United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama reported its financial results for the year ending December 31, 2022, showing a net income of $18.6 million and earnings per share (EPS) of $5.11, compared to $18.5 million or $4.87 EPS in the previous year. In Q4 2022, the company achieved net income of $5.1 million with EPS at $1.43, up from $3.2 million and $0.87 EPS last Q4. Highlights include a loan growth of $26.9 million, a net interest margin of 4.23% for Q4, and strong capital ratios, positioning the company favorably in the financial sector.

Positive

• Net income increased to $18.6 million and EPS rose to $5.11 for FY 2022.
• Q4 net income was $5.1 million with EPS of $1.43, showing significant growth.
• Loan growth of $26.9 million demonstrates strong lending activity.
• Net interest margin of 4.23% for Q4 indicates effective interest income management.
• High tier one capital ratio of 25.7% reflects financial stability.

Negative

• None.

ATMORE, Ala., Jan. 27, 2023 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc., parent company of United Bank, Town-Country United Bank, and UB Community Development, announces its financial results for the period ended December 31, 2022. United reported unaudited consolidated net income of $18.6 million or earnings per share of $5.11 for the twelve months ended December 31, 2022, as compared to net income of $18.5 million or earnings per share of $4.87 for the same period last year. For the three months ended December 31, 2022, unaudited net income was $5.1 million or earnings per share of $1.43, as compared to net income of $3.2 million or earnings per share of $0.87 for the same period last year. 

United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results. Net income of $18.6 million.

QUARTERLY HIGHLIGHTS

• Recognized as one of OTCQX's 2023 Best 50
• Loan growth of $26.9 million
• Year-to-date and quarter-to-date net interest margin of 3.71% and 4.23%, respectively.
• Tier one capital ratio and tier one leverage ratio of 25.7% and 18.0%, respectively.

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.4 billion financial holding company that primarily serves Southwest Alabama as well as Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. United operates three subsidiaries: United Bank, Town-Country United Bank and UB Community Development. United Bank is also designated as a CDFI and operates 22 locations across five counties. The recently acquired Town-Country United Bank serves Wilcox County and its surrounding counties. UB Community Development focuses on economic and community development through its New Markets Tax Credits, affordable housing and community facilities programs. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Daphne, Foley, Lillian, Loxley, Magnolia Springs, Semmes, Silverhill and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton and Pace. For a complete quarterly report visit our investor relations tab at www.UnitedBank.com. Member FDIC.

Contact: Leigh Anne Russell Jones
EVP, Chief Financial Officer
(251) 446-6165
Leighanne.jones@unitedbank.com

View original content:https://www.prnewswire.com/news-releases/united-bancorporation-of-alabama-inc-announces-fourth-quarter-results-301731855.html

SOURCE United Bancorp

FAQ

What were the financial results of UBAB for the year ended December 31, 2022?

For the year ended December 31, 2022, UBAB reported a net income of $18.6 million with earnings per share (EPS) of $5.11.

How did UBAB perform in the fourth quarter of 2022?

In Q4 2022, UBAB achieved net income of $5.1 million and an EPS of $1.43.

What was the loan growth reported by United Bancorporation of Alabama?

United Bancorporation of Alabama reported a loan growth of $26.9 million.

What is the tier one capital ratio of UBAB?

UBAB has a tier one capital ratio of 25.7%, indicating strong capital strength.

How does UBAB's net interest margin compare for the year 2022?

The year-to-date net interest margin for UBAB was 3.71%, while the margin for Q4 was 4.23%.