For Immediate Release
For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com
United Community Banks, Inc. Reports Fourth Quarter Earnings
Further Margin Expansion Drove Revenue Growth
GREENVILLE, SC – January 14, 2026 – United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the fourth quarter of 2025 of $86.5 million and pre-tax, pre-provision income of $126.3 million. Diluted earnings per share of $0.70 for the quarter represented an increase of $0.09 from the fourth quarter a year ago and was flat to the third quarter. For the year of 2025, net income was $328 million and pre-tax, pre-provision income was $471 million compared with $252 million and $374 million, respectively, for 2024. Diluted earnings per share of $2.62 for 2025 increased $0.58 from $2.04 for 2024, driven by growth in revenue and the absence of a one-time loss on the sale of United’s manufactured housing loan portfolio.
On an operating basis, United’s diluted earnings per share of $0.71 increased 13% from the year-ago quarter. Strong revenue growth and positive operating leverage drove the year-over-year results. For the full year of 2025, diluted operating earnings per share were $2.71, an increase of $0.41, or 18%, from the $2.30 reported in 2024.
United’s return on assets was 1.21%, or 1.22% on an operating basis, up from 1.06% and 1.08%, respectively for the fourth quarter of 2024. Return on common equity was 9.5% and return on tangible common equity on an operating basis was 13.3%. On a pre-tax, pre-provision basis, operating return on assets was 1.78% for the quarter. At year-end, tangible common equity to tangible assets was 9.92%, up 21 basis points from the third quarter.
Chairman and CEO Lynn Harton stated, “The fourth quarter marks a great ending to a rewarding year. Our teams delivered healthy loan growth for all of 2025, leading to improvement in our earning asset mix. That improvement, combined with our focus on deposit pricing, drove a 36 basis points expansion in our net interest margin year over year, with four basis points of improvement coming in the fourth quarter. All our key performance metrics improved significantly when compared to 2024. Believing this performance will continue, we took the opportunity to repurchase one million common shares at an average price of $29.84 per share and redeem $35 million of senior debt in the fourth quarter.
Harton continued, “United is well-positioned for another great year in 2026. Economic conditions in our markets remain strong and our team continues to execute well in all our lines of business. I want to congratulate and thank them for outstanding results.”
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Net charge-offs were $16.4 million or 0.34% annualized of average loans, compared with 0.21% for the fourth quarter of 2024 and 0.16% for the third quarter. Nonperforming assets were 0.33% of total assets, improved slightly from 0.35% for the third quarter. Provision for credit losses was $13.7 million for the fourth quarter, up from $11.4 million a year ago and $7.9 million for the third quarter. As of December 31, the allowance for credit losses represents 1.16% of loans, down slightly from 1.19% at September 30, reflecting the release of the remaining Hurricane Helene reserve.
Fourth Quarter 2025 Financial Highlights:
| • | EPS of $0.70 was up $0.09 on a GAAP basis compared to fourth quarter 2024, and EPS of $0.71 was up $0.08, or 13%, on an operating basis |
| • | Net income of $86.5 million and pre-tax, pre-provision income of $126.3 million, up $10.7 million and $18.5 million, respectively, from a year ago |
| • | Total revenue of $278.4 million improved $27.5 million, or 11%, from a year ago |
| • | Net interest margin of 3.62% increased by 36 basis points from a year ago and 4 basis points from the third quarter on a lower cost of funds and improving asset mix |
| • | Provision for credit losses was $13.7 million, up $2.3 million from a year ago and up $5.8 million from the third quarter; allowance for credit losses coverage down slightly to 1.16% of total loans; net charge-offs were $16.4 million, or 0.34% of average loans, annualized |
| • | Noninterest expenses were up $1.2 million compared to the third quarter on a GAAP basis and up $4.0 million on an operating basis, primarily driven by performance-based incentives |
| • | Efficiency ratio of 54.4% on a GAAP basis, or 54.2% on an operating basis, improved from a year ago |
| • | Strong loan production led to loan growth of $209 million, up 4.4% annualized, from the third quarter |
| • | Mortgage closings of $261 million compared to $246 million in fourth quarter 2024; mortgage rate locks of $319 million compared to $285 million in fourth quarter 2024 |
| • | Customer deposits were down $242 million from the third quarter |
| • | Return on assets of 1.21%, or 1.22% on an operating basis |
| • | Return on common equity and return on tangible common equity on an operating basis were 9.5% and 13.3%, respectively |
| • | Maintained strong capital ratios with preliminary Common Equity Tier 1 of 13.4% |
| • | Quarterly common dividend of $0.25 per share declared during the quarter, up 4% year-over-year |
| • | Repurchased 1.0 million shares of common stock in the fourth quarter at an average price of $29.84 per share |
2025 Financial Highlights:
| • | Net income of $328 million and pre-tax, pre-provision income of $471 million |
| • | GAAP diluted earnings per share of $2.62, increased 28% compared to $2.04 for 2024 |
| • | Operating diluted earnings per share of $2.71, increased 18% compared to $2.30 for 2024 |
| • | Total revenue of $1.06 billion, increased 12% over $952 million in 2024 |
| • | Book value per share and tangible book value per share increased 8% and 11% respectively over 2024 |
| • | Return on assets of 1.17%, or 1.20% on an operating basis |
| • | Pre-tax, pre-provision return on assets of 1.72% on an operating basis |
| • | Return on common equity of 9.12% compared with 7.07% for 2024 |
| • | Return on tangible common equity - operating of 13.3% compared with 11.4% for 2024 |
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Conference Call
United will hold a conference call on Wednesday, January 14, 2026 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/10205112/1008d91b050. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. 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.
