United Bancorporation of Alabama, Inc. Announces First Quarter Results

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Apr 28, 2023, 09:00 ET

ATMORE, Ala., April 28, 2023 /PRNewswire/ -- (OTCQX: UBAB) - United Bancorporation of Alabama, Inc., the parent company of United Bank, Town-Country United Bank, and UB Community Development, is pleased to announce its outstanding financial results for the first quarter of 2023, ended March 31. The company reported an unaudited consolidated net income of $6.7 million, which translates to earnings per share of $1.87 for the quarter, compared to net income of $2.8 million or earnings per share of $0.76 for the same period last year.

QUARTERLY HIGHLIGHTS

Net interest margin increased to 4.60% up from 4.23% for the prior quarter and 3.29% for same quarter last year.
Healthy loan growth of $40.4 million or 5.6% during the quarter and $96.6 million or 14.5% for the prior 12 months.
Deposit base remained stable with growth of $17.7 million or 1.7% from March 2022.
Tier one capital ratio and tier one leverage ratio of 24.62% and 18.80%, respectively.

These ratios and strong quarterly results have shown United's ability to weather any financial storm. The impressive loan growth and stable deposit base, combined with strong liquidity and capital ratios, have positioned the company for continued future success.

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. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Daphne, Foley, Lillian, Loxley, Magnolia Springs, Semmes, Silverhill and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton and Pace. For a complete quarterly report visit our investor relations tab at www.UnitedBank.com. Member FDIC.