United Community Banks, Inc. Reports Earnings of $10.6 Million for Third Quarter 2012
- Net income of
$10.6 million , or13 cents per share - Loans up
$18.6 million from second quarter, and$28 million from a year ago - Core transaction deposits up
$72 million in third quarter, or 9 percent annualized - Nonperforming assets decline
$3.8 million , or 3 percent, from second quarter - Capital position sound
"
Tallent continued, "We achieved both positive linked-quarter and year-over-year loan growth. Our credit measures continue their positive trend, with nonperforming assets down
Tallent said, "Continued expansion of quality loan and deposit relationships remains a top priority. Total loans were
The third quarter provision for loan losses was
"Overall credit trends continued to improve this quarter with the exception of a slight increase in net charge-offs," Tallent said. "Most notably our performing classified loans, which are defined as accruing substandard for regulatory purposes, decreased
Taxable equivalent net interest revenue totaled
Taxable equivalent net interest margin of 3.60 percent was up 17 basis points from last quarter and 5 basis points from a year ago. The increase in the third quarter was primarily due to our second quarter balance sheet restructuring and the resulting smaller balance sheet.
Fee revenue was
Other fee revenue of
Operating expenses, excluding foreclosed property costs, were
Foreclosed property costs for the third quarter of 2012 were
As of
"We have made significant progress on all fronts to position us as the customer service leader in financial services," Tallent said. "This progress includes successfully recapitalizing the company, aggressively addressing our credit challenges, and rebalancing our loan portfolio for a more favorable risk profile going forward. We have also made significant progress in building on our already strong deposit base and improving operating efficiency."
Tallent noted the recent addition of
Conference Call
United will hold a conference call today,
About
Headquartered in
Safe Harbor
This news release contains forward-looking statements, as defined by federal securities laws, including statements about United's financial outlook and business environment. These statements are based on current expectations and are provided to assist in the understanding of future financial performance. Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United's filings with the
UNITED COMMUNITY BANKS, INC. Financial Highlights Selected Financial Information --------------------------------------------------------------------------- 2012 2011 -------------------------- ----------------- (in thousands, except per share Third Second First Fourth Third data; taxable equivalent) Quarter Quarter Quarter Quarter Quarter --------------------------------------- -------- -------- -------- -------- INCOME SUMMARY Interest revenue $ 65,978 $ 66,780 $ 70,221 $ 71,905 $ 74,543 Interest expense 8,607 9,944 11,357 12,855 15,262 -------- -------- -------- -------- -------- Net interest revenue 57,371 56,836 58,864 59,050 59,281 Provision for loan losses 15,500 18,000 15,000 14,000 36,000 Fee revenue 13,764 12,867 15,379 12,667 11,498 -------- -------- -------- -------- -------- Total revenue 55,635 51,703 59,243 57,717 34,779 Operating expenses 44,783 44,310 46,955 51,080 46,520 -------- -------- -------- -------- -------- Income (loss) before income taxes 10,852 7,393 12,288 6,637 (11,741) Income tax expense (benefit) 284 894 760 (3,264) (402) -------- -------- -------- -------- -------- Net income (loss) 10,568 6,499 11,528 9,901 (11,339) Preferred dividends and discount accretion 3,041 3,032 3,030 3,025 3,019 -------- -------- -------- -------- -------- Net income (loss) available to common shareholders $ 7,527 $ 3,467 $ 8,498 $ 6,876 $(14,358) ======== ======== ======== ======== ======== PERFORMANCE MEASURES Per common share: Diluted income (loss) $ .13 $ .06 $ .15 $ .12 $ (.25) Book value 6.75 6.61 6.68 6.62 6.77 Tangible book value (2) 6.64 6.48 6.54 6.47 6.61 Key performance ratios: Return on equity (1)(3) 7.43% 3.51% 8.78% 7.40% (15.06) Return on assets (3) .63 .37 .66 .56 (.64) Net interest margin (3) 3.60 3.43 3.53 3.51 3.55 Efficiency ratio 62.95 63.84 63.31 71.23 65.73 Equity to assets 8.75 8.33 8.19 8.28 8.55 Tangible equity to assets (2) 8.66 8.24 8.08 8.16 8.42 Tangible common equity to assets (2) 5.73 5.45 5.33 5.38 5.65 Tangible common equity to risk- weighted assets (2) 8.44 8.37 8.21 8.25 8.52 ASSET QUALITY * Non-performing loans $115,001 $115,340 $129,704 $127,479 $144,484 Foreclosed properties 26,958 30,421 31,887 32,859 44,263 -------- -------- -------- -------- -------- Total non-performing assets (NPAs) 141,959 145,761 161,591 160,338 188,747 Allowance for loan losses 107,642 112,705 113,601 114,468 146,092 Net charge-offs 20,563 18,896 15,867 45,624 17,546 Allowance for loan losses to loans 2.60% 2.74% 2.75% 2.79% 3.55 Net charge-offs to average loans (3) 1.99 1.85 1.55 4.39 1.68 NPAs to loans and foreclosed properties 3.41 3.51 3.88 3.87 4.54 NPAs to total assets 2.12 2.16 2.25 2.30 2.74 AVERAGE BALANCES ($ in millions) Loans $ 4,147 $ 4,156 $ 4,168 $ 4,175 $ 4,194 Investment securities 1,971 2,145 2,153 2,141 2,150 Earning assets 6,346 6,665 6,700 6,688 6,630 Total assets 6,648 6,993 7,045 7,019 7,000 Deposits 5,789 5,853 6,028 6,115 6,061 Shareholders' equity 582 583 577 581 598 Common shares - basic (thousands) 57,880 57,840 57,764 57,646 57,599 Common shares - diluted (thousands) 57,880 57,840 57,764 57,646 57,599 AT PERIOD END ($ in millions) Loans * $ 4,138 $ 4,119 $ 4,128 $ 4,110 $ 4,110 Investment securities 2,025 1,984 2,202 2,120 2,123 Total assets 6,699 6,737 7,174 6,983 6,894 Deposits 5,823 5,822 6,001 6,098 6,005 Shareholders' equity 585 576 580 575 583 Common shares outstanding (thousands) 57,710 57,641 57,603 57,561 57,510 (1) Net loss available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (2) Excludes effect of acquisition related intangibles and associated amortization. (3) Annualized. * Excludes loans and foreclosed properties covered by loss sharing agreements with theFDIC .UNITED COMMUNITY BANKS, INC. Financial Highlights Selected Financial Information ---------------------------------------------------------------------------- Third For the Nine Quarter Months Ended YTD 2012- 2012- Third Quarter 2011 September 30, 2011 ----------------- ------------------- (in thousands, except per share data; taxable equivalent) 2012 2011 Change 2012 2011 Change ----------------------------- -------- ------- --------- --------- ------- INCOME SUMMARY Interest revenue $ 65,978 $ 74,543 $ 202,979 $ 227,439 Interest expense 8,607 15,262 29,908 52,820 -------- -------- --------- --------- Net interest revenue 57,371 59,281 (3) % 173,071 174,619 (1) % Provision for loan losses 15,500 36,000 48,500 237,000 Fee revenue 13,764 11,498 20 42,010 37,241 13 -------- -------- --------- --------- Total revenue 55,635 34,779 166,581 (25,140) Operating expenses 44,783 46,520 (4) 136,048 210,519 (35) -------- -------- --------- --------- Income (loss) before income taxes 10,852 (11,741) 30,533 (235,659) Income tax expense (benefit) 284 (402) 1,938 988 -------- -------- --------- --------- Net income (loss) 10,568 (11,339) 28,595 (236,647) Preferred dividends and discount accretion 3,041 3,019 9,103 8,813 -------- -------- --------- --------- Net income (loss) available to common shareholders $ 7,527 $(14,358) $ 19,492 $(245,460) ======== ======== ========= ========= PERFORMANCE MEASURES Per common share: Diluted income (loss) $ .13 $ (.25) $ .34 $ (7.23) Book value 6.75 6.77 - 6.75 6.77 - Tangible book value (2) 6.64 6.61 - 6.64 6.61 - Key performance ratios: Return on equity (1)(3) 7.43% (15.06)% 6.57% (151.32)% Return on assets (3) .63 (.64) .53 (4.37) Net interest margin (3) 3.60 3.55 3.52 3.42 Efficiency ratio 62.95 65.73 63.36 99.39 Equity to assets 8.75 8.55 8.42 7.58 Tangible equity to assets (2) 8.66 8.42 8.32 7.47 Tangible common equity to assets (2) 5.73 5.65 5.50 3.23 Tangible common equity to risk- weighted assets (2) 8.44 8.52 8.44 8.52 ASSET QUALITY * Non-performing loans$115,001 $144,484 $ 115,001 $ 144,484 Foreclosed properties 26,958 44,263 26,958 44,263 -------- -------- --------- --------- Total non- performing assets (NPAs) 141,959 188,747 141,959 188,747 Allowance for loan losses 107,642 146,092 107,642 146,092 Net charge-offs 20,563 17,546 55,326 265,603 Allowance for loan losses to loans 2.60% 3.55% 2.60% 3.55% Net charge-offs to average loans (3) 1.99 1.68 1.80 8.28 NPAs to loans and foreclosed properties 3.41 4.54 3.41 4.54 NPAs to total assets 2.12 2.74 2.12 2.74 AVERAGE BALANCES ($ in millions) Loans $ 4,147 $ 4,194 (1) $ 4,157 $ 4,352 (4) Investment securities 1,971 2,150 (8) 2,089 1,952 7 Earning assets 6,346 6,630 (4) 6,569 6,817 (4) Total assets 6,648 7,000 (5) 6,894 7,246 (5) Deposits 5,789 6,061 (4) 5,890 6,329 (7) Shareholders' equity 582 598 (3) 580 549 6 Common shares - basic (thousands) 57,880 57,599 57,826 33,973 Common shares - diluted (thousands) 57,880 57,599 57,826 33,973 AT PERIOD END ($ in millions) Loans * $ 4,138 $ 4,110 1 $ 4,138 $ 4,110 1 Investment securities 2,025 2,123 (5) 2,025 2,123 (5) Total assets 6,699 6,894 (3) 6,699 6,894 (3) Deposits 5,823 6,005 (3) 5,823 6,005 (3) Shareholders' equity 585 583 - 585 583 - Common shares outstanding (thousands) 57,710 57,510 57,710 57,510 (1) Net loss available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (2) Excludes effect of acquisition related intangibles and associated amortization. (3) Annualized. * Excludes loans and foreclosed properties covered by loss sharing agreements with theFDIC .UNITED COMMUNITY BANKS, INC. Non-GAAP Performance Measures Reconciliation Selected Financial Information ---------------------------------------------------------------------------- 2012 2011 -------------------------- ------------------ (in thousands, except per share Third Second First Fourth Third data; taxable equivalent) Quarter Quarter Quarter Quarter Quarter -------------------------------------- -------- -------- -------- -------- Interest revenue reconciliation Interest revenue - taxable equivalent $ 65,978 $ 66,780 $ 70,221 $ 71,905 $ 74,543 Taxable equivalent adjustment (419) (444) (446) (423) (420) -------- -------- -------- -------- -------- Interest revenue (GAAP) $ 65,559 $ 66,336 $ 69,775 $ 71,482 $ 74,123 ======== ======== ======== ======== ======== Net interest revenue reconciliation Net interest revenue - taxable equivalent $ 57,371 $ 56,836 $ 58,864 $ 59,050 $ 59,281 Taxable equivalent adjustment (419) (444) (446) (423) (420) -------- -------- -------- -------- -------- Net interest revenue (GAAP) $ 56,952 $ 56,392 $ 58,418 $ 58,627 $ 58,861 ======== ======== ======== ======== ======== Total revenue reconciliation Total operating revenue $ 55,635 $ 51,703 $ 59,243 $ 57,717 $ 34,779 Taxable equivalent adjustment (419) (444) (446) (423) (420) -------- -------- -------- -------- -------- Total