United Community Bank reports $70.3M in 2Q21 net income
July 22, 2021
United Community Bank Inc. announced July 21 its net income for the second quarter of 2021 was $70.3 million.
The financial institution also declared its GAAP (Generally Accepted Accounting Principles) return on assets (ROA) was 1.46% and its return on common equity was 14.1% for the quarter. The second quarter also benefited from an allowance release of $13.6 million, said United in a press release.
“This has been an outstanding quarter for United,” said United chairman and CEO Lynn Harton. “Our team once again was recognized by JD Power as having the Best Retail Customer Satisfaction in the Southeast. On July 6, we closed on the acquisition of FinTrust, accelerating our wealth management strategy. We announced expansion into two of the strongest markets in the Southeast, Charlotte and Nashville, via agreements to acquire outstanding community banks in those markets. In addition to these strategic accomplishments, our bankers continued to deliver strong performance results. Core loan growth, excluding PPP loans, was solid and we continue to be optimistic about the remainder of the year given the momentum in our markets. Core deposit growth remains very strong. Credit results were excellent, as well. I couldn’t be more proud of the United team and I congratulate them for delivering these tremendous results.”
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