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United Community Banks, Inc. Reports Second Quarter Results

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Continued Strong Performance and Strengthening of its Balance Sheet

GREENVILLE, S.C., July 21, 2020 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (United) today reported second quarter financial results, with record year-over-year loan and deposit growth. United delivered net income of $25.1 million and pre-tax pre-provision income of $65.6 million and built its allowance for credit losses with a $33.5 million provision for credit losses. Due largely to the continued reserve build anticipating potential future loan losses driven by COVID-19 effects on the economy, diluted earnings per share of $0.32 represented a decrease of $0.23 or 42%, from a year ago. Excluding merger-related and other charges, diluted operating earnings per share were also $0.32, also down 46% from last year. Uniteds return on assets (ROA) was 0.71% and its return on common equity was 6.2% for the quarter. On an operating basis, Uniteds ROA was 0.72% and its return on tangible common equity was 8.1%.

Chairman and CEO Lynn Harton stated, As the nation continues to grapple with the uncertainties of the future economic environment, I am pleased with the financial strength of the company and the performance of our employees, who continue to deliver for our customers. In this new world of physical distancing, the investments we have made in our digital delivery channels are being put to the test and exceeding our expectations. Customer traffic patterns suggest that our customers have significantly increased their use of our digital platform to access our products and services, as well as to open and manage their accounts. Along with our enhanced mobile app, this platform has enabled us to maintain business volume, while keeping our employees and customers physically-distanced and safe while banking. We supported our small business clients by offering loan deferrals, as needed. Additionally, our SBA team, along with other United bankers across our markets, processed nearly 11,000 applications for the SBAs Paycheck Protection Program (PPP) loans totaling $1.1 billionproviding funding for small businesses throughout our footprint. In addition to addressing the needs of our existing customers, we added approximately 4,000 new loan and deposit customers since the Program began, which has given us an even greater opportunity to serve our markets.

This quarter saw record growth with total loans increasing by $1.2 billionmainly from PPP loanshowever, non-PPP loans also grew at a 5% annualized rate. Likewise, core transaction deposits were up a record $1.7 billion over first quarter with growth in noninterest bearing deposits of $1.1 billion being the primary driver. Uniteds cost of deposits decreased 18 bps to 0.38% as a result. Net interest margin decreased 65 bps from the first quarter. Of this decrease, 18 bps was due to lower purchased loan accretion, approximately 6 bps was due to lower-yielding PPP loans, and approximately 9 bps resulted from carrying an increased amount in low-yielding overnight investments due to the record amount of liquidity generated by bank deposit growth in the quarter.

Harton continued, During the second quarter, we also completed a number of important strategic initiatives that position us well for the future. In June, we raised $200 million$100 million in preferred stock with a 6.875% annual dividend rate and $100 million in senior notes with a 5.00% annual coupon. Our long-term goal is to continue to remain a top performer in our peer group, with top quartile results in key performance metrics including capital levels. These capital raises were done to provide us with substantial flexibility to be able to both focus on our customers current needs, and at the same time, be prepared to emerge from the health crisis in a very strong position. We believe that there will be meaningful strategic growth opportunities at that point.

Immediately following quarter end, the bank announced the July 1 st closing of the previously announced merger with Three Shores Bancorporation, Inc. and its bank subsidiary Seaside National Bank & Trust, which will now be branded Seaside Bank and Trust. Harton noted, We are pleased to welcome Seasides talented team of bankers and believe that our combined banks are better together. Gideon Haymaker is now Uniteds president for the State of Florida and additionally will lead our expansion of Seasides wealth management offering across Uniteds footprint.  

Mr. Harton concluded, Giving back to our communities is at the core of who we are as a community bank. In keeping with that long-standing tradition, I am also pleased to announce that we recently formed the United Community Bank Foundation, a tax-exempt private foundation which will expand our charitable endeavors throughout our footprint. In the second quarter, we made a $1 million initial contribution to the foundation, which will allow us to further support our communities that have been critical to our success over the years.

Second Quarter 2020 Financial Highlights:

  • EPS decreased by 42% compared to last year on a GAAP basis and 46% on an operating basis

  • Return on assets of 0.71%, or 0.72% excluding merger-related and other charges

  • Pre-tax, pre-provision return on assets of 1.86%, or 1.87% excluding merger-related and other charges

  • Return on common equity of 6.2%

  • Return on tangible common equity of 8.1%, excluding merger-related and other charges

  • United adopted the Current Expected Credit Losses (CECL) model for determining the allowance for credit losses last quarter; the continued uncertain economic outlook necessitated a provision for credit losses of $33.5 million

  • Record loan production of $2.0 billion, with $1.1 billion in PPP loans and $866 million in traditional (non-PPP) loans

  • Loan growth of $1.2 billion, including traditional loan growth at an annualized rate of 5% for the quarter

  • Core transaction deposits were up $1.7 billion or 22%, mainly driven by noninterest bearing demand deposit growth of $1.1 billion; a significant portion of Uniteds core transaction deposit growth was attributable to PPP-related deposits

  • Net interest margin of 3.42%, which was down 65 bps from first quarter, reflecting the effect of lower interest rates, lower purchased loan accretion, the impact of the lower yielding PPP loans and a much higher level of low-yielding, highly-liquid assets

  • Mortgage rate locks of $802 million, which is slightly higher than last quarter and again exceeds our previous quarterly record by 58%; this compares to $390 million a year ago

