United Bancorporation of Alabama, Inc. Announces Third Quarter Results

ATMORE, Ala., Oct. 27, 2023 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc., parent company of United Bank, Town-Country United Bank, and UB Community Development, announces its financial results for the period ended September 30, 2023. United reported unaudited consolidated net income of $21.2 million or earnings per share of $5.88 for the nine months ended September 30, 2023, as compared to net income of $13.5 million or earnings per share of $3.68 for the same period last year. For the three months ended September 30, 2023, unaudited net income was $7.1 million or earnings per share of $1.99, as compared to net income of $5.6 million or earnings per share of $1.58 for the same period last year. 

QUARTERLY HIGHLIGHTS

• Quarterly net interest margin increased to 4.7%, up 1.0% from the same quarter last year.
• Cost of funds for the year and the quarter were 58 bps and 72 bps, respectively.
• Loans grew $18.3 million or 2.3% during the quarter to $807.7 million.
• Tier one capital ratio and tier one leverage ratio were 25.05% and 16.49%, respectively.

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.3 billion financial holding company primarily serving Southwest Alabama and Northwest Florida. United is designated as a CDFI, recognizing its commitment to stimulating economic development in underserved communities. United operates three subsidiaries: United Bank, Town-Country United Bank and UB Community Development. United Bank operates 22 locations across five counties. Town-Country United Bank serves Wilcox County and surrounding counties. UB Community Development focuses on economic and community development through New Markets Tax Credits, affordable housing and community facilities programs. For a complete quarterly report visit our investor relations tab at www.UnitedBank.com. Member FDIC.

SOURCE United Bancorporation