United Bancorporation of Alabama, Inc. Announces Third Quarter Results

ATMORE, Ala., Oct. 28, 2022 /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 September 30, 2022. United reported unaudited consolidated net income of $13.5 million or earnings per share of $3.68 for the nine months ended September 30, 2022, as compared to net income of $15.2 million or earnings per share of $4.07 for the same period last year. For the three months ended September 30, 2022, unaudited net income was $5.6 million or earnings per share of $1.58 as compared to net income of $3.3 million or earnings per share of $0.89 for the same period last year.

• Net Income of $5.6 million and EPS of $1.58
• Asset increase of $197.8 million or 17.2% to $1.3 billion.
• Loans and securities increase of $40.3 million or 6.3% and $60.7 million or 24.2%, respectively.
• Net interest margin of 3.65%, an increase of 7 bps over the prior quarter.
• Participant in the US Department of Treasury's ECIP, issuing 123,750 shares of senior preferred stock totaling $123.75 million.
• Tier one capital ratio and tier one leverage ratio were 27.3% and 17.4%, respectively.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.3 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, Spanish Fort and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton and Pace. For a complete third quarter report and financial metrics 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

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SOURCE United Bancorporation