UCB United Communty Banks Inc

United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the 2024 third quarter of $47.3 million and pre-tax, pre-provision income of $74.2 million. The result included the previously announced strategic decision to sell $318 million in manufactured housing loans, which negatively impacted the quarter by $21.4 million after-tax, or $0.18 per share. Diluted earnings per share of $0.38 for the quarter represented a decrease of $0.01, or 3%, from the third quarter a year ago and a decrease of $0.16, or 30%, from the second quarter of 2024.

On an operating basis, United’s diluted earnings per share of $0.57 was up 27% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and a lower provision for credit losses. The $0.57 result includes a $9.9 million Hurricane Helene related loan loss provision to increase the reserve on $383 million of loans in nine North Carolina counties impacted by the hurricane to 3.5% of loans.

United’s return on assets was 0.67%, or 1.01% on an operating basis. Return on common equity was 5.20% and return on tangible common equity on an operating basis was 11.17%. On a pre-tax, pre-provision basis, operating return on assets was 1.50% for the quarter. At quarter-end, tangible common equity to tangible assets was 8.93%, up 15 basis points from the second quarter of 2024.

Chairman and CEO Lynn Harton stated, “We continue to focus on growth and the third quarter saw the return of modest loan and strong deposit growth. Excluding the sale of our manufactured housing portfolio, announced in early September, loan balances were up 1.5% annualized. Customer deposits, which exclude brokered deposits, were up $262 million, or 5% annualized. Our balance sheet remains highly liquid and our internal capital generation rate is running well in excess of our current capital needs. We maintained robust capital ratios with our preliminary CET1 moving to 13.1% and we opportunistically redeemed $8 million of relatively expensive Trust Preferred securities. The increase in liquidity and capital place us in a great position to take advantage of growth opportunities as we move into 2025.”

Mr. Harton continued, “We elected to sell our manufactured housing loan book, a business that was part of our Reliant Bancorp, Inc. acquisition in January of 2022, as a natural conclusion of our exit from the business, as we ceased originating loans in the third quarter of 2023. The transaction reduces our risk profile and allows us to allocate capital to other growth opportunities.”

United’s net interest margin decreased four basis points to 3.33% from the second quarter. The average yield on United’s interest-earning assets was down four basis points to 5.55%, while its cost of interest-bearing liabilities decreased two basis points, leading to the four-basis point reduction in net interest margin. Net charge-offs were $23.7 million, or 0.52% of average loans, during the quarter, up 26 basis points compared to the second quarter of 2024 due to transaction-related losses resulting from the sale of our manufactured housing portfolio. NPAs were 42 basis points relative to total assets, down one basis point from the second quarter.

Mr. Harton concluded, “We are pleased with our operating performance this quarter, but we were also reminded this quarter of the importance of community. Many of our employees, customers, and communities have been impacted by the recent hurricanes. We are actively involved in the recovery process through volunteer hours and financial support and will be ready to lead the rebuilding process, when and as needed. Many thanks to our employees throughout the company that have responded, in sometimes heroic ways, to support each other and our customers.”

Third Quarter 2024 Financial Highlights:

