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United Community Banks Inc. (UCBI) is a prominent bank holding company headquartered in Blairsville, Georgia. Known as the Bank that Service Built℠, United Community Banks Inc. has been dedicated to providing exceptional banking services since its inception in 1950. With a focus on platinum-level customer service, the company has earned an impressive 96% customer satisfaction rating, the highest in the U.S. banking industry.
The company operates more than 100 locations across Georgia, North Carolina, Tennessee, and South Carolina, making it the third-largest traditional bank holding company in Georgia. United Community Banks Inc. functions primarily through its wholly-owned subsidiary, Union Community Bank, which manages a network of community-focused banks. These banks offer a wide range of retail and corporate banking services, including checking, savings, and time deposit accounts, as well as secured and unsecured loans, wire transfers, brokerage services, and other financial solutions.
United Community Banks Inc. prides itself on its well-diversified loan portfolio, which is predominantly commercial. The company has achieved growth through a combination of organic expansion and selective acquisitions. This growth strategy has enabled United Community Banks Inc. to maintain its commitment to improving the lives of residents in the communities it serves.
Recent achievements and current projects include a partnership with Strata Clean Energy, showcasing the company's commitment to innovation and sustainable growth. United Community Banks Inc. continues to focus on delivering valuable products and services, ranging from personal banking and mortgage services to small business administration loans and risk-management solutions, tailored to meet the needs of its diverse customer base.
For investors and stakeholders, staying updated with the latest performance, events, and developments of United Community Banks Inc. is crucial for informed decision-making. The company's strong financial condition and strategic growth initiatives position it as a secure and reliable banking partner in the southeastern United States.
United Community Banks, Inc. (UCBI) reported a net income of $81.2 million for Q3 2022, with diluted earnings per share (EPS) of $0.74, marking a 21% increase from the previous quarter. Loan growth was robust at 9.4% annualized, alongside 38 basis points of net interest margin expansion. However, EPS decreased by 10% year-over-year, primarily due to a loss provision of $15.4 million. The efficiency ratio improved to 48.4% while the return on assets (ROA) stood at 1.32%. The company declared a quarterly dividend of $0.22 per share, reflecting a 10% increase year-over-year.
United Community Banks, Inc. (NASDAQ: UCBI) will release its Q3 2022 financial results on October 18, 2022, after market close. A conference call to discuss these results and the company's outlook is scheduled for October 19, 2022, at 11:00 a.m. ET. Interested participants can pre-register for the call, which will also be webcast live. United Community Banks, recognized for its customer satisfaction and award-winning service, held assets totaling $24.2 billion as of June 30, 2022, and operates 195 offices across five states.
United Community Banks, Inc. appointed George Bell as a new Director on its Board. Bell, with over 25 years of financial services experience from companies like Truist and BB&T, brings significant expertise in information technology and customer service. His previous role involved leading technical teams in enhancing product quality. Chairman Lynn Harton emphasized that Bell's skill set aligns with the company's growth strategy, especially in the Southeast markets. United, recognized for customer satisfaction by J.D. Power and Forbes, continues to expand its operations.
United Community Banks, Inc. (NASDAQ: UCBI) declared a quarterly cash dividend of $0.22 per share on common stock, payable on October 5, 2022 to shareholders of record as of September 15, 2022.
Additionally, a dividend of $429.6875 per share on the Company’s 6.875% Non-Cumulative Perpetual Preferred Stock (NASDAQ: UCBIO) was approved, payable on September 15, 2022 to shareholders of record on August 31, 2022.
United Community Banks (UCBI) reported Q2 2022 net income of $66.8 million, with diluted EPS of $0.61, a 42% increase from Q1 2022 but a 22% decrease year-over-year. Loan growth was strong at 6.3% annualized, and net interest margin expanded by 22 basis points to 3.19%. The efficiency ratio improved to 56.6%, and the reserve for credit losses reached 1.05% of total loans. Despite a decrease in total deposits by 0.9%, the company remains optimistic about its growth potential and merger with Progress Financial Corporation.
United Community Banks, Inc. (UCBI) will release its second quarter 2022 financial results on July 19, 2022, after the market closes. A conference call will follow on July 20, 2022, at 11:00 a.m. ET to discuss the results and outlook. The bank has $24.4 billion in assets as of March 31, 2022, and 198 offices across five states. UCBI has received numerous accolades, including high rankings in customer satisfaction and being listed among the best banks to work for in America.
United Community Bank has launched the United Essential Banking account, designed to provide safe and affordable banking solutions. This low-cost checking account features no overdraft fees, low minimum deposit to open, and no minimum balance requirement. Certified by the Bank On National Account Standards, the initiative aims to enhance access to traditional banking services for underserved community members. As of March 31, 2022, United Community Bank reported $24.4 billion in assets and has been recognized for exceptional customer satisfaction in the Southeast.
United Community Banks, Inc. (NASDAQ: UCBI) announced a quarterly cash dividend of $0.21 per share, payable on July 5, 2022, to shareholders on record by June 15, 2022. Additionally, a dividend of $429.6875 per share on the 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NASDAQ: UCBIO) is scheduled for June 15, 2022, for shareholders on record by May 31, 2022. The company has a total asset base of $24.4 billion and has been recognized for customer satisfaction and employee satisfaction awards.
United Community Banks (NASDAQGS: UCBI) announced a definitive agreement to acquire Progress Financial Corporation for approximately $271.5 million in an all-stock transaction, valued at $23.52 per share. Progress, operating 14 offices in growth markets across Alabama and Florida, has $1.9 billion in assets and aims to enhance United’s footprint and service offerings. The merger is expected to be accretive to United’s earnings by $0.07 per share in 2023. The transaction awaits regulatory and shareholder approval, anticipated to close in Q4 2022.
United Community Banks, Inc. (NASDAQ: UCBI) reported Q1 2022 net income of $48 million, with diluted EPS at $0.43, reflecting a 48% year-over-year decline. Key highlights include 9% loan growth and 7% deposit growth. The net interest margin expanded by 16 basis points, while credit loss provisions totaled $23.1 million due to the Reliant acquisition. Operating metrics showed improvement, with pre-tax, pre-provision income rising 27% from Q4 2021. The efficiency ratio improved to 57.4%. CEO Lynn Harton expressed optimism for 2022, citing strong growth potential.
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