UCBI - United Community Banks, Inc. Reports Third Quarter Earnings

October, 22 2025 07:30 AM United Community Banks Inc.

GREENVILLE, S.C., Oct. 22, 2025 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the third quarter of 2025 of $91.5 million and pre-tax, pre-provision income of $126.0 million. Diluted earnings per share of $0.70 for the quarter represented an increase of $0.32 from the third quarter a year ago and an increase of $0.07 from the second quarter. Note that the third quarter of 2024 included losses from the sale of United’s manufactured housing loan portfolio.

On an operating basis, United’s diluted earnings per share of $0.75 were up 32% from the year-ago quarter. Strong 27% year-over-year revenue growth and a lower provision for credit losses were partly offset by higher expenses.

United’s return on assets was 1.29%, or 1.33% on an operating basis, up from 0.67% and 1.01%, respectively for the third quarter of 2024. Return on common equity was 9.2% and return on tangible common equity on an operating basis was 13.6%. On a pre-tax, pre-provision basis, operating return on assets was 1.83% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.71%, up 26 basis points from the second quarter.

Chairman and CEO Lynn Harton stated, “We are proud of our third quarter financial results. Our teams drove solid loan and deposit growth as well as healthy margin expansion. These actions resulted in meaningful improvement in our return on assets and return on tangible common equity. Tangible book value per share grew by $0.59 from the second quarter – an 11% annualized rate. Loans grew by $254 million, or 5.4% annualized, while customer deposits, excluding seasonal outflow of public funds, were up $137 million or 2.6% annualized. Non-interest bearing deposits, excluding public funds, grew at an annualized rate of 4.7%. Operating efficiency and operating leverage also both continued their improving trend.”

Harton continued, “I want to thank our outstanding team members across the bank for continuing to deliver not only great financial results, but also exceptional customer service and an atmosphere of trust and caring that makes United a great place to work.”

Net charge-offs were $7.7 million or 0.16% annualized of average loans, down two basis points from the second quarter. Nonperforming assets were 0.35% of total assets, up slightly from 0.30% for the second quarter. Provision for credit losses improved by $3.9 million from the second quarter. As of September 30, the allowance for credit losses represents 1.19% of loans, down slightly from 1.21% at June 30.

Third Quarter 2025 Financial Highlights:

EPS of $0.70 was up $0.32 on a GAAP basis compared to third quarter 2024, and EPS of $0.75 was up $0.18, or 32%, on an operating basis; EPS up $0.07 compared to the second quarter on a GAAP basis and up $0.09, or 14%, on an operating basis
Net income of $91.5 million and pre-tax, pre-provision income of $126.0 million, up $12.8 million and $13.7 million, respectively, from the second quarter
Total revenue of $276.8 million improved $16.6 million, or 6%, from the second quarter
Net interest margin of 3.58% increased by eight basis points from the second quarter, reflecting a lower cost of funds and improving asset mix
Noninterest income was up $8.5 million on a linked quarter basis mostly due to gains on other investments, death benefit claims on bank owned life insurance, and a favorable mark on our mortgage servicing rights asset
Provision for credit losses was $7.9 million, down $3.9 million from the second quarter; allowance for credit losses coverage down slightly to 1.19% of total loans; net charge-offs were $7.7 million, or 0.16% annualized of average loans, an improvement of two basis points compared to the second quarter
Noninterest expenses were up $2.9 million compared to the second quarter on a GAAP basis and up $4.3 million on an operating basis, primarily driven by performance-based incentives
Efficiency ratio of 54.3% on a GAAP basis, or 53.1% on an operating basis, improved both linked quarter and year over year
Strong loan production led to loan growth of $254 million, up 5.4% annualized, from the second quarter
Mortgage closings of $283 million compared to $239 million in third quarter 2024; mortgage rate locks of $388 million compared to $306 million in third quarter 2024
Customer deposits were up $58 million from the second quarter, public funds deposits seasonally down $79 million from the second quarter; excluding public funds, customer deposits were up $137 million, including $73 million of noninterest-bearing demand deposits
Return on assets of 1.29%, or 1.33% on an operating basis
Return on common equity and return on tangible common equity on an operating basis improved from the second quarter to 9.2% and 13.6%, respectively
Redeemed preferred stock with a book value of $88.3 million, representing all outstanding preferred shares
Maintained strong capital ratios with preliminary Common Equity Tier 1 of 13.4%
Increased quarterly common dividend to $0.25 per share declared during the quarter, up 4% year-over-year

