United Bancorporation of Alabama 9M net income rises
UBAB•United Bancorporation of Alabama’s nine-month net income available to common shareholders rose 18.2% to $16.0 million, while earnings per share increased to $5.23 from $4.07.
1. Nine-month results
Net income available to common shareholders rose 18.2% to $16.0 million for the nine months, and earnings per share climbed to $5.23 from $4.07. Loans held for investment increased 12.7% year over year to $1.0 billion.
2. Income drivers
The provision for credit losses fell to $1.6 million from $3.7 million. Interest and fees on loans rose 3.4% to $45.9 million, while noninterest income increased $2.2 million, including a $1.5 million NMTC unwind fee and $888,000 in UBCD consulting fees. The company provided no specific financial guidance for future quarters or the full year.
