United Bancorporation of Alabama (UBAB) is an underfollowed and underappreciated community bank primarily serving southwestern Alabama. A year ago, we identified the company as one of the most compelling community banking opportunities available to investors due to the company’s exceptionally low valuation on both absolute and relative measures and the company’s potential for ongoing incremental growth. In the year since, the company has vastly exceeded even our own expectations and while the shares have risen some 33%, we continue to believe the shares are materially undervalued and provide a significant opportunity for investors.