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Jun 30, 2024
United Community Banks Q2 2024 Earnings Report
United Community Banks reported strong margin expansion driving growth in net income.
Key Takeaways
United Community Banks, Inc. announced a net income of $66.6 million for the second quarter of 2024. Diluted earnings per share were $0.54, a 2% increase year-over-year and a 6% increase from the previous quarter. The increase in earnings per share was primarily driven by higher net interest income.
Net income for the second quarter was $66.6 million.
Diluted earnings per share increased to $0.54, up 2% year-over-year.
Net interest margin increased by 17 basis points to 3.37% from the first quarter.
The company decided to sell its investment in FinTrust Capital Advisors, LLC, focusing on Private Banking, Retail, and Trust businesses.
Revenue by Geographic Location
Forward Guidance
United expects loan growth to be weaker in the near term as customers appear to be taking a conservative approach to economic and election uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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