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 75^th 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 basis
• Net 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 quarter
• Total revenue of $260 million improved $13 million, or 5%, from the first quarter
• Net interest margin of 3.50% increased by 14 basis points from the first quarter, reflecting a lower cost of funds and improving asset mix
• Noninterest 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 debt
• Provision 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 quarter
• Noninterest 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 ANB
• Efficiency ratio of 56.7% on a GAAP basis, or 54.8% on an operating basis, improved both linked quarter and year over year
• Strong loan production led to loan growth of $194 million, excluding loans from the ANB acquisition, up 4.2% annualized, from the first quarter
• Mortgage 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 2024
• Customer 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 million
• Return on assets of 1.11%, or 1.16% on an operating basis
• Return on common equity and return on tangible common equity on an operating basis improved from the first quarter to 8.5% and 12.3%, respectively
• Maintained 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,
		Second Quarter				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, 2024
ASSETS
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 Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)			2025			2024			2025			2024
Interest revenue:
Loans, including fees		$	288,284		$	291,595		$	562,340		$	575,578
Investment securities, including tax exempt of $1,671, $1,699, $3,349 and $3,420, respectively			55,862			50,063			114,712			96,499
Deposits in banks and short-term investments			3,219			5,307			5,670			11,616
Total interest revenue			347,365			346,965			682,722			683,693
Interest expense:
Deposits:
NOW and interest-bearing demand			36,956			43,910			74,346			90,121
Money market			49,603			53,531			99,144			104,009
Savings			1,457			687			2,081			1,393
Time			31,120			36,334			62,499			72,723
Deposits			119,136			134,462			238,070			268,246
Short-term borrowings			83			60			1,190			60
Federal Home Loan Bank advances			—			—			433			—
Long-term debt			2,615			3,743			5,477			7,538
Total interest expense			121,834			138,265			245,170			275,844
Net interest revenue			225,531			208,700			437,552			407,849
Noninterest income:
Service charges and fees			10,122			10,620			19,657			19,884
Mortgage loan gains and other related fees			5,370			6,799			11,492			14,310
Wealth management fees			4,400			6,386			8,865			12,699
Net gains from sales of other loans			1,995			1,296			3,391			2,833
Lending and loan servicing fees			3,690			3,328			7,855			7,538
Securities gains, net			286			—			292			—
Other			8,845			8,127			18,812			18,879
Total noninterest income			34,708			36,556			70,364			76,143
Total 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			170,803
Communications and equipment			13,332			11,988			27,031			23,908
Occupancy			10,935			11,056			21,864			22,155
Advertising and public relations			2,881			2,459			4,762			4,360
Postage, printing and supplies			2,495			2,251			5,056			4,899
Professional fees			5,609			6,044			11,540			12,032
Lending and loan servicing expense			2,330			2,014			4,317			3,841
Outside services - electronic banking			3,570			2,812			6,333			5,730
FDIC assessments and other regulatory charges			4,745			4,467			9,387			12,033
Amortization of intangibles			3,292			3,794			6,578			7,681
Merger-related and other charges			4,833			2,157			6,130			4,244
Other			6,900			12,184			14,756			20,360
Total noninterest expenses			147,919			147,044			289,018			292,046
Income before income taxes			100,502			85,977			191,661			166,812
Income tax expense			21,769			19,362			41,515			37,566
Net income			78,733			66,615			150,146			129,246
Preferred stock dividends			1,573			1,573			3,146			3,146
Earnings allocated to participating securities			438			368			850			713
Net 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		$	1.05
Diluted			0.63			0.54			1.21			1.05
Weighted average common shares outstanding:
Basic			121,377			119,726			120,714			119,694
Diluted			121,432			119,785			120,820			119,763

UNITED COMMUNITY BANKS, INC.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended June 30,

			2025										2024
(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)		$	18,664,228			$	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 Analysis

For the Six Months Ended June 30,

			2025										2024
(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)		$	18,440,110			$	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 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, 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 Harralson

Chief Financial Officer

(864) 240-6208

[email protected]