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United Community Banks, Inc. Reports Fourth Quarter and Full Year Results

1. UCB reported net income of $75.8 million in Q4 2024. 2. Diluted EPS increased to $0.61, up from $0.38 last year. 3. Total assets grew to $27.7 billion with strong capital ratios. 4. UCB's loan growth reached 5% annualized, driven by customer deposits. 5. Acquisition of American National Bank expands UCB's Florida presence.

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Why Bullish?

Strong financial performance and acquisition plans indicate company growth, similar effects seen in past acquisitions.

How important is it?

The reported earnings and expansion plans are significant for investor confidence.

Why Long Term?

The acquisition is expected to have lasting positive effects on UCB's market position.

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ANB
GREENVILLE, S.C., Jan. 22, 2025 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the fourth quarter of 2024 of $75.8 million and pre-tax, pre-provision income of $108 million. Diluted earnings per share of $0.61 for the quarter represented an increase of $0.50 from the fourth quarter a year ago and an increase of $0.23 from the third quarter of 2024. As previously reported, the fourth quarter of 2023 included a loss from restructuring our investment securities portfolio and the third quarter of 2024 included the loss from the sale of manufactured housing loans. For the full year of 2024, net income was $252 million and pre-tax, pre-provision income was $374 million, compared with $188 million and $322 million, respectively, for 2023. Diluted earnings per share of $2.04 for 2024 were up $0.50 from $1.54 in 2023. On an operating basis, United’s diluted earnings per share of $0.63 were up 19% from the year-ago quarter and up 11% from the third quarter of 2024. The primary drivers of the increased earnings per share year-over-year and for the third quarter were higher net interest income, higher noninterest income and a lower provision for credit losses, partly offset by a modest year-over-year increase in noninterest expense. For the full year of 2024, diluted operating earnings per share were $2.30, an increase of $0.19, or 9%, from the $2.11 reported in 2023. United’s return on assets was 1.06%, or 1.08% on an operating basis. Return on common equity was 8.4% and return on tangible common equity on an operating basis was 12.1%. 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 8.97%, up four basis points from the third quarter of 2024. Chairman and CEO Lynn Harton stated, “We are excited to report strong fourth quarter results. Loan growth returned to historical levels with loans increasing $212 million, or 5% annualized. We funded the new loans with customer deposits, which grew $213 million from third quarter. This growth allowed us to increase net interest income while experiencing some minor expected net interest margin compression. Credit quality remained stable with net charge offs dropping to 0.21% of average loans, the lowest level in two years, resulting in a lower provision for credit losses. Expenses were flat with the third quarter and core noninterest income increased modestly. On the strategic front, in December we announced an agreement to acquire American National Bank headquartered in Oakland Park, Florida, which will expand our presence in this fast-growing part of South Florida. I am excited to welcome Ginger Martin, American National Bank’s President and CEO, and her team of accomplished bankers to United.” Harton continued, “These fourth quarter results reflect the efforts of our exceptional team, which I am very proud to be a part of. We ended 2024 with strong capital, ample liquidity, and momentum as we enter 2025.” United’s net interest margin decreased seven basis points to 3.26% from the third quarter. The average yield on interest-earning assets was down 22 basis points to 5.33%, while the cost of interest-bearing liabilities decreased 23 basis points, leading to a one basis point increase in the net interest spread. The seven-basis point reduction in net interest margin reflects the impact of funding a portion of our balance sheet with noninterest bearing deposits that are not sensitive to changes in interest rates. Also contributing to the reduction in the net interest margin was a seasonal increase in public funds deposits and the sale of our manufactured housing