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| UNITED
COMMUNITY BANKS, INC. Selected Financial Information (in thousands, except per share data) |
||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Fourth Quarter 2025- 2024 |
For the Twelve Months Ended December 31, |
YTD 2025- 2024 |
||||||||||||||||||||||||||||||||
| Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||
| INCOME SUMMARY | ||||||||||||||||||||||||||||||||||||
| Interest revenue | $ | 346,367 | $ | 353,850 | $ | 347,365 | $ | 335,357 | $ | 344,962 | $ | 1,382,939 | $ | 1,377,741 | ||||||||||||||||||||||
| Interest expense | 108,441 | 120,221 | 121,834 | 123,336 | 134,629 | 473,832 | 550,373 | |||||||||||||||||||||||||||||
| Net interest revenue | 237,926 | 233,629 | 225,531 | 212,021 | 210,333 | 13 | % | 909,107 | 827,368 | 10 | % | |||||||||||||||||||||||||
| Noninterest income | 40,462 | 43,219 | 34,708 | 35,656 | 40,522 | — | 154,045 | 124,756 | 23 | |||||||||||||||||||||||||||
| Total revenue | 278,388 | 276,848 | 260,239 | 247,677 | 250,855 | 11 | 1,063,152 | 952,124 | 12 | |||||||||||||||||||||||||||
| Provision for credit losses | 13,662 | 7,907 | 11,818 | 15,419 | 11,389 | 20 | 48,806 | 50,951 | (4 | ) | ||||||||||||||||||||||||||
| Noninterest expenses | 152,048 | 150,868 | 147,919 | 141,099 | 143,056 | 6 | 591,934 | 578,167 | 2 | |||||||||||||||||||||||||||
| Income before income tax expense | 112,678 | 118,073 | 100,502 | 91,159 | 96,410 | 422,412 | 323,006 | |||||||||||||||||||||||||||||
| Income tax expense | 26,223 | 26,579 | 21,769 | 19,746 | 20,606 | 94,317 | 70,609 | |||||||||||||||||||||||||||||
| Net income | 86,455 | 91,494 | 78,733 | 71,413 | 75,804 | 14 | 328,095 | 252,397 | 30 | |||||||||||||||||||||||||||
| Non-operating items | 606 | 3,468 | 4,833 | 1,297 | 2,203 | 10,204 | 40,268 | |||||||||||||||||||||||||||||
| Income tax benefit of non-operating items | (133 | ) | (751 | ) | (1,047 | ) | (281 | ) | (471 | ) | (2,212 | ) | (8,702 | ) | ||||||||||||||||||||||
| Net income - operating (1) | $ | 86,928 | $ | 94,211 | $ | 82,519 | $ | 72,429 | $ | 77,536 | 12 | $ | 336,087 | $ | 283,963 | 18 | ||||||||||||||||||||
| Pre-tax pre-provision income (5) | $ | 126,340 | $ | 125,980 | $ | 112,320 | $ | 106,578 | $ | 107,799 | 17 | $ | 471,218 | $ | 373,957 | 26 | ||||||||||||||||||||
| PERFORMANCE MEASURES | ||||||||||||||||||||||||||||||||||||
| Per common share: | ||||||||||||||||||||||||||||||||||||
| Diluted net income - GAAP | $ | 0.70 | $ | 0.70 | $ | 0.63 | $ | 0.58 | $ | 0.61 | 15 | $ | 2.62 | $ | 2.04 | 28 | ||||||||||||||||||||
| Diluted net income - operating (1) | 0.71 | 0.75 | 0.66 | 0.59 | 0.63 | 13 | 2.71 | 2.30 | 18 | |||||||||||||||||||||||||||
| Common stock cash dividends declared | 0.25 | 0.25 | 0.24 | 0.24 | 0.24 | 4 | 0.98 | 0.94 | 4 | |||||||||||||||||||||||||||
| Book value | 30.17 | 29.44 | 28.89 | 28.42 | 27.87 | 8 | 30.17 | 27.87 | 8 | |||||||||||||||||||||||||||
| Tangible book value (3) | 22.24 | 21.59 | 21.00 | 20.58 | 20.00 | 11 | 22.24 | 20.00 | 11 | |||||||||||||||||||||||||||
| Key performance ratios: | ||||||||||||||||||||||||||||||||||||
| Return on common equity - GAAP (2)(4) | 9.48 | % | 9.20 | % | 8.45 | % | 7.89 | % | 8.40 | % | 9.12 | % | 7.07 | % | ||||||||||||||||||||||
