United Community Banks, Inc. Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for Fourth Quarter of 2017
January 24, 2018 at 03:30 am IST
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United Community Banks, Inc. reported unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2017. For the quarter, the company reported Interest revenue was $106,757,000 compared to $87,778,000 for the same period last year. Net interest revenue was $97,508,000 compared to $80,925,000 for the same period last year. Net interest revenue after provision for credit losses was $96,308,000 compared to $80,925,000 for the same period last year. Total revenue was $118,236,000 compared to $106,158,000 for the same period last year. Income before income tax expense was $42,354,000 compared to $44,837,000 for the same period last year. Net loss was $11,916,000 compared to net income of $27,221,000 for the same period last year. Net income operating was $32,476,000 compared to $28,906,000 for the same period last year. Diluted net loss per share GAAP was $0.16 compared to diluted net income per share GAAP of $0.38 for the same period last year. Diluted net income operating was $0.42 compared to $0.40 for the same period last year. Return on common equity - GAAP was negative of 3.57% compared to Return on common equity - GAAP of 9.89% for the same period last year. Return on common equity operating was 9.73% compared to 10.51% for the same period last year. Return on tangible common equity operating was 11.93% compared to 12.47% for the same period last year. Return on assets GAAP was negative of 0.40% compared to Return on assets GAAP of 1.03% for the same period last year. Return on assets operating was 1.10% compared to 1.10% for the same period last year.
For the full year, the company reported Interest revenue was $389,720,000 compared to $335,020,000 for the same period last year. Net interest revenue was $355,985,000 compared to $309,784,000 for the same period last year. Net interest revenue after provision for credit losses was $352,185,000 compared to $310,584,000 for the same period last year. Total revenue was $440,445,000 compared to $404,281,000 for the same period last year. Income before income tax expense was $172,834,000 compared to $162,992,000 for the same period last year. Net income was $67,821,000 compared to $100,656,000 for the same period last year. Net income operating was $120,337,000 compared to $106,680,000 for the same period last year. Diluted net loss per share GAAP was $0.92 compared to $1.40 for the same period last year. Diluted net income operating was $1.63 compared to $1.48 for the same period last year. Book value was $16.67 as on December 31, 2017 compared to $15.06 as on December 31, 2016. Tangible book value was $13.65 as on December 31, 2017 compared to $12.95 as on December 31, 2016. Return on common equity - GAAP was 5.67% compared to 9.41 % for the same period last year. Return on common equity operating was 10.07% compared to 9.98% for the same period last year. Return on tangible common equity operating was 12.02% compared to 11.86% for the same period last year. Return on assets GAAP was 0.62% compared to 1.00% for the same period last year. Return on assets operating was 1.09% compared to 1.06% for the same period last year.
Fourth quarter net charge-offs totaled $1.1 million, compared to $1.5 million in the fourth quarter of 2016.
United Community Banks, Inc. is a financial holding company for United Community Bank (the Bank). It provides a range of financial products and services to the commercial, retail, governmental, educational, energy, health care and real estate sectors. This includes a variety of deposit products, secured and unsecured loans, mortgage loans, payment and commerce solutions, equipment finance services, wealth management, trust services, private banking, investment advisory services, insurance services, and other related financial services. These products and services are delivered through a variety of channels including its branches, other offices, the Internet, and mobile applications. Its deposit products include checking accounts, savings accounts, money market accounts and other deposit accounts. Its investment portfolio includes residential and commercial mortgage-backed securities, asset-backed securities, United States agency and municipal obligations.
United Community Banks, Inc. Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for Fourth Quarter of 2017