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United Community Bank in Blairsville, Ga., expects a spike in second-quarter earnings after being cleared to reverse most of its deferred tax asset valuation allowance.
June 27 -
The Securities and Exchange Commission will not punish United Community Banks after an accounting investigation, the Blairsville, Ga., company said Monday.
March 25 -
United Community Banks in Blairsville, Ga., has amended its fourth-quarter and 2012 results to reflect a legal settlement.
February 22 -
United Community Banks (UCBI) in Blairsville, Ga., has registered $35 million in senior notes on behalf of several outside investors.
December 31
United Community Banks (UCBI) in Blairsville, Ga., reported a huge profit after a tax reversal allowed it to purge its balance sheet of bad loans.
The $7.2 billion-asset company earned $230 million in the second quarter, compared to $6.5 million a year earlier. The company was allowed to
"We believed the time was right to take the final step toward putting the financial crisis behind us by selling our stress-related classified assets, including a bulk sale of $131 million," Jimmy Tallent, United Community's president and chief executive, said in a press release.
The loan-loss provision was $48.5 million, compared to $18 million a year earlier. Net chargeoffs more than tripled those from the second quarter of 2012, at $72.4 million. The sale of classified loans, and the corresponding chargeoffs, helped United Community cut its nonperforming assets by 78% from a year earlier, to $31.8 million.
United Community's net interest fell 4% from a year earlier, to $54.6 million. The net interest margin narrowed by 12 basis points from a year earlier, to 3.31%. Noninterest income rose 27% from a year earlier, to $16.3 million, because of higher fees from mortgages and advisory services.
Noninterst expenses rose 10% from a year earlier, to $48.8 million, largely because of higher severance costs.
