United Community Banks, Inc. Reports First Quarter Earnings

GREENVILLE, S.C., April 22, 2025 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2025 of $71.4 million and pre-tax, pre-provision income of $106.6 million. Diluted earnings per share of $0.58 for the quarter represented an increase of $0.07 from the first quarter a year ago and a decrease of $0.03 from the fourth quarter of 2024. On an operating basis, United’s diluted earnings per share of $0.59 were up 13% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower noninterest expenses, partly offset by lower noninterest income and a higher provision for credit losses. United’s return on assets was 1.02%, or 1.04% on an operating basis. Return on common equity was 7.9%, and return on tangible common equity on an operating basis was 11.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.55% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.18%, up 21 basis points from the fourth quarter of 2024. Chairman and CEO Lynn Harton stated, “The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter. Loans grew by $249 million, or 5.6% annualized, and customer deposits increased $309 million, or 5.4% annualized. Our net interest margin expanded by 10 basis points, helping us to grow net interest income by $1.7 million from the fourth quarter, despite two fewer accruing days. Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. Our provision for credit losses increased by $4.0 million from the fourth quarter, covering first quarter net charge-offs as well as loan growth, slightly increasing our allowance for credit losses to 1.21% of loans, up from 1.20% on December 31, 2024. Expenses improved on an absolute basis from both the fourth and first quarters of 2024, reflecting our ongoing efforts to control costs.” Harton continued, “We are particularly excited that our bankers were recognized once again by J.D. Power as #1 in Customer Satisfaction in the Southeast, along with #1 in Trust and #1 in People. This year marks our 75ᵗʰ anniversary, and we’re off to a strong start. I’m proud to make this milestone meaningful for our customers, employees, and shareholders. We’re also excited to continue growing our presence in Florida with the recent announcement of our planned acquisition of American National Bank, headquartered in Oakland Park. This expansion will strengthen our footprint in the fast-growing South Florida market. Our teams have been collaborating closely for several months, and we expect to close the transaction on May 1.” United’s net interest margin increased 10 basis points to 3.36% from the fourth quarter. The average yield on interest-earning assets was down four basis points to 5.29%, while the cost of interest-bearing liabilities decreased 19 basis points, leading to a 15-basis-point increase in the net interest spread. The 10-basis-point increase in net interest margin reflects progress in lowering the cost of funds through reduction in deposit rates and redemption of debt instruments, and to a lesser extent, the seasonal outflow of higher-priced public funds deposits. Net charge-offs were $9.6 million, or 0.21% of average loans, during the quarter, equal to the fourth quarter of 2024. Nonperforming assets were 33 basis points relative to total assets, improved from 42 basis points for the fourth quarter. First Quarter 2025 Financial Highlights: EPS up $0.07 compared to first quarter 2024 on a GAAP basis and up $0.07, or 13%, on an operating basis; EPS down $0.03 compared to the fourth quarter on a GAAP basis and down $0.04, or 6%, on an operating basisTotal revenue improved $8.9 million, or 3.7%, year-over-yearNet interest margin of 3.36% increased by 10 basis points from the fourth quarter, reflecting a lower cost of fundsLoan production of $2.0 billion led to loan growth of $249 million, up 5.6% annualized, from the fourth quarterCustomer deposits were up $309 million from the fourth quarter, with most of the growth in money market depositsNoninterest income was down $4.9 million on a linked quarter basis mostly due to the absence of unusual fourth quarter gains in the form of a mortgage servicing right write-up and other unusual gainsMortgage closings of $187 million compared to $171 million a year ago; mortgage rate locks of $330 million compared to $260 million a year agoNoninterest expenses improved $2.0 million compared to the fourth quarter on a GAAP basis and down $1.1 million on an operating basisEfficiency ratio of 56.7%, or 56.2% on an operating basisNet income of $71.4 million and pre-tax, pre-provision income of $106.6 millionReturn on assets of 1.02%, or 1.04% on an operating basisPre-tax, pre-provision return on assets of 1.55% on an operating basisReturn on common equity of 7.9%Return on tangible common equity of 11.2% on an operating basisProvision for credit losses was $15.4 million; allowance for credit losses coverage up slightly to 1.21% of total loansNet charge-offs of $9.6 million, or 21 basis points as a percent of average loansNonperforming assets improved $22 million from December 31, 2024, to 0.33% of total assetsMaintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.3%Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year Conference CallUnited will hold a conference call on Tuesday, April 22 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company's website, ucbi.com. UNITED COMMUNITY BANKS, INC.Selected Financial Information(in thousands, except per share data) 2025 2024 First Quarter2025-2024Change FirstQuarter FourthQuarter ThirdQuarter SecondQuarter FirstQuarter INCOME SUMMARY Interest revenue$335,357 $344,962 $349,086 $346,965 $336,728 Interest expense 123,336 134,629 139,900 138,265 137,579 Net interest revenue 212,021 210,333 209,186 208,700 199,149 6%Noninterest income 35,656 40,522 8,091 36,556 39,587 (10)Total revenue 247,677 250,855 217,277 245,256 238,736 4 Provision for credit losses 15,419 11,389 14,428 12,235 12,899 Noninterest expenses 141,099 143,056 143,065 147,044 145,002 (3)Income before income tax expense 91,159 96,410 59,784 85,977 80,835 13 Income tax expense 19,746 20,606 12,437 19,362 18,204 8 Net income 71,413 75,804 47,347 66,615 62,631 14 Non-operating items 1,297 2,203 29,385 6,493 2,187 Income tax benefit of non-operating items (281) (471) (6,276) (1,462) (493) Net income – operating (1)$72,429 $77,536 $70,456 $71,646 $64,325 13 Pre-tax pre-provision income (5)$106,578 $107,799 $74,212 $98,212 $93,734 14 PERFORMANCE MEASURES Per common share: Diluted net income – GAAP$0.58 $0.61 $0.38 $0.54 $0.51 14 Diluted net income – operating (1) 0.59 0.63 0.57 0.58 0.52 13 Cash dividends declared 0.24 0.24 0.24 0.23 0.23 4 Book value 28.42 27.87 27.68 27.18 26.83 6 Tangible book value (3) 20.58 20.00 19.66 19.13 18.71 10 Key performance ratios: Return on common equity – GAAP (2)(4) 7.89% 8.40% 5.20% 7.53% 7.14% Return on common equity – operating (1)(2)(4) 8.01 8.60 7.82 8.12 7.34 Return on tangible common equity – operating (1)(2)(3)(4) 11.21 12.12 11.17 11.68 10.68 Return on assets – GAAP (4) 1.02 1.06 0.67 0.97 0.90 Return on assets – operating (1)(4) 1.04 1.08 1.01 1.04 0.93 Return on assets – pre-tax pre-provision, excluding non-operating items (1)(4)(5) 1.55 1.55 1.50 1.54 1.40 Net interest margin (fully taxable equivalent) (4) 3.36 3.26 3.33 3.37 3.20 Efficiency ratio – GAAP 56.74 56.05 65.51 59.70 60.47 Efficiency ratio – operating (1) 56.22 55.18 57.37 57.06 59.15 Equity to total assets 12.56 12.38 12.45 12.35 12.06 Tangible common equity to tangible assets (3) 9.18 8.97 8.93 8.78 8.49 ASSET QUALITY Nonperforming assets ("NPAs")$93,290 $115,635 $114,960 $116,722 $107,230 (13)Allowance for credit losses – loans 211,974 206,998 205,290 213,022 210,934 — Allowance for credit losses – total 223,201 217,389 215,517 224,740 224,119 — Net charge-offs 9,607 9,517 23,651 11,614 12,908 Allowance for credit losses – loans to loans 1.15% 1.14% 1.14% 1.17% 1.15% Allowance for credit losses – total to loans 1.21 1.20 1.20 1.23 1.22 Net charge-offs to average