United Community Banks, Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Oct. 31, 2016; Announces Unaudited Consolidated Net Charge-Offs for Fourth Quarter Ended Oct. 31, 2016
January 25, 2017 at 10:30 am
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United Community Banks, Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended Oct. 31, 2016. For the quarter, the company reported net interest revenue of $80,925,000, total revenue of $106,158,000, income before income tax expense of $44,837,000, net income of $27,221,000, net income available to common shareholders of $27,221,000, net income available to common shareholders - operating of $28,906,000, diluted net income per share - gaap of $0.38, diluted net income per share - operating of $0.4, book value of $15.06, tangible book value of $12.95, compared to the net interest revenue of $73,764,000, total revenue of $94,748,000, income before income tax expense of $29,260,000, net income of $18,208,000, net income available to common shareholders of $18,183,000, net income available to common shareholders - operating of $23,775,000, diluted net income per share - gaap of $0.25, diluted net income per share - operating of $0.33, book value of $14.02, tangible book value of $12.06, for the same quarter a year ago. For the quarter, the company reported return on common equity - operating of 10.51%, return on tangible common equity - operating of 12.47%, return on assets - gaap of 1.03%, return on assets - operating of 1.1% compared to the return on common equity - operating of 9.18%, return on tangible common equity - operating of 10.87%, return on assets - gaap of 0.76%, return on assets - operating of 0.99% for the same quarter a year ago.
For the year, the company reported net interest revenue of $309,784,000, total revenue of $404,281,000, income before income tax expense of $162,992,000, net income of $100,656,000, net income available to common shareholders of $100,635,000, net income available to common shareholders - operating of $106,659,000, diluted net income per share - gaap of $1.4, diluted net income per share - operating of $1.48, book value of $15.06, tangible book value of $12.95, compared to the net interest revenue of $257,423,000, total revenue of $326,252,000, income before income tax expense of $115,014,000, net income of $71,578,000, net income available to common shareholders of $71,511,000, net income available to common shareholders - operating of $83,118,000, diluted net income per share - gaap of $1.09, diluted net income per share - operating of $1.27, book value of $14.02, tangible book value of $12.06, for the previous year. For the year, the company reported return on common equity - operating of 9.98%, return on tangible common equity - operating of 11.86%, return on assets - gaap of 1%, return on assets - operating of 1.06% compared to the return on common equity - operating of 9.48%, return on tangible common equity - operating of 10.24%, return on assets - gaap of 0.85%, return on assets - operating of 0.98% for the previous year.
For the quarter, the company's net charge-offs were $1,539,000 against $1,302,000 a year ago.
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. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Oct. 31, 2016; Announces Unaudited Consolidated Net Charge-Offs for Fourth Quarter Ended Oct. 31, 2016