Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

The primary driver of our Company's growing level of net interest income and the expansion of its net interest margin is the growth trend we have experienced this year in our total assets, which increased on a year-over-year basis by $41.3 million, or 5.0%, to a level of $866.8 million as of September 30, 2025. This growth in total assets is primarily attributed to gross loans increasing by $21.5 million, or 4.5%, to a level of $496.5 million and cash and due from the Federal Reserve Bank increasing by $7.8 million, or 20.6%, to a level of $45.6 million as of the most recently ended quarter. In addition, during the third quarter of the current year, we took advantage of heightened yield opportunities presented in the market by investing approximately $21.0 million of our excess reserves held at the Federal Reserve Bank into municipal securities with an average taxable equivalent yield (TEY) of 6.1%. These newly purchased securities should help boost the level of interest income that we generate in future periods and further contribute to the corresponding expansion of both our net interest income and net interest margin especially, if the Federal Open Market Committee (FOMC) continues to lower short term rates as it did toward the end of the third quarter. Interestingly, a significant portion of the municipal securities that we hold in our investment portfolio have extended call protection, which should benefit our Company in a falling rate environment. Also, of interest, we continue to see the average yield of our overall loan portfolio increase as many of our loans originated over the course of the past five years are repricing in the current interest rate environment; wherein, current loan rates are considerably higher than the initial rates at which these loans were originated. With our present liquidity level at the Federal Reserve, we will have a sharp focus on continuing to grow our loans outstanding as we enter the fourth quarter of the current year. This anticipated growth in our Company's gross loans, along with the continued repricing of our loan portfolio in a higher-rate environment, should contribute to our Company continuing to generate higher levels of interest income on loans and loan related fees, which should positively contribute to the aforementioned projection of higher levels of net interest income being realized for the remainder of the year.

Looking at the interest expense side of the net interest margin, our Company's total interest expense did respectively increase on both a quarterly and year-to-date basis by $101,000, or 2.7%, and $330,000 or 3.0%. This modest increase in our Company's total interest expense was primarily driven by a year-over-year increase in our total deposits of $29.4 million, or 4.8%, to a level of $645.2 million and a shift in our Company's depository mix with a decrease in our lower-cost funding (consisting of demand and savings balances) and an increase in our higher-cost term funding (consisting of time deposits). This trend has recently begun to shift somewhat during the course of the most recently ended quarter as our Company experienced an increase in noninterest bearing demand balances. Year-over-year and as of September 30, 2025, noninterest bearing demand balances increased by $12.3 million, or 8.5%, to a level of $156.3 million. Overall, year-over-year, our Company saw its interest expense to average assets increase by three (3) basis points to a level of 1.80%. In the present environment in which we operate, we do anticipate that we will be able to start to see a decline in our total interest expense levels, which should further contribute to net interest income expansion and margin accretion during the current year.

Even with many of our borrowers experiencing rate resets to levels that may be double their previous rates on their loans in this higher-rate environment and with the economic uncertainty that continues, we have successfully maintained credit-related strength and stability within our loan portfolio. As of September 30, 2025, our Company's total nonaccrual loans and loans past due 30 plus days were $3.1 million, which is 0.63% of gross loans. At the end of the most recent quarter, our Company's nonperforming assets to total assets was 0.66%, which compares favorably to our industry and peer group of financial institutions. In addition, these reported levels continue to be well-below historic levels. Further highlighting the overall strength of our loan portfolio, our Company had net loans charged off (excluding overdrafts) of ($137,000) for the first nine months of this year, which annualized is (0.04%) of average loans and is in-line with the previous year. Considering some of the economic uncertainty and macroeconomic trends in the current year--- along with the growth in our gross loans--- our Company had a provision for credit loss expense for the first nine months of the current year of $488,000 for the quarter ended September 30, 2025, which is an increase of $314,000 year-over-year. This increase in our provision for credit loss expense led to a decrease in our Company's diluted earnings per share of approximately ($0.045) in the current year. Even considering our growing gross loan totals… with the increased provision for credit losses this year and continued solid credit quality-related metrics as of the most recently ended quarter, our Company had a total allowance for credit losses to total loans of 0.87%, which is a three (3) basis point increase over the previous year (and, on a linked quarter basis), and our total allowance for credit losses to nonaccrual loans was 177% as of September 30, 2025. Overall, we firmly believe that we are presently well reserved with strong coverage. Also, our Company remains very well capitalized by regulatory standards with regulatory capital (stockholders' equity plus accumulated other comprehensive loss (AOCI)) of $75.1 million, or 8.9% of average assets as of September 30, 2025.

