<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
         OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended      MARCH 31, 2002

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
         OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from   N/A              to                 N/A
                              ------------------------------------------

Commission File Number:           0-16540
                                  -------


                              UNITED BANCORP, INC.
                              --------------------
             (Exact name of registrant as specified in its charter.)

           OHIO                                          34-1405357
           ----                                          ----------
 (State or other jurisdiction of             (IRS Employer Identification No.)
 incorporation or organization)


              201 SOUTH 4TH STREET, MARTINS FERRY, OHIO 43935-0010
              ----------------------------------------------------
              (Address of principal executive offices)  (Zip Code)

                                 (740) 633-0445
                                 --------------
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE
                                 --------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No___

     Indicate the number of shares outstanding of the issuer's classes of common
stock as of the latest practicable date.

       COMMON STOCK, $1.00 PAR VALUE 3,111,884 SHARES AS OF APRIL 20, 2002
       -------------------------------------------------------------------




<PAGE>
                              UNITED BANCORP, INC.
                                TABLE OF CONTENTS
                                    FORM 10-Q



<TABLE>




<S>                                                                                        <C>
PART I FINANCIAL INFORMATION (UNAUDITED)

   ITEM 1. Financial Statements

     Condensed Consolidated Balance Sheets.........................................................3

     Condensed Consolidated Statements of Income...................................................4

     Condensed Consolidated Statements of Shareholders' Equity.....................................5

     Condensed Consolidated Statements of Cash Flows...............................................6

     Notes to the Condensed Consolidated Financial Statements.................................7 - 13

   ITEM 2. Management's Discussion and Analysis of Financial Condition
     and Results of Operations...............................................................14 - 21

   ITEM 3. Quantitative and Qualitative Disclosures About Market Risk........................22 - 23


PART II  OTHER INFORMATION

   ITEM 1.
     Legal Proceedings............................................................................24

   ITEM 2.
     Changes in Securities and Use of Proceeds....................................................24

   ITEM 3.
     Default Upon Senior Securities...............................................................24

   ITEM 4.
     Submission of Matters to a Vote of Security Holders..........................................24

   ITEM 5.
     Other Information............................................................................24

   ITEM 6.
     Exhibits and Reports on Form 8-K.............................................................24

   SIGNATURES.....................................................................................25

</TABLE>



                                                                               2

<PAGE>



                              UNITED BANCORP, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

PART I
FINANCIAL INFORMATION
<TABLE>
<CAPTION>


                                                                                                MARCH 31,          DECEMBER 31,
                                                                                                  2002                 2001
                                                                                              ------------          -----------
<S>                                                                                           <C>                  <C>
Assets
Cash and due from financial institutions                                                      $ 10,001,336          $ 9,427,756
Federal funds sold                                                                               6,924,000           13,962,000
                                                                                              ------------          -----------
Total cash and cash equivalents                                                                 16,925,336           23,389,756

Securities available for sale                                                                  111,766,506          114,044,617
Securities held to maturity
(Estimated fair value of $12,316,903 at 03/31/02 and $10,617,845 at 12/31/01)                   12,021,824           10,378,811
Loans receivable
  Commercial loans                                                                              23,364,138           21,502,207
  Commercial real estate loans                                                                  63,559,011           61,962,953
  Real estate loans                                                                             53,454,226           54,153,041
  Installment loans                                                                             42,924,448           45,721,402
                                                                                              ------------          -----------
    Total loans receivable                                                                     183,301,823          183,339,603
Allowance for loan losses                                                                       (2,948,205)          (2,879,065)
                                                                                              ------------          -----------
    Net loans receivable                                                                       180,353,618          180,460,538
Premises and equipment, net                                                                      8,895,223            9,083,891
Accrued interest receivable and other assets                                                     5,071,497            3,959,582
                                                                                              ------------          -----------
  Total Assets                                                                                $335,034,004        $ 341,317,195
                                                                                              ============        =============

LIABILITIES
Demand deposits
  Noninterest-bearing                                                                         $ 24,806,639         $ 26,297,805
  Interest-bearing                                                                              46,013,057           42,423,962
Savings deposits                                                                                51,852,496           49,396,199
Time deposits - under $100,000                                                                 121,392,733          126,820,233
Time deposits - $100,000 and over                                                               42,756,525           38,437,724
                                                                                              ------------          -----------
    Total deposits                                                                             286,821,450          283,375,923
Securities sold under agreements to repurchase                                                   6,298,271            7,811,230
Other borrowed funds                                                                            12,089,709           18,415,229
Accrued expenses and other liabilities                                                             981,578            1,240,618
                                                                                              ------------          -----------
    Total Liabilities                                                                          306,191,008          310,843,000

SHAREHOLDERS' EQUITY
Preferred stock, without par value: 2,000,000 authorized and unissued
Common stock - $1 Par Value: 10,000,000 shares authorized;
  3,249,227  issued                                                                              3,249,227            3,249,227
Additional paid in capital                                                                      23,621,127           23,619,610
Treasury stock -  100,391 shares in 2002 and 85,791 shares in 2001 at cost                      (1,048,735)            (864,775)
Shares held by deferred compensation plan - 36,952 shares at cost
in 2002 and 36,550 in 2001                                                                        (519,355)            (517,838)
Retained earnings                                                                                5,315,349            5,044,540
Accumulated other comprehensive income (loss), net of tax                                       (1,774,617)             (56,569)
                                                                                              ------------          -----------
  Total Shareholders' Equity                                                                    28,842,996           30,474,195
                                                                                              ------------          -----------

  Total Liabilities and Shareholders' Equity                                                  $335,034,004        $ 341,317,195
                                                                                              ============        =============

</TABLE>

See accompanying notes to the condensed consolidated financial statements



                                                                               3

<PAGE>

                              UNITED BANCORP, INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                            THREE MONTHS ENDED
                                                                 MARCH 31,
                                                            2002          2001
                                                         ----------   ----------
<S>                                                      <C>          <C>
Interest and dividend income
  Loans, including fees                                  $3,725,942   $4,337,784
  Taxable securities                                      1,546,438    1,521,706
  Non-taxable securities                                    259,596      268,618
  Other interest and dividend income                        101,382       75,743
                                                         ----------   ----------
      Total interest and dividend income                  5,633,358    6,203,851

Interest expense
  Deposits
    Demand                                                  116,271      279,198
    Savings                                                 107,656      231,082
    Time                                                  2,079,499    2,330,829
  Other borrowings                                          160,744      484,107
                                                         ----------   ----------
      Total interest expense                              2,464,170    3,325,216

Net interest income                                       3,169,188    2,878,635

Provision for loan losses                                   157,500      195,000
                                                         ----------   ----------

Net interest income after provision for loan losses       3,011,688    2,683,635

Noninterest income
  Service charges on deposit accounts                       218,818      212,131
  Gains/losses on sales of securities                        46,345       24,214
  Other income                                              180,048      131,770
                                                         ----------   ----------
      Total noninterest income                              445,211      368,115

