United Bancorporation of Alabama, Inc. Announces Third Quarter Earnings

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Oct 22, 2020, 18:18 ET

ATMORE, Ala., Oct. 22, 2020 /PRNewswire/ -- (OTCQX: UBAB)-United Bancorporation of Alabama, Inc., parent company of United Bank and UB Community Development, announces financial results for the third quarter ending September 30, 2020.

Selected highlights for the quarter include:

Net Income of $10.6 million for the nine months ended September 30, 2020
Return on Average Assets was 1.73%
Earnings per share of $2.86
Assets of $903 million

For a complete third quarter report and financial metrics visit our investor relations tab at www.UnitedBank.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.

Contact: Leigh Anne Russell Jones
EVP, Chief Financial Officer
(251) 446-6165 / [email protected]

SOURCE United Bancorporation