loans in the third quarter. Net charge-offs were $9.5 million, or 0.21% of average loans, during the quarter, down 31 basis points from the third quarter of 2024 which included transaction-related losses resulting from the sale of our manufactured housing portfolio. Nonperforming assets were 42 basis points relative to total assets, unchanged from the third quarter. Harton concluded, “In 2025, we celebrate United’s seventy-fifth anniversary. We are proud of this milestone, and we are grateful for the trust and confidence our customers have placed in us for so many years. We are entering 2025 in a position of strength as we continue to pursue our goal of being a legendary bank to our customers, employees, and shareholders.” Fourth Quarter 2024 Financial Highlights: Net income of $75.8 million and pre-tax, pre-provision income of $108 millionEPS up $0.50 compared to fourth quarter 2023 on a GAAP basis and up $0.10, or 19%, on an operating basis; compared to third quarter 2024, EPS up $0.23 on a GAAP basis and up $0.06, or 11%, on an operating basisReturn on assets of 1.06%, or 1.08% on an operating basisPre-tax, pre-provision return on assets of 1.55% on an operating basisReturn on common equity of 8.4%Return on tangible common equity of 12.1% on an operating basisProvision for credit losses was $11.4 million; allowance for credit losses coverage remained stable at 1.20% of total loansNet charge-offs of $9.5 million, or 21 basis points as a percent of average loans, benefitting from the absence of the manufactured housing portfolioNonperforming assets of 0.42% of total assets, unchanged from September 30, 2024Loan production of $1.4 billion led to loan growth of $212 million, up 5% annualized, from third quarterCustomer deposits were up $213 million from the third quarter, with most of the growth in NOW and money market depositsNet interest margin of 3.26% decreased by seven basis points from the third quarter, partly reflecting the sale of our manufactured housing portfolio in the third quarter and changing composition of our earning assets and interest-bearing liabilitiesMortgage closings of $246 million compared to $204 million a year ago; mortgage rate locks of $285 million compared to $223 million a year agoNoninterest income was up $32.4 million on a linked quarter basis mostly due to the $27.2 million loss from the sale of manufactured housing loans in the third quarter. The remaining increase was primarily driven by the mark on our mortgage servicing rights asset.Noninterest expenses remained relatively flat compared to the third quarter on both a GAAP basis and operating basisEfficiency ratio of 56.1%, or 55.2% on an operating basisMaintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.2% and opportunistically redeemed $60 million of subordinated debentures, which lowered total risk-based capital ratio by approximately 30 basis points from the third quarterQuarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year 2024 Financial Highlights: Net income of $252 million and pre-tax, pre-provision income of $374 millionEPS up $0.50 compared to 2023 on a GAAP basis and up $0.19, or 9%, on an operating basisReturn on assets of 0.90%, or 1.02% on an operating basisPre-tax, pre-provision return on assets of 1.49% on an operating basisReturn on common equity of 7.1%Return on tangible common equity of 11.4% on an operating basis Conference Call United will hold a conference call on Wednesday, January 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/10195478/fe2fad701a. Those without internet access or unable to pre-register may dial in by calling 1-844-481-1970. 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)                     2024   2023  Fourth Quarter 2024- 2023 Change For the Twelve Months Ended December 31, YTD 2024- 2023 Change  Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter   2024   2023  INCOME SUMMARY                  Interest revenue $344,962  $349,086  $346,965  $336,728  $338,698    $1,377,741  $1,237,107   Interest expense  134,629   139,900   138,265   137,579   135,245     550,373   419,342   Net interest revenue  210,333   209,186   208,700   199,149   203,453  3%  827,368   817,765  1%Provision for credit losses  11,389   14,428   12,235   12,899   14,626  (22)  50,951   89,430  (43)Noninterest income  40,522   8,091   36,556   39,587   (23,090)    124,756   75,483  65 Total revenue  239,466   202,849   233,021   225,837   165,737  44   901,173   