Noninterest expense
  Salaries and employee benefits                          1,281,344    1,141,572
  Occupancy and equipment                                   364,740      369,025
  Other expenses                                            888,818      749,211
                                                         ----------   ----------
      Total noninterest expense                           2,534,902    2,259,808

Income before income taxes                                  921,997      791,942
  Income tax expense                                        241,839      186,609
                                                         ----------   ----------
Net income                                               $  680,158   $  605,333
                                                         ==========   ==========

Earnings per common share - Basic                        $     0.22   $     0.19
Earnings per common share - Diluted                      $     0.22   $     0.19
Dividends per common share                               $     0.13   $     0.12

</TABLE>

   See accompanying notes to the condensed consolidated financial statements


                                                                               4
<PAGE>
                              UNITED BANCORP, INC.
            CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
                                   (UNAUDITED)

<TABLE>
<CAPTION>


                                                                COMMON                                  TREASURY
                                                                 STOCK                 ADDITIONAL       STOCK AND
                                                                                        PAID IN         DEFERRED        RETAINED
                                                         SHARES         DOLLARS         CAPITAL           PLAN          EARNINGS
                                                      ------------    ------------    ------------    ------------    ------------
<S>                                                   <C>             <C>             <C>             <C>             <C>
BALANCE AT JANUARY 1, 2001                               3,192,020    $  3,094,882    $ 21,699,632    $   (695,002)   $  5,852,284
Net income                                                                                                                 605,333
        Net change in unrealized gain/(loss) on
         securities available for sale

       Comprehensive income
Shares purchased for deferred compensation plan             (4,852)                         55,703         (55,703)
Purchases of treasury stock - 33,817 shares at cost        (33,817)                                       (347,111)
Cash dividends - $0.12 per share                                                                                          (394,768)
                                                      ------------    ------------    ------------    ------------    ------------
BALANCE AT MARCH 31, 2001                                3,153,351    $  3,094,882    $ 21,755,335    $ (1,097,816)   $  6,062,849
                                                      ============    ============    ============    ============    ============

BALANCE AT JANUARY 1, 2002                               3,126,886    $  3,249,227    $ 23,619,610    $ (1,382,613)   $  5,044,540
Net income                                                                                                                 680,158
        Net change in unrealized gain/(loss) on
         securities available for sale

       Comprehensive income (loss)
Shares purchased for deferred compensation plan             (3,933)                         47,197         (47,197)
Shares distributed from deferred compensation plan           3,531                         (45,680)         45,680
Purchases of treasury stock - 14,600 shares at cost        (14,600)                                       (183,960)
Cash dividends - $0.13 per share                                                                                          (409,349)
                                                      ------------    ------------    ------------    ------------    ------------
BALANCE AT MARCH 31, 2002                                3,111,884    $  3,249,227    $ 23,621,127    $ (1,568,090)   $  5,315,348
                                                      ============    ============    ============    ============    ============

<CAPTION>

                                                         ACCUMULATED
                                                            OTHER
                                                        COMPREHENSIVE
                                                           INCOME           TOTAL
                                                        ------------    ------------
<S>                                                     <C>             <C>
 BALANCE AT JANUARY 1, 2001                             $ (1,272,709)   $ 28,679,087
Net income                                                                   605,333
        Net change in unrealized gain/(loss) on
         securities available for sale                     1,392,948       1,392,948
                                                                        ------------
       Comprehensive income                                                1,998,281
Shares purchased for deferred compensation plan
Purchases of treasury stock - 33,817 shares at cost                         (347,111)
Cash dividends - $0.12 per share                                            (394,768)
                                                        ------------    ------------
BALANCE AT MARCH 31, 2001                               $    120,239    $ 29,935,489
                                                        ============    ============

BALANCE AT JANUARY 1, 2002                              $    (56,569)   $ 30,474,195
Net income                                                                   680,158
        Net change in unrealized gain/(loss) on
         securities available for sale                    (1,718,048)     (1,718,048)
                                                                        ------------
       Comprehensive income (loss)                                        (1,037,890)
Shares purchased for deferred compensation plan
Shares distributed from deferred compensation plan
Purchases of treasury stock - 14,600 shares at cost                         (183,960)
Cash dividends - $0.13 per share                                            (409,349)
                                                        ------------    ------------
BALANCE AT MARCH 31, 2002                               $ (1,774,616)   $ 28,842,996
                                                        ============    ============

</TABLE>







See accompanying notes to the condensed consolidated financial statements




                                                                               5
<PAGE>

                              UNITED BANCORP, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>



                                                                          THREE MONTHS ENDED
                                                                               MARCH 31,
                                                                         2002           2001
                                                                   -------------   -------------
<S>                                                                <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                          $    680,158    $    605,333
Adjustments to reconcile net income to net cash
    from operating activities
      Depreciation and amortization                                      210,363         238,375
      Provision for loan losses                                          157,500         195,000
      Deferred taxes                                                    (151,710)         27,475
      Federal Home Loan Bank stock dividend                              (49,500)        (62,700)
      Net realized gains on sales or calls of securities                 (46,345)        (24,214)
      (Accretion)/amortization of securities, net                        (11,078)         (8,540)
      Net realized (gains)/losses on sales of loans                      (37,461)         (7,424)
      Net realized (gains)/losses on sale of real estate                  (3,800)              -
      Amortization of mortgage servicing rights                           16,987          13,680
      Net changes in accrued interest receivable and other assets        (75,376)       (314,814)
      Net changes in accrued expenses and other liabilities             (259,040)       (199,888)
                                                                    ------------    ------------
      Net cash from operating activities                                 430,698         462,283

CASH FLOWS FROM INVESTING ACTIVITIES
Securities available for sale
  Sales                                                                6,025,781       3,773,516
  Maturities, prepayments and calls                                   15,216,919       6,483,358
  Purchases                                                          (21,466,778)    (30,724,719)
Securities held to maturity
  Maturities, prepayments and calls                                            -       1,500,000
  Purchases                                                           (1,637,004)       (277,305)
Net change in loans                                                      (50,580)      4,537,958
Net purchases of premises and equipment                                  (14,195)       (340,549)
Proceeds from sale of real estate owned                                   17,000               -
                                                                    ------------    ------------
      Net cash from investing activities                              (1,908,857)    (15,047,741)

CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits                                                 3,445,527        (272,853)
Net change in short-term borrowings                                   (8,628,816)     12,430,358
Proceeds from long term debt                                             956,544               -
Principal payments on long-term debt                                    (166,207)       (155,340)
Treasury stock purchases                                                (183,960)       (347,111)
Cash dividends paid                                                     (409,349)       (394,768)
                                                                    ------------    ------------
      Net cash from financing activities                              (4,986,261)     11,260,287
                                                                    ------------    ------------

Net change in cash and cash equivalents                               (6,464,420)     (3,325,171)

Cash and cash equivalents at beginning of year                        23,389,756      10,694,118
                                                                    ------------    ------------

Cash and cash equivalents at end of period                          $ 16,925,336    $  7,368,947
                                                                    ============    ============

     Interest paid                                                  $  2,562,439    $  3,323,910
     Income taxes paid                                                    65,346


