United Community Banks, Inc. Reports Second Quarter Earnings

GREENVILLE, S.C., July 23, 2025 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the second quarter of 2025 of $78.7 million and pre-tax, pre-provision income of $112.3 million. Diluted earnings per share of $0.63 for the quarter represented an increase of $0.09 from the second quarter a year ago and an increase of $0.05 from the first quarter. On an operating basis, United’s diluted earnings per share of $0.66 were up 14% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower provision for credit losses, partly offset by a modest increase in noninterest expenses and lower noninterest income. United’s return on assets was 1.11%, or 1.16% on an operating basis. Return on common equity was 8.5% and return on tangible common equity on an operating basis was 12.3%. On a pre-tax, pre-provision basis, operating return on assets was 1.66% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.45%, up 27 basis points from the first quarter. Chairman and CEO Lynn Harton stated, “This was a great quarter, with strong financial results and continued strategic accomplishments. Tangible book value per share grew by $0.42 and we successfully completed the acquisition of American National Bank on May 1. Excluding loans and deposits received from the American National Bank acquisition, loans grew by $194 million, or 4.2% annualized, while customer deposits, excluding the expected seasonal outflow of public funds, were up $64 million or 1.3% annualized. Second quarter loan growth was funded by cash flow from securities, creating a more favorable earning asset mix. Our net interest margin improved by 14 basis points, contributing to growth in our net interest income of $13.5 million when compared to the first quarter. Operating efficiency and operating leverage also both improved from the first quarter.” Net charge-offs were $8.2 million, or 0.18% of average loans, during the quarter, down 3 basis points from the first quarter. Nonperforming assets were 30 basis points relative to total assets, improved from 33 basis points for the first quarter. Provision for credit losses improved by $3.6 million from the first quarter, covering second quarter net charge-offs and loan growth while holding the allowance for credit losses steady at 1.21% of loans. The second quarter provision for credit losses included $2.5 million to establish an allowance on the acquired American National Bank loans, commonly referred to as the “double dip.” Harton continued, “This time of year is special in our culture, as we pause to celebrate our customers with our annual customer appreciation day. This year’s celebration was especially rewarding as we also acknowledged our 75th anniversary as a company. We continue to see great momentum in our business and look forward to many great years ahead.” Second Quarter 2025 Financial Highlights: EPS of $0.63 was up $0.09 on a GAAP basis compared to second quarter 2024, and EPS of $0.66 was up $0.08, or 14%, on an operating basis; EPS up $0.05 compared to the first quarter on a GAAP basis and up $0.07, or 12%, on an operating basisNet income of $78.7 million and pre-tax, pre-provision income of $112.3 million, up $7.3 million and $5.7 million, respectively, from the first quarterTotal revenue of $260 million improved $13 million, or 5%, from the first quarterNet interest margin of 3.50% increased by 14 basis points from the first quarter, reflecting a lower cost of funds and improving asset mixNoninterest income was down $948 thousand on a linked quarter basis mostly due to a $724 thousand loss on the redemption of $100 million in senior debtProvision for credit losses was $11.8 million, down $3.6 million from the first quarter; allowance for credit losses coverage held steady at 1.21% of total loans; net charge-offs