Exhibit 99.1

On January 18, 2018, United Bancshares, Inc. issued the following release:

United Bancshares, Inc. (Nasdaq: UBOH news), a bank holding company headquartered in Columbus Grove, Ohio with consolidated assets of $780.5 million today announced operating results for the quarter and year ended December 31, 2017 and that its Board of Directors approved a cash dividend of $0.12 per common share payable March 15, 2018 to shareholders of record at the close of business on February 28, 2018.  


Results for the quarter and year ended December 31, 2017 were impacted by the completion of the acquisition of Benchmark Bancorp, Inc. and its wholly-owned subsidiary, Benchmark Bank on September 8, 2017 as well as a one-time revaluation of the Corporations deferred tax assets due to the tax law signed on December 22, 2017.  See the below table for a comparison of net income per basic share with and without the merger related expenses and the one-time write down of the deferred tax assets as well as a comparison of the book value as of December 31, 2017 and 2016:


Financial Information (unaudited)


Year ended December 31, 2017

Year ended December 31, 2016






PER COMMON SHARE





Net income adjusted for merger related expenses and one-time tax expense for the deferred tax asset revaluation*


$1.82

$1.68


Net income, as reported


$1.18

$1.68


Book value, as reported


$23.17

$22.21







* Includes one-time merger and conversion expenses totaling $956,000, net of tax,



   and tax expense of $1,136,000 for the deferred tax asset revaluation.









The acquisition expands the geographical footprint of the Corporation in Ohios fastest growing market and is expected to provide certain cost synergies with the existing Central Ohio operations and income accretion through a larger asset base.  Costs incurred relating to the acquisition were a significant portion of the increase in non-interest expenses for the year ended December 31, 2017.  Acquisition related costs were $1,271,000 for the year ended December 31, 2017.


On December 22, 2017, President Trump signed into law H.R.1, formerly known as the Tax Cuts and Jobs Act, which among other items reduces the federal corporate tax rate to 21% effective January 1, 2018.  The Corporation concluded that this new law will require it to revalue its deferred tax assets. As a result of this law, the Corporations deferred tax assets were reduced $1,136,000 which reduced fourth quarter and 2017 annual earnings by $0.35 per share.  The reduction in deferred tax assets represent a decrease in corporate taxes expected to be paid in the future.  Additionally, management does not expect any impact to Tier 1 Capital as a result of this revaluation.  


For the quarter ended December 31, 2017, the Corporation reported net income of $865,000, or $0.27 basic earnings per share compared to the fourth quarter of 2016 net income of $1,501,000, or $0.46 basic earnings per share.  In addition to the aforementioned acquisition costs and tax expense, other items impacting the quarter ended December 31, 2017, as compared to the same period in 2016, include increases in non-interest expenses of $2,092,000 and interest expense of $503,000 offset by increases in interest income of $2,362,000 and non-interest income of $997,000.


For the year ended December 31, 2017, the Corporation reported net income of $3,846,000 or $1.18 basic earnings per share compared to the year ended December 31, 2016 net income of $5,521,000 or $1.68 basic earnings per share.  In addition to the aforementioned acquisition costs and tax expense, the decrease in operating results for the year ended December 31, 2017, as compared to the same period in 2016, was primarily attributable to increases in other non-interest expenses of $3,398,000 and interest




The following information was filed by United Bancshares Incoh (UBOH) on Thursday, January 18, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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