United Community Banks Q1 net income $62.3M, EPS $0.52; organic loan growth 8%, deposit growth 10%

UNITED COMMUNITY BANKS INC

2023-Q1 EPS reported $0.52 revenue$219,896,000

Net income $62.3M ($0.52 diluted GAAP EPS); operating EPS $0.58, up 16% YoY.
Net interest margin 3.61%, down 15 bps QoQ due to higher deposit costs; cost of deposits up 61 bps to 1.10%.
Organic loan growth 8% annualized, customer deposit growth 10% annualized (excluding acquired Progress balances).
Completed Progress acquisition with $1.8B assets on Jan 3, 2023; also announced partnership with First National Bank of South Miami.
Nonperforming assets 28 bps of total assets, up 10 bps QoQ; net charge-offs 0.17% of avg loans.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNITED COMMUNITY BANKS INC reported the 2023 first quarter results: net income $62.3 million, EPS $0.52.

Period: the 2023 first quarter
Net income: $62.3 million
EPS: $0.52
Result: reported results

Exact text from the filing

United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced that net income for the 2023 first quarter was $62.3 million and pre-tax, pre-provision income was $101.9 million. Diluted earnings per share of $0.52 for the quarter represented an increase of $0.09 or 21%, from the first quarter a year ago and a decrease of $0.22 or 30% from the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0001104659-23-046780

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