Conference Call
United will hold a conference call on Wednesday, October 22 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/10203186/fff7baf488 . 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


Third Quarter 2025 - 2024 Change

For the Nine Months Ended September 30,

YTD 2025 - 2024 Change

Third Quarter

Second Quarter

First Quarter

Fourth Quarter

Third Quarter



2025



2024


INCOME SUMMARY

















Interest revenue
$
353,850


$
347,365


$
335,357


$
344,962


$
349,086




$
1,036,572


$
1,032,779



Interest expense

120,221



121,834



123,336



134,629



139,900





365,391



415,744



Net interest revenue

233,629



225,531



212,021



210,333



209,186


12
%


671,181



617,035


9
%
Noninterest income

43,219



34,708



35,656



40,522



8,091


n/m



113,583



84,234


35

Total revenue

276,848



260,239



247,677



250,855



217,277


27



784,764



701,269


12

Provision for credit losses

7,907



11,818



15,419



11,389



14,428





35,144



39,562



Noninterest expense

150,868



147,919



141,099



143,056



143,065


5



439,886



435,111


1

Income before income tax expense

118,073



100,502



91,159



96,410



59,784


97



309,734



226,596


37

Income tax expense

26,579



21,769



19,746



20,606



12,437


114



68,094



50,003


36

Net income

91,494



78,733



71,413



75,804



47,347


93



241,640



176,593


37

Non-operating items

3,468



4,833



1,297



2,203



29,385





9,598



38,065



Income tax benefit of non-operating items

(751
)


(1,047
)


(281
)


(471
)


(6,276
)




(2,079
)


(8,231
)


Net income - operating ⁽¹⁾
$
94,211


$
82,519


$
72,429


$
77,536


$
70,456


34


$
249,159


$
206,427


21

Pre-tax pre-provision income ⁽⁵⁾
$
125,980


$
112,320


$
106,578


$
107,799


$
74,212


70


$
344,878


$
266,158


30

PERFORMANCE MEASURES

































Per common share:

































Diluted net income - GAAP
$
0.70


$
0.63


$
0.58


$
0.61


$
0.38


84


$
1.91


$
1.43


34

Diluted net income - operating ⁽¹⁾

0.75



0.66



0.59



0.63



0.57


32



2.00



1.67


20

Cash dividends declared

0.25



0.24



0.24



0.24



0.24


4



0.73



0.70


4

Book value

29.44



28.89



28.42



27.87



27.68


6



29.44



27.68


6

Tangible book value ⁽³⁾

21.59



21.00



20.58



20.00



19.66


10



21.59



19.66


10

Key performance ratios:

































Return on common equity - GAAP ⁽²⁾⁽⁴⁾

9.20
%


8.45
%


7.89
%


8.40
%


5.20
%




8.53
%


6.61
%


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

9.83



8.87



8.01



8.60



7.82





8.92



7.76



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

13.56



12.34



11.21



12.12



11.17





12.57



11.18



Return on assets - GAAP ⁽⁴⁾

1.29



1.11



1.02



1.06



0.67





1.16



0.85



Return on assets - operating ⁽¹⁾⁽⁴⁾

1.33



1.16



1.04



1.08



1.01





1.19



0.99



Return on assets - pre-tax pre-provision, excluding non-operating items ^(1)(4)(5)

1.83



1.66



1.55



1.55



1.50





1.70



1.48



Net interest margin (fully taxable equivalent) ⁽⁴⁾

3.58



3.50



3.36



3.26



3.33





3.48



3.30



Efficiency ratio - GAAP

54.30



56.69



56.74



56.05



65.51





55.86



61.76



Efficiency ratio - operating ⁽¹⁾

53.05



54.84



56.22



55.18



57.37





54.64



57.84



Equity to total assets

12.78



12.86



12.56



12.38



12.45





12.78



12.45



Tangible common equity to tangible assets ⁽³⁾

9.71



9.45



9.18



8.97



8.93





9.71



8.93



ASSET QUALITY

































Nonperforming assets ("NPAs")
$
97,916


$
83,959


$
93,290


$
115,635


$
114,960


(15
)

