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Share Name | Share Symbol | Market | Type |
---|---|---|---|
United Communty Banks Inc | NASDAQ:UCBI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -0.26% | 26.64 | 21.68 | 26.64 | 26.78 | 26.43 | 26.69 | 246,005 | 23:18:58 |
For the quarter, United’s return on assets was 0.68%, or 0.79% on an operating basis. Return on common equity was 5.3% and return on tangible common equity was 9.0%. On a pre-tax, pre-provision basis, operating return on assets was 1.44% for the quarter. At quarter-end, tangible common equity to tangible assets was 8.18%, down three basis points from the second quarter of 2023.
Chairman and CEO Lynn Harton stated, “We continue to be pleased with the strength of our customer deposit franchise, driven by our service model. In the third quarter our customer deposits grew by 5.6% annualized, allowing us to decrease high cost brokered deposits and fund solid loan growth within our stated target range of mid-to-high single digits. Our cost of deposits continued to increase, leading to a modest decline in our net interest margin for the quarter. Increases in credit costs are concentrated in specific sectors that are under stress or specific companies that have been poorly managed. This is not unexpected given the speed at which borrowing rates have increased. We continue to expect broader credit performance to remain strong, but are appropriately cautious in our portfolio management given the potential for ongoing changes in the economic environment.”
United’s net interest margin decreased by 13 basis points to 3.24% compared to the second quarter. The average yield on United’s interest-earning assets was up 20 basis points to 5.17%, but its cost of deposits increased by 39 basis points to 2.03%, leading to the reduction in the net interest margin. Net charge-offs were $26.6 million or 0.59% of average loans during the quarter, up 39 basis points compared to the second quarter of 2023, largely due to the $19 million charge-off from an 8.7% participation in a large, nationally syndicated credit disclosed during the quarter. NPAs were 34 basis points relative to total assets, down six basis points from the previous quarter.
Mr. Harton concluded, “We continue to focus on our key mission of building our communities by serving our customers. Our teams are executing on that promise across our footprint, which we believe is one of the strongest in the Southeast. We have been fortunate to attract new teams, adding both new talent and additional exposure to high-growth metropolitan markets within our franchise. This quarter, we are very glad to welcome FNBSM officially into the United team, boosting our growth opportunities in Miami. FNBSM brings a very talented team and we look forward to growing together.”
Third Quarter 2023 Financial Highlights:
Conference Call
United will hold a conference call on Wednesday, October 18, 2023, at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10183036/fa91904ab0. Those without internet access or who are unable to pre-register may dial in by calling 1-866-777-2509. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and available for replay by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of United’s website at ucbi.com.
UNITED COMMUNITY BANKS, INC. | ||||||||||||||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | Third Quarter2023- | For the Nine Months Ended September 30, | YTD 2023- | ||||||||||||||||||||||||||||||
ThirdQuarter | Second Quarter | FirstQuarter | Fourth Quarter | ThirdQuarter | 2022Change | 2023 | 2022 | 2022 Change | ||||||||||||||||||||||||||
INCOME SUMMARY | ||||||||||||||||||||||||||||||||||
Interest revenue | $ | 323,147 | $ | 295,775 | $ | 279,487 | $ | 240,831 | $ | 213,887 | $ | 898,409 | $ | 572,324 | ||||||||||||||||||||
Interest expense | 120,591 | 95,489 | 68,017 | 30,943 | 14,113 | 284,097 | 29,855 | |||||||||||||||||||||||||||
Net interest revenue | 202,556 | 200,286 | 211,470 | 209,888 | 199,774 | 1 | % | 614,312 | 542,469 | 13 | % | |||||||||||||||||||||||
Provision for credit losses | 30,268 | 22,753 | 21,783 | 19,831 | 15,392 | 74,804 | 44,082 | |||||||||||||||||||||||||||
Noninterest income | 31,977 | 36,387 | 30,209 | 33,354 | 31,922 | — | 98,573 | 104,353 | (6 | ) | ||||||||||||||||||||||||
Total revenue | 204,265 | 213,920 | 219,896 | 223,411 | 216,304 | (6 | ) | 638,081 | 602,740 | 6 | ||||||||||||||||||||||||
Noninterest expenses | 144,474 | 132,407 | 139,805 | 117,329 | 112,755 | 28 | 416,686 | 352,820 | 18 | |||||||||||||||||||||||||
Income before income tax expense | 59,791 | 81,513 | 80,091 | 106,082 | 103,549 | (42 | ) | 221,395 | 249,920 | (11 | ) | |||||||||||||||||||||||
Income tax expense | 11,925 | 18,225 | 17,791 | 24,632 | 22,388 | (47 | ) | 47,941 | 53,898 | (11 | ) | |||||||||||||||||||||||
Net income | 47,866 | 63,288 | 62,300 | 81,450 | 81,161 | (41 | ) | 173,454 | 196,022 | (12 | ) | |||||||||||||||||||||||
