United Bancshares (UBOH) AI Stock Analysis

• Market Cap: $108.97M
• Dividend Yield: 2.05%
• Average Volume (3M): 2.52K
• Price to Earnings (P/E): 9.8
• Beta (1Y): 0.23
• Revenue Growth: 10.90%
• EPS Growth: 42.60%
• Country: US
• Employees: 211
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 1.04
• Shares Outstanding: 2,748,899
• 10 Day Avg. Volume: 1,534
• 30 Day Avg. Volume: 2,516
• PEG Ratio: 1.09
• Price to Book (P/B): 0.98
• Price to Sales (P/S): 1.50
• P/FCF Ratio: 17.84
• Enterprise Value/Market Cap: 0.52
• Enterprise Value/Revenue: 0.86
• Enterprise Value/Gross Profit: 1.24
• Enterprise Value/Ebitda: 4.44
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: $44.00 ▲(4.76% Upside)
• Action: Downgraded Date: 12/13/25
• Date: Action: Downgraded 12/13/25

The overall stock score of 61 reflects a stable financial performance with a strong balance sheet and low leverage. The technical analysis indicates a positive trend, but caution is advised due to overbought signals. The valuation is attractive with a low P/E ratio and a decent dividend yield, making it appealing for value investors.

Positive Factors

Low Leverage / Strong Balance Sheet

Very low leverage provides a durable capital buffer that supports lending growth and loss absorption. A stable equity base reduces regulatory capital pressure, preserves financial flexibility for strategic initiatives, and helps the bank withstand cyclical credit stress over months.

Positive Revenue and EPS Growth

Modest revenue growth alongside strong EPS expansion indicates improving core profitability and operational leverage. Sustained earnings growth supports reinvestment in the franchise, builds internal capital, and enhances ability to expand lending or reserves without immediate external funding.

Diversified Banking Revenue Streams

A business model that mixes net interest income, commercial and consumer lending, fees, and wealth services reduces concentration risk. Diversified income helps smooth earnings across rate cycles, supports margin resilience, and allows the bank to pursue fee-based growth alongside lending.

Negative Factors

Operating Cash Flow Weakness

Operating cash flow falling to zero signals weaker cash conversion and liquidity pressure. Over the medium term this limits capacity to fund loan growth, capital expenditures or dividends internally and increases reliance on deposits or wholesale funding, raising funding risk.

Declining Revenue and Margins

A multi-year revenue decline paired with shrinking operating margins suggests structural pressure on top-line and efficiency. Persistent trends would erode capital accumulation, constrain investments in technology or branches, and weaken competitive position versus larger regional peers.

Operational Efficiency Deterioration

Worsening operational efficiency raises the bank's cost-to-income ratio and compresses sustainable profitability. Combined with irregular cash flows, it complicates planning, may necessitate cost restructuring, and reduces resilience to credit or rate shocks over a multi-month horizon.

United Bancshares Business Overview & Revenue Model

Company Description

United Bancshares, Inc. operates as the bank holding company for The Union Bank Company that provides various commercial and consumer banking services. The company accepts various deposits products, such as checking, savings, demand deposit, money market deposit, term certificate, and individual retirement accounts, as well as certificates of deposit. Its loan products include commercial and residential real estate, agricultural, commercial and industrial, home equity, and various types of consumer and small business administration loans. The company also offers wealth management, financial needs analysis, mutual funds, securities trading, annuities, and life insurance services; and treasury management, online and mobile banking, automatic teller machine, bill pay, safe deposit box rental, payment, and other personalized services. It operates eighteen full service banking centers and three loan production offices in northwest and central Ohio. United Bancshares, Inc. was founded in 1904 and is headquartered in Columbus Grove, Ohio.

How the Company Makes Money

United Bancshares generates revenue through multiple key streams, primarily through net interest income, which is earned from the difference between interest paid on deposits and interest received on loans. The company offers various loan products, including commercial, residential, and consumer loans, which contribute significantly to its interest income. Additionally, UBOH earns non-interest income from fees associated with deposit accounts, transaction services, and other banking services provided to customers. The company may also engage in wealth management and investment advisory services, further diversifying its revenue sources. Strategic partnerships with other financial institutions or service providers can enhance its service offerings and contribute to earnings growth.

United Bancshares Financial Statement Overview

Summary

United Bancshares shows resilience in maintaining profitability despite revenue fluctuations. However, declining efficiency in operations and irregular cash flows present challenges. The balance sheet remains strong with low leverage, providing stability in a competitive banking sector.

Income Statement

United Bancshares experienced fluctuating revenue trends with a decline in total revenue from 2020 to 2023. Despite this, net income remained relatively stable, indicating cost management. The gross profit margin is consistently strong at 100%, but declining EBIT and EBITDA margins suggest reduced operational efficiency over time.

Balance Sheet

The company's balance sheet reflects a stable equity base with low leverage, as shown by a debt-to-equity ratio of approximately 0.18. ROE has been positive, indicating decent returns on equity. The equity ratio has been stable, showing a healthy proportion of assets financed by equity.

Cash Flow

Cash flow statements indicate irregularities, with operating cash flow dropping to zero in 2024, a potential concern. Free cash flow growth has been inconsistent, affected by fluctuating capital expenditures. Despite this, past years had positive free cash flow, supporting operational needs.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	65.36M	61.70M	52.84M	47.00M	53.72M	64.25M
Gross Profit	45.17M	41.83M	39.13M	44.74M	50.35M	51.06M
EBITDA	12.64M	9.92M	11.12M	14.14M	17.62M	18.18M
Net Income	11.41M	9.15M	8.61M	11.31M	13.58M	13.76M
Balance Sheet
Total Assets	1.20B	1.19B	1.07B	1.09B	1.08B	978.53M
Cash, Cash Equivalents and Short-Term Investments	91.80M	95.28M	278.42M	311.97M	382.84M	251.61M
Total Debt	16.59M	18.08M	18.04M	20.54M	19.99M	20.69M
Total Liabilities	1.10B	1.09B	977.57M	1.00B	957.46M	866.93M
Stockholders Equity	101.12M	94.74M	93.92M	82.69M	119.09M	111.60M
Cash Flow
Free Cash Flow	0.00	5.20M	11.20M	13.20M	22.48M	15.64M
Operating Cash Flow	0.00	6.93M	12.83M	16.78M	26.44M	17.22M
Investing Cash Flow	0.00	-51.35M	16.04M	-103.03M	-96.52M	-65.13M
Financing Cash Flow	0.00	112.78M	-32.64M	41.73M	88.25M	78.54M

United Bancshares Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 42.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UBOH, the sentiment is Positive. The current price of 42 is above the 20-day moving average (MA) of 39.53, above the 50-day MA of 41.11, and above the 200-day MA of 33.84, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 45.63 is Neutral, neither overbought nor oversold. The STOCH value of 34.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for UBOH.

United Bancshares Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MGYR	75 Outperform	$113.49M	10.21	8.51%	1.81%	12.08%	27.88%
UNB	74 Outperform	$106.54M	9.57	15.11%	6.08%	14.52%	27.90%
SRBK	68 Neutral	$125.36M	45.66	1.57%	0.88%	9.43%	166.36%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SFBC	64 Neutral	$108.98M	15.33	6.52%	1.75%	2.85%	73.41%
UBOH	61 Neutral	$108.97M	9.81	11.88%	2.05%	10.90%	42.60%
BSBK	48 Neutral	$110.10M	51.30	0.35%	―	-15.09%	―