</TABLE>

   See accompanying notes to the condensed consolidated financial statements


                                                                               6
<PAGE>

                              UNITED BANCORP, INC.
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                  These interim financial statements are prepared without audit
         and reflect all adjustments which, in the opinion of management, are
         necessary to present fairly the financial position of United Bancorp,
         Inc. ("Company") at March 31, 2002, and its results of operations and
         cash flows for the periods presented. All such adjustments are normal
         and recurring in nature. The accompanying condensed consolidated
         financial statements have been prepared in accordance with the
         instructions of Form 10-Q and, therefore, do not purport to contain all
         the necessary financial disclosures required by accounting principles
         generally accepted in the United States of America that might otherwise
         be necessary in the circumstances and should be read in conjunction
         with the consolidated financial statements, and related notes thereto,
         of the Company for the year ended December 31, 2001 included in its
         annual report. Reference is made to the accounting policies of the
         Company described in the notes to the consolidated financial statements
         contained in its 2001 Annual Report to Shareholders. The Company has
         consistently followed these policies in preparing this Form 10-Q.

         PRINCIPLES OF CONDENSED CONSOLIDATION:
                  The consolidated financial statements include the accounts of
         the Company and its wholly-owned subsidiaries, ("Banks") The Citizens
         Savings Bank, Martins Ferry, Ohio ("CITIZENS") and The Community Bank,
         Lancaster, Ohio ("COMMUNITY"). All significant intercompany
         transactions and balances have been eliminated in consolidation.

         NATURE OF OPERATIONS:
                  The Company's revenues, operating income and assets are
         primarily from the banking industry. Accordingly, all of the Company's
         banking operations are considered by Management to be aggregated in one
         reportable operating segment. Customers are mainly located in Athens,
         Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson, and
         Tuscarawas Counties and the surrounding localities in northeastern,
         eastern, southeastern, and central Ohio and include a wide range of
         individuals, business and other organizations. CITIZENS conducts its
         business through its main office in Martins Ferry, Ohio and nine
         branches in Bridgeport, Colerain, Dellroy, Dover, Jewett, New
         Philadelphia, St. Clairsville, Sherrodsville, and Strasburg, Ohio.
         COMMUNITY conducts its business through its main office in Lancaster
         and four branches in Amesville, Glouster, Lancaster, and Nelsonville,
         Ohio. The Company's primary deposit products are checking, savings, and
         term certificates of deposits, and its primary lending products are
         residential mortgage, commercial, and installment loans. Substantially
         all loans are secured by specific items of collateral including
         business assets, consumer assets, and real estate. Commercial loans are
         expected to be repaid from cash flow from operations of business. Real
         estate loans are secured by both residential and commercial real
         estate. Other financial instruments which potentially represent
         concentrations of credit risk include deposit accounts in other
         financial institutions.

         USE OF ESTIMATES:
                  To prepare financial statements in conformity with accounting
         principles generally accepted in the United States of America,
         management makes estimates and assumptions based

                                                                               7
<PAGE>

                              UNITED BANCORP, INC.
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         on available information. These estimates and assumptions affect the
         amounts reported in the financial statements and the disclosures
         provided and future results could differ. The allowance for loan
         losses, fair values of financial instruments and status of
         contingencies are particularly subject to change.

         INCOME TAXES:
                  Income tax expense is based on the effective tax rate expected
         to be applicable for the entire year. Income tax expense is the total
         of the current year income tax due or refundable and the change in
         deferred tax assets and liabilities. Deferred tax assets and
         liabilities are the expected future tax consequences of temporary
         differences between the carrying amounts and tax bases of assets and
         liabilities computed using enacted tax rates. A valuation allowance, if
         needed, reduces deferred tax assets to the amount expected to be
         realized.

         EARNINGS AND DIVIDENDS PER SHARE:
                  Basic earnings per common share ("EPS") is net income divided
         by the weighted-average number of shares outstanding during the period.
         Diluted EPS includes the dilutive effect of additional potential common
         shares issuable under stock options. Earnings and dividends per share
         are restated for all stock dividends through the date of issuance of
         the financial statements.

         COMPREHENSIVE INCOME:
                  Comprehensive income consists of net income and other
         comprehensive income. Other comprehensive income includes unrealized
         gains and losses on securities available for sale which is also
         recognized as a separate component of equity. Other comprehensive
         income components net of related taxes are as follows:

<TABLE>
<CAPTION>



                                                                          THREE MONTHS ENDED
                                                                                MARCH 31,
                                                                        2002                2001
                                                                     ------------        ----------
<S>                                                                  <C>                 <C>
Other comprehensive income:
      Unrealized holding gains(losses) on available
        for sale securities arising during period                      (2,558,177)        2,134,783
      Reclassification adjustment for gains
       later recognized in income                                         (46,345)          (24,214)
                                                                     ------------        ----------
                                                                       (2,604,522)        2,110,569

Tax effect                                                                886,474          (717,621)
                                                                     ------------        ----------

Other comprehensive income (loss)                                    $ (1,718,048)       $1,392,948
                                                                     ============        ==========

</TABLE>

                                                                               8

<PAGE>

                              UNITED BANCORP, INC.
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



2.       SECURITIES:

                  Securities were as follows:

<TABLE>
<CAPTION>

                                                             GROSS            GROSS
                                            AMORTIZED     UNREALIZED       UNREALIZED        ESTIMATED
                                              COST           GAINS           LOSSES          FAIR VALUE
                                         -------------   -------------    -------------    -------------
<S>                                      <C>             <C>              <C>             <C>
AVAILABLE FOR SALE - MARCH 31, 2002
US Agency obligations                    $ 100,264,610   $      26,647    $  (3,040,664)   $  97,250,593
State and Municipal obligations             10,379,788         297,544           (4,034)      10,673,298
Mortgage-backed securities                     137,022           3,602                -          140,624
Other securities                             3,675,319          26,672                -        3,701,991
                                         -------------   -------------    -------------    -------------
                                         $ 114,456,739   $     354,465    $  (3,044,698)   $ 111,766,506
                                         =============   =============    =============    =============

AVAILABLE FOR SALE - DECEMBER 31, 2001
US Agency obligations                    $  99,893,474   $     508,193    $    (911,894)   $  99,489,773
State and Municipal obligations             10,463,516         293,400           (8,563)      10,748,353
Mortgage-backed obligations                    148,938           3,794                -          152,732
Other securities                             3,624,400          29,359                -        3,653,759
                                         -------------   -------------    -------------    -------------
                                         $ 114,130,328   $     834,746    $    (920,457)   $ 114,044,617
                                         =============   =============    =============    =============

HELD TO MATURITY - March 31, 2002
State and Municipal obligations          $  12,021,823   $     340,292    $     (45,212)   $  12,316,903
                                         =============   =============    =============    =============

HELD TO MATURITY - DECEMBER 31, 2001
State and Municipal obligations          $  10,378,811   $     293,163    $     (54,129)   $  10,617,845
                                         =============   =============    =============    =============


</TABLE>


Sales of securities available for sale were as follows:

<TABLE>
<CAPTION>


                                                        THREE MONTHS ENDED
                                                            MARCH 31,
                                                       2002            2001
                                                  -------------   -------------
<S>                                             <C>                 <C>
Proceeds                                            $ 6,025,781      $3,773,516
Gross gains                                              46,345          24,214
Gross losses                                                  -               -


</TABLE>





                                                                               9
<PAGE>

                              UNITED BANCORP, INC.
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS





2.       SECURITIES: (CONTINUED)

                  Contractual maturities of securities at March 31, 2002 were as
follows:


<TABLE>
<CAPTION>

AVAILABLE FOR SALE                                   AMORTIZED          ESTIMATED
                                                        COST           FAIR VALUE
                                                    ------------      ------------
<S>                                             <C>                 <C>
US Agency obligations
  Under 1 Year
  1 - 5   Years                                        7,500,000         7,446,803
  5 - 10  Years                                       22,114,178        21,693,191
 Over 10  Years                                       70,650,432        68,110,599
                                                    ------------      ------------
  Total                                              100,264,610        97,250,593
                                                    ------------      ------------
State and municipal obligations
  Under 1 Year                                         4,438,101         4,522,635
  1 - 5   Years                                        3,436,835         3,589,147
  5 - 10  Years                                        1,902,409         1,953,488
 Over 10  Years                                          602,443           608,028
                                                    ------------      ------------
  Total                                               10,379,788        10,673,298

Mortgage Backed securities
  5 - 10 Years                                           137,022           140,624
                                                    ------------      ------------
   Total                                                 137,022           140,624
                                                    ------------      ------------
Other investments
  Equity securities                                    3,675,319         3,701,991
                                                    ------------      ------------

Total securities available for sale                 $114,456,739      $111,766,506
                                                    ============      ============

HELD TO MATURITY

State and municipal obligations
  1 - 5   Years                                        4,076,835         4,270,690
  5 - 10  Years                                        3,261,342         3,374,486
  Over 10 Years                                        4,683,647         4,671,727
                                                    ------------      ------------
Total securities held to maturity                   $ 12,021,824      $ 12,316,903
                                                    ============      ============


</TABLE>



Securities with a carrying value of approximately $59,171,000 at March 31, 2002
and $58,818,000 at December 31, 2001 were pledged to secure public deposits,
repurchase agreements and other liabilities as required or permitted by law.

                                                                              10
<PAGE>

                              UNITED BANCORP, INC.
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



3.       ALLOWANCE FOR LOAN LOSSES

                  The activity in the allowance for loan losses was as follows:

<TABLE>
<CAPTION>

                                                                     THREE MONTHS ENDED
                                                                          MARCH 31,
                                                                    2002               2001
                                                                 ----------        -----------
<S>                                                             <C>                <C>
Beginning Balance                                                $2,879,065        $ 2,790,133
  Provision charged to operating expense                            157,500            195,000
  Loans charged-off                                                (144,091)          (254,002)
  Recoveries                                                         55,731            125,927
                                                                 ----------        -----------
Ending Balance                                                   $2,948,205        $ 2,857,058
                                                                 ==========        ===========

</TABLE>



                  Non-performing loans were as follows:

<TABLE>
<CAPTION>

                                                                   MARCH 31,        DECEMBER 31,
                                                                     2002               2001
                                                                  ----------        -----------
<S>                                                              <C>                <C>
Loans past due over 90 days still on accrual                      $ 114,000          $ 157,000
Nonaccrual Loans                                                    671,000            661,000

</TABLE>


                  Loans considered impaired under the provisions of SFAS No. 114
         were not material at March 31, 2002 and December 31, 2001.
         Nonperforming loans include all impaired loans and smaller balance
         homogenous loans, such as residential mortgage and consumer loans that
         are collectively evaluated for impairment.

4.       COMMITMENTS, OFF-BALANCE SHEET RISK AND CONTINGENCIES

                  There are various contingent liabilities not reflected within
         the financial statements, including claims and legal actions arising in
         the ordinary course of business. In the opinion of management, after
         consultation with legal counsel, the ultimate disposition of these
         matters is not expected to have a material effect on the Company's
         financial condition or results of operations.

                  Some financial instruments are used in the normal course of
         business to meet the financing needs of customers. These financial
         instruments include commitments to extend credit, standby letters of
         credit and financial guarantees. These involve, to varying degrees,
         credit and interest-rate risk in excess of the amounts reported in the
         financial statements.

                  Exposure to credit loss if the other party does not perform is
         represented by the contractual amount for commitments to extend credit,
         standby letters of credit and financial guarantees written. The same
         credit policies are used for commitments and conditional obligations as
         are used for loans. The amount of collateral obtained, if deemed
         necessary, upon

                                                                              11
<PAGE>

                              UNITED BANCORP, INC.
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



4.       COMMITMENTS, OFF-BALANCE SHEET RISK AND CONTINGENCIES (CONTINUED)

         extension of credit is based on management's credit evaluation.
         Collateral varies, but may include accounts receivable, inventory,
         property, equipment, income-producing commercial properties,
         residential real estate and consumer assets.


                  Commitments to extend credit are agreements to lend to a
         customer as long as there is no violation of any condition established
         in the commitment. Commitments generally have fixed expiration dates or
         other termination clauses and may require payment of a fee. Since many
         of the commitments are expected to expire without being used, total
         commitments do not necessarily represent future cash requirements.
         Standby letters of credit and financial guarantees written are
         conditional commitments to guarantee a customer's performance to a
         third party.

                  A summary of the notional or contractual amounts of financial
         instruments with off-balance sheet risk at March 31, 2002 and December
         31, 2001 follows:


<TABLE>
<CAPTION>

                                                                 MARCH 31,        DECEMBER 31,
                                                                   2002               2001
                                                                -----------        -----------
<S>                                                             <C>               <C>
Commitments to extend credit                                    $19,877,664        $18,779,162
Credit card and ready reserve lines                               1,394,352          1,275,919
Standby letters of credit                                           460,000            471,000

</TABLE>



                  At March 31, 2002, and included above, commitments to make
         fixed-rate loans totaled $2,780,958 with the interest rates on those
         fixed-rate commitments ranging from 4.75% to 9.75%. At December 31,
         2001, commitments to make fixed rate loans totaled $2,416,731 with
         interest rates on those fixed-rate commitments ranging from 6.50% to
         10.00%.

5.       NEW ACCOUNTING PRONOUNCEMENTS

                  On January 1, 2002, the Company adopted a Statement of
         Financial Accounting Standards (SFAS) No. 144, which addresses
         impairment and disposal of long-lived assets. The effect of this on the
         financial position and results of operations of the Company is not
         expected to be material.

                  In 2003, the Financial Accounting Standards Board will issue
         Statement of Financial Accounting Standards No. 143, which addresses
         the accounting for asset retirement obligations. The company does not
         believe this standard will have a material affect on its financial
         position or results of operations.