$
97,916


$
114,960


(15
)
Allowance for credit losses - loans

215,791



216,500



211,974



206,998



205,290


5



215,791



205,290


5

Allowance for credit losses - total

228,276



228,045



223,201



217,389



215,517


6



228,276



215,517


6

Net charge-offs

7,676



8,225



9,607



9,517



23,651


n/m



25,508



48,173


n/m

Allowance for credit losses - loans to loans

1.13
%


1.14
%


1.15
%


1.14
%


1.14
%




1.13
%


1.14
%


Allowance for credit losses - total to loans

1.19



1.21



1.21



1.20



1.20





1.19



1.20



Net charge-offs to average loans ⁽⁴⁾

0.16



0.18



0.21



0.21



0.52





0.18



0.35



NPAs to total assets

0.35



0.30



0.33



0.42



0.42





0.35



0.42



AT PERIOD END ($ in millions)

































Loans
$
19,175


$
18,921


$
18,425


$
18,176


$
17,964


7


$
19,175


$
17,964


7

Investment securities

6,163



6,382



6,661



6,804



6,425


(4
)


6,163



6,425


(4
)
Total assets

28,143



28,086



27,874



27,720



27,373


3



28,143



27,373


3

Deposits

24,021



23,963



23,762



23,461



23,253


3



24,021



23,253


3

Shareholders’ equity

3,597



3,613



3,501



3,432



3,407


6



3,597



3,407


6

Common shares outstanding (thousands)

121,553



121,431



119,514



119,364



119,283


2



121,553



119,283


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 Nine Months Ended September 30,


Third Quarter

Second Quarter

First Quarter

Fourth Quarter

Third Quarter


2025



2024

Noninterest income reconciliation














Noninterest income (GAAP)

$
43,219


$
34,708


$
35,656


$
40,522


$
8,091


$
113,583


$
84,234

Loss on sale of manufactured housing loans


—



—



—



—



27,209



—



27,209

Gain on lease termination


—



—



—



—



—



—



(2,400
)
Noninterest income - operating

$
43,219


$
34,708


$
35,656


$
40,522


$
35,300


$
113,583


$
109,043
















Noninterest expense reconciliation














Noninterest expense (GAAP)

$
150,868


$
147,919


$
141,099


$
143,056


$
143,065


$
439,886


$
435,111

Loss on sale of FinTrust, including goodwill impairment


—



—



—



—



—



—



(5,100
)
FDIC special assessment


—



—



—



—



—



—



(1,736
)
Merger-related and other charges


(3,468
)


(4,833
)


(1,297
)


(2,203
)


(2,176
)


(9,598
)


(6,420
)
Noninterest expense - operating

$
147,400


$
143,086


$
139,802


$
140,853


$
140,889


$
430,288


$
421,855
















Net income to operating income reconciliation














Net income (GAAP)

$
91,494


$
78,733


$
71,413


$
75,804


$
47,347


$
241,640


$
176,593

Loss on sale of manufactured housing loans


—



—



—



—



27,209



—



27,209

Gain on lease termination


—



—



—



—



—



—



(2,400
)
Loss on sale of FinTrust, including goodwill impairment


—



—



—



—



—



—



5,100

FDIC special assessment


—



—



—



—



—



—



1,736

Merger-related and other charges


3,468



4,833



1,297



2,203



2,176



9,598



6,420

Income tax benefit of non-operating items


(751
)


(1,047
)


(281
)


(471
)


(6,276
)


(2,079
)


(8,231
)
Net income - operating

$
94,211


$
82,519


$
72,429


$
77,536


$
70,456


$
249,159


$
206,427
















Net income to pre-tax pre-provision income reconciliation














Net income (GAAP)