United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Considering that the uncertainty relating to our country's present economic outlook remains elevated due to our current administration's trade policy implemented within the past several months--- coupled with the potentially restrictive monetary policy position of the Federal Open Market Committee's (FOMC) under which we presently operate--- our Company has performed in an admirable fashion over the course of the first nine months of 2025. We are happy to see the growth trends that we have experienced during the first three quarters of the current year in both our total deposits and gross loans and the current quality of the credit related metrics of our loan portfolio that remain relatively stable and low by historic standards. With the stronger demand for our loan products that we are currently experiencing--- especially, in the relationship-driven, small-business oriented commercial portfolio, which accounts for approximately eighty percent (80%) of our total loans--- we can continue our focus of attracting more deposits to fund this increased loan demand, which will help our Company's positive pursuit of achieving its goal of growing total assets to a level of $1.0 billion or greater! As we invest in the infrastructure of our Company, we have a lot of positive operating leverage and scale is definitely our friend. We anticipate that this envisioned growth of our Company's balance sheet should lead to increasing revenue generation and profitability in future periods.

Under our Company's guiding principles and vision, United Bancorp, Inc. (UBCP) has had a goal to grow its asset-base to a level of $1.0 billion (and, beyond) for the past several years. With all of the economic uncertainty and challenges within the past few years with which we have been confronted, our Company adopted a more defensive posture… which sacrificed growth for the sake of maintaining sound performance with a more conservative balance sheet management approach. Beginning in 2024, we began to adopt a more offensive-oriented posture with a focus, once again, on driving the growth of the balance sheet of our Company, which we believe will lead to higher levels of earnings and profitability and ensure our long-term relevance. Several new initiatives which we have previously announced--- and, which we have either already begun or are in the process implementing--- are key to driving this envisioned growth. A major initiative that our Company has undertaken is the development and construction of a new regional banking center in the desirable market of Wheeling, West Virginia. We are excited by the progress that has been made on this highly-promising banking center, which is scheduled to open within the next few weeks. Even though this banking center has not yet opened, some of the recent growth within our loan and depository portfolios is directly attributed to this office through the efforts of the business development team that we already have in place for this location. We firmly believe that within five years, this new banking center will be a top performer for UBCP! Another exciting initiative that we have undertaken (and, more fully developed over the course of the past year) is our new Unified Mortgage Division. Last year, this new division helped our Company produce higher levels of fee income and we believe that as we scale this function more fully, it will only become more lucrative for us. We have also become more focused on developing our Treasury Management function, which focusses on helping our small business customers with cash management, merchant services and payments. Not only does this developing department within our Company help generate higher levels of fee income, it also is key to helping us grow our no or low-cost deposit base… both of which lead to increased profitability. Also, over the course of the past year, UBCP has made a tremendous investment in the area of technology as we focus on digital transformation and omni-channel delivery, which will ensure that we meet the changing needs of our customer base and attract new customers to our Company. We are also in the process of implementing an artificial intelligence (AI) solution, which will help us better serve our customers by more effectively and efficiently responding to and answering customer inquiries on their terms and guiding them to the best financial solutions that better meet their current and changing needs. Lastly, we acquired a property in St. Clairsville, Ohio, which will be known as the Unified Center, that will house the Accounting, Technology and Customer Support functions of our Company. As UBCP has grown and evolved over the course of the past several years (and, as we continue to do so), we have had a need for a facility such as this. I am most excited about the Customer Support function that we are developing at the Unified Center, which will centralize the service function of our Company with team members that are highly skilled and more capable of providing a complete and satisfying Unified Experience to our valued customers. In addition, it will have a sales-oriented function, which is anticipated to lead to additional business for our Company (with the help of our AI-solution) by routing inbound inquiries from any banking channel to skilled sales professionals. This process will focus on the attraction and expansion of relationships through more effective on-boarding and cross-selling practices, which will lead to the sale of additional products and services to both our existing and newly prospected customers through this much more efficient and effective delivery channel. The renovation of the Unified Center should be completed by year-end and we will be ready to launch our new and exciting customer-centric solutions in the first quarter of next year.

