<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
Commission file number 2-78572
UNITED BANCORPORATION OF ALABAMA, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 63-0833573
--------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
200 East Nashville Avenue, Atmore, Alabama 36502
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(205) 368-2525
--------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report(s), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of June 30, 1995.
Class A Common Stock.... 516,358 Shares
Class B Common Stock.... -0- Shares
Page 1 of 13
<PAGE> 2
UNITED BANCORPORATION OF ALABAMA, INC.
FORM 10-Q
For the Quarter Ended June 30, 1995
INDEX
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION PAGE
------ --------------------- ----
<S> <C>
Item 1. Financial Statements
Condensed Consolidated Balance Sheets 3
Condensed Consolidated Statements of Earnings 4
Consolidated Statements of Stockholders' Equity 5
Consolidated Statements of Cash Flows 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
PART II - OTHER INFORMATION
------- -----------------
Item 1. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 6. Exhibits and Reports on Form 8-K 12
</TABLE>
2
<PAGE> 3
Item 1. UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
Condensed Consolidated Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
<S> <C> <C>
Assets
Cash and due from banks $5,877,341 $6,796,587
Federal funds sold 3,875,000 5,975,000
------------- ------------
Cash and cash equivalents 9,752,341 12,771,587
Interest bearing deposits with other
financial institutions 104,664 105,432
Securities Available for sale (market value of $25,606,267 25,606,267 25,157,439
and $25,157,439, respectively)
Investment securities (market values of $28,535,823 28,598,008 30,444,228
and $28,462,295, respectively)
Loans 66,411,102 61,389,337
Less: Unearned income 1,153,351 1,043,761
Allowance for loan losses 1,318,359 1,251,549
------------- ------------
Net loans 63,939,392 59,094,027
Premises and equipment, net 1,614,971 1,698,946
Interest receivable and other assets 1,727,683 2,336,949
------------- ------------
Total assets 131,343,326 131,608,608
============= ============
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing $17,096,644 19,263,719
Interest bearing 93,877,314 94,866,126
------------- ------------
Total deposits 110,973,958 114,129,845
Securities sold under agreements to repurchase 6,353,782 5,873,654
Other borrowed funds 1,019,274 306,609
Accrued expenses and other liabilities 1,034,458 627,831
------------- ------------
Total liabilities 119,381,472 120,937,939
Stockholders' equity:
Class A common stock. Authorized 975,000
shares of $.01 par value; 548,160
shares issued and outstanding. 5,482 5,482
Class B common stock of $.01 par value.
Authorized 250,000 shares;
-0- shares issued and outstanding. 0 0
Preferred stock of $.01 par value. Authorized
250,000 shares; -0- shares issued
and outstanding. 0 0
Surplus 3,476,518 3,476,518
Net unrealized loss on investments on
available for sale investments (20,922) (637,286)
Retained earnings 8,966,366 8,291,545
------------- ------------
12,427,444 11,136,259
Less 31,775 and 33,925 treasury shares, at cost 465,590 465,590
------------- ------------
Total stockholders' equity 11,961,854 10,670,669
------------- ------------
Total liabilities and stockholders' equity 131,343,326 131,608,608
============= ============
</TABLE>
3
<PAGE> 4
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
Condensed Consolidated Statements of Earnings
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Interest income:
Interest and fees on loans $1,678,508 $1,325,926 $3,273,359 $2,546,832
