GREENVILLE, S.C. - United Community Banks , Inc. (NYSE: UCB ) reported fourth quarter earnings that beat analyst expectations, sending shares up slightly in after-hours trading, Wednesday.

The regional bank posted adjusted earnings per share of $0.63, exceeding the consensus estimate of $0.56. Revenue came in at $239.47 million, below analyst projections of $243.04 million.

Net income for the quarter was $75.8 million, up significantly from $14.1 million in the same period last year.

The company said the increase was primarily driven by higher net interest income, higher noninterest income and a lower provision for credit losses compared to Q4 2023.

Revenue for the quarter was $239.47 million, missing consensus estimate of $243.04 million.

"We are excited to report strong fourth quarter results," said Chairman and CEO Lynn Harton. "Loan growth returned to historical levels with loans increasing $212 million, or 5% annualized. We funded the new loans with customer deposits, which grew $213 million from third quarter."

Net interest margin decreased 7 basis points from the third quarter to 3.26%. The company said this reflected the impact of funding a portion of its balance sheet with noninterest bearing deposits not sensitive to rate changes.

Credit quality remained stable, with net charge-offs dropping to 0.21% of average loans, the lowest level in two years. This resulted in a lower provision for credit losses.

For the full year 2024, United Community Banks reported net income of $252 million and diluted earnings per share of $2.04, up from $187.5 million and $1.54 per share in 2023.

The company's shares rose 0.45% in after-hours trading following the earnings release.

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