Exhibit 99.1

On October 21, 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 $993.4 million today announced operating results for the quarter and nine month period ended September 30, 2020, unaudited.

For the quarter ended September 30, 2020, the Corporation reported net income of $5,250,000, or $1.61 basic earnings per share. This compares to the third quarter of 2019 net income of $2,418,000, or $0.74 basic earnings per share. The increase in operating results for the third quarter of 2020 as compared to the same period in 2019 was primarily attributable to an increase in net interest income of $1,125,000, and an increase in non-interest income of $7,311,000, offset by an increase in the provision for loan losses of $2,850,000, an increase in non-interest expenses of $2,014,000, and an increase in the provision for income taxes of $742,000. The increase in net interest income resulted from Paycheck Protection Program (PPP) loans, including fees of $465,000, as well as a decrease in deposit interest rates. The increase in the provision for loan losses was due to an increase in qualitative factors applied to the outstanding loan balances in response to uncertainties related to COVID-19.

Net income for the nine months ended September 30, 2020 totaled $12,006,000, or $3.67 basic earnings per share, compared to $6,517,000, or $1.99 basic earnings per share for the same period in 2019, an increase of $5,489,000 (84.2%). The increase in operating results for the nine month period ended September 30, 2020 as compared to the nine month period ended September 30, 2019 was primarily attributable to increases in net interest income of $2,657,000, and non-interest income of $12,625,000, offset by an increase in the provision for loan losses of $4,050,000, an increase in non-interest expenses of $4,315,000, and an increase in the provision for income taxes of $1,428,000. Similar to the third quarter results, the increase in net interest income for the nine month period resulted from PPP loans, including fees of $851,000 and lower deposit interest rates. The increase in the provision for loan losses was attributable to an increase in qualitative factors in response to the COVID-19 uncertainties.

For the quarter ended September 30, 2020, non-interest income was $11,144,000, compared to $3,833,000 for the third quarter of 2019, a $7,311,000 increase, which was attributable to increases in gain on sales of loans of $5,699,000, and other non-interest income of $1,613,000 (154.4%), offset by a $1,000 decrease in gain on sales of securities.  For the nine months ended September 30, 2020, non-interest income was $22,099,000 compared to $9,474,000 for the same period in 2019, an increase of $12,625,000 (133.3%), which was attributable to increases in gain on sales of loans of $10,623,000, gain on sales of securities of $286,000, and other non-interest income of $1,716,000. The significant increase in gain on sale of loans was attributable to an increase in loan activity by the residential mortgage and governmental lending operations, along with an increase in the average gain on sale per loan. During the nine month period ended September 30, 2020, there were 1,360 loans sold totaling $355 million, compared to 700 loans sold totaling $168 million during the same period of 2019. The average loan sale gain for the first nine months of 2020 increased 36.8% to approximately $12,500, as compared to the same period of 2019. The increase in other non-interest income was related to fluctuations in the Corporation’s loan hedging program.

For the quarter ended September 30, 2020, non-interest expenses were $10,084,000, compared to $8,070,000 for the third quarter of 2019, a $2,014,000 (25.0%) increase.  The significant quarter-over-quarter increases included salaries and benefits expense of $1,079,000 (21.2%), loan fees of $192,000, data processing expenses of $105,000, and FDIC assessment of $141,000.

For the nine month period ended September 30, 2020, non-interest expenses were $27,099,000 compared to $22,784,000 for the same period of 2019, a $4,315,000 (18.9%) increase, which was attributable to increases in salaries and benefits expense of $2,574,000, loan fees of $504,000, data processing expenses of $248,000, and an increase in consultant fees of $218,000.

Total assets amounted to $993.4 million at September 30, 2020, compared to $880.0 million at December 31, 2019, increasing $113.4 million (12.9%). The increase in total assets was primarily the result of increases of $90.7 million (15.9%) in net loans, $3.4 million in cash and cash equivalents, and $16.8 million in loans held for sale, offset by a decrease of $639,000 in securities available-for-sale. Deposits during this same period increased $113.9 million (16.1%), and Federal Home Loan Bank borrowings decreased $15.0 million. The increase in loans included the impact of the Corporation originating $125.7 million of PPP loans during the second and third quarters of 2020. These loans have also had a positive impact on deposit balances. The increase in loans held for sale is a result of the significant increase in mortgage banking activity experienced throughout the second and third quarters of 2020.

Shareholders’ equity increased from $94.8 million at December 31, 2019 to $109.4 million at September 30, 2020. This increase was primarily the result of net income during the nine month period ended September 30, 2020 of $12,006,000 and an increase in unrealized securities gains, net of tax of $3,559,000, offset by dividends paid of $1,145,000. The increase in unrealized securities gains during the nine month period ended September 30, 2020 was attributable to the Federal Reserve decreasing the Federal Funds Target Rate by 150 basis points (1.50%) during March 2020, in response to the COVID-19 pandemic.  Net unrealized gains and losses on securities are reported as accumulated other comprehensive income 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

September 30, 2020

Shareholders, Clients and Team Members:

Despite the current unparalleled operating environment, I am pleased to report that your Company recorded pre-tax income of $14.7 million for the first nine months of 2020 compared to $7.7 million for the same period of 2019, an 89.4% increase. In addition, the Company’s Board of Directors approved a $0.16 per common share dividend which is a 14% increase from the second quarter and amounts to approximately 10% of net income for the third quarter.

Increased year to date revenues as compared to the same period in 2019 were primarily the result of the Company’s ability to increase net interest income and gain on loan sales by $2.7 million and $10.6 million, respectively. These increases were made possible by the commitment of the bank’s team members to succeed through service to others. Although your Company has not experienced increases in delinquencies or losses through September 30, 2020, management has allocated an additional $4,450,000 provision to the allowance for loan losses during the first nine months of 2020 in response to the increased uncertainties in our loan portfolio related to this environment.

We are also pleased to announce that your Company has received regulatory approval for expansion into Paulding County. We have established a temporary retail branch location at 103 East Perry Street in Paulding and expect to have a permanent location on the courthouse square in 2021. We could not be more enthusiastic about the recent addition of talented, experienced team members from that market, and the new deposit and loan opportunities in this contiguous county to our home office.

Despite these unprecedented times, the continued accomplishments of your Company is the undeniable result of the ongoing efforts of the Company’s dedicated team members and Board of Directors in implementing our Strategic Plan. Their 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

* Some of the financial measures included in this press release are not measures of financial performance recognized by U.S. Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures include tangible book value, return on average tangible equity, net interest margin (tax-equivalent), and the efficiency ratio. Management uses these non-GAAP financial measures in its analysis of its performance, and believes financial analysts and investors frequently use these measures, and other similar measures, to evaluate capital adequacy. Reconciliations of non-GAAP disclosures used in this press release to the comparable GAAP measures are provided in the accompanying table. Management, as well as regulators, financial analysts and other investors may use these measures in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, which typically stem from the use of the purchase accounting method of accounting for mergers and acquisitions. 

These non-GAAP financial measures should not be considered in isolation or as a substitute for total shareholders’ equity, total assets, book value per share, return on average assets, return on average equity, or any other measure calculated in accordance with GAAP. Moreover, the manner in which we calculate these non-GAAP financial measures may differ from that of other companies reporting measures with similar names.

United Bancshares, Inc.

and Subsidiaries

Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures (unaudited)

(dollars and shares in thousands, except per share data)

UNITED BANCSHARES, INC.

OFFICERS

Brian D. Young - President/CEO

Heather M. Oatman - Secretary

Stacy A. Cox – Chief Financial Officer