United Community Banks, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a net income of $47.3 million for Q3 2024, a slight decrease from $47.9 million in Q3 2023. For the nine-month period, net income rose to $176.6 million, compared to $173.5 million in the same period last year. The diluted earnings per share for the nine months were $1.43, down from $1.44 in 2023.
Total assets increased to $27.4 billion as of September 30, 2024, from $27.3 billion at the end of 2023. Total deposits decreased slightly to $23.3 billion, while total loans and leases net amounted to $17.8 billion, down from $18.1 billion at year-end 2023. The company’s total shareholders' equity rose to $3.41 billion, reflecting an increase of $145 million since December 31, 2023.
Net interest revenue for Q3 2024 was $209 million, up from $203 million in Q3 2023, driven by higher interest rates. The net interest margin improved to 3.33%, a nine basis point increase year-over-year. However, noninterest income saw a significant decline, dropping by $23.9 million to $8.09 million in Q3 2024, primarily due to a loss on the sale of manufactured housing loans amounting to $27.2 million.
The provision for credit losses decreased to $14.4 million in Q3 2024, down from $30.3 million in Q3 2023, reflecting a favorable economic outlook and slower loan growth. The total allowance for credit losses as of September 30, 2024, was $224.7 million, a slight decrease from the previous quarter.
Strategically, the company moved its headquarters from Blairsville, Georgia, to Greenville, South Carolina, in May 2024, and changed its primary federal regulator from the FDIC to the Federal Reserve in June 2024. Additionally, United transferred its securities listing from NASDAQ to the New York Stock Exchange in August 2024. The acquisition of First Miami in July 2023 contributed to the company’s growth, adding $577 million in loans and $865 million in deposits.
The company also recorded a $5.10 million goodwill write-down related to FinTrust, which was classified as held for sale, with the sale completed on October 1, 2024. As of September 30, 2024, United Community Banks had a full-time equivalent employee count of 3,010, down from 3,151 a year earlier.
About UNITED COMMUNITY BANKS INC
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