United Community Q4 GAAP EPS $0.74, operating $0.75; loan growth 12% annualized

UNITED COMMUNITY BANKS INC

2022-FY EPS reported $2.52 revenue$826,151,000

Net income $81.5M; diluted GAAP EPS $0.74 (up 35% YoY, flat QoQ); operating EPS $0.75.
Net interest margin expanded 19bp to 3.76%; loans grew 12% annualized; core deposits down 22% annualized.
Allowance for loan losses increased to 1.04% of loans; net charge-offs $6.6M (0.17% avg loans) vs 0.03% in Q3.
Completed acquisition of Progress Financial Corp on Jan 3, 2023 ($1.8B assets); quarterly dividend raised 10% to $0.22.
Efficiency ratio improved to 47.95% GAAP (47.35% operating); ROA 1.33% (1.35% operating).

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNITED COMMUNITY BANKS INC reported the fiscal year ended December 31, 2022 results: EPS $2.52.

Period: the fiscal year ended December 31, 2022
EPS: $2.52
Result: reported results

Exact text from the filing

2022 Financial Highlights: · Completed successful year with strong loan growth and historically high pre-credit profitability, and completed an acquisition in the high-growth Nashville, Tennessee MSA, which was a strategic priority · Full year EPS of $2.52, a decrease of 15% compared to 2021; full year operating EPS of $2.66, a decrease of 14% from 2021 · Return on assets of 1.13%, or 1.19% on an operating basis

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNITED COMMUNITY BANKS INC reported the fourth quarter of 2022 results: net income $81.5 million, EPS $0.74.

Period: the fourth quarter of 2022
Net income: $81.5 million
EPS: $0.74
Result: reported results

Exact text from the filing

United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced that net income for the 2022 fourth quarter was $81.5 million and pre-tax, pre-provision income was $125.9 million. Diluted earnings per share of $0.74 for the quarter represented an increase of $0.19 or 35%, from the fourth quarter a year ago, and was flat from the third quarter of 2022.

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Source: SEC EDGAR

accession 0001104659-23-004281

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