Merger-related and other charges | 9,168 | 3,645 | 8,631 | 1,470 | 1,746 | 21,444 | 17,905 | |||||||||||||||||||||||||||
Income tax benefit of merger-related and other charges | (2,000 | ) | (820 | ) | (1,955 | ) | (323 | ) | (385 | ) | (4,775 | ) | (3,923 | ) | ||||||||||||||||||||
Net income - operating (1) | $ | 55,034 | $ | 66,113 | $ | 68,976 | $ | 82,597 | $ | 82,522 | (33 | ) | $ | 190,123 | $ | 210,004 | (9 | ) | ||||||||||||||||
Pre-tax pre-provision income(5) | $ | 90,059 | $ | 104,266 | $ | 101,874 | $ | 125,913 | $ | 118,941 | (24 | ) | $ | 296,199 | $ | 294,002 | 1 | |||||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||||||||||||||||
Per common share: | ||||||||||||||||||||||||||||||||||
Diluted net income - GAAP | $ | 0.39 | $ | 0.53 | $ | 0.52 | $ | 0.74 | $ | 0.74 | (47 | ) | $ | 1.44 | $ | 1.78 | (19 | ) | ||||||||||||||||
Diluted net income - operating(1) | 0.45 | 0.55 | 0.58 | 0.75 | 0.75 | (40 | ) | 1.58 | 1.91 | (17 | ) | |||||||||||||||||||||||
Cash dividends declared | 0.23 | 0.23 | 0.23 | 0.22 | 0.22 | 5 | 0.69 | 0.64 | 8 | |||||||||||||||||||||||||
Book value | 25.87 | 25.98 | 25.76 | 24.38 | 23.78 | 9 | 25.87 | 23.78 | 9 | |||||||||||||||||||||||||
Tangible book value(3) | 17.70 | 17.83 | 17.59 | 17.13 | 16.52 | 7 | 17.70 | 16.52 | 7 | |||||||||||||||||||||||||
Key performance ratios: | ||||||||||||||||||||||||||||||||||
Return on common equity - GAAP(2)(4) | 5.32 | % | 7.47 | % | 7.34 | % | 10.86 | % | 11.02 | % | 6.69 | % | 9.08 | % | ||||||||||||||||||||
Return on common equity - operating(1)(2)(4) | 6.14 | 7.82 | 8.15 | 11.01 | 11.21 | 7.35 | 9.75 | |||||||||||||||||||||||||||
Return on tangible common equity - operating(1)(2)(3)(4) | 9.03 | 11.35 | 11.63 | 15.20 | 15.60 | 10.65 | 13.64 | |||||||||||||||||||||||||||
Return on assets - GAAP(4) | 0.68 | 0.95 | 0.95 | 1.33 | 1.32 | 0.86 | 1.06 | |||||||||||||||||||||||||||
Return on assets - operating(1)(4) | 0.79 | 1.00 | 1.06 | 1.35 | 1.34 | 0.95 | 1.13 | |||||||||||||||||||||||||||
Return on assets - pre-tax pre-provision(4)(5) | 1.31 | 1.59 | 1.58 | 2.07 | 1.94 | 1.49 | 1.60 | |||||||||||||||||||||||||||
Return on assets - pre-tax pre-provision, excluding merger- related and other charges(1)(4)(5) | 1.44 | 1.65 | 1.71 | 2.09 | 1.97 | 1.60 | 1.70 | |||||||||||||||||||||||||||
Net interest margin (fully taxable equivalent)(4) | 3.24 | 3.37 | 3.61 | 3.76 | 3.57 | 3.41 | 3.25 | |||||||||||||||||||||||||||
Efficiency ratio - GAAP | 61.32 | 55.71 | 57.20 | 47.95 | 48.41 | 58.06 | 53.94 | |||||||||||||||||||||||||||
Efficiency ratio - operating(1) | 57.43 | 54.17 | 53.67 | 47.35 | 47.66 | 55.07 | 51.20 | |||||||||||||||||||||||||||
Equity to total assets | 11.85 | 11.89 | 11.90 | 11.25 | 11.12 | 11.85 | 11.12 | |||||||||||||||||||||||||||
Tangible common equity to tangible assets(3) | 8.18 | 8.21 | 8.17 | 7.88 | 7.70 | 8.18 | 7.70 | |||||||||||||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||||||||||||
Nonperforming assets ("NPAs") | $ | 90,883 | $ | 103,737 | $ | 73,403 | $ | 44,281 | $ | 35,511 | 156 | $ | 90,883 | $ | 35,511 | 156 | ||||||||||||||||||
Allowance for credit losses - loans | 201,557 | 190,705 | 176,534 | 159,357 | 148,502 | 36 | 201,557 | 148,502 | 36 | |||||||||||||||||||||||||
Allowance for credit losses - total | 219,624 | 212,277 | 197,923 | 180,520 | 167,300 | 31 | 219,624 | 167,300 | 31 | |||||||||||||||||||||||||
Net charge-offs (recoveries) | 26,638 | 8,399 | 7,084 | 6,611 | 1,134 | 42,121 | 3,043 | |||||||||||||||||||||||||||
Allowance for credit losses - loans to loans | 1.11 | % | 1.10 | % | 1.03 | % | 1.04 | % | 1.00 | % | 1.11 | % | 1.00 | % | ||||||||||||||||||||
Allowance for credit losses - total to loans | 1.21 | 1.22 | 1.16 | 1.18 | 1.12 | 1.21 | 1.12 | |||||||||||||||||||||||||||
Net charge-offs to average loans(4) | 0.59 | 0.20 | 0.17 | 0.17 | 0.03 | 0.32 | 0.03 | |||||||||||||||||||||||||||
NPAs to total assets | 0.34 | 0.40 | 0.28 | 0.18 | 0.15 | 0.34 | 0.15 | |||||||||||||||||||||||||||
AT PERIOD END ($ in millions) | ||||||||||||||||||||||||||||||||||
Loans | $ | 18,203 | $ | 17,395 | $ | 17,125 | $ | 15,335 | $ | 14,882 | 22 | $ | 18,203 | $ | 14,882 | 22 | ||||||||||||||||||
Investment securities | 5,701 | 5,914 | 5,915 | 6,228 | 6,539 | (13 | ) | 5,701 | 6,539 | (13 | ) | |||||||||||||||||||||||
Total assets | 26,869 | 26,120 | 25,872 | 24,009 | 23,688 | 13 | 26,869 | 23,688 | 13 | |||||||||||||||||||||||||
Deposits | 22,858 | 22,252 | 22,005 | 19,877 | 20,321 | 12 | 22,858 | 20,321 | 12 | |||||||||||||||||||||||||
Shareholders’ equity | 3,184 | 3,106 | 3,078 | 2,701 | 2,635 | 21 | 3,184 | 2,635 | 21 | |||||||||||||||||||||||||
Common shares outstanding (thousands) | 118,976 | 115,266 | 115,152 | 106,223 | 106,163 | 12 | 118,976 | 106,163 | 12 |
(1) Excludes merger-related and other charges. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.
