The following is a summary of the United Community Banks, Inc. (UCB) Q3 2024 Earnings Call Transcript:

Financial Performance:

• United Community Banks reported a strong quarter despite one-time losses stemming from the sale of the manufactured housing portfolio which contributed to a net loss of $0.18 per share.

• Return on assets exceeded 1%, and tangible common equity grew by $0.53 per share, representing an 11% increase on an annualized basis.

• Loan growth was 1.5% annualized excluding manufactured housing portfolio, while customer deposits grew at a 5% annualized rate.

Business Progress:

• United Community Banks has made strategic adjustments including the sale of the manufactured housing portfolio and plans to reinvest capital in other growing segments.

• The bank has introduced operational and product improvements, indicating strong recruitment pipelines.

• They are expecting strong growth for the remainder of 2024 and into 2025 fueled by both capital and market position.

Opportunities:

• The company highlighted the potential for increased deposit growth driven by public fund seasonality which should continue into the fourth quarter.

• United Community Banks is also focusing on leveraging their current lower-cost structure to enhance returns.

Risks:

• Noted risks include the impact of Hurricane Helene on the bank's operations in western North Carolina, with increased reserves applied to a $383 million portfolio and potential longer-term effects that remain to be seen.

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