United Community Banks: 2Q Earnings Snapshot
BLAIRSVILLE, Ga. (AP) _ United Community Banks Inc. (UCBI) on Tuesday reported second-quarter earnings of $39.4 million.
The bank, based in Blairsville, Georgia, said it had earnings of 49 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 53 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The bank holding company posted revenue of $145.6 million in the period. Its revenue net of interest expense was $131.8 million, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $132.7 million.
United Community Banks shares have increased nearly 10 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $30.88, a rise of 8.5 percent in the last 12 months.