UNITED COMMUNITY BANKS, INC. | ||||||||||||||||||||||||||||
Non-GAAP Performance Measures Reconciliation | ||||||||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||
2023 | 2022 | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
ThirdQuarter | SecondQuarter | FirstQuarter | FourthQuarter | ThirdQuarter | 2023 | 2022 | ||||||||||||||||||||||
Noninterest expense reconciliation | ||||||||||||||||||||||||||||
Noninterest expenses (GAAP) | $ | 144,474 | $ | 132,407 | $ | 139,805 | $ | 117,329 | $ | 112,755 | $ | 416,686 | $ | 352,820 | ||||||||||||||
Merger-related and other charges | (9,168 | ) | (3,645 | ) | (8,631 | ) | (1,470 | ) | (1,746 | ) | (21,444 | ) | (17,905 | ) | ||||||||||||||
Noninterest expenses - operating | $ | 135,306 | $ | 128,762 | $ | 131,174 | $ | 115,859 | $ | 111,009 | $ | 395,242 | $ | 334,915 | ||||||||||||||
Net income reconciliation | ||||||||||||||||||||||||||||
Net income (GAAP) | $ | 47,866 | $ | 63,288 | $ | 62,300 | $ | 81,450 | $ | 81,161 | $ | 173,454 | $ | 196,022 | ||||||||||||||
Merger-related and other charges | 9,168 | 3,645 | 8,631 | 1,470 | 1,746 | 21,444 | 17,905 | |||||||||||||||||||||
Income tax benefit of merger-related and other charges | (2,000 | ) | (820 | ) | (1,955 | ) | (323 | ) | (385 | ) | (4,775 | ) | (3,923 | ) | ||||||||||||||
Net income - operating | $ | 55,034 | $ | 66,113 | $ | 68,976 | $ | 82,597 | $ | 82,522 | $ | 190,123 | $ | 210,004 | ||||||||||||||
Net income to pre-tax pre-provision income reconciliation | ||||||||||||||||||||||||||||
Net income (GAAP) | $ | 47,866 | $ | 63,288 | $ | 62,300 | $ | 81,450 | $ | 81,161 | $ | 173,454 | $ | 196,022 | ||||||||||||||
Income tax expense | 11,925 | 18,225 | 17,791 | 24,632 | 22,388 | 47,941 | 53,898 | |||||||||||||||||||||
Provision for credit losses | 30,268 | 22,753 | 21,783 | 19,831 | 15,392 | 74,804 | 44,082 | |||||||||||||||||||||
Pre-tax pre-provision income | $ | 90,059 | $ | 104,266 | $ | 101,874 | $ | 125,913 | $ | 118,941 | $ | 296,199 | $ | 294,002 | ||||||||||||||
Diluted income per common share reconciliation | ||||||||||||||||||||||||||||
Diluted income per common share (GAAP) | $ | 0.39 | $ | 0.53 | $ | 0.52 | $ | 0.74 | $ | 0.74 | $ | 1.44 | $ | 1.78 | ||||||||||||||
Merger-related and other charges, net of tax | 0.06 | 0.02 | 0.06 | 0.01 | 0.01 | 0.14 | 0.13 | |||||||||||||||||||||
Diluted income per common share - operating | $ | 0.45 | $ | 0.55 | $ | 0.58 | $ | 0.75 | $ | 0.75 | $ | 1.58 | $ | 1.91 | ||||||||||||||
Book value per common share reconciliation | ||||||||||||||||||||||||||||
Book value per common share (GAAP) | $ | 25.87 | $ | 25.98 | $ | 25.76 | $ | 24.38 | $ | 23.78 | $ | 25.87 | $ | 23.78 | ||||||||||||||
Effect of goodwill and other intangibles | (8.17 | ) | (8.15 | ) | (8.17 | ) | (7.25 | ) | (7.26 | ) | (8.17 | ) | (7.26 | ) | ||||||||||||||
Tangible book value per common share | $ | 17.70 | $ | 17.83 | $ | 17.59 | $ | 17.13 | $ | 16.52 | $ | 17.70 | $ | 16.52 | ||||||||||||||
Return on tangible common equity reconciliation | ||||||||||||||||||||||||||||
Return on common equity (GAAP) | 5.32 | % | 7.47 | % | 7.34 | % | 10.86 | % | 11.02 | % | 6.69 | % | 9.08 | % | ||||||||||||||
Merger-related and other charges, net of tax | 0.82 | 0.35 | 0.81 | 0.15 | 0.19 | 0.66 | 0.67 | |||||||||||||||||||||
Return on common equity - operating | 6.14 | 7.82 | 8.15 | 11.01 | 11.21 | 7.35 | 9.75 | |||||||||||||||||||||
Effect of goodwill and other intangibles | 2.89 | 3.53 | 3.48 | 4.19 | 4.39 | 3.30 | 3.89 | |||||||||||||||||||||
Return on tangible common equity - operating | 9.03 | % | 11.35 | % | 11.63 | % | 15.20 | % | 15.60 | % | 10.65 | % | 13.64 | % | ||||||||||||||
Return on assets reconciliation | ||||||||||||||||||||||||||||
Return on assets (GAAP) | 0.68 | % | 0.95 | % | 0.95 | % | 1.33 | % | 1.32 | % | 0.86 | % | 1.06 | % | ||||||||||||||
Merger-related and other charges, net of tax | 0.11 | 0.05 | 0.11 | 0.02 | 0.02 | 0.09 | 0.07 | |||||||||||||||||||||
Return on assets - operating | 0.79 | % | 1.00 | % | 1.06 | % | 1.35 | % | 1.34 | % | 0.95 | % | 1.13 | % | ||||||||||||||
