United Community Banks, Inc. (NASDAQ:UCBI) Q1 2022 Earnings Conference Call April 20, 2022 11:00 AM ET
Company Participants
Lynn Harton - Chairman & Chief Executive Officer
Jefferson Harralson - Chief Financial Officer
Rich Bradshaw - President & Chief Banking Officer
Rob Edwards - Chief Risk Officer
Conference Call Participants
Jennifer Demba - Truist
Brad Milsaps - Piper Sandler
Catherine Mealor - KBW
Michael Rose - Raymond James
Brody Preston - Stephens Inc
Kevin Fitzsimmons - D. A. Davidson
David Bishop - Hovde Group
Operator
Good morning, and welcome to United Community Bank's First Quarter 2022 Earnings Call. Hosting the call today are Chairman and Chief Executive Officer, Lynn Harton; Chief Financial Officer, Jefferson Harralson; President and Chief Banking Officer, Rich Bradshaw; and Chief Risk Officer, Rob Edwards.
United's presentation today includes references to operating earnings, pretax, precredit earnings and other non-GAAP financial information. For these non-GAAP financial measures, United has provided a reconciliation to the corresponding GAAP financial measure in the Financial Highlights section of the earnings release as well as at the end of the investor presentation. Both are included on the website at ucbi.com. Copies of the first quarter's earnings release and investor presentation were filed last night on Form 8-K with the SEC, and a replay of this call will be available in the Investor Relations section of the company's website at ucbi.com.
Please be aware that during this call, forward-looking statements may be made by representatives of United. Any forward-looking statements should be considered in light of risks and uncertainties described on pages 5 and 6 of the company's 2021 Form 10-K, as well as other information provided by the company in its filings with the SEC and included on its website.
At this time, I will turn the call over to Lynn Harton.
Lynn Harton
Good morning, and thank you all for joining our call today. The first quarter was a great one for United and certainly an interesting one from a more macro perspective. Our results this quarter include the acquisition of Reliant, and as a reminder Reliant provides us with $3 billion in exposure to Middle Tennessee, primarily the Nashville MSA.
Reliant has been recognized as the best performing small bank in Tennessee for several consecutive years. And we're excited and fortunate to have them as part of our team and our ongoing performance story.
The normal Double Dip acquisition loan loss provision for Reliant impacted our reported results as noted in the release in the presentation deck. Absent this provision and other merger charges, our operating return on assets would have been 1.1%, and our return on tangible common equity would have been 13.9%. Both solid numbers we're proud to present.