United Bancorporation of Alabama, Inc. Announces Third Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama (OTCQX: UBAB) reported a net income of $15.2 million for the nine months ending September 30, 2021, up from $10.6 million in 2020. Earnings per share (EPS) increased to $4.07 from $2.86. For Q3 2021, net income was $3.3 million with an EPS of $0.89. The company's total assets grew to $1.15 billion, a 27.4% increase year-over-year. Non-interest income rose to $4.5 million. The tier one capital ratio stood at 15.39%.

Positive

• Increased net income from $10.6 million to $15.2 million year-over-year.
• Earnings per share (EPS) rose from $2.86 to $4.07.
• Total assets increased by $247.4 million or 27.4% to $1.15 billion.
• Non-interest income increased from $2.7 million to $4.5 million.

Negative

• None.

ATMORE, Ala., Oct. 28, 2021 /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 September 30, 2021. United reported unaudited consolidated net income of $15.2 million and EPS of $4.07 per share for the nine months ended September 30, 2021 as compared to $10.6 million and $2.86 per share for September 30, 2020.

THIRD QUARTER FINANCIAL HIGHLIGHTS

• Completed acquisition of Town-Country National Bank
• Net Income of $3.3 million and EPS of $0.89
• United reported total assets of $1.15 billion at September 30, 2021 as compared to $903.2 million at September 30, 2020, an increase of $247.4 million or 27.4%
• Non-interest income was $4.5 million as compared to $2.7 million for the third quarter 2020
• At September 30, 2021 tier one capital ratio and tier one leverage ratio were 15.39% and 9.71%

For a complete third 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

View original content:https://www.prnewswire.com/news-releases/united-bancorporation-of-alabama-inc-announces-third-quarter-results-301410680.html

SOURCE United Bancorporation

FAQ

What were United Bancorporation of Alabama's financial results for Q3 2021?

United Bancorporation of Alabama reported a net income of $3.3 million and EPS of $0.89 for Q3 2021.

How did United Bancorporation of Alabama's total assets change by September 30, 2021?

Total assets increased to $1.15 billion, up from $903.2 million a year earlier, representing a 27.4% growth.

What was the net income for United Bancorporation of Alabama for the nine months ended September 30, 2021?

The net income for the nine months ended September 30, 2021, was $15.2 million.

What is the earnings per share (EPS) for United Bancorporation of Alabama as of September 30, 2021?

The earnings per share (EPS) for United Bancorporation of Alabama was $4.07 for the nine months ended September 30, 2021.

What non-interest income did United Bancorporation of Alabama report for Q3 2021?

The non-interest income reported for Q3 2021 was $4.5 million.