<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, 1996
-----------------------
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 Number)
incorporation or organization)
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, 1996.
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, 1996
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 4. Submission of Matters to a Vote of Security Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
</TABLE>
2
<PAGE> 3
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
Item 1. CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 30 December 31,
1996 1995
<S> <C> <C>
Assets
Cash and due from banks $5,287,413 6,225,385
Federal funds sold 3,260,000 7,550,000
----------- -----------
Cash and cash equivalents 8,547,413 13,775,385
Interest bearing deposits with other
financial institutions 103,296 103,897
Securities Available for sale (market value of $38,105,708 38,105,708 38,413,968
and $38,413,968, respectively)
Investment securities (market values of $22,930,183 23,826,747 21,799,988
and $21,758,613, respectively)
Loans 68,945,131 65,061,452
Less: Unearned income 1,086,998 1,114,870
Allowance for loan losses 1,370,051 1,343,636
----------- -----------
Net loans 66,488,082 62,602,946
Premises and equipment, net 1,730,436 1,667,135
Interest receivable and other assets 2,773,367 2,102,902
----------- -----------
Total assets 141,575,049 140,466,221
================ =================
Liabilities and Stockholders' Equity
Deposits:
Non-interest bearing $18,719,638 20,117,028
Interest bearing 101,649,122 97,625,844
----------- -----------
Total deposits 120,368,760 117,742,872
Securities sold under agreements to repurchase 6,434,895 8,690,856
Other borrowed funds 951,943 172,516
Accrued expenses and other liabilities 1,417,932 1,462,439
----------- -----------
Total liabilities 129,173,530 128,068,683
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 (330,642) 117,413
Retained earnings 9,715,751 9,263,715
----------- -----------
12,867,109 12,863,128
Less 31,775 and 33,925 treasury shares, at cost 465,590 465,590
----------- -----------
Total stockholders' equity 12,401,519 12,397,538
----------- -----------
Total liabilities and stockholders' equity 141,575,049 140,466,221
=========== ===========
</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 June
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Interest income:
Interest and fees on loans 1,692,277 1,678,508 3,344,105 3,273,359
Interest on investment securities Available for Sale:
Taxable 547,946 428,814 1,116,544 869,028
Nontaxable 51,271 25,509 102,531 49,233
Interest on investment securities Held to Maturity:
Taxable 310,683 369,524 574,621 750,016
Nontaxable 77,148 62,890 140,646 125,628
--------- --------- --------- ---------
Total investment income 987,048 886,737 1,934,342 1,793,905
Other interest income 33,703 52,349 122,999 129,056
--------- --------- --------- ---------
Total interest income 2,713,028 2,617,594 5,401,446 5,196,320
Interest expense:
Interest on deposits 1,140,242 1,023,374 2,281,359 1,975,128
Interest on other borrowed funds 72,453 83,618 147,295 170,169
--------- --------- --------- ---------
Total interest expense 1,212,695 1,106,992 2,428,654 2,145,297
Net interest income 1,500,333 1,510,602 2,972,792 3,051,023
Provision for loan losses 42,750 51,000 85,500 102,000
--------- --------- --------- ---------
Net interest income after
provision for loan losses 1,457,583 1,459,602 2,887,292 2,949,023
Noninterest income:
Service charge on deposits 236,734 226,365 469,889 443,752
Commission on credit life 15,698 22,881 28,598 51,588
Investment securities gains and losses, net -- 31,346 0 31,346
Other 49,443 63,532 83,825 90,916
--------- --------- --------- ---------
Total noninterest income 301,875 344,124 582,312 617,602
Noninterest expense:
Salaries and benefits 710,929 618,716 1,311,507 1,236,977
Net occupancy expense 174,363 156,272 339,364 319,317
Other 421,456 483,064 838,599 971,640
--------- --------- --------- ---------
Total non-interest expense 1,306,748 1,258,052 2,489,470 2,527,934
Earnings before income tax expense 452,710 545,674 980,134 1,038,691
Income tax expense 125,316 191,459 269,905 363,871
--------- --------- --------- ---------
Net earnings 327,394 354,215 710,229 674,820