revenue (GAAP) $ 55,216 $ 51,259 $ 58,797 $ 57,294 $ 34,359 ======== ======== ======== ======== ======== Income (loss) before taxes reconciliation Income (loss) before taxes $ 10,852 $ 7,393 $ 12,288 $ 6,637 $(11,741) Taxable equivalent adjustment (419) (444) (446) (423) (420) -------- -------- -------- -------- -------- Income (loss) before taxes (GAAP) $ 10,433 $ 6,949 $ 11,842 $ 6,214 $(12,161) ======== ======== ======== ======== ======== Income tax (benefit) expense reconciliation Income tax (benefit) expense $ 284 $ 894 $ 760 $ (3,264) $ (402) Taxable equivalent adjustment (419) (444) (446) (423) (420) -------- -------- -------- -------- -------- Income tax (benefit) expense (GAAP) $ (135)$ 450 $ 314 $ (3,687) $ (822) ======== ======== ======== ======== ======== Book value per common share reconciliation Tangible book value per common share $ 6.64 $ 6.48 $ 6.54 $ 6.47 $ 6.61 Effect of goodwill and other intangibles .11 .13 .14 .15 .16 -------- -------- -------- -------- -------- Book value per common share (GAAP) $ 6.75 $ 6.61 $ 6.68 $ 6.62 $ 6.77 ======== ======== ======== ======== ======== Average equity to assets reconciliation Tangible common equity to assets 5.73% 5.45% 5.33% 5.38% 5.65% Effect of preferred equity 2.93 2.79 2.75 2.78 2.77 -------- -------- -------- -------- -------- Tangible equity to assets 8.66 8.24 8.08 8.16 8.42 Effect of goodwill and other intangibles .09 .09 .11 .12 .13 -------- -------- -------- -------- -------- Equity to assets (GAAP) 8.75% 8.33% 8.19% 8.28% 8.55% ======== ======== ======== ======== ======== Tangible common equity to risk-weighted assets reconciliation Tangible common equity to risk-weighted assets 8.44% 8.37% 8.21% 8.25% 8.52% Effect of other comprehensive income .36 .28 .10 (.03) (.29) Effect of trust preferred 1.17 1.19 1.15 1.18 1.19 Effect of preferred equity 4.29 4.35 4.23 4.29 4.33 -------- -------- -------- -------- -------- Tier I capital ratio (Regulatory) 14.26% 14.19% 13.69% 13.69% 13.75% ======== ======== ======== ======== ========UNITED COMMUNITY BANKS, INC. Non-GAAP Performance Measures Reconciliation Selected Financial Information ---------------------------------------------------------------------------- For the Nine (in thousands, except per share Months Ended -------------------------- data; taxable equivalent) 2012 2011 ------------------------------------------------------------- ------------ Interest revenue reconciliation Interest revenue - taxable equivalent $ 202,979 $ 227,439 Taxable equivalent adjustment (1,309) (1,284) ------------ ------------ Interest revenue (GAAP) $ 201,670 $ 226,155 ============ ============ Net interest revenue reconciliation Net interest revenue - taxable equivalent $ 173,071 $ 174,619 Taxable equivalent adjustment (1,309) (1,284) ------------ ------------ Net interest revenue (GAAP) $ 171,762 $ 173,335 ============ ============ Total revenue reconciliation Total operating revenue $ 166,581 $ (25,140) Taxable equivalent adjustment (1,309) (1,284) ------------ ------------ Total revenue (GAAP) $ 165,272 $ (26,424) ============ ============ Income (loss) before taxes reconciliation Income (loss) before taxes $ 30,533 $ (235,659) Taxable equivalent adjustment (1,309) (1,284) ------------ ------------ Income (loss) before taxes (GAAP) $ 29,224 $ (236,943) ============ ============ Income tax (benefit) expense reconciliation Income tax (benefit) expense $ 1,938 $ 988 Taxable equivalent adjustment (1,309) (1,284) ------------ ------------ Income tax (benefit) expense (GAAP) $ 629 $ (296) ============ ============ Book value per common share reconciliation Tangible book value per common share $ 6.64 $ 6.61 Effect of goodwill and other intangibles .11 .16 ------------ ------------ Book value per common share (GAAP) $ 6.75 $ 6.77 ============ ============ Average equity to assets reconciliation Tangible common equity to assets 5.50% 3.23% Effect of preferred equity 2.82 4.24 ------------ ------------ Tangible equity to assets 8.32 7.47 Effect of goodwill and other intangibles .10 .11 ------------ ------------ Equity to assets (GAAP) 8.42% 7.58% ============ ============ Tangible common equity to risk-weighted assets reconciliation Tangible common equity to risk-weighted assets 8.44% 8.52% Effect of other comprehensive income .36 (.29) Effect of trust preferred 1.17 1.19 Effect of preferred equity 4.29 4.33 ------------ ------------ Tier I capital ratio (Regulatory) 14.26% 13.75% ============ ============
UNITED COMMUNITY BANKS, INC. Financial Highlights Loan Portfolio Composition at Period-End (1) ---------------------------------------------------------------------------- 2012 2011 -------------------------- ----------------- Third Second First Fourth Third (in millions) Quarter Quarter Quarter Quarter Quarter ---------------------------------------- -------- -------- -------- -------- LOANS BY CATEGORY Commercial (sec.by RE) $ 1,819 $ 1,837 $ 1,843 $ 1,822 $ 1,771 Commercial & industrial 460 450 440 428 429 Commercial construction 161 169 167 164 169 -------- -------- -------- -------- -------- Total commercial 2,440 2,456 2,450 2,414 2,369 Residential mortgage 1,174 1,128 1,131 1,135 1,150 Residential construction 389 409 436 448 474 Consumer installment 135 126 111 113 117 -------- -------- -------- -------- -------- Total loans $ 4,138 $ 4,119 $ 4,128 $ 4,110 $ 4,110 ======== ======== ======== ======== ======== LOANS BY MARKET North Georgia $ 1,383 $ 1,387 $ 1,408 $ 1,426 $ 1,478 Atlanta MSA 1,257 