, which contributed to higher fee income last year.
• Scaling of Treasury Management Programs is also a focus area.

Managing the $496.5 million gross loan portfolio

The management objective is centered on the $496.5 million gross loan portfolio as of the end of the third quarter of 2025. This management includes deploying excess liquidity into earning assets. The company deployed $21 million of excess reserves into municipal securities, achieving a taxable equivalent yield of 6.1%. Total assets stood at $866.8 million at the same date.

Digital transformation and new banking center construction

Key activities involve significant investment in infrastructure and technology. These initiatives added to noninterest expense levels over the preceding twelve months.

• Investment in new technology and digital transformation is ongoing.
• Construction of a new Wheeling Banking Center is scheduled to open within the next few weeks (as of November 6, 2025).
• Acquisition of a property in St. Clairsville, Ohio, for a Unified Center to house Accounting, Information Technology, and Customer Sales and Service Functions.

Finance: draft 13-week cash view by Friday.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Key Resources

You're mapping out the core assets United Bancorp, Inc. (UBCP) relies on to execute its business model in late 2025. These aren't just line items; they are the physical, financial, and intellectual foundations supporting Unified Bank's operations across Ohio and West Virginia.

The financial foundation is solid, showing growth even in a tricky economic climate. As of September 30, 2025, the firm reported total assets reaching $866.8 million. This asset base is supported by a significant, stable funding source, which is the core deposit base. You should note the required figure here:

Core deposit base of $645.2 million.

The physical footprint remains a key resource, anchoring the company in its regional markets. United Bancorp, Inc. operates a network of 18 physical banking centers through its single bank charter, Unified Bank. These centers serve specific Ohio counties-Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson, and Tuscarawas-plus Marshall County in West Virginia. The company is also actively investing in its physical presence, with a new, full-service banking center under construction in Wheeling, West Virginia, expected to open later in 2025.

To give you a clearer picture of the balance sheet supporting these resources as of the third quarter close, here's a quick look at some key figures in millions USD:

Beyond the balance sheet, the human and intellectual capital are crucial. United Bancorp, Inc. relies heavily on its experienced local management and employee expertise. This local focus is what allows them to compete effectively against larger institutions in their specific markets. Furthermore, the firm maintains proprietary technology for its online and mobile banking services, which is essential for modern delivery, even for a traditional regional bank.

The quality of the deposit base reflects the strength of these relationships. You can see the breakdown of key funding components as of late September 2025:

• Noninterest bearing demand balances: $156.3 million.
• Total shareholders' equity: $66.5 million.
• Regulatory capital (stockholders' equity plus AOCI): $75.1 million.
• Regulatory capital to average assets ratio: 8.9%.

Honestly, the management team is clearly focused on leveraging this local expertise while continuing to grow the asset base, aiming for $1.0 billion or greater in total assets. Finance: draft 13-week cash view by Friday.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose United Bancorp, Inc. (UBCP) over the competition. It boils down to local presence backed by solid financial performance and a commitment to shareholders.

Full-service community banking with local decision-making

United Bancorp, Inc. operates through its single bank charter, Unified Bank, maintaining a physical presence with eighteen banking offices across Ohio and Marshall County in West Virginia. This structure supports local decision-making, which is key for community banking relationships. As of September 30, 2025, the company reported total assets of $866.8 million and total shareholders' equity of $66.5 million. The bank is actively focused on growing its asset base toward the $1.0 billion level. The bank also has ongoing infrastructure investments, such as the development of a new Wheeling Banking Center and a future Unified Center in St. Clairsville, Ohio. That's how you build local trust.

