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United Community Banks posted stronger second-quarter results, with operating EPS up 8% to $0.71 and revenue up 7% year over year. Net interest margin also improved to 3.68%, and management said loan growth is accelerating as the company refocuses on its core banking franchise.
The pending Navitas sale drove a large reserve release and boosted GAAP earnings, while also setting up some near-term margin pressure. United released a $38.5 million Navitas reserve, and management said selling the portfolio could reduce net interest margin by about 30 basis points on a static basis.
Organic loan growth improved to a 6.4% annualized pace, supported by hiring 37 net new producers since September and adding more experienced lenders. Management expects upper-single-digit loan growth next year, while deposits, credit quality, and capital levels remain stable.
United Community Banks (NYSE:UCB) reported higher second-quarter operating earnings and revenue, while executives said loan growth is accelerating as the company shifts focus back to its core banking franchise following the pending sale of Navitas.
#banks #year
United Community Banks posted stronger second-quarter results, with operating EPS up 8% to $0.71 and revenue up 7% year over year. Net interest margin also improved to 3.68%, and management said loan growth is accelerating as the company refocuses on its core banking franchise.
The pending Navitas sale drove a large reserve release and boosted GAAP earnings, while also setting up some near-term margin pressure. United released a $38.5 million Navitas reserve, and management said selling the portfolio could reduce net interest margin by about 30 basis points on a static basis.
Organic loan growth improved to a 6.4% annualized pace, supported by hiring 37 net new producers since September and adding more experienced lenders. Management expects upper-single-digit loan growth next year, while deposits, credit quality, and capital levels remain stable.
United Community Banks (NYSE:UCB) reported higher second-quarter operating earnings and revenue, while executives said loan growth is accelerating as the company shifts focus back to its core banking franchise following the pending sale of Navitas.
#banks #year
8 days ago