1,252 1,239 1,220 1,192 North Carolina 579 576 588 597 607 Coastal Georgia 380 369 366 346 316 Gainesville MSA 256 259 262 265 272 East Tennessee 283 276 265 256 245 -------- -------- -------- -------- -------- Total loans $ 4,138 $ 4,119 $ 4,128 $ 4,110 $ 4,110 ======== ======== ======== ======== ======== RESIDENTIAL CONSTRUCTION Dirt loans Acquisition & development $ 71 $ 78 $ 86 $ 88 $ 97 Land loans 41 45 57 61 60 Lot loans 196 203 204 207 216 -------- -------- -------- -------- -------- Total 308 326 347 356 373 -------- -------- -------- -------- -------- House loans Spec 44 49 57 59 64 Sold 37 34 32 33 37 -------- -------- -------- -------- -------- Total 81 83 89 92 101 -------- -------- -------- -------- -------- Total residential construction $ 389 $ 409 $ 436 $ 448 $ 474 ======== ======== ======== ======== ======== RESIDENTIAL CONSTRUCTION -ATLANTA MSA Dirt loans Acquisition & development $ 14 $ 14 $ 17 $ 17 $ 19 Land loans 9 9 13 14 15 Lot loans 18 22 22 22 22 -------- -------- -------- -------- -------- Total 41 45 52 53 56 -------- -------- -------- -------- -------- House loans Spec 19 24 27 27 28 Sold 8 7 7 6 8 -------- -------- -------- -------- -------- Total 27 31 34 33 36 -------- -------- -------- -------- -------- Total residential construction $ 68 $ 76 $ 86 $ 86 $ 92 ======== ======== ======== ======== ======== (1) Excludes total loans of$37.0 million ,$41.5 million ,$47.2 million ,$54.5 million and$57.8 million as ofSeptember 30, 2012 ,June 30, 2012 ,March 31, 2012 ,December 31, 2011 andSeptember 30, 2011 , respectively, that are covered by the loss-sharing agreement with theFDIC , related to the acquisition ofSouthern Community Bank .UNITED COMMUNITY BANKS, INC. Financial Highlights Loan Portfolio Composition at Period-End (1) --------------------------------------------------------------------------- 2012 Linked ---------------------- Third Second Quarter (in millions) Quarter Quarter Change --------------------------------------------------- ---------- ---------- LOANS BY CATEGORY Commercial (sec.by RE) $ 1,819 $ 1,837 $ (18) Commercial & industrial 460 450 10 Commercial construction 161 169 (8) ---------- ---------- Total commercial 2,440 2,456 (16) Residential mortgage 1,174 1,128 46 Residential construction 389 409 (20) Consumer installment 135 126 9 ---------- ---------- Total loans $ 4,138 $ 4,119 19 ========== ========== LOANS BY MARKET North Georgia $ 1,383 $ 1,387 (4) Atlanta MSA 1,257 1,252 5 North Carolina 579 576 3 Coastal Georgia 380 369 11 Gainesville MSA 256 259 (3) East Tennessee 283 276 7 ---------- ---------- Total loans $ 4,138 $ 4,119 19 ========== ========== RESIDENTIAL CONSTRUCTION Dirt loans Acquisition & development $ 71 $ 78 (7) Land loans 41 45 (4) Lot loans 196 203 (7) ---------- ---------- Total 308 326 (18) ---------- ---------- House loans Spec 44 49 (5) Sold 37 34 3 ---------- ---------- Total 81 83 (2) ---------- ---------- Total residential construction $ 389 $ 409 (20) ========== ========== RESIDENTIAL CONSTRUCTION -ATLANTA MSA Dirt loans Acquisition & development $ 14 $ 14 - Land loans 9 9 - Lot loans 18 22 (4) ---------- ---------- Total 41 45 (4) ---------- ---------- House loans Spec 19 24 (5) Sold 8 7 1 ---------- ---------- Total 27 31 (4) ---------- ---------- Total residential construction $ 68 $ 76 (8) ========== ========== (1) Excludes total loans of$37.0 million ,$41.5 million ,$47.2 million ,$54.5 million and$57.8 million as ofSeptember 30, 2012 ,June 30, 2012 ,March 31, 2012 ,December 31, 2011 andSeptember 30, 2011 , respectively, that are covered by the loss-sharing agreement with theFDIC , related to the acquisition ofSouthern Community Bank .UNITED COMMUNITY BANKS, INC. Financial Highlights Loan Portfolio Composition at Period-End (1) --------------------------------------------------------------------------- 2012 2011 Year over --------- --------- Third Third Year (in millions) Quarter Quarter Change ----------------------------------------------------- --------- --------- LOANS BY CATEGORY Commercial (sec.by RE) $ 1,819 $ 1,771 $ 48 Commercial & industrial 460 429 31 Commercial construction 161 169 (8) --------- --------- Total commercial 2,440 2,369 71 Residential mortgage 1,174 1,150 24 Residential construction 389 474 (85) Consumer installment 135 117 18 --------- --------- Total loans $ 4,138 $ 4,110 28 ========= ========= LOANS BY MARKET North Georgia $ 1,383 $ 1,478 (95) Atlanta MSA 1,257 1,192 65 North Carolina 579 607 (28) Coastal Georgia 380 316 64 Gainesville MSA 256 272 (16) East Tennessee 283 245 38 --------- --------- Total loans $ 4,138 $ 4,110 28 ========= ========= RESIDENTIAL CONSTRUCTION Dirt loans Acquisition & development $ 71 $ 97 (26) Land loans 41 60 (19) Lot loans 196 216 (20) --------- --------- Total 308 373 (65) --------- --------- House loans Spec 44 64 (20) Sold 37 37 - --------- --------- Total 81 101 (20) --------- --------- Total residential construction $ 389 $ 474 (85) ========= ========= RESIDENTIAL CONSTRUCTION -ATLANTA MSA Dirt loans Acquisition & development $ 14 $ 19 (5) Land loans 9 15 (6) Lot loans 18 22 (4) --------- --------- Total 41 56 (15) --------- --------- House loans Spec 19 28 (9) Sold 8 8 - --------- --------- Total 27 36 (9) --------- --------- Total residential construction $ 68 $ 92 (24) ========= ========= (1) Excludes total loans of$37.0 million ,$41.5 million ,$47.2 million ,$54.5 million and$57.8 million as ofSeptember 30, 2012 ,June 30, 2012 ,March 31, 2012 ,December 31, 2011 