United Community Banks in Blairsville, Ga., repositioned its securities portfolio and disclosed the impact of a special assessment from the Federal Deposit Insurance Corp.
The $26.9 billion-asset company disclosed in a regulatory filing that it sold $316 million of available-for-sale securities at a $52 million pretax loss. The proceeds were reinvested in higher-yielding bonds.
United said the moves should increase annual net interest income by $9.6 million and earnings per share by 6 cents.
Separately, the company estimated that it will have a $10 million pretax charge $10 million from the FDIC special assessment.