DivestmentAug 5, 2026, 03:06 PM
United Community Banks to Sell Navitas for $1.99B; Q2 Net Income Up
AI Summary
United Community Banks announced a definitive agreement to sell its equipment finance subsidiary, Navitas Credit Corp., for an estimated $1.99 billion in cash. This strategic divestment led to the reclassification of $1.91 billion in financing receivables to held for sale and the release of a $38.5 million allowance for credit losses. Concurrently, the company reported strong Q2 2026 financial results, with net income increasing to $115.6 million and basic EPS rising to $0.95, significantly up from the prior year.
Key Highlights
- Definitive agreement to sell Navitas Credit Corp. for estimated $1.99 billion cash.
- Equipment financing receivables of $1.91 billion reclassified to held for sale.
- Released $38.5 million allowance for credit losses due to Navitas sale.
- Q2 2026 net income increased to $115.6 million from $78.7 million YoY.
- Basic EPS for Q2 2026 rose to $0.95, up from $0.63 in Q2 2025.
- Net interest revenue for Q2 2026 was $240.9 million, up 6.8% YoY.
- Total assets grew to $29.05 billion as of June 30, 2026.
- Declared common stock dividend of $0.25 per share for Q2 2026.
Price Impact
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