UNITED BNCRP OF AL INC A - UBAB STOCK NEWS

United Bancorporation of Alabama (OTCQX: UBAB) has completed the repurchase of all 197,717 shares of its common stock held by its 401(k) Employee Stock Ownership Plan (KSOP). The shares were repurchased at $54.25 per share, totaling approximately $10.7 million. The transaction, which closed on November 15, 2024, was negotiated between company representatives and the KSOP Trustee, with oversight from independent appraisers, financial advisors, and separate legal counsel for both parties.

United Bank (OTCQX: UBAB) has been awarded a $9 million Capital Magnet Fund grant from the U.S. Department of Treasury's CDFI Fund for 2024, marking their fifth such award since 2017. The funding will support affordable housing initiatives across Alabama, Florida, and surrounding states. The bank plans to utilize this award to develop or rehabilitate over 1,000 apartment homes, targeting rent-burdened families and senior adults in the Southeast region.

United Bancorporation of Alabama (OTCQX: UBAB) reported financial results for Q3 2024. The company's unaudited consolidated net income reached $20.0 million ($5.63 per share) for the nine months ended September 30, 2024, compared to $21.2 million ($5.88 per share) in the same period last year. For Q3 2024, net income was $5.6 million ($1.57 per share), down from $7.1 million ($1.99 per share) in Q3 2023. Key highlights include the merger of Town Country United Bank into United Bank, $10.3 million in CDFI program awards, $65 million in NMTC allocation, and a net interest margin of 4.52%.

United Bancorporation of Alabama (OTCQX: UBAB) has reported strong financial results for Q2 2024. The company's unaudited consolidated net income reached $14.3 million, or $4.01 per share, for the first half of 2024, up from $14.0 million ($3.88 per share) in the same period last year. For Q2 2024 alone, net income was $8.0 million ($2.26 per share), compared to $7.3 million ($2.02 per share) in Q2 2023.

Key highlights include a net interest margin of 4.47%, cost of funds at 1.37%, and impressive year-over-year loan growth of $54.3 million (6.9%). The bank also reported noninterest income of $9.2 million for the quarter, demonstrating solid performance across multiple revenue streams.

United Bancorporation of Alabama (OTCQX: UBAB) has announced a semiannual dividend of $0.50 per share. The dividend will be payable on July 16, 2024, to stockholders of record as of June 30, 2024. United Bancorporation is a $1.4 billion financial holding company that serves Southwest Alabama and Northwest Florida. It operates as a Community Development Financial Institution (CDFI) and includes United Bank, Town-Country United Bank, and UB Community Development, focusing on economic and community development. United Bank has 20 locations across five counties, while Town-Country United Bank serves Wilcox County and surrounding areas. UB Community Development engages in New Markets Tax Credits, affordable housing, and community facilities programs.

United Bancorporation of Alabama, Inc. reported unaudited consolidated net income of $6.2 million or earnings per share of $1.75 for the first quarter of 2024, compared to $6.7 million or $1.87 per share for the same period last year. Key highlights include a net interest margin of 4.54%, cost of funds at 1.21%, and year-over-year loan growth of $62.3 million or 8.2%.

United Bancorporation of Alabama, Inc. reported a significant increase in net income and earnings per share for the twelve months and three months ended December 31, 2023, compared to the same period last year. The company also highlighted its quarterly financial achievements, including a net interest margin of 4.68%, selling $77.6 million in securities for a loss of $6.8 million, CDFI award income of $14.4 million, and declaring a semiannual dividend of $0.35 per share.

United Bank (UBAB) provides $440,000 in soft financing and a $6 million construction bridge loan to Woda Cooper Companies, Inc. for the construction of The Lenox, a new multi-family affordable housing complex in Augusta, Georgia. The complex will offer 64 one- and two-bedroom apartment homes and will be LEED for Homes certified. The project is funded through United Bank's 2023 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department, supporting the City of Augusta's downtown redevelopment goals.

United Bank (UBAB) has provided $700,000 in soft financing to Vantage Development for the construction of The Villas at York, an affordable housing complex for seniors in Birmingham, Alabama. The project also received $4.5 million in construction financing through United Bank's participation in United Community Bank's $11 million construction facility. Once completed, the complex will offer one- and two-bedroom apartment homes to senior adults ages 55 and over, along with various on-site amenities.