$
91,494


$
78,733


$
71,413


$
75,804


$
47,347


$
241,640


$
176,593

Income tax expense


26,579



21,769



19,746



20,606



12,437



68,094



50,003

Provision for credit losses


7,907



11,818



15,419



11,389



14,428



35,144



39,562

Pre-tax pre-provision income

$
125,980


$
112,320


$
106,578


$
107,799


$
74,212


$
344,878


$
266,158
















Diluted income per common share reconciliation














Diluted income per common share (GAAP)

$
0.70


$
0.63


$
0.58


$
0.61


$
0.38


$
1.91


$
1.43

Loss on sale of manufactured housing loans


—



—



—



—



0.18



—



0.18

Gain on lease termination


—



—



—



—



—



—



(0.02
)
Loss on sale of FinTrust, including goodwill impairment


—



—



—



—



—



—



0.03

FDIC special assessment


—



—



—



—



—



—



0.01

Merger-related and other charges


0.02



0.03



0.01



0.02



0.01



0.06



0.04

Deemed dividend on preferred stock redemption


0.03



—



—



—



—



0.03



—

Diluted income per common share - operating

$
0.75


$
0.66


$
0.59


$
0.63


$
0.57


$
2.00


$
1.67
















Book value per common share reconciliation














Book value per common share (GAAP)

$
29.44


$
28.89


$
28.42


$
27.87


$
27.68


$
29.44


$
27.68

Effect of goodwill and other intangibles


(7.85
)


(7.89
)


(7.84
)


(7.87
)


(8.02
)


(7.85
)


(8.02
)
Tangible book value per common share

$
21.59


$
21.00


$
20.58


$
20.00


$
19.66


$
21.59


$
19.66
















Return on tangible common equity reconciliation














Return on common equity (GAAP)


9.20
%


8.45
%


7.89
%


8.40
%


5.20
%


8.53
%


6.61
%
Loss on sale of manufactured housing loans


—



—



—



—



2.43



—



0.82

Gain on lease termination


—



—



—



—



—



—



(0.07
)
Loss on sale of FinTrust, including goodwill impairment


—



—



—



—



—



—



0.16

FDIC special assessment


—



—



—



—



—



—



0.05

Merger-related and other charges


0.29



0.42



0.12



0.20



0.19



0.27



0.19

Deemed dividend on preferred stock redemption


0.34



—



—



—



—



0.12



—

Return on common equity - operating


9.83



8.87



8.01



8.60



7.82



8.92



7.76

Effect of goodwill and other intangibles


3.73



3.47



3.20



3.52



3.35



3.65



3.42

Return on tangible common equity - operating


13.56
%


12.34
%


11.21
%


12.12
%


11.17
%


12.57
%


11.18
%















Return on assets reconciliation














Return on assets (GAAP)


1.29
%


1.11
%


1.02
%


1.06
%


0.67
%


1.16
%


0.85
%
Loss on sale of manufactured housing loans


—



—



—



—



0.31



—



0.10

Gain on lease termination


—



—



—



—



—



—



(0.01
)
Loss on sale of FinTrust, including goodwill impairment


—



—



—



—



—



—



0.02

FDIC special assessment


—



—



—



—



—



—



0.01

Merger-related and other charges


0.04



0.05



0.02



0.02



0.03



0.03



0.02

Return on assets - operating


1.33
%


1.16
%


1.04
%


1.08
%


1.01
%


1.19
%


0.99
%






























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














Return on assets (GAAP)


1.29
%


1.11
%


1.02
%


1.06
%


0.67
%


1.16
%


0.85
%
Income tax expense


0.38



0.31



0.29



0.30



0.19



0.33



0.25

Provision for credit losses


0.11



0.17



0.23



0.16



0.21



0.17



0.19

Loss on sale of manufactured housing loans


—



—



—



—



0.40



—



0.13

Gain on lease termination


—



—



—



—



—



—



(0.01
)
Loss on sale of FinTrust, including goodwill impairment


—



—



—



—



—



—



0.03

FDIC special assessment


—



—



—



—



—



—



0.01

Merger-related and other charges


0.05



0.07



0.01



0.03



0.03



0.04



0.03

Return on assets - pre-tax pre-provision - operating


1.83
%


1.66
%


1.55
%


1.55
%


1.50
%


1.70
%


1.48
%















Efficiency ratio reconciliation














Efficiency ratio (GAAP)