were $8.2 million, or 18 basis points as a percent of average loans, an improvement of 3 basis points compared to the first quarterNoninterest expenses were up $6.8 million compared to the first quarter on a GAAP basis and up $3.3 million on an operating basis, of which approximately $1.2 million resulted from the acquisition of ANBEfficiency ratio of 56.7% on a GAAP basis, or 54.8% on an operating basis, improved both linked quarter and year over yearStrong loan production led to loan growth of $194 million, excluding loans from the ANB acquisition, up 4.2% annualized, from the first quarterMortgage closings of $285 million compared to $215 million in second quarter 2024; mortgage rate locks of $359 million compared to $295 million in second quarter 2024Customer deposits, excluding deposits from the ANB acquisition, were down $169 million from the first quarter, mostly due to seasonal public funds attrition. Excluding public funds and ANB, customer deposits were up $64 millionReturn on assets of 1.11%, or 1.16% on an operating basisReturn on common equity and return on tangible common equity on an operating basis improved from the first quarter to 8.5% and 12.3%, respectivelyMaintained strong capital ratios with preliminary Common Equity Tier 1 of 13.3%Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year Conference Call United will hold a conference call on Wednesday, July 23 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/10200766/ff6c2759d0. 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 Second Quarter 2025 - 2024 Change For the Six Months Ended June 30, YTD 2025 - 2024 Change Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter 2025 2024 INCOME SUMMARY Interest revenue$347,365 $335,357 $344,962 $349,086 $346,965 $682,722 $683,693 Interest expense 121,834 123,336 134,629 139,900 138,265 245,170 275,844 Net interest revenue 225,531 212,021 210,333 209,186 208,700 8% 437,552 407,849 7%Noninterest income 34,708 35,656 40,522 8,091 36,556 (5) 70,364 76,143 (8)Total revenue 260,239 247,677 250,855 217,277 245,256 6 507,916 483,992 5 Provision for credit losses 11,818 15,419 11,389 14,428 12,235 27,237 25,134 Noninterest expenses 147,919 141,099 143,056 143,065 147,044 1 289,018 292,046 (1)Income before income tax expense 100,502 91,159 96,410 59,784 85,977 17 191,661 166,812 15 Income tax expense 21,769 19,746 20,606 12,437 19,362 12 41,515 37,566 11 Net income 78,733 71,413 75,804 47,347 66,615 18 150,146 129,246 16 Non-operating items 4,833 1,297 2,203 29,385 6,493 6,130 8,680 Income tax benefit of non-operating items (1,047) (281) (471) (6,276) (1,462) (1,328) (1,955) Net income - operating (1)$82,519 $72,429 $77,536 $70,456 $71,646 15 $154,948 $135,971 14 Pre-tax pre-provision income (5)$112,320 $106,578 $107,799 $74,212 $98,212 14 $218,898 $191,946 14 PERFORMANCE MEASURES Per common share: Diluted net income - GAAP$0.63 $0.58 $0.61 $0.38 $0.54 17 $1.21 $1.05 15 Diluted net income - operating (1) 0.66 0.59 0.63 0.57 0.58 14 1.25 1.10 14 Cash dividends declared 0.24 0.24 0.24 0.24 0.23 4 0.48 0.46 4 Book value 28.89 28.42 27.87 27.68 27.18 6 28.89 27.18 6 Tangible book value (3) 21.00 20.58 20.00 19.66 19.13 10 21.00 19.13 10 Key performance ratios: Return on common equity - GAAP (2)(4) 8.45% 7.89% 8.40% 5.20% 7.53% 8.18% 7.34% Return on common equity - operating (1)(2)(4) 8.87 8.01 8.60 7.82 8.12 8.45 7.73 Return on tangible common equity - operating (1)(2)(3)(4) 12.34 11.21 12.12 11.17 11.68 11.78 11.18 Return on assets - GAAP (4) 1.11 1.02 1.06 0.67 0.97 1.06 0.94 Return on assets - operating (1)(4) 1.16 1.04 1.08 1.01 1.04 1.10 0.99 Return on assets - pre-tax pre-provision, excluding non-operating items(1)(4)(5) 1.66 1.55 1.55 1.50 1.54 1.61 1.47 Net interest margin (fully taxable equivalent) (4) 3.50 3.36 3.26 3.33 3.37 3.43 3.28 Efficiency ratio - GAAP 