United Bancorp, Inc. has released its financial results for the third quarter ended September 30, 2026, revealing a decline in net income and earnings per share due to a significant one-time charge-off. Despite these challenges, the bank achieved a milestone by surpassing $900 million in total assets for the first time in its history.

According to the filing dated November 6, 2026, the Martins Ferry, Ohio-based bank reported diluted earnings per share of $0.25 and net income of $1,401,000 for the three months ending September 30, 2026. This marks a decrease in both metrics compared to the same period last year.

Randall M. Greenwood, Senior Vice President and CFO, attributed the earnings dip to a one-time event that resulted in a charge-off of a commercial credit to a single borrower amounting to $2,953,000. This led to a provision for credit loss expense of $2,421,000 for the quarter, a significant increase compared to the previous year.

“For the quarter ended September 30, 2026, we were impacted by a one-time event that caused earnings to perform below our typical expectations,” Greenwood stated. He noted that excluding this charge-off, the bank's Pre-Provision Net Revenue (PPNR) totaled $3,490,000, reflecting a year-over-year increase of $1,393,000.

Greenwood expressed optimism about the bank's performance, stating, “We are very satisfied with the level at which UBCP is presently performing.” He highlighted the bank's investment in infrastructure and growth, indicating that these initiatives are expected to yield positive results in the coming years.

Despite the challenges, United Bancorp reported a year-over-year increase in total assets, which grew by $47.8 million, or 5.5%, to reach $923.2 million. This growth was driven by increases in gross loans, bank-owned life insurance, and cash reserves.

“Driving the increase in our Company’s total assets was the growth that we experienced in our total deposits,” Greenwood explained. Total deposits grew by $77.3 million, or 12.0%, to $722.5 million, with significant contributions from lower-cost funding sources.

Looking ahead, United Bancorp appears to be navigating a challenging economic landscape, marked by uncertainties and tighter monetary policy from the Federal Reserve. Greenwood noted that forecasts for interest rates had anticipated cuts, but instead, the Fed raised rates to combat persistent inflation.

As the banking sector continues to face economic challenges, United Bancorp's results may reflect broader trends within the state commercial banks industry. Competitors may also experience similar pressures as they navigate the current economic environment.

Details were not available in the SEC filing regarding any immediate next steps or future filings related to this report.