Comprehensive retail, commercial, mortgage, and wealth services

The value proposition includes a full suite of services. You get the basics like checking and savings accounts, plus more specialized offerings. For instance, gross loans surpassed a milestone, exceeding $500.7 million as of the second quarter of 2025, reflecting a 3.4% year-over-year growth. The company also highlights its Unified Mortgage Division expansion and wealth management services. Here's a quick look at some key operational metrics as of late 2025:

Stable credit quality with nonperforming assets at 0.60% of total assets

Maintaining a clean loan book is central to stability. For the second quarter of 2025, United Bancorp, Inc. reported robust credit quality, with nonperforming assets at 0.60% of total assets. While this metric was reported at 0.66% as of September 30, 2025, both figures compare favorably to industry peers and remain well below historic levels. The company reported net loans charged off (excluding overdrafts) for the first nine months of 2025 annualized at (0.04%) of average loans. This discipline is a core offering.

Attractive shareholder returns via a regular cash dividend

United Bancorp, Inc. definitely emphasizes shareholder returns. The board has been consistently increasing payouts. For example, the regular cash dividend was increased by 5.7% year-over-year for the second quarter payment. The fourth quarter regular dividend declared was $0.1875 per share. The total cash dividends paid for the first nine months of 2025 reached $0.73 per share (including a special dividend). This supports an attractive yield profile:

• Annual Dividend (TTM): $0.93
• Reported Dividend Yield (as of late 2025): 6.94%
• Payout Ratio (TTM): 70.22%
• Next Ex-Dividend Date: December 10, 2025

Treasury Management programs for commercial cash flow needs

The bank is actively investing in services to support its commercial clients' liquidity. United Bancorp, Inc. announced the implementation of Treasury Management Programs as a strategic investment to support future growth. This is paired with technology investments and the scaling out of its Treasury Management service line. You can see the focus on commercial services in the deposit mix, where noninterest-bearing demand deposits-often used for business cash flow-increased by 8.5% year-over-year to $156.3 million as of September 30, 2025. The bank also deployed $21 million in excess reserves into municipal securities, aiming for a taxable equivalent yield of 6.1%, which helps manage overall balance sheet efficiency for clients.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Customer Relationships

United Bancorp, Inc. (UBCP) operates a relationship-driven model designed for long-term retention, which is evident in its loan portfolio composition. The small-business oriented commercial portfolio, which is relationship-driven, accounts for approximately eighty percent (80%) of the total loans. So, the focus is clearly on deepening ties with commercial clients. As of September 30, 2025, gross loans expanded by 4.5% year-over-year to $496.5 million, showing the success of this lending focus. Furthermore, core customer funding, as seen in noninterest bearing demand balances, reached $156.3 million as of that same date, representing an 8.5% year-over-year increase of $12.3 million. That growth in core deposits helps fund the loan demand.

Dedicated personal service is delivered through a localized physical footprint. United Bancorp, Inc., through its single charter, Unified Bank, maintains eighteen banking centers across its service area. These centers serve Ohio Counties including Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson, and Tuscarawas, plus Marshall County in West Virginia. This structure helps United Bancorp, Inc. combine the responsiveness and personalized touch of a community bank with the capabilities of a larger institution.

The strategy supports enhanced cross-selling and on-boarding practices, particularly within the commercial segment where the bank seeks to grow its asset-base toward a goal of $1.0 billion or greater in total assets, up from $866.8 million as of September 30, 2025. The bank offers a full suite of services including personal and business banking, loans, mortgages, and wealth management solutions, which are entry points for deeper relationship development.

For commercial clients, there's a high-touch support structure, especially around cash flow services. United Bancorp, Inc. had a stronger commitment to developing its Treasury Management function in 2024, which provides fee-based services in cash management and payments to commercial customers.

Here are the key metrics reflecting the customer and shareholder relationship focus as of late 2025:

The commitment to shareholders, a key relationship, is shown through consistent dividend increases. The fourth quarter 2025 dividend was declared at $0.19 per share, yielding a forward yield of 5.4%. This follows the third quarter 2025 payment of $0.1875 per share.