803,818  12 Noninterest expenses  143,056   143,065   147,044   145,002   154,587  (7)  578,167   571,273  1 Income before income tax expense  96,410   59,784   85,977   80,835   11,150     323,006   232,545   Income tax (benefit) expense  20,606   12,437   19,362   18,204   (2,940)    70,609   45,001   Net income  75,804   47,347   66,615   62,631   14,090  438   252,397   187,544  35 Non-operating items  2,203   29,385   6,493   2,187   67,450     40,268   88,894   Income tax benefit of non-operating items  (471)  (6,276)  (1,462)  (493)  (16,714)    (8,702)  (21,489)  Net income - operating (1) $77,536  $70,456  $71,646  $64,325  $64,826  20  $283,963  $254,949  11                    Pre-tax pre-provision income (5) $107,799  $74,212  $98,212  $93,734  $25,776  318  $373,957  $321,975  16 PERFORMANCE MEASURES                  Per common share:                  Diluted net income - GAAP $0.61  $0.38  $0.54  $0.51  $0.11  455  $2.04  $1.54  32 Diluted net income - operating (1)  0.63   0.57   0.58   0.52   0.53  19   2.30   2.11  9 Common stock cash dividends declared  0.24   0.24   0.23   0.23   0.23  4   0.94   0.92  2 Book value  27.87   27.68   27.18   26.83   26.52  5   27.87   26.52  5 Tangible book value (3)  20.00   19.66   19.13   18.71   18.39  9   20.00   18.39  9 Key performance ratios:                  Return on common equity - GAAP (2)(4)  8.40%  5.20%  7.53%  7.14%  1.44%    7.07%  5.34%  Return on common equity - operating (1)(2)(4)  8.60   7.82   8.12   7.34   7.27     7.97   7.33   Return on tangible common equity - operating (1)(2)(3)(4)  12.12   11.17   11.68   10.68   10.58     11.42   10.63   Return on assets - GAAP (4)  1.06   0.67   0.97   0.90   0.18     0.90   0.68   Return on assets - operating (1)(4)  1.08   1.01   1.04   0.93   0.92     1.02   0.94   Return on assets -pre-tax pre-provision, excluding non-operating items (1)(4)(5)  1.55   1.50   1.54   1.40   1.33     1.49   1.53   Net interest margin (fully taxable equivalent) (4)  3.26   3.33   3.37   3.20   3.19     3.29   3.35   Efficiency ratio - GAAP  56.05   65.51   59.70   60.47   66.33     60.24   60.09   Efficiency ratio - operating (1)  55.18   57.37   57.06   59.15   59.57     57.15   56.17   Equity to total assets  12.38   12.45   12.35   12.06   11.95     12.38   11.95   Tangible common equity to tangible assets (3)  8.97   8.93   8.78   8.49   8.36     8.97   8.36   ASSET QUALITY                  Nonperforming assets (“NPAs”) $115,635  $114,960  $116,722  $107,230  $92,877  25  $115,635  $92,877  25 Allowance for credit losses - loans  206,998   205,290   213,022   210,934   208,071  (1)  206,998   208,071  (1)Allowance for credit losses - total  217,389   215,517   224,740   224,119   224,128  (3)  217,389   224,128  (3)Net charge-offs (recoveries)  9,517   23,651   11,614   12,908   10,122     57,690   52,243   Allowance for credit losses - loans to loans  1.14%  1.14%  1.17%  1.15%  1.14%    1.14%  1.14%  Allowance for credit losses - total to loans  1.20   1.20   1.23   1.22   1.22     1.20   1.22   Net charge-offs to average loans (4)  0.21   0.52   0.26   0.28   0.22     0.32   0.30   NPAs to total assets  0.42   0.42   0.43   0.39   0.34     0.42   0.34   AT PERIOD END ($ in millions)                  Loans $18,176  $17,964  $18,211  $18,375  $18,319  (1) $18,176  $18,319  (1)Investment securities  6,804   6,425   6,038   5,859   5,822  17   6,804   5,822  17 Total assets  27,720   27,373   27,057   27,365   27,297  2   27,720   27,297  2 Deposits  23,461   23,253   22,982   23,332   23,311  1   23,461   23,311  1 Shareholders’ equity  3,432   3,407   3,343   3,300   3,262  5   3,432   3,262  5 Common shares outstanding (thousands)  119,364   119,283   119,175   119,137   119,010  —   119,364   119,010  —                                     (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 Selected Financial Information(in thousands, except per share data)                 2024   2023  Twelve Months EndedDecember 31,  Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter  2024   2023 Noninterest income reconciliation              Noninterest income (GAAP) $40,522  $8,091  $36,556  $39,587  $(23,090) $124,756  $75,483 Loss on sale of manufactured housing loans  —   27,209   —   —   —   27,209   — Gain on lease termination  —   —   —   (2,400)  —   (2,400)  — Bond portfolio restructuring loss  —   —   —   —   51,689   —   51,689 Noninterest income - operating $40,522  $35,300  $36,556  $37,187  $28,599  $149,565  $127,172                Noninterest expense reconciliation              Noninterest expenses (GAAP) $143,056  $143,065  $147,044  $145,002  $154,587  $578,167  $571,273 Loss on FinTrust (goodwill impairment)  —   —   (5,100)  —   —   (5,100)  — FDIC special assessment  —   —   764   (2,500)  (9,995)  (1,736)  (9,995)Merger-related and other charges  (2,203)  (2,176)  (2,157)  (2,087)  (5,766)  (8,623)  (27,210)Expenses - operating $140,853  $140,889  $140,551  $140,415  $138,826  $562,708  $534,068                Net income to operating income reconciliation              Net income (GAAP) $75,804  $47,347  $66,615  $62,631  $14,090  $252,397  $187,544 Loss on sale of manufactured housing loans  —   27,209   —   —   —   27,209   — Bond portfolio restructuring loss  —   —   —   —   51,689   —   51,689 Gain on lease termination  —   —   —   (2,400)  —   (2,400)  — Loss on FinTrust (goodwill impairment)  —   —   5,100   —   —   5,100   — FDIC special assessment  —   —   (764)  2,500   9,995   1,736   9,995 Merger-related and other charges  2,203   2,176   2,157   2,087   5,766   8,623   27,210 Income tax benefit of non-operating items  (471)  (6,276)  (1,462)  (493)  (16,714)  (8,702)  (21,489)Net income - operating $77,536  $70,456  $71,646  $64,325  $64,826  $283,963  $254,949                Net income to pre-tax pre-provision income reconciliation              Net income (GAAP) $75,804  $47,347  $66,615  $62,631  $14,090  $252,397  $187,544 Income tax expense (benefit)  20,606   12,437   19,362   18,204   (2,940)  70,609   45,001 Provision for credit losses  11,389   14,428   12,235   12,899   14,626   50,951   89,430 Pre-tax pre-provision income $107,799  $74,212  $98,212  $93,734  $25,776  $373,957  $321,975                Diluted income per common share reconciliation              Diluted income per common share (GAAP) $0.61  $0.38  $0.54  $0.51  $0.11  $2.04  $1.54 Loss on sale of manufactured housing loans  —   0.18   —   —   —   0.18   — Bond portfolio restructuring loss  —   —   —   —   0.32   —   0.33 Gain on lease termination  —   —   —   (0.02)  —   (0.02)  — Loss on FinTrust (goodwill impairment)  —   —   0.03   —   —   0.03   — FDIC special assessment  —   —   —   0.02   0.06   0.01   0.06 Merger-related and other charges  0.02   0.01   0.01   0.01   0.04   0.06   0.18 Diluted income per common share - operating $0.63  $0.57  $0.58  $0.52  $0.53  $2.30  $2.11                Book value per common share reconciliation              Book value per common share (GAAP) $27.87  $27.68  $27.18  $26.83  $26.52  $27.87  $26.52 Effect of goodwill and other intangibles  (7.87)  (8.02)  (8.05)  (8.12)  (8.13)  (7.87)  (8.13)Tangible book value per common share $20.00  $19.66  $19.13  $18.71  $18.39  $20.00  $18.39                Return on tangible common equity reconciliation              Return on common equity (GAAP)  8.40%  5.20%  7.53%  7.14%  1.44%  7.07%  5.34%Loss on sale of manufactured housing loans  —   2.43   —   —   —   0.61   — Bond portfolio restructuring loss  —   —   —   —   4.47   —   1.15 Gain on lease termination  —   —   —   (0.22)  —   (0.05)  — Loss on FinTrust (goodwill impairment)  —   —   0.46   —   —   0.11   — FDIC special assessment  —   —   (0.07)  0.23   0.86   0.04   0.22 Merger-related and other charges  0.20   0.19   0.20   0.19   0.50   0.19   0.62 Return on common equity - operating  8.60   7.82   8.12   7.34   7.27   7.97   7.33 Effect of goodwill and other intangibles  3.52   3.35   3.56   3.34   3.31   3.45   3.30 Return on tangible common equity - operating  12.12%  11.17%  11.68%  10.68%  10.58%  11.42%  10.63%               Return on assets reconciliation              Return on assets (GAAP)  1.06%  0.67%  0.97%  0.90%  0.18%  0.90%  0.68%Loss on sale of manufactured housing loans  —   0.31   —   —   —   0.08   — Bond portfolio restructuring loss  —   —   —   —   0.57   —   0.15 Gain on lease termination  —   —   —   (0.03)  —   (0.01)  — Loss on FinTrust (goodwill impairment)  —   —   0.06   —   —   0.02   — FDIC special assessment  —   —   (0.01)  0.03   0.11   0.01   0.03 Merger-related and other charges  0.02   0.03   0.02   0.03   0.06   0.02   0.08 Return on assets - operating  1.08%  1.01%  1.04%  0.93%  0.92%  1.02%  0.94%               Return on assets to return on assets- pre-tax pre-provision reconciliation              Return on assets (GAAP)  1.06%  0.67%  0.97%  0.90%  0.18%  0.90%  0.68%Income tax expense (benefit)  