Q1 EPS $0.31 vs $0.33 record; net income $1.75M; NII up 3.7% but expenses jump 14.9%

UNITED BANCORP INC /OH/

2022-Q1 EPS reported $0.30

Diluted EPS $0.31 and net income $1.75M vs $0.33/$1.91M in record Q1 2021.
Net interest income rose $198k (+3.7%) as expense fell 37.3%; NIM 3.45% (down 4 bps).
Noninterest income $987k (+6.5%); noninterest expense $661k (+14.9%) driven by staffing and wages.
Credit quality: nonaccrual/30+ day past due $4.2M (0.9% of loans); net recovery of $29k; $500k reserve release.
Book value $10.79 (down 3.5%) due to rate-driven AOCI hit; total equity $63.9M (8.7% of assets).

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