========= ========= ========= =========
Net earnings per share $0.63 $0.69 $1.38 $1.31
Weighted average shares outstanding 516,385 516,385 516,385 516,385
========= ========= ========= =========
</TABLE>
4
<PAGE> 5
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDER'S EQUITY
(UNAUDITED)
<TABLE>
<CAPTION>
Net
Unrealized
loss on
Shares Common Retained investments
stock Surplus earnings mutual funds
<S> <C> <C> <C> <C> <C>
Balance December 31, 1993 548,160 5,482 3,476,518 8,309,569 --
Net earnings 1994 -- -- 824,549 --
Cash dividends declared ($.50 per share) -- -- (257,118) --
Unrealized loss on investments in mutual
funds -- -- -- --
Net Change in unrealized gain (losses)
on investments available for sale
Purchase treasury stock
Stock Dividend (1 to 15):
29,960 at $18 (539,280)
2,150 at $20 (43,000)
Cash dividends payable on partial shares (3,175)
------- ------ --------- --------- ----
Balance December 31, 1994 548,160 5,482 3,476,518 8,291,545 --
Net earnings 1995 1,230,362
-- -- --
Cash dividends declared ($.50 per share) -- -- (258,192)
Net Change in unrealized gain (losses)
on investments available for sale -- -- --
------- ------ --------- --------- ----
Balance December 31, 1995 548,160 $5,482 3,476,518 9,263,715 --
Net earnings six months ended June 1996 710,229
Cash dividends declared ($.50 per share) (258,193)
Net Change in unrealized gain (losses)
on investments available for sale
------- ------ --------- --------- ----
Balance June 30, 1996 548,160 5,482 3,476,518 9,715,751 0
======= ====== ========= ========= ====
</TABLE>
<TABLE>
<CAPTION>
Net
Unrealized
loss on Total
investments Treasury stockholders'
AFS stock equity
<S> <C> <C> <C>
Balance December 31, 1993 (508,590) 11,282,979
Net earnings 1994 -- 824,549
Cash dividends declared ($.50 per share) -- (257,118)
Unrealized loss on investments in mutual --
funds -- --
Net Change in unrealized gain (losses) 491,437 491,437
on investments available for sale (1,128,723) (1,128,723)
Purchase treasury stock (539,280) (539,280)
Stock Dividend (1 to 15): --
29,960 at $18 539,280 --
2,150 at $20 43,000 --
Cash dividends payable on partial shares (3,175)
---------- -------- ----------
Balance December 31, 1994 (637,286) (465,590) 10,670,669
Net earnings 1995 1,230,362
-- --
Cash dividends declared ($.50 per share) (258,192)
Net Change in unrealized gain (losses) --
on investments available for sale 754,699 -- 754,699
---------- -------- ----------
Balance December 31, 1995 117,413 (465,590) 12,397,538
Net earnings six months ended June 1996 710,229
--
Cash dividends declared ($.50 per share) (258,193)
Net Change in unrealized gain (losses) --
on investments available for sale (448,055) (448,055)
---------- -------- ----------
Balance June 30, 1996 (330,642) (465,590) 12,401,519
========== ======== ==========
</TABLE>
5
<PAGE> 6
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<S> <C> <C>
JUNE 30, JUNE 30,
1996 1995
----------- ------------
United Bank
Statement of Cash Flows (Unaudited)
Six Months Ended June 30, 1996 and 1995
Operating Activities
Net Income $ 710,229 $ 674,820
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities
Provision for Loan Losses 85,500 102,000
Depreciation on Premises and Equipment 119,952 112,014
Amortization of Investment Securities 38,751 26,461
Amortization of Investment Securities Available for Sale 34,106 20,195
(Gain) Loss on Sale of Investment Securities -- --
(Gain) Loss on Sale of Investment Securities Available for Sale -- (31,346)
(Gain) Loss on Sale of Other Real Estate (1,355) --
(Gain)Loss on Disposal of Premises and Equipment (3,300) --
Writedown of Other Real Estate -- --
(Increase) Decrease in Interest Receivable
and Other Assets (425,599) 198,360
Increase (Decrease) in Deferred Income Taxes 130,504 (281,245)
Increase (Decrease) in Accrued Expenses
and Other Liabilities (142,559) 687,872
------------ ------------
Net Cash Provided (Used) by Operating Activities 546,229 1,509,131
------------ ------------
Investing Activities
Proceeds From Interest-bearing Deposits in
Other Financial Institutions 601 768
Purchases of Interest-bearing Deposits in
Other Financial Institutions -- --
Proceeds From Sales of Investment Securities -- --
Proceeds From Sales of Investment Securities Available for Sale -- 2,208,761
Proceeds From Maturities of Investment Securities 4,575,112 1,969,759