                                                                              12
<PAGE>


                              UNITED BANCORP, INC.
            NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS




6.       EARNINGS PER SHARE

                  The factors used in the earnings per share computation were as
follows:
<TABLE>
<CAPTION>


                                                                      THREE MONTHS ENDED
                                                                           MARCH 31,
                                                                   2002                  2001
                                                                ----------            -----------
<S>                                                            <C>                    <C>
Basic
     Net income                                                 $  680,158             $  605,333
                                                                ==========             ==========

     Weighted average common shares outstanding                  3,118,036              3,170,672
                                                                ==========             ==========

      Basic earnings per common share                           $     0.22             $     0.19
                                                                ==========             ==========

DILUTED
     Net income                                                 $  680,158             $  605,333
                                                                ==========             ==========

     Weighted average common shares outstanding for
           basic earnings per common share                       3,118,036              3,170,672
     Add:  Dilutive effects of assumed exercise of stock
           options                                                   8,767                    806
                                                                ----------             ----------

     Average shares and dilutive potential common shares         3,126,803              3,171,478
                                                                ==========             ==========

     Diluted earnings per common share                          $     0.22             $     0.19
                                                                ==========             ==========

Number of stock options not considered in computing
diluted earnings per share due to antidilutive nature               20,056                 21,780

</TABLE>


                                                                              13
<PAGE>

                              UNITED BANCORP, INC.
         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

                  The following discusses the financial condition of the Company
         as of March 31, 2002, as compared to December 31, 2001 and the results
         of operations for the three months ended March 31, 2002 compared to the
         same period in 2001. This discussion should be read in conjunction with
         the interim condensed consolidated financial statements and related
         footnotes included herein.

         FORWARD-LOOKING STATEMENTS

                  When used in this document, the words or phrases "will likely
         result," "are expected to," "will continue," " is anticipated,"
         "estimated," "projected" or similar expressions are intended to
         identify "forward looking statements" within the meaning of the Private
         Securities Litigation Reform Act of 1995. Such statements are subject
         to certain risks and uncertainties including changes in economic
         conditions in the Banks' market areas, changes in policies by
         regulatory agencies, fluctuations in interest rates, demand for loans
         in the Banks' market areas and competition, that could cause actual
         results to differ materially from historical earnings and those
         presently anticipated or projected. Factors listed above could affect
         the Company's financial performance and could cause the Company's
         actual results for future periods to differ materially from any
         statements expressed with respect to future periods.

                  The Company does not undertake, and specifically disclaims any
         obligation, to publicly revise any forward-looking statements to
         reflect events or circumstances after the date such statements were
         made or to reflect the occurrence of anticipated or unanticipated
         events.
















                                                                              14

<PAGE>

                              UNITED BANCORP, INC.
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS
                                   (UNAUDITED)


      The following brief history of the Company and its subsidiary growth and
development highlights the continuing commitment to maintaining a presence as a
local "Hometown" community bank serving several diverse market areas.

<TABLE>
<S>      <C>        <C>
>>       1902       Original banking charter granted for The German Savings Bank
                    (later changed to The Citizens Savings Bank).
>>       1974       Construction of a full-service branch banking facility 6
                    miles west in Colerain, Ohio.
>>       1978       Construction of a full-service branch banking facility 2
                    miles south in Bridgeport, Ohio.
>>       1980       Construction of a limited-service auto-teller banking
                    location in Martins Ferry, Ohio.
>>       1983       Creation of United Bancorp, Inc. as a single-bank holding
                    company through acquisition of 100% of the voting stock of The
                    Citizens Savings Bank of Martins Ferry, Ohio ("CITIZENS"). Also,
                    began operation of Automated Teller Machine ("ATM") in Aetnaville,
                    Ohio.
>>       1984       CITIZENS opened a newly constructed 21,500 square foot
                    main-office facility in Martins Ferry, Ohio, adjacent to the
                    auto-teller facility built in 1980.
>>       1986       United Bancorp, Inc. became a multi-bank holding company
                    through the acquisition of 100% of the voting stock of The
                    Citizens-State Bank of Strasburg, Strasburg, Ohio, merged into
                    CITIZENS in 1999.
>>       1990       CITIZENS converted from third-party data processing to
                    in-house data processing. CITIZENS constructed a full-service
                    branch bank 6 miles south of Strasburg in Dover, Ohio.
>>       1992       CITIZENS acquired two branch bank locations in New
                    Philadelphia and Sherrodsville, Ohio.
>>       1993       CITIZENS relocated Data Processing, Accounting and
                    Bookkeeping to a renovated Operations Center across from the main
                    office in Martins Ferry, Ohio.
>>       1994       CITIZENS purchased a branch bank in Dellroy, Ohio.
>>       1996       CITIZENS converted to check imaging and optical character
                    recognition for data processing.
>>       1997       CITIZENS opened a full-service Retail Banking Center inside
                    Riesbeck's Food Markets, Inc.'s St. Clairsville, Ohio store.
                    Additionally, CITIZENS introduced a Secondary Market Real Estate
                    Mortgage Program available for all locations and introduced a
                    MasterCard(R)Check Card to the local market area.
>>       1998       CITIZENS increased ATM network by four cash dispenser
                    machines in various Riesbecks' Food Markets.
>>       1998       Effective July 7, 1998, the acquisition of Southern Ohio
                    Community Bancorporation, Inc. was completed and The Community
                    Bank, Glouster, Ohio ("COMMUNITY") was added as a separate banking
                    charter to the Company.
>>       1999       January 28, 1999 CITIZENS acquired a full service banking
                    facility in Jewett, Ohio
>>       1999       March 1999 COMMUNITY opened a Loan Production Office in
                    Lancaster, Ohio.
>>       1999       CITIZENS established a full service brokerage division to be
                    known as Brokerage United with securities provided through Raymond
                    James Financial Services, Inc., member NASD/SIPC.
>>       1999       COMMUNITY moved their main office to Lancaster, Ohio.
>>       2000       COMMUNITY opened a new branch in Lancaster and their auto
                    teller for the main office.
>>       2000       CITIZENS and COMMUNITY introduced Electronic Banking.
>>       2001       CITIZENS and COMMUNITY introduced Electronic Cash Management
                    Services.
>>       2002       CITIZENS and COMMUNITY upgraded check image system.
</TABLE>









                                                                              15

<PAGE>

                              UNITED BANCORP, INC.
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS



         ANALYSIS OF FINANCIAL CONDITION

         EARNING ASSETS - LOANS
                  At March 31, 2002, gross loans were $183,302,000 compared to
         $183,340,000 at year-end 2001, a decrease of 0.02%. The decrease in
         total outstanding loans was the result of a decline in the real estate
         and installment portfolios. Management attributes the overall decrease
         in loans to the general economic slow-down in the lending markets
         served.

