Loan production of $1.2 billion, resulting in core loan growth of 4.5%, annualized for the quarter, excluding the impact of $322 million in PPP loans being forgiven.A release of provision for credit losses of $11.0 million, which reduced the allowance for loan losses to 0.89% of loans from 0.98% in the second quarter.Return on tangible common equity of 18.2% on an operating basis.Pre-tax, pre-provision return on assets of 1.70%, or 1.73% on an operating basis.Return on assets of 1.48%, or 1.50% on an operating basis.EPS increased by 58% compared to third quarter 2020 on a GAAP basis and 51% on an operating basis compared to second quarter 2021, EPS increased by 5% on both a GAAP and operating basis.Net income of $73.8 million and pre-tax, pre-provision income of $84.4 million.The net interest margin decreased by 7 basis points from the second quarter due mainly to a change in the earning asset mix towards liquid assets. Core transaction deposits grew by $490 million during the quarter, or 15.3% annualized, and United’s cost of deposits decreased by 2 basis points to 0.07%. Excluding the effect of PPP loans, core organic loan growth was 4.5% annualized. Total loans decreased by $200 million during the quarter-impacted by $322 million of Paycheck Protection Program (PPP) loan forgiveness. We are excited to have Jennifer join United as we continue to grow and build the company.” We believe that digital transformation is supported and enabled by strong branding and marketing and we specifically wanted to bring that experience and thought leadership to our board. We also continued to strengthen our Board of Directors with the appointment of Jennifer Bazante, Chief Marketing Officer of Humana Inc. We are proud that this outstanding team of bankers has joined us and we believe that they are a great fit for United. and Aquesta Bank, accelerating our expansion in Charlotte, and adding the Wilmington, North Carolina market, two of the strongest markets in the Southeast. Both loan and deposit growth were strong and noninterest income benefited from both another excellent mortgage quarter as well as contributions from our expanded wealth management business.” Harton continued, “On the strategic front, on October 1, we completed the acquisition of Aquesta Financial Holdings, Inc. The quarter benefited from an allowance release of $11.0 million, reflecting continued improvement in economic conditions and forecasts.Ĭhairman and CEO Lynn Harton stated, “This has been another strong quarter for United as our economies continued to strengthen even in the face of the Delta variant, increasing prices on many goods, and supply chain delays. On a pre-tax, pre-provision basis, operating return on assets was 1.73% for the quarter. On an operating basis, United’s ROA was 1.50% and its return on tangible common equity was 18.2%. United’s GAAP return on assets (ROA) was 1.48% and its return on common equity was 14.3% for the quarter. On an operating basis, United’s diluted earnings per share of $0.83 was up 51% over the year ago quarter. Diluted earnings per share of $0.82 for the quarter represented an increase of $0.30 or 58%, from the third quarter a year ago, and represented an increase of $0.04 or 5% from the second quarter of 2021. (NASDAQ: UCBI) (United) today announced that net income for the third quarter was $73.8 million and pre-tax, pre-provision income was $84.4 million. 19, 2021 (GLOBE NEWSWIRE) - United Community Banks, Inc.