56.69 56.74 56.05 65.51 59.70 56.71 60.08 Efficiency ratio - operating (1) 54.84 56.22 55.18 57.37 57.06 55.51 58.08 Equity to total assets 12.86 12.56 12.38 12.45 12.35 12.86 12.35 Tangible common equity to tangible assets (3) 9.45 9.18 8.97 8.93 8.78 9.45 8.78 ASSET QUALITY Nonperforming assets ("NPAs")$83,959 $93,290 $115,635 $114,960 $116,722 (28) $83,959 $116,722 (28)Allowance for credit losses - loans 216,500 211,974 206,998 205,290 213,022 2 216,500 213,022 2 Allowance for credit losses - total 228,045 223,201 217,389 215,517 224,740 1 228,045 224,740 1 Net charge-offs 8,225 9,607 9,517 23,651 11,614 17,832 24,522 Allowance for credit losses - loans to loans 1.14% 1.15% 1.14% 1.14% 1.17% 1.14% 1.17% Allowance for credit losses - total to loans 1.21 1.21 1.20 1.20 1.23 1.21 1.23 Net charge-offs to average loans (4) 0.18 0.21 0.21 0.52 0.26 0.20 0.27 NPAs to total assets 0.30 0.33 0.42 0.42 0.43 0.30 0.43 AT PERIOD END ($ in millions) Loans$18,921 $18,425 $18,176 $17,964 $18,211 4 $18,921 $18,211 4 Investment securities 6,382 6,661 6,804 6,425 6,038 6 6,382 6,038 6 Total assets 28,086 27,874 27,720 27,373 27,057 4 28,086 27,057 4 Deposits 23,963 23,762 23,461 23,253 22,982 4 23,963 22,982 4 Shareholders’ equity 3,613 3,501 3,432 3,407 3,343 8 3,613 3,343 8 Common shares outstanding (thousands) 121,431 119,514 119,364 119,283 119,175 2 121,431 119,175 2 (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 For the Six Months Ended June 30, SecondQuarter First Quarter Fourth Quarter Third Quarter Second Quarter 2025 2024 Noninterest income reconciliation Noninterest income (GAAP) $34,708 $35,656 $40,522 $8,091 $36,556 $70,364 $76,143 Loss on sale of manufactured housing loans — — — 27,209 — — — Gain on lease termination — — — — — — (2,400)Noninterest income - operating $34,708 $35,656 $40,522 $35,300 $36,556 $70,364 $73,743 Noninterest expense reconciliation Noninterest expenses (GAAP) $147,919 $141,099 $143,056 $143,065 $147,044 $289,018 $292,046 Loss on FinTrust (goodwill impairment) — — — — (5,100) — (5,100)FDIC special assessment — — — — 764 — (1,736)Merger-related and other charges (4,833) (1,297) (2,203) (2,176) (2,157) (6,130) (4,244)Noninterest expenses - operating $143,086 $139,802 $140,853 $140,889 $140,551 $282,888 $280,966 Net income to operating income reconciliation Net income (GAAP) $78,733 $71,413 $75,804 $47,347 $66,615 $150,146 $129,246 Loss on sale of manufactured housing loans — — — 27,209 — — — Gain on lease termination — — — — — — (2,400)Loss on FinTrust (goodwill impairment) — — — — 5,100 — 5,100 FDIC special assessment — — — — (764) — 1,736 Merger-related and other charges 4,833 1,297 2,203 2,176 2,157 6,130 4,244 Income tax benefit of non-operating items (1,047) (281) (471) (6,276) (1,462) (1,328) (1,955)Net income - operating $82,519 $72,429 $77,536 $70,456 $71,646 $154,948 $135,971 Net income to pre-tax pre-provision income reconciliation Net income (GAAP) $78,733 $71,413 $75,804 $47,347 $66,615 $150,146 $129,246 Income tax expense 21,769 19,746 20,606 12,437 19,362 41,515 37,566 Provision for credit losses 11,818 15,419 11,389 14,428 12,235 27,237 25,134 Pre-tax pre-provision income $112,320 $106,578 $107,799 $74,212 $98,212 $218,898 $191,946 Diluted income per common share reconciliation Diluted income per common share (GAAP) $0.63 $0.58 $0.61 $0.38 $0.54 $1.21 $1.05 Loss on sale of manufactured housing loans — — — 0.18 — — — Gain on lease termination — — — — — — (0.02)Loss on FinTrust (goodwill impairment) — — — — 0.03 — 0.03 FDIC special assessment — — — — — — 0.02 Merger-related and other charges 0.03 0.01 0.02 0.01 0.01 0.04 0.02 Diluted income per common share - operating $0.66 $0.59 $0.63 $0.57 $0.58 $1.25 $1.10 Book value per common share reconciliation Book value per common share (GAAP) $28.89 $28.42 $27.87 $27.68 $27.18 $28.89 $27.18 Effect