United Community Banks, Inc. Reports Second Quarter Earnings

Written by Customer Service on July 23, 2025. Posted in Earnings Releases And Operating Results.

Margin Expansion, Stable Credit Quality, and Disciplined Expense Control Drive Results

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			Second Quarter 2025 – 2024 Change			2025			2024		YTD 2025 – 2024 Change
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			Linked Quarter Change			Year over Year Change
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
Jefferson_Harralson@ucbi.com

United Community Banks, Inc. Reports Second Quarter Earnings

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