Welcome to our dedicated page for United Community Banks news (Ticker: UCBI), a resource for investors and traders seeking the latest updates and insights on United Community Banks stock.
United Community Banks, Inc. reports news as a financial holding company for United Community, a banking organization providing banking, wealth management and mortgage services. Company updates commonly cover quarterly operating results, net interest revenue, loan and deposit trends, provisions, business highlights and outlook across its Southeast banking footprint, national SBA lending franchise and national equipment financing subsidiary.
Recurring announcements also address board-approved cash dividends on common stock and Series I non-cumulative perpetual preferred stock, depositary-share mechanics, and exchange-listing matters for its publicly traded securities. News may include material agreements, shareholder voting matters and other capital-structure developments tied to the bank holding company.
United Community Banks reported strong third-quarter results, with net income of $47.6 million and diluted EPS of $0.52, down 13% year-over-year. Loan growth surged by $1.7 billion, primarily due to the acquisition of Seaside National Bank. The bank's efficiency ratio improved to a record low of 52.2%. Despite a decrease in net interest margin, core transaction deposits grew significantly. The company remains optimistic about future economic conditions, supported by increased business activity and a solid balance sheet.
United Community Banks (NASDAQ: UCBI) will release its Q3 2020 financial results on October 20, 2020, followed by a conference call on October 21 to discuss business highlights and outlook. The bank reports a significant reduction in loan payment deferrals related to COVID-19, decreasing from $1.8 billion (15.9% of total loans) on June 30, 2020, to $365 million (3.1%) by September 30, 2020. The bank has implemented various relief measures for borrowers, including deferrals and waived fees.
United Community Banks, Inc. (NASDAQ: UCBI) declared a quarterly cash dividend of $0.18 per share on common stock, payable on October 5, 2020, for shareholders of record by September 15, 2020. Additionally, a dividend of $453.559 per share on the 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NASDAQ: UCBIO) will be paid on September 15, 2020, for shareholders of record by August 31, 2020. United continues to be a key player in the Southeastern region, recently expanding its footprint in Florida through an acquisition.
United Community Banks, Inc. (UCBI) reported Q2 2020 net income of $25.1 million, down 42% year-over-year, with diluted earnings per share of $0.32. Loan production reached a record $2.0 billion, driven largely by $1.1 billion in Paycheck Protection Program (PPP) loans. The bank raised $200 million in capital to bolster future growth and completed its merger with Three Shores Bancorporation.
Despite record loan and deposit growth, the bank built a $33.5 million allowance for credit losses due to economic uncertainties linked to COVID-19.
United Community Banks, Inc. (NASDAQ: UCBI) has announced the pricing of its public offering of $100 million in 5.000% Fixed-to-Floating Senior Notes due 2030. The offering price is 100% of the principal, with a fixed interest rate until June 2025 and a subsequent floating rate based on Three-Month Term SOFR. The notes are redeemable after June 15, 2025. Proceeds will be used for general corporate purposes, including debt repayment and strategic acquisitions. The offering closes on June 17, 2020, subject to customary closing conditions.
On June 3, 2020, United Community Banks, Inc. (NASDAQ: UCBI) announced a public offering of 4,000,000 depositary shares at $25.00 each, totaling $100 million in gross proceeds. Each depositary share represents a 1/1000th interest in the bank's 6.875% Non-Cumulative Perpetual Preferred Stock, Series I. The offering is expected to close on June 10, 2020. Dividends will be paid quarterly starting September 15, 2020, with the offering aimed at general corporate purposes, including acquisitions and debt repayment. Application to list the shares on Nasdaq under symbol 'UCBIO' will be made.
United Community Banks, Inc. (NASDAQ: UCBI) announced a quarterly cash dividend of $0.18 per common share, payable on July 6, 2020. Shareholders of record as of June 15, 2020 will receive this dividend, reflecting the company’s commitment to returning value to its investors. United, a significant financial institution in the Southeast with $13.1 billion in assets and 149 offices, has been recognized for its exceptional customer service, including a first-place ranking in customer satisfaction by J.D. Power.