GREENVILLE, S.C. — United Community Banks, the bank holding company headquartered in Greenville, reported a third-quarter net loss of $139.7 million on Tuesday, a result the company tied to a set of one-time moves meant to reshape its balance sheet.
On a per-share basis, the GAAP loss came to $1.16. Stripping out those items, earnings were 77 cents a share, in line with the average forecast of five analysts tracked by Zacks Investment Research. Revenue net of interest expense reached $354.1 million, well above the $281.1 million analysts had expected.
During the quarter the bank cashed out of Navitas, its equipment finance arm, for $2.0 billion, completed its purchase of Peach State Bank on Aug. 1 and restructured its investment holdings in early September.
Operating net income, which excludes those actions, was $93.7 million, an 8% gain from the second quarter. Core loans grew at a 9.8% annualized pace and core customer deposits at 8.0%. Net interest margin held at 3.68%, up 10 basis points from a year earlier.
Lynn Harton is the company’s chairman and chief executive.
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