United Community Banks, Inc. (NASDAQ:UCBI) Q3 2020 Earnings Conference Call - Final Transcript
Oct 21, 2020 • 11:00 am ET
had and the flattish expenses, our efficiency ratio moved to 52%. While we did not get much in the way of Seaside cost savings in Q3, we expect to convert their systems in the first quarter and we feel confident on the $9 million of annual cost savings that we have targeted.
With that, I'll pass it back to Lynn for closing comments.
H. Lynn Harton
Thank you Jefferson. Another exciting event this quarter for United was the addition of Jim Clements, President of Clemson University to our Board of Directors. Under Jim's leadership Clemson has set records in admissions, enrollment, graduation and retention rates, research funding, and as we all know, athletics. Clemson has been ranked as one of the top 25 public universities by U.S. News & World Report for 11 straight years. I look forward to having Jim encourage and push us to perform at the highest possible level. So Jim, welcome to the United. And speaking of performance, I'd like to point out that while the economic outlook remains hard to predict we are well-positioned with solid pre-provision income, strong capital levels, and ample liquidity to outperform during this cycle. And that is all due to an outstanding team throughout the company, some of which are in the room here with me now.
So I'd like to open it up now for questions and give them an opportunity to provide more color for you on the quarter and the environment.