of goodwill and other intangibles (7.89) (7.84) (7.87) (8.02) (8.05) (7.89) (8.05)Tangible book value per common share $21.00 $20.58 $20.00 $19.66 $19.13 $21.00 $19.13 Return on tangible common equity reconciliation Return on common equity (GAAP) 8.45% 7.89% 8.40% 5.20% 7.53% 8.18% 7.34%Loss on sale of manufactured housing loans — — — 2.43 — — — Gain on lease termination — — — — — — (0.11)Loss on FinTrust (goodwill impairment) — — — — 0.46 — 0.23 FDIC special assessment — — — — (0.07) — 0.08 Merger-related and other charges 0.42 0.12 0.20 0.19 0.20 0.27 0.19 Return on common equity - operating 8.87 8.01 8.60 7.82 8.12 8.45 7.73 Effect of goodwill and other intangibles 3.47 3.20 3.52 3.35 3.56 3.33 3.45 Return on tangible common equity - operating 12.34% 11.21% 12.12% 11.17% 11.68% 11.78% 11.18% Return on assets reconciliation Return on assets (GAAP) 1.11% 1.02% 1.06% 0.67% 0.97% 1.06% 0.94%Loss on sale of manufactured housing loans — — — 0.31 — — — Gain on lease termination — — — — — — (0.01)Loss on FinTrust (goodwill impairment) — — — — 0.06 — 0.03 FDIC special assessment — — — — (0.01) — 0.01 Merger-related and other charges 0.05 0.02 0.02 0.03 0.02 0.04 0.02 Return on assets - operating 1.16% 1.04% 1.08% 1.01% 1.04% 1.10% 0.99% Return on assets to return on assets- pre-tax pre-provision reconciliation Return on assets (GAAP) 1.11% 1.02% 1.06% 0.67% 0.97% 1.06% 0.94%Income tax expense 0.31 0.29 0.30 0.19 0.29 0.30 0.28 Provision for credit losses 0.17 0.23 0.16 0.21 0.18 0.20 0.19 Loss on sale of manufactured housing loans — — — 0.40 — — — Gain on lease termination — — — — — — (0.02)Loss on FinTrust (goodwill impairment) — — — — 0.08 — 0.04 FDIC special assessment — — — — (0.01) — 0.01 Merger-related and other charges 0.07 0.01 0.03 0.03 0.03 0.05 0.03 Return on assets - pre-tax pre-provision - operating 1.66% 1.55% 1.55% 1.50% 1.54% 1.61% 1.47% Efficiency ratio reconciliation Efficiency ratio (GAAP) 56.69% 56.74% 56.05% 65.51% 59.70% 56.71% 60.08%Loss on sale of manufactured housing loans — — — (7.15) — — — Gain on lease termination — — — — — — 0.29 Loss on FinTrust (goodwill impairment) — — — — (2.07) — (1.05)FDIC special assessment — — — — 0.31 — (0.36)Merger-related and other charges (1.85) (0.52) (0.87) (0.99) (0.88) (1.20) (0.88)Efficiency ratio - operating 54.84% 56.22% 55.18% 57.37% 57.06% 55.51% 58.08% Tangible common equity to tangible assets reconciliation Equity to total assets (GAAP) 12.86% 12.56% 12.38% 12.45% 12.35% 12.86% 12.35%Effect of goodwill and other intangibles (3.10) (3.06) (3.09) (3.20) (3.24) (3.10) (3.24)Effect of preferred equity (0.31) (0.32) (0.32) (0.32) (0.33) (0.31) (0.33)Tangible common equity to tangible assets 9.45% 9.18% 8.97% 8.93% 8.78% 9.45% 8.78% UNITED COMMUNITY BANKS, INC. Loan Portfolio Composition at Period-End 2025 2024 Linked Quarter Change Year over Year Change(in millions)Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter LOANS BY CATEGORY Owner occupied commercial RE$3,563 $3,419 $3,398 $3,323 $3,297 $144 $266 Income producing commercial RE 4,548 4,416 4,361 4,259 4,058 132 490 Commercial & industrial 2,516 2,506 2,428 2,313 2,299 10 217 Commercial construction 1,752 1,681 1,656 1,785 2,014 71 (262)Equipment financing 1,778 1,723 1,663 1,603 1,581 55 197 Total commercial 14,157 13,745 13,506 13,283 13,249 412 908 Residential mortgage 3,210 3,218 3,232 3,263 3,266 (8) (56)Home equity 1,180 1,099 1,065 1,015 985 81 195 Residential construction 174 171 178 189 211 3 (37)Manufactured housing (1) — — 2 2 321 — (321)Consumer 191 183 186 188 183 8 8 Other 9 9 7 24 (4) — 13 Total loans$18,921 $18,425 $18,176 $17,964 $18,211 $496 $710 LOANS BY MARKET Georgia$4,551 $4,484 $4,447 $4,470 $4,411 $67 $140 South Carolina 2,872 2,821 2,815 2,782 2,779 51 93 North Carolina 2,626 2,666 2,644 2,586 2,591 (40) 35 Tennessee 1,881 1,880 1,799 