SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 17, 2001

UNITED BANCSHARES, INC.

(Exact name of Registrant as specified in its Charter)

Ohio	000-29283	34-1516518
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification Number)

100 S. High Street, Columbus Grove, Ohio	45830-1241
(Address of principal executive offices)	(Zip Code)
Registrant's telephone number, including area code:	(419) 659-2141

N/A

(Former name or former address, if changed since last report)

Item 5. Other Events

United Bancshares, Inc. announced today its earnings for the quarter ended September 30, 2001. It also announced that the Board of Directors declared a third quarter dividend of $.11 per share, payable December 14, 2001 to shareholders of record on November 30, 2001.

Item 7. Financial Statements and Exhibits

(a) Exhibits

99.1 Press Release dated October 17, 2001

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	United Bancshares, Inc.
Date: October 17, 2001	By: /s/ E. Eugene Lehman
	E. Eugene Lehman, President/CEO

Exhibit 99.1

United Bancshares, Inc. (Nasdaq: UBOH - news), a $377 million bank holding company headquartered in Columbus Grove, Ohio, today announced third-quarter 2001 earnings of $1,250,000, or 33 cents in diluted earnings per share, compared to $375,000, or 16 cents for the third quarter of 2000.

The Board of Directors of United declared a fourth quarter dividend of $0.11 per share, payable December 14, 2001 to shareholders of record on November 30, 2001.

Year-to-date earnings were $2,502,000, or 71 cents in diluted earnings per share, compared to $1,411,000, or 59 cents, for the same period in 2000.

For the third quarter, return on assets was 1.29 percent compared to the 0.60 percent reported for the same period in 2000 while return on average shareholders' equity was 14.9 percent compared to 8.3 percent in 2000. Year-to-date return on assets was 0.93 percent, compared to 0.78 percent in 2000 while return on average shareholders' equity was 10.9 percent compared to 10.4 percent in 2000.

The Company recorded net interest income of $3.1 million in the third quarter of 2001, compared to $2.0 million for the same period of 2000. For the first nine months of 2001, net interest income was $8.5 million compared to $6.3 million for the comparable period of 2000. The acquisition of Citizens Bank of Delphos was effective March 1, 2001 and was recorded as a purchase. Accordingly, only the results from that point forward are included in these consolidated financial statements. The fully taxable net interest margin was 3.47% for the third quarter of 2001, compared to 3.65% for the same period of 2000. For the first nine months of 2001, the fully taxable net interest margin was 3.47% compared to 3.96% for the same period of 2000. The majority of the decline in both periods resulted from the inclusion of the assets and liabilities from the Citizens Bank of Delphos acquisition.

Non-Interest Income in the third quarter and first nine months of 2001 was $1.2 million and $2.0 million respectively compared to $267 thousand and $753 thousand for the same periods last year. During the fourth quarter of 2000, the Company commenced recognizing service assets acquired through sale of mortgage loans. Prior periods were not restated to reflect the recognition of service assets since the impact of the change did not have a material impact on operating results as a whole. As a result, the third quarter and first nine months of 2001 reflect $760 thousand and $1.0 million respectively compared to $33 thousand and $93 thousand for the same periods in 2000 as income arising from gains from sales of loans and the related servicing income. During the third quarter of 2001, approximately $45 million of fixed rate mortgages originated by Citizens Bank of Delphos were sold. Gains approximating $190 thousand and mortgage servicing rights approximating $270 thousand were recognized from these sales. The sales were initiated to modify United's reliance on fixed rate mortgages. As previously mentioned, Citizens Bank of Delphos was acquired on March 1, 2001 and accounted for as a purchase. Since the adjusted book value of net assets acquired was in excess of the market value of consideration paid, this gave rise to a deferred intangible credit that is being amortized and recognized as income over a ten-year period. For the third quarter and first nine months of 2001 respectively, this amounted to $138 thousand and $230 thousand respectively and is reflected in Other Income under Non-Interest Income. Since the purchase occurred in 2001, there is no income in 2000 for the corresponding periods.

Non-Interest Expenses were $2.4 million for the third quarter of 2001 and $6.9 million for the first nine months of 2001. These amounts compare to $1.7 million and $4.9 million for the corresponding periods of 2000. The majority of the increase is attributable to the acquisition of Citizens Bank of Delphos. Since this acquisition was accounted for as a purchase, prior periods do not reflect activity for this subsidiary. Thus, 2001 periods contain expenses attributable to this subsidiary while 2000 periods reflect nothing for Citizens.

This release may contain 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 2000 Form 10-K.

