Exhibit 99.1

On April 29, 2020, United Bancshares, Inc. issued the following release:

United Bancshares, Inc. (Nasdaq: UBOH – news), a financial holding company headquartered in Columbus Grove, Ohio with consolidated assets of $902.5 million today announced operating results for the quarter ended March 31, 2020, unaudited.

For the quarter ended March 31, 2020, the Corporation reported net income of $1,088,000, or $0.33 basic earnings per share. This compares to the first quarter of 2019 net income of $1,814,000, or $0.55 basic earnings per share. The decrease in operating results for the first quarter of 2020 as compared to the same period in 2019 was primarily attributable to an increase in the provision for loan losses of $450,000 and an increase in non-interest expenses of $988,000, offset by increases in net interest income of $189,000, non-interest income of $326,000, and a decrease in the provision for income taxes of $197,000. The increase in the provision for loan losses was due to allocations of reserves for the uncertainties related to COVID-19.

For the quarter ended March 31, 2020, non-interest income was $2,834,000, compared to $2,508,000 for the first quarter of 2019, a $326,000 increase, which was attributable to increases in gain on sales of loans of $1,145,000 (79.6%), offset by decreases in other non-interest income of $819,000.  The significant increase in gain on sale of loans was attributable to the residential mortgage and governmental lending operations. The decrease in other non-interest income resulted from a $799,000 decrease in mortgage banking hedging income and a $132,000 decrease in the fair value of mortgage servicing rights, offset by increases in other non-interest income. The decrease in mortgage banking hedging activity resulted from a decrease in rates in the Bank’s hedged portfolio due to market volatility. The Company recognized a $670,000 loss in hedging for the first three months of 2020 compared to a $129,000 gain in the comparable period of 2019.

For the quarter ended March 31, 2020, non-interest expenses were $8,210,000, compared to $7,222,000 for the first quarter of 2019, a $988,000 (13.7%) increase.  The significant quarter-over-quarter increases included salaries and benefits expense of $651,000 (15.6%), expenses related to premises and equipment of $56,000, loan fees of $95,000 (43.2%), and advertising expense of $68,000 (15.2%).

Total assets amounted to $902.5 million at March 31, 2020, compared to $880.0 million at December 31, 2019, an increase of $22.5 million (2.5%). The increase in total assets was primarily the result of increases of $18.4 million in cash and cash equivalents due to deposit growth, $4.3 million (28.2%) in loans held for sale, and $4.1 million (2.2%) in securities available-for-sale, offset by a $3.0 million decrease in net loans, and a $1.5 million (14.8%) decrease in other assets (including accrued interest receivable). Deposits during this same period increased $18.0 million (2.5%).

Shareholders’ equity increased from $94.8 million at December 31, 2019 to $98.5 million at March 31, 2020. This increase was primarily the result of net income during the quarter ended March 31, 2020 of $1,088,000 and an increase in unrealized securities gains, net of tax of $2,949,000, offset by dividends paid of $458,000. The increase in unrealized securities gains during the quarter ended March 31, 2020, was the result of customary and expected changes in the bond market. Net unrealized gains and losses on securities are reported as accumulated other comprehensive income (loss) in the consolidated balance sheets.

United Bancshares, Inc. is the holding company of The Union Bank Company which serves Allen, Delaware, Franklin, Hancock, Marion, Putnam, Sandusky, Van Wert and Wood Counties in Ohio, with office locations in Bowling Green, Columbus Grove, Delaware, Delphos, Findlay, Gahanna, Gibsonburg, Kalida, Leipsic, Lima, Marion, Ottawa, Pemberville, Plymouth and Westerville Ohio.

This release may contain certain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance.  However, such performance involves risk and uncertainties that may cause actual results to differ materially.  Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, the strength of the local economies in which operations are conducted, the effects of and changes in policies and laws of regulatory agencies, inflation, and interest rates.  For further discussion of certain factors that may cause such forward-looking statements to differ materially from actual results, refer to the 2019 Form 10-K.

Exhibit 99.2

United Bancshares, Inc.

Quarterly Report

March 31, 2020

Shareholders, Clients and Team Members:

The year started with optimism to continue your Company’s growth in deposits, loans, non-interest income and overall profitability, however the pandemic quickly adjusted management’s focus to the safety of our team members, their families, and our communities. While we relocated most of our operational team members to their homes, we continued to service all our clients at branch locations via drive-up facilities and online services. We then quickly pivoted to allocate resources to give our clients and communities the opportunity to get assistance through the Paycheck Protection Program. As a result of those efforts, we expect to make over 1,100 loans for more than $110 million dollars, which will greatly support our communities as they recover from this crisis.

Although it is still unclear how long our communities will remain in lock down, or the depth or length of the economic impact on our economy, your Company entered this down-turn with strong liquidity, asset quality metrics, profitability, and capital. While we have not experienced increases in loan delinquencies or charge-offs through the end of the first quarter, management believed it was prudent to allocate an additional $550,000 to the Bank’s allowance for loan losses. This, along with a $243,000 decrease in the fair value of mortgage servicing rights, negatively affected your Company’s profitability for the quarter ended March 31, 2020. Despite these significant head winds, your Company reported approximately $1.1 million in net income for the first quarter. I am also pleased to report that your board has approved a $.07 per common share dividend, payable on June 15^th to shareholders of record at the close of business on May 29th.

Despite the pandemic’s significant overall negative impact on our financial performance, the Company continues to experience positives in deposit growth, residential mortgage activity and most importantly the continued commitment of my fellow team members, who remain committed to serving others in this time of need. Their extraordinary efforts and our strong corporate values of respect for and accountability to our shareholders, clients, colleagues, and communities are the foundation for the continued success of your Company. Thank you for your ongoing support and the trust you have placed in us.

Respectfully,

Brian D. Young

President and CEO

* Tangible book value per share is calculated by dividing tangible equity by average shares outstanding.

UNITED BANCSHARES, INC.

OFFICERS

Brian D. Young - President/CEO

Heather M. Oatman - Secretary

Stacy A. Cox – Chief Financial Officer