United Bancorporation of Alabama, Inc. Announces Fourth Quarter Results

ATMORE, Ala., Jan. 31, 2025 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announces its financial results for the period ended December 31, 2024. United reported unaudited consolidated net income of $26.9 million or earnings per share of $7.65 for the twelve months ended December 31, 2024, as compared to net income of $31.5 million or earnings per share of $8.69 for the same period last year. For the three months ended December 31, 2024, unaudited consolidated net income was $ 6.9 million or earnings per share of $2.00 as compared to net income of $10.4 million or earnings per share of $2.95 for the same period last year. 

QUARTERLY HIGHLIGHTS

• Dissolution of UBAB's Employee Stock Ownership Plan and repurchase of 197,717 shares held by the plan
• $52.0 million bond portfolio restructuring
• $10.3 million in CDFI award income

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