andSeptember 30, 2011 , respectively, that are covered by the loss-sharing agreement with theFDIC , related to the acquisition ofSouthern Community Bank .UNITED COMMUNITY BANKS, INC. Financial Highlights Credit Quality(1) --------------------------------------------------------------------------- Third Quarter 2012 ---------------------------------- Non- performing Foreclosed Total (in thousands) Loans Properties NPAs --------------------------------------------------- ---------- ---------- NPAs BY CATEGORY Commercial (sec.by RE) $ 25,896 $ 8,767 $ 34,663 Commercial & industrial 32,678 - 32,678 Commercial construction 18,590 3,121 21,711 ---------- ---------- ---------- Total commercial 77,164 11,888 89,052 Residential mortgage 13,996 6,031 20,027 Residential construction 22,935 9,039 31,974 Consumer installment 906 - 906 ---------- ---------- ---------- Total NPAs $ 115,001 $ 26,958 $ 141,959 ========== ========== ========== Balance as a % of Unpaid Principal 68.8% 36.4% 58.8% NPAs BY MARKET North Georgia $ 72,211 $ 14,582 $ 86,793 Atlanta MSA 21,349 5,926 27,275 North Carolina 9,622 2,771 12,393 Coastal Georgia 6,822 864 7,686 Gainesville MSA 840 1,328 2,168 East Tennessee 4,157 1,487 5,644 ---------- ---------- ---------- Total NPAs $ 115,001 $ 26,958 $ 141,959 ========== ========== ========== NPA ACTIVITY Beginning Balance $ 115,340 $ 30,421 $ 145,761 Loans placed on non-accrual 30,535 - 30,535 Payments received (3,646) - (3,646) Loan charge-offs (19,227) - (19,227) Foreclosures (8,001) 8,001 - Capitalized costs - 102 102 Note / property sales - (8,822) (8,822) Write downs - (2,394) (2,394) Net gains (losses) on sales - (350) (350) ---------- ---------- ---------- Ending Balance $ 115,001 $ 26,958 $ 141,959 ========== ========== ========== (1) Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with theFDIC , related to the acquisition ofSouthern Community Bank . (2) Annualized.UNITED COMMUNITY BANKS, INC. Financial Highlights Credit Quality(1) --------------------------------------------------------------------------- Second Quarter 2012 ---------------------------------- Non- performing Foreclosed Total (in thousands) Loans Properties NPAs --------------------------------------------------- ---------- ---------- NPAs BY CATEGORY Commercial (sec.by RE) $ 19,115 $ 10,586 $ 29,701 Commercial & industrial 34,982 - 34,982 Commercial construction 18,175 2,732 20,907 ---------- ---------- ---------- Total commercial 72,272 13,318 85,590 Residential mortgage 16,631 5,591 22,222 Residential construction 25,530 11,512 37,042 Consumer installment 907 - 907 ---------- ---------- ---------- Total NPAs $ 115,340 $ 30,421 $ 145,761 ========== ========== ========== Balance as a % of Unpaid Principal 68.8% 39.3% 59.4% NPAs BY MARKET North Georgia $ 77,332 $ 13,546 $ 90,878 Atlanta MSA 17,593 8,651 26,244 North Carolina 10,657 3,287 13,944 Coastal Georgia 5,822 785 6,607 Gainesville MSA 991 2,998 3,989 East Tennessee 2,945 1,154 4,099 ---------- ---------- ---------- Total NPAs $ 115,340 $ 30,421 $ 145,761 ========== ========== ========== NPA ACTIVITY Beginning Balance $ 129,704 $ 31,887 $ 161,591 Loans placed on non-accrual 29,364 - 29,364 Payments received (15,027) - (15,027) Loan charge-offs (19,382) - (19,382) Foreclosures (9,319) 9,319 - Capitalized costs - 415 415 Note / property sales - (10,461) (10,461) Write downs - (1,008) (1,008) Net gains (losses) on sales - 269 269 ---------- ---------- ---------- Ending Balance $ 115,340 $ 30,421 $ 145,761 ========== ========== ========== (1) Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with theFDIC , related to the acquisition ofSouthern Community Bank . (2) Annualized.UNITED COMMUNITY BANKS, INC. Financial Highlights Credit Quality(1) --------------------------------------------------------------------------- First Quarter 2012 ---------------------------------- Non- performing Foreclosed Total (in thousands) Loans Properties NPAs --------------------------------------------------- ---------- ---------- NPAs BY CATEGORY Commercial (sec.by RE) $ 26,081 $ 10,808 $ 36,889 Commercial & industrial 36,314 - 36,314 Commercial construction 23,319 3,266 26,585 ---------- ---------- ---------- Total commercial 85,714 14,074 99,788 Residential mortgage 18,741 5,882 24,623 Residential construction 24,341 11,931 36,272 Consumer installment 908 - 908 ---------- ---------- ---------- Total NPAs $ 129,704 $ 31,887 $ 161,591 ========== ========== ========== Balance as a % of Unpaid Principal 70.6% 36.1% 59.4% NPAs BY MARKET North Georgia $ 81,117 $ 14,559 $ 95,676 Atlanta MSA 22,321 7,647 29,968 North Carolina 15,765 4,650 20,415 Coastal Georgia 5,622 1,268 6,890 Gainesville MSA 2,210 3,387 5,597 East Tennessee 2,669 376 3,045 ---------- ---------- ---------- Total NPAs $ 129,704 $ 31,887 $ 161,591 ========== ========== ========== NPA ACTIVITY Beginning Balance $ 127,479 $ 32,859 $ 160,338 Loans placed on non-accrual 32,437 - 32,437 Payments received (5,945) - (5,945) Loan charge-offs (14,733) - (14,733) Foreclosures (9,534) 9,534 - Capitalized costs - 329 329 Note / property sales - (8,631) (8,631) Write downs - (2,111) (2,111) Net gains (losses) on sales - (93) (93) ---------- ---------- ---------- Ending Balance $ 129,704 $ 31,887 $ 161,591 ========== ========== ========== (1) Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with theFDIC , related to the acquisition ofSouthern Community Bank . (2) Annualized.UNITED COMMUNITY BANKS, INC. Financial Highlights Credit