United Bancorporation of Alabama, Inc. Announces Second Quarter Earnings and Dividend

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Aug 01, 2019, 16:51 ET

ATMORE, Ala., Aug.1, 2019 /PRNewswire/ -- (OTCPNK: UBAB)-United Bancorporation of Alabama, Inc., parent company of United Bank and UB Community Development, a community development partner of United Bank, announces its financial results for the second quarter ending June 30, 2019.

Selected highlights for the quarter include:

Net Income of $4.09 million for the six months ended June 30, 2019
Return on Average Assets was 1.23%
Return on Average Equity was 13.58%
Semiannual dividend payout of $0.08 per share payable July 15, 2019, an increase of 6.7%, resulting in a dividend yield of .76%
Diluted Earnings per share of $1.49

Bob Jones, President & CEO, commented "Our year-to-date earnings of $4.09 million further validates the company's multi-bottom line approach of strong financial performance, economic and community development. The first half of 2019, our Bank and associated organizations achieved many goals, received well-deserved recognition, and provided valuable support for our communities. During the second half of the year, and beyond, we will continue to pursue strategic growth, continue to establish our brand, and continue to be a source of pride, confidence and promise for our customers, shareholders, employees and the communities we serve."

For a complete second quarter report and financial performance metrics please visit our investor relations tab at www.UnitedBank.com.

About United Bank

United Bank is a $670,000,000 financial institution that has enjoyed 115 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, East Brewton, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, 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.

This presentation contains forward-looking statements relating to the financial condition, results of operations and business of United Bancorporation of Alabama, Inc.

These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of United Bancorporation of Alabama, Inc., and the information available to management at the time that this presentation was prepared. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following: (i) general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; (ii) changes in the interest rate environment may reduce net margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; (iii) competitive pressures among depository and other financial institutions may increase significantly; (iv) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which United Bancorporation of Alabama, Inc. is engaged; (v) local, state or federal taxing authorities may take tax positions that are adverse to United Bancorporation of Alabama, Inc.; (vi) adverse changes may occur in the securities markets; (vii) competitors of United Bancorporation of Alabama, Inc. may have greater financial resources and develop products that enable them to compete more successfully than United Bancorporation of Alabama, Inc. Therefore, United Bancorporation of Alabama, Inc. can give no assurance that the results contemplated in the forward-looking statements will be realized. Investors are cautioned not to place undue reliance on the forward-looking statement. United Bancorporation of Alabama, Inc. does not undertake a duty to update any forward-looking statements made in this presentation.

Media Contact: Tonya Lambert
VP, Marketing & Public Relations
(251) 446-6004 / [email protected]

SOURCE United Bancorporation