United Community Banks, Inc. announces second quarter earnings
July 26, 2017
United Community Banks, Inc. (NASDAQ:UCBI) announced strong second quarter results with disciplined expense management, sound credit quality and meaningful margin expansion. Net income was $28.3 million, or 39 cents per diluted share, compared with $25.3 million, or 35 cents per diluted share, for the second quarter of 2016.
On an operating basis, net income rose to $29.4 million for the second quarter of 2017 compared with $26.0 million for the second quarter of 2016. Second quarter 2017 operating net income excludes merger-related and executive retirement charges totaling $1.16 million, net of the associated income tax benefit. Second quarter 2016 operating net income excludes $731,000 in merger-related charges, net of the associated income tax benefit. On a per diluted share basis, operating net income was 41 cents for the second quarter of 2017 compared with 36 cents for the second quarter of 2016.
Highlights:
- Net interest revenue of $85.1 million, up $10.2 million or 14 percent from year ago
- Net interest margin of 3.47 percent, up two basis points from first quarter and up 12 basis points from year ago
- Return on assets of 1.06 percent, or 1.10 percent excluding merger-related and other charges
- Efficiency ratio of 57.9 percent, or 56.2 percent excluding merger-related and other charges
- Announced two acquisitions during the quarter
On April 20, United announced the acquisition of Horry County State Bank which enhances their presence in the Myrtle Beach area along the South Carolina coast.
On June 27, United announced its planned acquisition of Four Oaks Bank & Trust Company, which will extend its footprint to the Raleigh MSA.
