United Community Banks Q1 2020 Earnings Report
Key Takeaways
United Community Banks, Inc. reported a net income of $31.9 million and diluted earnings per share of $0.40 for the first quarter of 2020. The company built its allowance for credit losses with a $22.2 million provision for credit losses and successfully processed applications totaling more than $960 million for 6,918 small businesses through the Small Business Administration’s Paycheck Protection Program.
EPS decreased by 27% as compared to last year on both a GAAP and operating basis.
Return on assets of 0.99%, or 1.01% excluding merger-related and other charges.
Core transaction deposits were up $238 million or 13% annualized, mainly driven by demand deposit growth of $165 million during the quarter.
Net interest margin of 4.07% was up 14 basis points compared to the fourth quarter, and down 3 basis points from a year ago.