Quality(1) ---------------------- ----------------------------------------------------- Third Quarter Second Quarter First Quarter 2012 2012 2012 ----------------- ----------------- ----------------- Net Net Net Charge- Charge- Charge- Net Offs to Net Offs to Net Offs to Charge- Average Charge- Average Charge- Average (in thousands) Offs Loans(2) Offs Loans(2) Offs Loans(2) ---------------------- -------- -------- -------- -------- -------- -------- NET CHARGE-OFFS BY CATEGORY Commercial (sec.by RE) $ 8,174 1.79% $ 4,349 .95% $ 3,697 .81% Commercial & industrial (259) (.23) 775 .70 669 .62 Commercial construction 3,190 7.74 88 .21 334 .81 -------- -------- -------- Total commercial 11,105 1.81 5,212 .86 4,700 .78 Residential mortgage 3,527 1.23 3,862 1.38 5,375 1.91 Residential construction 5,676 5.69 9,563 9.14 5,314 4.84 Consumer installment 255 .78 259 .88 478 1.72 -------- -------- -------- Total $ 20,563 1.99 $ 18,896 1.85 $ 15,867 1.55 ======== ======== ======== NET CHARGE-OFFS BY MARKET North Georgia $ 6,451 1.84% $ 12,474 3.58% $ 9,022 2.56% Atlanta MSA 9,344 3.02 2,307 .75 2,729 .89 North Carolina 1,674 1.15 3,634 2.52 1,679 1.14 Coastal Georgia 2,486 2.67 211 .23 1,329 1.53 Gainesville MSA 294 .45 (187) (.29) 883 1.35 East Tennessee 314 .45 457 .68 225 .34 -------- -------- -------- Total $ 20,563 1.99 $ 18,896 1.85 $ 15,867 1.55 ======== ======== ======== (1) Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with theFDIC , related to the acquisition ofSouthern Community Bank . (2) Annualized.UNITED COMMUNITY BANKS, INC. Consolidated Statement of Operations (Unaudited) --------------------------------------------------------------------------- Three Months Ended Nine Months Ended September 30, September 30, --------------------- --------------------- (in thousands, except per share data) 2012 2011 2012 2011 ------------------------------------------ ---------- ---------- ---------- Interest revenue: Loans, including fees $ 53,868 $ 59,294 $ 163,805 $ 181,359 Investment securities, including tax exempt of$225 , $244, $737 and $754 10,706 14,568 34,772 42,964 Federal funds sold, reverse repurchase agreements, commercial paper and deposits in banks 985 261 3,093 1,832 ---------- ---------- ---------- ---------- Total interest revenue 65,559 74,123 201,670 226,155 ---------- ---------- ---------- ---------- Interest expense: Deposits: NOW 447 831 1,587 3,191 Money market 599 1,129 1,901 4,656 Savings 37 52 112 193 Time 4,612 9,086 15,844 31,813 ---------- ---------- ---------- ---------- Total deposit interest expense 5,695 11,098 19,444 39,853 Federal funds purchased, repurchase agreements and other short-term borrowings 514 1,081 2,463 3,197Federal Home Loan Bank advances 26 441 882 1,601 Long-term debt 2,372 2,642 7,119 8,169 ---------- ---------- ---------- ---------- Total interest expense 8,607 15,262 29,908 52,820 ---------- ---------- ---------- ---------- Net interest revenue 56,952 58,861 171,762 173,335 Provision for loan losses 15,500 36,000 48,500 237,000 ---------- ---------- ---------- ---------- Net interest revenue after provision for loan losses 41,452 22,861 123,262 (63,665) ---------- ---------- ---------- ---------- Fee revenue: Service charges and fees 7,696 7,534 23,295 21,862 Mortgage loan and other related fees 2,800 1,148 7,221 3,594 Brokerage fees 709 836 2,331 2,204 Securities gains, net - - 7,047 838 Loss from prepayment of debt - - (6,681) (791) Other 2,559 1,980 8,797 9,534 ---------- ---------- ---------- ---------- Total fee revenue 13,764 11,498 42,010 37,241 ---------- ---------- ---------- ---------- Total revenue 55,216 34,359 165,272 (26,424) ---------- ---------- ---------- ---------- Operating expenses: Salaries and employee benefits 22,918 25,262 72,440 76,622 Communications and equipment 3,254 3,284 9,620 10,006 Occupancy 3,539 3,794 10,849 11,673 Advertising and public relations 934 1,052 2,868 3,347 Postage, printing and supplies 954 1,036 2,849 3,239 Professional fees 2,180 2,051 6,107 7,731 Foreclosed property 3,706 2,813 9,382 69,603FDIC assessments and other regulatory charges 2,537 2,603 7,592 11,660 Amortization of intangibles 728 748 2,190 2,270 Other 4,033 3,877 12,151 14,368 ---------- ---------- ---------- ---------- Total operating expenses 44,783 46,520 136,048 210,519 ---------- ---------- ---------- ---------- Net income (loss) before income taxes 10,433 (12,161) 29,224 (236,943) Income tax (benefit) expense (135) (822) 629 (296) ---------- ---------- ---------- ---------- Net income (loss) 10,568 (11,339) 28,595 (236,647) Preferred stock dividends and discount accretion 3,041 3,019 9,103 8,813 ---------- ---------- ---------- ---------- Net income (loss) available to common shareholders $ 7,527 $ (14,358)$ 19,492 $ (245,460) ========== ========== ========== ========== Earnings (loss) per common share - Basic $ .13 $ (.25)$ .34 $ (7.23) Earnings (loss) per common share - Diluted .13 (.25) .34 (7.23) Weighted average common shares outstanding - Basic 57,880 57,599 57,826 33,973 Weighted average common shares outstanding - Diluted 57,880 57,599 57,826 33,973UNITED COMMUNITY BANKS, INC. Consolidated Balance Sheet --------------------------------------------------------------------------- (in thousands, except share September 30, December 31, September 30, and per share data) 2012 2011 2011 --------------------------------------------------------------------------- (unaudited) (audited) (unaudited) ASSETS Cash and due from banks $ 57,270 $ 53,807 $ 57,780 Interest-bearing