{"id":515363,"date":"2021-07-20T16:33:22","date_gmt":"2021-07-20T20:33:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/united-community-banks-inc-reports-second-quarter-results\/"},"modified":"2021-07-20T16:33:22","modified_gmt":"2021-07-20T20:33:22","slug":"united-community-banks-inc-reports-second-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/united-community-banks-inc-reports-second-quarter-results\/","title":{"rendered":"United Community Banks, Inc. Reports Second Quarter Results"},"content":{"rendered":"

\nEPS of $0.78, Return on Assets of 1.46% and Return on Common Equity of 14.1%
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GREENVILLE, S.C., July 20, 2021 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced that net income for the second quarter was $70.3 million and pre-tax, pre-provision income was $78.7 million. Diluted earnings per share of $0.78 for the quarter represented an increase of $0.46 or 144%, from the second quarter a year ago, and represented a decrease of $0.04 or 5% from the first quarter of 2021. On an operating basis, United\u2019s diluted earnings per share of $0.79 was up 147% over the year ago quarter. United\u2019s GAAP return on assets (ROA) was 1.46% and its return on common equity was 14.1% for the quarter. On an operating basis, United\u2019s ROA was 1.48% and its return on tangible common equity was 17.8%. On a pre-tax, pre-provision basis, operating return on assets was 1.67% for the quarter. The quarter benefited from an allowance release of $13.6 million, reflecting continued improvement in economic conditions and forecasts in United\u2019s markets.<\/p>\n

Chairman and CEO Lynn Harton stated, \u201cThis has been an outstanding quarter for United. Our team once again was recognized by JD Power as having the Best Retail Customer Satisfaction in the Southeast. On July 6, we closed on the acquisition of FinTrust, accelerating our wealth management strategy. We announced expansion into two of the strongest markets in the Southeast, Charlotte and Nashville, via agreements to acquire outstanding community banks in those markets. In addition to these strategic accomplishments, our bankers continued to deliver strong performance results. Core loan growth, excluding PPP loans, was solid and we continue to be optimistic about the remainder of the year, given the momentum in our markets. Core deposit growth remains very strong. Credit results were excellent as well. I couldn\u2019t be more proud of the United team and I congratulate them for delivering these tremendous results.\u201d<\/p>\n

Total loans decreased by $288 million during the quarter\u2014impacted by $411 million of Paycheck Protection Program (PPP) loan forgiveness. Excluding the effect of PPP loans, core organic loan growth was 5% annualized. Core transaction deposits grew by $432 million during the quarter, or 14% annualized, and United\u2019s cost of deposits decreased by 5 basis points to 0.09%. The net interest margin decreased by 3 basis points from the first quarter due mainly to a change in the earning asset mix.<\/p>\n

\n Second Quarter 2021 Financial Highlights:<\/strong>\n <\/p>\n