  • Noninterest income was up $14.4 million on a linked quarter basis, primarily due to a $15.3 million increase in mortgage income as a result of record mortgage rate locks and production, as well as an improved market environment

  • Efficiency ratio of 55.86%, or 55.59% excluding merger-related and other charges

  • Net charge-offs of $6.1 million, or 25 basis points as a percent of average loans, down 12 basis points from last quarter and mainly attributable to two credits that have been substandard for more than a year

  • Nonperforming assets of 0.32% of total assets, which is up 4 basis points compared to March 31, 2020

  • Total deferrals of $1.8 billion or 17% of the total loan portfolio at June 30

  • Funded the United Community Bank Foundation with an initial $1 million contribution for charities and causes throughout the footprint

  • Completed a public offering of $100 million aggregate of 6.875% Non-Cumulative Perpetual Preferred Stock and $100 million aggregate principal amount of 5.000% Fixed-to-Floating Senior Notes due 2030

  • Effective July 1, 2020, United completed its merger with Three Shores Bancorporation, Inc. and its bank subsidiary, Seaside National Bank & Trust

Conference Call

United will hold a conference call, Wednesday, July 22, 2020, at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 4995436. The conference call also will be webcast and available for replay for 30 days by selecting Events & Presentations within the Investor Relations section of Uniteds website at www.ucbi.com .

UNITED COMMUNITY BANKS, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

2019

 

Second
Quarter 

 

For the Six Months Ended June 30,

 

 

(in thousands, except per share data)

 

Second
Quarter

 

First
Quarter

 

Fourth
Quarter

 

Third
Quarter

 

Second
Quarter

 

2020 -
2019
Change

 

2020

 

2019

 

YTD 2020
 - 2019
Change

INCOME SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest revenue

 

$

123,605

 

 

 

$

136,547

 

 

 

$

136,419

 

 

 

$

140,615

 

 

 

$

139,156

 

 

 

 

 

$

260,152

 

 

 

$

275,672

 

 

 

 

Interest expense

 

14,301

 

 

 

17,941

 

 

 

19,781

 

 

 

21,277

 

 

 

21,372

 

 

 

 

 

32,242

 

 

 

42,254

 

 

 

 

Net interest revenue

 

109,304

 

 

 

118,606

 

 

 

116,638

 

 

 

119,338

 

 

 

117,784

 

 

 

(7

)

%

 

227,910

 

 

 

233,418

 

 

 

(2

)

%

Provision for credit losses

 

33,543

 

 

 

22,191

 

 

 

3,500

 

 

 

3,100

 

 

 

3,250

 

 

 

 

 

55,734

 

 

 

6,550

 

 

 

751

 

 

Noninterest income

 

40,238

 

 

 

25,814

 

 

 

30,183

 

 

 

29,031

 

 

 

24,531

 

 

 

64

 

 

 

66,052

 

 

 

45,499

 

 

 

45

 

 

Total revenue

 

115,999

 

 

 

122,229

 

 

 

143,321

 

 

 

145,269

 

 

 

139,065

 

 

 

(17

)

 

 

238,228

 

 

 

272,367

 

 

 

(13

)

 

Expenses

 

83,980

 

 

 

81,538

 

 

 

81,424

 

 

 

82,924

 

 

 

81,813

 

 

 

3

 

 

 

165,518

 

 

 

157,897

 

 

 

5

 

 

Income before income tax expense

 

32,019

 

 

 

40,691

 

 

 

61,897

 

 

 

62,345

 

 

 

57,252

 

 

 

(44

)

 

 

72,710

 

 

 

114,470

 

 

 

(36

)

 

Income tax expense

 

6,923

 

 

 

8,807

 

 

 

12,885

 

 

 

13,983

 

 

 

13,167

 

 

 

(47

)

 

 

15,730

 

 

 

26,123

 

 

 

(40

)

 

Net income

 

25,096

 

 

 

31,884

 

 

 

49,012

 

 

 

48,362

 

 

 

44,085

 

 

 

(43

)

 

 

56,980

 

 

 

88,347

 

 

 

(36

)

 

Merger-related and other charges

 

397

 

 

 

808

 

 

 

(74

)

 

 

2,605

 

 

 

4,087

 

 

 

 

 

1,205

 

 

 

4,826

 

 

 

 

Income tax benefit of merger-related and other charges

 

(87

)

 

 

(182

)

 

 

17

 

 

 

(600

)

 

 

(940

)

 

 

 

 

(269

)

 

 

(1,112

)

 

 

 

Net income - operating (1)

 

$

25,406

 

 

 

$

32,510

 

 

 

$

48,955

 

 

 

$

50,367

 

 

 

$

47,232

 

 

 

(46

)

 

 

$

57,916

 

 

 

$

92,061

 

 

 

(37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision income (5)

 

$

65,562

 

 

 

$

62,882

 

 

 

$

65,397

 

 

 

$

65,445

 

 

 

$

60,502

 

 

 

8

 

 

 

$

128,444

 

 

 

$

121,020

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income - GAAP

 

$

0.32

 

 

 

$

0.40

 

 

 

$

0.61

 

 

 

$

0.60

 

 

 

$

0.55

 

 

 

(42

)

 

 

$

0.71

 

 

 

$

1.10

 

 

 

(35

)

 

Diluted net income - operating (1)

 

0.32

 

 

 

0.41

 

 

 

0.61

 

 

 

0.63

 

 

 

0.59

 

 

 

(46

)

 

 

0.73

 

 

 

1.15

 

 

 