                  Installment loans decreased to 23.4% of total loans at March
         31, 2002 compared to 24.9% at year-end 2001. The indirect lending type
         of financing carries somewhat more risk than real estate lending,
         however, it also provides for higher yields. The targeted lending areas
         encompass four metropolitan areas, minimizing the risk to changes in
         economic conditions in the communities housing the Company's 17 branch
         locations. CITIZENS experienced a 6.3%, or $1,701,000 decline in
         installment loans while COMMUNITY had a decrease of 5.8%, or $1,096,000
         in installment loans. In general as the overall economy has slowed in
         the markets we service, so has the demand for consumer based loans.
         Also with interest rates depressed, Management has not been aggressive
         to lower rates on these fixed rate loan products. Recently, Management
         has employed the strategy of focusing on adjustable rate products to
         position the Company for an eventual rise in interest rates.

                  Commercial and commercial real estate loans comprised 47.4% of
         total loans at March 31, 2002 compared to 45.5% at December 31, 2001.
         Commercial and commercial real estate loans have increased $3,458,000
         or 4.1% since December 31, 2001. The Company has originated and
         purchased participations in loans from other banks for out-of-area
         commercial and commercial real estate loans to benefit from consistent
         economic growth outside the Company's primary market area. The majority
         of these loans are secured by real estate holdings comprised of hotels,
         motels and churches located in various geographic locations, including
         Columbus and the Akron-Canton, Ohio metropolitan areas. Out-of-area
         loans at March 31, 2002 were 8.2% of total loans and 17.3% of total
         commercial and commercial real estate loans compared to 6.4% and 13.9%
         at year-end 2001.

                  Real estate loans were 29.2% of total loans at March 31, 2002
         compared to 29.5% at year-end 2001. Real estate loans decreased 1.3%
         since December 31, 2001. However, COMMUNITY actually experienced an
         increase in real estate loans of 1.9% or $373,000. As previously
         mentioned, management's position is to focus on adjustable rate
         products as the overall rate environment reaches historical low levels
         with the intent these products will adjust as interest rates rise.

                  The allowance for loan losses represents the amount which
         management and the Board of Directors estimates is adequate to provide
         for probable losses inherent in the loan portfolio. The allowance
         balance and the provision charged to expense are reviewed by management
         and the Board of Directors monthly using a risk evaluation model that
         considers borrowers' past due experience, economic conditions and
         various other circumstances that are subject to change over time.
         Management believes the current balance of the allowance for loan
         losses is adequate to absorb probable incurred credit losses associated
         with the loan portfolio. Net charge-offs for the three months ended
         March 31, 2002 were approximately $88,000, or 3.1%, of the beginning
         balance in the allowance for loan losses. During the first three months
         of 2002,


                                                                              16
<PAGE>

                              UNITED BANCORP, INC.
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS



         EARNING ASSETS -- LOANS (CONTINUED)

         gross charge-offs were almost entirely consumer loans and totaled
         approximately $141,000.

         EARNING ASSETS -- SECURITIES AND FEDERAL FUNDS SOLD
                  The securities portfolio is comprised of U.S. Government
         agency-backed securities, tax-exempt obligations of states and
         political subdivisions and certain other investments. The Company does
         not hold any collateralized mortgage-backed securities, other than
         those issued by U.S. government agencies, or derivative securities. The
         quality rating of obligations of state and political subdivisions
         within Ohio is no less than Aaa, Aa or A, with all out-of-state bonds
         rated at AAA. Board policy permits the purchase of certain non-rated
         bonds of local schools, townships and municipalities, based on their
         estimated levels of credit risk. Securities available for sale at March
         31, 2002 decreased approximately $2,278,000, or 2.0% from year-end 2001
         totals. Securities held to maturity at March 31, 2002 increased
         approximately $1,643,000, or 15.8% compared to year-end 2001 totals.

         SOURCES OF FUNDS -- DEPOSITS
                  The Company's primary source of funds is core deposits from
         retail and business customers. These core deposits include all
         categories of interest-bearing and noninterest-bearing deposits,
         excluding certificates of deposit greater than $100,000. For the period
         ended March 31, 2002, total core deposits decreased approximately
         $873,000 primarily from a decrease of time deposits under $100,000 of
         $5.4 million.

                  The Company has a strong deposit base from public agencies,
         including local school districts, city and township municipalities,
         public works facilities and others that may tend to be more seasonal in
         nature resulting from the receipt and disbursement of state and federal
         grants. These entities have maintained fairly static balances with the
         Company due to various funding and disbursement timeframes.

                  Certificates of deposit greater than $100,000 are not
         considered part of core deposits and as such are used to balance rate
         sensitivity as a tool of funds management. At March 31, 2002,
         certificates of deposit greater than $100,000 increased approximately
         $4.3 million, or 11.2% from year-end 2001 totals.

         SOURCES OF FUNDS -- SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND
         OTHER BORROWINGS
                  Other interest-bearing liabilities include securities sold
         under agreements to repurchase, sweep accounts, federal funds
         purchased, Treasury, Tax & Loan notes payable and Federal Home Loan
         Bank ("FHLB") advances. In the first three months of 2002, the Company
         continued to utilize the FHLB programs to manage interest rate risk and
         liquidity positions. The majority of the Company's repurchase
         agreements are with local school districts and city and county
         governments. Total other borrowings decreased approximately $7.8
         million, or 29.9% from year-end 2001 totals.




                                                                              17
<PAGE>


                              UNITED BANCORP, INC.
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS



         RESULTS OF OPERATIONS FOR THREE MONTHS ENDED MARCH 31, 2002

         NET INCOME
                  Basic and diluted earnings per share for the three months
         ended March 31, 2002 was $0.22, compared with $0.19 for the three
         months ended March 31, 2001. Net income increased 12.4% for the three
         months ended March 31, 2002, compared to the same period in 2001.

         NET INTEREST INCOME
                  Net interest income, by definition, is the difference between
         interest income generated on interest-earning assets and the interest
         expense incurred on interest-bearing liabilities. Various factors
         contribute to changes in net interest income, including volumes,
         interest rates and the composition or mix of interest-earning assets in
         relation to interest-bearing liabilities. Net interest income increased
         10.1% for the three months ended March 31, 2002 compared to the same
         period in 2001. The increase was a result of the Company having a
         larger base of average earning assets somewhat offset by a decrease in
         short-term interest rates. Management anticipates the impact to
         continue over the next several quarters if short-term interest rates
         continue at their current levels. However, as a result of the decline
         in short term interest rates, Management was able to lower the
         Company's overall cost of funds.

                  Total interest income for the three months ended March 31,
         2002 was $5,633,358 compared to $6,203,851 for the same period in 2001.
         Total interest income decreased $570,493, or 9.2%. The decrease can be
         attributed to the overall lower interest rate environment that
         currently exists.

                  Total interest expense for the three months ended March 31,
         2002 when compared to the same three-month period ended March 31, 2001,
         decreased 25.9%, or $861,000. The Company has experienced a decrease in
         interest expense due to a decreased use of FHLB advances to fund
         security purchases and the effect of a lower interest rate environment
         on deposit products. Management has been proactive in lowering deposit
         product interest rates since the overall interest rate environment
         began to decrease in January of last year.