• Net income of $47.3 million and pre-tax, pre-provision income of $74.2 million
• EPS down 3% compared to third quarter 2023 on a GAAP basis and up 27% on an operating basis; compared to second quarter 2024, EPS down 30% on a GAAP basis and down 2% on an operating basis
• The GAAP results were impacted by the decision to sell the manufactured housing loan book at a $21.4 million after-tax loss, or $0.18, approximately one year after making the strategic decision to cease originations
• Return on assets of 0.67%, or 1.01% on an operating basis
• Pre-tax, pre-provision return on assets of 1.50% on an operating basis
• Return on common equity of 5.20%
• Return on tangible common equity of 11.17% on an operating basis
• A provision for credit losses of $14.4 million, which includes $9.9 million to establish a special reserve for expected credit losses from Hurricane Helene
• Net charge-offs of $23.7 million, or 52 basis points as a percent of average loans, which included $11.0 million, or 24 basis points, of transaction-related losses from the sale of our manufactured housing portfolio
• Nonperforming assets of 0.42% of total assets, down one basis point compared to June 30, 2024
• Loan production of $1.2 billion
• Customer deposits were up $262 million from the second quarter, with most of the growth in NOW and money market deposits
• Net interest margin of 3.33% decreased by four basis points from the second quarter mostly due to lower purchased loan accretion, the sale of our manufactured housing portfolio, and changing composition of our earning assets and interest-bearing liabilities
• Mortgage closings of $239 million compared to $211 million a year ago; mortgage rate locks of $306 million compared to $304 million a year ago
• Noninterest income was down $28.5 million on a linked quarter basis with $27.2 million due to losses from the sale of manufactured housing loans. The remaining decrease was primarily driven by the mark on our mortgage servicing rights asset.
• Noninterest expenses decreased by $4.0 million compared to the second quarter on a GAAP basis and were up $0.3 million on an operating basis
• Efficiency ratio of 65.5%, or 57.4% on an operating basis
• Maintained robust capital ratios with preliminary CET1 increasing to 13.1% and opportunistically redeemed $8 million of relatively expensive Trust Preferred securities
• 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, October 23, 2024 at 11 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/10193157/fd9f74293a. Those without internet access or unable to pre-register may dial in by calling 1-866-777-2509. 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, www.ucbi.com.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(In thousands, except per share data)
	2024												2023									ThirdQuarter2024-2023Change			For the Nine MonthsEnded September 30,									YTD2024-2023Change
		ThirdQuarter				SecondQuarter				FirstQuarter				FourthQuarter				ThirdQuarter								2024				2023
INCOME SUMMARY
Interest revenue	$	349,086			$	346,965			$	336,728			$	338,698			$	323,147							$	1,032,779			$	898,409
Interest expense	139,900				138,265				137,579				135,245				120,591								415,744				284,097
Net interest revenue	209,186				208,700				199,149				203,453				202,556					3	%		617,035				614,312					—	%
Provision for credit losses	14,428				12,235				12,899				14,626				30,268								39,562				74,804
Noninterest income	8,091				36,556				39,587				(23,090		)		31,977					(75	)		84,234				98,573					(15	)
Total revenue	202,849				233,021				225,837				165,737				204,265					(1	)		661,707				638,081					4
Noninterest expenses	143,065				147,044				145,002				154,587				144,474					(1	)		435,111				416,686					4
