United Community Banks sells $318.2M manufactured housing loan portfolio to 21st Mortgage

UNITED COMMUNITY BANKS INC

Portfolio sold on August 30, 2024 to 21st Mortgage Corporation, a Clayton Homes division.
Sale accelerates exit from runoff portfolio; originations had ceased in Q3 2023.
Estimated $0.18 per share impact to Q3 results, including $11.5M reserve release.
CEO cites removal of management distraction and reduced risk profile; portfolio was 11% of YTD charge-offs and 18% of NPAs.
Transaction slightly accretive to regulatory capital ratios; no ongoing earnings effect expected.

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