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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 (NASDAQ: UCBI) will release its Q1 2022 financial results on April 19, 2022, after market close. A conference call to discuss results, business highlights, and outlook will be held on April 20, 2022, at 11:00 a.m. ET. Participants can pre-register for the call via the provided link or dial in directly. At the end of 2021, United reported $20.9 billion in assets and operates 171 offices across five states. The recent acquisition of Reliant Bancorp added $3 billion in assets and expanded its presence in Tennessee.
United Community Banks, Inc. (NASDAQ: UCBI) announced a quarterly cash dividend of $0.21 per share, payable on April 5, 2022, to shareholders of record by March 15, 2022. Additionally, a dividend of $429.6875 per share on the 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NASDAQ: UCBIO) will be paid on March 15, 2022, to shareholders of record as of February 28, 2022. This announcement reflects United's commitment to return value to its shareholders while continuing to grow its asset base, following its recent acquisition of Reliant Bancorp.
United Community Banks, Inc. (NASDAQ: UCBI) reported a net income of $52 million for Q4 2021, with a diluted EPS of $0.55, marking a 17% YoY decrease. Pre-tax, pre-provision income stood at $65.6 million. The decline in earnings is primarily due to reduced PPP loan fee accretion and acquisition-related charges. Loan growth was strong, with a $569 million increase during the quarter, driven partly by the acquisition of Aquesta Financial Holdings. The company released a provision for credit losses of $647,000, resulting in an allowance of 0.87% of loans. Core transaction deposits rose by $948 million, or 28% annualized.
United Community Banks, Inc. (NASDAQ: UCBI) will release its fourth quarter 2021 financial results on January 18, 2022, after market close. A conference call to discuss these results and business outlook is scheduled for January 19, 2022, at 11:00 a.m. ET. Participants can pre-register online or call in to join. Following its recent acquisitions, UCBI has approximately $23.5 billion in assets and operates 196 offices across multiple states, emphasizing a commitment to customer service.
United Community Banks, Inc. (NASDAQ: UCBI) successfully completed its merger with Reliant Bancorp, Inc. (NASDAQ: RBNC) on January 1, 2022. This merger integrates Reliant's banking operations into United's existing framework, enhancing its market presence in Tennessee, particularly in Nashville and surrounding areas. Reliant reported $3.0 billion in assets and $2.5 billion in loans as of September 30, 2021. The merger aims to leverage increased operational capacity and broader service offerings to accelerate growth and improve customer service.
United Community Banks, Inc. (UCBI) announced a share repurchase program of up to $50 million, authorized by its Board of Directors. This program allows the bank to repurchase shares in open market transactions or privately negotiated deals until December 31, 2022. The company indicated that the timing and number of shares repurchased will depend on market conditions and stock price. With $20.2 billion in assets and numerous accolades for customer satisfaction, United aims to enhance shareholder value through this strategic decision.
United Community Banks, Inc. (NASDAQ: UCBI) has declared a quarterly cash dividend of $0.20 per share on its common stock, payable on January 5, 2022, to shareholders who are recorded as of December 15, 2021.
Additionally, the Board approved a dividend of $429.6875 per share on its 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NASDAQ: UCBIO), payable on December 15, 2021, to shareholders of record as of November 30, 2021.
United Community Banks reported strong third-quarter results with a net income of $73.8 million, marking a 58% increase year-over-year. The diluted earnings per share (EPS) reached $0.82, up $0.30 from the previous year. Key metrics included a 1.48% return on assets and 14.3% return on common equity. The bank completed the acquisition of Aquesta Financial Holdings on October 1, boosting its presence in Charlotte and Wilmington. However, total loans decreased by $200 million, primarily due to $322 million in PPP loan forgiveness.
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