(37

)

 

Cash dividends declared

 

0.18

 

 

 

0.18

 

 

 

0.18

 

 

 

0.17

 

 

 

0.17

 

 

 

6

 

 

 

0.36

 

 

 

0.33

 

 

 

9

 

 

Book value

 

21.22

 

 

 

20.80

 

 

 

20.53

 

 

 

20.16

 

 

 

19.65

 

 

 

8

 

 

 

21.22

 

 

 

19.65

 

 

 

8

 

 

Tangible book value (3)

 

16.95

 

 

 

16.52

 

 

 

16.28

 

 

 

15.90

 

 

 

15.38

 

 

 

10

 

 

 

16.95

 

 

 

15.38

 

 

 

10

 

 

Key performance ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on common equity - GAAP (2)(4)

 

6.17

 

%

 

7.85

 

%

 

12.07

 

%

 

12.16

 

%

 

11.45

 

%

 

 

 

7.01

 

%

 

11.65

 

%

 

 

Return on common equity - operating (1)(2)(4)

 

6.25

 

 

 

8.01

 

 

 

12.06

 

 

 

12.67

 

 

 

12.27

 

 

 

 

 

7.13

 

 

 

12.14

 

 

 

 

Return on tangible common equity - operating (1)(2)(3)(4)

 

8.09

 

 

 

10.57

 

 

 

15.49

 

 

 

16.38

 

 

 

15.88

 

 

 

 

 

9.20

 

 

 

15.67

 

 

 

 

Return on assets - GAAP (4)

 

0.71

 

 

 

0.99

 

 

 

1.50

 

 

 

1.51

 

 

 

1.40

 

 

 

 

 

0.85

 

 

 

1.42

 

 

 

 

Return on assets - operating (1)(4)

 

0.72

 

 

 

1.01

 

 

 

1.50

 

 

 

1.58

 

 

 

1.50

 

 

 

 

 

0.86

 

 

 

1.48

 

 

 

 

Return on assets - pre-tax pre-provision (4)(5)

 

1.86

 

 

 

1.95

 

 

 

2.00

 

 

 

2.05

 

 

 

1.92

 

 

 

 

 

1.91

 

 

 

1.94

 

 

 

 

Return on assets - pre-tax pre-provision, excluding merger-  related and other charges (1)(4)(5)

 

1.87

 

 

 

1.98

 

 

 

2.00

 

 

 

2.13

 

 

 

2.05

 

 

 

 

 

1.92

 

 

 

2.02

 

 

 

 

Net interest margin (fully taxable equivalent) (4)

 

3.42

 

 

 

4.07

 

 

 

3.93

 

 

 

4.12

 

 

 

4.12

 

 

 

 

 

3.73

 

 

 

4.11

 

 

 

 

Efficiency ratio - GAAP

 

55.86

 

 

 

56.15

 

 

 

54.87

 

 

 

55.64

 

 

 

57.28

 

 

 

 

 

56.00

 

 

 

56.32

 

 

 

 

Efficiency ratio - operating (1)

 

55.59

 

 

 

55.59

 

 

 

54.92

 

 

 

53.90

 

 

 

54.42

 

 

 

 

 

55.59

 

 

 

54.60

 

 

 

 

Equity to total assets

 

11.81

 

 

 

12.54

 

 

 

12.66

 

 

 

12.53

 

 

 

12.25

 

 

 

 

 

11.81

 

 

 

12.25

 

 

 

 

Tangible common equity to tangible assets (3)

 

9.12

 

 

 

10.22

 

 

 

10.32

 

 

 

10.16

 

 

 

9.86

 

 

 

 

 

9.12

 

 

 

9.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans

 

$

48,021

 

 

 

$

36,208

 

 

 

$

35,341

 

 

 

$

30,832

 

 

 

$

26,597

 

 

 

81

 

 

 

$

48,021

 

 

 

$

26,597

 

 

 

81

 

 

Foreclosed properties

 

477

 

 

 

475

 

 

 

476

 

 

 

102

 

 

 

75

 

 

 

536

 

 

 

477

 

 

 

75

 

 

 

536

 

 

Total nonperforming assets ("NPAs")

 

48,498

 

 

 

36,683

 

 

 

35,817

 

 

 

30,934

 

 

 

26,672

 

 

 

82

 

 

 

48,498

 

 

 

26,672

 

 

 

82

 

 

Allowance for credit losses - loans

 

103,669

 

 

 

81,905

 

 

 

62,089

 

 

 

62,514

 

 

 

62,204

 

 

 

67

 

 

 

103,669

 

 

 

62,204

 

 

 

67

 

 

Net charge-offs

 

6,149

 

 

 

8,114

 

 

 

3,925

 

 

 

2,723

 

 

 

2,438

 

 

 

152

 

 

 

14,263

 

 

 

5,568

 

 

 

156

 

 

Allowance for credit losses - loans to loans

 

1.02

 

%

 

0.92

 

%

 

0.70

 

%

 

0.70

 

%

 

0.70

 

%

 

 

 

1.02

 

 

 

0.70

 

%

 

 

Net charge-offs to average loans (4)

 

0.25

 

 

 

0.37

 

 

 

0.18

 

 

 

0.12

 

 

 

0.11

 

 

 

 

 

0.31

 

 

 

0.13

 

 

 

 

NPAs to loans and foreclosed properties

 

0.48

 

 

 

0.41

 

 

 

0.41

 

 

 

0.35

 

 

 

0.30

 

 