United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

As always, our primary focus is protecting the investment of our shareholders in our Company and rewarding them in a balanced fashion by growing their value and paying an attractive cash dividend. In these areas, our shareholders have been nicely rewarded. In the first three quarters of the current year, we, once again, paid both our regular cash dividend and a special dividend to our valued shareholders. With these payouts, the regular cash dividend increased by $0.03 from the previous year to a level of $0.555, an increase of 5.7%. The special cash dividend paid out in the first quarter of this year was $0.175, which was an increase of $0.025, or 16.7%, over the payout the previous year. In the current year, United Bancorp, Inc. (UBCP) has paid total cash dividends to its shareholders in the amount of $0.73, an increase of $0.055, or 8.2%, over the amount paid in the first nine months of 2024, which produces a near-industry leading total dividend yield of 6.6%. This total dividend yield is based on our third quarter cash dividend on a forward basis, plus the special dividend (which combined total $0.925) and our quarter-end fair market value of $13.98. On a year-over-year basis as of September 30, 2025, the fair market value of our Company's stock favorably increased by $0.85, or 6.5%, and our market price to tangible book value was 127%, which compares favorably to current industry standards.

Considering that we continue to operate in a challenging economic and a highly competitive industry-related environment, we are very pleased with our current performance and future prospects. Even with these present threats to which we are exposed, we are very optimistic about the future growth and earnings potential for United Bancorp, Inc. (UBCP). We firmly believe that with the challenges that our industry has experienced over the course of the past few years, our Company has evolved into a more fundamentally sound organization with a focus on evolving and growing in order to achieve greater efficiencies and scales and generate higher levels of revenue--- while prudently managing expenses and controlling overall costs. We have and continue to invest in areas that will lead to our continued and future relevancy within our industry. Although such initiatives can stress the short-term performance of our Company, we firmly believe that they will help us fulfill our intermediate and longer-term goals and produce above industry earnings and performance. As previously mentioned, we still have a vision of prudently and profitably growing UBCP to an asset threshold of $1.0 billion, or greater, in the near term. We are truly excited about our Company's direction and the potential that it brings. With an unwavering focus on continual process improvement, product development and enhanced delivery, we firmly believe the future for our Company is very bright.

As of September 30, 2025, United Bancorp, Inc. has total assets of $866.8 million and total shareholders' equity of $66.5 million. Through its single bank charter, Unified Bank, the Company currently has eighteen banking centers that serve the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas and Marshall County in West Virginia. United Bancorp, Inc. trades on the NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements, which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or carry forward-looking statements, whether as a result of new information, future events or otherwise.

United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

When used in this document, the words such as "may," "will," "anticipate," "believe," "expect," "intend," "plan," "estimate," "project," "could," "should," or similar expressions are intended to identify "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including, among others, changes in economic or market conditions in the Company's geographic markets; changes in interest rates and funding costs; changes in loan demand or deposit flows; credit quality trends; competition from financial and non-financial institutions; regulatory or legislative actions and supervisory matters; cybersecurity events or operational disruptions; and other risks described from time to time in the Company's filings with the Securities and Exchange Commission, that could affect the Company's financial performance and cause actual results to differ materially from historical earnings and those presently anticipated or projected with respect to future periods. These risks and uncertainties should be considered in evaluating forward looking statements, and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including other factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on such forward-looking statements. The Company is not aware of any trends, events or uncertainties that will have or are reasonably likely to have a material effect on its financial condition, results of operations, liquidity or capital resources except as discussed herein. The Company is not aware of any current recommendation by regulatory authorities that would have such effect if implemented except as discussed herein.

The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date such statements were made or to reflect the occurrence of anticipated or unanticipated events.

Critical Accounting Policies

The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. Management makes certain judgments that affect the amounts reported in the financial statements and footnotes. These estimates, assumptions and judgments are based on information available as of the date of the financial statements, and as this information changes, the financial statements could reflect different estimates, assumptions, and judgments.

See Note 1, "Summary of Significant Accounting Policies" Management considers the measurement of the allowance for credit losses on loans to be a critical accounting policy.

This discussion of the Company's critical accounting policies should be read in conjunction with the Company's consolidated financial statements and the accompanying notes presented elsewhere herein, as well as other relevant portions of Management's Discussion and Analysis of Financial Condition and Results of Operations.

Analysis of Financial Condition

Earning Assets - Loans

The Company's focus as a community bank is to meet the credit needs of the markets it serves. At September 30, 2025, gross loans were $496.5 million, compared to $491.0 million at December 31, 2024, an increase of $5.6 million after offsetting repayments for the period. The overall increase in the loan portfolio was comprised of a $8.0 million increase in commercial and commercial real estate loans and a $1.1 million decrease in real estate lending and a $1.4 million decrease in installment loans since December 31, 2024.

Commercial and commercial real estate loans comprised 80.2% of total loans at September 30, 2025, compared to 79.5% at December 31, 2024. Commercial and commercial real estate loans have increased $8.0 million, or approximately 2.0% since December 31, 2024. This segment of the loan portfolio includes originated loans in its market areas and purchased participations in loans from other banks for out-of-area commercial and commercial real estate loans to benefit from consistent economic growth outside the Company's primary market area.