loans (4) 0.21 0.21 0.52 0.26 0.28 NPAs to total assets 0.33 0.42 0.42 0.43 0.39 AT PERIOD END ($ in millions) Loans$18,425 $18,176 $17,964 $18,211 $18,375 — Investment securities 6,661 6,804 6,425 6,038 5,859 14 Total assets 27,874 27,720 27,373 27,057 27,365 2 Deposits 23,762 23,461 23,253 22,982 23,332 2 Shareholders’ equity 3,501 3,432 3,407 3,343 3,300 6 Common shares outstanding (thousands) 119,514 119,364 119,283 119,175 119,137 — (1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses. UNITED COMMUNITY BANKS, INC.Non-GAAP Performance Measures Reconciliation(in thousands, except per share data) 2025 2024 FirstQuarter FourthQuarter ThirdQuarter SecondQuarter FirstQuarter Noninterest income reconciliation Noninterest income (GAAP) $35,656 $40,522 $8,091 $36,556 $39,587 Loss on sale of manufactured housing loans — — 27,209 — — Gain on lease termination — — — — (2,400)Noninterest income – operating $35,656 $40,522 $35,300 $36,556 $37,187 Noninterest expense reconciliation Noninterest expenses (GAAP) $141,099 $143,056 $143,065 $147,044 $145,002 Loss on FinTrust (goodwill impairment) — — — (5,100) — FDIC special assessment — — — 764 (2,500)Merger-related and other charges (1,297) (2,203) (2,176) (2,157) (2,087)Noninterest expenses – operating $139,802 $140,853 $140,889 $140,551 $140,415 Net income to operating income reconciliation Net income (GAAP) $71,413 $75,804 $47,347 $66,615 $62,631 Loss on sale of manufactured housing loans — — 27,209 — — Gain on lease termination — — — — (2,400)Loss on FinTrust (goodwill impairment) — — — 5,100 — FDIC special assessment — — — (764) 2,500 Merger-related and other charges 1,297 2,203 2,176 2,157 2,087 Income tax benefit of non-operating items (281) (471) (6,276) (1,462) (493)Net income – operating $72,429 $77,536 $70,456 $71,646 $64,325 Net income to pre-tax pre-provision income reconciliation Net income (GAAP) $71,413 $75,804 $47,347 $66,615 $62,631 Income tax expense 19,746 20,606 12,437 19,362 18,204 Provision for credit losses 15,419 11,389 14,428 12,235 12,899 Pre-tax pre-provision income $106,578 $107,799 $74,212 $98,212 $93,734 Diluted income per common share reconciliation Diluted income per common share (GAAP) $0.58 $0.61 $0.38 $0.54 $0.51 Loss on sale of manufactured housing loans — — 0.18 — — Gain on lease termination — — — — (0.02)Loss on FinTrust (goodwill impairment) — — — 0.03 — FDIC special assessment — — — — 0.02 Merger-related and other charges 0.01 0.02 0.01 0.01 0.01 Diluted income per common share – operating $0.59 $0.63 $0.57 $0.58 $0.52 Book value per common share reconciliation Book value per common share (GAAP) $28.42 $27.87 $27.68 $27.18 $26.83 Effect of goodwill and other intangibles (7.84) (7.87) (8.02) (8.05) (8.12)Tangible book value per common share $20.58 $20.00 $19.66 $19.13 $18.71 Return on tangible common equity reconciliation Return on common equity (GAAP) 7.89% 8.40% 5.20% 7.53% 7.14%Loss on sale of manufactured housing loans — — 2.43 — — Gain on lease termination — — — — (0.22)Loss on FinTrust (goodwill impairment) — — — 0.46 — FDIC special assessment — — — (0.07) 0.23 Merger-related and other charges 0.12 0.20 0.19 0.20 0.19 Return on common equity – operating 8.01 8.60 7.82 8.12 7.34 Effect of goodwill and other intangibles 3.20 3.52 3.35 3.56 3.34 Return on tangible common equity – operating 11.21% 12.12% 11.17% 11.68% 10.68% Return on assets reconciliation Return on assets (GAAP) 1.02% 1.06% 0.67% 0.97% 0.90%Loss on sale of manufactured housing loans — — 0.31 — — Gain on lease termination — — — — (0.03)Loss on FinTrust (goodwill impairment) — — — 0.06 — FDIC special assessment — — — (0.01) 0.03 Merger-related and other charges 0.02 0.02 0.03 0.02 0.03 Return on assets – operating 1.04% 1.08% 1.01% 1.04% 0.93% Return on assets to return on assets – pre-tax pre-provision reconciliation Return on assets (GAAP) 1.02% 1.06% 0.67% 0.97% 0.90%Income tax expense 0.29 0.30 0.19 0.29 0.27 Provision for credit losses 0.23 0.16 0.21 0.18 0.19 Loss on sale of manufactured