         PROVISION FOR LOAN LOSSES
                  The total provision for loan losses was $157,500 for the three
         months ended March 31, 2002 compared to $195,000 for the same period in
         2001. Management decreased the provision in 2002 due to an anticipated
         decrease in net charge-offs for the fiscal year related to the
         continued improvement in portfolio quality. Additionally, the loan
         portfolio balance remained almost unchanged since December 31, 2001.

         NONINTEREST INCOME
                  Total noninterest income is made up of bank related fees and
         service charges, as well as other income producing services provided,
         sale of secondary market loans, ATM income, early redemption penalties
         for certificates of deposits, safe deposit rental income, internet bank
         service fees and other miscellaneous items. Noninterest income for the
         three months ended March 31, 2002 was $445,000 compared to $368,000 for
         the same three months period ended March 31, 2001. For the three months
         ended March 31, 2002 compared to the same period in 2001, noninterest
         income increased approximately

                                                                              18
<PAGE>

                              UNITED BANCORP, INC.
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS



         NONINTEREST INCOME -- (CONTINUED)

         20.9%. The Company's secondary market real estate loan program
         increased $50,000 over the same period in 2001.

         NONINTEREST EXPENSE
                  Noninterest expense for the three months ended March 31, 2002
         increased $275,000 or 12.2% over the three months ended March 31, 2001.
         Salary and benefit expense increased approximately $140,000 or 12.2%
         for the three months ended March 31, 2002 as a result of rising health
         care costs.

         CAPITAL RESOURCES
                  Internal capital growth, through the retention of earnings, is
         the primary means of maintaining capital adequacy for the Company.
         Shareholders' equity at March 31, 2002 was $28,843,000 compared to
         $30,474,000 at December 31, 2001, a 5.4% decrease. Total shareholders'
         equity in relation to total assets was 8.61% at March 31, 2002 and
         8.93% at December 31, 2001. In May 2001 our shareholders approved an
         amendment to the Company's Articles of Incorporation to create a class
         of preferred shares with 2,000,000 authorized shares. This will enable
         the Company, at the option of the Board of Directors, to issue series
         of preferred shares in a manner calculated to take advantage of
         financing techniques which may provide a lower effective cost of
         capital to the Company. The amendment also provides greater flexibility
         to the Board of Directors in structuring the terms of equity securities
         that may be issued by the Company.

                  The Company has a Dividend Reinvestment Plan ("The Plan") for
         shareholders under which the Company's common stock will be purchased
         by the Plan for participants with automatically reinvested dividends.
         The Plan does not represent a change in the Company's dividend policy
         or a guarantee of future dividends.

                  The Company maintains a deferred compensation plan for its
         Directors. The plan permits the Directors to defer into a Rabbi Trust
         all or a portion of their director fees. The plan is being accounted
         for under the provisions of EITF 97-14.

                  The Company and Banks are subject to regulatory capital
         requirements administered by federal banking agencies. Capital adequacy
         guidelines and prompt corrective action regulations involve
         quantitative measures of assets, liabilities and certain off-balance
         sheet items calculated under regulatory accounting practices. Capital
         amounts and classifications are also subject to qualitative judgments
         by regulators about components, risk weightings and other factors and
         the regulators can lower classifications in certain cases. Failure to
         meet various capital requirements can initiate regulatory action that
         could have a direct material effect on the Banks' operations.

                  The prompt corrective action regulations provide five
         classifications, including well capitalized, adequately capitalized,
         undercapitalized, significantly undercapitalized and critically
         undercapitalized, although these terms are not used to represent
         overall financial condition. If adequately capitalized, regulatory
         approval is required to accept brokered deposits. If undercapitalized,
         capital distributions are limited, as is asset growth and expansion and
         plans for capital restoration are required.


                                                                              19
<PAGE>

                              UNITED BANCORP, INC.
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS



                  The minimum requirements are:

<TABLE>
<CAPTION>

                                        TOTAL              TIER 1           TIER 1
                                      CAPITAL TO         CAPITAL TO       CAPITAL TO
                                    RISK-WEIGHTED      RISK-WEIGHTED        AVERAGE
                                        ASSETS             ASSETS           ASSETS
                                   -----------------  -----------------  --------------
<S>                                <C>                <C>                <C>
Well capitalized                             10.00%              6.00%           5.00%
Adequately capitalized                        8.00%              4.00%           4.00%
Undercapitalized                              6.00%              3.00%           3.00%


</TABLE>


                  The following table illustrates the Company's risk-weighted
capital ratios at March 31, 2002:
<TABLE>
<CAPTION>

                                                                   MARCH 31,
                      (IN THOUSANDS)                                 2002
                                                                 ----------
<S>                                                              <C>
Tier 1 capital                                                    $  30,513
Total risk-based capital                                          $  33,137
Risk-weighted assets                                              $ 209,925
Average total assets                                              $ 338,901

Tier 1 capital to average assets                                      9.00%
Tier 1 risk-based capital ratio                                      14.54%
Total  risk-based capital ratio                                      15.79%


</TABLE>


LIQUIDITY
          Management's objective in managing liquidity is maintaining the
ability to continue meeting the cash flow needs of its customers, such as
borrowings or deposit withdrawals, as well as its own financial commitments. The
principal sources of liquidity are net income, loan payments, maturing
securities and sales of securities available for sale, federal funds sold and
cash and deposits with banks. Along with its liquid assets, the Company has
additional sources of liquidity available to ensure that adequate funds are
available as needed. These include, but are not limited to, the purchase of
federal funds, the ability to borrow funds under line of credit agreements with
correspondent banks and a borrowing agreement with the Federal Home Loan Bank of
Cincinnati, Ohio and the adjustment of interest rates to obtain depositors.
Management feels that it has the capital adequacy, profitability and reputation
to meet the current and projected needs of its customers.

          For the three months ended March 31, 2002, the adjustments to
reconcile net income to net cash from operating activities consisted mainly of
depreciation and amortization of premises and equipment and intangibles, the
provision for loan losses, net amortization of securities and net changes in
other assets and liabilities. Cash and cash equivalents decreased as a result of
the purchasing of government agency securities. For a more detailed illustration
of sources and uses of cash, refer to the condensed consolidated statements of
cash flows.


                                                                              20
<PAGE>

                              UNITED BANCORP, INC.
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS



         INFLATION
                  Substantially all of the Company's assets and liabilities
         relate to banking activities and are monetary in nature. The
         consolidated financial statements and related financial data are
         presented in accordance with GAAP in the United States of America
         (GAAP). GAAP currently requires the Company to measure the financial
         position and results of operations in terms of historical dollars, with
         the exception of securities available for sale, impaired loans and
         other real estate loans that are measured at fair value. Changes in the
         value of money due to rising inflation can cause purchasing power loss.

                  Management's opinion is that movements in interest rates
         affect the financial condition and results of operations to a greater
         degree than changes in the rate of inflation. It should be noted that
         interest rates and inflation do effect each other, but do not always
         move in correlation with each other. The Company's ability to match the
         interest sensitivity of its financial assets to the interest
         sensitivity of its liabilities in its asset/liability management may
         tend to minimize the effect of changes in interest rates on the
         Company's performance.

