United Bancorporation of Alabama, Inc. Reaches Asset Milestone of $1 Billion
ATMORE, Ala., July 23, 2021 /PRNewswire/ -- United Bancorporation of Alabama, Inc. (OTCQX: UBAB), parent company of United Bank and UB Community Development, a community development partner of United Bank, announces its financial results for the second quarter ended June 30, 2021. United Bancorporation of Alabama, Inc. ("United") reported unaudited consolidated net income of
SECOND QUARTER FINANCIAL HIGHLIGHTS
- United exceeded
$1 billion in total assets, an increase of$127.5 million or14.3% from June 30, 2020. - Total loans grew
$59.3 million or11.6% to$571.6 million at quarter end. Since 2020 United originated$94.0 million in PPP loans. Most of the$46.7 million in PPP loans that are still on the balance sheet are Round 2 loans, which originated in 2021. - PPP fees account for
$1.2 million in year-to-date fee income. - Deposits totaled
$882.1 million on June 30, 2021, an increase of$111.1 million or14.4% from June 30, 2020. - The net interest margin and cost of funds declined to
3.49% and0.31% , respectively. - Capital positions remain strong on June 30, 2021 with
19.16% tier one capital ratio,11.84% tier one leverage ratio and17.50% common equity tier one capital ratio. - United declared a
$0.12 per common share dividend that was paid on July 12, 2021 to shareholders of record as of June 30, 2021.
For a complete quarterly report and financial performance metrics please visit our investor relations tab at UnitedBank.com.
Contact:
Leigh Anne Russell Jones
EVP, Chief Financial Officer
(251) 446-6165
leighanne.jones@unitedbank.com
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SOURCE United Bancorporation
