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

FORM 10-Q Filing Information Details UNITED COMMUNITY BANKS, INC.'s Form 10-Q filing for Q1 2024, covering registrant identification and SEC compliance Registrant and Filing Details This section outlines UNITED COMMUNITY BANKS, INC.'s Form 10-Q filing details for Q1 2024, including registrant identification and SEC compliance - The report is a Quarterly Report on Form 10-Q for the period ended March 31, 2024[2] - UNITED COMMUNITY BANKS, INC. is incorporated in Georgia with principal executive offices in Blairsville, Georgia[2] - The registrant has filed all required reports during the preceding 12 months and is a large accelerated filer[4][5] Securities Registered Pursuant to Section 12(b) of the Act | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | | :------------------ | :---------------- | :---------------------------------------- | | Common stock, par value $1 per share | UCBI | Nasdaq Global Select Market | | Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | UCBIO | Nasdaq Global Select Market | - As of April 30, 2024, there were 119,141,235 shares of common stock outstanding[6] Index and Preliminary Information This section provides a glossary of defined terms and a cautionary note regarding forward-looking statements Glossary of Defined Terms Provides definitions for key terms used throughout the report, ensuring clarity and consistency in financial and operational discussions - The glossary defines terms such as ACL, AFS, CECL, CRE, and GAAP, among others[9][10] Cautionary Note Regarding Forward-looking Statements Advises on forward-looking statements, highlighting risks, uncertainties, and assumptions that could cause actual results to differ - Forward-looking statements are identified by terms like 'believes', 'expects', 'may', 'will', 'could', 'should', 'projects', 'plans', 'goal', 'targets', 'potential', 'estimates', 'pro forma', 'seeks', 'intends', or 'anticipates'[11] - Key risk factors include negative economic and political conditions, changes in loan underwriting, interest rate fluctuations, cybersecurity risks, and legislative/regulatory changes[12][13] - The company disclaims any obligation to update or revise forward-looking statements, which speak only as of the filing date[14] PART I - Financial Information This part presents the unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements Presents United Community Banks, Inc.'s unaudited consolidated financial statements for Q1 2024, with notes on accounting policies and significant transactions Consolidated Balance Sheets (Unaudited) Consolidated Balance Sheet Highlights (in thousands) | Item | March 31, 2024 | December 31, 2023 | | :----------------------------------- | :------------- | :---------------- | | Total assets | $27,364,888 | $27,297,251 | | Total liabilities | $24,064,778 | $24,035,726 | | Total shareholders' equity | $3,300,110 | $3,261,525 | | Loans and leases, net | $18,163,910 | $18,110,684 | | Total deposits | $23,332,009 | $23,310,611 | - Total assets increased by $67.6 million (0.25%) from December 31, 2023, to March 31, 2024[16] - Total shareholders' equity increased by $38.6 million (1.18%) over the same period[16] Consolidated Statements of Income (Unaudited) Consolidated Statements of Income Highlights (in thousands, except per share data) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Total interest revenue | $336,728 | $279,487 | | Total interest expense | $137,579 | $68,017 | | Net interest revenue | $199,149 | $211,470 | | Provision for credit losses | $12,899 | $21,783 | | Total noninterest income | $39,587 | $30,209 | | Total noninterest expenses | $145,002 | $139,805 | | Net income | $62,631 | $62,300 | | Net income per common share (Diluted) | $0.51 | $0.52 | - Net interest revenue decreased by $12.32 million (5.83%) year-over-year, primarily due to a significant increase in interest expense on deposits[18] - Provision for credit losses decreased by $8.88 million (40.78%) year-over-year[18] - Total noninterest income increased by $9.38 million (31.05%) year-over-year[18] Consolidated Statements of Comprehensive Income (Unaudited) Consolidated Statements of Comprehensive Income Highlights (in thousands) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Net income | $62,631 | $62,300 | | Total other comprehensive income | $2,557 | $35,051 | | Comprehensive income | $65,188 | $97,351 | - Total other comprehensive income decreased significantly from $35.05 million in Q1 2023 to $2.56 million in Q1 2024, primarily due to lower unrealized gains on available-for-sale securities[19] Consolidated Statements of Changes in Shareholders' Equity (Unaudited) Changes in Shareholders' Equity (in thousands) | Item | December 31, 2023 | March 31, 2024 | | :----------------------------------- | :---------------- | :------------- | | Total Shareholders' Equity (Beginning) | $3,261,525 | $3,261,525 | | Net income | $62,631 | $62,631 | | Other comprehensive income | $2,557 | $2,557 | | Preferred stock dividends | $(1,573) | $(1,573) | | Common stock dividends | $(27,665) | $(27,665) | | Total Shareholders' Equity (Ending) | $3,300,110 | $3,300,110 | - Shareholders' equity increased by $38.58 million from December 31, 2023, to March 31, 2024, driven by net income and other comprehensive income, partially offset by dividends[21] Consolidated Statements of Cash Flows (Unaudited) Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $88,809 | $90,093 | | Net cash (used in) provided by investing activities | $(122,513) | $181,295 | | Net cash used in financing activities | $(8,238) | $(140,560) | | Net change in cash and cash equivalents | $(41,942) | $130,828 | | Cash and cash equivalents, end of period | $961,933 | $777,681 | - Net cash used in investing activities shifted from a positive $181.30 million in Q1 2023 to a negative $122.51 million in Q1 2024, primarily due to a net increase in loans and purchases of AFS securities[23]