The operational structure supporting these relationships includes:

• Maintaining a strong regional focus in Ohio and West Virginia markets.
• Focusing on attracting more deposits to fund increased loan demand.
• Delivering digital banking platforms for remote account management.
• Achieving diluted earnings per share of $0.34 in Q3 2025.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Channels

You're looking at how United Bancorp, Inc. (UBCP) physically and digitally reaches its customers as of late 2025. It's a mix of traditional community presence and necessary digital upgrades.

The core physical distribution network remains centered around its 18 brick-and-mortar banking centers in Ohio and West Virginia. Specifically, Unified Bank serves customers across the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson, and Tuscarawas, plus Marshall County in West Virginia, as of September 30, 2025.

The company is actively expanding its physical footprint with the new regional banking hub in Wheeling, West Virginia. As of the November 6, 2025 report, this highly-promising banking center was scheduled to open within the next few weeks. This construction, along with other investments in technology, has added to noninterest expense levels over the past twelve months.

For round-the-clock service, United Bancorp, Inc. relies on its online and mobile banking platforms for 24/7 access. Management has noted significant investment in technology and digital transformation as a key strategic initiative.

Specialized lending is channeled through the Unified Mortgage Division. This division is noted for generating higher fee income through the sale of secondary market products and increased interest income from portfolio loans. The expansion of this division is a stated strategic investment.

Here's a look at the scale of the business supporting these channels as of the third quarter of 2025:

The physical and digital touchpoints are supported by the overall operational scale:

• Number of banking centers: 18.
• Net Income (Q3 2025): $1,931,000.
• Net Income (First Nine Months 2025): $5,717,000.
• Nonperforming Assets to Total Assets (Sep 30, 2025): 0.66%.
• Unified Mortgage net realized gain year-over-year (as of early 2025 report): Increase of $453,000.

The growth in loan volume, which surpassed the half-billion dollar threshold for the first time, is directly tied to these channels, including the business development efforts already in place for the upcoming Wheeling center. Finance: draft 13-week cash view by Friday.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Customer Segments

United Bancorp, Inc. serves its customer base through its single bank charter, Unified Bank, focusing on a defined regional footprint.

The primary geographic and scale metrics defining the customer base as of late 2025, based on September 30, 2025, financial reporting, are detailed below:

Retail customers within regional Ohio and West Virginia counties form the foundational segment, supported by the physical network.

• Operating region includes Ohio Counties: Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson, and Tuscarawas.
• Operating region includes West Virginia County: Marshall County.
• The company is headquartered in Martins Ferry, Ohio.

Small-to-midsize businesses (SMBs) needing commercial loans and deposits represent a core commercial segment.

The lending focus for this segment is evidenced by the composition of the gross loan portfolio.

• The loan portfolio includes commercial and real estate loans.
• Gross Loans totaled $496.5 million as of September 30, 2025.
• The bank competes with approximately 27 other commercial banking institutions in its main market of Belmont County, Ohio, based on June 30, 2024, deposit market share data.

Wealth management clients seeking investment services are served through specialized offerings.

• Key offerings include Retirement planning and Investment portfolio management.
• Trust and estate planning services are also provided.

Real estate investors and developers in the operating region are a specific subset of the lending customer base.

This group utilizes the bank's real estate lending capabilities, which contribute to the overall gross loan balance of $496.5 million.

The company also serves its shareholders, who are a distinct financial segment, as evidenced by its commitment to capital returns:

• Total cash dividends paid year-to-date (first nine months of 2025) amounted to $0.92 per share.
• The fourth quarter 2025 regular cash dividend was declared at $0.19 per share.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Cost Structure

You're looking at the expense side of United Bancorp, Inc. (UBCP)'s operations as of late 2025. This is where the rubber meets the road on funding growth and maintaining service levels across their eighteen banking centers.

The cost of funding, specifically interest expense on deposits, is a major factor. For the period ending September 30th, 2025, the interest expense to average assets ratio stood at 1.80%. This figure reflects the cost of deposits in the current rate environment, though management expressed optimism about seeing a decline in total interest expense levels moving forward.