deposits in banks 119,355 139,609 241,440 Federal funds sold, reverse repurchase agreements, commercial paper and short- term investments 45,000 185,000 - ------------- ------------- ------------- Cash and cash equivalents 221,625 378,416 299,220 Securities available for sale 1,761,994 1,790,047 1,769,083 Securities held to maturity (fair value$281,336 ,$343,531 and $369,020) 262,648 330,203 353,739 Mortgage loans held for sale 30,571 23,881 22,050 Loans, net of unearned income 4,137,845 4,109,614 4,109,875 Less allowance for loan losses 107,642 114,468 146,092 ------------- ------------- ------------- Loans, net 4,030,203 3,995,146 3,963,783 Assets covered by loss sharing agreements with the FDIC 53,070 78,145 83,623 Premises and equipment, net 170,532 175,088 176,839 Bank owned life insurance 81,574 80,599 80,452 Accrued interest receivable 19,133 20,693 19,744 Goodwill and other intangible assets 6,237 8,428 9,175 Foreclosed property 26,958 32,859 44,263 Other assets 34,690 69,915 72,302 ------------- ------------- ------------- Total assets $ 6,699,235 $ 6,983,420 $ 6,894,273 ============= ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Demand $ 1,210,703 $ 992,109 $ 966,452 NOW 1,184,341 1,509,896 1,299,512 Money market 1,126,312 1,038,778 1,030,370 Savings 222,431 199,007 200,231 Time: Less than $100,000 1,123,672 1,332,394 1,393,559 Greater than $100,000 731,766 847,152 905,183 Brokered 223,474 178,647 209,998 ------------- ------------- ------------- Total deposits 5,822,699 6,097,983 6,005,305 Federal funds purchased, repurchase agreements, and other short-term borrowings 53,243 102,577 102,883 Federal Home Loan Bank advances 50,125 40,625 40,625 Long-term debt 120,285 120,225 120,206 Unsettled securities purchases 24,319 10,325 10,585 Accrued expenses and other liabilities 43,309 36,199 31,302 ------------- ------------- ------------- Total liabilities 6,113,980 6,407,934 6,310,906 ------------- ------------- ------------- Shareholders' equity: Preferred stock,$1 par value; 10,000,000 shares authorized; Series A;$10 stated value; 21,700 shares issued and outstanding 217 217 217 Series B;$1,000 stated value; 180,000 shares issued and outstanding 178,183 177,092 176,739 Series D;$1,000 stated value; 16,613 shares issued and outstanding 16,613 16,613 16,613 Common stock,$1 par value; 100,000,000 shares authorized; 42,393,319, 41,647,100 and 41,595,692 shares issued and outstanding 42,393 41,647 41,596 Common stock, non-voting,$1 par value; 30,000,000 shares authorized; 15,316,794, 15,914,209 and 15,914,209 shares issued and outstanding 15,317 15,914 15,914 Common stock issuable; 129,270, 93,681 and 88,501 shares 3,247 3,233 3,590 Capital surplus 1,056,998 1,054,940 1,053,565 Accumulated deficit (711,369) (730,861) (737,736) Accumulated other comprehensive (loss) income (16,344) (3,309) 12,869 ------------- ------------- ------------- Total shareholders' equity 585,255 575,486 583,367 ------------- ------------- ------------- Total liabilities and shareholders' equity $ 6,699,235 $ 6,983,420 $ 6,894,273 ============= ============= =============UNITED COMMUNITY BANKS, INC. Average Consolidated Balance Sheets and Net Interest Analysis For the Three Months EndedSeptember 30 , ---------------------------------------------------------------------------- 2012 --------------------------------- Average Avg. (dollars in thousands, taxable equivalent) Balance Interest Rate ----------------------------------------------------- ---------- ---------- Assets: Interest-earning assets: Loans, net of unearned income (1)(2) $4,147,220 $ 53,963 5.18% Taxable securities (3) 1,947,780 10,481 2.15 Tax-exempt securities (1)(3) 22,895 368 6.43 Federal funds sold and other interest- earning assets 227,950 1,166 2.05 ---------- ---------- Total interest-earning assets 6,345,845 65,978 4.14 ---------- Non-interest-earning assets: Allowance for loan losses (112,034) Cash and due from banks 51,705 Premises and equipment 171,608 Other assets (3) 190,439 ---------- Total assets $6,647,563 ========== Liabilities and Shareholders' Equity: Interest-bearing liabilities: Interest-bearing deposits: NOW $1,176,087 447 .15 Money market 1,157,655 599 .21 Savings 221,186 37 .07 Time less than $100,000 1,144,103 2,260 .79 Time greater than $100,000 750,828 1,876 .99 Brokered time deposits 176,114 476 1.08 ---------- ---------- Total interest-bearing deposits 4,625,973 5,695 .49 ---------- ---------- Federal funds purchased and other borrowings 55,994 514 3.65 Federal Home Loan Bank advances 44,473 26 .23 Long-term debt 120,276 2,372 7.85 ---------- ---------- Total borrowed funds 220,743 2,912 5.25 ---------- ---------- Total interest-bearing liabilities 4,846,716 8,607 .71 ---------- Non-interest-bearing liabilities: Non-interest-bearing deposits 1,163,471 Other liabilities 55,607 ---------- Total liabilities 6,065,794 Shareholders' equity 581,769 ---------- Total liabilities and shareholders' equity $6,647,563 ========== Net interest revenue $ 57,371 ========== Net interest-rate spread 3.43% ========= Net interest margin (4) 3.60% ========= (1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate. (2) Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued and loans that are held for sale. (3) Securities available for sale are shown at amortized cost. Pretax unrealized gains of$22.9 million in 2012 and$37.9 million in 2011 are included in other assets for purposes of this presentation. (4) Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.