54.30
%


56.69
%


56.74
%


56.05
%


65.51
%


55.86
%


61.76
%
Loss on sale of manufactured housing loans


—



—



—



—



(7.15
)


—



(2.25
)
Gain on lease termination


—



—



—



—



—



—



0.21

Loss on sale of FinTrust, including goodwill impairment


—



—



—



—



—



—



(0.73
)
FDIC special assessment


—



—



—



—



—



—



(0.24
)
Merger-related and other charges


(1.25
)


(1.85
)


(0.52
)


(0.87
)


(0.99
)


(1.22
)


(0.91
)
Efficiency ratio - operating


53.05
%


54.84
%


56.22
%


55.18
%


57.37
%


54.64
%


57.84
%















Tangible common equity to tangible assets reconciliation














Equity to total assets (GAAP)


12.78
%


12.86
%


12.56
%


12.38
%


12.45
%


12.78
%


12.45
%
Effect of goodwill and other intangibles


(3.07
)


(3.10
)


(3.06
)


(3.09
)


(3.20
)


(3.07
)


(3.20
)
Effect of preferred equity


—



(0.31
)


(0.32
)


(0.32
)


(0.32
)


—



(0.32
)
Tangible common equity to tangible assets


9.71
%


9.45
%


9.18
%


8.97
%


8.93
%


9.71
%


8.93
%

UNITED COMMUNITY BANKS, INC.
Loan Portfolio Composition at Period-End

2025

2024

Linked Quarter Change

Year over Year Change
(in millions)
Third Quarter

Second Quarter

First Quarter

Fourth Quarter

Third Quarter


LOANS BY CATEGORY













Owner occupied commercial RE
$
3,678

$
3,563

$
3,419

$
3,398

$
3,323

$
115


$
355

Income producing commercial RE

4,534


4,548


4,416


4,361


4,259


(14
)


275

Commercial & industrial

2,593


2,516


2,506


2,428


2,313


77



280

Commercial construction

1,734


1,752


1,681


1,656


1,785


(18
)


(51
)
Equipment financing

1,808


1,778


1,723


1,663


1,603


30



205

Total commercial

14,347


14,157


13,745


13,506


13,283


190



1,064

Residential mortgage

3,198


3,210


3,218


3,232


3,263


(12
)


(65
)
Home equity

1,252


1,180


1,099


1,065


1,015


72



237

Residential construction

178


174


171


178


189


4



(11
)
Manufactured housing ⁽¹⁾

—


—


—


2


2


—



(2
)
Consumer

192


191


183


186


188


1



4

Other

8


9


9


7


24


(1
)


(16
)
Total loans
$
19,175

$
18,921

$
18,425

$
18,176

$
17,964

$
254


$
1,211















LOANS BY MARKET













Georgia
$
4,584

$
4,551

$
4,484

$
4,447

$
4,470

$
33


$
114

South Carolina

2,926


2,872


2,821


2,815


2,782


54



144

North Carolina

2,676


2,626


2,666


2,644


2,586


50



90

Tennessee

1,902


1,881


1,880


1,799


1,848


21



54

Florida

3,040


2,966


2,572


2,527


2,423


74



617

Alabama

1,054


1,016


1,009


996


996


38



58

Commercial Banking Solutions

2,993


3,009


2,993


2,948


2,859


(16
)


134

Total loans
$
19,175

$
18,921

$
18,425

$
18,176

$
17,964

$
254


$
1,211

⁽¹⁾ For 2025 periods, manufactured housing loans are included with consumer loans.