 

 

 

0.48

 

 

 

0.30

 

 

 

 

NPAs to total assets

 

0.32

 

 

 

0.28

 

 

 

0.28

 

 

 

0.24

 

 

 

0.21

 

 

 

 

 

0.32

 

 

 

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

9,773

 

 

 

$

8,829

 

 

 

$

8,890

 

 

 

$

8,836

 

 

 

$

8,670

 

 

 

13

 

 

 

$

9,301

 

 

 

$

8,551

 

 

 

9

 

 

Investment securities

 

2,408

 

 

 

2,520

 

 

 

2,486

 

 

 

2,550

 

 

 

2,674

 

 

 

(10

)

 

 

2,464

 

 

 

2,778

 

 

 

(11

)

 

Earning assets

 

12,958

 

 

 

11,798

 

 

 

11,832

 

 

 

11,568

 

 

 

11,534

 

 

 

12

 

 

 

12,378

 

 

 

11,516

 

 

 

7

 

 

Total assets

 

14,173

 

 

 

12,944

 

 

 

12,946

 

 

 

12,681

 

 

 

12,608

 

 

 

12

 

 

 

13,558

 

 

 

12,559

 

 

 

8

 

 

Deposits

 

12,071

 

 

 

10,915

 

 

 

10,924

 

 

 

10,531

 

 

 

10,493

 

 

 

15

 

 

 

11,493

 

 

 

10,427

 

 

 

10

 

 

Shareholders equity

 

1,686

 

 

 

1,653

 

 

 

1,623

 

 

 

1,588

 

 

 

1,531

 

 

 

10

 

 

 

1,670

 

 

 

1,505

 

 

 

11

 

 

Common shares - basic (thousands)

 

78,920

 

 

 

79,340

 

 

 

79,659

 

 

 

79,663

 

 

 

79,673

 

 

 

(1

)

 

 

79,130

 

 

 

79,739

 

 

 

(1

)

 

Common shares - diluted (thousands)

 

78,924

 

 

 

79,446

 

 

 

79,669

 

 

 

79,667

 

 

 

79,678

 

 

 

(1

)

 

 

79,186

 

 

 

79,745

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AT PERIOD END ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

10,133

 

 

 

$

8,935

 

 

 

$

8,813

 

 

 

$

8,903

 

 

 

$

8,838

 

 

 

15

 

 

 

$

10,133

 

 

 

$

8,838

 

 

 

15

 

 

Investment securities

 

2,432

 

 

 

2,540

 

 

 

2,559

 

 

 

2,515

 

 

 

2,620

 

 

 

(7

)

 

 

2,432

 

 

 

2,620

 

 

 

(7

)

 

Total assets

 

15,005

 

 

 

13,086

 

 

 

12,916

 

 

 

12,809

 

 

 

12,779

 

 

 

17

 

 

 

15,005

 

 

 

12,779

 

 

 

17

 

 

Deposits

 

12,702

 

 

 

11,035

 

 

 

10,897

 

 

 

10,757

 

 

 

10,591

 

 

 

20

 

 

 

12,702

 

 

 

10,591

 

 

 

20

 

 

Shareholders equity

 

1,772

 

 

 

1,641

 

 

 

1,636

 

 

 

1,605

 

 

 

1,566

 

 

 

13

 

 

 

1,772

 

 

 

1,566

 

 

 

13

 

 

Common shares outstanding (thousands)

 

78,335

 

 

 

78,284

 

 

 

79,014

 

 

 

78,974

 

 

 

79,075

 

 

 

(1

)

 

 

78,335

 

 

 

79,075

 

 

 

(1

)

 

(1) Excludes merger-related and other charges which includes termination of pension plan in the third quarter of 2019, executive retirement charges in the second quarter of 2019 and amortization of certain executive change of control benefits. (2) Net income divided by average realized common equity, which excludes accumulated other comprehensive income (loss).         (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.

UNITED COMMUNITY BANKS, INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Performance Measures Reconciliation

Selected Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

2019

 

For the Six Months Ended June 30,

 

 

Second

 

First

 

Fourth 

 

Third 

 

Second 

 

 

 

 

(in thousands, except per share data)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses (GAAP)

 

$

83,980

 

 

 

$

81,538

 

 

 

$

81,424

 

 

 

$

82,924

 

 

 

$

81,813

 

 

 

$

165,518

 

 

 

$

157,897

 

 

Merger-related and other charges

 

(397

)

 

 

(808

)

 

 

74

 

 

 

(2,605

)

 

 

(4,087

)

 

 

(1,205

)

 

 

(4,826

)

 

Expenses - operating

 

$

83,583

 

 

 

$

80,730

 

 

 

$

81,498

 

 

 

$

80,319

 

 

 

$

77,726

 

 

 

$

164,313

 

 

 

$

153,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income to operating income reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

25,096

 

 

 

$

31,884

 

 

 

$

49,012

 

 

 

$

48,362

 

 

 

$

44,085

 

 

 

$

56,980

 

 

 

$

88,347

 

 

Merger-related and other charges

 

397

 

 

 

808

 

 

 

(74

)

 

 

2,605

 

 

 

4,087

 

 

 

1,205

 

 

 

4,826

 

 

Income tax benefit of merger-related and other charges

 

(87

)

 

 

(182

)

 

 

17

 

 

 

(600

)

 

 

(940

)

 

 

(269

)

 

 

(1,112

)

 

Net income - operating

 

$

25,406

 

 

 