0.30   0.19   0.29   0.27   (0.04)  0.26   0.17 Provision for credit losses  0.16   0.21   0.18   0.19   0.21   0.19   0.34 Loss on sale of manufactured housing loans  —   0.40   —   —   —   0.09   — Bond portfolio restructuring loss  —   —   —   —   0.75   —   0.20 Gain on lease termination  —   —   —   (0.04)  —   (0.01)  — Loss on FinTrust (goodwill impairment)  —   —   0.08   —   —   0.02   — FDIC special assessment  —   —   (0.01)  0.04   0.15   0.01   0.04 Merger-related and other charges  0.03   0.03   0.03   0.04   0.08   0.03   0.10 Return on assets - pre-tax pre-provision, excluding non-operating items  1.55%  1.50%  1.54%  1.40%  1.33%  1.49%  1.53%               Efficiency ratio reconciliation              Efficiency ratio (GAAP)  56.05%  65.51%  59.70%  60.47%  66.33%  60.24%  60.09%Loss on sale of manufactured housing loans  —   (7.15)  —   —   —   (1.63)  — Gain on lease termination  —   —   —   0.60   —   0.15   — Loss on FinTrust (goodwill impairment)  —   —   (2.07)  —   —   (0.53)  — FDIC special assessment  —   —   0.31   (1.05)  (4.29)  (0.18)  (1.05)Merger-related and other charges  (0.87)  (0.99)  (0.88)  (0.87)  (2.47)  (0.90)  (2.87)Efficiency ratio - operating  55.18%  57.37%  57.06%  59.15%  59.57%  57.15%  56.17%               Tangible common equity to tangible assets reconciliation              Equity to total assets (GAAP)  12.38%  12.45%  12.35%  12.06%  11.95%  12.38%  11.95%Effect of goodwill and other intangibles  (3.09)  (3.20)  (3.24)  (3.25)  (3.27)  (3.09)  (3.27)Effect of preferred equity  (0.32)  (0.32)  (0.33)  (0.32)  (0.32)  (0.32)  (0.32)Tangible common equity to tangible assets  8.97%  8.93%  8.78%  8.49%  8.36%  8.97%  8.36%                              UNITED COMMUNITY BANKS, INC.            Financial Highlights            Loan Portfolio Composition at Period-End            (in millions)               2024  2023 Linked Quarter Change Year over Year Change Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter  LOANS BY CATEGORY             Owner occupied commercial RE$3,398 $3,323 $3,297  $3,310 $3,264 $75  $134 Income producing commercial RE 4,361  4,259  4,058   4,206  4,264  102   97 Commercial & industrial 2,428  2,313  2,299   2,405  2,411  115   17 Commercial construction 1,656  1,785  2,014   1,936  1,860  (129)  (204)Equipment financing 1,663  1,603  1,581   1,544  1,541  60   122 Total commercial 13,506  13,283  13,249   13,401  13,340  223   166 Residential mortgage 3,232  3,263  3,266   3,240  3,199  (31)  33 Home equity lines of credit 1,065  1,015  985   969  959  50   106 Residential construction 178  189  211   257  302  (11)  (124)Manufactured housing 2  2  321   328  336  —   (334)Consumer 186  188  183   180  181  (2)  5 Other 7  24  (4)  —  2  (17)  5  Total loans$18,176 $17,964 $18,211  $18,375 $18,319 $212  $(143)              LOANS BY STATE             Georgia$4,447 $4,470 $4,411  $4,356 $4,357 $(23) $90 South Carolina 2,815  2,782  2,779   2,804  2,780  33   35 North Carolina 2,644  2,586  2,591   2,566  2,492  58   152 Tennessee 1,799  1,848  2,144   2,209  2,244  (49)  (445)Florida 2,527  2,423  2,407   2,443  2,442  104   85 Alabama 996  996  1,021   1,068  1,082  —   (86)Commercial Banking Solutions 2,948  2,859  2,858   2,929  2,922  89   26 Total loans$18,176 $17,964 $18,211  $18,375 $18,319 $212  $(143)                         UNITED COMMUNITY BANKS, INC.        Financial Highlights        Loan Portfolio Composition at Year-End        (in millions)           2024  2023  2022  2021  2020LOANS BY CATEGORY         Owner occupied commercial RE$3,398 $3,264 $2,735 $2,322 $2,090Income producing commercial RE 4,361  4,264  3,262  2,601  2,541Commercial & industrial 2,428  2,411  2,252  1,910  2,499Commercial construction 1,656  1,860  1,598  1,015  967Equipment financing 1,663  1,541  1,374  1,083  864Total commercial 13,506  13,340  11,221  8,931  8,961Residential mortgage 3,232  3,199  2,355  1,638  1,285Home equity 1,065  959  850  694  697Residential construction 178  302  443  359  281Manufactured housing 2  336  317  —  —Consumer 186  181  149  138  147Other 7  2  —  —  — Total loans$18,176 $18,319 $15,335 $11,760 $11,371          LOANS BY STATE         Georgia$4,447 $4,357 $4,051 $3,778 $3,685South Carolina 2,815  2,780  2,587  2,235  1,947North Carolina 2,644  2,492  2,186  1,895  1,281Tennessee 1,799  2,244  2,507  373  415Florida 2,527  2,442  1,308  1,148  1,435Alabama 996  1,082  —  —  —Commercial Banking Solutions 2,948  2,922  2,696  2,331  2,608Total loans$18,176 $18,319 $15,335 $11,760 $11,371                UNITED COMMUNITY BANKS, INC.      