- United Community Banks press release ( NASDAQ: UCBI ): Q3 GAAP EPS of $0.74 beats by $0.02 .
- Revenue of $216.30M (+442.5% Y/Y) misses by $10.38M .
- Return on assets of 1.32%, or 1.34% on an operating basis
- Pre-tax, pre-provision return on assets of 1.94%, or 1.97% on an operating basis
- Return on common equity of 11.02%
- Return on tangible common equity of 15.60% on an operating basis
- A provision for credit losses of $15.4 million, which increased the allowance for loan losses to 1.12% of loans from 1.05% in the second quarter
- Loan production of $1.6 billion, resulting in loan growth of 9.4% annualized for the quarter
- Core transaction deposits were down $225 million, which represents a decline of 5% annualized for the quarter
- Net interest margin of 3.57% was up 38 basis points from the second quarter, due to the effect of higher interest rates
- Mortgage closings were $317 million compared to $568 million a year ago; mortgage rate locks were $456 million compared to $731 million a year ago
- Noninterest income was down $1.5 million on a linked quarter basis, primarily driven by lower lock volume driven by higher interest rates
- Noninterest expenses decreased by $8.0 million compared to the second quarter on a GAAP basis and by $2.6 million on an operating basis, primarily driven by lower merger-related charges as the second quarter included costs for the Reliant systems conversion
- Efficiency ratio improved to historically low levels of 48.4%, or 47.7% on an operating basis
- Net charge-offs were $1.1 million or 3 basis points as a percent of average loans, up 6 basis points from the net recoveries experienced in the second quarter
- Nonperforming assets were 0.15% of total assets, an increase of 1 basis point compared to June 30, 2022
- Quarterly common shareholder dividend was $0.22 per share declared during the quarter, an increase of 10% year-over-year
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United Community Banks GAAP EPS of $0.74 beats by $0.02, revenue of $216.30M misses by $10.38M