Equity Analysis /
United States of America

US : United Community Banks, Inc. - UCBI | 4Q20 First Look: Stronger Core Revs, Lower LLP Fuel Core EPS Beat

    Contributors
    Joseph Yanchunis
    Carl-Harry Doirin
    CGS-CIMB
    20 January 2021
    Published byCGS-CIMB

    Event: United Community reported 4Q20 EPS of $0.66. However, ex. items in the table on page 3, we peg core EPS at $0.77 which exceeded our estimate of $0.67 and consensus of $0.60 (range: $0.46-0.69). On a core basis, stronger than forecast revenue (both net interest income and fee revenue) and a l