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.
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.
United Bancorporation of Alabama, Inc. (OTCQX: UBAB) reported strong financial results for Q2 2021, with a net income of $11.9 million and earnings per share of $3.18. This reflects a significant increase from $8.3 million and $2.24 in the same period last year. Total assets surpassed $1 billion, growing by 14.3%, while total loans rose by 11.6% to $571.6 million. Deposits increased by 14.4% to $882.1 million. Despite a decline in net interest margin to 3.49%, the company's capital positions remain robust with tier one ratios exceeding regulatory requirements.
United Bancorporation of Alabama (OTCQX: UBAB) released its 2020 Annual & Impact Report, showcasing strong financial performance during the pandemic. Key highlights include record high income, a $6 million Capital Magnet Fund award, and a $799,000 Financial Assistance award. The company also announced plans to acquire Town-Country National Bank, which has $126.2 million in assets as of December 31, 2020. CEO Bob Jones emphasized the importance of diverse income sources for stability and growth.
United Bank, a subsidiary of United Bancorporation of Alabama (OTCQX: UBAB), has secured an $8 million award from the U.S. Treasury's Capital Magnet Fund. This award is one of the largest granted to a single entity and will support the development of affordable housing for low-income families. In addition, since 2016, the institution has received $185 million in New Markets Tax Credit allocations, enhancing community development efforts in Alabama and Florida. United Bank's commitment as a Community Development Financial Institution aids its mission to improve local economies.
United Bancorporation of Alabama (OTCQX: UBAB) announced that its President & CEO, Robert R. Jones III, will present live at VirtualInvestorConferences.com on September 24, 2020, at 1:30 PM EST. Investors are encouraged to participate and ask questions in real-time. Recent highlights include a net income of $8.3 million for the first half of 2020, an increase from $4.1 million last year. Total assets rose to $890.5 million, up from $677.2 million. Additionally, the company declared a dividend of $0.10 per share on June 16, 2020.