Interest on investment securities Available for Sale:
Taxable 428,814 482,103 $869,028 686,362
Nontaxable 25,509 20,226 $49,233 159,198
Interest on investment securities Held to Maturity:
Taxable 369,524 343,485 750,016 1,007,183
Nontaxable 62,890 77,969 125,628 35,984
---------- ---------- ---------- ----------
Total investment income 886,737 923,783 1,793,905 1,888,727
Other interest income 52,349 28,506 129,056 76,371
---------- ---------- ---------- ----------
Total interest income 2,617,594 2,278,215 5,196,320 4,511,930
Interest expense:
Interest on deposits 1,023,374 800,589 1,975,128 1,579,018
Interest on other borrowed funds 83,618 35,913 170,169 68,507
---------- ---------- ---------- ----------
Total interest expense 1,106,992 836,502 2,145,297 1,647,525
Net interest income 1,510,602 1,441,713 3,051,023 2,864,405
Provision for loan losses 51,000 90,000 102,000 180,000
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 1,459,602 1,351,713 2,949,023 2,684,405
Non-interest income:
Service charge on deposits 226,365 216,292 443,752 434,848
Commission on credit life 22,881 23,901 51,588 53,339
Investment securities gains and losses, net 31,346 10,092 31,346 10,092
Other 63,532 25,952 90,916 123,952
---------- ---------- ---------- ----------
Total non-interest income 344,124 276,237 617,602 622,231
Non-interest expense:
Salaries and benefits 618,716 613,921 1,236,977 1,200,813
Net occupancy expense 156,272 134,370 319,317 311,037
Other 483,064 511,094 971,640 952,614
---------- ---------- ---------- ----------
Total non-interest expense 1,258,052 1,259,385 2,527,934 2,464,464
Earnings before income tax expense 545,674 368,565 1,038,691 842,172
Income tax expense 191,459 122,077 363,871 290,932
---------- ---------- ---------- ----------
Net earnings 354,215 246,488 674,820 551,240
========== ========== ========== ==========
Net earnings per share $0.69 $0.51 $1.31 $1.14
Weighted average shares outstanding 516,385 484,275 516,385 484,275
========== ========== ========== ==========
</TABLE>
4
<PAGE> 5
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARIES
Consolidated Statement of Stockholders' Equity
(Unaudited)
<TABLE>
<CAPTION>
Net Net
Unrealized Unrealized
loss on loss on Total
Common Retained investments investments Treasury stockholders'
stock Surplus earnings mutual funds AFS stock equity
<S> <C> <C> <C> <C> <C> <C> <C>
Balance December 31, 1992 $5,482 3,476,518 7,196,939 (91,093) (508,590) 10,079,256
Net earnings 1993 - - 1,369,748 - - 1,369,748
Cash dividends declared ($.50 per share) - - (257,118) - - (257,118)
Unrealized loss on investments in mutual 0
funds and other stocks - - - 91,093 - 91,093
Purchase of treasury stock - 0
Balance December 31, 1993 5,482 3,476,518 8,309,569 - (508,590) 11,282,979
Net earnings 1994 - - 824,549 - - 824,549
Cash dividends declared ($.50 per share) - - (257,118) - - (257,118)
Unrealized loss on investments in mutual 0
funds - - - - - 0
Net Change in unrealized gain (losses) (637,286) (637,286)
on investments available for sale
Purchase treasury stock (539,280) (539,280)
Stock Dividend (1 to 15): 0
29,960 at $18 (539,280) 539,280 0
2,150 at $20 (43,000) 43,000 0
Cash dividends payable on partial shares (3,175) (3,175)
Balance December 31, 1994 $5,482 3,476,518 8,291,545 - (637,286) (465,590) 10,670,669
Net earnings six months ended
June 30, 1995 - - 674,820 - - 674,820
Cash dividends declared - - - 0
Net Change in unrealized gain (losses) 0
on investments available for sale - - - 616,365 - 616,365
-------- ---------- ---------- ------------ ---------- -------------
Balance June 30, 1995 $5,482 3,476,518 8,966,365 0 (20,921)* (465,590) 11,961,854
</TABLE>
* Difference from Balance Sheet due to rounding.