United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Consumer loans represented 1.5% of total loans at September 30, 2025 and 1.8% at December 31, 2024. Some of the consumer loans carry somewhat more risk than real estate lending; however, it also provides for higher yields. Consumer loans have decreased $1.4 million, or 15.4%, since December 31, 2024. The targeted lending areas encompass four separate metropolitan areas, minimizing the risk to changes in economic conditions in the communities housing the Company's banking locations.

Residential real estate loans were 18.3% of total loans at September 30, 2025 and 18.7% at December 31, 2024, representing a decrease of $1.1 million, or 1.2% since December 31, 2024. At September 30, 2025, the Company did not hold any loans for sale.

As of September 30, 2025, the Company considered its concentration of credit risk to be acceptable. The following table presents additional detail regarding the Company's largest loan concentration as of September 30, 2025 and December 31, 2024.

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The allowance for credit losses totaled $4.3 million at September 30, 2025, which represented 0.87% of total loans. The allowance represents the amount which management and the Board of Directors estimates is adequate to provide for probable losses inherent in the loan portfolio. The allowance balance and the provision charged to expense are reviewed by management and the Board of Directors monthly using a risk evaluation model that considers borrowers' past due experience, economic conditions and various other circumstances that are subject to change over time. Management believes the current balance of the allowance for credit losses is adequate to absorb credit losses over the life of the loan portfolio. Net loan charge-offs (exclusive of overdrafts net charge-offs of $74,000) for the nine months ended September 30, 2025 were approximately $137,000. Net loans charged off (exclusive of overdrafts net charge-offs $80,000) was $141,000 for the nine months ended September 30, 2024.

Earning Assets - Securities

The securities portfolio is comprised of U.S. Government agency-backed securities, tax-exempt obligations of state and political subdivisions and certain other investments. Securities available for sale at September 30, 2025 increased approximately $13.1 million from December 31, 2024 totals.

Sources of Funds - Deposits

The Company's primary source of funds is core deposits from retail and business customers. These core deposits include all categories of interest-bearing and noninterest-bearing deposits, excluding certificates of deposit greater than $250,000. For the period ended September 30, 2025, total core deposits (interest and non interest bearing accounts and savings) increased approximately $12.2 million, or 3.8% from December 31, 2024 totals. The Company's savings accounts decreased $1.9 million or 1.5% from December 31, 2024 totals. The Company's interest-bearing and non-interest bearing demand deposits increased $12.2 million while certificates of deposit under $250,000 increased by $13.3 million.

The Company has a strong deposit base from public agencies, including local school districts, city and township municipalities, public works facilities and others that may tend to be more seasonal in nature resulting from the receipt and disbursement of state and federal grants. These entities have maintained fairly static balances with the Company due to various funding and disbursement timeframes.

Certificates of deposit greater than $250,000 are not considered part of core deposits, and as such, are used to balance rate sensitivity as a tool of funds management. At September 30, 2025, certificates of deposit greater than $250,000 increased $8.1 million or 22.7%, from December 31, 2024 totals.

United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Sources of Funds - Securities Sold under Agreements to Repurchase and Other Borrowings

Other interest-bearing liabilities include securities sold under agreements to repurchase and Federal Home Loan Bank ("FHLB") advances. The majority of the Company's repurchase agreements are with local school districts and city and county governments. The Company's repurchase agreements increased approximately $15.0 million from December 31, 2024 totals. At September 30, 2025, the Company has $75 million of fixed rate advances that mature over the next 6 months to 2.5 years. Refer to footnote 10 for further information.

Results of Operations for the Three Months Ended September 30, 2025 and 2024

Net Income

The reported diluted earnings per share was $0.34 for the quarter ended September 30, 2025 compared to $0.31 for the quarter ended September 30, 2024, an increase of 9.7%.

Net Interest Income

Net interest income increased $591,000 or 9.6% for the three months ended September 30, 2025 compared to the same period in 2024. This increase was mainly due to increase in the yield in our securities and lending portfolios and overall growth in our earning asset balances.

Provision for Credit Losses

The Company had a provision for credit losses of $186,000 for the three months ended September 30, 2025 as compared to a provision form credit losses of $69,000 for same period in 2024.

Noninterest Income

Noninterest income of the Company increased $133,000 quarter-over-quarter. This increase was maily dure to an increase in service charge on deposit account of $90,000 for the three months ended September 30, 2025 over the same period in 2024.

Noninterest Expense

The Company saw its noninterest expense increase by $451,000 or 8.2% year-over-year. The increase is due to additional staffing related to the Fall 2025 opening of our Wheeling Banking Center and normal merit increases.

