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Mar 31, 2022
United Community Banks Q1 2022 Earnings Report
Reported strong core profitability, loan growth, and deposit growth.
Key Takeaways
United Community Banks, Inc. announced a net income of $48.0 million for the first quarter. The quarter was marked by strong loan and deposit growth, net interest margin expansion and an improved efficiency ratio, but earnings were reduced on a GAAP basis relative to prior quarters due to a higher credit loss provision related to the Reliant acquisition and the wind down of the PPP program.
Net income for the first quarter was $48.0 million.
Pre-tax, pre-provision income was $83.5 million.
Diluted earnings per share of $0.43 for the quarter.
Strong 9% annualized core loan growth and 7% annualized deposit growth.
Forward Guidance
United has a very positive outlook for 2022, supported by strong business growth across its markets and a balance sheet that is well-positioned for increasing interest rates.
Positive Outlook
- Strong business growth across markets.
- Balance sheet is well-positioned for increasing interest rates.
- Balanced business mix.
- Focus on credit quality.
- Focus on risk management.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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