| Return on common equity - operating (1)(2)(4) | 9.53 | 9.83 | 8.87 | 8.01 | 8.60 | 9.44 | 7.97 | |||||||||||||||||||||||||||||
| Return on tangible common equity - operating (1)(2)(3)(4) | 13.31 | 13.56 | 12.34 | 11.21 | 12.12 | 13.34 | 11.42 | |||||||||||||||||||||||||||||
| Return on assets - GAAP (4) | 1.21 | 1.29 | 1.11 | 1.02 | 1.06 | 1.17 | 0.90 | |||||||||||||||||||||||||||||
| Return on assets - operating (1)(4) | 1.22 | 1.33 | 1.16 | 1.04 | 1.08 | 1.20 | 1.02 | |||||||||||||||||||||||||||||
| Return on assets -pre-tax pre-provision, excluding non-operating items (1)(4)(5) | 1.78 | 1.83 | 1.66 | 1.55 | 1.55 | 1.72 | 1.49 | |||||||||||||||||||||||||||||
| Net interest margin (fully taxable equivalent) (4) | 3.62 | 3.58 | 3.50 | 3.36 | 3.26 | 3.52 | 3.29 | |||||||||||||||||||||||||||||
| Efficiency ratio - GAAP | 54.40 | 54.30 | 56.69 | 56.74 | 56.05 | 55.46 | 60.24 | |||||||||||||||||||||||||||||
| Efficiency ratio - operating (1) | 54.19 | 53.05 | 54.84 | 56.22 | 55.18 | 54.51 | 57.15 | |||||||||||||||||||||||||||||
| Equity to total assets | 12.99 | 12.78 | 12.86 | 12.56 | 12.38 | 12.99 | 12.38 | |||||||||||||||||||||||||||||
| Tangible common equity to tangible assets (3) | 9.92 | 9.71 | 9.45 | 9.18 | 8.97 | 9.92 | 8.97 | |||||||||||||||||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||||||||||||||||||
| Nonperforming assets (“NPAs”) | $ | 93,498 | $ | 97,916 | $ | 83,959 | $ | 93,290 | $ | 115,635 | (19 | ) | $ | 93,498 | $ | 115,635 | (19 | ) | ||||||||||||||||||
| ACL, loans | 210,429 | 215,791 | 216,500 | 211,974 | 206,998 | 2 | 210,429 | 206,998 | 2 | |||||||||||||||||||||||||||
| ACL, total | 225,520 | 228,276 | 228,045 | 223,201 | 217,389 | 4 | 225,520 | 217,389 | 4 | |||||||||||||||||||||||||||
| Net charge-offs | 16,418 | 7,676 | 8,225 | 9,607 | 9,517 | 41,926 | 57,690 | |||||||||||||||||||||||||||||
| ACL, loans to loans | 1.09 | % | 1.13 | % | 1.14 | % | 1.15 | % | 1.14 | % | 1.09 | % | 1.14 | % | ||||||||||||||||||||||
| ACL, total to loans | 1.16 | 1.19 | 1.21 | 1.21 | 1.20 | 1.16 | 1.20 | |||||||||||||||||||||||||||||
| Net charge-offs to average loans (4) | 0.34 | 0.16 | 0.18 | 0.21 | 0.21 | 0.22 | 0.32 | |||||||||||||||||||||||||||||
| NPAs to total assets | 0.33 | 0.35 | 0.30 | 0.33 | 0.42 | 0.33 | 0.42 | |||||||||||||||||||||||||||||
| AT PERIOD END ($ in millions) | ||||||||||||||||||||||||||||||||||||
| Loans | $ | 19,384 | $ | 19,175 | $ | 18,921 | $ | 18,425 | $ | 18,176 | 7 | $ | 19,384 | $ | 18,176 | 7 | ||||||||||||||||||||
| Investment securities | 5,988 | 6,163 | 6,382 | 6,661 | 6,804 | (12 | ) | 5,988 | 6,804 | (12 | ) | |||||||||||||||||||||||||
| Total assets | 28,003 | 28,143 | 28,086 | 27,874 | 27,720 | 1 | 28,003 | 27,720 | 1 | |||||||||||||||||||||||||||
| Deposits | 23,798 | 24,021 | 23,963 | 23,762 | 23,461 | 1 | 23,798 | 23,461 | 1 | |||||||||||||||||||||||||||
| Shareholders’ equity | 3,639 | 3,597 | 3,613 | 3,501 | 3,432 | 6 | 3,639 | 3,432 | 6 | |||||||||||||||||||||||||||
| Common shares outstanding (thousands) | 120,598 | 121,553 | 121,431 | 119,514 | 119,364 | 1 | 120,598 | 119,364 | 1 | |||||||||||||||||||||||||||
(1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation. (2) Net income less preferred stock dividends, divided by average common equity. (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.
