LETTER FROM BOB JONES

United had a tremendous year in 2019, made up of smart investment opportunities, organizational stability and strategic planning.

First, United completed a private placement of $26.25 million of its common stock in April. As a result, 1,312,500 shares of common stock were issued at a purchase price of $20.00 per share. Those funds have not only bolstered capital but also positioned the Company for future growth opportunities.

For the twelve months ending December 31, 2019, United Bancorporation of Alabama, Inc. reported net income of $9.78 million or $2.86 per diluted share compared to $9.9 million or $4.09 per diluted share for the twelve months of 2018. The $9.9 million includes a $4.0 million Capital Magnet Fund (CMF) awarded from the Community Development Financial Institution (CDFI) Fund to finance affordable housing projects. Without the award, 2018 net income would have been $6.8 million or $2.82 per diluted share. When compared to 2019, core earnings grew $2.9 million or 42.15%. Earnings per share also increased despite the additional shares issued through the capital raise.

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Jan Dec

AWARDS & RECOGNITION

American Banker Top 200 Community Banks 2019
Best Companies to Work For in Alabama
CB Resource

The company was ranked 16th in the country in American Banker magazine’s annual list of the top 200 publicly traded banks with assets of less than $2 billion. The survey reviewed more than 600 banks across the country to compile the top 200 list. No other Alabama bank ranked in the top 100.

United Bank offers its employees benefits such as a 401(k) match and a profit-sharing contribution. It also provides tuition reimbursement for individuals desiring to attend banking school, such as the Alabama Banking School at the University of South Alabama. The bank also pays for continuing education for those seeking certification in a specialized area, such as commercial lending, marketing or compliance.

United Bancorporation of Alabama, Inc. was awarded a top 10 spot in the CB Resources, Inc. Top 10 Report for the third quarter of 2019. This places the Company among the top 10 percent of Community Banks nationally in their asset group based on key performance indicators.

AWARDS & RECOGNITION

American Banker Top 200 Community Banks 2019

The company was ranked 16th in the country in American Banker magazine’s annual list of the top 200 publicly traded banks with assets of less than $2 billion. The survey reviewed more than 600 banks across the country to compile the top 200 list. No other Alabama bank ranked in the top 100.

Best Companies to Work For in Alabama

United Bank offers its employees benefits such as a 401(k) match and a profit-sharing contribution. It also provides tuition reimbursement for individuals desiring to attend banking school, such as the Alabama Banking School at the University of South Alabama. The bank also pays for continuing education for those seeking certification in a specialized area, such as commercial lending, marketing or compliance.

CB Resource

United Bancorporation of Alabama, Inc. was awarded a top 10 spot in the CB Resources, Inc. Top 10 Report for the third quarter of 2019. This places the Company among the top 10 percent of Community Banks nationally in their asset group based on key performance indicators.

LEADERSHIP PERSPECTIVE

Our company is fortunate to have a talented, cohesive and forward-looking team at the helm. Working together, they’ve accomplished great things this year and positioned us for even more strategic growth in the future. This year, we’ve asked each of them to provide their own recap and perspective on 2019 and what’s ahead for us.

Justin Jennings
Chief Retail Officer

The Bank’s strong core deposit base, particularly in non-interest bearing accounts, is and will continue to be a strategic advantage.

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Gwen Braden
Chief Operations Officer

Our job is to deploy our technology in a way that makes the customer’s experience better, often without them even realizing it.

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Mike Vincent
Chief Credit Officer

In 2019, United Bank grew its loan portfolio by $45 million or at a rate of slightly better than 11%. It is noted that growth was seen in almost every sector of the loan portfolio.

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Alex Jones
EVP, President, UBCD

UB Community Development (UBCD) operates across three unique lines of business: New Markets Tax Credits, Community Housing Capital and Community Facilities Lending. These lines of business allow UBCD to create value outside of the Bank’s historical geographic footprint.

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Tonya Lambert
Chief Marketing Officer

The marketing strategy for 2020 is to innovate, grow and retain by introducing new ideas and methods to the Company while growing existing relationships and retaining our legacy foundational mission.

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Leigh Anne Jones
Chief Financial Officer

For the twelve months ending December 31, 2019, net interest income before the provision increased 17.1% to $25.07 million, compared to $21.4 million for the twelve months ending December 31, 2018.

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Empowering people who power
our company.

READ THE 2019 IMPACT REPORT

2019 FINANCIALS

Earnings Per Share

$2.86

Total Assets

$727,497,858

Loans Held for Investment

$455,124,946

Revenue

$10,975,849

Net Earning Before Taxes

$12,460,134

Stock Price

$28.25

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2019 AUDITED FINANCIAL STATEMENT

2019 FINANCIALS

Earnings Per Share

$2.86

Total Assets

$727,497,858

Loans Held for Investment

$455,124,946

Revenue

$10,975,849

Net Earning Before Taxes

$12,460,134

Stock Price

$28.25

LEARN MORE
2019 AUDITED FINANCIAL STATEMENT

2019 FINANCIALS

Earnings Per Share

$2.86

Total Assets

$727,497,858

Loans Held for Investment

$455,124,946

Revenue

$10,975,849

Net Earning Before Taxes

$12,460,134

Stock Price

$28.25

LEARN MORE
2019 AUDITED FINANCIAL STATEMENT

Contact

UNITED BANK
200 E. NASHVILLE AVE.
ATMORE, AL 36502
251.446.6001
unitedbank.com

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