United Community Banks Inc. said Thursday that its forth-quarter earnings range between 8 cents and 10 cents per share, or 12 cents to 14 cents per share – lower that previously forecasted. Analysts predict that the bank will earn 43 cents per share for the quarter.
The company said it cut its outlook on increased provisions for loan losses and real estate expenses.
United Community will set aside $29.5 million to cover rising losses amid struggling housing and construction markets.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year