United Bancorporation of Alabama, Inc. Announces Second Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama (OTCQX: UBAB) has reported strong financial results for Q2 2024. The company's unaudited consolidated net income reached $14.3 million, or $4.01 per share, for the first half of 2024, up from $14.0 million ($3.88 per share) in the same period last year. For Q2 2024 alone, net income was $8.0 million ($2.26 per share), compared to $7.3 million ($2.02 per share) in Q2 2023.

Key highlights include a net interest margin of 4.47%, cost of funds at 1.37%, and impressive year-over-year loan growth of $54.3 million (6.9%). The bank also reported noninterest income of $9.2 million for the quarter, demonstrating solid performance across multiple revenue streams.

Positive

• Unaudited consolidated net income increased to $14.3 million for H1 2024, up from $14.0 million in H1 2023
• Earnings per share rose to $4.01 for H1 2024, compared to $3.88 in H1 2023
• Q2 2024 net income grew to $8.0 million from $7.3 million in Q2 2023
• Strong net interest margin of 4.47%
• Significant year-over-year loan growth of $54.3 million (6.9%)
• Noninterest income of $9.2 million for Q2 2024

Negative

• None.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/united-bancorporation-of-alabama-inc-announces-second-quarter-results-302206793.html

SOURCE United Bancorporation

FAQ

What was United Bancorporation of Alabama's (UBAB) net income for Q2 2024?

United Bancorporation of Alabama (UBAB) reported an unaudited consolidated net income of $8.0 million for Q2 2024.

How much did UBAB's earnings per share (EPS) increase in Q2 2024 compared to Q2 2023?

UBAB's earnings per share (EPS) increased from $2.02 in Q2 2023 to $2.26 in Q2 2024, representing a 11.9% increase.

What was UBAB's net interest margin for Q2 2024?

United Bancorporation of Alabama (UBAB) reported a net interest margin of 4.47% for Q2 2024.

How much loan growth did UBAB experience year-over-year as of Q2 2024?

UBAB reported year-over-year loan growth of $54.3 million, representing a 6.9% increase.

What was UBAB's noninterest income for Q2 2024?

United Bancorporation of Alabama (UBAB) reported noninterest income of $9.2 million for Q2 2024.