$

32,510

 

 

 

$

48,955

 

 

 

$

50,367

 

 

 

$

47,232

 

 

 

$

57,916

 

 

 

$

92,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income to pre-tax pre-provision income reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

25,096

 

 

 

$

31,884

 

 

 

$

49,012

 

 

 

$

48,362

 

 

 

$

44,085

 

 

 

$

56,980

 

 

 

$

88,347

 

 

Income tax expense

 

6,923

 

 

 

8,807

 

 

 

12,885

 

 

 

13,983

 

 

 

13,167

 

 

 

15,730

 

 

 

26,123

 

 

Provision for credit losses

 

33,543

 

 

 

22,191

 

 

 

3,500

 

 

 

3,100

 

 

 

3,250

 

 

 

55,734

 

 

 

6,550

 

 

Pre-tax pre-provision income

 

$

65,562

 

 

 

$

62,882

 

 

 

$

65,397

 

 

 

$

65,445

 

 

 

$

60,502

 

 

 

$

128,444

 

 

 

$

121,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per common share (GAAP)

 

$

0.32

 

 

 

$

0.40

 

 

 

$

0.61

 

 

 

$

0.60

 

 

 

$

0.55

 

 

 

$

0.71

 

 

 

$

1.10

 

 

Merger-related and other charges, net of tax

 

 

 

 

0.01

 

 

 

 

 

 

0.03

 

 

 

0.04

 

 

 

0.02

 

 

 

0.05

 

 

Diluted income per common share - operating

 

$

0.32

 

 

 

$

0.41

 

 

 

$

0.61

 

 

 

$

0.63

 

 

 

$

0.59

 

 

 

$

0.73

 

 

 

$

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

 

$

21.22

 

 

 

$

20.80

 

 

 

$

20.53

 

 

 

$

20.16

 

 

 

$

19.65

 

 

 

$

21.22

 

 

 

$

19.65

 

 

Effect of goodwill and other intangibles

 

(4.27

)

 

 

(4.28

)

 

 

(4.25

)

 

 

(4.26

)

 

 

(4.27

)

 

 

(4.27

)

 

 

(4.27

)

 

Tangible book value per common share

 

$

16.95

 

 

 

$

16.52

 

 

 

$

16.28

 

 

 

$

15.90

 

 

 

$

15.38

 

 

 

$

16.95

 

 

 

$

15.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on tangible common equity reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on common equity (GAAP)

 

6.17

 

%

 

7.85

 

%

 

12.07

 

%

 

12.16

 

%

 

11.45

 

%

 

7.01

 

%

 

11.65

 

%

Merger-related and other charges, net of tax

 

0.08

 

 

 

0.16

 

 

 

(0.01

)

 

 

0.51

 

 

 

0.82

 

 

 

0.12

 

 

 

0.49

 

 

Return on common equity - operating

 

6.25

 

 

 

8.01

 

 

 

12.06

 

 

 

12.67

 

 

 

12.27

 

 

 

7.13

 

 

 

12.14

 

 

Effect of goodwill and other intangibles

 

1.84

 

 

 

2.56

 

 

 

3.43

 

 

 

3.71

 

 

 

3.61

 

 

 

2.07

 

 

 

3.53

 

 

Return on tangible common equity - operating

 

8.09

 

%

 

10.57

 

%

 

15.49

 

%

 

16.38

 

%

 

15.88

 

%

 

9.20

 

%

 

15.67

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on assets reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on assets (GAAP)

 

0.71

 

%

 

0.99

 

%

 

1.50

 

%

 

1.51

 

%

 

1.40

 

%

 

0.85

 

%

 

1.42

 

%

Merger-related and other charges, net of tax

 

0.01

 

 

 

0.02

 

 

 

 

 

 

0.07

 

 

 

0.10

 

 

 

0.01

 

 

 

0.06

 

 

Return on assets - operating

 

0.72

 

%

 

1.01

 

%

 

1.50

 

%

 

1.58

 

%

 

1.50

 

%

 

0.86

 

%

 

1.48

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on assets to return on assets- pre-tax pre-provision reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on assets (GAAP)

 

0.71

 

%

 

0.99

 

%

 

1.50

 

%

 

1.51

 

%

 

1.40

 

%

 

0.85

 

%

 

1.42

 

%

Income tax expense

 

0.20

 

 

 

0.27

 

 

 

0.39

 

 

 

0.44

 

 

 

0.42

 

 

 

0.23

 

 

 

0.41

 

 

Provision for credit losses

 

0.95

 

 

 

0.69

 

 

 

0.11

 

 

 

0.10

 

 

 

0.10

 

 

 

0.83

 

 

 

0.11

 

 

Return on assets - pre-tax, pre-provision

 

1.86

 

 

 

1.95

 

 

 

2.00

 

 

 

2.05

 

 

 

1.92

 

 

 

1.91

 

 

 

1.94

 

 

Merger-related and other charges

 

0.01

 

 

 

0.03

 

 

 

 

 

 

0.08

 

 

 

0.13

 

 

 

0.01

 

 

 

0.08

 

 

Return on assets - pre-tax pre-provision, excluding merger-related and other charges

 

1.87

 

%

 

1.98

 

%

 

2.00

 

%

 

2.13

 

%

 

2.05

 

%

 

1.92

 

%

 

2.02

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

55.86

 

%

 

56.15

 

%

 

54.87

 

%

 

55.64

 

%

 

57.28

 

%

 

56.00

 

%

 

56.32

 