5
<PAGE> 6
United Bank
Statement of Cash Flows (Unaudited)
Six Months Ended June 30, 1995 and 1994
Operating Activities
<TABLE>
<S> <C> <C>
Net Income $ 674,820 $ 551,240
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities
Provision for Loan Losses 102,000 180,000
Depreciation on Premises and Equipment 112,014 137,502
Amortization of Investment Securities 26,461 (24,550)
Amortization of Investment Securities Available for Sale 20,195 (30,517)
(Gain) Loss on Sale of Investment Securities 0 0
(Gain) Loss on Sale of Investment Securities Available for Sale (31,346) (10,092)
(Gain) Loss on Sale of Other Real Estate 0 0
(Gain)Loss on Disposal of Premises and Equipment 0 (3,325)
Writedown of Other Real Estate 0 0
(Increase) Decrease in Interest Receivable
and Other Assets 198,360 (199,579)
Increase (Decrease) in Deferred Income Taxes (281,245) 159,000
Increase (Decrease) in Accrued Expenses
and Other Liabilities 687,872 (631,701)
------------- -------------
Net Cash Provided (Used) by Operating Activities 1,509,131 127,978
------------- -------------
Investing Activities
Proceeds From Interest-bearing Deposits in
Other Financial Institutions 768 767
Purchases of Interest-bearing Deposits in
Other Financial Institutions 0 0
Proceeds From Sales of Investment Securities 0 0
Proceeds From Sales of Investment Securities Available for Sale 2,208,761 4,197,272
Proceeds From Maturities of Investment Securities 1,969,759 5,543,163
Proceeds From Maturities of Investment Securities Available for Sale 656,664 3,745,835
Purchases of Investment Securities (150,000) (10,283,013)
Purchases of Investment Securities Available for Sale (2,275,831) (1,990,000)
Net (Increase) Decrease in Loans (4,947,365) (4,887,535)
Purchases of Premises and Equipment (28,039) (201,457)
Proceeds From Sales of Premises and Equipment 0 3,325
Purchases of Other Real Estate 0 0
Proceeds From Sales of Other Real Estate 0 0
------------- -------------
Net Cash Provided (Used) by Investing Activities (2,565,283) (3,871,643)
------------- -------------
Financing Activities
Net Increase (Decrease) in Deposits, (3,155,887) 2,470,984
Net Increase in securities sold under
agreement to repurchase 480,128
Cash Dividends 0 (1,194,142)
Purchase of Treasury Stock 0 0
Increase (Decrease) in Other Borrowed Funds 712,665 183,050
------------- -------------
Net Cash Provided (Used) by Financing Activities (1,963,094) 1,459,892
------------- -------------
Increase (Decrease) in Cash and Cash Equivalents (3,019,246) (2,283,773)
Cash and Cash Equivalents at Beginning of Period 12,771,587 10,335,046
------------- -------------
Cash and Cash Equivalents at End of Period $ 9,752,341 $ 8,051,273
============= =============
</TABLE>
6
<PAGE> 7
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
Noted to Interim Consolidated Financial Statements
Note 1 - General
The interim consolidated financial statements in this report have not been
audited. In the opinion of management, all adjustments necessary to present
fairly the financial position and the results of operations for the interim
periods have been made. All such adjustments are of a normal recurring nature.
The results of operations are not necessarily indicative of the results of
operations for the full year or any other interim periods. For further
information, refer to the consolidated financial statements and footnotes
included in the Company's annual report on Form 10-K for the year ended
December 31, 1994.
7
<PAGE> 8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Results of Operations
The following financial review is presented to provide an analysis of the
results of operations of United Bancorporation of Alabama, Inc. (the
"Corporation"), and its subsidiary for the six months ended June 30, 1995, and
1994, compared. This review should be used in conjunction with the
consolidated financial statements included in the Form 10-Q.
Net income for the six months ended June 30, 1995, was $674,820, an increase
of $123,580, or 22.42%, as compared to $551,240 for the same period in 1994.
Net earnings per share increased to $1.31 for the six months ended June 30,
1995, as compared to $1.14 in 1994.
Total interest income increased $684,390, or 15.17%, to $5,196,320 in 1995,
from $4,511,930 in 1994. Average interest earning assets were $123,375,587 for
the first six months 1995, as compared to $119,386,420 for the same period in
1994, an increase of $3,989,167, or 3.34%. The average rate earned in 1995 was
8.49% as compared to 7.62% in 1994, reflecting rising interest rates during
1995. Thus, the increase in total interest income in 1994 is attributed to
both rising of interest rates and increased loan volume. Net interest margin
increased to 4.98% for the first six months of 1995 as compared to 4.84% for
the same period in 1994.
Total interest expense increased by $497,772, or 30.21%, in 1995 to $2,145,297
from $1,647,525 in 1994. Average interest bearing liabilities increased to
$100,351,431 in 1995 from $98,753,957 in 1994, an increase of $1,597,474, or
1.62%. The average rate paid rose to 4.32% in 1995, as compared to 3.57% in
1994.
The provision for loan losses decreased to $102,000 for the first six months of
1995 as compared to $180,000 for the same period in 1994. Net charged-off
loans for the first six months of 1995 were $35,190, as compared to $50,933 for
the same period in 1994.
Excluding bankers acceptances and commercial paper, the allowance for possible
loan losses represents 1.99% of gross loans at June 30, 1995, as compared to
2.03% at year-end 1994. Loans on which the accrual of interest had been
discontinued or reduced to $330,713 at June 30, 1995, as compared to $162,844
at December 31, 1994.
