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United Bancorporation of Alabama, Inc. reports recurring developments tied to its role as a financial holding company and parent of United Bank and UB Community Development. News commonly covers quarterly and annual earnings, net interest margin, asset quality, loan-loss provisioning, and income from New Markets Tax Credits and other community-development activities.
The company’s updates also address capital actions such as semiannual dividends, common-stock repurchases, and balance-sheet management. Its business is centered on banking services in Southwest Alabama and Northwest Florida, alongside CDFI-related economic development, affordable housing, and community facilities programs.
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UB Community Development, a subsidiary of United Bancorporation of Alabama, has received a $45 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury. This award is part of a total of $315 million across four awards, aimed at enhancing economic vitality in low-income communities in Alabama and Florida. The NMTC program seeks to stimulate private investment and economic growth in underfunded areas, focusing on creating jobs and supporting essential services in these regions.
United Bancorporation of Alabama (OTCQX: UBAB) reported its financial results for the period ended September 30, 2022. The company posted a consolidated net income of $13.5 million or $3.68 earnings per share (EPS) for the nine months, down from $15.2 million or $4.07 EPS in the same period last year. For Q3 2022, net income was $5.6 million with an EPS of $1.58, an increase from $3.3 million or $0.89 EPS in Q3 2021. The company saw a 17.2% increase in assets, totaling $1.3 billion.
United Bancorporation of Alabama reported Q2 financial results, showing net income of $4.9 million and earnings per share of $1.36, down from $8.3 million and $2.22 the previous year. Year-to-date, net income is $7.8 million versus $11.9 million in 2021. Total assets increased by 22.1% to $1.2 billion, with a 20.0% rise in loans and 72.5% in securities. The net interest margin improved to 3.58%. A dividend of $0.18 was declared, showing a yearly increase. Stock repurchase totaled $5.4 million.
United Bancorporation of Alabama has secured a $123 million investment from the U.S. Department of the Treasury as part of the Emergency Capital Investment Program (ECIP). This funding aims to enhance lending to underserved, low-income, and minority communities. The ECIP is designed to support community financial institutions, providing up to $9 billion for small businesses and consumers impacted by the COVID-19 pandemic. United Bancorporation operates as a Community Development Financial Institution (CDFI) with a focus on economic growth in Southwest Alabama and Northwest Florida.
United Bancorporation of Alabama reported a net income of $2.8 million for Q1 2022, down from $3.5 million in Q1 2021. Earnings per share decreased to $0.76 from $0.96. Total assets grew to $1.2 billion, reflecting a 26.2% increase year-over-year. Loans and securities saw significant growth, up 20.5% and 75.6% respectively. However, shareholder equity experienced a 9.6% decline due to unrealized losses in the securities portfolio. Regulatory capital ratios remain strong with tier one capital ratio at 14.2% as of March 31, 2022.
United Bancorporation of Alabama has announced a new stock repurchase program, allowing the company to buy back up to 188,298 shares, which represents approximately 5% of its outstanding common stock. This program replaces the previous one that expired in November 2021. Repurchases will depend on market conditions and the company's financial performance. As of February 28, 2022, United Bancorporation reported total assets of $1.18 billion, loans of $653.5 million, and total deposits of $1.05 billion.
United Bancorporation of Alabama, Inc. (OTCQX: UBAB) reported strong financial results for the year ended December 31, 2021, showcasing a significant increase in net income to $18.5 million and EPS of $4.87, compared to $12.1 million and $3.22 in 2020. The fourth quarter net income stood at $3.2 million with EPS at $0.87. Additionally, total assets rose by 12.8% to $1.11 billion. Non-interest income also saw an uptick, reaching $3.9 million versus $2.3 million in Q4 2020. A dividend of $0.16 per share was declared.
United Bancorporation of Alabama (OTCQX: UBAB) reported a net income of $15.2 million for the nine months ending September 30, 2021, up from $10.6 million in 2020. Earnings per share (EPS) increased to $4.07 from $2.86. For Q3 2021, net income was $3.3 million with an EPS of $0.89. The company's total assets grew to $1.15 billion, a 27.4% increase year-over-year. Non-interest income rose to $4.5 million. The tier one capital ratio stood at 15.39%.
United Bancorporation of Alabama has successfully completed the acquisition of Town-Country National Bank, enhancing its asset portfolio to over $1.1 billion. The acquisition aims to foster collaboration and community service, with both banks sharing similar cultures and operational philosophies. United Bancorporation's interim president, Mike Vincent, expressed enthusiasm for the combined expertise, while Town-Country's president highlighted the benefits for local customers. This strategic move positions United Bancorporation as a stronger player in the financial services industry of southwest Alabama and the Florida panhandle.