United Community Banks, Inc. (UCBI) Thursday said second-quarter net income available to common shareholders plunged to $16.36 million from $226.91 million last year that included an income tax benefit of $256.78 million.
Earnings per share plummeted to $0.27 from $3.90. On average, 7 analysts polled by Thomson Reuters expected earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Net income before income taxes was $25.98 million, compared to a loss of $26.82 million last year.
Total revenue climbed to $66.52 million from $22.01 million last year. Analysts expected revenues of $67.58 million.
The company said the results reflected growth in net interest revenue and fee revenue, a lower provision for loan losses and the elimination of preferred stock dividends.
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