8
<PAGE> 9
Total noninterest income decreased to $617,602 for the first six months of
1995, as compared to $622,231 for the same period in 1994, a decrease of
$4,629, or .74%. Security gains which resulted from the sale of investments in
the available for sale portfolio were $10,092 for the first six months of 1994,
as compared to $31,346 for the same period in 1995. Service charges on
deposits increased $8,904, or 2.04%, to $443,752 in 1995 from $434,848 in 1994.
Commissions on credit life decreased to $51,588 in 1995 from $53,339 in 1994, a
decrease of $1,751, or 3.28%. Other income decreased during the first six
months of 1995 to $90,916 from $123,952 in 1994, a decrease of $33,036, or
26.65%.
Total noninterest expense increased $63,470, or 2.58%, to $2,527,934 during the
first six months of 1995, as compared to $2,464,464 for the same period in
1994. Salaries and benefits increased to $1,236,977 in 1995 from $1,200,813 in
1994, an increase of $36,164, or 3.01%. Occupancy expense increased $8,280, or
2.66% to $319,317 in 1995 from $311,037 in 1994. Other expense increased to
$971,640 during the first six months of 1995 from $952,614 for the same period
in 1994, an increase of $19,026, or 2.00%. FDIC premiums paid on deposits
increased $5,433, or 3.97%, to $142,319 in 1994, as compared to $136,886 for
the same period in 1994. United Bank paid $112,218 in Data Processing fees for
the six months ended June 30, 1995.
Earnings before taxes for the first six months of 1995 increased $196,519, or
23.34%, to $1,038,691 from $842,172 for the same period in 1994. Income tax
expense increased to $363,871 in 1995 from $290,932 in 1994, an increase of
$72,939, or 25.07%.
Three Months Ended June 30, 1995, and 1994, Compared
Net earnings for the three months ended June 30, 1995, increased to $354,215
from $246,488, an increase of $107,727, or 43.70%. Earnings per share
increased to $.69 from $.51 in 1994.
Total interest income increased $339,379, or 14.90% to $2,617,594 for the
second quarter of 1995, as compared to $2,278,215 for the same period in 1994.
Interest and fees on loans increased $352,582, or 26.59%, to $1,678,508 in
1995, from $1,325,926 in 1994. The average rate earned on interest earning
assets during the second quarter of 1995 was 8.56%, as compared to 7.61% for
the same period in 1994. Rising interest rates and an increase in average
interest earning assets were the primary reason for the overall increase in
interest income. The net interest margin decreased to 4.94% for the second
quarter of 1995, as compared to 4.81% for the same period in 1994. Average
interest earning assets increased to $122,649,934 in 1995, from $120,146,924 in
1994, an increase of $2,503,010, or 2.08%.
9
<PAGE> 10
Total interest expense increased due to rising interest rates. Total interest
expense increased $270,490, or 32.34%. Total interest expense for the second
quarter of 1995 was $1,106,992, as compared to $836,502 for the same period in
1994. Average interest bearing liabilities for the second quarter of 1995 were
$99,198,909, as compared to $98,764,293 for the same period in 1994, an
increase of $434,616, or .44%.
The provision for loan losses decreased to $51,000 for the second quarter of
1995 as compared to $90,000 for the same period in 1994. Net charged-off loans
for the second quarter of 1994 were $43,139, as compared to $30,083 for the
same period in 1995.
Total noninterest income decreased to $344,124 for the second quarter of 1995
as compared to $276,237 in 1994, an increase of $67,887, or 24.57%. Service
charges on deposits increased $10,073, or 4.65%, to $226,365 in 1995, from
$216,892 in 1994. Commissions on credit life insurance decreased to $22,881 in
1995 from $23,909 in 1994. Other income decreased during the second quarter of
1994 to $63,532 from $25,952 in 1994, an increase of $37,580, or 144.81%.
During the second quarter the Bank received an insurance rebate on Bond
Policies of $16,000 and a dividend from Risk Associates for $16,000.
Total noninterest expense decreased $1,333, or .11%, to $1,258,052 during the
second quarter of 1995, as compared to $1,259,385 for the same period in 1994.
