UCBIO - United Community Banks Inc. (UCBI) Q4 2023 Earnings Call Transcript
2024-01-24 19:46:04 ET
United Community Banks, Inc. (UCBI)
Q4 2023 Earnings Conference Call
January 24, 2024, 11:00 AM ET
Company Participants
Lynn Harton - Chairman and Chief Executive Officer
Jefferson Harralson - Chief Financial Officer
Rich Bradshaw - President and Chief Banking Officer
Rob Edwards - Chief Risk Officer
Conference Call Participants
Michael Rose - Raymond James
Graham Dick - Piper Sandler
Catherine Mealor - KBW
Russell Gunther - Stephens
David Bishop - Hovde Group
Christopher Marinac - Janney Montgomery Scott
Gary Tenner - D.A. Davidson
Presentation
Operator
Good morning, and welcome to United Community Banks' Fourth Quarter 2023 Earnings Call.
Hosting our call today are Chairman and Chief Executive Officer, Lynn Harton; Chief Financial Officer, Jefferson Harralson; President and Chief Banking Officer, Rich Bradshaw; and Chief Risk Officer, Rob Edwards.
United's presentation today includes references to operating earnings, pre-tax, pre-credit earnings, and other non-GAAP financial information. For these non-GAAP financial measures, United has provided a reconciliation to the corresponding GAAP financial measure in the Financial Highlights section of the earnings release as well as at the end of the investor presentation. Both are included on the website at ucbi.com. Copies of the fourth quarter's earnings release and investor presentation were filed this morning on Form 8-K with the SEC. And a replay of this call will be available in the Investor Relations section of the company's website at ucbi.com.
Please be aware that during this call, forward-looking statements may be made by representatives of United. Any forward-looking statements should be considered in light of risks and uncertainties described on Pages 5 and 6 of the company's 2022 Form 10-K, as well as other information provided by the company and its filings with the SEC and included on its website.
At this time, I will turn the call over to Lynn Harton.
Lynn Harton
Good morning, and thank you for joining our call today.
This quarter was a bit unusual with several non-recurring items. First, the FDIC special assessment to replenish the insurance fund was $10 million. Additionally, we took the opportunity as rates fell going into the end of the year to sell some of our longer-duration bonds to shorten the average life of our balance sheet. While not the driver of this decision, this will also increase our earnings for 2024. Together, these two items reduced our GAAP earnings by approximately $0.39 in the quarter....
United Community Banks, Inc. (UCBI) Q4 2023 Earnings Call Transcript