%

Merger-related and other charges

 

(0.27

)

 

 

(0.56

)

 

 

0.05

 

 

 

(1.74

)

 

 

(2.86

)

 

 

(0.41

)

 

 

(1.72

)

 

Efficiency ratio - operating

 

55.59

% 55.59 % 54.92 % 53.90 % 54.42 % 55.59 % 54.60 % Tangible common equity to tangible assets reconciliation Equity to total assets (GAAP) 11.81 % 12.54 % 12.66 % 12.53 % 12.25 % 11.81 % 12.25 %Effect of goodwill and other intangibles (2.05) (2.32) (2.34) (2.37) (2.39) (2.05) (2.39) Effect of preferred equity (0.64) — — — — (0.64) — Tangible common equity to tangible assets 9.12 % 10.22 % 10.32 % 10.16 % 9.86 % 9.12 % 9.86 %


UNITED COMMUNITY BANKS, INC.

Financial Highlights

Loan Portfolio Composition at Period-End

2020

2019

Linked

Year over

(in millions)

Second
Quarter

First
Quarter

Fourth
Quarter

Third
Quarter

Second
Quarter

Quarter
Change

Year
Change

LOANS BY CATEGORY

Owner occupied commercial RE

$

1,760

$

1,703

$

1,720

$

1,692

$

1,658

$

57

$

102

Income producing commercial RE

2,178

2,065

2,008

1,934

1,939

113

239

Commercial & industrial

1,219

1,310

1,221

1,271

1,299

(91

)

(80

)

Paycheck protection program

1,095

1,095

1,095

Commercial construction

946

959

976

1,001

983

(13

)

(37

)

Equipment financing

779

761

745

729

674

18

105

Total commercial

7,976

6,798

6,670

6,627

6,553

1,178

1,423

Residential mortgage

1,152

1,128

1,118

1,121

1,108

24

44

Home equity lines of credit

654

668

661

669

675

(14

)

(21

)

Residential construction

230

216

236

229

219

14

11

Consumer

121

125

128

257

283

(4

)

(162

)

Total loans

$

10,133

$

8,935

$

8,813

$

8,903

$

8,838

$

1,198

$

1,295

LOANS BY MARKET

North Georgia

$

951

$

958

$

967

$

1,002

$

1,002

(7

)

(51

)

Atlanta

1,852

1,820

1,762

1,740

1,745

32

107

North Carolina

1,171

1,124

1,156

1,117

1,084

47

87

Coastal Georgia

618

604

631

611

604

14

14

Gainesville

233

235

246

246

244

(2

)

(11

)

East Tennessee

433

425

421

435

446

8

(13

)

South Carolina

1,778

1,774

1,708

1,705

1,674

4

104

Commercial Banking Solutions

3,097

1,995

1,922

1,916

1,884

1,102

1,213

Indirect auto

131

155

(155

)

Total loans

$

10,133

$

8,935

$

8,813

$

8,903

$

8,838

$

1,198

$

1,295


UNITED COMMUNITY BANKS, INC.

Financial Highlights

Credit Quality

2020

2019

(in thousands)

Second
Quarter

First
Quarter

Fourth
Quarter

NONACCRUAL LOANS

Owner occupied RE

$

10,710

$

10,405

$

10,544

Income producing RE

11,274

2,235

1,996

Commercial & industrial

3,432

3,169

2,545

Commercial construction

2,290

1,724

2,277

Equipment financing

3,119

2,439

3,141

Total commercial

30,825

19,972

20,503

Residential mortgage

13,185

12,458

10,567

Home equity lines of credit

3,138

3,010

3,173

Residential construction

500

540

939

Consumer

373

228

159

Total

$

48,021

$

36,208

$

35,341


2020

2019

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 BY CATEGORY

Owner occupied RE

$

(466

)

(0.11

)

%

$

(1,028

)

(0.24

)

%

$

(208

)

(0.05

)

%

Income producing RE

4,548

0.86

270

0.05

95

0.02

Commercial & industrial

(37

)

(0.01

)

7,185

2.30

1,809

0.58

Commercial construction

122

0.05

(141

)

(0.06

)

(140

)

(0.06

)

Equipment financing

1,665

0.87

1,507

0.81

1,550

0.84

Total commercial

5,832

0.31

7,793

0.47

3,106

0.19

Residential mortgage

(6

)

9

89

0.03

Home equity lines of credit

(98

)

(0.06

)

(83

)

(0.05

)

198

0.12

Residential construction

(5

)

(0.01

)

(12

)

(0.02

)

(24

)

(0.04

)

Consumer

426

1.39

407

1.30

556

0.90

Total

$

6,149

0.25

$

8,114

0.37

$

3,925

0.18

(1) Annualized.


UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

June 30,
2020

December 31,
2019

ASSETS

Cash and due from banks

$

125,255

$

125,844

Interest-bearing deposits in banks

1,203,706

389,362

Cash and cash equivalents

1,328,961

515,206

Debt securities available-for-sale

2,125,209

2,274,581

Debt securities held-to-maturity (fair value $320,253 and $287,904)

306,638

283,533

Loans held for sale at fair value

99,477

58,484

Loans and leases held for investment

10,132,510

8,812,553

Less allowance for credit losses - loans and leases

(103,669

)

(62,089

)

Loans and leases, net

10,028,841

8,750,464

Premises and equipment, net

211,972

215,976

Bank owned life insurance

200,699

202,664

Accrued interest receivable

37,774

32,660

Net deferred tax asset

27,362

34,059

Derivative financial instruments

94,434

35,007

Goodwill and other intangible assets, net

340,220

342,247

Other assets

203,300

171,135

Total assets

$

15,004,887

$

12,916,016

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Deposits:

Noninterest-bearing demand

$

4,689,545

$

3,477,979

NOW and interest-bearing demand

2,582,831

2,461,895

Money market

2,621,158

2,230,628

Savings

832,529

706,467

Time

1,751,091

1,859,574

Brokered

224,931

160,701

Total deposits

12,702,085

10,897,244

Long-term debt

311,631

212,664

Derivative financial instruments

24,685

15,516

Accrued expenses and other liabilities

194,841

154,900

Total liabilities

13,233,242

11,280,324

Shareholders' equity:

Preferred stock; $1 par value; 10,000,000 shares authorized;
Series I, $25,000 per share liquidation preference; 4,000 shares issued and outstanding

96,660

Common stock, $1 par value; 150,000,000 shares authorized;
78,335,127 and 79,013,729 shares issued and outstanding

78,335

79,014

Common stock issuable; 596,785 and 664,640 shares

10,646

11,491

Capital surplus

1,480,464

1,496,641

Retained earnings

64,990

40,152

Accumulated other comprehensive income

40,550

8,394

Total shareholders' equity

1,771,645

1,635,692

Total liabilities and shareholders' equity

$

15,004,887

$

12,916,016


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)

2020

2019

2020

2019

Interest revenue:

Loans, including fees

$

107,862

$

119,671

$

225,925

$

234,930

Investment securities, including tax exempt of $1,570, $1,122, $3,093 and $2,291

15,615

19,076

33,009

39,894

Deposits in banks and short-term investments

128

409

1,218

848

Total interest revenue

123,605

139,156

260,152

275,672

Interest expense:

Deposits:

NOW and interest-bearing demand

1,628

3,460

4,606

7,069

Money market

3,421

4,842

7,952

8,974

Savings

39

42

74

74

Time

6,183

8,771

13,714

16,955

Deposits

11,271

17,115

26,346

33,072

Short-term borrowings

248

1

409

Federal Home Loan Bank advances

752

1

2,174

Long-term debt

3,030

3,257

5,894

6,599

Total interest expense

14,301

21,372

32,242

42,254

Net interest revenue

109,304

117,784

227,910

233,418

Provision for credit losses

33,543

3,250

55,734

6,550

Net interest revenue after provision for credit losses

75,761

114,534

172,176

226,868

Noninterest income:

Service charges and fees

6,995

9,060

15,633

17,513

Mortgage loan gains and other related fees

23,659

5,344

31,969

9,092

Brokerage fees

1,324

1,588

2,964

2,925

Gains from sales of other loans, net

1,040

1,470

2,714

2,773

Securities gains (losses), net

149

(118

)

Other

7,220

6,920

12,772

13,314

Total noninterest income

40,238

24,531

66,052

45,499

Total revenue

115,999

139,065

238,228

272,367

Noninterest expenses:

Salaries and employee benefits

51,811

48,157

103,169

95,660

Communications and equipment

6,556

6,222

12,502

12,010

Occupancy

5,945

5,919

11,659

11,503

Advertising and public relations

2,260

1,596

3,534

2,882

Postage, printing and supplies

1,613

1,529

3,283

3,115

Professional fees

4,823

4,054

8,920

7,215

Lending and loan servicing expense

3,189

2,619

5,482

4,953

Outside services - electronic banking

1,796

1,558

3,628

3,167

FDIC assessments and other regulatory charges

1,558

1,547

3,042

3,257

Amortization of intangibles

987

1,342

2,027

2,635

Merger-related and other charges

397

3,894

1,205

4,440

Other

3,045

3,376

7,067

7,060

Total noninterest expenses

83,980

81,813

165,518

157,897

Net income before income taxes

32,019

57,252

72,710

114,470

Income tax expense

6,923

13,167

15,730

26,123

Net income

$

25,096

$

44,085

$

56,980

$

88,347

Net income available to common shareholders

$

24,913

$

43,769

$

56,554

$

87,716

Net income per common share:

Basic

$

0.32

$

0.55

$

0.71

$

1.10

Diluted

0.32

0.55

0.71

1.10

Weighted average common shares outstanding:

Basic

78,920

79,673

79,130

79,739

Diluted

78,924

79,678

79,186

79,745


Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended June 30,

2020

2019

(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)

$

9,772,703

$

107,398

4.42

%

$

8,669,847

$

119,668

5.54

%

Taxable securities (3)

2,229,371

14,045

2.52

2,506,942

17,954

2.86

Tax-exempt securities (FTE) (1)(3)

178,903

2,110

4.72

166,628

1,507

3.62

Federal funds sold and other interest-earning assets

776,776

857

0.44

190,678

679

1.42

Total interest-earning assets (FTE)

12,957,753

124,410

3.86

11,534,095

139,808

4.86

Noninterest-earning assets:

Allowance for credit losses

(89,992

)

(62,716

)

Cash and due from banks

138,842

125,021

Premises and equipment

217,096

224,018

Other assets (3)

949,201

787,859

Total assets

$

14,172,900

$

12,608,277

Liabilities and Shareholders' Equity:

Interest-bearing liabilities:

Interest-bearing deposits:

