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Dec 31, 2023
United Community Banks Q4 2023 Earnings Report
United Community Banks reported mixed results for Q4 2023, with net income impacted by non-operating items but underlying banking operations showing strength in deposit and loan growth.
Key Takeaways
United Community Banks, Inc. announced a net income of $14.1 million for the fourth quarter. Diluted earnings per share were $0.11, while operating diluted earnings per share reached $0.53. The bank experienced deposit and loan growth, and net interest revenue increased modestly. Asset quality remained solid, excluding Navitas.
Net income for the fourth quarter was $14.1 million, with diluted earnings per share at $0.11.
Operating diluted earnings per share increased to $0.53, driven by core banking operations.
Deposits grew at an annualized rate of 8%, and loans grew at an annualized rate of 2.5%.
Net interest margin decreased slightly to 3.19%, but the pace of margin compression has slowed.
Forward Guidance
United Community Banks is optimistic about 2024, citing strong economic conditions in its markets and a focus on customer service. The bank remains cautious in its underwriting and portfolio management due to the uncertain economic environment.
Positive Outlook
- Economic conditions remain strong in our markets
- Our teams continue to be focused on leading our markets in customer service
- United was named one of the “Best Banks to Work For” by American Banker for the seventh consecutive year
- We are in the final phases of refreshing our corporate logo and brand across our franchise
- Our commitment to investing in our people, technology and customers’ needs with a culture of caring will remain the same as we continue to grow
Challenges Ahead
- We continue to be cautious in our underwriting and portfolio management given the inherent uncertainty in the environment
- Closely monitoring for potential changes in both the economic environment overall and specifically in our markets
Historical Earnings Impact
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Avg. Return Before/After Earnings
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