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United Community Banks Q3 operating net income up 14% YOY

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United Community Banks Q3 operating net income up 14% YOY

Blairsville, Ga.-based United Community Banks Inc. reported third-quarter operating net income of $50.4 million, or 63 cents per share, compared to $44.1 million, or 55 cents per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate was 58 cents.

The company reported GAAP net income of $48.4 million, or 60 cents per share, for the third quarter, up from $43.7 million, or 54 cents per share, in the third quarter of 2018.

The company reported its net interest margin for the quarter was 4.12%, flat with the prior quarter but up from 3.95% in the year-ago quarter.

United's provision for credit losses was $3.1 million for the quarter, compared to $3.3 million in the linked quarter and $1.8 million in the same period a year ago.

Total nonperforming assets for the third quarter was $30.9 million, compared to $26.7 million in the previous quarter and $23.9 million in the third quarter of 2018.