Financial Highlights      Credit Quality      (in thousands)        2024  Fourth Quarter  Third Quarter Second QuarterNONACCRUAL LOANS      Owner occupied RE $11,674 $7,783 $4,820Income producing RE  25,357  31,222  34,285Commercial & industrial  29,339  28,856  17,335Commercial construction  7,400  7,356  6,854Equipment financing  8,925  9,123  8,341Total commercial  82,695  84,340  71,635Residential mortgage  24,615  21,851  18,473Home equity  4,630  4,111  3,779Residential construction  57  118  163Manufactured housing  1,444  1,808  20,356Consumer  138  152  72Total nonaccrual loans  113,579  112,380  114,478OREO and repossessed assets  2,056  2,580  2,244Total NPAs $115,635 $114,960 $116,722              2024   Fourth Quarter Third Quarter Second Quarter(in thousands) Net Charge-Offs Net Charge-Offs to Average Loans (1) Net Charge-Offs Net Charge-Offs to Average Loans (1)  Net Charge-Offs Net Charge-Offs to Average Loans (1)NET CHARGE-OFFS BY CATEGORY             Owner occupied RE $(184) (0.02)% $(184) (0.02)% $163  0.02%Income producing RE  (1,001) (0.09)  1,409  0.13   2,968  0.29 Commercial & industrial  4,075  0.69   4,577  0.79   1,281  0.22 Commercial construction  2  —   36  0.01   (48) (0.01)Equipment financing  5,812  1.43   5,268  1.32   5,502  1.42 Total commercial  8,704  0.26   11,106  0.33   9,866  0.30 Residential mortgage  145  0.02   32  —   (107) (0.01)Home equity  (33) (0.01)  36  0.01   (27) (0.01)Residential construction  7  0.02   111  0.22   26  0.04 Manufactured housing  114  23.41   11,556  28.51   1,150  1.43 Consumer  580  1.24   810  1.74   706  1.57 Total $9,517  0.21  $23,651  0.52  $11,614  0.26               (1) Annualized.                            UNITED COMMUNITY BANKS, INC.Consolidated Balance Sheets (Unaudited)(in thousands, except share and per share data)   December 31, 2024 December 31, 2023ASSETS    Cash and due from banks $296,161  $200,781 Interest-bearing deposits in banks  223,712   803,094 Cash and cash equivalents  519,873   1,003,875 Debt securities available-for-sale  4,436,291   3,331,084 Debt securities held-to-maturity (fair value $1,944,126 and $2,095,620, respectively)  2,368,107   2,490,848 Loans held for sale  57,534   33,008 Loans and leases held for investment  18,175,980   18,318,755 Less allowance for credit losses - loans and leases  (206,998)  (208,071)Loans and leases, net  17,968,982   18,110,684 Premises and equipment, net  394,264   378,421 Bank owned life insurance  346,234   345,371 Accrued interest receivable  85,616   87,782 Net deferred tax asset  96,982   113,214 Derivative financial instruments  46,883   50,352 Goodwill and other intangible assets, net  956,643   990,087 Other assets  442,849   362,525 Total assets $27,720,258  $27,297,251 LIABILITIES AND SHAREHOLDERS’ EQUITY    Liabilities:    Deposits:    Noninterest-bearing demand $6,211,182  $6,534,307 NOW and interest-bearing demand  6,141,342   6,155,193 Money market  6,398,144   5,600,587 Savings  1,100,591   1,207,807 Time  3,441,424   3,649,498 Brokered  168,292   163,219 Total deposits  23,460,975   23,310,611 Short-term borrowings  195,000   — Long-term debt  254,152   324,823 Derivative financial instruments  77,834   84,811 Accrued expenses and other liabilities  300,170   315,481 Total liabilities  24,288,131   24,035,726 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; 119,364,110 and 119,010,319 shares issued and outstanding, respectively  119,364   119,010 Common stock issuable; 600,168 and 620,108 shares, respectively  12,999   13,110 Capital surplus  2,710,279   2,699,112 Retained earnings  714,138   581,219 Accumulated other comprehensive loss  (212,919)  (239,192)Total shareholders’ equity  3,432,127   3,261,525 Total liabilities and shareholders’ equity $27,720,258  $27,297,251           UNITED COMMUNITY BANKS, INC.Consolidated Statements of Income (Unaudited)(in thousands, except per share data)   Three Months Ended December 31, Twelve Months Ended December 31,   2024   2023   2024   2023 Interest revenue:        Loans, including fees $280,325  $281,909  $1,147,477  $1,042,605 Investment securities, including tax exempt of $1,701, $1,732, $6,834 and $7,295  57,127   44,025   206,623   169,800 Deposits in banks and short-term investments  7,510   12,764   23,641   24,702 Total interest revenue  344,962   