housing loans — — 0.40 — — Gain on lease termination — — — — (0.04)Loss on FinTrust (goodwill impairment) — — — 0.08 — FDIC special assessment — — — (0.01) 0.04 Merger-related and other charges 0.01 0.03 0.03 0.03 0.04 Return on assets – pre-tax pre-provision – operating 1.55% 1.55% 1.50% 1.54% 1.40% Efficiency ratio reconciliation Efficiency ratio (GAAP) 56.74% 56.05% 65.51% 59.70% 60.47%Loss on sale of manufactured housing loans — — (7.15) — — Gain on lease termination — — — — 0.60 Loss on FinTrust (goodwill impairment) — — — (2.07) — FDIC special assessment — — — 0.31 (1.05)Merger-related and other charges (0.52) (0.87) (0.99) (0.88) (0.87)Efficiency ratio – operating 56.22% 55.18% 57.37% 57.06% 59.15% Tangible common equity to tangible assets reconciliation Equity to total assets (GAAP) 12.56% 12.38% 12.45% 12.35% 12.06%Effect of goodwill and other intangibles (3.06) (3.09) (3.20) (3.24) (3.25)Effect of preferred equity (0.32) (0.32) (0.32) (0.33) (0.32)Tangible common equity to tangible assets 9.18% 8.97% 8.93% 8.78% 8.49% UNITED COMMUNITY BANKS, INC.Loan Portfolio Composition at Period-End 2025 2024 LinkedQuarterChange Year overYearChange(in millions)FirstQuarter FourthQuarter ThirdQuarter SecondQuarter FirstQuarter LOANS BY CATEGORY Owner occupied commercial RE$3,419 $3,398 $3,323 $3,297 $3,310 $21 $109 Income producing commercial RE 4,416 4,361 4,259 4,058 4,206 55 210 Commercial & industrial 2,506 2,428 2,313 2,299 2,405 78 101 Commercial construction 1,681 1,656 1,785 2,014 1,936 25 (255)Equipment financing 1,723 1,663 1,603 1,581 1,544 60 179 Total commercial 13,745 13,506 13,283 13,249 13,401 239 344 Residential mortgage 3,218 3,232 3,263 3,266 3,240 (14) (22)Home equity 1,099 1,065 1,015 985 969 34 130 Residential construction 171 178 189 211 257 (7) (86)Manufactured housing (1) — 2 2 321 328 (2) (328)Consumer 183 186 188 183 180 (3) 3 Other 9 7 24 (4) — 2 9 Total loans$18,425 $18,176 $17,964 $18,211 $18,375 $249 $50 LOANS BY MARKET Georgia$4,484 $4,447 $4,470 $4,411 $4,356 $37 $128 South Carolina 2,821 2,815 2,782 2,779 2,804 6 17 North Carolina 2,666 2,644 2,586 2,591 2,566 22 100 Tennessee 1,880 1,799 1,848 2,144 2,209 81 (329)Florida 2,572 2,527 2,423 2,407 2,443 45 129 Alabama 1,009 996 996 1,021 1,068 13 (59)Commercial Banking Solutions 2,993 2,948 2,859 2,858 2,929 45 64 Total loans$18,425 $18,176 $17,964 $18,211 $18,375 $249 $50 (1) At March 31, 2025, manufactured housing loans are included with consumer loans. UNITED COMMUNITY BANKS, INC.Credit Quality(in thousands) 2025 2024 FirstQuarter FourthQuarter ThirdQuarterNONACCRUAL LOANS Owner occupied RE $8,949 $11,674 $7,783 Income producing RE 16,536 25,357 31,222 Commercial & industrial 22,396 29,339 28,856 Commercial construction 5,558 7,400 7,356 Equipment financing 8,818 8,925 9,123 Total commercial 62,257 82,695 84,340 Residential mortgage 22,756 24,615 21,851 Home equity 4,091 4,630 4,111 Residential construction 811 57 118 Manufactured housing (2) — 1,444 1,808 Consumer 1,423 138 152 Total nonaccrual loans 91,338 113,579 112,380 OREO and repossessed assets 1,952 2,056 2,580 Total NPAs $93,290 $115,635 $114,960 2025 2024 First Quarter Fourth Quarter Third Quarter(in thousands)Net Charge-Offs Net Charge-Offs toAverageLoans (1) Net Charge-Offs Net Charge-Offs toAverageLoans (1) Net Charge-Offs Net Charge-Offs toAverageLoans (1)NET CHARGE-OFFS (RECOVERIES) BY CATEGORY Owner occupied RE$126 0.02% $(184) (0.02)% $(184) (0.02)%Income producing RE 718 0.07 (1,001) (0.09) 1,409 0.13 Commercial & industrial 2,447 0.40 4,075 0.69 4,577 0.79 Commercial construction (138) (0.03) 2 — 36 0.01 Equipment financing 5,042 1.21 5,812 1.43 5,268 1.32 Total commercial 8,195 0.24 8,704 0.26 11,106 0.33 Residential mortgage (1) — 145 0.02 32 — Home equity (62) (0.02) (33) (0.01) 36 0.01 Residential construction 219 0.51 7 0.02 111 0.22 Manufactured housing (2) — — 114 23.41 11,556 28.51 Consumer 1,256 2.76 580 1.24 810 1.74 Total$9,607 0.21 $9,517 0.21 $23,651 0.52 (1) Annualized. (2) At March 31, 2025, manufactured housing loans are included with consumer loans. UNITED COMMUNITY BANKS, INC.Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) March 31,2025 December 31,2024ASSETS Cash and due from banks $198,287 $296,161 Interest-bearing deposits in banks 438,425 223,712 Cash and cash equivalents 636,712 519,873 Debt securities available-for-sale 4,322,644 4,436,291 Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively) 2,338,571 2,368,107 Loans held for sale 37,344 57,534 Loans and leases held for investment 18,425,365 18,175,980 Less allowance for credit losses – loans and leases (211,974) (206,998)Loans and leases, net 18,213,391 17,968,982 Premises and equipment, net 391,020 394,264 Bank owned life insurance 346,410 346,234 Goodwill and other intangible assets, net 953,357 956,643 Other assets 634,269 672,330 Total assets $27,873,718 $27,720,258 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Noninterest-bearing demand $6,257,032 $6,211,182 NOW and interest-bearing demand 6,155,141 6,141,342 Money market 6,637,506 6,398,144 Savings 1,105,374 1,100,591 Time 3,446,567 3,441,424 Brokered 160,785 168,292 Total deposits 23,762,405 23,460,975 Short-term borrowings — 195,000 Long-term debt 254,287 254,152 Accrued expenses and other liabilities 356,130 378,004 Total liabilities 24,372,822 24,288,131 Shareholders' equity: Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference 88,266 88,266 Common stock, $1 par value; 200,000,000 shares authorized, 119,514,298 and 119,364,110 shares issued and outstanding, respectively 119,514 119,364 Common stock issuable; 584,083 and 600,168 shares, respectively 12,983 12,999 Capital surplus 2,711,721 2,710,279 Retained earnings 754,971 714,138 Accumulated other comprehensive loss (186,559) (212,919)Total shareholders' equity 3,500,896 3,432,127 Total liabilities and shareholders' equity $27,873,718 $27,720,258 UNITED COMMUNITY BANKS, INC.Consolidated Statements of Income (Unaudited) Three Months EndedMarch 31,(in thousands, except per share data) 2025 2024 Interest revenue: Loans, including fees $274,056 $283,983 Investment securities, including tax exempt of $1,678 and $1,721, respectively 58,850 46,436 Deposits in banks and short-term investments 2,451 6,309 Total interest revenue 335,357 336,728 Interest expense: Deposits: NOW and interest-bearing demand 37,390 46,211 Money market 49,541 50,478 Savings 624 706 Time 31,379 36,389 Deposits 118,934 133,784 Short-term borrowings 1,107 — Federal Home Loan Bank advances 433 — Long-term debt 2,862 3,795 Total interest expense 123,336 137,579 Net interest revenue 212,021 199,149 Noninterest income: Service charges and fees 9,535 9,264 Mortgage loan gains and other related fees 6,122 7,511 Wealth management fees 4,465 6,313 Net gains from sales of other loans 1,396 1,537 Lending and loan servicing fees 4,165 4,210 Securities gains, net 6 — Other 9,967 10,752 Total noninterest income 35,656 39,587 Provision for credit losses 15,419 12,899 Noninterest expenses: Salaries and employee benefits 84,267 84,985 Communications and equipment 13,699 11,920 Occupancy 10,929 11,099 Advertising and public relations 1,881 1,901 Postage, printing and supplies 2,561 2,648 Professional fees 5,931 5,988 Lending and loan servicing expense 1,987 1,827 Outside services – electronic banking 2,763 2,918 FDIC assessments and other regulatory charges 4,642 7,566 Amortization of intangibles 3,286 3,887 Merger-related and other charges 1,297 2,087 Other 7,856 8,176 Total noninterest expenses 141,099 145,002 Income before income taxes 91,159 80,835 Income tax expense 19,746 18,204 Net income 71,413 62,631 Preferred stock dividends 1,573 1,573 Earnings allocated to participating securities 411 345 Net income available to common shareholders $69,429 $60,713 Net income per common share: Basic $0.58 $0.51 Diluted 0.58 0.51 Weighted average common shares outstanding: Basic 120,043 119,662 Diluted 120,201 119,743 UNITED COMMUNITY BANKS, INC.Average Consolidated Balance Sheets and