Federal Income Taxes

The provision for federal income taxes (benefits) was $20,000 for the three months ended September 30, 2025. The Company had an income tax benefit of $64,000 for the three months ended September 30, 2024.

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

Net Income

The reported diluted earnings per share was $0.99 for the nine months ended September 30, 2025 compared to $0.95 for the nine months ended September 30, 2024 an increase 4.2%.

Net Interest Income

Net interest income increased $1,116,000 or 6.1% for the nine months ended September 30, 2025 compared to the same period in 2024. This increase was mainly due to our variable rate loans repricing upward and an increase in earning assets period over period.

United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Provision for Credit Losses

The Company had a provision for credit losses of $488,000 for the nine months ended September 30, 2025 as compared to a provision for credit losses of $174,000 for same period in 2024.

Noninterest Income

Noninterest income of the Company increased $754,000 year-over-year. This increase was in part due to the Company $205,000 receipt of interest due from the Internal Revenue Service for refunds related to the Employee Retention Credit for the Company. The Company also had a gain on the sale of available-for-sale securities of $144,000 for the nine months ended September 30, 2025 as compared to a loss of $116,000 for the nine months ended September 30, 2024, a difference of $260,000.

Noninterest Expense

The Company saw its noninterest expense increased by $1,374,000 or 8.6% year-over-year. The increase is due to additional staffing related to the Fall 2025 opening of our Wheeling Banking Center and normal merit increases and general inflation. Our Company was able to successfully apply and be approved for an Employee Retention Credit (ERC) in the first quarter of 2024 which helped to offset the general increase due to inflation during the nine months ended September 30, 2024.

Federal Income Taxes

The provision for federal income taxes (benefits) was ($24,000) for the nine months ended September 30, 2025. The Company had an income tax benefit of ($41,000) for the nine months ended September 30, 2024.

Capital Resources

Internal capital growth, through the retention of earnings, is the primary means of maintaining capital adequacy for the Company. Stockholders' equity totaled $66.5 million at September 30, 2025, compared to $63.5 million at December 31, 2024, a $3.0 million increase. Total stockholders' equity in relation to total assets was 7.67% at September 30, 2025 and 7.77% at December 31, 2024. The Company's Articles of Incorporation allows for a class of preferred shares with 2,000,000 authorized shares. This enables the Company, at the option of the Board of Directors, to issue series of preferred shares in a manner calculated to take advantage of financing techniques which may provide a lower effective cost of capital to the Company. The amendment also provides greater flexibility to the Board of Directors in structuring the terms of equity securities that may be issued by the Company. Although this preferred stock is a financial tool, it has not been utilized to date.

The Company has offered for many years a Dividend Reinvestment Plan ("The Plan") for shareholders under which the Company's common stock will be purchased by the Plan for participants with automatically reinvested dividends. The Plan does not represent a change in the Company's dividend policy or a guarantee of future dividends.

The Company is subject to the regulatory requirements of The Federal Reserve System as a bank holding company. The Bank is subject to regulations of the FDIC and the State of Ohio, Division of Financial Institutions. The most important of these various regulations address capital adequacy.

The Bank continues to be well-capitalized in accordance with Federal regulatory capital requirements as the capital ratios below show:

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United Bancorp, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Liquidity

Management's objective in managing liquidity is maintaining the ability to continue meeting the cash flow needs of its customers, such as borrowings or deposit withdrawals, as well as its own financial commitments. The principal sources of liquidity are net income, loan payments, maturing securities and sales of securities available for sale, federal funds sold and cash and deposits with banks. Along with its liquid assets, the Company has additional sources of liquidity available to ensure that adequate funds are available as needed. These include, but are not limited to, the purchase of federal funds, the ability to borrow funds under line of credit agreements with correspondent banks, a borrowing agreement with the Federal Home Loan Bank of Cincinnati and the adjustment of interest rates to obtain depositors. Management feels that it has the capital adequacy and profitability to meet the current and projected liquidity needs of its customers.

Inflation and Economic Environment

Inflation can directly impact the Company's performance by potentially reducing the spending power of its borrowers. Higher costs continue to present a risk to the economy. The Company continues to closely monitor and analyze the higher risk segments within the loan portfolio, tracking past due accounts. Based on the Company's capital levels, prudent underwriting policies, loan concentration diversification and our geographic footprint, senior management is cautiously optimistic that the Company is positioned to continue managing the impact of the varied set of risks and uncertainties currently impacting the economy and remain adequately capitalized. However, the Company may be required to make additional credit loss provisions as warranted by the extremely fluid economic condition.

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