338,698   1,377,741   1,237,107 Interest expense:        Deposits:        NOW and interest-bearing demand  42,012   44,527   175,534   125,336 Money market  53,859   50,967   214,742   156,397 Savings  652   758   2,717   2,866 Time  34,601   35,511   142,526   110,975 Deposits  131,124   131,763   535,519   395,574 Short-term borrowings  44   9   131   3,195 Federal Home Loan Bank advances  —   —   —   5,761 Long-term debt  3,461   3,473   14,723   14,812 Total interest expense  134,629   135,245   550,373   419,342 Net interest revenue  210,333   203,453   827,368   817,765 Provision for credit losses  11,389   14,626   50,951   89,430 Net interest revenue after provision for credit losses  198,944   188,827   776,417   728,335 Noninterest income:        Service charges and fees  10,622   9,621   40,994   38,412 Mortgage loan gains and related fees  9,737   1,956   27,567   19,220 Wealth management fees  4,658   5,965   23,695   23,740 Net gains (losses) from sale of other loans  1,583   2,237   (21,284)  9,146 Other lending and loan servicing fees  3,346   3,994   14,396   13,973 Securities losses, net  (3,316)  (51,689)  (3,316)  (53,333)Other  13,892   4,826   42,704   24,325 Total noninterest income  40,522   (23,090)  124,756   75,483 Total revenue  239,466   165,737   901,173   803,818 Noninterest expenses:        Salaries and employee benefits  85,707   82,343   340,043   318,464 Occupancy  10,840   11,616   44,306   42,640 Communications and equipment  12,715   11,610   49,249   43,264 FDIC assessments and other regulatory charges  3,942   14,992   20,978   27,449 Professional fees  6,268   7,062   24,732   26,732 Lending and loan servicing expense  2,311   2,176   8,379   9,722 Outside services - electronic banking  3,540   2,931   13,703   11,577 Postage, printing and supplies  2,491   2,162   9,867   9,467 Advertising and public relations  2,145   2,559   8,546   9,473 Amortization of intangibles  3,387   4,055   14,596   15,175 Merger-related and other charges  2,203   5,766   8,623   27,210 Other  7,507   7,315   35,145   30,100 Total noninterest expenses  143,056   154,587   578,167   571,273 Net income before income taxes  96,410   11,150   323,006   232,545 Income tax expense (benefit)  20,606   (2,940)  70,609   45,001 Net income $75,804  $14,090  $252,397  $187,544 Preferred stock dividends, net of discount on repurchases  1,574   1,395   6,293   5,665 Earnings allocated to participating securities  503   77   1,478   1,032 Net income available to common shareholders $73,727  $12,618  $244,626  $180,847 Net income per common share:        Basic $0.61  $0.11  $2.04  $1.54 Diluted  0.61   0.11   2.04   1.54 Weighted average common shares outstanding:        Basic  119,924   119,612   119,783   117,603 Diluted  120,111   119,713   119,900   117,745                   Average Consolidated Balance Sheets and Net Interest AnalysisFor the Three Months Ended December 31,(dollars in thousands, fully taxable equivalent (FTE))    2024   2023   Average Balance Interest Average Rate Average Balance Interest Average RateAssets:            Interest-earning assets:            Loans, net of unearned income (FTE) (1)(2) $17,934,730  $279,938 6.21% $18,167,572  $281,776 6.15%Taxable securities (3)  6,722,655   55,426 3.30   5,772,630   42,293 2.93 Tax-exempt securities (FTE) (1)(3)  359,569   2,276 2.53   367,585   2,326 2.53 Federal funds sold and other interest-earning assets  812,962   8,396 4.11   1,092,939   13,294 4.83 Total interest-earning assets (FTE)  25,829,916   346,036 5.33   25,400,726   339,689 5.31              Noninterest-earning assets:            Allowance for loan losses  (208,788)      (204,631)    Cash and due from banks  228,601       210,383     Premises and equipment  398,794       377,765     Other assets (3)  1,606,297       1,516,268     Total assets $27,854,820      $27,300,511                  Liabilities and Shareholders’ Equity:            Interest-bearing liabilities:            Interest-bearing deposits:            NOW and interest-bearing demand $6,313,325   42,012 2.65  $5,961,835   44,527 2.96 Money market  6,474,284   53,859 3.31   5,799,213   50,967 3.49 Savings  1,105,572   652 0.23   1,227,708   758 0.24 Time  3,472,161   34,030 3.90   3,611,790   35,117 3.86 Brokered time deposits  50,406   571 4.51   60,583   394 2.58 Total interest-bearing deposits  17,415,748   131,124 3.00   16,661,129   131,763 3.14 Federal funds purchased and other borrowings  