Income before income tax expense	59,784				85,977				80,835				11,150				59,791					—			226,596				221,395					2
Income tax expense	12,437				19,362				18,204				(2,940		)		11,925					4			50,003				47,941					4
Net income	47,347				66,615				62,631				14,090				47,866					(1	)		176,593				173,454					2
Non-operating items	29,385				6,493				2,187				67,450				9,168								38,065				21,444
Income tax benefit of non-operating items	(6,276		)		(1,462		)		(493		)		(16,714		)		(2,000		)						(8,231		)		(4,775		)
Net income - operating(1)	$	70,456			$	71,646			$	64,325			$	64,826			$	55,034				28			$	206,427			$	190,123				9
Pre-tax pre-provision income(5)	$	74,212			$	98,212			$	93,734			$	25,776			$	90,059				(18	)		$	266,158			$	296,199				(10	)
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.38			$	0.54			$	0.51			$	0.11			$	0.39				(3	)		$	1.43			$	1.44				(1	)
Diluted net income - operating(1)	0.57				0.58				0.52				0.53				0.45					27			1.67				1.58					6
Cash dividends declared	0.24				0.23				0.23				0.23				0.23					4			0.70				0.69					1
Book value	27.68				27.18				26.83				26.52				25.87					7			27.68				25.87					7
Tangible book value(3)	19.66				19.13				18.71				18.39				17.70					11			19.66				17.70					11
Key performance ratios:
Return on common equity - GAAP(2)(4)	5.20		%		7.53		%		7.14		%		1.44		%		5.32		%						6.61		%		6.69		%
Return on common equity - operating(1)(2)(4)	7.82				8.12				7.34				7.27				6.14								7.76				7.35
Return on tangible common equity - operating(1)(2)(3)(4)	11.17				11.68				10.68				10.58				9.03								11.18				10.65
Return on assets - GAAP(4)	0.67				0.97				0.90				0.18				0.68								0.85				0.86
Return on assets - operating(1)(4)	1.01				1.04				0.93				0.92				0.79								0.99				0.95
Return on assets - pre-tax pre-provision - operating(1)(4)(5)	1.50				1.54				1.40				1.33				1.44								1.48				1.60
Net interest margin (fully taxable equivalent)(4)	3.33				3.37				3.20				3.19				3.24								3.30				3.41
Efficiency ratio - GAAP	65.51				59.70				60.47				66.33				61.32								61.76				58.06
Efficiency ratio - operating(1)	57.37				57.06				59.15				59.57				57.43								57.84				55.07
Equity to total assets	12.45				12.35				12.06				11.95				11.85								12.45				11.85
Tangible common equity to tangible assets(3)	8.93				8.78				8.49				8.36				8.18								8.93				8.18
ASSET QUALITY
Nonperforming assets ("NPAs")	$	114,960			$	116,722			$	107,230			$	92,877			$	90,883				26			$	114,960			$	90,883				26
Allowance for credit losses - loans	205,290				213,022				210,934				208,071				201,557					2			205,290				201,557					2
Allowance for credit losses - total	215,517				224,740				224,119				224,128				219,624					(2	)		215,517				219,624					(2	)
Net charge-offs	23,651				11,614				12,908				10,122				26,638								48,173				42,121
Allowance for credit losses - loans to loans	1.14		%		1.17		%		1.15		%		1.14		%		1.11		%						1.14		%		1.11		%
Allowance for credit losses - total to loans	1.20				1.23				1.22				1.22				1.21								1.20				1.21
Net charge-offs to average loans(4)	0.52				0.26				0.28				0.22				0.59								0.35				0.32
NPAs to total assets	0.42				0.43				0.39				0.34				0.34								0.42				0.34
AT PERIOD END ($ in millions)
Loans	$	17,964			$	18,211			$	18,375			$	18,319			$	18,203				(1	)		$	17,964			$	18,203				(1	)
Investment securities	6,425				6,038				5,859				5,822				5,701					13			6,425				5,701					13
Total assets	27,373				27,057				27,365				27,297				26,869					2			27,373				26,869					2
Deposits	23,253				22,982				23,332				23,311				22,858					2			23,253				22,858					2
Shareholders’ equity	3,407				3,343				3,300				3,262				3,184					7			3,407				3,184					7
Common shares outstanding (thousands)	119,283				119,175				119,137				119,010				118,976					—			119,283				118,976					—