Unaudited financial information as of and for the three and nine month periods ended September 30, 2001 and 2000 are presented below:

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
	Income Statement
	(in thousands)		2001		2000		2001		2000
Interest Income
Interest and fees on loans		$	5,830	$	3,968	$	16,706	$	11,422
Interest on investment securities
Taxable			729		532		2,015		1,443
Tax-exempt			258		324		796		1,002
Interest on federal funds sold			110		50		400		97
Total Interest Income			6,927		4,874		19,917		13,964
Interest Expense
Interest on deposits			3,229		2,326		9,417		6,425
Interest on borrowed funds			605		529		1,985		1,258
Total Interest Expense			3,834		2,855		11,402		7,683
Net Interest Income			3,093		2,019		8,515		6,281
Provision for loan losses			87		119		223		333
Net Interest Income after provision
for loan losses			3,006		1,900		8,292		5,948
Non-Interest Income
Service charges on deposits			171		166		485		457
Securities gains (losses)			22		4		22		3
Gains from sales of loans and
mortgage servicing income			760		(46)		1,047		14
Other income			240		143		495		279
Total non-interest income			1,193		267		2,049		753
Non-Interest Expenses
Salaries and employee benefits			1,182		832		3,332		2,237
Occupancy			222		183		661		541
Data processing costs			216		156		623		459
Stationery and supplies			52		44		180		130
Advertising			50		61		140		138
Franchise tax			112		47		298		165
Other costs			585		404		1,691		1,261
Total non-interest expenses			2,419		1,727		6,925		4,931
Income Before Income Taxes			1,780		440		3,416		1,770
Income tax expense			530		65		914		359
Net Income		$	1,250	$	375	$	2,502	$	1,411

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
	Per Share Data
		2001		2000		2001		2000
Net Income Per Share
Basic		$	0.35	$	0.16	$	0.76	$	0.62
Diluted		$	0.33	$	0.16	$	0.71	$	0.59
Dividends Per Share		$	0.11	$	0.11	$	0.33	$	0.33
Average Common Shares
	Outstanding
Basic		3,585,650		2,245,231		3,304,958		2,256,801
Diluted		3,783,057		2,356,130		3,507,076		2,372,281

	Consolidated Balance Sheets				September 30,
	(dollars in thousands)				2001	2000
Assets
	Cash and due from banks			$	6,942	$	5,371
	Interest-bearing deposits in banks				12,475		147
	Federal funds sold				11,518		4,103
	Investment securities				92,625		54,249
	Loans			243,614			179,661
	Allowance for loan losses			2,747			1,804
		Net loans		240,867			177,857
	Bank premises and equipment			5,405			4,238
	Other assets			7,246			6,569
		Total assets	$	377,078		$	252,534
Liabilities and shareholders' equity
Deposits
	Noninterest-bearing		$	18,663		$	15,373
	Interest-bearing			286,787			184,773
		Total deposits		305,450			200,146
	Borrowings			30,677			32,443
	Other liabilities			6,323			1,581
		Total liabilities		341,450			234,170
Shareholders' equity				34,628			18,364
		Total liabilities and
		shareholders' equity	$	377,078		$	252,534

	Consolidated Average Balance Sheets
		(dollars in thousands)
			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2001		2000		2001		2000
Assets
	Cash and due from banks		$	7,724	$	4,373	$	6,888	$	4,484
	Interest-bearing deposits			6,211		99		2,433		91
	Federal funds sold			8,837		3,158		9,454		2,114
	Investment securities			65,995		55,054		60,407		52,304
	Loans			287,329		179,596		271,594		174,580
	Allowance for loan losses			2,727		1,789		2,539		1,728
		Net loans		284,602		177,807		269,055		172,852
	Bank premises and equipment			5,259		4,248		5,013		4,255
	Other assets			6,719		5,459		6,579		5,405
		Total assets	$	385,347	$	250,198	$	359,829	$	241,505

Liabilities and shareholders' equity
Deposits
	Non-interest bearing		$	17,053	$	15,072	$	15,833	$	14,498
	Interest bearing			286,535		184,344		264,062		182,017
		Total deposits		303,588		199,416		279,895		196,515
	Borrowings			42,416		32,734		44,739		27,015
	Other liabilities			6,093		544		4,422		374
		Total liabilities		352,097		232,694		329,056		223,904
	Shareholders' equity			33,250		17,504		30,773		17,601
		Total liabilities and
		shareholders' equity	$	385,347	$	250,198	$	359,829	$	241,505

United Bancshares, Inc. is the parent company of The Union Bank Company, The Bank of Leipsic Company, and The Citizens Bank of Delphos.