UNITED BNCRP OF AL INC A - UBAB STOCK NEWS

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United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a distinguished financial holding company with roots tracing back to 1904. Headquartered in Atmore, Alabama, it primarily serves Southwest Alabama and Northwest Florida through its subsidiaries: United Bank, Town-Country United Bank, and UB Community Development. With a strong focus on community banking, United Bancorporation of Alabama dedicates itself to fostering local economic development and supporting underserved communities.

United Bank operates 22 locations across five counties, catering to the needs of consumers, small businesses, agricultural enterprises, and commercial clients. The bank's commitment to reinvesting locally ensures that customer deposits are utilized to stimulate regional economic growth. By offering a range of loan products, United Bank helps businesses expand and families achieve financial stability.

In recognition of its efforts, United Bank has been designated as a Community Development Financial Institution (CDFI). This endorsement underscores its dedication to providing financial services in economically challenged areas, thereby driving sustainable development. The bank's innovative financial solutions include New Markets Tax Credits, affordable housing initiatives, and community facility programs.

Recent financial results highlight United Bancorporation of Alabama's robust performance. For the quarter ending June 30, 2023, the company reported a net income of $7.3 million, a significant increase from $4.9 million in the same period of 2022. Earnings per share rose to $2.02 from $1.36. The Board of Directors has also approved a stock repurchase program, allowing the company to buy back up to 5% of its outstanding shares.

United Bancorporation of Alabama's commitment to community development was further evidenced by receiving a $9 million Capital Magnet Fund award from the U.S. Department of the Treasury's CDFI Fund in October 2023. This award will help the company continue its mission of providing affordable housing solutions across Alabama and the Southeast.

United Bancorporation of Alabama continues to report impressive financial growth, with a net income of $21.2 million for the nine months ended September 30, 2023, compared to $13.5 million for the same period in the previous year. For the full year ending December 31, 2023, the company reported a net income of $31.5 million, a substantial increase from $18.6 million in 2022. As of March 31, 2024, the company's net income for the first quarter was $6.2 million.

Through its subsidiaries, United Bancorporation of Alabama remains deeply committed to the communities it serves, constantly innovating to meet the financial needs of its clients. For detailed financial reports and updates, visit the investor relations section at www.UnitedBank.com. Member FDIC.