Proceeds From Maturities of Investment Securities Available for Sale 4,112,031 656,664
Purchases of Investment Securities (6,640,622) (150,000)
Purchases of Investment Securities Available for Sale (4,583,663) (2,275,831)
Net (Increase) Decrease in Loans (3,970,636) (4,947,365)
Purchases of Premises and Equipment (183,253) (28,039)
Proceeds From Sales of Premises and Equipment 3,300 --
Purchases of Other Real Estate (20,305) --
Proceeds From Sales of Other Real Estate 74,525 --
------------ ------------
Net Cash Provided (Used) by Investing Activities (6,632,910) (2,565,283)
------------ ------------
Financing Activities
Net Increase (Decrease) in Deposits, 2,625,888 (3,155,887)
Net Increase in securities sold under
agreement to repurchase (2,255,961) 480,128
Cash Dividends (260,000) --
Purchase of Treasury Stock -- --
Increase (Decrease) in Other Borrowed Funds 748,782 712,665
------------ ------------
Net Cash Provided (Used) by Financing Activities 858,709 (1,963,094)
------------ ------------
Increase (Decrease) in Cash and Cash Equivalents (5,227,972) (3,019,246)
Cash and Cash Equivalents at Beginning of Period 13,775,385 12,771,587
------------ ------------
Cash and Cash Equivalents at End of Period $ 8,547,413 $ 9,752,341
============ ============
</TABLE>
6
<PAGE> 7
UNITED BANCORPORATION OF ALABAMA, INC.
AND SUBSIDIARY
Notes 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, 1995.
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, 1996, and
1995, 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, 1996, was $710,229, an increase
of $35,409, or 5.24%, as compared to $674,820 for the same period in 1995. Net
earnings per share increased to $1.38 for the six months ended June 30, 1996,
as compared to $1.31 in 1995.
Total interest income increased $205,126, or 3.95%, to $5,401,446 in 1996, from
$5,196,320 in 1995. Average interest earning assets were $131,833,809 for the
first six months 1996, as compared to $123,375,587 for the same period in 1995,
an increase of $8,458,222, or 6.85%. The average rate earned in 1996 was 8.24%
as compared to 8.49% in 1995, reflecting declining interest rates during 1996.
Thus, the increase in total interest income in 1996 is attributed to the
increase in earning assets. Net interest margin decreased to 4.53% for the
first six months of 1996 as compared to 4.98% for the same period in 1995.
This decrease shows the compression of the net interest margin due to slighltly
higher deposit rates and lower loan rates.
Total interest expense increased by $283,357, or 13.21%, in 1996 to $2,428,654
from $2,145,297 in 1995. Average interest bearing liabilities increased to
$106,345,359 in 1996 from $100,351,431 in 1995, an increase of $5,993,928, or
5.97%. The average rate paid rose to 4.59% in 1996, as compared to 4.32% in
1995.
The provision for loan losses decreased to $85,500 for the first six months of
1996 as compared to $102,000 for the same period in 1995. Net charged-off
loans for the first six months of 1996 were $59,085, as compared to $35,190 for
the same period in 1995.
The allowance for possible loan losses represents 1.99% of gross loans at June
30, 1996, as compared to 2.07% at year-end 1995. Loans on which the accrual
of interest had been discontinued were $521,389 at June 30, 1996, as
compared to $333,002 at December 31, 1995.
8
<PAGE> 9
Total noninterest income decreased to $582,312 for the first six months of
1996, as compared to $617,602 for the same period in 1995, a decrease of
$35,290, or 5.71%. Service charges on deposits increased $26,137, or 5.89%, to
$469,889 in 1996 from $443,752 in 1995. Commissions on credit life decreased
to $28,598 in 1996 from $51,588 in 1995, a decrease of $22,990, or 44.56%.
Other income decreased during the first six months of 1996 to $83,825 from
$90,916 in 1995, a decrease of $7,091, or 7.80%.
Total noninterest expense decreased $38,464, or 1.52%, to $2,489,470 during the
first six months of 1996, as compared to $2,527,934 for the same period in
1995. Salaries and benefits increased to $1,311,507 in 1996 from $1,236,977 in
1995, an increase of $74,530, or 6.03%. The increase reflects staffing
additions to accommodate the opening of the Foley, Al. branch. Occupancy
expense increased $20,047, or 6.28% to $339,364 in 1996 from $319,317 in 1995.
