UBNC - UBNC STOCK NEWS

UB Bancorp (OTCQX: UBNC) reported its financial results for the quarter and six months ending June 30, 2022. The Company achieved a net income of $2.5 million for Q2, translating to $0.42 per share, down from $2.9 million in the same quarter of 2021. Total assets increased to $1.14 billion, a 5.4% year-over-year growth. The Company announced a merger with FNB Corporation, expected to close in Q4 2022. While the Company incurred $382,000 in merger-related expenses, non-interest deposits grew by $23.9 million.

F.N.B. Corporation (FNB) announced a definitive merger agreement to acquire UB Bancorp (UBNC) in an all-stock transaction valued at $19.56 per share, amounting to approximately $117 million. The merger will enhance FNB's market position in North Carolina, increasing its proforma total assets to $43 billion and deposits to $35 billion. Union Bank, the wholly-owned subsidiary of UBNC, boasts $1.2 billion in assets and a strong deposit base. The merger is expected to be 2% accretive to FNB's earnings per share and is anticipated to close in late 2022, pending regulatory and shareholder approvals.

UB Bancorp (OTCQX: UBNC) reported solid financial results for Q1 2022, with net income of $2.6 million, or $0.44 per share. Total assets rose to $1.17 billion, an increase of $12.1 million from 2021. Core loans grew by $22.8 million (3.6%), while deposits surged by $38.6 million (3.8%) for the quarter, and 20.2% year-over-year. However, tangible book value per share decreased to $12.68, influenced by rising bond yields impacting investment portfolios. The board announced a dividend of $0.11 per share, reflecting a 4.8% annualized increase.

UB Bancorp (OTCQX: UBNC) reported record net income of $4.0 million, or $0.68 per share, for Q4 2021, and $13.0 million, or $2.19 per share, for the full year. Total assets reached $1.16 billion, marking a $170.4 million increase from December 2020. Core loans grew by 6.2%, while total deposits rose by 33.3%. The bank maintained strong credit quality, with nonperforming assets at only 0.01%. A semi-annual cash dividend of $0.105 per share was declared, reflecting the bank's solid financial health and commitment to shareholder value.

UB Bancorp (OTCQX: UBNC) reported record net income of $3.1 million or $0.52 per share for Q3 2021, up from $793,000 in Q3 2020. Year-to-date net income reached $9.0 million or $1.51 per share, marking significant growth. Total assets rose to $1.1 billion, a $118.7 million increase from December 2020, with core loans growing by 6.2%. The company declared a cash dividend of $0.105 per share and repurchased 121,149 shares. The credit quality remains strong, with non-performing assets at 0.19% of total assets.

UB Bancorp (OTCQX: UBNC) reported strong financial results for Q2 and the first half of 2021. The company achieved net income of $2.9 million ($0.49 per share) for the quarter, up from $612,000 ($0.10 per share) in Q2 2020. Year-to-date net income reached $5.9 million ($0.99 per share), setting a record for the period. Key metrics included a 4.5% growth in total deposits and a 7.9% increase in total assets to $1.1 billion. The bank maintained strong capital ratios and liquidity, alongside a new $2 million share repurchase authorization.

UB Bancorp (OTCQX: UBNC) has authorized an increase in its share repurchase program, allocating an additional $2.0 million following the initial repurchase of up to 1.5% of its common shares. This additional program will expire on March 31, 2022. The company emphasizes that repurchases depend on market conditions and capital considerations. CEO Rob Jones stated that this strategy aims to optimize shareholder capital. The bank operates 14 branches across 11 counties in North Carolina.

UB Bancorp (OTCQX: UBNC) reported a record net income of $2.98 million, or $0.50 per share, for Q1 2021, up from $1.73 million, or $0.29 per share, in Q1 2020. The Company generated $1.1 million from PPP loans, with total assets rising to $1.1 billion, a 21.9% increase year-over-year. Core deposits grew by $64.3 million (9.0%), and total deposits reached $867.1 million, an increase of 28.4%. The semi-annual cash dividend was raised by 5.0% to $0.105 per share, reflecting strong liquidity and robust asset quality amidst low interest rates impacting earning asset yields.

UB Bancorp (OTCQX: UBNC) announces the appointment of Donna Curtis McClatchey to its Board of Directors. President and CEO Rob Jones expressed excitement about her extensive leadership experience, which is expected to benefit the Board and Management of Union Bank. McClatchey is involved in various philanthropic efforts and serves on multiple boards, including the Rams Club Advisory Board and the General Alumni Association Board at the University of North Carolina. Her diverse background indicates a commitment to both community and institutional leadership.