Net Interest AnalysisFor the Three Months Ended March 31, 2025 2024 (dollars in thousands, fully taxable equivalent (FTE))AverageBalance Interest AverageRate AverageBalance Interest AverageRateAssets: Interest-earning assets: Loans, net of unearned income (FTE) (1)(2)$18,213,501 $273,930 6.10% $18,299,739 $283,960 6.24%Taxable securities (3) 6,737,658 57,172 3.39 5,828,391 44,715 3.07 Tax-exempt securities (FTE) (1)(3) 356,712 2,245 2.52 366,350 2,311 2.52 Federal funds sold and other interest-earning assets 400,592 3,001 3.04 674,594 6,805 4.06 Total interest-earning assets (FTE) 25,708,463 336,348 5.29 25,169,074 337,791 5.39 Noninterest-earning assets: Allowance for credit losses (210,169) (212,996) Cash and due from banks 219,540 221,203 Premises and equipment 396,443 386,021 Other assets (3) 1,610,104 1,618,315 Total assets$27,724,381 $27,181,617 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Interest-bearing deposits: NOW and interest-bearing demand$6,134,004 37,390 2.47 $6,078,090 46,211 3.06 Money market 6,583,963 49,541 3.05 5,864,217 50,478 3.46 Savings 1,096,308 624 0.23 1,192,828 706 0.24 Time 3,446,048 30,831 3.63 3,596,486 35,944 4.02 Brokered time deposits 50,447 548 4.41 50,343 445 3.56 Total interest-bearing deposits 17,310,770 118,934 2.79 16,781,964 133,784 3.21 Federal funds purchased and other borrowings 80,760 1,107 5.56 13 — — Federal Home Loan Bank advances 38,900 433 4.51 4 — — Long-term debt 254,220 2,862 4.57 324,838 3,795 4.70 Total borrowed funds 373,880 4,402 4.77 324,855 3,795 4.70 Total interest-bearing liabilities 17,684,650 123,336 2.83 17,106,819 137,579 3.23 Noninterest-bearing liabilities: Noninterest-bearing deposits 6,194,217 6,398,079 Other liabilities 369,939 390,451 Total liabilities 24,248,806 23,895,349 Shareholders' equity 3,475,575 3,286,268 Total liabilities and shareholders' equity$27,724,381 $27,181,617 Net interest revenue (FTE) $213,012 $200,212 Net interest-rate spread (FTE) 2.46% 2.16%Net interest margin (FTE) (4) 3.36% 3.20% (1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.(2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.(3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation.(4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets. About United Community Banks, Inc.United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com. Non-GAAP Financial MeasuresThis press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense - operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables. Caution About Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements related to the expected benefits of the acquisition of ANB Holdings, Inc. (“ANB”). Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the ANB acquisition may not be realized or take longer than anticipated to be realized, (2) disruption from the ANB acquisition of customer, supplier, employee or other business partner relationships, (3) the possibility that the costs, fees, expenses and charges related to the ANB acquisition may be greater than anticipated, (4) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to the ANB acquisition, (5) the failure of the ANB acquisition to close or any unexpected delay in closing the ANB acquisition, (6) the risks relating to the integration of ANB’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (7) the risks associated with United’s pursuit of future acquisitions, (8) the risk associated with expansion into new geographic or product markets, (9) the dilution caused by United’s issuance of additional shares of its common stock in the ANB acquisition, and (10) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”). Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United. United qualifies all forward-looking statements by these cautionary statements. For more information:Jefferson HarralsonChief Financial Officer(864) 240-6208Jefferson_Harralson@ucbi.com

United Community Banks, Inc. Reports First Quarter Earnings

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