United Bancshares, Inc. Financial Ratios — UBOH Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	6.56	9.25	8.82	7.68	9.85	8.57	5.69	11.4	13.34	15.21	13.3	10.1	7.22	7.3	9
Return on Assets (%)	0.49	0.77	0.82	0.71	0.94	0.89	0.54	1.02	1.25	1.48	1.32	1.05	0.8	0.81	1.01
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.1	3.57	3.17	3.39	2.66	3.89	3.38	2.92	2.96	2.62	3.05	3.69	4.72	4.7	3.91
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	13.52	25.66	28.76	26.11	29.56	31.09	24.26	27.04	29.35	29.12	31.74	28.63	23.98	25.45	29.66
Profit Margin (%)	13.07	20.71	22.69	20.87	23.89	23.63	13.87	22.8	25.49	24.02	26.81	25.86	22.21	23.49	26.31
Net Income to Common Margin (%)	13.07	20.71	22.69	20.87	23.89	23.63	13.87	22.8	25.49	24.02	26.81	25.86	22.21	23.49	26.31
Effective Tax Rate (%)	3.35	19.28	21.08	20.08	19.19	24.01	42.81	15.68	13.16	17.52	15.51	9.69	7.35	7.68	11.28
Dvd Payout Ratio (%)	- -	3.84	14.85	27.7	20.28	26.19	40.8	19.08	15.96	12.13	17.63	24.29	32.21	28.76	22.51
Sustainable Growth Rate (%)	6.56	8.9	7.51	5.55	7.86	6.32	3.37	9.23	11.21	13.37	10.96	7.65	4.89	5.2	6.97

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	43	33	22	13	15	32	70	78	72	21	20	21	18	17	17
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	21	- -	- -	2	- -	- -	- -
LT Debt	43	33	22	13	15	32	70	78	51	21	20	19	18	17	17
Total Debt/EBITDA	61.72	42.53	34.51	18.17	22.6	34.74	74.61	74.45	57.79	13.8	12.95	12.72	9.88	9.33	9.3
Net Debt/EBITDA	-22.8	-25.3	-4.23	-31.53	-15.21	17.49	45.54	58.79	36.49	-24.24	-35.79	-6.31	-4.86	-42.71	-19.79
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.89	8.84	9.81	8.87	10.25	10.5	8.81	9.08	9.59	9.86	10	10.69	11.4	10.82	11.56
Long-Term Debt/Equity (%)	72.1	51.2	35.55	18.8	20.81	43.52	92.45	96.75	53.45	18.54	16.77	22.99	19.21	18.03	14.58
Long-Term Debt/Capital (%)	48.2	39.36	29.1	18.09	19.27	32.21	50.44	50.94	32.46	17.66	15.65	13.9	12.87	11.72	10.72
Long-Term Debt/Total Assets (%)	7.34	5.74	4.03	1.96	2.45	4.99	8.97	9.43	5.76	2.11	1.86	1.75	1.68	1.44	1.39
Total Debt/Equity (%)	72.1	51.2	35.55	18.8	20.81	43.52	92.45	96.75	75.6	18.54	16.77	24.8	19.21	18.03	14.58
Total Debt/Capital (%)	48.2	39.36	29.1	18.09	19.27	32.21	50.44	50.94	45.92	17.66	15.65	14.99	12.87	11.72	10.72
Total Debt/Total Assets (%)	7.34	5.74	4.03	1.96	2.45	4.99	8.97	9.43	8.14	2.11	1.86	1.89	1.68	1.44	1.39
Net Debt to Equity	-26.64	-30.46	-4.36	-32.62	-14.01	21.91	56.42	76.4	47.74	-32.56	-46.37	-12.3	-9.45	-82.55	-31.03
Net Debt/Capital (%)	-52.38	-62.9	-5.3	-62.13	-19.14	19.3	38.32	45.05	34.9	-60.43	-105.25	-9.59	-7.83	-154.99	-34.33
EBITDA	1	1	1	1	1	1	1	1	1	1	2	2	2	2	2