(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)
	2024												2023								For the Nine Months EndedSeptember 30,
		ThirdQuarter				SecondQuarter				FirstQuarter				FourthQuarter				ThirdQuarter				2024				2023
Noninterest income reconciliation
Noninterest income (GAAP)	$	8,091			$	36,556			$	39,587			$	(23,090	)		$	31,977			$	84,234			$	98,573
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				—				—				—
Noninterest income - operating	$	35,300			$	36,556			$	37,187			$	28,599			$	31,977			$	109,043			$	98,573
Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	143,065			$	147,044			$	145,002			$	154,587			$	144,474			$	435,111			$	416,686
Loss on FinTrust (goodwill impairment)	—				(5,100		)		—				—				—				(5,100		)		—
FDIC special assessment	—				764				(2,500		)		(9,995		)		—				(1,736		)		—
Merger-related and other charges	(2,176		)		(2,157		)		(2,087		)		(5,766		)		(9,168		)		(6,420		)		(21,444		)
Noninterest expenses - operating	$	140,889			$	140,551			$	140,415			$	138,826			$	135,306			$	421,855			$	395,242
Net income to operating income reconciliation
Net income (GAAP)	$	47,347			$	66,615			$	62,631			$	14,090			$	47,866			$	176,593			$	173,454
Loss on sale of manufactured housing loans	27,209				—				—				—				—				27,209				—
Bond portfolio restructuring loss	—				—				—				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				—
Merger-related and other charges	2,176				2,157				2,087				5,766				9,168				6,420				21,444
Income tax benefit of non-operating items	(6,276		)		(1,462		)		(493		)		(16,714		)		(2,000		)		(8,231		)		(4,775		)
Net income - operating	$	70,456			$	71,646			$	64,325			$	64,826			$	55,034			$	206,427			$	190,123
Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	47,347			$	66,615			$	62,631			$	14,090			$	47,866			$	176,593			$	173,454
Income tax expense	12,437				19,362				18,204				(2,940		)		11,925				50,003				47,941
Provision for credit losses	14,428				12,235				12,899				14,626				30,268				39,562				74,804
Pre-tax pre-provision income	$	74,212			$	98,212			$	93,734			$	25,776			$	90,059			$	266,158			$	296,199
Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.38			$	0.54			$	0.51			$	0.11			$	0.39			$	1.43			$	1.44
Loss on sale of manufactured housing loans	0.18				—				—				—				—				0.18				—
Bond portfolio restructuring loss	—				—				—				0.32				—				—				—
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				—
Merger-related and other charges	0.01				0.01				0.01				0.04				0.06				0.04				0.14
Diluted income per common share - operating	$	0.57			$	0.58			$	0.52			$	0.53			$	0.45			$	1.67			$	1.58
Book value per common share reconciliation
Book value per common share (GAAP)	$	27.68			$	27.18			$	26.83			$	26.52			$	25.87			$	27.68			$	25.87
Effect of goodwill and other intangibles	(8.02		)		(8.05		)		(8.12		)		(8.13		)		(8.17		)		(8.02		)		(8.17		)
Tangible book value per common share	$	19.66			$	19.13			$	18.71			$	18.39			$	17.70			$	19.66			$	17.70
Return on tangible common equity reconciliation
Return on common equity (GAAP)	5.20		%		7.53		%		7.14		%		1.44		%		5.32		%		6.61		%		6.69		%
Loss on sale of manufactured housing loans	2.43				—				—				—				—				0.82				—
Bond portfolio restructuring loss	—				—				—				4.47				—				—				—
Gain on lease termination	—				—				(0.22		)		—				—				(0.07		)		—
Loss on FinTrust (goodwill impairment)	—				0.46				—				—				—				0.16				—
FDIC special assessment	—				(0.07		)		0.23				0.86				—				0.05				—
Merger-related and other charges	0.19				0.20				0.19				0.50				0.82				0.19				0.66
Return on common equity - operating	7.82				8.12				7.34				7.27				6.14				7.76				7.35
Effect of goodwill and other intangibles	3.35				3.56				3.34				3.31				2.89				3.42				3.30
Return on tangible common equity - operating	11.17		%		11.68		%		10.68		%		10.58		%		9.03		%		11.18		%		10.65		%
Return on assets reconciliation
Return on assets (GAAP)	0.67		%		0.97		%		0.90		%		0.18		%		0.68		%		0.85		%		0.86		%
Loss on sale of manufactured housing loans	0.31				—				—				—				—				0.10				—
Bond portfolio restructuring loss	—				—				—				0.57				—				—				—
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				—
Merger-related and other charges	0.03				0.02				0.03				0.06				0.11				0.02				0.09
Return on assets - operating	1.01		%		1.04		%		0.93		%		0.92		%		0.79		%		0.99		%		0.95		%
Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)	0.67		%		0.97		%		0.90		%		0.18		%		0.68		%		0.85		%		0.86		%
Income tax (benefit) expense	0.19				0.29				0.27				(0.04		)		0.18				0.25				0.25
Provision for credit losses	0.21				0.18				0.19				0.21				0.45				0.19				0.38
Loss on sale of manufactured housing loans	0.40				—				—				—				—				0.13				—
Bond portfolio restructuring loss	—				—				—				0.75				—				—				—
Gain on lease termination	—				—				(0.04		)		—				—				(0.01		)		—
Loss on FinTrust (goodwill impairment)	—				0.08				—				—				—				0.03				—
FDIC special assessment	—				(0.01		)		0.04				0.15				—				0.01				—
Merger-related and other charges	0.03				0.03				0.04				0.08				0.13				0.03				0.11
Return on assets - pre-tax pre-provision - operating	1.50		%		1.54		%		1.40		%		1.33		%		1.44		%		1.48		%		1.60		%
Efficiency ratio reconciliation
Efficiency ratio (GAAP)	65.51		%		59.70		%		60.47		%		66.33		%		61.32		%		61.76		%		58.06		%
Loss on sale of manufactured housing loans	(7.15		)		—				—				—				—				(2.25		)		—
Gain on lease termination	—				—				0.60				—				—				0.21				—
Loss on FinTrust (goodwill impairment)	—				(2.07		)		—				—				—				(0.73		)		—
FDIC special assessment	—				0.31				(1.05		)		(4.29		)		—				(0.24		)		—
Merger-related and other charges	(0.99		)		(0.88		)		(0.87		)		(2.47		)		(3.89		)		(0.91		)		(2.99		)
Efficiency ratio - operating	57.37		%		57.06		%		59.15		%		59.57		%		57.43		%		57.84		%		55.07		%
Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)	12.45		%		12.35		%		12.06		%		11.95		%		11.85		%		12.45		%		11.85		%
Effect of goodwill and other intangibles	(3.20		)		(3.24		)		(3.25		)		(3.27		)		(3.33		)		(3.20		)		(3.33		)
Effect of preferred equity	(0.32		)		(0.33		)		(0.32		)		(0.32		)		(0.34		)		(0.32		)		(0.34		)
Tangible common equity to tangible assets	8.93		%		8.78		%		8.49		%		8.36		%		8.18		%		8.93		%		8.18		%

