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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.
United Bancorporation of Alabama reported its financial results for the year ending December 31, 2022, showing a net income of
United Bancorporation of Alabama (OTCQX: UBAB) declared a semiannual dividend of $0.22 per share on Dec. 13, 2022, payable on January 17, 2023 to shareholders of record as of December 31, 2022. This financial holding company, valued at $1.2 billion, serves Southwest Alabama and Northwest Florida with its subsidiaries: United Bank, Town-Country United Bank, and UB Community Development. As a Community Development Financial Institution, it strives to foster economic growth in underserved areas.
UB Community Development, a subsidiary of United Bancorporation of Alabama, has received a $45 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury. This award is part of a total of $315 million across four awards, aimed at enhancing economic vitality in low-income communities in Alabama and Florida. The NMTC program seeks to stimulate private investment and economic growth in underfunded areas, focusing on creating jobs and supporting essential services in these regions.
United Bancorporation of Alabama (OTCQX: UBAB) reported its financial results for the period ended September 30, 2022. The company posted a consolidated net income of $13.5 million or $3.68 earnings per share (EPS) for the nine months, down from $15.2 million or $4.07 EPS in the same period last year. For Q3 2022, net income was $5.6 million with an EPS of $1.58, an increase from $3.3 million or $0.89 EPS in Q3 2021. The company saw a 17.2% increase in assets, totaling $1.3 billion.
United Bancorporation of Alabama reported Q2 financial results, showing net income of $4.9 million and earnings per share of $1.36, down from $8.3 million and $2.22 the previous year. Year-to-date, net income is $7.8 million versus $11.9 million in 2021. Total assets increased by 22.1% to $1.2 billion, with a 20.0% rise in loans and 72.5% in securities. The net interest margin improved to 3.58%. A dividend of $0.18 was declared, showing a yearly increase. Stock repurchase totaled $5.4 million.
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