United Bancshares: A Well-Run Micro-Cap Bank In America's Top State For Business

United Bancshares is a micro-cap Ohio community bank trading below book value with strong operational momentum. UBOH's Q2 earnings were temporarily impacted by a $3M after-tax securities sale loss, but adjusted results show robust profit growth and a 4% net interest margin. Loan portfolio expansion, steady credit quality, and a shrinking share count support continued EPS gains; the dividend has been raised four times in six quarters.