UNITED COMMUNITY BANKS, INC.
Credit Quality
(in thousands)


2025


Third Quarter

Second Quarter

First Quarter
NONACCRUAL LOANS






Owner occupied RE

$
10,275

$
8,207

$
8,949
Income producing RE


10,884


14,624


16,536
Commercial & industrial


25,754


15,422


22,396
Commercial construction


3,198


1,368


5,558
Equipment financing


9,716


11,731


8,818
Total commercial


59,827


51,352


62,257
Residential mortgage


28,978


22,597


22,756
Home equity


5,234


4,093


4,091
Residential construction


1,241


1,203


811
Consumer


1,163


1,207


1,423
Total nonaccrual loans


96,443


80,452


91,338
OREO and repossessed assets


1,473


3,507


1,952
Total NPAs

$
97,916

$
83,959

$
93,290




2025



Third Quarter

Second Quarter

First 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

$
2,497


0.28
%

$
470


0.05
%

$
126


0.02
%
Income producing RE


(106
)

(0.01
)


933


0.08



718


0.07

Commercial & industrial


(1,132
)

(0.18
)


1,027


0.16



2,447


0.40

Commercial construction


491


0.11



89


0.02



(138
)

(0.03
)
Equipment financing


5,487


1.23



4,963


1.16



5,042


1.21

Total commercial


7,237


0.20



7,482


0.22



8,195


0.24

Residential mortgage


(259
)

(0.03
)


313


0.04



(1
)

—

Home equity


19


0.01



(72
)

(0.03
)


(62
)

(0.02
)
Residential construction


12


0.03



(9
)

(0.02
)


219


0.51

Consumer


667


1.39



511


1.11



1,256


2.76

Total

$
7,676


0.16


$
8,225


0.18


$
9,607


0.21

⁽¹⁾ Annualized.

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

September 30, 2025

December 31, 2024
ASSETS




Cash and due from banks

$
205,007


$
296,161

Interest-bearing deposits in banks


408,424



223,712

Cash and cash equivalents


613,431



519,873

Debt securities available-for-sale


3,889,263



4,436,291

Debt securities held-to-maturity (fair value $1,937,053 and $1,944,126, respectively)


2,274,099



2,368,107

Loans held for sale


34,802



57,534

Loans and leases held for investment


19,174,794



18,175,980

Less allowance for credit losses - loans and leases


(215,791
)


(206,998
)
Loans and leases, net


18,959,003



17,968,982

Premises and equipment, net


394,536



394,264

Bank owned life insurance


362,608



346,234

Goodwill and other intangible assets, net


971,071



956,643

Other assets


644,660



672,330

Total assets

$
28,143,473


$
27,720,258

LIABILITIES AND SHAREHOLDERS' EQUITY




Liabilities:




Deposits:




Noninterest-bearing demand

$
6,444,067


$
6,211,182

NOW and interest-bearing demand


5,860,653



6,141,342

Money market


6,801,387



6,398,144

Savings


1,085,237



1,100,591

Time


3,673,718



3,441,424

Brokered


155,556



168,292

Total deposits


24,020,618



23,460,975

Short-term borrowings


—



195,000

Long-term debt


155,251



254,152

Accrued expense and other liabilities


370,753



378,004

Total liabilities


24,546,622



24,288,131

Shareholders' equity:




Preferred stock; $1 par value; 10,000 shares authorized; 0 and 3,662 shares Series I issued and outstanding, respectively; $25,000 per share liquidation preference


—



88,266

Common stock, $1 par value; 200,000,000 shares authorized, 121,553,462 and 119,364,110 shares issued and outstanding, respectively


121,553



119,364

Common stock issuable; 608,291 and 600,168 shares, respectively


13,683



12,999

Capital surplus


2,767,143



2,710,279

Retained earnings


858,395



714,138

Accumulated other comprehensive loss


(163,923
)


(212,919
)
Total shareholders' equity


3,596,851



3,432,127

Total liabilities and shareholders' equity

$
28,143,473


$
27,720,258

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)



Three Months Ended September 30,

Nine Months Ended September 30,
(in thousands, except per share data)


2025


2024



2025


2024

Interest revenue:








Loans, including fees

$
297,929

$
291,574


$
860,269

$
867,152

Investment securities, including tax exempt of $1,681, $1,713, $5,030 and $5,133, respectively


