United Community Banks (UCB) Q4 FY2023 earnings: revenue $166 million, down 25.8% on the year

United Community Banks Inc. (UCB) reported revenue of $166 million for Q4 FY2023, the quarter ended 31 December 2023, down 25.8% on the same quarter a year earlier. Net income was $14 million, down 82.7% on the year, and diluted earnings per share $0.11. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$166 milliondown 25.8%

Net income$14 milliondown 82.7%

Diluted EPS$0.11

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	166	204	n/a	n/a
Interest expense	135	121	n/a	n/a
Pre-tax income	11.2	59.8	n/a	n/a
Income tax	-2.9	11.9	n/a	n/a
Effective tax rate	-26.4%	19.9%	n/a
Net income	14.1	47.9	n/a	n/a
Net margin	8.5%	23.4%	n/a
Diluted EPS	$0.11	$0.39	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	21.8	87.2	n/a	n/a
Capital expenditure	13.3	15.3	n/a	n/a
Free cash flow	8.4	71.8	n/a	n/a
Cash from investing	-161	161	n/a	n/a
Cash from financing	384	-200	n/a	n/a
Depreciation and amortisation	10.9	10.4	n/a	n/a
Share-based compensation	1.8	2.3	n/a	n/a
Dividends paid	27.7	26.9	n/a	n/a
Dividend per share	n/a	$0.23	n/a	n/a
Diluted shares, weighted	120m	120m	n/a	n/a
Shares outstanding at period end	119m	119m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,262	3,184	n/a	n/a
Deposits	23,311	22,858	n/a	n/a
Short-term borrowings	0.0	37.3	n/a	n/a
Debt	325	325	n/a	n/a
Other liabilities	400	465	n/a	n/a
Total liabilities and equity	27,297	26,869	n/a	n/a
Fixed assets	378	371	n/a	n/a
Goodwill	920	920	n/a	n/a
Intangible assets	70.2	74.2	n/a	n/a
Securities held for sale or to maturity	5,822	5,701	n/a	n/a
Loans	18,111	18,001	n/a	n/a
Cash and equivalents	1,004	760	n/a	n/a
Other assets	992	1,042	n/a	n/a
Total assets	27,297	26,869	n/a	n/a

Questions

What was United Community Banks' revenue in Q4 FY2023?

United Community Banks (UCB) reported revenue of $166 million for Q4 FY2023, the quarter ended 31 December 2023, down 25.8% on the same quarter a year earlier.

How much did United Community Banks earn in Q4 FY2023?

Net income for Q4 FY2023 was $14 million, down 82.7% on the year, and diluted earnings per share $0.11.

When did United Community Banks report Q4 FY2023 results?

United Community Banks filed its 10-K for the year that ended with the quarter on 23 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	204	166	239	245	217	239	248	260	277	n/a	277	279
Interest expense	121	135	138	138	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	59.8	11.2	80.8	86.0	59.8	96.4	91.2	101	118	n/a	108	149
Tax rate	20%	-26%	23%	23%	21%	21%	22%	22%	23%	n/a	22%	22%
Net income	47.9	14.1	62.6	66.6	47.3	75.8	71.4	78.7	91.5	n/a	84.3	116
Net margin	23%	9%	26%	27%	22%	32%	29%	30%	33%	n/a	30%	41%
Diluted EPS	$0.39	$0.11	$0.51	$0.54	$0.38	$0.61	$0.58	$0.63	$0.70	n/a	$0.69	$0.95
Operating cash flow	87.2	21.8	88.8	105	7.7	148	98.6	96.8	123	n/a	69.3	131
Capital expenditure	15.3	13.3	13.7	17.9	9.9	5.5	4.3	12.1	5.4	n/a	6.9	9.2
Free cash flow	71.8	8.4	75.1	87.2	-2.2	143	94.3	84.7	118	n/a	62.4	121
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	0.0	13.9	0.0	n/a	37.1	0.0
Dividends paid	26.9	27.7	27.7	27.8	27.8	29.0	29.1	29.1	29.5	n/a	30.6	30.4
Shares outstanding	119m	119m	119m	119m	119m	119m	120m	121m	122m	121m	120m	120m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000857855-24-000010: the filing on EDGAR. All of United Community Banks Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install