United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results

ATMORE, Ala., Jan. 26, 2024 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announces its financial results for the period ended December 31, 2023. United reported unaudited consolidated net income of $31.5 million or earnings per share of $8.69 for the twelve months ended December 31, 2023, as compared to net income of $18.6 million or earnings per share of $5.11 for the same period last year. For the three months ended December 31, 2023, unaudited net income was $10.4 million or earnings per share of $2.95, as compared to net income of $5.2 million or earnings per share of $1.43 for the same period last year. 

QUARTERLY HIGHLIGHTS

• Net interest margin of 4.68%
• Sold $77.6 million in securities for a loss of $6.8 million
• CDFI award income of $14.4 million
• Cost of funds of 93 bps
• Declared a semiannual dividend of $0.35 per share

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.

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SOURCE United Bancorporation