United Community Banks, Inc. reported net income of $75.8 million for the fourth quarter of 2024, with diluted earnings per share (GAAP) of $0.61. On an operating basis, diluted earnings per share reached $0.63, representing a 19% increase from the year-ago quarter and an 11% increase from the third quarter of 2024. For the full year 2024, net income was $252 million, and diluted operating earnings per share were $2.30, up 9% from 2023.
The bank experienced a return to historical loan growth levels, with loans increasing by $212 million, or 5% annualized, in the fourth quarter. This growth was funded by customer deposits, which grew by $213 million from the third quarter. Net interest margin decreased by seven basis points to 3.26%, primarily due to funding a portion of the balance sheet with noninterest-bearing deposits and a seasonal increase in public funds.
Credit quality remained stable, with net charge-offs dropping to $9.5 million, or 0.21% of average loans, the lowest level in two years. Nonperforming assets remained unchanged at 42 basis points relative to total assets. The company also highlighted its agreement to acquire American National Bank, which is expected to expand its presence in South Florida.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.