Blairsville, Georgia – United Community Banks, Inc. held its Q1 2024 Earnings Conference Call on April 24, 2024, with key company executives present to discuss the financial results. Lynn Harton, Chairman and CEO, Jefferson Harralson, CFO, Rich Bradshaw, President, and Chief Banking Officer, and Rob Edwards, Chief Risk Officer, provided insights into the company’s performance during the quarter.

During the call, the focus was on United’s operating earnings, emphasizing the net interest margin and loan growth trends. The company reported solid performance despite facing challenges in the interest rate environment. Although loan growth came in lower than expected at 1.2%, efforts to optimize loan and deposit pricing strategies indicate a proactive approach to adapt to the high-interest-rate environment.

Regarding credit performance, United highlighted their successful management of credit risk, with total losses at 28 basis points. The company’s liquidity position was noted as very strong, with a loan-to-deposit ratio of 79% and minimal wholesale borrowings, ensuring stability and resilience in uncertain economic conditions.

The discussions also touched upon United’s deposit growth strategies, addressing the balance between enhancing core deposit growth and managing higher rate public funds. The company’s focus on maintaining a strong balance sheet, optimizing capital ratios, and enhancing the net interest margin reflected a proactive stance towards maximizing profitability in a competitive market environment.

Looking ahead, United remains cautiously optimistic about future prospects, citing opportunities for organic growth and strategic initiatives to drive performance. The emphasis on maintaining a disciplined approach to risk management and capital allocation underscores the company’s commitment to long-term sustainability and value creation for stakeholders.

In summary, United Community Banks, Inc.’s earnings call provided valuable insights into the company’s financial performance, strategic priorities, and outlook for the future, showcasing a resilient and proactive approach amidst evolving market dynamics.