Welcome to our dedicated page for United Bancorpt news (Ticker: UBAB), a resource for investors and traders seeking the latest updates and insights on United Bancorpt stock.
Overview and Core Philosophy
United Bancorporation (UBAB), founded in 1904, is a community-focused financial institution deeply rooted in the principles of local banking and economic reinvestment. As a designated Community Development Financial Institution (CDFI), United Bancorporation is committed to channeling financial resources into initiatives that support the sustainable growth and development of underserved communities, primarily in Southwest Alabama and Northwest Florida. By offering comprehensive banking services that include consumer, small business, agricultural, and commercial lending, the institution ensures that every deposit contributes to the broader social and economic fabric of the region.
History and Community Banking Tradition
With over a century of experience, United Bancorporation has built its reputation on the strength of local connections. Customers are not merely numbers on a ledger; they are neighbors whose financial decisions can spark the growth of small businesses, foster agricultural progress, and empower family success. The bank’s long history of personalized service underscores its belief that local decision makers—bankers who live and work within the communities they serve—are best positioned to understand and respond to the unique financial needs of the region.
Comprehensive Banking Services
United Bancorporation operates across multiple locations where it delivers a range of financial products designed to support everyday banking needs. Its service model is designed around:
- Retail Banking: Providing personal banking solutions that include checking and savings accounts, consumer loans, and other deposit services.
- Small Business and Commercial Lending: Offering tailored financing options that help local businesses expand, innovate, and create job opportunities.
- Agricultural Financing: Supporting the growth and modernization of local agriculture by offering loans and custom financing solutions to farmers and agri-businesses.
Subsidiaries and Specialized Services
United Bancorporation’s structure includes specialized subsidiaries that allow for targeted approaches to various segments of the market:
- Town-Country United Bank: Engages with communities in counties such as Wilcox, providing localized financial services that reflect the local economic environment.
- UB Community Development: Focuses on economic and community development through initiatives such as New Markets Tax Credits, affordable housing programs, and community facilities projects. This arm of the company plays a pivotal role in stimulating long-term, sustainable growth in regions that have traditionally been underserved.
Commitment to Economic Development and Community Impact
United Bancorporation distinguishes itself by reinvesting customer deposits directly back into the community. The bank’s commitment is evident not only in its day-to-day operations but also in its strategic initiatives that promote affordable housing and community revitalization. Funding provided through awards and grants, such as those from the Capital Magnet Fund, underlines the institution’s role in developing housing solutions that serve lower-income families and in modernizing community infrastructure. This community-centric model has cemented its reputation as an anchor institution that drives local economic development while ensuring that financial growth is shared across every stakeholder.
Market Position and Competitive Landscape
In the competitive landscape of regional banking, United Bancorporation maintains a reputable stance by emphasizing personalized service and local accountability. Unlike some large national banks, United prioritizes the specific needs of its regional clientele through a focus on community engagement and by leveraging its deep understanding of local market dynamics. The bank’s emphasis on maintaining local relationships and reinvesting in community development allows it to differentiate itself from competitors that may offer more generic, large-scale financial products.
Operational Strengths and Industry Expertise
The operational framework at United Bancorporation is built on the following core strengths:
- Localized Decision-Making: With bankers who live in the communities they serve, the institution is well positioned to offer financial guidance tailored to local needs.
- Robust Subsidiary Network: Through its dedicated subsidiaries, United not only provides diversified banking services but also supports specialized initiatives in community development and affordable housing.
- Commitment to Client Success: The business model revolves around long-term relationships that foster trust and mutual growth, ensuring that financial products and services contribute positively to the future of the community.
This detailed examination of United Bancorporation illustrates a firm that is not only committed to traditional banking but also to strategic community investment. Every aspect of its business, from local decision-making to specialized community development programs, reflects a robust model where both clients and the communities thrive together.
United Bancorporation of Alabama (OTCQX: UBAB) has reported its financial results for Q4 and full-year 2024. The company's annual unaudited consolidated net income reached $26.9 million, with earnings per share of $7.65, compared to $31.5 million and $8.69 EPS in 2023. For Q4 2024, net income was $6.9 million with $2.00 EPS, down from $10.4 million and $2.95 EPS in Q4 2023.
Key quarterly highlights include the dissolution of UBAB's Employee Stock Ownership Plan with a repurchase of 197,717 shares, a $52.0 million bond portfolio restructuring, and $10.3 million in CDFI award income.
United Bancorporation of Alabama (OTCQX: UBAB) has declared a semiannual dividend of $0.60 per share, payable on January 16, 2025, to shareholders of record as of December 31, 2024. The company, with assets of $1.4 billion, operates as a financial holding company through its subsidiaries United Bank and UB Community Development, serving Southwest Alabama and Northwest Florida. United Bank, a Community Development Financial Institution (CDFI), maintains 20 locations across six counties and focuses on economic development in underserved communities through various programs including New Markets Tax Credits and affordable housing initiatives.
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%.
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