UNITED COMMUNITY BANKS, INC.
Loan Portfolio Composition at Period-End
	2024												2023									LinkedQuarterChange				Year overYearChange
(in millions)		ThirdQuarter				SecondQuarter				FirstQuarter				FourthQuarter				ThirdQuarter
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,323			$	3,297			$	3,310			$	3,264			$	3,279			$	26			$	44
Income producing commercial RE		4,259				4,058				4,206				4,264				4,130			201				129
Commercial & industrial		2,313				2,299				2,405				2,411				2,504			14				(191		)
Commercial construction		1,785				2,014				1,936				1,860				1,850			(229		)		(65		)
Equipment financing		1,603				1,581				1,544				1,541				1,534			22				69
Total commercial		13,283				13,249				13,401				13,340				13,297			34				(14		)
Residential mortgage		3,263				3,266				3,240				3,199				3,043			(3		)		220
Home equity		1,015				985				969				959				941			30				74
Residential construction		189				211				257				302				399			(22		)		(210		)
Manufactured housing		2				321				328				336				343			(319		)		(341		)
Consumer		188				183				180				181				180			5				8
Other		24				(4	)			—				2			—				28				24
Total loans	$	17,964			$	18,211			$	18,375			$	18,319			$	18,203			$	(247	)		$	(239	)
LOANS BY MARKET
Georgia	$	4,470			$	4,411			$	4,356			$	4,357			$	4,321			$	59			$	149
South Carolina		2,782				2,779				2,804				2,780				2,801			3				(19		)
North Carolina		2,586				2,591				2,566				2,492				2,445			(5		)		141
Tennessee		1,848				2,144				2,209				2,244				2,314			(296		)		(466		)
Florida		2,423				2,407				2,443				2,442				2,318			16				105
Alabama		996				1,021				1,068				1,082				1,070			(25		)		(74		)
Commercial Banking Solutions		2,859				2,858				2,929				2,922				2,934			1				(75		)
Total loans	$	17,964			$	18,211			$	18,375			$	18,319			$	18,203			$	(247	)		$	(239	)