Return on assets to return on assets- pre-tax pre-provision reconciliation | ||||||||||||||||||||||||||||
Return on assets (GAAP) | 0.68 | % | 0.95 | % | 0.95 | % | 1.33 | % | 1.32 | % | 0.86 | % | 1.06 | % | ||||||||||||||
Income tax expense | 0.18 | 0.29 | 0.29 | 0.41 | 0.37 | 0.25 | 0.30 | |||||||||||||||||||||
Provision for credit losses | 0.45 | 0.35 | 0.34 | 0.33 | 0.25 | 0.38 | 0.24 | |||||||||||||||||||||
Return on assets - pre-tax, pre-provision | 1.31 | 1.59 | 1.58 | 2.07 | 1.94 | 1.49 | 1.60 | |||||||||||||||||||||
Merger-related and other charges | 0.13 | 0.06 | 0.13 | 0.02 | 0.03 | 0.11 | 0.10 | |||||||||||||||||||||
Return on assets - pre-tax pre-provision, excluding merger-related and other charges | 1.44 | % | 1.65 | % | 1.71 | % | 2.09 | % | 1.97 | % | 1.60 | % | 1.70 | % | ||||||||||||||
Efficiency ratio reconciliation | ||||||||||||||||||||||||||||
Efficiency ratio (GAAP) | 61.32 | % | 55.71 | % | 57.20 | % | 47.95 | % | 48.41 | % | 58.06 | % | 53.94 | % | ||||||||||||||
Merger-related and other charges | (3.89 | ) | (1.54 | ) | (3.53 | ) | (0.60 | ) | (0.75 | ) | (2.99 | ) | (2.74 | ) | ||||||||||||||
Efficiency ratio - operating | 57.43 | % | 54.17 | % | 53.67 | % | 47.35 | % | 47.66 | % | 55.07 | % | 51.20 | % | ||||||||||||||
Tangible common equity to tangible assets reconciliation | ||||||||||||||||||||||||||||
Equity to total assets (GAAP) | 11.85 | % | 11.89 | % | 11.90 | % | 11.25 | % | 11.12 | % | 11.85 | % | 11.12 | % | ||||||||||||||
Effect of goodwill and other intangibles | (3.33 | ) | (3.31 | ) | (3.36 | ) | (2.97 | ) | (3.01 | ) | (3.33 | ) | (3.01 | ) | ||||||||||||||
Effect of preferred equity | (0.34 | ) | (0.37 | ) | (0.37 | ) | (0.40 | ) | (0.41 | ) | (0.34 | ) | (0.41 | ) | ||||||||||||||
Tangible common equity to tangible assets | 8.18 | % | 8.21 | % | 8.17 | % | 7.88 | % | 7.70 | % | 8.18 | % | 7.70 | % | ||||||||||||||
UNITED COMMUNITY BANKS, INC. | ||||||||||||||||||||||
Financial Highlights | ||||||||||||||||||||||
Loan Portfolio Composition at Period-End | ||||||||||||||||||||||
2023 | 2022 | Linked | Year over | |||||||||||||||||||
(in millions) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Quarter Change | Year Change | |||||||||||||||
LOANS BY CATEGORY | ||||||||||||||||||||||
Owner occupied commercial RE | $ | 3,279 | $ | 3,111 | $ | 3,141 | $ | 2,735 | $ | 2,700 | $ | 168 | $ | 579 | ||||||||
Income producing commercial RE | 4,130 | 3,670 | 3,611 | 3,262 | 3,299 | 460 | 831 | |||||||||||||||
Commercial & industrial | 2,504 | 2,550 | 2,442 | 2,252 | 2,238 | (46 | ) | 266 | ||||||||||||||
Commercial construction | 1,850 | 1,739 | 1,806 | 1,598 | 1,514 | 111 | 336 | |||||||||||||||
Equipment financing | 1,534 | 1,510 | 1,447 | 1,374 | 1,281 | 24 | 253 | |||||||||||||||
Total commercial | 13,297 | 12,580 | 12,447 | 11,221 | 11,032 | 717 | 2,265 | |||||||||||||||
Residential mortgage | 3,043 | 2,905 | 2,756 | 2,355 | 2,149 | 138 | 894 | |||||||||||||||
Home equity lines of credit | 941 | 927 | 930 | 850 | 832 | 14 | 109 | |||||||||||||||
Residential construction | 399 | 463 | 492 | 443 | 423 | (64 | ) | (24 | ) | |||||||||||||
Manufactured housing | 343 | 340 | 326 | 317 | 301 | 3 | 42 | |||||||||||||||
Consumer | 180 | 180 | 174 | 149 | 145 | — | 35 | |||||||||||||||
Total loans | $ | 18,203 | $ | 17,395 | $ | 17,125 | $ | 15,335 | $ | 14,882 | $ | 808 | $ | 3,321 | ||||||||
LOANS BY MARKET | ||||||||||||||||||||||
Georgia | $ | 4,321 | $ | 4,281 | $ | 4,177 | $ | 4,051 | $ | 4,003 | $ | 40 | $ | 318 | ||||||||
South Carolina | 2,801 | 2,750 | 2,672 | 2,587 | 2,516 | 51 | 285 | |||||||||||||||
North Carolina | 2,445 | 2,355 | 2,257 | 2,186 | 2,117 | 90 | 328 | |||||||||||||||
Tennessee | 2,314 | 2,387 | 2,458 | 2,507 | 2,536 | (73 | ) | (222 | ) | |||||||||||||
Florida | 2,318 | 1,708 | 1,745 | 1,308 | 1,259 | 610 | 1,059 | |||||||||||||||
Alabama | 1,070 | 1,062 | 1,029 | — | — | 8 | 1,070 | |||||||||||||||
Commercial Banking Solutions | 2,934 | 2,852 | 2,787 | 2,696 | 2,451 | 82 | 483 | |||||||||||||||
