Overview

* United Community Banks ( UCB ) Q2 EPS rises $0.09 yr/yr to $0.63

* Net income for Q2 reaches $78.7 mln, driven by higher net interest income

* Co completed acquisition of American National Bank

Outlook

* Company did not provide specific guidance for future quarters or full year

Result Drivers

* NET INTEREST INCOME - Higher net interest income was a primary driver of increased EPS, aided by a 14 basis point improvement in net interest margin

* CREDIT LOSS PROVISION - Lower provision for credit losses contributed to improved earnings, with a decrease of $3.6 mln from the previous quarter

* ASSET MIX - Loan growth was funded by cash flow from securities, improving the earning asset mix

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $0.63

Q2 Net $78.73

Income mln

Q2 $11.82

Credit mln

Loss

Provisio

n

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for United Community Banks Inc ( UCB ) is $33.50, about 6.7% above its July 22 closing price of $31.27

* The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)