Salaries and benefits increased to $618,716 in 1995, from $613,921 in 1994, an
increase of $4,295, or .78%. Occupancy expense increased $21,902, or 16.30%,
to $156,272 in 1995 from $134,370 in 1994. Other expense decreased to $483,064
during the second quarter of 1995, as compared to $511,094 for the same period
in 1994, a reduction of $28,030, or 5.48%. FDIC premiums paid on deposits
increased $2,716, or 3.96%, to $71,159 in 1995, as compared to $68,443 for the
same period in 1994.
Earnings before taxes for the second quarter of 1995 increased by $177,109 or
48.05% to $545,674 from $368,565 for the same period in 1994. Income taxes
increased to $191,459 in 1995 from $122,077 in 1994, an increase of $69,382, or
56.83%.
Financial Condition and Liquidity
Total assets on June 30, 1995, were $131,343,326, as compared to $131,608,608
on December 31, 1994, a decrease of $265,282, or .20%. Average total assets
for the first six months of 1995 were $130,714,555. The loan to deposit ratio
(net loans) on June 30, 1995, excluding bankers acceptances and commercial
paper, was 59.84%, as compared to 53.79% on December 31, 1994.
10
<PAGE> 11
Fed Funds Sold decreased to $3,875,000 on June 30, 1995, as compared to
$5,975,000 on December 31, 1994, a decrease of $2,100,000. The investment
securities available for sale increased to $25,606,267 due to the recovery of
the market value in the portfolio in the second quarter of 1995 from
$25,157,437 at December 31, 1994. The investment securities held to maturity
decreased from $30,444,228 at December 31, 1994 to $28,598,008 in June of 1995,
due to maturities and calls.
Non-performing Assets: The following table sets forth the Corporation's
non-performing assets at June 30, 1995 and December 31, 1994. Under the
Corporation's nonaccrual policy, a loan is placed on nonaccrual status when
collectibility of principal and interest is in doubt or when principal and
interest is 90 days or more past due.
<TABLE>
<CAPTION>
June December
Description 1995 1994
(Dollars in Thousands)
<S> <C> <C> <C>
(A) Loans accounted for on $331 $163
a nonaccrual basis
(B) Loans which are contractually
past due ninety days or more
as to interest or principal
payments (excluding balances
included in (A) above). 40 35
(C) Loans, the terms of which have
been renegotiated to provide
a reduction or deferral of
interest or principal because of
a deterioration in the financial
position of the borrower. 0 0
(D) Other non-performing assets 75 75
</TABLE>
Total deposits decreased $3,155,887, or 2.76%, to $110,973,958 on June 30,
1995, from $114,129,845 at year end. Noninterest bearing deposits decreased to
$17,096,644 at June 30, 1995, from $19,263,719 at year end 1994, a reduction of
$2,167,075, or 11.25%. Interest bearing deposits decreased $988,812, or 1.04%,
to $93,877,314 on June 30, 1995, from $94,866,126 at December 31, 1994.
Average total deposits for the first six months of 1995 were $112,247,704.
11
<PAGE> 12
The Corporation relies primarily on internally generated capital growth to
maintain capital adequacy. Total stockholders' equity on June 30, 1995, was
$11,961,854, an increase of $1,291,185, or 12.10%, from $10,670,669 at year end
1994. This increase is due to earnings and the recovery of the market value of
the available for sale portfolio.
Primary capital to total assets at June 30, 1995, was 9.11%, as compared to
8.11% at year end 1994. Total capital and allowances for loan losses to total
assets at June 30, 1995, were 10.11%, as compared to 9.05% at December 31,
1994. The Corporation's bank subsidiary, United Bank, had risk based capital
of $12,986,000, or 15.39%, at June 30, 1995, as compared to $12,290,000, or
15.54% at year end 1994. United Bank had excess risk based capital of 7.39% at
June 30, 1995, and 7.54% at December 31, 1994, based upon the minimum
requirement of 8.00%.
12
<PAGE> 13
PART II OTHER INFORMATION
Item 1. Legal Proceedings.
Two litigation matters involving the Company's subsidiary, United Bank (the
"Bank"), and reported in the Corporation's annual report on Form 10-K for the
fiscal year ended December 31, 1994, have been resolved.
