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Several institutions in one of the nation's hardest-hit banking markets have shed enforcement actions, or have hired new leaders, as they attempt to stage comebacks.
September 27 -
The $7.2 billion-asset company auctioned $34.6 million in senior notes, it announced Monday. The notes carry an interest rate of 6%.
August 13 -
United Community Banks in Blairsville, Ga., reported a huge profit after a tax reversal allowed it to purge its balance sheet of bad loans.
July 25
United Community Banks (UCBI) in Blairsville, Ga., beat its third-quarter earnings estimates as costs from bad loans fell.
The $7.2 billion-asset company earned $15.5 million in the quarter, up 47% from the same period a year earlier, it announced Thursday. Earnings per share were 21 cents, 2 cents above the average expectation of analysts polled by Bloomberg.
United Community's net interest income fell 5%, to $54.3 million, due to a decline in net interest margin of 34 basis points, to 3.26%. The bank's loan book grew by 3%, to $4.3 million.
United Community's costs associated with soured assets dropped, as it lowered its loan-loss provision by 81% from a year earlier, to $3 million. Net chargeoffs were $4.5 million, down from $20.6 million a year ago. United Community
United Community's fee revenue grew by 3% in the third quarter compared to a year earlier, to $14.1 million, as service charges ticked up. Its operating expenses fell by 10%, to $40.1 million, as costs related to foreclosed property fell to $194,000, from $3.7 million. FDIC assessment charges also fell.
In August,
