United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama, Inc. reported a significant increase in net income and earnings per share for the twelve months and three months ended December 31, 2023, compared to the same period last year. The company also highlighted its quarterly financial achievements, including a net interest margin of 4.68%, selling $77.6 million in securities for a loss of $6.8 million, CDFI award income of $14.4 million, and declaring a semiannual dividend of $0.35 per share.

ATMORE, Ala., Jan. 26, 2024 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announces its financial results for the period ended December 31, 2023. United reported unaudited consolidated net income of $31.5 million or earnings per share of $8.69 for the twelve months ended December 31, 2023, as compared to net income of $18.6 million or earnings per share of $5.11 for the same period last year. For the three months ended December 31, 2023, unaudited net income was $10.4 million or earnings per share of $2.95, as compared to net income of $5.2 million or earnings per share of $1.43 for the same period last year. 

QUARTERLY HIGHLIGHTS

• Net interest margin of 4.68%
• Sold $77.6 million in securities for a loss of $6.8 million
• CDFI award income of $14.4 million
• Cost of funds of 93 bps
• Declared a semiannual dividend of $0.35 per share

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 tab at www.UnitedBank.com. Member FDIC.

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SOURCE United Bancorporation

FAQ

What were United Bancorporation of Alabama's net income and earnings per share for the twelve months ended December 31, 2023?

United Bancorporation of Alabama reported unaudited consolidated net income of $31.5 million or earnings per share of $8.69 for the twelve months ended December 31, 2023, compared to net income of $18.6 million or earnings per share of $5.11 for the same period last year.

What were the company's financial highlights for the three months ended December 31, 2023?

For the three months ended December 31, 2023, the company reported unaudited net income of $10.4 million or earnings per share of $2.95, as compared to net income of $5.2 million or earnings per share of $1.43 for the same period last year. Additionally, the company achieved a net interest margin of 4.68% and sold $77.6 million in securities for a loss of $6.8 million.

What was the cost of funds for United Bancorporation of Alabama?

The cost of funds for the company was 93 bps.

What dividend did United Bancorporation of Alabama declare?

United Bancorporation of Alabama declared a semiannual dividend of $0.35 per share.