Strong Start to Fiscal Year 2025
Operating earnings were $0.59 per share with an operating return on assets of 1.04%, both showing solid improvements from a year ago. Loans and deposits both grew at an annualized rate of just over 5%.
Recognition for Excellence
J.D. Power recognized United for the 11th time as the Retail Banking Satisfaction winner for the Southeast. Additionally, United was ranked number one in Trust and People.
Improvement in Net Interest Margin
Net interest margin increased by 10 basis points over the fourth quarter, driven by lower deposit costs.
Healthy Loan Portfolio Growth
The loan portfolio saw 7% annualized growth in C&I and 15% annualized growth in the Navitas book. HELOC loans also grew at an annualized rate of 13%.
Strong Deposit Growth
Deposit growth was $309 million or 5.3% annualized, outperforming expectations even with seasonal public funds outflow.
Successful Cost Management
Operating expenses were lower both from last quarter and when compared to the first quarter of 2024. Spread income increased 6.5% compared to last year.