United munity Banks(UCBI) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for the first quarter was $62.6 million, with pre-tax, pre-provision income of $93.7 million[2]. - Diluted earnings per share (EPS) decreased by 2% year-over-year to $0.51, but increased by 364% compared to the fourth quarter of 2023[2][9]. - Total revenue for the quarter was $225.8 million, a 3% increase from the previous quarter[10]. - Net income for the first quarter of 2024 was $62,631,000, compared to $63,288,000 in the previous quarter, reflecting a decrease of 1.04%[11]. - Net income for the first quarter of 2024 was $62,631 thousand, slightly up from $62,300 thousand in the same period of 2023, representing an increase of 0.53%[15]. - Total interest revenue rose to $336,728 thousand in Q1 2024, a 20.5% increase from $279,487 thousand in Q1 2023[15]. Asset and Deposit Growth - Total assets increased to $27,364,888 thousand as of March 31, 2024, compared to $27,297,251 thousand at December 31, 2023, reflecting a growth of 0.25%[14]. - As of March 31, 2024, United Community Banks, Inc. reported total assets of $27.3 billion, an increase from $25.8 billion in 2023, representing a growth of approximately 5.4%[19]. - Total deposits remained stable at $23,332,009 thousand as of March 31, 2024, compared to $23,310,611 thousand at December 31, 2023[14]. - United Community's total liabilities increased to $23,895,349 thousand in 2024 from $22,637,831 thousand in 2023, representing a growth of approximately 5.6%[16]. Loan and Credit Quality - Core deposits grew by 5% annualized, while loans increased at a rate of 1.2% annualized during the quarter[3][9]. - Total loans increased by $56 million from the previous quarter to $18,375 million, marking a year-over-year increase of $1,250 million[12]. - Nonperforming assets (NPAs) increased to 0.39% of total assets, up 5 basis points from the previous quarter[5][9]. - Net charge-offs were $12.9 million, representing 0.28% of average loans, an increase of 6 basis points from the fourth quarter[5][9]. - The net charge-offs for commercial and industrial loans were $3,906 thousand in Q1 2024, with a net charge-off rate of 0.65%[13]. - The allowance for credit losses was $212,996 thousand as of March 31, 2024, compared to $167,584 thousand in 2023, reflecting an increase of approximately 27%[16]. Income and Efficiency Metrics - Noninterest income was $39.6 million, significantly up from a loss of $23.1 million in the fourth quarter[10]. - The efficiency ratio (GAAP) for the first quarter of 2024 was 60.47%, an improvement from 66.33% in the previous quarter[11]. - Total noninterest income increased to $39,587 thousand in Q1 2024, up from $30,209 thousand in Q1 2023, marking a growth of 31.1%[15]. Interest and Yield Metrics - Net interest margin rose by 1 basis point to 3.20%, with the average yield on interest-earning assets increasing by 8 basis points to 5.39%[5][9]. - The net interest margin (FTE) decreased to 3.20% in Q1 2024 from 3.61% in Q1 2023, a decline of 11.4%[16]. - The net interest revenue after provision for credit losses was $186,250 thousand in Q1 2024, slightly down from $189,687 thousand in Q1 2023[15]. - Interest-bearing deposits rose to $16,781,964 thousand in 2024, compared to $13,696,908 thousand in 2023, marking an increase of approximately 22.5%[16]. - The average rate on loans increased to 6.24% in Q1 2024 from 5.68% in Q1 2023, a rise of 9.8%[16]. Shareholder Metrics - The quarterly common shareholder dividend remained flat at $0.23 per share year-over-year[9][10]. - The book value per common share (GAAP) increased to $26.83 from $25.98 in the previous quarter[11]. - The total shareholders' equity rose to $3,300,110 thousand as of March 31, 2024, compared to $3,261,525 thousand at December 31, 2023, reflecting an increase of 1.18%[14]. Awards and Recognition - United Community was recognized as a top 100 U.S. financial institution and received multiple awards for customer satisfaction and workplace excellence in 2024[19]. - The company operates 205 offices across six states and has a national SBA lending franchise and equipment lending subsidiary[19].