United Bancorporation of Alabama, Inc. Announces Third Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama, Inc. reports unaudited consolidated net income of $21.2 million for the period ended September 30, 2023.

Positive

• - United Bancorporation of Alabama, Inc. reported a significant increase in net income compared to the same period last year, with a growth of $7.7 million or 57%.
• - The company's earnings per share also saw a substantial increase, with a growth of $2.20 or 60% compared to the same period last year.
• - Quarterly net interest margin increased by 1.0%, reaching 4.7% compared to the same quarter last year.
• - Loans grew by $18.3 million or 2.3% during the quarter, reaching a total of $807.7 million.

Negative

• - No negative takes identified.

ATMORE, Ala., Oct. 27, 2023 /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, 2023. United reported unaudited consolidated net income of $21.2 million or earnings per share of $5.88 for the nine months ended September 30, 2023, as compared to net income of $13.5 million or earnings per share of $3.68 for the same period last year. For the three months ended September 30, 2023, unaudited net income was $7.1 million or earnings per share of $1.99, as compared to net income of $5.6 million or earnings per share of $1.58 for the same period last year. 

United Bancorporation of Alabama, Inc. reported unaudited consolidated net income of $21.2 million.

QUARTERLY HIGHLIGHTS

• Quarterly net interest margin increased to 4.7%, up 1.0% from the same quarter last year.
• Cost of funds for the year and the quarter were 58 bps and 72 bps, respectively.
• Loans grew $18.3 million or 2.3% during the quarter to $807.7 million.
• Tier one capital ratio and tier one leverage ratio were 25.05% and 16.49%, respectively.

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.3 billion financial holding company primarily serving Southwest Alabama and Northwest Florida. United is designated as a CDFI, recognizing 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 operates 22 locations across five counties. Town-Country United Bank serves Wilcox County and surrounding 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.

View original content:https://www.prnewswire.com/news-releases/united-bancorporation-of-alabama-inc-announces-third-quarter-results-301970289.html

SOURCE United Bancorporation

FAQ

What is the net income reported by United Bancorporation of Alabama, Inc. for the period ended September 30, 2023?

United Bancorporation of Alabama, Inc. reported unaudited consolidated net income of $21.2 million for the period ended September 30, 2023.

How did the net income compare to the same period last year?

The net income showed significant growth, with an increase of $7.7 million or 57% compared to the same period last year.

What is the growth percentage of earnings per share compared to the same period last year?

The earnings per share saw a substantial growth of $2.20 or 60% compared to the same period last year.

What is the current net interest margin?

The current net interest margin is 4.7%, which is a 1.0% increase compared to the same quarter last year.

How much did loans grow during the quarter?

Loans grew by $18.3 million or 2.3% during the quarter, reaching a total of $807.7 million.