United Bancorporation of Alabama, Inc. Announces First Quarter Results

Rhea-AI Summary

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%.

Positive

• - United Bancorporation of Alabama, Inc. announced its financial results for the first quarter of 2024.
• - The company reported a consolidated net income of $6.2 million and earnings per share of $1.75 for the period ending March 31, 2024.
• - This is compared to a net income of $6.7 million and earnings per share of $1.87 for the same period last year.
• - Quarterly 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%.

Negative

• None.

ATMORE, Ala., April 26, 2024 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announces its financial results for the period ended March 31, 2024.  United reported unaudited consolidated net income of $6.2 million or earnings per share of $1.75 for the three months ended March 31, 2024, as compared to net income of $6.7 million or earnings per share of $1.87 for the same period last year. 

QUARTERLY HIGHLIGHTS

• Net interest margin of 4.54%
• Cost of funds of 1.21%
• Year-over-year loan growth of $62.3 million or 8.2%

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. is a $1.4 billion financial holding company and parent company of United Bank, Town-Country United Bank and UB Community Development, primarily serving Southwest Alabama and Northwest Florida. United is designated as a CDFI, committed to stimulating economic development in underserved communities. United and its three subsidiaries operate 22 locations across five counties. Town-Country United Bank serves Wilcox County and surrounding counties. UB Community Development focuses on economic and community development through New Markets Tax Credits, affordable housing and community facilities programs. For a complete quarterly report visit our investor relations site. Member FDIC.

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SOURCE United Bancorporation

FAQ

What was United Bancorporation of Alabama, Inc.'s net income for the first quarter of 2024?

United Bancorporation of Alabama, Inc. reported a net income of $6.2 million for the first quarter of 2024.

What was the earnings per share for United Bancorporation of Alabama, Inc. in the first quarter of 2024?

The earnings per share for United Bancorporation of Alabama, Inc. in the first quarter of 2024 was $1.75.

What was the year-over-year loan growth percentage for United Bancorporation of Alabama, Inc. in the first quarter of 2024?

United Bancorporation of Alabama, Inc. experienced a year-over-year loan growth of 8.2% in the first quarter of 2024.

What was the net interest margin for United Bancorporation of Alabama, Inc. in the first quarter of 2024?

The net interest margin for United Bancorporation of Alabama, Inc. was 4.54% in the first quarter of 2024.

What was the cost of funds for United Bancorporation of Alabama, Inc. in the first quarter of 2024?

The cost of funds for United Bancorporation of Alabama, Inc. was 1.21% in the first quarter of 2024.