1,848 2,144 1 (263)Florida 2,966 2,572 2,527 2,423 2,407 394 559 Alabama 1,016 1,009 996 996 1,021 7 (5)Commercial Banking Solutions 3,009 2,993 2,948 2,859 2,858 16 151 Total loans$18,921 $18,425 $18,176 $17,964 $18,211 $496 $710 (1) For 2025 periods, manufactured housing loans are included with consumer loans. UNITED COMMUNITY BANKS, INC. Credit Quality (in thousands) 2025 2024 Second Quarter First Quarter Fourth Quarter NONACCRUAL LOANS Owner occupied RE $8,207 $8,949 $11,674 Income producing RE 14,624 16,536 25,357 Commercial & industrial 15,422 22,396 29,339 Commercial construction 1,368 5,558 7,400 Equipment financing 11,731 8,818 8,925 Total commercial 51,352 62,257 82,695 Residential mortgage 22,597 22,756 24,615 Home equity 4,093 4,091 4,630 Residential construction 1,203 811 57 Manufactured housing (2) — — 1,444 Consumer 1,207 1,423 138 Total nonaccrual loans 80,452 91,338 113,579 OREO and repossessed assets 3,507 1,952 2,056 Total NPAs $83,959 $93,290 $115,635 2025 2024 Second Quarter First Quarter Fourth 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 (RECOVERIES) BY CATEGORY Owner occupied RE $470 0.05% $126 0.02% $(184) (0.02)%Income producing RE 933 0.08 718 0.07 (1,001) (0.09)Commercial & industrial 1,027 0.16 2,447 0.40 4,075 0.69 Commercial construction 89 0.02 (138) (0.03) 2 — Equipment financing 4,963 1.16 5,042 1.21 5,812 1.43 Total commercial 7,482 0.22 8,195 0.24 8,704 0.26 Residential mortgage 313 0.04 (1) — 145 0.02 Home equity (72) (0.03) (62) (0.02) (33) (0.01)Residential construction (9) (0.02) 219 0.51 7 0.02 Manufactured housing (2) — — — — 114 23.41 Consumer 511 1.11 1,256 2.76 580 1.24 Total $8,225 0.18 $9,607 0.21 $9,517 0.21 (1) Annualized. (2) For 2025 periods, manufactured housing loans are included with consumer loans. UNITED COMMUNITY BANKS, INC.Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) June 30,2025 December 31,2024ASSETS Cash and due from banks $201,509 $296,161 Interest-bearing deposits in banks 359,492 223,712 Federal funds and other short-term investments 13,955 — Cash and cash equivalents 574,956 519,873 Debt securities available-for-sale 4,075,323 4,436,291 Debt securities held-to-maturity (fair value $1,935,748 and $1,944,126, respectively) 2,306,730 2,368,107 Loans held for sale 37,143 57,534 Loans and leases held for investment 18,920,875 18,175,980 Less allowance for credit losses - loans and leases (216,500) (206,998)Loans and leases, net 18,704,375 17,968,982 Premises and equipment, net 396,479 394,264 Bank owned life insurance 362,201 346,234 Goodwill and other intangible assets, net 974,385 956,643 Other assets 653,929 672,330 Total assets $28,085,521 $27,720,258 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Noninterest-bearing demand $6,381,975 $6,211,182 NOW and interest-bearing demand 5,986,049 6,141,342 Money market 6,603,556 6,398,144 Savings 1,228,971 1,100,591 Time 3,606,511 3,441,424 Brokered 155,950 168,292 Total deposits 23,963,012 23,460,975 Short-term borrowings — 195,000 Long-term debt 155,143 254,152 Accrued expenses and other liabilities 354,442 378,004 Total liabilities 24,472,597 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, 121,431,262 and 119,364,110 shares issued and outstanding, respectively 121,431 119,364 Common stock issuable; 592,256 and 600,168 shares, respectively 13,190 12,999 Capital surplus 2,764,617 2,710,279 Retained earnings 802,590 714,138 Accumulated other comprehensive loss (177,170) (212,919)Total shareholders' equity 3,612,924 3,432,127 Total liabilities and shareholders' equity $28,085,521 $27,720,258 UNITED COMMUNITY BANKS, INC.Consolidated Statements of Income (Unaudited) Three Months EndedJune 30, Six Months EndedJune 30,(in thousands, except per share data) 2025 2024 2025 2024Interest revenue: Loans, including fees $288,284 $291,595 $562,340 $575,578Investment