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Mar 31, 2021
United Community Banks Q1 2021 Earnings Report
Reported record net income and strong financial performance.
Key Takeaways
United Community Banks, Inc. reported a record net income of $73.7 million for the first quarter of 2021, with diluted earnings per share of $0.82. The quarter benefited from an allowance release of $12.3 million due to improving economic conditions.
Net income for the first quarter reached a record $73.7 million.
Diluted earnings per share were $0.82, a 105% increase from the first quarter a year ago.
Total loans increased by $308 million during the quarter, including a $237 million increase in SBA Paycheck Protection Program (PPP) loans.
Core transaction deposits grew by $948 million during the quarter, or 33% annualized.
United Community Banks
United Community Banks
Forward Guidance
The company is excited about ongoing opportunities in its markets and looks forward to the rest of 2021.