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United Community Banks, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $27.4 billion, a slight increase from $27.3 billion at the end of 2023. Total liabilities remained stable at $24.0 billion.
Net income for the quarter was $47.3 million, compared to $47.9 million in the same quarter of the previous year. Diluted earnings per common share were $0.38, down from $0.39 in the previous year.
Net interest revenue increased to $209 million from $203 million in the same quarter of the previous year, driven by higher interest rates on loans and securities. The net interest margin increased to 3.33% from 3.24%.
The provision for credit losses was $14.4 million, down from $30.3 million in the previous year. The decrease is attributed to an improved economic forecast and slower loan growth.
Noninterest income decreased to $8.09 million from $31.98 million, primarily due to a $27.2 million loss on the sale of manufactured housing loans.
Noninterest expenses were $143 million, a slight decrease from $144 million in the previous year. This was largely due to reduced merger-related charges.
The company reported total deposits of $23.3 billion, with a decrease in noninterest-bearing demand deposits and an increase in money market deposits.
Loans totaled $18.0 billion, with a significant reduction in manufactured housing loans following their sale.
The allowance for credit losses on loans was $205 million, representing 1.14% of total loans, consistent with the previous year.
The filing also details the company's liquidity management, including a focus on maintaining sufficient collateral for contingent liquidity sources.
United Community Banks does not anticipate any significant changes to its liquidity or capital resources in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United Community Banks Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.