NOW and interest-bearing demand

$

2,444,895

1,628

0.27

$

2,190,080

3,460

0.63

Money market

2,541,805

3,421

0.54

2,186,282

4,842

0.89

Savings

788,247

39

0.02

687,753

42

0.02

Time

1,805,671

6,058

1.35

1,773,968

6,949

1.57

Brokered time deposits

130,556

125

0.39

298,553

1,822

2.45

Total interest-bearing deposits

7,711,174

11,271

0.59

7,136,636

17,115

0.96

Federal funds purchased and other borrowings

1

38,838

248

2.56

Federal Home Loan Bank advances

117,912

752

2.56

Long-term debt

228,096

3,030

5.34

252,351

3,257

5.18

Total borrowed funds

228,097

3,030

5.34

409,101

4,257

4.17

Total interest-bearing liabilities

7,939,271

14,301

0.72

7,545,737

21,372

1.14

Noninterest-bearing liabilities:

Noninterest-bearing deposits

4,360,095

3,355,930

Other liabilities

187,375

175,806

Total liabilities

12,486,741

11,077,473

Shareholders' equity

1,686,159

1,530,804

Total liabilities and shareholders' equity

$

14,172,900

$

12,608,277

Net interest revenue (FTE)

$

110,109

$

118,436

Net interest-rate spread (FTE)

3.14

%

3.72

%

Net interest margin (FTE) (4)

3.42

%

4.12

%

(1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
(2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
(3) Securities available for sale are shown at amortized cost. Pretax unrealized gains of $66.3 million in 2020 and unrealized gains of $5.00 million in 2019 are included in other assets for purposes of this presentation.
(4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.


Average Consolidated Balance Sheets and Net Interest Analysis

For the Six Months Ended June 30,

2020

2019

(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)

$

9,300,792

$

225,194

4.87

%

$

8,550,574

$

235,015

5.54

%

Taxable securities (3)

2,293,502

29,916

2.61

2,609,400

37,603

2.88

Tax-exempt securities (FTE) (1)(3)

170,578

4,155

4.87

168,156

3,077

3.66

Federal funds sold and other interest-earning assets

612,776

2,489

0.81

188,165

1,297

1.38

Total interest-earning assets (FTE)

12,377,648

261,754

4.25

11,516,295

276,992

4.84

Non-interest-earning assets:

Allowance for loan losses

(79,885

)

(62,253

)

Cash and due from banks

133,548

124,414

Premises and equipment

218,170

220,335

Other assets (3)

908,828

759,899

Total assets

$

13,558,309

$

12,558,690

Liabilities and Shareholders' Equity:

Interest-bearing liabilities:

Interest-bearing deposits:

NOW and interest-bearing demand

$

2,428,815

4,606

0.38

$

2,238,083

7,069

0.64

Money market

2,441,264

7,952

0.66

2,142,411

8,974

0.84

Savings

750,179

74

0.02

680,018

74

0.02

Time

1,823,612

13,308

1.47

1,701,181

12,285

1.46

Brokered time deposits

105,689

406

0.77

389,794

4,670

2.42

Total interest-bearing deposits

7,549,559

26,346

0.70

7,151,487

33,072

0.93

Federal funds purchased and other borrowings

199

1

1.01

30,241

409

2.73

Federal Home Loan Bank advances

83

1

2.42

170,636

2,174

2.57

Long-term debt

220,429

5,894

5.38

257,134

6,599

5.18

Total borrowed funds

220,711

5,896

5.37

458,011

9,182

4.04

Total interest-bearing liabilities

7,770,270

32,242

0.83

7,609,498

42,254

1.12

Noninterest-bearing liabilities:

Noninterest-bearing deposits

3,943,740

3,275,612

Other liabilities

174,781

169,048

Total liabilities

11,888,791

11,054,158

Shareholders' equity

1,669,518

1,504,532

Total liabilities and shareholders' equity

$

13,558,309

$

12,558,690

Net interest revenue (FTE)

$

229,512

$

234,738

Net interest-rate spread (FTE)

3.42

%

3.72

%

Net interest margin (FTE) (4)

3.73

%

4.11

%

(1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
(2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
(3) Securities available for sale are shown at amortized cost. Pretax unrealized gains of $59.6 million in 2020 and unrealized losses of $10.4 million in 2019 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. (NASDAQ: UCBI) (United) is a bank holding company headquartered in Blairsville, Georgia, with executive offices in Greenville, South Carolina. United is one of the largest full-service financial institutions in the Southeast, with $15.0 billion in assets, and 149 offices in Georgia, North Carolina, South Carolina and Tennessee at June 30, 2020. Through its July 1st acquisition of Three Shores Bancorporation and its wholly-owned banking subsidiary, Seaside National Bank & Trust, United added approximately $2.1 billion in assets and 14 banking offices in key metropolitan markets throughout Florida. United Community Bank, United’s wholly-owned bank subsidiary, specializes in personalized community banking services for individuals, small businesses and companies throughout its geographic footprint, now including Florida under the brand Seaside Bank and Trust. Services include a full range of consumer and commercial banking products, including mortgage, advisory, treasury management, and now wealth management. Respected national research firms consistently recognize United for outstanding customer service. In 2020, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking six out of the last seven years United earned the coveted award. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2020 list of the 100 Best Banks in America for the seventh consecutive year. United also received five Greenwich Excellence Awards in 2019 for excellence in Small Business Banking and Middle Market Banking, including a national award for Overall Satisfaction in Small Business Banking. Additional information about United can be found at www.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 “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, excluding merger-related and other charges,” “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.

For more information:

Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com