United Bank Earnings and Mortgage Banking Summary
EARNINGS SUMMARY
In thousands, except per share data
Three Months Ended
4Q22
Interest & Fees Income
$
307,741 $
3Q22
263,683
4Q21
195, 194
$
Year Ended
2022
1,001,990 $
2021
795,117
Interest Expense
$
58,337 $
23,061
11,516
$
Net Interest Income
$
249,404 $
240,622 $
183,678
$
Provision for Credit Losses
$
16,368 $
7,671 $
(7,405)
Noninterest Income
$
30,879 $
32,749 $
54,053
Noninterest Expense
$
SA
137,542 $
137,196 $
151,793
SA SA SA EA EA
105,559 $
52,383
896,431 $
742,734
18,822 $
(23,970)
153,261 $
278,128
555,087 $
581,979
Income Before Income Taxes
$
126,373
$
128,504 $
93,343
$
Income Taxes
SA
$
26,608 $
25,919 $
19,491
SA
SA
475,783 $
462,853
96,156 $
95,115
Net Income
$
EA
99,765 $
102,585 $
73,852
SA
$
379,627 $
367,738
Diluted EPS
Weighted Average Diluted Shares
$0.74
134,799
$0.76
134,554
$0.56
131,296
$2.80
135,118
$2.83
129,513
Notes
Merger-Related Expenses (before tax)
Linked-Quarter (LQ)
20,391
537 $
21,418
Net Income was $99.8 million in 4Q22 compared to $102.6 million in 3Q22, with diluted EPS of $0.74 in 4Q22 compared to $0.76 in 3Q22.
Net Interest Income increased $8.8 million primarily due to higher interest income on earning assets driven by rising market interest rates, organic
loan growth, and a change in the asset mix to higher earning assets. The increase in net interest income was partially offset by higher interest expense,
driven by deposit rate repricing and higher average balances of FHLB borrowings.
Provision Expense was $16.4 million in 4Q22 compared to $7.7 million in 3Q22. The increase was primarily due to loan growth and the impact of
reasonable and supportable forecasts of future macroeconomic conditions.
Noninterest Income decreased $1.9 million primarily due to a decrease of $1.8 million in income from mortgage banking activities.
Noninterest Expense increased $0.3 million. The expense for reserve for unfunded loan commitments increased $9.4 million and charitable
contributions increased $1.8 million. Partially offsetting these increases were declines in other noninterest expense of $5.2 million, driven by a $3.9
million partial recovery of a 3Q accrual related to a litigation matter with a former commercial customer that was settled during 4Q, and declines in
employee compensation of $2.1 million.
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