UNITED BANCORP INC /OH/ Debt Disclosure
Note 7: Borrowings
At December 31, 2025 and 2024, as a member of the Federal Home Loan Bank system the Bank had the ability to obtain up to $83.6 million and $70.5 million, respectively, in additional borrowings based on securities and certain loans pledged to the FHLB. At December 31, 2025 and 2024, Advances from the Federal Home Loan Bank were $75 million. At December 31, 2025 and 2024, required annual payments on Federal Home Loan Bank advances were for year ending December 31, 2026 $20 million (4.39% fixed rate), December 31, 2027 $35 million (4.24% fixed rate) and December 31, 2028 $20 million (4.11% fixed rate).
At December 31, 2025 and 2024, the Bank had approximately $275.1 million and $263.2 million, respectively of one- to four-family residential real estate and commercial real estate loans pledged as collateral for borrowings. Also at December 31, 2025 and 2024, the Company and the Bank have cash management lines of credit with various correspondent banks (excluding FHLB cash management lines of credit) enabling additional borrowings of up to $18.0 million. At December 31, 2025 the Company pledged approximately $42.0 million of available - for - sale securities to secure a line of credit facility with the Federal Reserve Bank. The amount of the credit facility is approximately $29.2 million as of December 31, 2025 and $29.2 at December 31, 2024.
Securities sold under repurchase agreements were approximately $29.4 million and $30.5 million at December 31, 2025 and 2024, respectively.
Securities sold under agreements to repurchase are financing arrangements whereby the Company sells securities and agrees to repurchase the identical securities at the maturities of the agreements at specified prices. Physical control is maintained for all securities sold under repurchase agreements. Information concerning securities sold under agreements to repurchase is summarized as follows:
| 2025 | | 2024 |
| |||
(Dollars in thousands) |
| ||||||
Balance outstanding at year end | $ | 29,403 | $ | 30,494 | |||
Average daily balance during the year | $ | 34,776 | $ | 32,896 | |||
Average interest rate during the year |
| 2.67 | % |
| 4.43 | % | |
Maximum month-end balance during the year | $ | 41,144 | $ | 37,805 | |||
Weighted-average interest rate at year end |
| 3.67 | % |
| 3.77 | % | |
All repurchase agreements are subject to term and conditions of repurchase/security agreements between the Company and the customer and are accounted for as secured borrowings. The Company’s repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis.
The following table presents the Company’s repurchase agreements accounted for as secured borrowings:
Remaining Contractual Maturity of the Agreement
(In thousands)
| Overnight and | | | | Greater than 90 | | |||||||||
December 31, 2025 |
| Continuous | Up to 30 Days | 30‑90 Days |
| Days | Total | ||||||||
Repurchase Agreements |
| |
| |
| |
| |
| | |||||
State and municipal obligations | $ | 29,403 | $ | — | $ | — | $ | — | $ | 29,403 | |||||
Total | $ | 29,403 | $ | — | $ | — | $ | — | $ | 29,403 | |||||
| Overnight and | | | | Greater than 90 | | |||||||||
December 31, 2024 |
| Continuous | Up to 30 Days | 30‑90 Days |
| Days | Total | ||||||||
Repurchase Agreements |
| |
| |
| |
| |
| | |||||
U.S government agencies | $ | 30,494 | $ | — | $ | — | $ | — | $ | 30,494 | |||||
Total | $ | 30,494 | $ | — | $ | — | $ | — | $ | 30,494 | |||||
Securities with an approximate carrying value of $51.3 million and $49.4 million at December 31, 2025 and 2024, respectively, were pledged as collateral for repurchase borrowings.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 20, 2024 | |
| 2022 | Mar 17, 2023 | |
| 2021 | Mar 18, 2022 | |
| 2019 | Mar 20, 2020 | |
| 2018 | Mar 20, 2019 | |
| 2017 | Mar 20, 2018 | |
| 2016 | Mar 20, 2017 | |
| 2015 | Mar 16, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.