Monday, United Community Banks, Inc. (UCBI) revealed an updated outlook on credit quality for the fourth quarter of 2008.
United anticipates its fourth quarter loan loss provision and charge-offs to remain at elevated levels due to continued credit deterioration and current economic conditions, particularly in the residential construction portfolio in the Atlanta market. United also projects to increase its loan loss reserve for the quarter. The estimate for the fourth quarter loan loss provision is $85 million, with an expected $74 million in charge-offs and an $11 million build-up in the allowance for loan losses to 2.14% of total loans.
United intends to release fourth quarter financial results on January 23, before market opens.
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