Higher mortgage banking revenue and commercial real estate lending offset merger costs at United Community Banks in Blairsville, Ga., leading to an improvement in third-quarter profit.
The $10.3 billion-asset company's net income rose 2% to $26 million from the previous quarter. Earnings per share rose 3% to 36 cents.
United Community in
Net interest revenue rose 5% to $79 million. Loans rose 7% to $6.7 billion, as United Community posted an increase in all categories except consumer installment loans. Owner-occupied commercial real estate, United Community's largest loan category, rose 4% to $1.5 billion.
Fee revenue rose 12% to $26 million on higher mortgage banking income and customer derivative fees.
Noninterest expense, including merger-related charges, rose 7% to $61 million.