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| UNITED COMMUNITY BANKS, INC. | ||||||||||||||||||||||||||||
| Financial Highlights | ||||||||||||||||||||||||||||
| Loan Portfolio Composition at Period-End | ||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||
| 2025 | 2024 | Linked | Year over | |||||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Second Quarter | First
Quarter | Fourth Quarter | Quarter Change | Year Change | ||||||||||||||||||||||
| LOANS BY CATEGORY | ||||||||||||||||||||||||||||
| Owner occupied commercial RE | $ | 3,852 | $ | 3,678 | $ | 3,563 | $ | 3,419 | $ | 3,398 | $ | 174 | $ | 454 | ||||||||||||||
| Income producing commercial RE | 4,883 | 4,534 | 4,548 | 4,416 | 4,361 | 349 | 522 | |||||||||||||||||||||
| Commercial & industrial | 2,696 | 2,593 | 2,516 | 2,506 | 2,428 | 103 | 268 | |||||||||||||||||||||
| Commercial construction and land | 1,245 | 1,734 | 1,752 | 1,681 | 1,656 | (489 | ) | (411 | ) | |||||||||||||||||||
| Equipment financing | 1,848 | 1,808 | 1,778 | 1,723 | 1,663 | 40 | 185 | |||||||||||||||||||||
| Total commercial | 14,524 | 14,347 | 14,157 | 13,745 | 13,506 | 177 | 1,018 | |||||||||||||||||||||
| Residential mortgage | 3,157 | 3,198 | 3,210 | 3,218 | 3,232 | (41 | ) | (75 | ) | |||||||||||||||||||
| Home equity lines of credit | 1,319 | 1,252 | 1,180 | 1,099 | 1,065 | 67 | 254 | |||||||||||||||||||||
| Residential construction and land | 191 | 178 | 174 | 171 | 178 | 13 | 13 | |||||||||||||||||||||
| Consumer | 188 | 192 | 191 | 183 | 188 | (4 | ) | — | ||||||||||||||||||||
| Other | 5 | 8 | 9 | 9 | 7 | (3 | ) | (2 | ) | |||||||||||||||||||
| Total loans | $ | 19,384 | $ | 19,175 | $ | 18,921 | $ | 18,425 | $ | 18,176 | $ | 209 | $ | 1,208 | ||||||||||||||
| LOANS BY STATE | ||||||||||||||||||||||||||||
| Georgia | $ | 4,635 | $ | 4,584 | $ | 4,551 | $ | 4,484 | $ | 4,447 | $ | 51 | $ | 188 | ||||||||||||||
| South Carolina | 2,971 | 2,926 | 2,872 | 2,821 | 2,815 | 45 | 156 | |||||||||||||||||||||
| North Carolina | 2,712 | 2,676 | 2,626 | 2,666 | 2,644 | 36 | 68 | |||||||||||||||||||||
| Tennessee | 1,913 | 1,902 | 1,881 | 1,880 | 1,799 | 11 | 114 | |||||||||||||||||||||
| Florida | 3,102 | 3,040 | 2,966 | 2,572 | 2,527 | 62 | 575 | |||||||||||||||||||||
| Alabama | 1,050 | 1,054 | 1,016 | 1,009 | 996 | (4 | ) | 54 | ||||||||||||||||||||
| Commercial Banking Solutions | 3,001 | 2,993 | 3,009 | 2,993 | 2,948 | 8 | 53 | |||||||||||||||||||||
| Total loans | $ | 19,384 | $ | 19,175 | $ | 18,921 | $ | 18,425 | $ | 18,176 | $ | 209 | $ | 1,208 | ||||||||||||||
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| UNITED COMMUNITY BANKS, INC. | ||||||||||||
| Financial Highlights | ||||||||||||
| Credit Quality | ||||||||||||
| (in thousands) | ||||||||||||
| 2025 | ||||||||||||
| Fourth Quarter | Third Quarter | Second Quarter | ||||||||||
| NONACCRUAL LOANS | ||||||||||||
| Owner occupied RE | $ | 10,199 | $ | 10,275 | $ | 8,207 | ||||||
| Income producing RE | 11,488 | 10,884 | 14,624 | |||||||||
| Commercial & industrial | 18,294 | 25,754 | 15,422 | |||||||||
| Commercial construction and land | 984 | 3,198 | 1,368 | |||||||||
| Equipment financing | 10,383 | 9,716 | 11,731 | |||||||||
| Total commercial | 51,348 | 59,827 | 51,352 | |||||||||
| Residential mortgage | 32,423 | 28,978 | 22,597 | |||||||||
| Home equity | 5,247 | 5,234 | 4,093 | |||||||||
| Residential construction and land | 1,079 | 1,241 | 1,203 | |||||||||
| Consumer | 1,001 | 1,163 | 1,207 | |||||||||
| Total nonaccrual loans | 91,098 | 96,443 | 80,452 | |||||||||
| OREO and repossessed assets | 2,400 | 1,473 | 3,507 | |||||||||
| Total NPAs | $ | 93,498 | $ | 97,916 | $ | 83,959 | ||||||
| 2025 | ||||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Second 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 | $ | 1,610 | 0.17 | % | $ | 2,497 | 0.28 | % | $ | 470 | 0.05 | % | ||||||||||||
| Income producing RE | (116 | ) | (0.01 | ) | (106 | ) | (0.01 | ) | 933 | 0.08 | ||||||||||||||
| Commercial & industrial | 7,557 | 1.15 | (1,132 | ) | (0.18 | ) | 1,027 | 0.16 | ||||||||||||||||
| Commercial construction and land | 1,484 | 0.35 | 491 | 0.11 | 89 | 0.02 | ||||||||||||||||||