3,859   44 4.54   7,958   9 0.45 Long-term debt  303,523   3,461 4.54   324,801   3,473 4.24 Total borrowed funds  307,382   3,505 4.54   332,759   3,482 4.15 Total interest-bearing liabilities  17,723,130   134,629 3.02   16,993,888   135,245 3.16              Noninterest-bearing liabilities:            Noninterest-bearing deposits  6,275,493       6,690,251     Other liabilities  454,891       410,067     Total liabilities  24,453,514       24,094,206     Shareholders’ equity  3,401,306       3,206,305     Total liabilities and shareholders’ equity $27,854,820      $27,300,511                  Net interest revenue (FTE)   $211,407     $204,444  Net interest-rate spread (FTE)     2.31%     2.15%Net interest margin (FTE) (4)     3.26%     3.19% (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 $1.07 million and $991,000, respectively, for the three months ended December 31, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, 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 $261 million in 2024 and $458 million in 2023 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. Average Consolidated Balance Sheets and Net Interest AnalysisFor the Twelve Months Ended December 31,(dollars in thousands, fully taxable equivalent (FTE))    2024   2023   Average Balance Interest Average Rate Average Balance Interest Average RateAssets:            Interest-earning assets:            Loans, net of unearned income (FTE) (1)(2) $18,124,179  $1,146,440 6.33% $17,576,424  $1,042,578 5.93%Taxable securities (3)  6,172,942   199,789 3.24   5,929,687   162,505 2.74 Tax-exempt securities (FTE) (1)(3)  362,655   9,152 2.52   381,731   9,796 2.57 Federal funds sold and other interest-earning assets  623,426   26,652 4.28   642,499   26,397 4.11 Total interest-earning assets (FTE)  25,283,202   1,382,033 5.47   24,530,341   1,241,276 5.06              Non-interest-earning assets:            Allowance for loan losses  (212,968)      (191,016)    Cash and due from banks  215,411       239,574     Premises and equipment  394,127       355,139     Other assets (3)  1,611,405       1,517,940     Total assets $27,291,177      $26,451,978                  Liabilities and Shareholders’ Equity:            Interest-bearing liabilities:            Interest-bearing deposits:            NOW and interest-bearing demand $6,014,052   175,534 2.92  $5,161,071   125,336 2.43 Money market  6,188,579   214,742 3.47   5,462,677   156,397 2.86 Savings  1,146,305   2,717 0.24   1,312,469   2,866 0.22 Time  3,519,461   140,229 3.98   3,106,989   100,973 3.25 Brokered time deposits  50,359   2,297 4.56   224,914   10,002 4.45 Total interest-bearing deposits  16,918,756   535,519 3.17   15,268,120   395,574 2.59 Federal funds purchased and other borrowings  2,468   131 5.31   75,965   3,195 4.21 Federal Home Loan Bank advances  4   — —   124,425   5,761 4.63 Long-term debt  319,163   14,723 4.61   324,753   14,812 4.56 Total borrowed funds  321,635   14,854 4.62   525,143   23,768 4.53 Total interest-bearing liabilities  17,240,391   550,373 3.19   15,793,263   419,342 2.66              Noninterest-bearing liabilities:            Noninterest-bearing deposits  6,299,019       7,091,034     Other liabilities  409,547       397,337     Total liabilities  23,948,957       23,281,634     Shareholders’ equity  3,342,220       3,170,344     Total liabilities and shareholders’ equity $27,291,177      $26,451,978                  Net interest revenue (FTE)   $831,660     $821,934  Net interest-rate spread (FTE)     2.27%     2.40%Net interest margin (FTE) (4)     3.29%     3.35% (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 $4.29 million and $4.17 million, respectively, for 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, 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 $306 million in 2024 and $424 million in 2023 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 that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management, and mortgage services. As of December 31, 2024, United Community Banks, Inc. had $27.7 billion in assets, 199 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2024, United was named by American Banker as one of the “Best Banks to Work For” for the eighth consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found 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, 2023, 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

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