         REGULATORY MATTERS
              The Company is subject to the regulatory requirements of The
         Federal Reserve System as a multi-bank holding company. The affiliate
         banks are subject to regulations of the Federal Deposit Insurance
         Corporation (FDIC) and the State of Ohio, Division of Financial
         Institutions.







                                                                              21
<PAGE>

                              UNITED BANCORP, INC.
           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The principal market risk affecting the Company is interest rate risk.
The Banks do not maintain a trading account for any class of financial
instrument and the Company is not affected by foreign currency exchange rate
risk or commodity price risk. Because the Banks do not hold any equity
securities other than stock in the Federal Home Loan Bank of Cincinnati, which
is not significant, the Company is not subject to equity price risk.

         The Company, like other financial institutions, is subject to interest
rate risk to the extent that its interest-earning assets reprice differently
than its interest-bearing liabilities. One of the principal financial objectives
is to achieve long-term profitability while reducing its exposure to
fluctuations in interest rates. The Company has sought to reduce exposure of its
earnings to changes in market interest rates by managing assets and liability
maturities and interest rates primarily by originating variable-rate lending
products, or if issued with a fixed interest rate, as is the case with the
indirect automobile portfolio, the term is rather short in duration. Both the
variable interest rates inherent in the commercial, commercial real estate and
real estate loan portfolios, and the short duration loan products, mitigate the
Company's exposure to dramatic interest rate movements.

         The Company's securities are all fixed rate and are weighted more
heavily towards available for sale which accounts for 90% of the portfolio
compared to the 10% for held to maturity securities. The Company primarily
invests in US Agency obligations and State and Municipal obligations and has a
modest amount invested in mortgage-backed securities. Due to total securities
approximating 37% of total assets and a significant portion of its loan
portfolio consisting of fixed rate loans, the Company is particularly sensitive
to periods of rising interest rates. In such periods, the Company's net interest
spread is negatively affected because the interest rate paid on deposits
increases faster than the rates earned on loans. Management is continuing to
originate variable rate loans as the primary means to manage this risk.

         Management measures the Company's interest rate risk by computing
estimated changes in net interest income and the net portfolio value ("NPV") of
its cash flows from assets, liabilities and off-balance sheet items in the event
of a range of assumed changes in market interest rates. The following tables
present an analysis of the potential sensitivity of the Company's new present
value of its financial instruments to sudden and sustained changes in the
prevailing interest rates.

<TABLE>
<CAPTION>



                           (Dollars in Thousands)
---------------------------------------------------------------------------
                 NET PORTFOLIO VALUE-MARCH 31, 2002

CHANGE IN RATES                    $ AMOUNT        $ CHANGE       % CHANGE
                                   ---------      ----------      --------
<S>                               <C>             <C>             <C>
Up 200                              $ 25,592       $(10,107)       -28.31%

Up 100                              $ 31,478       $ (4,221)       -11.82%

Base                                $ 35,699

Down 100                            $ 34,216       $ (1,483)        -4.15%

Down 200                            $ 32,068       $ (3,631)       -10.17%


<CAPTION>



                                (Dollars in Thousands)
   -------------------------------------------------------------------------
                        NET PORTFOLIO VALUE-DECEMBER 31, 2001

   CHANGE IN RATES                   $ AMOUNT       $ CHANGE      % CHANGE
                                     --------       --------      --------
<S>                                  <C>            <C>           <C>
   Up 200                            $ 38,205       $ (3,349)        -8.06%

   Up 100                            $ 42,965       $  1,411          3.40%

   Base                              $ 41,554

   Down 100                          $ 37,711       $ (3,843)        -9.25%

   Down 200                          $ 35,921       $ (5,633)       -13.56%

</TABLE>

                                                                              22
<PAGE>


                              UNITED BANCORP, INC.
           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (CONTINUED)

         The Company's NPV is more sensitive to increasing rates than decreasing
rates. Such difference in sensitivity occurs principally because, as rates
increase, the effect is offset on a short-term basis by the rather fixed nature
of our consumer loans and investment securities. This occurs even though the
commercial, commercial real estate and real estate portfolios are comprised of
variable rate products. Also in a rising rate environment consumers tend not to
prepay fixed rate loans as quickly as they would have had rates not changed
dramatically. Moreover, the interest the Company pays on its deposits would
increase because deposits generally have shorter periods to reprice.

         Certain shortcomings are inherent in the NPV method of analysis.
Certain assets such as adjustable-rate loans have features that restrict changes
in interest rates on a short-term basis and over the life of the asset. In
addition, the proportion of adjustable-rate loans in the Company's portfolio
could decrease in future periods if market interest rates remain at or decrease
below current levels due to refinancing activity. Further, in the event of a
change in interest rates, prepayment and early withdrawal levels would likely
deviate from those assumed in the analysis. Finally, the ability of many
borrowers to repay their adjustable-rate debt may decrease in the case of an
increase in interest rates.























                                                                              23

<PAGE>

                              UNITED BANCORP, INC.
                                OTHER INFORMATION




         PART II - OTHER INFORMATION

         ITEM 1.  LEGAL PROCEEDINGS
                           Not applicable.

         ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS
                           Not applicable.

         ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
                           Not applicable.

         ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
                           Not applicable

         ITEM 5.  OTHER INFORMATION
                           Not applicable.

         ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

           (a) Exhibits

                  2         Not Applicable

                  3(i)(ii)  Articles of Incorporation of United Bancorp, Inc.
                            including amendments and By Laws, previously filed
                            with the Securities and Exchange Commission on
                            November 16, 1983.

                  4         Not applicable.

                  9         Not applicable.

                  10        Reference to special severance agreement on Page 9
                            of the Proxy Statement

                  11        Statement regarding computation of per share
                            earnings (included in Note 1 to the consolidated
                            financial statements on page 50 and Note 15 on Page
                            63 of the Annual Report To Shareholders.)

                  12        Not applicable.

                  13        Reference to the Annual Report To Shareholders for
                            the fiscal year ended December 31, 2001.

                  16        Not applicable.

                  18        Not applicable.

                  21.1      Reference to The Citizens Savings Bank, Martins
                            Ferry, Ohio, incorporated on December 31, 1902,
                            previously filed with the Securities and Exchange
                            Commission.

                  21.2      Reference to The Community Bank, Lancaster, Ohio,
                            incorporated on August 1, 1949, previously filed
                            with the Securities and Exchange Commission.

                  22        Not applicable.

                  23        Consents of Experts and Council, previously filed
                            with the Securities and Exchange Commission.

                  24        Not applicable.

                  99        Not applicable.

(b) The Company filed no reports on SEC Form 8-K during the last quarter of
    the period covered by this report.


                                                                              24
<PAGE>



                              UNITED BANCORP, INC.
                                   SIGNATURES


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.






    May 2, 2002             By:   /s/ James W. Everson
---------------------             -----------------------------
    Date                    James W. Everson
                            Chairman, President & Chief Executive Officer






     May 2, 2002             By:   /s/ Randall M. Greenwood
---------------------              -----------------------------
     Date                    Randall M. Greenwood
                             Chief Financial Officer




                                                                              25