| Equipment financing | 5,092 | 1.12 | 5,487 | 1.23 | 4,963 | 1.16 | ||||||||||||||||||
| Total commercial | 15,627 | 0.43 | 7,237 | 0.20 | 7,482 | 0.22 | ||||||||||||||||||
| Residential mortgage | 126 | 0.02 | (259 | ) | (0.03 | ) | 313 | 0.04 | ||||||||||||||||
| Home equity | (94 | ) | (0.03 | ) | 19 | 0.01 | (72 | ) | (0.03 | ) | ||||||||||||||
| Residential construction and land | 16 | 0.03 | 12 | 0.03 | (9 | ) | (0.02 | ) | ||||||||||||||||
| Consumer | 743 | 1.55 | 667 | 1.39 | 511 | 1.11 | ||||||||||||||||||
| Total | $ | 16,418 | 0.34 | $ | 7,676 | 0.16 | $ | 8,225 | 0.18 | |||||||||||||||
| (1) Annualized. |
6
UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 202,586 | $ | 296,161 | ||||
| Interest-bearing deposits in banks | 193,168 | 223,712 | ||||||
| Cash and cash equivalents | 395,754 | 519,873 | ||||||
| Debt securities available-for-sale | 3,750,863 | 4,436,291 | ||||||
| Debt securities held-to-maturity (fair value $1,918,426 and $1,944,126, respectively) | 2,237,356 | 2,368,107 | ||||||
| Loans held for sale | 39,381 | 57,534 | ||||||
| Loans and leases held for investment | 19,384,317 | 18,175,980 | ||||||
| Less allowance for credit losses - loans and leases | (210,429 | ) | (206,998 | ) | ||||
| Loans and leases, net | 19,173,888 | 17,968,982 | ||||||
| Premises and equipment, net | 393,714 | 394,264 | ||||||
| Bank owned life insurance | 364,184 | 346,234 | ||||||
| Accrued interest receivable | 83,557 | 85,616 | ||||||
| Net deferred tax asset | 75,861 | 96,982 | ||||||
| Derivative financial instruments | 35,313 | 46,883 | ||||||
| Goodwill and other intangible assets, net | 967,882 | 956,643 | ||||||
| Other assets | 484,801 | 442,849 | ||||||
| Total assets | $ | 28,002,554 | $ | 27,720,258 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Deposits: | ||||||||
| Noninterest-bearing demand | $ | 6,252,252 | $ | 6,211,182 | ||||
| NOW and interest-bearing demand | 5,969,864 | 6,141,342 | ||||||
| Money market | 6,696,530 | 6,398,144 | ||||||
| Savings | 1,085,331 | 1,100,591 | ||||||
| Time | 3,619,189 | 3,441,424 | ||||||
| Brokered | 175,264 | 168,292 | ||||||
| Total deposits | 23,798,430 | 23,460,975 | ||||||
| Short-term borrowings | 85,000 | 195,000 | ||||||
| Long-term debt | 120,400 | 254,152 | ||||||
| Derivative financial instruments | 52,997 | 77,834 | ||||||
| Accrued expenses and other liabilities | 307,041 | 300,170 | ||||||
| Total liabilities | 24,363,868 | 24,288,131 | ||||||
| Shareholders' equity: | ||||||||
| Preferred stock, $1 par value: 10,000,000 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; 120,598,266 and 119,364,110 shares issued and outstanding, respectively | 120,598 | 119,364 | ||||||
| Capital surplus | 2,754,399 | 2,723,278 | ||||||
| Retained earnings | 914,261 | 714,138 | ||||||
| Accumulated other comprehensive loss | (150,572 | ) | (212,919 | ) | ||||
| Total shareholders’ equity | 3,638,686 | 3,432,127 | ||||||
| Total liabilities and shareholders’ equity | $ | 28,002,554 | $ | 27,720,258 | ||||
7
UNITED COMMUNITY BANKS, INC. |
Consolidated Statements of Income (Unaudited) |
(in thousands, except per share data) |
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Interest revenue: | ||||||||||||||||
| Loans, including fees | $ | 293,008 | $ | 280,325 | $ | 1,153,277 | $ | 1,147,477 | ||||||||
| Investment securities, including tax exempt of $1,660, $1,701, $6,690 and $6,834 | 48,585 | 57,127 | 216,500 | 206,623 | ||||||||||||
| Deposits in banks and short-term investments | 4,774 | 7,510 | 13,162 | 23,641 | ||||||||||||
| Total interest revenue | 346,367 | 344,962 | 1,382,939 | 1,377,741 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Deposits: | ||||||||||||||||
| NOW and interest-bearing demand | 31,871 | 42,012 | 141,267 | 175,534 | ||||||||||||
| Money market | 44,103 | 53,859 | 193,908 | 214,742 | ||||||||||||
| Savings | 486 | 652 | 3,208 | 2,717 | ||||||||||||
| Time | 30,747 | 34,601 | 125,369 | 142,526 | ||||||||||||
| Deposits | 107,207 | 131,124 | 463,752 | 535,519 | ||||||||||||
| Short-term borrowings | 18 | 44 | 1,233 | 131 | ||||||||||||
| Federal Home Loan Bank advances | — | — | 433 | — | ||||||||||||
| Long-term debt | 1,216 | 3,461 | 8,414 | 14,723 | ||||||||||||
