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 $11.9 million and earnings per share of $3.18 for the six months ended June 30, 2021 compared to net income of $8.3 million and earnings per share of $2.24 for the six months ended June 30, 2020. 

SECOND QUARTER FINANCIAL HIGHLIGHTS

• United exceeded $1 billion in total assets, an increase of $127.5 million or 14.3% from June 30, 2020.
• Total loans grew $59.3 million or 11.6% 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 or 14.4% from June 30, 2020.
• The net interest margin and cost of funds declined to 3.49% and 0.31%, respectively.
• Capital positions remain strong on June 30, 2021 with 19.16% tier one capital ratio, 11.84% tier one leverage ratio and 17.50% 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