United Bancorporation of Alabama, Inc. Announces Third Quarter Results

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