| Total interest expense | 108,441 | 134,629 | 473,832 | 550,373 | ||||||||||||
| Net interest revenue | 237,926 | 210,333 | 909,107 | 827,368 | ||||||||||||
| Noninterest income: | ||||||||||||||||
| Service charges and fees | 10,674 | 10,622 | 41,731 | 40,994 | ||||||||||||
| Mortgage loan gains and related fees | 6,483 | 9,737 | 25,073 | 27,567 | ||||||||||||
| Wealth management fees | 5,248 | 4,658 | 18,870 | 23,695 | ||||||||||||
| Net (losses) gains from sale of other loans | 2,147 | 1,583 | 7,923 | (21,284 | ) | |||||||||||
| Other lending and loan servicing fees | 4,322 | 3,346 | 16,412 | 14,396 | ||||||||||||
| Securities gains (losses), net | 11 | (3,316 | ) | 352 | (3,316 | ) | ||||||||||
| Other | 11,577 | 13,892 | 43,684 | 42,704 | ||||||||||||
| Total noninterest income | 40,462 | 40,522 | 154,045 | 124,756 | ||||||||||||
| Total revenue | 278,388 | 250,855 | 1,063,152 | 952,124 | ||||||||||||
| Provision for credit losses | 13,662 | 11,389 | 48,806 | 50,951 | ||||||||||||
| Noninterest expenses: | ||||||||||||||||
| Salaries and employee benefits | 92,520 | 85,707 | 354,451 | 340,043 | ||||||||||||
| Occupancy | 11,602 | 10,840 | 44,968 | 44,306 | ||||||||||||
| Communications and equipment | 14,276 | 12,715 | 55,244 | 49,249 | ||||||||||||
| FDIC assessments and other regulatory charges | 4,754 | 3,942 | 18,987 | 20,978 | ||||||||||||
| Professional fees | 6,773 | 6,268 | 24,595 | 24,732 | ||||||||||||
| Lending and loan servicing expense | 2,014 | 2,311 | 8,759 | 8,379 | ||||||||||||
| Outside services - electronic banking | 3,565 | 3,540 | 13,441 | 13,703 | ||||||||||||
| Postage, printing and supplies | 2,859 | 2,491 | 10,650 | 9,867 | ||||||||||||
| Advertising and public relations | 2,790 | 2,145 | 9,605 | 8,546 | ||||||||||||
| Amortization of intangibles | 3,188 | 3,387 | 13,079 | 14,596 | ||||||||||||
| Merger-related and other charges | 606 | 2,203 | 10,204 | 8,623 | ||||||||||||
| Other | 7,101 | 7,507 | 27,951 | 35,145 | ||||||||||||
| Total noninterest expenses | 152,048 | 143,056 | 591,934 | 578,167 | ||||||||||||
| Net income before income taxes | 112,678 | 96,410 | 422,412 | 323,006 | ||||||||||||
| Income tax expense | 26,223 | 20,606 | 94,317 | 70,609 | ||||||||||||
| Net income | $ | 86,455 | $ | 75,804 | $ | 328,095 | $ | 252,397 | ||||||||
| Preferred stock dividends and deemed dividend at redemption | — | 1,574 | 7,994 | 6,293 | ||||||||||||
| Earnings allocated to participating securities | 565 | 503 | 1,918 | 1,478 | ||||||||||||
| Net income available to common shareholders | $ | 85,890 | $ | 73,727 | $ | 318,183 | $ | 244,626 | ||||||||
| Net income per common share: | ||||||||||||||||
| Basic | $ | 0.71 | $ | 0.61 | $ | 2.62 | $ | 2.04 | ||||||||
| Diluted | 0.70 | 0.61 | 2.62 | 2.04 | ||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 121,672 | 119,924 | 121,309 | 119,783 | ||||||||||||
| Diluted | 121,831 | 120,111 | 121,437 | 119,900 | ||||||||||||
8
| Average Consolidated Balance Sheets and Net Interest Analysis |
| For the Three Months Ended December 31, |
| (dollars in thousands, fully taxable equivalent (FTE)) |
| 2025 | 2024 | |||||||||||||||||||||||
| Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans, net of unearned income (FTE) (1)(2) | $ | 19,203,306 | $ | 292,907 | 6.05 | % | $ | 17,934,730 | $ | 279,938 | 6.21 | % | ||||||||||||
| Taxable securities (3) | 5,979,298 | 46,925 | 3.14 | 6,722,655 | 55,426 | 3.30 | ||||||||||||||||||
| Tax-exempt securities (FTE) (1)(3) | 349,292 | 2,221 | 2.54 | 359,569 | 2,276 | 2.53 | ||||||||||||||||||
| Federal funds sold and other interest-earning assets | 657,723 | 5,413 | 3.27 | 812,962 | 8,396 | 4.11 | ||||||||||||||||||
| Total interest-earning assets (FTE) | 26,189,619 | 347,466 | 5.27 | 25,829,916 | 346,036 | 5.33 | ||||||||||||||||||
| Noninterest-earning assets: | ||||||||||||||||||||||||
| Allowance for loan losses | (217,185 | ) | (208,788 | ) | ||||||||||||||||||||
| Cash and due from banks | 205,643 | 228,601 | ||||||||||||||||||||||
| Premises and equipment | 395,523 | 398,794 | ||||||||||||||||||||||
| Other assets (3) | 1,743,478 | 1,606,297 | ||||||||||||||||||||||
| Total assets | $ | 28,317,078 | $ | 27,854,820 | ||||||||||||||||||||