securities, including tax exempt of $1,671, $1,699, $3,349 and $3,420, respectively 55,862 50,063 114,712 96,499Deposits in banks and short-term investments 3,219 5,307 5,670 11,616Total interest revenue 347,365 346,965 682,722 683,693 Interest expense: Deposits: NOW and interest-bearing demand 36,956 43,910 74,346 90,121Money market 49,603 53,531 99,144 104,009Savings 1,457 687 2,081 1,393Time 31,120 36,334 62,499 72,723Deposits 119,136 134,462 238,070 268,246Short-term borrowings 83 60 1,190 60Federal Home Loan Bank advances — — 433 —Long-term debt 2,615 3,743 5,477 7,538Total interest expense 121,834 138,265 245,170 275,844Net interest revenue 225,531 208,700 437,552 407,849 Noninterest income: Service charges and fees 10,122 10,620 19,657 19,884Mortgage loan gains and other related fees 5,370 6,799 11,492 14,310Wealth management fees 4,400 6,386 8,865 12,699Net gains from sales of other loans 1,995 1,296 3,391 2,833Lending and loan servicing fees 3,690 3,328 7,855 7,538Securities gains, net 286 — 292 —Other 8,845 8,127 18,812 18,879Total noninterest income 34,708 36,556 70,364 76,143Total revenue 260,239 245,256 507,916 483,992 Provision for credit losses 11,818 12,235 27,237 25,134 Noninterest expenses: Salaries and employee benefits 86,997 85,818 171,264 170,803Communications and equipment 13,332 11,988 27,031 23,908Occupancy 10,935 11,056 21,864 22,155Advertising and public relations 2,881 2,459 4,762 4,360Postage, printing and supplies 2,495 2,251 5,056 4,899Professional fees 5,609 6,044 11,540 12,032Lending and loan servicing expense 2,330 2,014 4,317 3,841Outside services - electronic banking 3,570 2,812 6,333 5,730FDIC assessments and other regulatory charges 4,745 4,467 9,387 12,033Amortization of intangibles 3,292 3,794 6,578 7,681Merger-related and other charges 4,833 2,157 6,130 4,244Other 6,900 12,184 14,756 20,360Total noninterest expenses 147,919 147,044 289,018 292,046Income before income taxes 100,502 85,977 191,661 166,812Income tax expense 21,769 19,362 41,515 37,566Net income 78,733 66,615 150,146 129,246Preferred stock dividends 1,573 1,573 3,146 3,146Earnings allocated to participating securities 438 368 850 713Net income available to common shareholders $76,722 $64,674 $146,150 $125,387 Net income per common share: Basic $0.63 $0.54 $1.21 $1.05Diluted 0.63 0.54 1.21 1.05Weighted average common shares outstanding: Basic 121,377 119,726 120,714 119,694Diluted 121,432 119,785 120,820 119,763 UNITED COMMUNITY BANKS, INC.Average Consolidated Balance Sheets and Net Interest AnalysisFor the Three Months Ended June 30, 2025 2024 (dollars in thousands, fully taxable equivalent (FTE)) Average Balance Interest Average Rate Average Balance Interest Average RateAssets: Interest-earning assets: Loans, net of unearned income (FTE) (1)(2) $18,664,228 $288,023 6.19% $18,213,384 $291,378 6.43%Taxable securities (3) 6,492,288 54,191 3.34 5,952,414 48,364 3.25 Tax-exempt securities (FTE) (1)(3) 354,162 2,236 2.53 363,393 2,273 2.50 Federal funds sold and other interest-earning assets 451,953 3,898 3.46 499,565 6,011 4.84 Total interest-earning assets (FTE) 25,962,631 348,348 5.38 25,028,756 348,026 5.59 Noninterest-earning assets: Allowance for credit losses (220,059) (215,104) Cash and due from banks 203,909 204,792 Premises and equipment 398,241 392,325 Other assets (3) 1,637,125 1,605,558 Total assets $27,981,847 $27,016,327 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Interest-bearing deposits: NOW and interest-bearing demand $6,051,489 36,956 2.45 $5,866,038 43,910 3.01 Money market 6,645,336 49,603 2.99 6,068,530 53,531 3.55 Savings 1,195,295 1,457 0.49 1,160,708 687 0.24 Time 3,532,848 30,596 3.47 3,544,327 35,695 4.05 Brokered time deposits 50,488 524 4.16 50,323 639 5.11 Total interest-bearing deposits 17,475,456 119,136 2.73 16,689,926 134,462 3.24 