Total loans | $ | 18,203 | $ | 17,395 | $ | 17,125 | $ | 15,335 | $ | 14,882 | $ | 808 | $ | 3,321 |
UNITED COMMUNITY BANKS, INC. | |||||||||||||||
Financial Highlights | |||||||||||||||
Credit Quality | |||||||||||||||
(in thousands) | |||||||||||||||
2023 | |||||||||||||||
ThirdQuarter | SecondQuarter | FirstQuarter | |||||||||||||
NONACCRUAL LOANS | |||||||||||||||
Owner occupied RE | $ | 5,134 | $ | 3,471 | $ | 1,000 | |||||||||
Income producing RE | 30,255 | 32,542 | 10,603 | ||||||||||||
Commercial & industrial | 13,382 | 30,823 | 33,276 | ||||||||||||
Commercial construction | 1,065 | 115 | 475 | ||||||||||||
Equipment financing | 9,206 | 8,989 | 5,044 | ||||||||||||
Total commercial | 59,042 | 75,940 | 50,398 | ||||||||||||
Residential mortgage | 11,893 | 11,419 | 11,280 | ||||||||||||
Home equity lines of credit | 4,009 | 2,777 | 2,377 | ||||||||||||
Residential construction | 2,074 | 1,682 | 143 | ||||||||||||
Manufactured housing | 12,711 | 10,782 | 8,542 | ||||||||||||
Consumer | 89 | 19 | 55 | ||||||||||||
Total nonaccrual loans | 89,818 | 102,619 | 72,795 | ||||||||||||
OREO and repossessed assets | 1,065 | 1,118 | 608 | ||||||||||||
Total NPAs | $ | 90,883 | $ | 103,737 | $ | 73,403 |
2023 | |||||||||||||||||||||
Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||
(in thousands) | Net Charge-Offs | Net Charge-Offs to Average Loans(1) | Net Charge-Offs | Net Charge-Offs to Average Loans(1) | Net Charge-Offs | Net Charge-Offs to Average Loans(1) | |||||||||||||||
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY | |||||||||||||||||||||
Owner occupied RE | $ | 582 | 0.07 | % | $ | (205 | ) | (0.03)% | $ | 90 | 0.01 | % | |||||||||
Income producing RE | 3,011 | 0.30 | 1,184 | 0.13 | 2,306 | 0.26 | |||||||||||||||
Commercial & industrial | 17,542 | 2.71 | 2,746 | 0.44 | 225 | 0.04 | |||||||||||||||
Commercial construction | (49 | ) | (0.01 | ) | (105 | ) | (0.02 | ) | (37 | ) | (0.01 | ) | |||||||||
Equipment financing | 6,325 | 1.62 | 2,537 | 0.69 | 3,375 | 0.93 | |||||||||||||||
Total commercial | 27,411 | 0.83 | 6,157 | 0.20 | 5,959 | 0.20 | |||||||||||||||
Residential mortgage | (129 | ) | (0.02 | ) | (43 | ) | (0.01 | ) | (87 | ) | (0.01 | ) | |||||||||
Home equity lines of credit | (2,784 | ) | (1.17 | ) | (59 | ) | (0.03 | ) | 33 | 0.01 | |||||||||||
Residential construction | 341 | 0.31 | 623 | 0.53 | (15 | ) | (0.01 | ) | |||||||||||||
Manufactured housing | 1,168 | 1.34 | 620 | 0.75 | 628 | 0.76 | |||||||||||||||
Consumer | 631 | 1.37 | 1,101 | 2.51 | 566 | 1.37 | |||||||||||||||
Total | $ | 26,638 | 0.59 | $ | 8,399 | 0.20 | $ | 7,084 | 0.17 | ||||||||||||
(1)Annualized. |
UNITED COMMUNITY BANKS, INC. |
Consolidated Balance Sheets (Unaudited) |
(in thousands, except share and per share data) | September 30,2023 | December 31, 2022 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 192,726 | $ | 195,771 | ||||
Interest-bearing deposits in banks | 566,779 | 316,082 | ||||||
Federal funds and other short-term investments | — | 135,000 | ||||||
Cash and cash equivalents | 759,505 | 646,853 | ||||||
Debt securities available-for-sale | 3,182,112 | 3,614,333 | ||||||
Debt securities held-to-maturity (fair value $1,992,364 and $2,191,073, respectively) | 2,518,773 | 2,613,648 | ||||||
Loans held for sale | 37,110 | 13,600 | ||||||
Loans and leases held for investment | 18,202,807 | 15,334,627 | ||||||
Less allowance for credit losses - loans and leases | (201,557 | ) | (159,357 | ) | ||||
Loans and leases, net | 18,001,250 | 15,175,270 | ||||||
Premises and equipment, net | 371,435 | 298,456 | ||||||
Bank owned life insurance | 344,647 | 299,297 | ||||||
Goodwill and other intangible assets, net | 994,142 | 779,248 | ||||||
Other assets | 660,233 | 568,179 | ||||||
Total assets | $ | 26,869,207 | $ | 24,008,884 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 6,782,031 | $ | 7,643,081 | ||||
NOW and interest-bearing demand | 5,349,335 | 4,350,878 | ||||||
Money market | 5,691,480 | 4,510,680 | ||||||
Savings | 1,265,548 | 1,456,337 | ||||||
Time | 3,554,619 | 1,781,482 | ||||||
Brokered | 214,855 | 134,049 | ||||||
