GREENVILLE, S.C. – United Neighborhood Banks , Inc. (NYSE:UCB) reported fourth quarter earnings that beat analyst expectations, sending shares up barely in after-hours buying and selling, Wednesday.
The regional financial institution posted adjusted earnings per share of $0.63, exceeding the consensus estimate of $0.56. Income got here in at $239.47 million, beneath analyst projections of $243.04 million.
Internet revenue for the quarter was $75.8 million, up considerably from $14.1 million in the identical interval final 12 months.
The corporate stated the rise was primarily pushed by greater internet curiosity revenue, greater noninterest revenue and a decrease provision for credit score losses in comparison with This autumn 2023.
Income for the quarter was $239.47 million, lacking consensus estimate of $243.04 million.
“We’re excited to report sturdy fourth quarter outcomes,” stated Chairman and CEO Lynn Harton. “Mortgage development returned to historic ranges with loans growing $212 million, or 5% annualized. We funded the brand new loans with buyer deposits, which grew $213 million from third quarter.”
Internet curiosity margin decreased 7 foundation factors from the third quarter to three.26%. The corporate stated this mirrored the affect of funding a portion of its stability sheet with noninterest bearing deposits not delicate to charge modifications.
Credit score high quality remained secure, with internet charge-offs dropping to 0.21% of common loans, the bottom degree in two years. This resulted in a decrease provision for credit score losses.
For the complete 12 months 2024, United Neighborhood Banks reported internet revenue of $252 million and diluted earnings per share of $2.04, up from $187.5 million and $1.54 per share in 2023.
The corporate’s shares rose 0.45% in after-hours buying and selling following the earnings launch.
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