United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results

ATMORE, Ala., Jan. 27, 2023 /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 December 31, 2022. United reported unaudited consolidated net income of $18.6 million or earnings per share of $5.11 for the twelve months ended December 31, 2022, as compared to net income of $18.5 million or earnings per share of $4.87 for the same period last year. For the three months ended December 31, 2022, unaudited net income was $5.1 million or earnings per share of $1.43, as compared to net income of $3.2 million or earnings per share of $0.87 for the same period last year. 

QUARTERLY HIGHLIGHTS

• Recognized as one of OTCQX's 2023 Best 50
• Loan growth of $26.9 million
• Year-to-date and quarter-to-date net interest margin of 3.71% and 4.23%, respectively.
• Tier one capital ratio and tier one leverage ratio of 25.7% and 18.0%, respectively.

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.4 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 and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton and Pace. For a complete quarterly report 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 Bancorp