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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 has secured a $123 million investment from the U.S. Department of the Treasury as part of the Emergency Capital Investment Program (ECIP). This funding aims to enhance lending to underserved, low-income, and minority communities. The ECIP is designed to support community financial institutions, providing up to $9 billion for small businesses and consumers impacted by the COVID-19 pandemic. United Bancorporation operates as a Community Development Financial Institution (CDFI) with a focus on economic growth in Southwest Alabama and Northwest Florida.
United Bancorporation of Alabama reported a net income of $2.8 million for Q1 2022, down from $3.5 million in Q1 2021. Earnings per share decreased to $0.76 from $0.96. Total assets grew to $1.2 billion, reflecting a 26.2% increase year-over-year. Loans and securities saw significant growth, up 20.5% and 75.6% respectively. However, shareholder equity experienced a 9.6% decline due to unrealized losses in the securities portfolio. Regulatory capital ratios remain strong with tier one capital ratio at 14.2% as of March 31, 2022.
United Bancorporation of Alabama has announced a new stock repurchase program, allowing the company to buy back up to 188,298 shares, which represents approximately 5% of its outstanding common stock. This program replaces the previous one that expired in November 2021. Repurchases will depend on market conditions and the company's financial performance. As of February 28, 2022, United Bancorporation reported total assets of $1.18 billion, loans of $653.5 million, and total deposits of $1.05 billion.
United Bancorporation of Alabama, Inc. (OTCQX: UBAB) reported strong financial results for the year ended December 31, 2021, showcasing a significant increase in net income to $18.5 million and EPS of $4.87, compared to $12.1 million and $3.22 in 2020. The fourth quarter net income stood at $3.2 million with EPS at $0.87. Additionally, total assets rose by 12.8% to $1.11 billion. Non-interest income also saw an uptick, reaching $3.9 million versus $2.3 million in Q4 2020. A dividend of $0.16 per share was declared.
United Bancorporation of Alabama (OTCQX: UBAB) reported a net income of $15.2 million for the nine months ending September 30, 2021, up from $10.6 million in 2020. Earnings per share (EPS) increased to $4.07 from $2.86. For Q3 2021, net income was $3.3 million with an EPS of $0.89. The company's total assets grew to $1.15 billion, a 27.4% increase year-over-year. Non-interest income rose to $4.5 million. The tier one capital ratio stood at 15.39%.
United Bancorporation of Alabama has successfully completed the acquisition of Town-Country National Bank, enhancing its asset portfolio to over $1.1 billion. The acquisition aims to foster collaboration and community service, with both banks sharing similar cultures and operational philosophies. United Bancorporation's interim president, Mike Vincent, expressed enthusiasm for the combined expertise, while Town-Country's president highlighted the benefits for local customers. This strategic move positions United Bancorporation as a stronger player in the financial services industry of southwest Alabama and the Florida panhandle.
United Bancorporation of Alabama, Inc. (OTCQX: UBAB) reported strong financial results for Q2 2021, with a net income of $11.9 million and earnings per share of $3.18. This reflects a significant increase from $8.3 million and $2.24 in the same period last year. Total assets surpassed $1 billion, growing by 14.3%, while total loans rose by 11.6% to $571.6 million. Deposits increased by 14.4% to $882.1 million. Despite a decline in net interest margin to 3.49%, the company's capital positions remain robust with tier one ratios exceeding regulatory requirements.
United Bancorporation of Alabama (OTCQX: UBAB) released its 2020 Annual & Impact Report, showcasing strong financial performance during the pandemic. Key highlights include record high income, a $6 million Capital Magnet Fund award, and a $799,000 Financial Assistance award. The company also announced plans to acquire Town-Country National Bank, which has $126.2 million in assets as of December 31, 2020. CEO Bob Jones emphasized the importance of diverse income sources for stability and growth.
United Bank, a subsidiary of United Bancorporation of Alabama (OTCQX: UBAB), has secured an $8 million award from the U.S. Treasury's Capital Magnet Fund. This award is one of the largest granted to a single entity and will support the development of affordable housing for low-income families. In addition, since 2016, the institution has received $185 million in New Markets Tax Credit allocations, enhancing community development efforts in Alabama and Florida. United Bank's commitment as a Community Development Financial Institution aids its mission to improve local economies.
United Bancorporation of Alabama (OTCQX: UBAB) announced that its President & CEO, Robert R. Jones III, will present live at VirtualInvestorConferences.com on September 24, 2020, at 1:30 PM EST. Investors are encouraged to participate and ask questions in real-time. Recent highlights include a net income of $8.3 million for the first half of 2020, an increase from $4.1 million last year. Total assets rose to $890.5 million, up from $677.2 million. Additionally, the company declared a dividend of $0.10 per share on June 16, 2020.
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