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(UNITED BANK LOGO)




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United Bank completed the first quarter of 2005 with the continued success that was seen
through 2004. The challenges presented by Hurricane Ivan, combined with the altered working
environments that are still present today, provide ample opportunities for comparing last years
achievements to this years strong beginning. Ending in March, the banks assets total $311,639,000
up 18.30% from a year ago. An even greater growth was reported in total deposits and repurchase
agreements with an increase of 21.40%, resulting in a total of $274,512,000. Equally encouraging is
the consistent rise of loan productivity in the first quarter. The bank has increased gross loan
volume by 12.38% from last year, totaling $203,066,000. Net Income for this period totaled $743,000
a 30.8% increase over the same period last year. Asset growth along with improved margins
contributed to these results. The above success is the product of intense involvement and focus from all areas and markets of the
bank. However, that requirement has not limited the banks intent for full recovery and continued
growth. On March 15, United Bank celebrated the grand reopening of the Monroeville office. Much to
the delight of the staff and customers alike in Monroe County, the completely redesigned facility
has been well received and has also served as a testament to the banks resilient abilities. The
restoration process continues at the corporate office in Atmore. Temporary facilities are still
being used as repairs to the buildings interior and exterior are conducted on a daily basis. As
recovery continues in Alabama, growth continues in our other markets. Plans are being finalized for
the construction of permanent offices in Milton and Jay, Florida and on Highway 98 in Magnolia
Springs, Alabama. The recovery time from Hurricane Ivan has been challenging indeed. Our bank and communities are not
finished but to see the willingness to adapt, overcome, and succeed has been more than
inspirational. As we progress, your involvement and input toward your bank will continue to be
appreciated. -s- Robert R. Jones, III
Robert R. Jones, III
President & CEO




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(UNITED BANK LOGO) STATEMENT OF CONDITION
At the close of business March 31
(Unaudited)
(000s) 2005
    
    
    
    2004AssetsCash & due from banks
    
    $
    12,877
    
    
    $
    9,122Investment Securities
    
    
    72,149
    
    
    
    58,547Federal Funds sold
    
    
    13,450
    
    
    
    6,251Loans, net
    
    
    200,412
    
    
    
    178,510Bank premises & equipment, net
    
    
    3,893
    
    
    
    4,177Accrued interest receivable & other assets
    
    
    8,858
    
    
    
    6,767TOTAL ASSETS
    
    $
    311,639
    
    
    $
    263,374Liabilities & Stockholders EquityDeposits
    
    
    250,103
    
    
    
    208,694Repurchase Agreements
    
    
    24,409
    
    
    
    17,355Other borrowed funds
    
    
    9,217
    
    
    
    10,017Accrued interest payable & other liabilities
    
    
    966
    
    
    
    1,128Total Liabilities
    
    $
    284,695
    
    
    $
    237,194Stockholders equity:Class A common stock. Authorized 2,500 shares of $10.00 par
value; 2,500 shares issued and outstanding
    
    
    25
    
    
    
    25Class B common stock. Authorized 5,000 shares of $1.00 par value;
3,000 shares issued and outstanding
    
    
    3
    
    
    
    3Surplus
    
    
    4,154
    
    
    
    4,154Retained Earnings
    
    
    22,762
    
    
    
    21,998Total stockholders equity
    
    
    26,944
    
    
    
    26,180TOTAL
LIABILITIES & STOCKHOLDERS EQUITY
    
    $
    311,639
    
    
    $
    263,374
 Member Federal Deposit Insurance Corporation




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D i r e c t o r s David D. Swift, Chairman
William J. Justice, P.D., Vice Chairman
Robert R. Jones, III, President and CEO
Michael R. Andreoli
Dale M. Ash
David A. Bagwell
L.Walter Grim
Leslie H. Cunningham
H. Leon Esneul
J. Carl Mixon
Bobby W. Sawyer
J.W. Trawick
Eddie L. Tullis Di r e c t o r s  E m e r i t u s W.E. Broughton
    
    Claude S. SwiftJohn E. Conn, Jr.
    
    John B. Swift, Jr.Willie W. Saucer
    
    James Witherington
 L o c a t i o n s Atmore200 East Nashville Ave.
    
    
    251.368.2525105 Lindberg Ave.Bay Minette404 Courthouse
    
    
    251.937.0052615 McMeans Ave.Flomaton705 Sidney Manning Blvd.
    
    
    251.296.3493Foley516
S. McKenzie St.
    
    
    251.943.2020Frisco City4285 Bowden St.
    
    
    251.267.3161Lillian34354 U.S. Hwy. 98
    
    
    251.962.2010Magnolia Springs12143 Magnolia Springs Hwy.
    
    
    251.965.4040Monroeville1588 South Alabama Ave.
    
    
    251.743.3161Silverhill21950
Broad St.
    
    
    251.945.1902Summerdale1015
Southwest 1st St.
    
    
    251.989.9070Jay, FL207
Spring St.
    
    
    850.675.6000Milton, FL (LPO)5941 Berryhill Rd.
    
    
    850.981.3352
 A T M s Atmore, Bay Minette, Flomaton, Foley, Frisco City, Lillian,
Monroeville, Silverhill
Diamond Oil,2950 S. Alabama st. MonroevilleHickeys BP,Hwy 31, PerdidoSouth Baldwin Regional Medical CenterHwy. 59, Foley www.ubankal.com  www.ubankfl.com