Total deposits | 22,857,868 | 19,876,507 | ||||||
Short-term borrowings | 37,348 | 158,933 | ||||||
Federal Home Loan Bank advances | — | 550,000 | ||||||
Long-term debt | 324,786 | 324,663 | ||||||
Accrued expenses and other liabilities | 465,381 | 398,107 | ||||||
Total liabilities | 23,685,383 | 21,308,210 | ||||||
Shareholders' equity: | ||||||||
Preferred stock; $1 par value; 10,000,000 shares authorized; 3,745 and 4,000 shares Series I issued andoutstanding, respectively, $25,000 per share liquidation preference | 90,283 | 96,422 | ||||||
Common stock, $1 par value; 200,000,000 shares authorized,118,975,652 and 106,222,758 shares issued and outstanding, respectively | 118,976 | 106,223 | ||||||
Common stock issuable; 608,646 and 607,128 shares, respectively | 12,782 | 12,307 | ||||||
Capital surplus | 2,697,671 | 2,306,366 | ||||||
Retained earnings | 596,617 | 508,844 | ||||||
Accumulated other comprehensive loss | (332,505 | ) | (329,488 | ) | ||||
Total shareholders' equity | 3,183,824 | 2,700,674 | ||||||
Total liabilities and shareholders' equity | $ | 26,869,207 | $ | 24,008,884 |
UNITED COMMUNITY BANKS, INC. |
Consolidated Statements of Income (Unaudited) |
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Interest revenue: | ||||||||||||||
Loans, including fees | $ | 273,781 | $ | 174,065 | $ | 760,696 | $ | 476,072 | ||||||
Investment securities, including tax exempt of $1,722, $2,568, $5,563 and $7,762, respectively | 44,729 | 36,953 | 125,775 | 91,043 | ||||||||||
Deposits in banks and short-term investments | 4,637 | 2,869 | 11,938 | 5,209 | ||||||||||
Total interest revenue | 323,147 | 213,887 | 898,409 | 572,324 | ||||||||||
Interest expense: | ||||||||||||||
Deposits: | ||||||||||||||
NOW and interest-bearing demand | 35,613 | 3,992 | 80,809 | 7,624 | ||||||||||
Money market | 46,884 | 4,503 | 105,430 | 7,030 | ||||||||||
Savings | 868 | 178 | 2,108 | 337 | ||||||||||
Time | 33,368 | 1,207 | 75,464 | 2,322 | ||||||||||
Deposits | 116,733 | 9,880 | 263,811 | 17,313 | ||||||||||
Short-term borrowings | 189 | 27 | 3,186 | 27 | ||||||||||
Federal Home Loan Bank advances | — | — | 5,761 | — | ||||||||||
Long-term debt | 3,669 | 4,206 | 11,339 | 12,515 | ||||||||||
Total interest expense | 120,591 | 14,113 | 284,097 | 29,855 | ||||||||||
Net interest revenue | 202,556 | 199,774 | 614,312 | 542,469 | ||||||||||
Provision for credit losses | 30,268 | 15,392 | 74,804 | 44,082 | ||||||||||
Net interest revenue after provision for credit losses | 172,288 | 184,382 | 539,508 | 498,387 | ||||||||||
Noninterest income: | ||||||||||||||
Service charges and fees | 10,315 | 9,569 | 28,791 | 28,644 | ||||||||||
Mortgage loan gains and other related fees | 6,159 | 6,297 | 17,264 | 29,420 | ||||||||||
Wealth management fees | 6,451 | 5,879 | 17,775 | 17,759 | ||||||||||
Gains from sales of other loans, net | 2,688 | 2,228 | 6,909 | 9,226 | ||||||||||
Lending and loan servicing fees | 2,985 | 2,946 | 9,979 | 7,518 | ||||||||||
Securities losses, net | — | — | (1,644 | ) | (3,688 | ) | ||||||||
Other | 3,379 | 5,003 | 19,499 | 15,474 | ||||||||||
Total noninterest income | 31,977 | 31,922 | 98,573 | 104,353 | ||||||||||
Total revenue | 204,265 | 216,304 | 638,081 | 602,740 | ||||||||||
Noninterest expenses: | ||||||||||||||
Salaries and employee benefits | 81,173 | 67,823 | 236,121 | 208,062 | ||||||||||
Communications and equipment | 10,902 | 8,795 | 31,654 | 27,718 | ||||||||||
Occupancy | 10,941 | 9,138 | 31,024 | 27,381 | ||||||||||
Advertising and public relations | 2,251 | 2,544 | 6,914 | 6,332 | ||||||||||
Postage, printing and supplies | 2,386 | 2,190 | 7,305 | 6,308 | ||||||||||
Professional fees | 7,006 | 4,821 | 19,670 | 14,670 | ||||||||||
Lending and loan servicing expense | 2,697 | 2,333 | 7,546 | 7,746 | ||||||||||
Outside services - electronic banking | 2,561 | 3,159 | 8,646 | 8,629 | ||||||||||
FDIC assessments and other regulatory charges | 4,314 | 2,356 | 12,457 | 6,796 | ||||||||||
Amortization of intangibles | 4,171 | 1,678 | 11,120 | 5,207 | ||||||||||