EBITDA-CapEx	1	1	- -	- -	- -	-1	-3	1	- -	- -	-2	-2	- -	- -	1
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.89	8.84	9.81	8.87	10.25	10.5	8.81	9.08	9.59	9.86	10	10.69	11.4	10.82	11.56
Long-Term Debt/Equity (%)	72.1	51.2	35.55	18.8	20.81	43.52	92.45	96.75	53.45	18.54	16.77	22.99	19.21	18.03	14.58
Long-Term Debt/Capital (%)	48.2	39.36	29.1	18.09	19.27	32.21	50.44	50.94	32.46	17.66	15.65	13.9	12.87	11.72	10.72
Long-Term Debt/Total Assets (%)	7.34	5.74	4.03	1.96	2.45	4.99	8.97	9.43	5.76	2.11	1.86	1.75	1.68	1.44	1.39
Total Debt/Equity (%)	72.1	51.2	35.55	18.8	20.81	43.52	92.45	96.75	75.6	18.54	16.77	24.8	19.21	18.03	14.58
Total Debt/Capital (%)	48.2	39.36	29.1	18.09	19.27	32.21	50.44	50.94	45.92	17.66	15.65	14.99	12.87	11.72	10.72
Total Debt/Total Assets (%)	7.34	5.74	4.03	1.96	2.45	4.99	8.97	9.43	8.14	2.11	1.86	1.89	1.68	1.44	1.39
CFO/Total Liabilities	1.82	1.43	1.03	0.83	1.28	1.18	0.83	0.69	0.46	1.99	2.76	1.67	1.29	0.63	1.4
CFO/CapEx	56.97	63.83	12.91	15.4	22.07	2.76	1.4	9.81	4.81	10.9	6.68	4.69	7.7	4	12.67
Altman's Z-Score	0.17	0.19	0.23	0.2	0.25	0.25	0.22	0.22	0.24	0.25	0.25	0.23	0.23	0.23	0.27

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	4.05	5.24	4.82	3.76	4.31	4.18	3.74	4.16	4.45	11.14	- -	- -	- -	- -	- -
Days Sales Outstanding	90.05	69.72	75.68	97.12	84.7	87.38	97.59	87.79	82	32.77	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	24	34	49	49	61	70	73	65	74	83	100	61	59	93	128
- Cash & Cash Equivalents	59	52	25	35	25	16	27	16	26	57	75	31	27	95	52
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	43	33	22	13	15	32	70	78	72	21	20	21	18	17	17
Enterprise Value	-144	-164	-151	-179	-132	-104	-54	-40	-64	-148	-263	-230	-201	-221	92
Total Capital	89	83	77	70	77	98	139	154	156	117	128	137	140	146	155
Total Debt/Capital (%)	48.2	39.36	29.1	18.09	19.27	32.21	50.44	50.94	45.92	17.66	15.65	14.99	12.87	11.72	10.72
Total Debt / EV	-0.3	-0.2	-0.15	-0.07	-0.11	-0.3	-1.29	-1.95	-1.12	-0.14	-0.08	-0.09	-0.09	-0.08	0.18
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.03
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	51.81
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.1
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.65
Diluted Market Cap	24	34	49	49	61	70	73	65	74	83	100	61	59	93	129
Diluted Enterprise Value	8	14	47	27	51	86	115	127	120	47	45	51	50	15	94
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.12
TTM Sales	23	22	20	21	25	23	28	36	42	57	51	44	39	39	46
TTM EBITDA	1	1	1	1	1	1	1	1	1	1	2	2	2	2	2
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	10	7	5	5	7	7	6	5	4	17	26	17	13	7	15
