United Community Bank lost $42.4 million in fourth quarter

The Blairsville-based lender reported a $42.4 million loss in the fourth quarter of 2009, compared with $47.5 million a year earlier.

While losses remain elevated, several key indicators appear to be moving in the right direction on a quarter-over-quarter basis.

The bank charged off $84.6 million in soured loans in the fourth quarter, down from $90.4 million in the third quarter. The bank reported $385 million in nonperforming loans in the fourth quarter, compared with $415 million in the third quarter.

And delinquent loans totaled $264 million in the fourth quarter, down from $304.3 million in the third quarter.

“Our ultimate goal is to return to profitability as soon as possible, and our attention is relentlessly focused toward that goal,” said Jimmy Tallent, the bank’s president and CEO.

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