United Bancorporation of Alabama, Inc. Announces Third Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama (OTCQX: UBAB) reported its financial results for the period ended September 30, 2022. The company posted a consolidated net income of $13.5 million or $3.68 earnings per share (EPS) for the nine months, down from $15.2 million or $4.07 EPS in the same period last year. For Q3 2022, net income was $5.6 million with an EPS of $1.58, an increase from $3.3 million or $0.89 EPS in Q3 2021. The company saw a 17.2% increase in assets, totaling $1.3 billion.

Positive

• Net income rose to $5.6 million for Q3 2022, up from $3.3 million year-over-year.
• Earnings per share (EPS) increased to $1.58 in Q3 2022 from $0.89 in Q3 2021.
• Total assets increased by $197.8 million or 17.2%, reaching $1.3 billion.
• Loans and securities grew by $40.3 million (6.3%) and $60.7 million (24.2%) respectively.
• Net interest margin improved to 3.65%, up 7 basis points from the previous quarter.

Negative

• Net income for the nine-month period declined to $13.5 million from $15.2 million in the prior year.
• Earnings per share (EPS) for nine months decreased to $3.68 from $4.07 in the same period last year.

ATMORE, Ala., Oct. 28, 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 September 30, 2022. United reported unaudited consolidated net income of $13.5 million or earnings per share of $3.68 for the nine months ended September 30, 2022, as compared to net income of $15.2 million or earnings per share of $4.07 for the same period last year. For the three months ended September 30, 2022, unaudited net income was $5.6 million or earnings per share of $1.58 as compared to net income of $3.3 million or earnings per share of $0.89 for the same period last year.

United Bancorporation of Alabama, Inc. Announces Third Quarter Results

QUARTERLY HIGHLIGHTS

• Net Income of $5.6 million and EPS of $1.58
• Asset increase of $197.8 million or 17.2% to $1.3 billion.
• Loans and securities increase of $40.3 million or 6.3% and $60.7 million or 24.2%, respectively.
• Net interest margin of 3.65%, an increase of 7 bps over the prior quarter.
• Participant in the US Department of Treasury's ECIP, issuing 123,750 shares of senior preferred stock totaling $123.75 million.
• Tier one capital ratio and tier one leverage ratio were 27.3% and 17.4%, respectively.

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.3 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 third 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 United Bancorporation of Alabama's Q3 2022 financial results?

United Bancorporation reported a net income of $5.6 million and earnings per share (EPS) of $1.58 for Q3 2022.

How did the financial performance of UBAB compare year-over-year?

In Q3 2021, UBAB had a net income of $3.3 million and EPS of $0.89, showing improvement in Q3 2022.

What is the total asset growth for United Bancorporation of Alabama?

The company saw a total asset increase of $197.8 million, or 17.2%, totaling $1.3 billion.

What was the change in earnings per share for the nine-month period for UBAB?

Earnings per share for the nine-month period decreased from $4.07 to $3.68 year-over-year.