| Liabilities and Shareholders’ Equity: | ||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||
| NOW and interest-bearing demand | $ | 6,086,189 | 31,871 | 2.08 | $ | 6,313,325 | 42,012 | 2.65 | ||||||||||||||||
| Money market | 6,957,989 | 44,103 | 2.51 | 6,474,284 | 53,859 | 3.31 | ||||||||||||||||||
| Savings | 1,084,178 | 486 | 0.18 | 1,105,572 | 652 | 0.23 | ||||||||||||||||||
| Time | 3,653,500 | 30,272 | 3.29 | 3,472,161 | 34,030 | 3.90 | ||||||||||||||||||
| Brokered time deposits | 50,571 | 475 | 3.73 | 50,406 | 571 | 4.51 | ||||||||||||||||||
| Total interest-bearing deposits | 17,832,427 | 107,207 | 2.39 | 17,415,748 | 131,124 | 3.00 | ||||||||||||||||||
| Federal funds purchased and other borrowings | 1,413 | 18 | 5.05 | 3,859 | 44 | 4.54 | ||||||||||||||||||
| Long-term debt | 137,067 | 1,216 | 3.52 | 303,523 | 3,461 | 4.54 | ||||||||||||||||||
| Total borrowed funds | 138,480 | 1,234 | 3.54 | 307,382 | 3,505 | 4.54 | ||||||||||||||||||
| Total interest-bearing liabilities | 17,970,907 | 108,441 | 2.39 | 17,723,130 | 134,629 | 3.02 | ||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing deposits | 6,393,693 | 6,275,493 | ||||||||||||||||||||||
| Other liabilities | 332,836 | 454,891 | ||||||||||||||||||||||
| Total liabilities | 24,697,436 | 24,453,514 | ||||||||||||||||||||||
| Shareholders’ equity | 3,619,642 | 3,401,306 | ||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 28,317,078 | $ | 27,854,820 | ||||||||||||||||||||
| Net interest revenue (FTE) | $ | 239,025 | $ | 211,407 | ||||||||||||||||||||
| Net interest-rate spread (FTE) | 2.88 | % | 2.31 | % | ||||||||||||||||||||
| Net interest margin (FTE) (4) | 3.62 | % | 3.26 | % | ||||||||||||||||||||
| (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 $1.10 million and $1.07 million, respectively, for the three months ended December 31, 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 $195 million in 2025 and $261 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. |
9
| Average Consolidated Balance Sheets and Net Interest Analysis |
| For the Twelve Months Ended December 31, |
| (dollars in thousands, fully taxable equivalent (FTE)) |
| 2025 | 2024 | |||||||||||||||||||||||
| Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | |||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans, net of unearned income (FTE) (1)(2) | $ | 18,776,288 | $ | 1,152,585 | 6.14 | % | $ | 18,124,179 | $ | 1,146,440 | 6.33 | % | ||||||||||||
| Taxable securities (3) | 6,354,276 | 209,810 | 3.30 | 6,172,942 | 199,789 | 3.24 | ||||||||||||||||||
| Tax-exempt securities (FTE) (1)(3) | 352,899 | 8,951 | 2.54 | 362,655 | 9,152 | 2.52 | ||||||||||||||||||
| Federal funds sold and other interest-earning assets | 481,507 | 15,701 | 3.26 | 623,426 | 26,652 | 4.28 | ||||||||||||||||||
| Total interest-earning assets (FTE) | 25,964,970 | 1,387,047 | 5.34 | 25,283,202 | 1,382,033 | 5.47 | ||||||||||||||||||
| Non-interest-earning assets: | ||||||||||||||||||||||||
| Allowance for loan losses | (217,084 | ) | (212,968 | ) | ||||||||||||||||||||
| Cash and due from banks | 208,922 | 215,411 | ||||||||||||||||||||||
| Premises and equipment | 396,923 | 394,127 | ||||||||||||||||||||||
| Other assets (3) | 1,664,206 | 1,611,405 | ||||||||||||||||||||||
| Total assets | $ | 28,017,937 | $ | 27,291,177 | ||||||||||||||||||||
| Liabilities and Shareholders’ Equity: | ||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||
| NOW and interest-bearing demand | $ | 6,023,746 | 141,267 | 2.35 | $ | 6,014,052 | 175,534 | 2.92 | ||||||||||||||||
| Money market | 6,775,187 | 193,908 | 2.86 | 6,188,579 | 214,742 | 3.47 | ||||||||||||||||||
| Savings | 1,120,753 | 3,208 | 0.29 | 1,146,305 | 2,717 | 0.24 | ||||||||||||||||||
| Time | 3,572,941 | 123,301 | 3.45 | 3,519,461 | 140,229 | 3.98 | ||||||||||||||||||
| Brokered time deposits | 50,509 | 2,068 | 4.09 | 50,359 | 2,297 | 4.56 | ||||||||||||||||||
| Total interest-bearing deposits | 17,543,136 | 463,752 | 2.64 | 16,918,756 | 535,519 | 3.17 | ||||||||||||||||||
| Federal funds purchased and other borrowings | 22,693 | 1,233 | 5.43 | 2,468 | 131 | 5.31 | ||||||||||||||||||
| Federal Home Loan Bank advances | 9,592 | 433 | 4.51 | 4 | — | — | ||||||||||||||||||