Merger-related and other charges | 9,168 | 1,746 | 21,444 | 17,905 | ||||||||||
Other | 6,904 | 6,172 | 22,785 | 16,066 | ||||||||||
Total noninterest expenses | 144,474 | 112,755 | 416,686 | 352,820 | ||||||||||
Income before income taxes | 59,791 | 103,549 | 221,395 | 249,920 | ||||||||||
Income tax expense | 11,925 | 22,388 | 47,941 | 53,898 | ||||||||||
Net income | 47,866 | 81,161 | 173,454 | 196,022 | ||||||||||
Preferred stock dividends, net of discount on repurchases | 832 | 1,719 | 4,270 | 5,157 | ||||||||||
Earnings allocated to participating securities | 259 | 407 | 939 | 1,007 | ||||||||||
Net income available to common shareholders | $ | 46,775 | $ | 79,035 | $ | 168,245 | $ | 189,858 | ||||||
Net income per common share: | ||||||||||||||
Basic | $ | 0.39 | $ | 0.74 | $ | 1.44 | $ | 1.78 | ||||||
Diluted | 0.39 | 0.74 | 1.44 | 1.78 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 119,506 | 106,687 | 116,925 | 106,616 | ||||||||||
Diluted | 119,624 | 106,800 | 117,084 | 106,732 |
Average Consolidated Balance Sheets and Net Interest Analysis |
For the Three Months Ended September 30, |
2023 | 2022 | |||||||||||||||||||
(dollars in thousands, fully taxable equivalent (FTE)) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans, net of unearned income (FTE)(1)(2) | $ | 18,055,402 | $ | 273,800 | 6.02 | % | $ | 14,658,397 | $ | 174,168 | 4.71 | % | ||||||||
Taxable securities(3) | 5,933,708 | 43,007 | 2.90 | 6,539,615 | 34,385 | 2.10 | ||||||||||||||
Tax-exempt securities (FTE)(1)(3) | 368,148 | 2,313 | 2.51 | 493,115 | 3,449 | 2.80 | ||||||||||||||
Federal funds sold and other interest-earning assets | 538,039 | 5,093 | 3.76 | 614,755 | 3,106 | 2.00 | ||||||||||||||
Total interest-earning assets (FTE) | 24,895,297 | 324,213 | 5.17 | 22,305,882 | 215,108 | 3.83 | ||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Allowance for credit losses | (209,472 | ) | (138,907 | ) | ||||||||||||||||
Cash and due from banks | 225,831 | 231,376 | ||||||||||||||||||
Premises and equipment | 367,217 | 290,768 | ||||||||||||||||||
Other assets(3) | 1,568,824 | 1,261,236 | ||||||||||||||||||
Total assets | $ | 26,847,697 | $ | 23,950,355 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
NOW and interest-bearing demand | $ | 5,285,513 | 35,613 | 2.67 | $ | 4,335,619 | 3,992 | 0.37 | ||||||||||||
Money market | 5,622,355 | 46,884 | 3.31 | 4,849,705 | 4,503 | 0.37 | ||||||||||||||
Savings | 1,301,047 | 868 | 0.26 | 1,515,350 | 178 | 0.05 | ||||||||||||||
Time | 3,473,191 | 31,072 | 3.55 | 1,635,580 | 984 | 0.24 | ||||||||||||||
Brokered time deposits | 209,119 | 2,296 | 4.36 | 51,530 | 223 | 1.72 | ||||||||||||||
Total interest-bearing deposits | 15,891,225 | 116,733 | 2.91 | 12,387,784 | 9,880 | 0.32 | ||||||||||||||
Federal funds purchased and other borrowings | 44,164 | 189 | 1.70 | 3,442 | 27 | 3.11 | ||||||||||||||
Long-term debt | 324,770 | 3,669 | 4.48 | 324,444 | 4,206 | 5.14 | ||||||||||||||
Total borrowed funds | 368,934 | 3,858 | 4.15 | 327,886 | 4,233 | 5.12 | ||||||||||||||
Total interest-bearing liabilities | 16,260,159 | 120,591 | 2.94 | 12,715,670 | 14,113 | 0.44 | ||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Noninterest-bearing deposits | 6,916,272 | 8,176,987 | ||||||||||||||||||
Other liabilities | 435,592 | 349,647 | ||||||||||||||||||
Total liabilities | 23,612,023 | 21,242,304 | ||||||||||||||||||
Shareholders' equity | 3,235,674 | 2,708,051 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 26,847,697 | $ | 23,950,355 | ||||||||||||||||
Net interest revenue (FTE) | $ | 203,622 | $ | 200,995 | ||||||||||||||||
Net interest-rate spread (FTE) | 2.23 | % | 3.39 | % | ||||||||||||||||
Net interest margin (FTE)(4) | 3.24 | % | 3.57 | % |
(1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.(2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.(3) Unrealized gains and losses on securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $430 million in 2023 and $318 million in 2022 are included in other assets for purposes of this presentation.(4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.
