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BLAIRSVILLE, Ga. — United Community Banks Inc. (“United”) has announced its fourth quarter financial results. Although remeasurement of United’s deferred tax assets following …
BLAIRSVILLE, Ga. — United Community Banks Inc. (“United”) has announced its fourth quarter financial results.
Although remeasurement of United’s deferred tax assets following December’s historic tax reform legislation led to a net loss for the quarter of $11.9 million or 16 cents per diluted share, strong margin expansion, disciplined expense controls and solid credit quality drove strong pre-tax results.
On an operating basis, United reported net income of $32.5 million for the fourth quarter of 2017 compared with $28.9 million for the fourth quarter of 2016.
Fourth quarter 2017 operating net income excludes the $38.2 million impact of remeasuring United’s deferred tax assets, as well as merger-related and other non-operating charges totaling $6.19 million, net of the associated income tax benefit.
Fourth quarter 2016 operating net income excludes $709,000 in merger-related charges, net of the associated income tax benefit and a $976,000 tax charge for the impairment of our deferred tax asset on cancelled non-qualified stock options.
On a per diluted share basis, operating net income was 42 cents for the fourth quarter of 2017 compared with 40 cents for the fourth quarter of 2016.
As of Dec. 31, 2017, preliminary regulatory capital ratios were as follows: Tier 1 Risk-Based of 12.3 percent; Total Risk-Based of 13.0 percent; Common Equity Tier 1 Risk-Based of 12.0 percent, and Tier 1 Leverage of 9.4 percent.
“We achieved solid pre-tax financial results for the fourth quarter, marking a strong end to another exceptional year of achievement for United Community Banks,” said Jimmy Tallent, chairman and CEO.
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