UNITED COMMUNITY BANKS, INC.
Credit Quality
(in thousands)
			2024
		ThirdQuarter				SecondQuarter				FirstQuarter
NONACCRUAL LOANS
Owner occupied RE		$	7,783			$	4,820			$	2,310
Income producing RE			31,222				34,285				29,186
Commercial & industrial			28,856				17,335				20,134
Commercial construction			7,356				6,854				1,862
Equipment financing			9,123				8,341				8,829
Total commercial			84,340				71,635				62,321
Residential mortgage			21,851				18,473				16,569
Home equity			4,111				3,779				4,984
Residential construction			118				163				1,244
Manufactured housing			1,808				20,356				19,797
Consumer			152				72				54
Total nonaccrual loans			112,380				114,478				104,969
OREO and repossessed assets			2,580				2,244				2,261
Total NPAs		$	114,960			$	116,722			$	107,230

			2024
		Third Quarter								Second Quarter								First Quarter
(in thousands)		Net Charge-Offs					Net Charge-Offs toAverage Loans(1)			Net Charge-Offs				Net Charge-Offs to AverageLoans(1)				Net Charge-Offs				Net Charge-Offs toAverageLoans(1)
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY
Owner occupied RE		$	(184	)			(0.02	)%		$	163				0.02	%		$	202				0.02	%
Income producing RE			1,409				0.13				2,968				0.29				205				0.02
Commercial & industrial			4,577				0.79				1,281				0.22				3,906				0.65
Commercial construction			36				0.01				(48	)			(0.01	)			20				—
Equipment financing			5,268				1.32				5,502				1.42				6,362				1.66
Total commercial			11,106				0.33				9,866				0.30				10,695				0.32
Residential mortgage			32				—				(107	)			(0.01	)			(16	)			—
Home equity			36				0.01				(27	)			(0.01	)			(54	)			(0.02	)
Residential construction			111				0.22				26				0.04				119				0.17
Manufactured housing			11,556				28.51				1,150				1.43				1,569				1.90
Consumer			810				1.74				706				1.57				595				1.33
Total		$	23,651				0.52			$	11,614				0.26			$	12,908				0.28
(1)Annualized.

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)		September 30,2024				December 31,2023
ASSETS
Cash and due from banks		$	202,644			$	200,781
Interest-bearing deposits in banks			537,395				803,094
Cash and cash equivalents			740,039				1,003,875
Debt securities available-for-sale			4,023,455				3,331,084
Debt securities held-to-maturity (fair value $2,060,729 and $2,095,620, respectively)			2,401,877				2,490,848
Loans held for sale			49,800				33,008
Loans and leases held for investment			17,964,099				18,318,755
Allowance for credit losses - loans and leases			(205,290	)			(208,071	)
Loans and leases, net			17,758,809				18,110,684
Premises and equipment, net			396,696				378,421
Bank owned life insurance			345,703				345,371
Goodwill and other intangible assets, net			975,117				990,087
Other assets			681,636				613,873
Total assets		$	27,373,132			$	27,297,251
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand		$	6,222,518			$	6,534,307
NOW and interest-bearing demand			5,951,900				6,155,193
Money market			6,301,956				5,600,587
Savings			1,113,168				1,207,807
Time			3,490,399				3,649,498
Brokered			173,161				163,219
Total deposits			23,253,102				23,310,611
Long-term debt			316,363				324,823
Accrued expenses and other liabilities			396,987				400,292
Total liabilities			23,966,452				24,035,726
Shareholders' equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued andoutstanding; $25,000 per share liquidation preference			88,266				88,266
Common stock, $1 par value; 200,000,000 shares authorized,119,282,762 and 119,010,319 shares issued and outstanding, respectively			119,283				119,010
Common stock issuable; 588,296 and 620,108 shares, respectively			12,661				13,110
Capital surplus			2,707,266				2,699,112
Retained earnings			668,965				581,219
Accumulated other comprehensive loss			(189,761	)			(239,192	)
Total shareholders' equity			3,406,680				3,261,525
Total liabilities and shareholders' equity		$	27,373,132			$	27,297,251

