United Bancorporation of Alabama, Inc. Announces Second Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama reported Q2 financial results, showing net income of $4.9 million and earnings per share of $1.36, down from $8.3 million and $2.22 the previous year. Year-to-date, net income is $7.8 million versus $11.9 million in 2021. Total assets increased by 22.1% to $1.2 billion, with a 20.0% rise in loans and 72.5% in securities. The net interest margin improved to 3.58%. A dividend of $0.18 was declared, showing a yearly increase. Stock repurchase totaled $5.4 million.

Positive

• Assets increased by $224.6 million or 22.1%.
• Loans and securities increased by $114.3 million (20.0%) and $129.3 million (72.5%), respectively.
• Net interest margin improved by 28 basis points to 3.58%.
• Declared a dividend of $0.18 per share, up from the previous year.

Negative

• Net income decreased to $4.9 million from $8.3 million year-over-year.
• Year-to-date net income declined to $7.8 million from $11.9 million.

ATMORE, Ala., July 21, 2022 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc., parent company of United Bank, Town-Country United Bank, and UB Community Development, announces its financial results for the period ended June 30, 2022.  United reported unaudited consolidated net income of $7.8 million or earnings per share of $2.11 for the six months ended June 30, 2022 as compared to net income of $11.9 million or earnings per share of $3.18 for the same period last year.  For the three months ended June 30, 2022 unaudited net income was $4.9 million or earnings per share of $1.36 as compared to net income of $8.3 million or earnings per share of $2.22 for the same period last year. 

United Bancorporation of Alabama, Inc. Announces Second Quarter Results

QUARTERLY HIGHLIGHTS

• Net Income of $4.9 million and EPS of $1.36.
• Asset increase of $224.6 million or 22.1% to $1.2 billion.
• Loans and securities increase of $114.3 million or 20.0% and $129.3 million or 72.5%, respectively.
• Net interest margin of 3.58%, an increase of 28 bps over the prior quarter.
• Dividend declared of $0.18 per share, a $0.06 increase over the July 2021 dividend.
• Stock repurchase of 188,298 shares totaling $5.4 million.
• Tier one capital ratio and tier one leverage ratio were 13.6% and 9.7%, respectively.                                                            

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.2 billion financial holding company that primarily serves Southwest Alabama as well as Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. United operates three subsidiaries: United Bank, Town-Country United Bank and UB Community Development. United Bank is also designated as a CDFI and operates 22 locations across five counties. The recently acquired Town-Country United Bank serves Wilcox County and its surrounding counties. UB Community Development focuses on economic and community development through its New Markets Tax Credits, affordable housing and community facilities programs. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Daphne, 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 a complete second quarter report and financial metrics visit our investor relations tab 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 Q2 2022 earnings results for UBAB?

United Bancorporation of Alabama reported Q2 2022 net income of $4.9 million and EPS of $1.36.

How does UBAB's Q2 2022 performance compare to last year?

Q2 2022 net income decreased from $8.3 million (EPS $2.22) to $4.9 million (EPS $1.36) compared to Q2 2021.

What is the year-to-date net income for UBAB as of June 30, 2022?

As of June 30, 2022, United Bancorporation reported year-to-date net income of $7.8 million.

What dividend did UBAB declare for Q2 2022?

United Bancorporation declared a dividend of $0.18 per share for Q2 2022, an increase from the previous year.

What was the total asset growth for UBAB in Q2 2022?

Total assets of United Bancorporation increased by $224.6 million or 22.1% to $1.2 billion in Q2 2022.