The expense is due to increased maintenance costs. Other expense decreased to
$838,599 during the first six months of 1996 from $971,640 for the same period
in 1995, a decrease of $133,041, or 13.69%. FDIC premiums paid on deposits
decreased $140,819 to $1,500 in 1996, as compared to $142,319 for the same
period in 1995.
Earnings before taxes for the first six months of 1996 decreased $58,577, or
5.64%, to $980,134 from $1,038,691 for the same period in 1995. Income tax
expense decreased to $269,905 in 1996 from $363,871 in 1995, a decrease of
$93,966, or 34.81%.
Three Months Ended June 30, 1996, and 1995, Compared
Net earnings for the three months ended June 30, 1996, decreased to $327,394
from $354,215, a decrease of $26,821, or 7.57%. Earnings per share decreased to
$.63 from $.69 in 1995.
Total interest income increased $95,434, or 3.65% to $2,713,028 for the second
quarter of 1996, as compared to $2,617,594 for the same period in 1995.
Interest and fees on loans increased $13,769, or .82%, to $1,692,277 in 1996,
from $1,678,508 in 1995. The average rate earned on interest earning assets
during the second quarter of 1996 was 8.19%, as compared to 8.56% for the same
period in 1995. Despite falling interest rates the increase in average
interest earning assets was the primary reason for the overall increase in
interest income. The net interest margin decreased to 4.52% for the second
quarter of 1996, as compared to 4.94% for the same period in 1995. Average
interest earning assets increased to $133,210,836 in 1996, from $122,649,934 in
1995, an increase of $10,569,902, or 8.61%.
9
<PAGE> 10
Total interest expense increased due to the large increase in interest bearing
liabilities. Total interest expense increased $105,703, or 9.55%. Total
interest expense for the second quarter of 1996 was $1,212,695, as compared to
$1,106,992 for the same period in 1995. Average interest bearing liabilities
for the second quarter of 1996 were $107,828,507, as compared to $99,198,909
for the same period in 1995, an increase of $8,629,598, or 8.70%.
The provision for loan losses decreased to $42,750 for the second quarter of
1996 as compared to $51,000 for the same period in 1995. Net recoveries for
the second quarter of 1996 were $70, as compared to $30,083 net charge offs for
the same period in 1995.
Total noninterest income decreased to $301,875 for the second quarter of 1996
as compared to $344,124 in 1995, a decrease of $42,249, or 12.28%. Service
charges on deposits increased $10,369, or 4.58%, to $236,734 in 1996, from
$226,365 in 1995. Commissions on credit life insurance decreased to $15,698 in
1996 from $22,881 in 1995. Other income decreased during the second quarter of
1996 to $49,443 from $63,532 in 1995, a decrease of $14,089, or 22.18%. During
the second quarter the Bank received an insurance rebate on Bond Policies of
$18,691 and a dividend from Risk Associates for $11,054.
Total noninterest expense increased $48,696, or 3.87%, to $1,306,748 during the
second quarter of 1996, as compared to $1,258,052 for the same period in 1995.
Salaries and benefits increased to $710,929 in 1996, from $618,716 in 1995, an
increase of $92,213, or 14.90%. This increase has been caused by the opening
of a new branch and the introduction of several new services in the bank.
Occupancy expense increased $18,091, or 11.58%, to $174,363 in 1996 from
$156,272 in 1995. Other expense decreased to $421,456 during the second
quarter of 1996, as compared to $483,064 for the same period in 1995, a
reduction of $61,608, or 12.75%. FDIC premiums paid on deposits decreased
$70,659, or 99.30%, to $500 in 1996, as compared to $71,159 for the same period
in 1995, because the BIF funds is fully capitalized.
Earnings before taxes for the second quarter of 1996 decreased by $92,964 or
17.03% to $452,710 from $545,674 for the same period in 1995. Income taxes
decreased to $125,316 in 1996 from $191,459 in 1995, a decrease of $66,143, or
34.55%.
Financial Condition and Liquidity
Total assets on June 30, 1996, were $141,575,049, as compared to $140,466,221
on December 31, 1995, an increase of $1,108,828, or .79%. Average total
10
<PAGE> 11
assets for the first six months of 1996 were $139,874,568. The loan to deposit
ratio (net loans) on June 30, 1996, excluding bankers acceptances and
commercial paper, was 55.24%, as compared to 53.17% on December 31, 1995.
