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Jun 30, 2022
United Community Banks Q2 2022 Earnings Report
Reported strong core profitability driven by net interest margin expansion and loan growth.
Key Takeaways
United Community Banks, Inc. announced net income for the second quarter of $66.8 million and pre-tax, pre-provision income of $91.6 million. Diluted earnings per share of $0.61 for the quarter represented an increase of $0.18 or 42% from the first quarter of 2022 and a decrease of $0.17 or 22%, from the second quarter of 2021.
6.3% annualized loan growth
22 basis points of net interest margin expansion
Modest reserve build to 1.05% of loans
Improvement in the efficiency ratio to 56.6%, or 53.2% on an operating basis
United Community Banks
United Community Banks
Forward Guidance
United remains very positive about its performance during the second half of 2022. The company continues to see strong pipelines for business growth across its markets and has a high-quality balance sheet and business mix that it believes will support strong performance regardless of future economic conditions.
Positive Outlook
- Strong pipelines for business growth across our markets.
- High-quality balance sheet.
- Business mix will support strong performance.
- Exceptional asset quality
- Solid organic loan growth