Declaring that “the lingering effects of the credit crisis are behind us,” United Community Banks, Inc.’s president and CEO said the Blairsville banking company is in the final phase of its recovery.
“We can now devote full attention toward growing our business and increasing the value of our shareholders’ investments,” Jimmy Tallent said in a Thursday statement.
The company had $227 million in profits available to common shareholders in the second quarter, as it charged off loans more quickly. A year ago, it made $3.5 million in the same quarter.
The large increase was due to two factors: the reversal of the valuation allowance on a deferred tax asset, as well as higher provisions for both loan losses and foreclosed property expenses.
Nonperforming assets are down 75 percent, to $27.9 million.
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