United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results

Rhea-AI Summary

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.

Positive

• Net income increased by $6.4 million year-over-year to $18.5 million.
• Earnings per share rose from $3.22 to $4.87.
• Total assets grew by 12.8% from $988.7 million to $1.11 billion.
• Non-interest income increased by $1.6 million to $3.9 million in Q4 2021.
• Dividend declared at $0.16 per share.

Negative

• None.

ATMORE, Alabama, Jan. 31, 2022 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc., parent company of United Bank, Town-Country National Bank and UB Community Development, announces financial results for the period ended December 31, 2021. United reported unaudited consolidated net income of $18.5 million and EPS of $4.87 per share for the twelve months ended December 31, 2021 as compared to $12.1 million and $3.22 per share for the same period in 2020.  

FOURTH QUARTER FINANCIAL HIGHLIGHTS

• Net Income of $3.2 million and EPS of $0.87
• United reported total assets of $1.11 billion at December 31, 2021 as compared to $988.7 million at December 31, 2020, an increase of 12.8%
• Non-interest income was $3.9 million as compared to $2.3 million for the fourth quarter 2020
• Dividend of $0.16 per share was declared                                                                                            

For a complete fourth quarter report and financial metrics visit our investor relations tab at www.UnitedBank.com. 

About United Bank

United Bank is a $1 billion financial institution that has enjoyed 117 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, East Brewton, Brewton, Daphne, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Semmes, Silverhill, Spanish Fort, and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.

Contact: 
Leigh Anne Russell Jones
EVP, Chief Financial Officer
(251) 446-6165
Leighanne.jones@unitedbank.com 

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SOURCE United Bancorporation

FAQ

What were the fourth quarter results for United Bancorporation of Alabama, Inc. in 2021?

United Bancorporation of Alabama reported a net income of $3.2 million and earnings per share (EPS) of $0.87 for the fourth quarter of 2021.

How much did United Bancorporation's net income increase in 2021 compared to 2020?

United Bancorporation's net income increased by $6.4 million, from $12.1 million in 2020 to $18.5 million in 2021.

What was the total assets value of United Bancorporation as of December 31, 2021?

Total assets of United Bancorporation were reported at $1.11 billion as of December 31, 2021.

What is the declared dividend per share for United Bancorporation in 2022?

The declared dividend for United Bancorporation in 2022 is $0.16 per share.

What is the increase in non-interest income for United Bancorporation in the fourth quarter of 2021?

Non-interest income for United Bancorporation increased by $1.6 million to $3.9 million in the fourth quarter of 2021.