Personnel is another significant outlay. United Bancorp, Inc. supports its operations with a team of 126 employees, a number that remained steady as of December 31, 2024. While the exact personnel and compensation expense for 2025 isn't itemized here, it forms a core part of the overall noninterest expense base.

Credit quality management requires setting aside funds, which shows up as the provision for credit losses. For the third quarter of 2025, this provision was reported at $186,000. This was notably higher than the $70,000 provision set aside in the third quarter of the prior year. For the first nine months of 2025, the cumulative provision for credit loss expense reached $488,000.

The commitment to staying competitive means spending on the future. United Bancorp, Inc. has been making noninterest expense investments in strategic areas like the development and scaling of Unified Mortgage and Treasury Management Programs, plus general investment in new technology and digital transformation. The total noninterest expense for the third quarter of 2025 was $146.7 million, an 8% increase year-over-year.

Maintaining the physical footprint is a necessary cost. United Bancorp, Inc. operates through its subsidiary, Unified Bank, which has about 18 branches across its markets in Ohio and West Virginia. The occupancy and equipment costs for these centers are tracked closely. For the period ending June 30, 2025, the reported Occupancy and Equipment expense was $620 (in the filing's stated units).

Here's a look at some of the key expense components we can quantify from recent filings:

You can see the pressure points in the cost structure:

• Interest expense on deposits at 1.80% of average assets.
• A rising provision for credit losses, hitting $186,000 in Q3 2025.
• Ongoing noninterest expense related to strategic technology and branch investments.
• The fixed cost base supporting 18 banking centers.

Finance: draft 13-week cash view by Friday.

United Bancorp, Inc. (UBCP) - Canvas Business Model: Revenue Streams

You're looking at the core ways United Bancorp, Inc. (UBCP) brings in money as of late 2025. It's heavily weighted toward traditional banking income, but fee-based services are chipping in more, too.

Net Interest Income (NII) from loans and securities remains the bedrock. For the third quarter ending September 30, 2025, United Bancorp, Inc. reported net interest income of $6.73 million. This represented a solid year-over-year increase of 9.6%. Looking at the longer trend, for the first nine months of 2025, the cumulative net interest income reached $19.57 million. Total interest income for the quarter was $10.6 million, up 7.0% year-over-year, supported by higher loan yields and growth in gross loans to $496.5 million.

The efficiency of that interest income generation is captured by the Net Interest Margin (NIM). United Bancorp, Inc.'s federal tax equivalent NIM was 3.66% in Q3 2025. This was an expansion of 16 basis points compared to the prior year period. On the funding side, interest expense to average assets was reported at 1.80% year-over-year for the quarter.

Here's a quick look at the core interest-driven revenue performance for Q3 2025:

Beyond interest earnings, fee and service income contributes to the top line. You see this in the performance of Loan fees and service charges on deposit accounts. For the quarter, loan fees specifically saw a decline of 4.4%.

The broader category of Noninterest income showed strength, increasing 10.9% to reach $1.4 million in Q3 2025. This income stream includes various fee-based services. For instance, fees from brokerage services saw an increase of $1.4 million quarter-over-quarter, contributing to the overall noninterest income growth. While the specific revenue from fee-based Treasury Management services isn't broken out separately, it falls within this growing noninterest income bucket.

The final component mentioned relates to asset sales, though specific figures for the Net realized gain on the sale of loans from Unified Mortgage Division aren't explicitly detailed in the latest reports found. However, other noninterest income drivers were significant; for example, net gains on investment securities for Q3 2025 were reported at $10.4 million.

You can see the mix of fee-related revenue streams here:

• Total Noninterest Income (Q3 2025): $1.4 million
• Noninterest Income Year-over-Year Growth: 10.9%
• Loan Fees Change: Down 4.4%
• Fees from Brokerage Services Increase: $1.4 million (quarter-over-quarter)

Finance: draft 13-week cash view by Friday.