United Bancorporation of Alabama, Inc. Announces First Quarter Results
ATMORE, Ala., April 26, 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 first quarter ended March 31, 2022. United reported unaudited consolidated net income of $2.8 million for the three months ended March 31, 2022 as compared to net income of $3.5 million for the same period last year. Earnings per share for the three-month period was $0.76 compared to $0.96 for the same period in 2021.
FIRST QUARTER FINANCIAL HIGHLIGHTS
- Net Income of $2.8 million and EPS of $0.76.
- United reported total assets of $1.2 billion at March 31, 2022 as compared to $949.0 million at March 31, 2021, an increase of $248.7 million or 26.2%.
- Loans and securities grew $113.1 million or 20.5% and $126.4 million or 75.6%, respectively.
- Shareholder equity grew 1.9% to $99.0 million as of March 31, 2022 compared to $97.2 million last year. Higher interest rates have created unrealized losses in the available for sale securities portfolio that are recorded in accumulated other comprehensive income, which caused shareholder equity to decline $10.6 million or 9.6% from the prior quarter.
- Unrealized losses do not affect regulatory capital. As of March 31, 2022 tier one capital ratio and tier one leverage ratio were 14.2% and 9.9%, respectively.
For a complete first quarter report and financial metrics visit our investor relations tab at www.UnitedBank.com.
About United Bank
United Bank is a $1.2 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.
About UB Community Development
UB Community Development's strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama's premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.
About Town-Country National Bank
Town-Country National Bank is a $130 million financial institution serving Camden, Alabama and surrounding communities since 1978. It has a single office in Camden, Alabama. For more information about TCNB, please visit our website at www.tcnbank.com. Member FDIC.
Contact: Leigh Anne Russell Jones
EVP, Chief Financial Officer
(251) 446-6165
[email protected]
SOURCE United Bancorporation
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