United munity Banks(US:UCBI)2025-05-09 18:09Financial Performance - Net income for the first quarter of 2025 was $71,413 thousand, compared to $62,631 thousand in Q1 2024, marking a year-over-year growth of 14.2%[14]. - Total revenue for the first quarter of 2025 was $248 million, up from $239 million in the first quarter of 2024, reflecting a growth of 3.8%[131]. - Net interest revenue for the three months ended March 31, 2025, was $212,021 thousand, up from $199,149 thousand in the same period of 2024, representing an increase of 6.4%[14]. - Basic net income per common share increased to $0.58 in Q1 2025 from $0.51 in Q1 2024, a growth of 13.7%[14]. - Net income for Q1 2025 was $71,413,000, an increase of 14% compared to $62,631,000 in Q1 2024[19]. Asset and Deposit Growth - Total assets increased to $27,873,718 thousand as of March 31, 2025, compared to $27,720,258 thousand at December 31, 2024, reflecting a growth of 0.55%[12]. - Total deposits rose to $23,762,405 thousand as of March 31, 2025, from $23,460,975 thousand at the end of 2024, indicating an increase of 1.29%[12]. - Net increase in deposits was $301,392,000 in Q1 2025, significantly higher than the $21,024,000 increase in Q1 2024[19]. Credit Losses and Allowance - The provision for credit losses increased to $15,419 thousand in Q1 2025, compared to $12,899 thousand in Q1 2024, reflecting a rise of 19.5%[14]. - The allowance for credit losses on loans and leases was $211,974 thousand as of March 31, 2025, compared to $206,998 thousand at the end of 2024, an increase of 2.4%[12]. - The total Allowance for Credit Losses (ACL) reached $223.201 million, an increase from $224.119 million at the end of March 2024[75]. Noninterest Income and Expenses - Noninterest income decreased to $35,656 thousand in Q1 2025 from $39,587 thousand in Q1 2024, a decline of 9.8%[14]. - Total noninterest expenses decreased to $141,099 thousand in Q1 2025 from $145,002 thousand in Q1 2024, a reduction of 2.0%[14]. - Noninterest income for Q1 2025 was $35,656 thousand, down 10% from $39,587 thousand in Q1 2024[140]. Loan Portfolio and Performance - The total loan portfolio increased to $18.425 billion as of March 31, 2025, up from $18.176 billion at December 31, 2024, representing a growth of approximately 1.37%[45]. - Nonaccrual loans totaled $91,338 thousand as of March 31, 2025, compared to $113,579 thousand as of December 31, 2024, indicating a decrease of about 19.6%[51]. - The total for consumer loans was $182,535, up from $181,072, indicating a growth of about 0.8%[59]. Capital and Regulatory Compliance - As of March 31, 2025, the company was categorized as well-capitalized under regulatory requirements, exceeding all necessary guidelines[118]. - As of March 31, 2025, United Community Banks, Inc. reported a CET1 capital ratio of 13.29%, well above the minimum requirement of 4.5%[119]. - The total common shareholders' equity increased to $3.50 billion, up by $68.8 million from December 31, 2024, due to year-to-date earnings[186]. Market and Economic Conditions - The baseline economic forecast worsened slightly due to uncertainty related to federal administration policies, impacting the ACL estimates[72]. - The effective tax rate for Q1 2025 was 21.7%, down from 22.5% in Q1 2024, with income tax expense increasing to $19.7 million from $18.2 million[158]. Investment Securities - The total investment securities portfolio was valued at $6.66 billion, a decrease of $143.18 million from $6.80 billion on December 31, 2024[172]. - The fair value of HTM debt securities was $1.95 billion, reflecting net unrealized losses of $386 million primarily due to interest rate changes[173]. Shareholder Actions - United repurchased 505,898 shares of common stock for $13.9 million between April 2025 and May 7, 2025[126]. - The company completed the acquisition of ANB Holdings, Inc. on May 1, 2025, with ANB having total assets of $452 million as of March 31, 2025[124].