United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama (OTCQX: UBAB) has reported its financial results for Q4 and full-year 2024. The company's annual unaudited consolidated net income reached $26.9 million, with earnings per share of $7.65, compared to $31.5 million and $8.69 EPS in 2023. For Q4 2024, net income was $6.9 million with $2.00 EPS, down from $10.4 million and $2.95 EPS in Q4 2023.

Key quarterly highlights include the dissolution of UBAB's Employee Stock Ownership Plan with a repurchase of 197,717 shares, a $52.0 million bond portfolio restructuring, and $10.3 million in CDFI award income.

Positive

• Received $10.3 million in CDFI award income
• Completed strategic bond portfolio restructuring worth $52.0 million
• Executed share repurchase of 197,717 shares through ESOP dissolution

Negative

• Annual net income decreased 14.6% to $26.9 million from $31.5 million
• Q4 net income declined 33.7% to $6.9 million from $10.4 million
• EPS dropped to $7.65 from $8.69 annually
• Q4 EPS decreased to $2.00 from $2.95 year-over-year

News Market Reaction – UBAB

+3.08%

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+3.08% News Effect

On the day this news was published, UBAB gained 3.08%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

ATMORE, Ala., Jan. 31, 2025 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announces its financial results for the period ended December 31, 2024. United reported unaudited consolidated net income of $26.9 million or earnings per share of $7.65 for the twelve months ended December 31, 2024, as compared to net income of $31.5 million or earnings per share of $8.69 for the same period last year. For the three months ended December 31, 2024, unaudited consolidated net income was $ 6.9 million or earnings per share of $2.00 as compared to net income of $10.4 million or earnings per share of $2.95 for the same period last year. 

QUARTERLY HIGHLIGHTS

• Dissolution of UBAB's Employee Stock Ownership Plan and repurchase of 197,717 shares held by the plan
• $52.0 million bond portfolio restructuring
• $10.3 million in CDFI award income

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 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 subsidiaries operate 23 locations across six 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 was UBAB's net income for Q4 2024?

UBAB reported an unaudited consolidated net income of $6.9 million for Q4 2024, with earnings per share of $2.00.

How did UBAB's full-year 2024 performance compare to 2023?

UBAB's full-year 2024 net income was $26.9 million ($7.65 EPS), down from $31.5 million ($8.69 EPS) in 2023.

How many shares did UBAB repurchase through its ESOP dissolution in Q4 2024?

UBAB repurchased 197,717 shares through the dissolution of its Employee Stock Ownership Plan.

What was the value of UBAB's bond portfolio restructuring in Q4 2024?

UBAB completed a $52.0 million bond portfolio restructuring in Q4 2024.

How much CDFI award income did UBAB receive in Q4 2024?

UBAB received $10.3 million in CDFI award income during Q4 2024.