United Bancorporation of Alabama, Inc. Announces Second Quarter Earnings and Repurchase Program

 ATMORE, Ala., July 28, 2023 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc., parent company of United Bank (UB), Town-Country United Bank (TCUB), and UB Community Development (UBCD), announces its financial results for the second quarter ending June 30, 2023. 

United Bancorporation of Alabama, Inc. reported net income of $14.0 million for six months ending June 30, 2023, compared to net income of $7.8 million for the same period 2022. Earnings per share for the six months were $3.88 compared to $2.11 for the same period in 2022.  United reported $7.3 million net income for the quarter ending June 30, 2023, compared to $4.9 million for Q2 2022.  Earnings per share for the Q2 2023 were $2.02 as compared to $1.36 for Q2 2022.

On July 25, 2023, the Board of Directors of United (the "Board") approved a stock repurchase program (the "Repurchase Program"). The Repurchase Program permits United to repurchase up to 5% of its currently issued and outstanding common stock (equaling 180,265 shares of common stock) in the open market at prevailing prices or in privately negotiated transactions with non-affiliates for a period of 12 months. The Repurchase Program may be suspended, terminated or modified at any time for any reason. There is no guarantee as to the exact number of shares that will be repurchased by United, if any.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.3 billion financial holding company primarily serving Southwest Alabama and Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. United Bank operates 22 locations across five counties. Town-Country United Bank serves Wilcox County and its surrounding counties. UB Community Development focuses on economic and community development through its 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