Federal funds purchased and other borrowings 7,412 83 4.49 4,093 60 5.90 Federal Home Loan Bank advances — — — — — — Long-term debt 237,992 2,615 4.41 324,870 3,743 4.63 Total borrowed funds 245,404 2,698 4.41 328,963 3,803 4.65 Total interest-bearing liabilities 17,720,860 121,834 2.76 17,018,889 138,265 3.27 Noninterest-bearing liabilities: Noninterest-bearing deposits 6,351,540 6,283,487 Other liabilities 346,643 400,974 Total liabilities 24,419,043 23,703,350 Shareholders' equity 3,562,804 3,312,977 Total liabilities and shareholders' equity $27,981,847 $27,016,327 Net interest revenue (FTE) $226,514 $209,761 Net interest-rate spread (FTE) 2.62% 2.32%Net interest margin (FTE) (4) 3.50% 3.37% (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 $983,000 and $1.06 million, respectively, for the three months ended June 30, 2025 and 2024. The tax rate used to calculate the adjustment was 25%, 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 $240 million in 2025 and $344 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. UNITED COMMUNITY BANKS, INC.Average Consolidated Balance Sheets and Net Interest AnalysisFor the Six Months Ended June 30, 2025 2024 (dollars in thousands, fully taxable equivalent (FTE)) Average Balance Interest Average Rate Average Balance Interest Average RateAssets: Interest-earning assets: Loans, net of unearned income (FTE) (1)(2) $18,440,110 $561,953 6.15% $18,256,562 $575,338 6.34%Taxable securities (3) 6,614,294 111,363 3.37 5,890,408 93,079 3.16 Tax-exempt securities (FTE) (1)(3) 355,430 4,481 2.52 364,873 4,584 2.51 Federal funds sold and other interest-earning assets 426,415 6,899 3.26 587,080 12,816 4.39 Total interest-earning assets (FTE) 25,836,249 684,696 5.34 25,098,923 685,817 5.49 Non-interest-earning assets: Allowance for loan losses (215,141) (214,050) Cash and due from banks 211,681 212,998 Premises and equipment 397,347 389,173 Other assets (3) 1,623,689 1,611,928 Total assets $27,853,825 $27,098,972 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Interest-bearing deposits: NOW and interest-bearing demand $6,092,519 74,346 2.46 $5,972,065 90,121 3.03 Money market 6,614,819 99,144 3.02 5,966,374 104,009 3.51 Savings 1,146,075 2,081 0.37 1,176,768 1,393 0.24 Time 3,489,687 61,427 3.55 3,570,407 71,639 4.03 Brokered time deposits 50,468 1,072 4.28 50,333 1,084 4.33 Total interest-bearing deposits 17,393,568 238,070 2.76 16,735,947 268,246 3.22 Federal funds purchased and other borrowings 43,883 1,190 5.47 2,054 60 5.87 Federal Home Loan Bank advances 19,343 433 4.51 2 — — Long-term debt 246,061 5,477 4.49 324,854 7,538 4.67 Total borrowed funds 309,287 7,100 4.63 326,910 7,598 4.67 Total interest-bearing liabilities 17,702,855 245,170 2.79 17,062,857 275,844 3.25 Noninterest-bearing liabilities: Noninterest-bearing deposits 6,273,313 6,340,783 Other liabilities 358,227 395,713 Total liabilities 24,334,395 23,799,353 Shareholders' equity 3,519,430 3,299,619 Total liabilities and shareholders' equity $27,853,825 $27,098,972 Net interest revenue (FTE) $439,526 $409,973 Net interest-rate spread (FTE) 2.55% 2.24%Net interest margin (FTE) (4) 3.43% 3.28% (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 $1.97 million and $2.12 million, respectively, for the six months ended June 30, 2025 and 2024. The tax rate used to calculate the adjustment was 25%, 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 $254 million in 2025 and $333 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 June 30, 2025, United Community Banks, Inc. had $28.1 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. 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 general competitive, economic, political, regulatory 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 Second Quarter Earnings

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