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)
		Three Months EndedSeptember 30,								Nine Months EndedSeptember 30,
(in thousands, except per share data)			2024				2023				2024				2023
Interest revenue:
Loans, including fees		$	291,574			$	273,781			$	867,152			$	760,696
Investment securities, including tax exempt of $1,713, $1,722, $5,133 and $5,563, respectively			52,997				44,729				149,496				125,775
Deposits in banks and short-term investments			4,515				4,637				16,131				11,938
Total interest revenue			349,086				323,147				1,032,779				898,409
Interest expense:
Deposits:
NOW and interest-bearing demand			43,401				35,613				133,522				80,809
Money market			56,874				46,884				160,883				105,430
Savings			672				868				2,065				2,108
Time			35,202				33,368				107,925				75,464
Deposits			136,149				116,733				404,395				263,811
Short-term borrowings			27				189				87				3,186
Federal Home Loan Bank advances			—				—				—				5,761
Long-term debt			3,724				3,669				11,262				11,339
Total interest expense			139,900				120,591				415,744				284,097
Net interest revenue			209,186				202,556				617,035				614,312
Provision for credit losses			14,428				30,268				39,562				74,804
Net interest revenue after provision for credit losses			194,758				172,288				577,473				539,508
Noninterest income:
Service charges and fees			10,488				10,315				30,372				28,791
Mortgage loan gains and other related fees			3,520				6,159				17,830				17,264
Wealth management fees			6,338				6,451				19,037				17,775
Net (losses) gains from sales of other loans			(25,700	)			2,688				(22,867	)			6,909
Lending and loan servicing fees			3,512				2,985				11,050				9,979
Securities losses, net			—				—				—				(1,644	)
Other			9,933				3,379				28,812				19,499
Total noninterest income			8,091				31,977				84,234				98,573
Total revenue			202,849				204,265				661,707				638,081
Noninterest expenses:
Salaries and employee benefits			83,533				81,173				254,336				236,121
Communications and equipment			12,626				10,902				36,534				31,654
Occupancy			11,311				10,941				33,466				31,024
Advertising and public relations			2,041				2,251				6,401				6,914
Postage, printing and supplies			2,477				2,386				7,376				7,305
Professional fees			6,432				7,006				18,464				19,670
Lending and loan servicing expense			2,227				2,697				6,068				7,546
Outside services - electronic banking			4,433				2,561				10,163				8,646
FDIC assessments and other regulatory charges			5,003				4,314				17,036				12,457
Amortization of intangibles			3,528				4,171				11,209				11,120
Merger-related and other charges			2,176				9,168				6,420				21,444
Other			7,278				6,904				27,638				22,785
Total noninterest expenses			143,065				144,474				435,111				416,686
Income before income taxes			59,784				59,791				226,596				221,395
Income tax expense			12,437				11,925				50,003				47,941
Net income			47,347				47,866				176,593				173,454
Preferred stock dividends, net of discount on repurchases			1,573				832				4,719				4,270
Earnings allocated to participating securities			272				259				988				939
Net income available to common shareholders		$	45,502			$	46,775			$	170,886			$	168,245
Net income per common share:
Basic		$	0.38			$	0.39			$	1.43			$	1.44
Diluted			0.38				0.39				1.43				1.44
Weighted average common shares outstanding:
Basic			119,818				119,506				119,736				116,925
Diluted			119,952				119,624				119,827				117,084

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,
			2024												2023
(dollars in thousands, fully taxable equivalent (FTE))		Average Balance				Interest				Average Rate				Average Balance				Interest				Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)(1)(2)		$	18,051,741			$	291,164				6.42	%		$	18,055,402			$	273,800				6.02	%
Taxable securities(3)			6,182,164				51,284				3.32				5,933,708				43,007				2.90
Tax-exempt securities (FTE)(1)(3)			361,359				2,292				2.54				368,148				2,313				2.51
Federal funds sold and other interest-earning assets			505,792				5,440				4.28				538,039				5,093				3.76
Total interest-earning assets (FTE)			25,101,056				350,180				5.55				24,895,297				324,213				5.17
Noninterest-earning assets:
Allowance for credit losses			(215,008	)											(209,472	)
Cash and due from banks			206,995												225,831
Premises and equipment			399,262												367,217
Other assets(3)			1,615,468												1,568,824
Total assets		$	27,107,773											$	26,847,697
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand		$	5,797,845				43,401				2.98			$	5,285,513				35,613				2.67
Money market			6,342,455				56,874				3.57				5,622,355				46,884				3.31
Savings			1,126,774				672				0.24				1,301,047				868				0.26
Time			3,465,980				34,560				3.97				3,473,191				31,072				3.55
Brokered time deposits			50,364				642				5.07				209,119				2,296				4.36
Total interest-bearing deposits			16,783,418				136,149				3.23				15,891,225				116,733				2.91
Federal funds purchased and other borrowings			1,899				27				5.66				44,164				189				1.70
Federal Home Loan Bank advances			11				—				—				—				—				—
Long-term debt			323,544				3,724				4.58				324,770				3,669				4.48
Total borrowed funds			325,454				3,751				4.59				368,934				3,858				4.15
Total interest-bearing liabilities			17,108,872				139,900				3.25				16,260,159				120,591				2.94
Noninterest-bearing liabilities:
Noninterest-bearing deposits			6,239,926												6,916,272
Other liabilities			391,574												435,592
Total liabilities			23,740,372												23,612,023
Shareholders' equity			3,367,401												3,235,674
Total liabilities and shareholders' equity		$	27,107,773											$	26,847,697
Net interest revenue (FTE)						$	210,280											$	203,622
Net interest-rate spread (FTE)											2.30	%											2.23	%
Net interest margin (FTE)(4)											3.33	%											3.24	%

