United Bancorporation of Alabama, Inc. Announces Second Quarter Results

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Jul 26, 2024, 07:00 ET

ATMORE, Ala., July 26, 2024 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announces its financial results for the period ended June 30, 2024. United reported unaudited consolidated net income of $14.3 million or earnings per share of $4.01 for the six months ended June 30, 2024, as compared to net income of $14.0 million or earnings per share of $3.88 for the same period last year. For the three months ended June 30, 2024, unaudited consolidated net income was $8.0 million or earnings per share of $2.26 as compared to net income of $7.3 million or earnings per share of $2.02 for the same period last year.

QUARTERLY HIGHLIGHTS

Net interest margin of 4.47%
Cost of funds of 1.37%
Year-over-year loan growth of $54.3 million or 6.9%
Noninterest income of $9.2 million

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. is a $1.4 billion financial holding company and parent company of United Bank, Town-Country United Bank and UB Community Development, primarily serving Southwest Alabama and Northwest Florida. United is designated as a CDFI, committed to stimulating economic development in underserved communities. United and its three subsidiaries operate 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.

SOURCE United Bancorporation