United Community Banks, Inc. announces fourth quarter earnings
January 24, 2018
United Community Banks, Inc. (NASDAQ:UCBI) announced its fourth quarter financial results. Although re-measurement of United’s deferred tax assets following December’s historic tax reform legislation led to a net loss for the quarter of $11.9 million or 16 cents per diluted share, strong margin expansion, disciplined expense controls and solid credit quality drove strong pre-tax results.
On an operating basis, United reported net income of $32.5 million for the fourth quarter of 2017 compared with $28.9 million for the fourth quarter of 2016. Fourth quarter 2017 operating net income excludes the $38.2 million impact of re-measuring United’s deferred tax assets, as well as merger-related and other non-operating charges totaling $6.19 million, net of the associated income tax benefit.
Fourth quarter 2016 operating net income excludes $709,000 in merger-related charges, net of the associated income tax benefit and a $976,000 tax charge for the impairment of our deferred tax asset on cancelled non-qualified stock options. On a per diluted share basis, operating net income was 42 cents for the fourth quarter of 2017 compared with 40 cents for the fourth quarter of 2016.