Fed Funds Sold decreased to $3,260,000 on June 30, 1996, as compared to
$7,550,000 on December 31, 1995, a decrease of $4,290,000. The investment
securities available for sale decreased to $38,105,708 from $38,413,968 at
December 31, 1995. The investment securities held to maturity increased from
$21,799,988 at December 31, 1995 to $23,826,411 in June of 1996 due to bonds
being purchased and placed in held to maturity.
Non-performing Assets: The following table sets forth the Corporation's
non-performing assets at June 30, 1996 and December 31, 1995. 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 1996 1995
(Dollars in Thousands)
<S> <C> <C> <C>
(A) Loans accounted for on $521 $333
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). 14 30
(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. 21 13
(D) Other non-performing assets 28 107
</TABLE>
Total deposits increased $2,625,883, or 2.23%, to $120,368,760 on June 30,
1996, from $117,742,872 at year end. Noninterest bearing deposits decreased to
$18,719,638 at June 30, 1996, from $20,117,028 at year end 1995, a reduction of
$1,397,390, or 6.95%. Interest bearing deposits increased
11
<PAGE> 12
$4,023,278, or 4.12%, to $101,649,122 on June 30, 1996, from $97,625,844 at
December 31, 1995. Average total deposits for the first six months of 1996
were $119,005,076.
The Corporation relies primarily on internally generated capital growth to
maintain capital adequacy. Total stockholders' equity on June 30, 1996, was
$12,401,519, an increase of $3,981, or .03%, from $12,397,538 at year end 1995.
This minor increase is due to earnings, the decline of the market value of the
available for sale portfolio, and the dividend declared of $258,193 at June 30,
1996.
Primary capital to total assets at June 30, 1996, was 8.76%, as compared to
8.83% at year end 1995. Total capital and allowances for loan losses to total
assets at June 30, 1996, were 9.73%, as compared to 9.78% at December 31, 1995.
The Corporation's bank subsidiary, United Bank, had risk based capital of
$13,768,000, or 16.07%, at June 30, 1996, as compared to $13,297,000, or 15.66%
at year end 1995. United Bank had excess risk based capital of 8.07% at June
30, 1996, and 7.66% at December 31, 1995, based upon the minimum requirement of
8.00%.
12
<PAGE> 13
PART II -- OTHER INFORMATION
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 1, 1996.
(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>
Robert R. Jones,III 349,932 17,986 0
Bobby W. Sawyer 349,822 18,096 0
</TABLE>
Those directors of the Corporation who were not standing for
re-election and whose terms of office continued after the 1996
Annual Meeting are Elam P. Fayard, H. Leon Esneul, William J.
Justice, Claude S. Swift and David D. Swift.
Item 6. Exhibits and Reports on Form 8-K.
(a) See Exhibit Index.
(b) During the quarter ended June 30, 1996 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 12, 1996 /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>
14
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 5,287,413
<INT-BEARING-DEPOSITS> 103,296
<FED-FUNDS-SOLD> 3,260,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 38,105,708
<INVESTMENTS-CARRYING> 23,826,747
<INVESTMENTS-MARKET> 22,930,183
<LOANS> 68,945,131
<ALLOWANCE> 1,370,051
<TOTAL-ASSETS> 141,575,049
<DEPOSITS> 120,368,760
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,417,932
<LONG-TERM> 0
<COMMON> 5,482
0
0
<OTHER-SE> 12,396,037
<TOTAL-LIABILITIES-AND-EQUITY> 141,575,049
<INTEREST-LOAN> 3,344,105
<INTEREST-INVEST> 1,934,342
<INTEREST-OTHER> 122,999
<INTEREST-TOTAL> 5,401,446
<INTEREST-DEPOSIT> 2,281,359
<INTEREST-EXPENSE> 147,295
<INTEREST-INCOME-NET> 2,972,792
<LOAN-LOSSES> 85,500
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,489,470
<INCOME-PRETAX> 980,134
<INCOME-PRE-EXTRAORDINARY> 269,905
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 710,229
<EPS-PRIMARY> 1.38
<EPS-DILUTED> 1.38
<YIELD-ACTUAL> 8.24
<LOANS-NON> 521,389
<LOANS-PAST> 14,000
<LOANS-TROUBLED> 21,000
<LOANS-PROBLEM> 0<F1>
<ALLOWANCE-OPEN> 1,343,636
<CHARGE-OFFS> 107,331
<RECOVERIES> 48,246
<ALLOWANCE-CLOSE> 1,370,051
<ALLOWANCE-DOMESTIC> 1,370,051
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
<F1>Financial information not contained in the financial statements.
</FN>
</TABLE>
