UCBI - United Community Banks GAAP EPS of $0.52 misses by $0.10 revenue of $219.89M misses by $28.89M
2023-04-18 17:04:24 ET
- United Community Banks press release ( NASDAQ: UCBI ): Q1 GAAP EPS of $0.52 misses by $0.10 .
- Revenue of $219.89M (+22.4% Y/Y) misses by $28.89M .
- Net income of $62.3 million and pre-tax, pre-provision income of $101.9 million
- EPS increased by 21% compared to first quarter 2022 on a GAAP basis and 16% on an operating basis; compared to fourth quarter 2022, EPS decreased 30% on a GAAP basis and 23% on an operating basis
- Customer deposits were up $525 million, or 10% annualized, excluding acquired Progress balances
- Total deposits are estimated to be 76% insured or collateralized
- Net interest margin of 3.61% was down 15 basis points from the fourth quarter due to increased deposit costs
- Mortgage closings of $225 million compared to $462 million a year ago; mortgage rate locks of $335 million compared to $757 million a year ago
- Noninterest income was down $3.1 million on a linked quarter basis,
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United Community Banks GAAP EPS of $0.52 misses by $0.10, revenue of $219.89M misses by $28.89M