TTM Free Cash Flow to Firm	10	7	5	5	7	9	10	6	4	19	30	20	14	9	16

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	2.43	4.54	8.98	9.56	8.46	7.82	7.22	11.53	16.97	4.43	3.29	3	4.16	10.7	7.92
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-144	-164	-151	-179	-132	-104	-54	-40	-64	-148	-263	-230	-201	-221	92
Low Price	6.73	6.54	9.67	13.07	14.3	16	19.45	18.8	17.85	12.6	22.7	18.1	17	18.1	22.75
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.03
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	51.81
Price/Earnings	8.04	7.49	10.63	11.42	10.29	12.76	18.86	7.96	6.97	6.05	7.37	5.4	6.88	10.13	10.64
Price/Earnings Average	10.3	6.59	9.24	11.74	8.79	11.21	18.58	8.83	6.67	4.69	7.09	7.61	6.69	6.5	7.62
Price/Earnings High	12.47	8.26	10.95	12.89	10.44	13.47	20.2	9.54	7.36	6.18	9.1	10.2	7.59	10.13	11.13
Price/Earnings Low	7.88	5.03	7.18	10.33	8.07	9.53	16.52	7.48	5.48	3	5.48	5.22	6.07	5.91	5.63
Price/Book Value	0.51	0.66	0.9	0.85	0.98	1.06	1.05	0.87	0.88	0.86	0.93	0.52	0.48	0.72	0.93
Price/Book Value Average	0.65	0.58	0.79	0.88	0.83	0.93	1.04	0.96	0.84	0.67	0.89	0.74	0.47	0.46	0.66
Price/Book Value High	0.79	0.73	0.93	0.96	0.99	1.12	1.13	1.04	0.93	0.88	1.15	0.99	0.53	0.72	0.97
Price/Book Value Low	0.5	0.45	0.61	0.77	0.77	0.79	0.92	0.81	0.69	0.43	0.69	0.51	0.43	0.42	0.49
Price/Tangible Book Value	0.46	0.61	0.91	0.87	1.01	1.14	1.47	1.27	1.14	1.01	1.11	1.14	0.91	1.4	1.5
Price/Tangible Book Value Average	0.59	0.53	0.79	0.89	0.86	1	1.45	1.41	1.09	0.78	1.07	1.6	0.88	0.9	1.08
Price/Tangible Book Value High	0.72	0.67	0.94	0.98	1.02	1.2	1.57	1.53	1.2	1.03	1.37	2.15	1	1.4	1.57
Price/Tangible Book Value Low	0.45	0.41	0.61	0.79	0.79	0.85	1.29	1.2	0.89	0.5	0.83	1.1	0.8	0.82	0.79
Price/Sales	1.05	1.55	2.41	2.38	2.46	3.02	2.62	1.82	1.78	1.45	1.98	1.4	1.53	2.38	2.8
Price/Sales Average	1.35	1.36	2.1	2.45	2.1	2.65	2.58	2.01	1.7	1.13	1.9	1.97	1.49	1.53	2
Price/Sales High	1.63	1.71	2.48	2.69	2.49	3.18	2.8	2.18	1.88	1.48	2.44	2.64	1.69	2.38	2.93
Price/Sales Low	1.03	1.04	1.63	2.15	1.93	2.25	2.29	1.7	1.4	0.72	1.47	1.35	1.35	1.39	1.48
Price/Cash Flow	2.47	4.62	9.68	10.18	8.84	10.65	12.38	12.71	20.5	4.83	3.79	3.64	4.7	13.36	8.43
Price/Cash Flow Average	3.16	4.06	8.41	10.47	7.56	9.36	12.2	14.09	19.61	3.75	3.64	5.13	4.57	8.57	6.03
Price/Cash Flow High	3.83	5.09	9.97	11.5	8.97	11.24	13.26	15.24	21.66	4.94	4.67	6.88	5.19	13.36	8.82
Price/Cash Flow Low	2.42	3.1	6.54	9.21	6.93	7.96	10.84	11.93	16.12	2.39	2.81	3.52	4.15	7.8	4.46
Price/Free Cash Flow Average	3.11	3.99	7.81	9.83	7.23	6.87	7.12	12.79	16.24	3.43	3.17	4.23	4.05	6.86	5.67
Price/Free Cash Flow High	3.76	5.01	9.25	10.8	8.58	8.25	7.74	13.83	17.93	4.52	4.07	5.67	4.59	10.7	8.29
