United Community Banks ( (UCB) ) has released its Q4 earnings. Here is a breakdown of the information United Community Banks presented to its investors.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
United Community Banks, Inc. is a financial holding company providing banking, wealth management, and mortgage services across several states in the Southeastern United States, with a focus on enhancing the financial well-being of its customers and communities.
United Community Banks reported a robust financial performance for the fourth quarter and full year of 2024, with significant improvements in net income and earnings per share compared to the previous year. The company attributed its strong performance to increased net interest and noninterest income, along with a stable credit quality and decreased provision for credit losses.
Key financial metrics for the fourth quarter included a net income of $75.8 million, with a significant increase in diluted earnings per share to $0.61, up from $0.11 a year earlier. The company also reported a return on assets of 1.06% and a return on common equity of 8.4%. On the strategic front, United Community Banks announced plans to acquire American National Bank, expanding its reach in South Florida.
For the full year, United Community Banks achieved a net income of $252 million and pre-tax, pre-provision income of $374 million. The company’s operating earnings per share grew by 9% year-over-year, supported by a combination of higher revenues and improved efficiency ratios.
As the company enters 2025, United Community Banks is positioned strongly, with solid capital and liquidity levels, and aims to continue its legacy of trust and excellence in customer service as it marks its seventy-fifth anniversary.
