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GREENVILLE, S.C. -On Tuesday, United Community Banks , Inc. (NYSE:UCB) reported first quarter earnings that beat analyst expectations.
The company’s stock was down -0.69% in premarket trading following the earnings release.
The regional bank posted adjusted earnings per share of $0.59, topping the consensus estimate of $0.56. Revenue came in at $247.68 million, also exceeding Wall Street’s forecast of $247.09 million.
Net interest income rose 6% year-over-year to $212 million, driven by a 16 basis point expansion in net interest margin to 3.36%.
"The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter," said Chairman and CEO Lynn Harton.
Loans grew by $249 million, or 5.6% annualized, while customer deposits increased $309 million, or 5.4% annualized compared to the previous quarter.
Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. The bank’s provision for credit losses increased by $4 million from Q4 to $15.4 million.
Harton noted the bank was recently recognized by J.D. Power as #1 in Customer Satisfaction in the Southeast. He also highlighted the planned acquisition of American National Bank in Florida, which is expected to close on May 1.
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