Price/Free Cash Flow Low	2.38	3.05	6.07	8.65	6.63	5.84	6.33	10.83	13.34	2.19	2.45	2.9	3.68	6.25	4.19
EV/Sales Average	0.64	0.46	1.96	1.38	1.7	3.33	4.12	3.73	2.78	0.49	0.81	1.73	1.26	- -	1.23
EV/Sales High	0.92	0.81	2.35	1.62	2.09	3.86	4.34	3.89	2.96	0.85	1.35	2.41	1.46	0.37	2.16
EV/Sales Low	0.32	0.14	1.5	1.08	1.52	2.93	3.83	3.42	2.48	0.09	0.38	1.12	1.12	- -	0.71
EV/EBITDA Average	20.63	12.93	61.82	40.69	63.75	85.58	121.74	127.76	93.79	18.83	26.63	47.07	26.67	-10.21	31.48
EV/EBITDA High	29.77	22.66	74.04	47.76	78.53	99.28	128.37	133.36	99.77	32.45	44.3	65.28	30.88	7.94	55.14
EV/EBITDA Low	10.42	3.87	47.12	31.97	57.25	75.39	113.29	117.2	83.57	3.25	12.42	30.29	23.73	-13.14	18.09
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	6.87	9.75	14.31	14.45	18.24	21.42	22.2	20.02	22.71	25.44	30.55	18.72	19.26	31	43.02
High Price	10.65	10.75	14.74	16.32	18.5	22.6	23.78	24	23.99	25.98	37.71	35.4	21.25	31	45
Enterprise Value Average	14	10	40	29	42	78	114	134	116	28	41	76	49	-19	56
Enterprise Value High	21	18	48	33	52	90	120	140	124	49	68	105	56	15	98
Enterprise Value Low	7	3	31	22	38	69	106	123	104	5	19	49	43	-24	32

Shares Outstanding	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Basic Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Revenue per Share	6.54	6.28	5.93	6.07	7.42	7.1	8.48	11.03	12.79	17.51	15.46	13.42	12.61	13.02	15.36
EBITDA per Share	0.2	0.22	0.19	0.21	0.2	0.28	0.29	0.32	0.38	0.46	0.47	0.49	0.59	0.61	0.6
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.85	1.3	1.35	1.27	1.77	1.68	1.18	2.51	3.26	4.21	4.14	3.47	2.8	3.06	4.04
Basic EPS from Cont Ops	0.85	1.3	1.35	1.27	1.77	1.68	1.18	2.51	3.26	4.21	4.14	3.47	2.8	3.06	4.04
Diluted EPS, GAAP	0.85	1.3	1.35	1.27	1.77	1.68	1.18	2.51	3.26	4.21	4.14	3.47	2.8	3.06	3.99
Diluted EPS from Cont Ops	0.85	1.3	1.35	1.27	1.77	1.68	1.18	2.51	3.26	4.21	4.14	3.47	2.8	3.06	3.99
Dividend per Share	- -	0.05	0.2	0.35	0.36	0.44	0.48	0.48	0.52	0.51	0.73	0.84	0.9	0.88	0.91
Cash Flow per Share	2.78	2.11	1.48	1.42	2.06	2.01	1.79	1.58	1.11	5.26	8.07	5.15	4.1	2.32	5.1
Free Cash Flow per Basic Share	2.73	2.08	1.36	1.33	1.97	1.28	0.51	1.41	0.88	4.78	6.86	4.05	3.57	1.74	4.7
Cash & Equivalents per Share	61.23	66.74	64.48	70.84	62.24	62.59	60.2	56.24	64.21	76.92	116.83	95.7	90.62	110.56	17.49
Book Value per Share	13.44	14.69	15.83	16.94	18.69	20.21	21.04	23.08	25.8	29.49	32.86	35.67	39.75	43.01	46.5
Tangible Book Value per Share	14.8	16.09	15.76	16.63	18.14	18.76	15.11	15.72	19.99	25.17	27.46	16.48	21.18	22.07	28.64

United Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)