53,203


52,997



167,915


149,496

Deposits in banks and short-term investments


2,718


4,515



8,388


16,131

Total interest revenue


353,850


349,086



1,036,572


1,032,779










Interest expense:








Deposits:








NOW and interest-bearing demand


35,050


43,401



109,396


133,522

Money market


50,661


56,874



149,805


160,883

Savings


641


672



2,722


2,065

Time


32,123


35,202



94,622


107,925

Deposits


118,475


136,149



356,545


404,395

Short-term borrowings


25


27



1,215


87

Federal Home Loan Bank advances


—


—



433


—

Long-term debt


1,721


3,724



7,198


11,262

Total interest expense


120,221


139,900



365,391


415,744

Net interest revenue


233,629


209,186



671,181


617,035










Noninterest income:








Service charges and fees


11,400


10,488



31,057


30,372

Mortgage loan gains and other related fees


7,098


3,520



18,590


17,830

Wealth management fees


4,757


6,338



13,622


19,037

Net gains (losses) from sales of other loans


2,385


(25,700
)


5,776


(22,867
)
Lending and loan servicing fees


4,235


3,512



12,090


11,050

Securities gains, net


49


—



341


—

Other


13,295


9,933



32,107


28,812

Total noninterest income


43,219


8,091



113,583


84,234

Total revenue


276,848


217,277



784,764


701,269










Provision for credit losses


7,907


14,428



35,144


39,562










Noninterest expense:








Salaries and employee benefits


90,667


83,533



261,931


254,336

Communications and equipment


13,937


12,626



40,968


36,534

Occupancy


11,502


11,311



33,366


33,466

Advertising and public relations


2,053


2,041



6,815


6,401

Postage, printing and supplies


2,735


2,477



7,791


7,376

Professional fees


6,282


6,432



17,822


18,464

Lending and loan servicing expense


2,428


2,227



6,745


6,068

Outside services - electronic banking


3,543


4,433



9,876


10,163

FDIC assessments and other regulatory charges


4,846


5,003



14,233


17,036

Amortization of intangibles


3,313


3,528



9,891


11,209

Merger-related and other charges


3,468


2,176



9,598


6,420

Other


6,094


7,278



20,850


27,638

Total noninterest expense


150,868


143,065



439,886


435,111

Income before income taxes


118,073


59,784



309,734


226,596

Income tax expense


26,579


12,437



68,094


50,003

Net income


91,494


47,347



241,640


176,593

Preferred stock dividends and deemed dividend at redemption


4,848


1,573



7,994


4,719

Earnings allocated to participating securities


507


272



1,356


988

Net income available to common shareholders

$
86,139

$
45,502


$
232,290

$
170,886










Net income per common share:








Basic

$
0.71

$
0.38


$
1.92

$
1.43

Diluted


0.70


0.38



1.91


1.43

Weighted average common shares outstanding:








Basic


122,116


119,818



121,186


119,736

Diluted


122,252


119,952



121,303


119,827

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 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⁾

$
19,010,663


$
297,725

6.21
%

$
18,051,741


$
291,164

6.42
%
Taxable securities ⁽³⁾


6,217,693



51,522

3.31



6,182,164



51,284

3.32

Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾


351,528



2,249

2.56



361,359



2,292

2.54

Federal funds sold and other interest-earning assets


413,678



3,389

3.25



505,792



5,440

4.28

Total interest-earning assets (FTE)


25,993,562



354,885

5.42



25,101,056



350,180

5.55














Noninterest-earning assets:












Allowance for credit losses


(220,805
)






(215,008
)




Cash and due from banks


206,772







206,995





Premises and equipment


397,490







399,262





Other assets ⁽³⁾


1,664,648







1,615,468





Total assets

$
28,041,667






$
27,107,773


















Liabilities and Shareholders' Equity:












Interest-bearing liabilities:












Interest-bearing deposits:












NOW and interest-bearing demand

$
5,825,997



35,050

2.39


$
5,797,845



43,401

2.98

Money market


6,907,894



50,661

2.91



6,342,455



56,874

3.57

Savings


1,107,509



641

0.23



1,126,774



672

0.24

Time


3,656,172



31,602

3.43



3,465,980



34,560

3.97

Brokered time deposits


50,529



521

4.09



50,364



642

5.07

Total interest-bearing deposits


17,548,101



118,475

2.68



16,783,418



136,149

3.23

Federal funds purchased and other borrowings


2,284



25

4.34



1,899



27

5.66

Federal Home Loan Bank advances


—



—

—



11



—

—

Long-term debt


155,197



1,721

4.40



323,544



3,724

4.58

Total borrowed funds


157,481



1,746

4.40



325,454



3,751

4.59

Total interest-bearing liabilities


17,705,582



120,221

2.69



17,108,872



139,900

3.25














Noninterest-bearing liabilities:












Noninterest-bearing deposits


6,366,723







6,239,926





Other liabilities


334,443







391,574





Total liabilities


24,406,748







23,740,372





Shareholders' equity


3,634,919







3,367,401





Total liabilities and shareholders' equity

$
28,041,667






$
27,107,773


















Net interest revenue (FTE)



$
234,664





$
210,280


Net interest-rate spread (FTE)





2.73
%





2.30
%
Net interest margin (FTE) ⁽⁴⁾





3.58
%





3.33
%

⁽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 $1.04 million and $1.09 million, respectively, for the three months ended September 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 $223 million in 2025 and $295 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 Nine Months Ended September 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⁾

$
18,632,384


$
859,678

6.17
%

$
18,187,790


$
866,502

6.36
%
Taxable securities ⁽³⁾


6,480,641



162,885

3.35



5,988,368



144,363

3.21

Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾


354,115



6,730

2.53



363,692



6,876

2.52

Federal funds sold and other interest-earning assets


422,123



10,288

3.26



559,786



18,256

4.36

Total interest-earning assets (FTE)


25,889,263



1,039,581

5.37



25,099,636



1,035,997

5.51














Non-interest-earning assets:












Allowance for loan losses


(217,050
)






(214,372
)




Cash and due from banks


210,027







210,982





Premises and equipment


397,395







392,561





Other assets ⁽³⁾


1,637,493







1,613,118





Total assets

$
27,917,128






$
27,101,925


















Liabilities and Shareholders' Equity:












Interest-bearing liabilities:












Interest-bearing deposits:












NOW and interest-bearing demand

$
6,002,702



109,396

2.44


$
5,913,566



133,522

3.02

Money market


6,713,585



149,805

2.98



6,092,649



160,883

3.53

Savings


1,133,078



2,722

0.32



1,159,982



2,065

0.24

Time


3,545,792



93,029

3.51



3,535,343



106,199

4.01

Brokered time deposits


50,488



1,593

4.22



50,343



1,726

4.58

Total interest-bearing deposits


17,445,645



356,545

2.73



16,751,883



404,395

3.22

Federal funds purchased and other borrowings


29,865



1,215

5.44



2,001



87

5.81

Federal Home Loan Bank advances


12,824



433

4.51



5



—

—

Long-term debt


215,440



7,198

4.47



324,414



11,262

4.64

Total borrowed funds


258,129



8,846

4.58



326,420



11,349

4.64

Total interest-bearing liabilities


17,703,774



365,391

2.76



17,078,303



415,744

3.25














Noninterest-bearing liabilities:












Noninterest-bearing deposits


6,304,792







6,306,919





Other liabilities


350,211







394,323





Total liabilities


24,358,777







23,779,545





Shareholders' equity


3,558,351







3,322,380





Total liabilities and shareholders' equity

$
27,917,128






$
27,101,925


















Net interest revenue (FTE)



$
674,190





$
620,253


Net interest-rate spread (FTE)





2.61
%





2.26
%
Net interest margin (FTE) ⁽⁴⁾





3.48
%





3.30
%

⁽¹⁾ Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $3.01 million and $3.22 million, respectively, for the nine months ended September 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 $244 million in 2025 and $320 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 September 30, 2025, United Community Banks, Inc. had $28.1 billion in assets and operated 199 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 Community 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 Community earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United Community 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

Company Name:	United Community Banks Inc.
Stock Symbol:	UCBI
Market:	NASDAQ
Website:	ucbi.com

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