On July 26, 1995, the Bank entered into an oral settlement agreement in the
case styled Gordon Everett, Jeanelle McKissack and Johns S. Peacock v. United
Bank and Fred Peevy, Circuit Court of Escambia County, Alabama, Civil Action
No. 91-273 after 2-1/2 days of trial. Pursuant to that settlement agreement,
all of the parties in the case agreed that (1) all claims against the Bank in
the case would be dismissed with prejudice, and (2) the Bank and one of its
insureance carriers would pay to the plaintiffs, in settlement of the
plaintiffs' claim, an amount substantially less than the $5 million in damages
originally claimed by the plaintiffs. The Bank has filed a proof of loss with
another of its insurers which would include claims for recovery of a portion of
the described settlement payment as well as for the other expenses and losses
incurred by the Bank in this and other related cases.
By virtue of the foregoing settlement, all or substantially all of the claims
of the Bank in the case styled State Farm Fire & Casualty Co. v. Gordon
Everette, et al. (U.S. District Court for the Southern District of Alabama, No.
93-440-P-S), filed on May 21, 1993 by State Farm, have been mooted by separate
settlement of the underlying lawsuits.
United Bank and United Bancorporation of Alabama, Inc. v. Raymond L. Bolden,
Civil Action No. 94-800 RV-S U.S. District Court for the Southern District of
Alabama has been administratively closed by the Court, because the parties have
tentatively agreed upon a method by which the case may be resolved if it is
approved by the pertinent state and federal banking regulators, who have been
informed of the possible plan for resolution of the matter.
Item 4. Submission of Matters to a Vote of Security Holders.
(a) The annual meeting of security holders of United
Bancorporation of Alabama, Inc. was held May 3, 1995.
(b) The following directors were elected at the annual meeting of
the security holders of United Corporation of Alabama, Inc.:
<TABLE>
<CAPTION>
Nominees For Against Abstentions
-------- --- ------- -----------
<S> <C> <C> <C>
Elam P. Fayard 365,621 229 2,069
Claude S. Swift 367,728 191 0
David D. Swift 367,834 85 0
</TABLE>
Those directors of the Corporation who were not standing for
re-election and whose terms of office continued after the 1995
Annual Meeting are H. Leon Esneul, Robert R. Jones, III,
William J. Justice and Bobby W. Sawyer.
Item 6. Exhibits and Reports on Form 8-K.
(a) See Exhibit Index
(b) During the quarter ended June 30, 1994, the Corporation did
not file a Form 8-K Current Report.
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITED BANCORPORATION OF ALABAMA, INC.
Date: August 18, 1995 /s/ MITCH STAPLES
-----------------------------------
Mitch Staples
Treasurer (principal financial officer)
13
<PAGE> 14
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
------- -----------
<S> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 5,877,341
<INT-BEARING-DEPOSITS> 104,664
<FED-FUNDS-SOLD> 3,875,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 25,606,267
<INVESTMENTS-CARRYING> 28,598,008
<INVESTMENTS-MARKET> 28,535,823
<LOANS> 66,411,102
<ALLOWANCE> 1,318,359
<TOTAL-ASSETS> 131,343,326
<DEPOSITS> 110,973,958
<SHORT-TERM> 1,019,274
<LIABILITIES-OTHER> 1,034,458
<LONG-TERM> 0
<COMMON> 5,482
0
0
<OTHER-SE> 11,967,336
<TOTAL-LIABILITIES-AND-EQUITY> 131,343,326
<INTEREST-LOAN> 3,273,359
<INTEREST-INVEST> 1,793,905
<INTEREST-OTHER> 129,056
<INTEREST-TOTAL> 5,196,320
<INTEREST-DEPOSIT> 1,975,128
<INTEREST-EXPENSE> 170,169
<INTEREST-INCOME-NET> 2,145,297
<LOAN-LOSSES> 102,000
<SECURITIES-GAINS> 31,346
<EXPENSE-OTHER> 2,527,934
<INCOME-PRETAX> 1,038,691
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 674,820
<EPS-PRIMARY> 1.31
<EPS-DILUTED> 1.31
<YIELD-ACTUAL> 8.49
<LOANS-NON> 131,000
<LOANS-PAST> 40,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0<F1>
<ALLOWANCE-OPEN> 1,251,549
<CHARGE-OFFS> 54,344
<RECOVERIES> 19,154
<ALLOWANCE-CLOSE> 1,318,359
<ALLOWANCE-DOMESTIC> 1,318,359
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
<F1>Information not contained in financial statements.
</FN>
</TABLE>