Average Consolidated Balance Sheets and Net Interest Analysis |
For the Nine Months Ended September 30, |
2023 | 2022 | |||||||||||||||||||
(dollars in thousands, fully taxable equivalent (FTE)) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans, net of unearned income (FTE)(1)(2) | $ | 17,377,210 | $ | 760,802 | 5.85 | % | $ | 14,426,470 | $ | 475,989 | 4.41 | % | ||||||||
Taxable securities(3) | 5,982,615 | 120,212 | 2.68 | 6,274,230 | 83,281 | 1.77 | ||||||||||||||
Tax-exempt securities (FTE)(1)(3) | 386,499 | 7,470 | 2.58 | 498,177 | 10,425 | 2.79 | ||||||||||||||
Federal funds sold and other interest-earning assets | 490,703 | 13,103 | 3.57 | 1,271,287 | 6,192 | 0.65 | ||||||||||||||
Total interest-earning assets (FTE) | 24,237,027 | 901,587 | 4.97 | 22,470,164 | 575,887 | 3.43 | ||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||
Allowance for loan losses | (186,428 | ) | (129,278 | ) | ||||||||||||||||
Cash and due from banks | 249,411 | 200,463 | ||||||||||||||||||
Premises and equipment | 347,514 | 284,850 | ||||||||||||||||||
Other assets(3) | 1,518,503 | 1,308,647 | ||||||||||||||||||
Total assets | $ | 26,166,027 | $ | 24,134,846 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
NOW and interest-bearing demand | $ | 4,891,214 | 80,809 | 2.21 | $ | 4,520,079 | 7,624 | 0.23 | ||||||||||||
Money market | 5,349,265 | 105,430 | 2.64 | 4,992,357 | 7,030 | 0.19 | ||||||||||||||
Savings | 1,341,033 | 2,108 | 0.21 | 1,483,169 | 337 | 0.03 | ||||||||||||||
Time | 2,936,873 | 65,856 | 3.00 | 1,688,250 | 2,009 | 0.16 | ||||||||||||||
Brokered time deposits | 280,293 | 9,608 | 4.58 | 65,133 | 313 | 0.64 | ||||||||||||||
Total interest-bearing deposits | 14,798,678 | 263,811 | 2.38 | 12,748,988 | 17,313 | 0.18 | ||||||||||||||
Federal funds purchased and other borrowings | 98,884 | 3,186 | 4.31 | 1,383 | 27 | 2.61 | ||||||||||||||
Federal Home Loan Bank advances | 166,355 | 5,761 | 4.63 | — | — | — | ||||||||||||||
Long-term debt | 324,737 | 11,339 | 4.67 | 322,600 | 12,515 | 5.19 | ||||||||||||||
Total borrowed funds | 589,976 | 20,286 | 4.60 | 323,983 | 12,542 | 5.18 | ||||||||||||||
Total interest-bearing liabilities | 15,388,654 | 284,097 | 2.47 | 13,072,971 | 29,855 | 0.31 | ||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Noninterest-bearing deposits | 7,226,096 | 7,958,392 | ||||||||||||||||||
Other liabilities | 393,048 | 375,182 | ||||||||||||||||||
Total liabilities | 23,007,798 | 21,406,545 | ||||||||||||||||||
Shareholders' equity | 3,158,229 | 2,728,301 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 26,166,027 | $ | 24,134,846 | ||||||||||||||||
Net interest revenue (FTE) | $ | 617,490 | $ | 546,032 | ||||||||||||||||
Net interest-rate spread (FTE) | 2.50 | % | 3.12 | % | ||||||||||||||||
Net interest margin (FTE)(4) | 3.41 | % | 3.25 | % | ||||||||||||||||
(1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.(2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.(3) Unrealized gains and losses on securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $413 million in 2023 and $221 million in 2022 are included in other assets for purposes of this presentation.(4) Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.
About United Community Banks, Inc.United Community Banks, Inc. (NASDAQ: UCBI) is the financial holding company for United Community, a top 100 US financial institution that is committed to improving the financial health and well-being of its customers and ultimately the communities it serves. United Community provides a full range of banking, wealth management, and mortgage services. As of September 30, 2023, United Community has $26.9 billion in assets and 205 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment financing subsidiary. United Community has been recognized nationally as a leader in customer service, financial performance, and workplace environment. Among the accolades, United Community is a nine-time winner of the J.D. Power award that ranked the bank #1 in customer satisfaction with consumer banking in the Southeast and was recognized in 2023 by Forbes as one of the World’s Best Banks and one of America’s Best Banks. United Community was also recognized by Newsweek in 2023 as one of the Most Trusted Companies in America, is a multi-award recipient of the Greenwich Excellence Awards and was named by American Banker as one of the "Best Banks to Work For" in 2022 for the sixth consecutive year. Additional information about United Community can be found at ucbi.com.
Non-GAAP Financial Measures
This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets - pre-tax, pre-provision, excluding merger-related and other charges,” “return on assets - pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.
Caution About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, and include statements related to potential benefits of the First National Bank of South Miami merger, and the strength of our pipelines and their ability to support business growth across our markets and our belief that our high-quality balance sheet and business mix will support strong performance regardless of future economic conditions. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.
Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the First National Bank of South Miami acquisition and other acquisitions may not be realized or take longer than anticipated to be realized, (2) disruption of customer, supplier, employee or other business partner relationships as a result of these acquisitions, (3) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to these acquisitions, (4) the risks relating to the integration of First National Bank of South Miami’s and other acquired banks’ operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (5) the risks associated with United’s pursuit of future acquisitions, (6) the risk associated with expansion into new geographic or product markets, and (7) general competitive, economic, political, regulatory and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2022, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).
Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.
United qualifies all forward-looking statements by these cautionary statements.
For more information:
Jefferson HarralsonChief Financial Officer(864) 240-6208Jefferson_Harralson@ucbi.com
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