United Community Banks Q3 2023 Earnings Report
Key Takeaways
United Community Banks reported a decrease in net income and diluted earnings per share for the third quarter of 2023 compared to both the previous quarter and the same quarter last year. Customer deposits and loans experienced annualized growth. The net interest margin contracted due to deposit pricing competition, while noninterest income was down due to the absence of gains. Noninterest expenses increased due to the FNBSM acquisition.
Net income for the third quarter was $47.9 million.
Diluted earnings per share decreased to $0.39, a 26% decrease from Q2 2023 and a 47% decrease from Q3 2022.
Customer deposits grew by 5.6% annualized and loans grew at a 5.4% annualized rate.
Net interest margin decreased by 13 basis points to 3.24%.
United Community Banks
United Community Banks
Forward Guidance
United expects broader credit performance to remain strong, but is appropriately cautious in its portfolio management given the potential for ongoing changes in the economic environment.