The following is a summary of the United Community Banks, Inc. (UCBI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• United Community Banks reported operating earnings per share at $0.52, a decrease compared to the previous quarter due to increased employment costs.

• A slight increase was seen in the bank's operating return on assets from 92 to 93 basis points.

• The bank's net interest margin showed minor improvement with a rise of 1 basis point on a GAAP basis and 2 basis points on a core basis.

• Loan growth was reported at a lower-than-expected 1.2%, but there was solid core deposit growth outside of the high-rate public funds portfolio.

• The company reported $12.9 million in net charge-offs, with a steady quarter-to-quarter allowance for credit losses.

Business Progress:

• The bank is refining its loan and deposit pricing strategies to adjust to the high-for-longer rate environment.

• United Community Bank reported a strong liquidity position with a loan-to-deposit ratio of 79% and practically no wholesale borrowings.

• The bank's loan portfolio is less reliant on commercial real estate compared to its peers.

• United bank was recognized by J.D. Power for its retail banking satisfaction in the Southeast for 2023.

• There's anticipation of single-digit loan growth exceeding Q1's figures, unless the Fed intervenes.

• Multiple efficiency projects are underway for improved results through technology implementation and process optimization.

• There is a potential slowdown in loan yield in Q3 and Q4 if growth doesn't pick up. Pricing strategies are shifting with a larger focus on Commercial and Industrial loans over Commercial Real Estate lending.

More details: United Community Banks IR

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