(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 $1.09 million and $1.07 million, respectively, for the three months ended September 30, 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 $295 million in 2024 and $430 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.

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Nine Months Ended September 30,
			2024												2023
(dollars in thousands, fully taxable equivalent (FTE))		Average Balance				Interest				Average Rate				Average Balance				Interest				Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)(1)(2)		$	18,187,790			$	866,502				6.36	%		$	17,377,210			$	760,802				5.85	%
Taxable securities(3)			5,988,368				144,363				3.21				5,982,615				120,212				2.68
Tax-exempt securities (FTE)(1)(3)			363,692				6,876				2.52				386,499				7,470				2.58
Federal funds sold and other interest-earning assets			559,786				18,256				4.36				490,703				13,103				3.57
Total interest-earning assets (FTE)			25,099,636				1,035,997				5.51				24,237,027				901,587				4.97
Non-interest-earning assets:
Allowance for loan losses			(214,372	)											(186,428	)
Cash and due from banks			210,982												249,411
Premises and equipment			392,561												347,514
Other assets(3)			1,613,118												1,518,503
Total assets		$	27,101,925											$	26,166,027
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand		$	5,913,566				133,522				3.02			$	4,891,214				80,809				2.21
Money market			6,092,649				160,883				3.53				5,349,265				105,430				2.64
Savings			1,159,982				2,065				0.24				1,341,033				2,108				0.21
Time			3,535,343				106,199				4.01				2,936,873				65,856				3.00
Brokered time deposits			50,343				1,726				4.58				280,293				9,608				4.58
Total interest-bearing deposits			16,751,883				404,395				3.22				14,798,678				263,811				2.38
Federal funds purchased and other borrowings			2,001				87				5.81				98,884				3,186				4.31
Federal Home Loan Bank advances			5				—				—				166,355				5,761				4.63
Long-term debt			324,414				11,262				4.64				324,737				11,339				4.67
Total borrowed funds			326,420				11,349				4.64				589,976				20,286				4.60
Total interest-bearing liabilities			17,078,303				415,744				3.25				15,388,654				284,097				2.47
Noninterest-bearing liabilities:
Noninterest-bearing deposits			6,306,919												7,226,096
Other liabilities			394,323												393,048
Total liabilities			23,779,545												23,007,798
Shareholders' equity			3,322,380												3,158,229
Total liabilities and shareholders' equity		$	27,101,925											$	26,166,027
Net interest revenue (FTE)						$	620,253											$	617,490
Net interest-rate spread (FTE)											2.26	%											2.50	%
Net interest margin (FTE)(4)											3.30	%											3.41	%

(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 $3.22 million and $3.18 million, respectively, for the nine months ended September 30, 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 $320 million in 2024 and $413 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 September 30, 2024, United Community Banks, Inc. had $27.4 billion in assets, 202 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 2023, United was named by American Banker as one of the “Best Banks to Work For” for the seventh 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 Measures This 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 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 Harralson Chief Financial Officer (864) 240-6208 Jefferson_Harralson@ucbi.com