Source Pravda.Ru

United Community Banks Inc. cuts its earning forecast

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.