Exhibit 99.1
United Bank celebrates a milestone at the end of 2006.Total assets grew 16.1% during the year and the bank ended the year with over $400 million in assets. Loans increased 6.75% to $242,627,000 and deposits grew by $40 million to $331,704,000, a 13.8% increase over 2005. We are grateful to all of the customers, new and old, who have placed their trust in United Bank.
Earnings and capital continue to keep pace with asset growth. Net income for the full year of 2006 was $3,595,608, which is a 7.0% increase from 2005. Net interest income increased during the year by 13.1%, largely as a result of the growth in loans and deposits. Shareholders’ equity ended the year at $39,750,000 (an increase of 39.4% from year end 2005) and provides a sound financial base to support future growth.
We are a community bank. To us this means that we will take the time to understand the needs of our customer and to supply the products that meet these needs and help the customer to realize their financial goals. Over the past two years we have added products in response to the needs of the customer community we serve. Various mortgage offerings are available as are investment, insurance and trust services. Traditional and specialty deposit and loan products, internet banking and credit cards are available for the individual customer with other, specialty services available to business customers. We invite you to call, come by a branch or talk with one of our officers in the community.
Interest in stock ownership of United Bancorporation of Alabama, Inc. remains strong. Sales have been reported in the $18.50 range to the most recent sales at $19.00. Additionally, the board of directors approved the payment of a dividend of $0.15 per share which was made January 16th. We encourage those interested in either purchase of shares or possible sales to contact Tina Brooks. As always, we appreciate your support and continued interest in and support of United Bank.
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STATEMENTS OF CONDITION |
At the close of business December 31 |
(Unaudited) |
(000's) |
| | | | |
| | 2006 | | 2005 |
ASSETS | | | | |
Cash & due from banks | | 51,205 | | 29,471 |
Investment securities | | 108,411 | | 86,003 |
Federal funds sold | | -- | | 6,325 |
Loans, net | | 242,627 | | 227,282 |
Banks premises & equipment, net | | 11,796 | | 6,715 |
Accrued interest receivable & other assets | | 11,959 | | 11,048 |
| | | | |
TOTAL ASSETS | | 425,998 | | 366,844 |
| | | | |
| | | | |
LIABILITIES & STOCKHOLDERS' EQUITY | | | |
Deposits | | 331,704 | | 291,468 |
Repurchase agreements | | 44,410 | | 34,429 |
Other borrowed funds | | 7,797 | | 10,114 |
Accrued interest payable & other liabilities | | 2,337 | | 2,325 |
Total Liabilities | | 386,248 | | 338,336 |
| | | | |
Stockholders' Equity | | | | |
Class A common stock, authorized 2,500 | | | | |
shares of $10.00 par value; 2,500 shares issued | | | |
and outstanding. | | 25 | | 25 |
Class B common stock, authorized 5,000 | | | | |
shares of $1.00 par value; 3,000 shares issued | | | |
and outstanding. | | 3 | | 3 |
Surplus | | 13,083 | | 4,154 |
Retained Earnings | | 26,639 | | 24,326 |
Total stockholders' equity | | 39,750 | | 28,508 |
| | | | |
TOTAL LIABLILITIES & STOCKHOLDERS' EQUITY | 425,998 | | 366,844 |
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