UNITED COMMUNITY BANKS, INC. Average Consolidated Balance Sheets and Net Interest Analysis For the Three Months EndedSeptember 30 , ---------------------------------------------------------------------------- 2011 --------------------------------- Average Avg. (dollars in thousands, taxable equivalent) Balance Interest Rate ----------------------------------------------------- ---------- ---------- Assets: Interest-earning assets: Loans, net of unearned income (1)(2) $4,193,951 $ 59,394 5.62% Taxable securities (3) 2,125,154 14,324 2.70 Tax-exempt securities (1)(3) 24,675 399 6.47 Federal funds sold and other interest- earning assets 286,194 426 .60 ---------- ---------- Total interest-earning assets 6,629,974 74,543 4.47 ---------- Non-interest-earning assets: Allowance for loan losses (128,654) Cash and due from banks 53,500 Premises and equipment 177,798 Other assets (3) 267,349 ---------- Total assets $6,999,967 ========== Liabilities and Shareholders' Equity: Interest-bearing liabilities: Interest-bearing deposits: NOW $1,258,929 831 .26 Money market 1,024,559 1,129 .44 Savings 199,793 52 .10 Time less than $100,000 1,448,024 4,539 1.24 Time greater than $100,000 940,864 3,456 1.46 Brokered time deposits 260,423 1,091 1.66 ---------- ---------- Total interest-bearing deposits 5,132,592 11,098 .86 ---------- ---------- Federal funds purchased and other borrowings 103,850 1,081 4.13 Federal Home Loan Bank advances 40,625 441 4.31 Long-term debt 138,457 2,642 7.57 ---------- ---------- Total borrowed funds 282,932 4,164 5.84 ---------- ---------- Total interest-bearing liabilities 5,415,524 15,262 1.12 ---------- Non-interest-bearing liabilities: Non-interest-bearing deposits 928,788 Other liabilities 57,427 ---------- Total liabilities 6,401,739 Shareholders' equity 598,228 ---------- Total liabilities and shareholders' equity $6,999,967 ========== Net interest revenue $ 59,281 ========== Net interest-rate spread 3.35% ========= Net interest margin (4) 3.55% ========= (1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate. (2) Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued and loans that are held for sale. (3) Securities available for sale are shown at amortized cost. Pretax unrealized gains of$22.9 million in 2012 and$37.9 million in 2011 are included in other assets for purposes of this presentation. (4) Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.UNITED COMMUNITY BANKS, INC. Average Consolidated Balance Sheets and Net Interest Analysis For the Nine Months EndedSeptember 30 , ---------------------------------------------------------------------------- 2012 --------------------------------- Average Avg. (dollars in thousands, taxable equivalent) Balance Interest Rate ----------------------------------------------------- ---------- ---------- Assets: Interest-earning assets: Loans, net of unearned income (1)(2) $4,157,057 $ 164,101 5.27% Taxable securities (3) 2,065,112 34,035 2.20 Tax-exempt securities (1)(3) 24,187 1,207 6.65 Federal funds sold and other interest- earning assets 322,998 3,636 1.50 ---------- ---------- Total interest-earning assets 6,569,354 202,979 4.13 ---------- Non-interest-earning assets: Allowance for loan losses (115,252) Cash and due from banks 52,755 Premises and equipment 173,410 Other assets (3) 214,068 ---------- Total assets $6,894,335 ========== Liabilities and Shareholders' Equity: Interest-bearing liabilities: Interest-bearing deposits: NOW $1,304,159 1,587 .16 Money market 1,120,091 1,901 .23 Savings 214,280 112 .07 Time less than $100,000 1,199,563 7,806 .87 Time greater than $100,000 783,370 6,354 1.08 Brokered time deposits 162,682 1,684 1.38 ---------- ---------- Total interest-bearing deposits 4,784,145 19,444 .54 ---------- ---------- Federal funds purchased and other borrowings 85,022 2,463 3.87 Federal Home Loan Bank advances 153,539 882 .77 Long-term debt 120,256 7,119 7.91 ---------- ---------- Total borrowed funds 358,817 10,464 3.90 ---------- ---------- Total interest-bearing liabilities 5,142,962 29,908 .78 ---------- Non-interest-bearing liabilities: Non-interest-bearing deposits 1,105,607 Other liabilities 65,390 ---------- Total liabilities 6,313,959 Shareholders' equity 580,376 ---------- Total liabilities and shareholders' equity$6,894,335 ========== Net interest revenue $ 173,071 ========== Net interest-rate spread 3.35% ========= Net interest margin (4) 3.52% ========= (1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate. (2) Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued and loans that are held for sale. (3) Securities available for sale are shown at amortized cost. Pretax unrealized gains of$24.1 million in 2012 and$32.4 million in 2011 are included in other assets for purposes of this presentation. (4) Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.UNITED COMMUNITY BANKS, INC. Average Consolidated Balance Sheets and Net Interest Analysis For the Nine Months EndedSeptember 30 , ---------------------------------------------------------------------------- 2011 --------------------------------- Average Avg. (dollars in thousands, taxable equivalent) Balance Interest Rate ----------------------------------------------------- ---------- ---------- Assets: Interest-earning assets: Loans, net of unearned income (1)(2) $4,351,524 $ 181,422 5.57% Taxable securities (3) 1,926,365 42,210 2.92 Tax-exempt securities (1)(3) 25,178 1,234 6.53 Federal funds sold and other interest- earning assets 514,392 2,573 .67 ---------- ---------- Total interest-earning assets 6,817,459 227,439 4.46 ---------- Non-interest-earning assets: Allowance for loan losses (145,689) Cash and due from banks 102,251 Premises and equipment 178,694 Other assets (3) 293,386 ---------- Total assets $7,246,101 ========== Liabilities and Shareholders' Equity: Interest-bearing liabilities: Interest-bearing deposits: NOW $1,313,752 3,191 .32 Money market 977,863 4,656 .64 Savings 194,433 193 .13 Time less than $100,000 1,509,753 14,980 1.33 Time greater than $100,000 973,335 11,480 1.58 Brokered time deposits 475,687 5,353 1.50 ---------- ---------- Total interest-bearing deposits 5,444,823 39,853 .98 ---------- ---------- Federal funds purchased and other borrowings 102,711 3,197 4.16 Federal Home Loan Bank advances 49,442 1,601 4.33 Long-term debt 146,221 8,169 7.47 ---------- ---------- Total borrowed funds 298,374 12,967 5.81 ---------- ---------- Total interest-bearing liabilities 5,743,197 52,820 1.23 ---------- Non-interest-bearing liabilities: Non-interest-bearing deposits 884,417 Other liabilities 69,131 ---------- Total liabilities 6,696,745 Shareholders' equity 549,356 ---------- Total liabilities and shareholders' equity $7,246,101 ========== Net interest revenue $ 174,619 ========== Net interest-rate spread 3.23% ========= Net interest margin (4) 3.42% ========= Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The (1) rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate. Included in the average balance of loans outstanding are loans where (2) the accrual of interest has been discontinued and loans that are held for sale. Securities available for sale are shown at amortized cost. Pretax (3) unrealized gains of$24.1 million in 2012 and$32.4 million in 2011 are included in other assets for purposes of this presentation. Net interest margin is taxable equivalent net-interest revenue divided (4) by average interest-earning assets.
For more information:Rex S. Schuette Chief Financial Officer (706) 781-2266 Email Contact
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