United Bancorporation of Alabama, Inc. Announces Third Quarter Results

Rhea-AI Summary

United Bancorporation of Alabama (OTCQX: UBAB) reported financial results for Q3 2024. The company's unaudited consolidated net income reached $20.0 million ($5.63 per share) for the nine months ended September 30, 2024, compared to $21.2 million ($5.88 per share) in the same period last year. For Q3 2024, net income was $5.6 million ($1.57 per share), down from $7.1 million ($1.99 per share) in Q3 2023. Key highlights include the merger of Town Country United Bank into United Bank, $10.3 million in CDFI program awards, $65 million in NMTC allocation, and a net interest margin of 4.52%.

Positive

• Secured $10.3 million through CDFI programs
• Awarded $65 million in NMTC allocation
• Maintained strong net interest margin of 4.52%
• Completed strategic merger with Town Country United Bank

Negative

• Q3 2024 net income decreased 21.1% to $5.6M from $7.1M YoY
• Nine-month net income declined 5.7% to $20.0M from $21.2M YoY
• EPS decreased to $1.57 in Q3 2024 from $1.99 in Q3 2023
• Nine-month EPS dropped to $5.63 from $5.88 YoY

ATMORE, Ala., Oct. 25, 2024 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announces its financial results for the period ended September 30, 2024. United reported unaudited consolidated net income of $20.0 million or earnings per share of $5.63 for the nine months ended September 30, 2024, as compared to net income of $21.2 million or earnings per share of $5.88 for the same period last year. For the three months ended September 30, 2024, unaudited consolidated net income was $5.6 million or earnings per share of $1.57 as compared to net income of $7.1 million or earnings per share of $1.99 for the same period last year.

QUARTERLY HIGHLIGHTS

• Merged Town Country United Bank into United Bank
• Awarded over $10.3 million through three CDFI programs
• Awarded $65 million in NMTC allocation
• Net interest margin of 4.52%

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 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 subsidiaries operate 23 locations across six 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.

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SOURCE United Bancorporation

FAQ

What was UBAB's earnings per share for Q3 2024?

United Bancorporation of Alabama reported earnings per share of $1.57 for Q3 2024.

How much NMTC allocation did UBAB receive in Q3 2024?

UBAB was awarded $65 million in New Markets Tax Credit (NMTC) allocation.

What was UBAB's net interest margin in Q3 2024?

UBAB reported a net interest margin of 4.52% for Q3 2024.

How much did UBAB receive in CDFI program awards?

UBAB was awarded over $10.3 million through three CDFI programs.