United Community Banks, Inc. Reports Strong Q1 Results with Net Income of $62.3 Million
Revenue Surges to $219.9 Million, Signaling Robust Performance
By USInMinutes
Published - Jul 21, 2023, 11:10 AM ET
Last Updated - Jul 21, 2023, 11:10 AM EDT
United Community Banks, Inc. (UCBI), a leading financial institution, has announced its consolidated financial results for the first quarter ended March 31, 2023. The report showcases impressive financial performance, with both net income and revenue exhibiting significant growth.
Financial Statements
Consolidated Balance Sheets (Unaudited)
UCBI's total assets for the first quarter of 2023 reached $25.9 billion, a notable increase from $24.0 billion reported at the end of 2022. Cash and cash equivalents surged to $777.7 million, rising from $646.9 million in the previous quarter. Debt securities available-for-sale slightly decreased to $3.33 billion, while debt securities held-to-maturity remained stable at $2.58 billion.