| Long-term debt | 195,686 | 8,414 | 4.30 | 319,163 | 14,723 | 4.61 | ||||||||||||||||||
| Total borrowed funds | 227,971 | 10,080 | 4.42 | 321,635 | 14,854 | 4.62 | ||||||||||||||||||
| Total interest-bearing liabilities | 17,771,107 | 473,832 | 2.67 | 17,240,391 | 550,373 | 3.19 | ||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||
| Noninterest-bearing deposits | 6,327,200 | 6,299,019 | ||||||||||||||||||||||
| Other liabilities | 345,832 | 409,547 | ||||||||||||||||||||||
| Total liabilities | 24,444,139 | 23,948,957 | ||||||||||||||||||||||
| Shareholders’ equity | 3,573,798 | 3,342,220 | ||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 28,017,937 | $ | 27,291,177 | ||||||||||||||||||||
| Net interest revenue (FTE) | $ | 913,215 | $ | 831,660 | ||||||||||||||||||||
| Net interest-rate spread (FTE) | 2.68 | % | 2.27 | % | ||||||||||||||||||||
| Net interest margin (FTE) (4) | 3.52 | % | 3.29 | % | ||||||||||||||||||||
| (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 $4.11 million and $4.29 million, respectively, for 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 $232 million in 2025 and $306 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. |
10
| UNITED
COMMUNITY BANKS, INC. Non-GAAP Performance Measures Reconciliation Selected Financial Information (in thousands, except per share data) | ||||||||||||||||||||||||||||
| 2025 | 2024 | Twelve
Months Ended December 31, | ||||||||||||||||||||||||||
| Fourth
Quarter | Third
Quarter | Second
Quarter | First
Quarter | Fourth
Quarter | 2025 | 2024 | ||||||||||||||||||||||
| Noninterest income reconciliation | ||||||||||||||||||||||||||||
| Noninterest income (GAAP) | $ | 40,462 | $ | 43,219 | $ | 34,708 | $ | 35,656 | $ | 40,522 | $ | 154,045 | $ | 124,756 | ||||||||||||||
| Loss on sale of manufactured housing loans | — | — | — | — | — | — | 27,209 | |||||||||||||||||||||
| Gain on lease termination | — | — | — | — | — | — | (2,400 | ) | ||||||||||||||||||||
| Noninterest income - operating | $ | 40,462 | $ | 43,219 | $ | 34,708 | $ | 35,656 | $ | 40,522 | $ | 154,045 | $ | 149,565 | ||||||||||||||
| Noninterest expense reconciliation | ||||||||||||||||||||||||||||
| Noninterest expenses (GAAP) | $ | 152,048 | $ | 150,868 | $ | 147,919 | $ | 141,099 | $ | 143,056 | $ | 591,934 | $ | 578,167 | ||||||||||||||
| Loss on sale of FinTrust, including goodwill impairment | — | — | — | — | — | — | (5,100 | ) | ||||||||||||||||||||
| FDIC special assessment | — | — | — | — | — | — | (1,736 | ) | ||||||||||||||||||||
| Merger-related and other charges | (606 | ) | (3,468 | ) | (4,833 | ) | (1,297 | ) | (2,203 | ) | (10,204 | ) | (8,623 | ) | ||||||||||||||
| Noninterest expenses - operating | $ | 151,442 | $ | 147,400 | $ | 143,086 | $ | 139,802 | $ | 140,853 | $ | 581,730 | $ | 562,708 | ||||||||||||||
| Net income to operating income reconciliation | ||||||||||||||||||||||||||||
| Net income (GAAP) | $ | 86,455 | $ | 91,494 | $ | 78,733 | $ | 71,413 | $ | 75,804 | $ | 328,095 | $ | 252,397 | ||||||||||||||
| Loss on sale of manufactured housing loans | — | — | — | — | — | — | 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 | 606 | 3,468 | 4,833 | 1,297 | 2,203 | 10,204 | 8,623 | |||||||||||||||||||||
| Income tax benefit of non-operating items | (133 | ) | (751 | ) | (1,047 | ) | (281 | ) | (471 | ) | (2,212 | ) | (8,702 | ) | ||||||||||||||
| Net income - operating | $ | 86,928 | $ | 94,211 | $ | 82,519 | $ | 72,429 | $ | 77,536 | $ | 336,087 | $ | 283,963 | ||||||||||||||
| Net income to pre-tax pre-provision income reconciliation | ||||||||||||||||||||||||||||
| Net income (GAAP) | $ | 86,455 | $ | 91,494 | $ | 78,733 | $ | 71,413 | $ | 75,804 | $ | 328,095 | $ | 252,397 | ||||||||||||||
| Income tax expense | 26,223 | 26,579 | 21,769 | 19,746 | 20,606 | 94,317 | 70,609 | |||||||||||||||||||||
| Provision for credit losses | 13,662 | 7,907 | 11,818 | 15,419 | 11,389 | 48,806 | 50,951 | |||||||||||||||||||||
| Pre-tax pre-provision income | $ | 126,340 | $ | 125,980 | $ | 112,320 | $ | 106,578 | $ | 107,799 | $ | 471,218 | $ | 373,957 | ||||||||||||||
| Diluted income per common share reconciliation | ||||||||||||||||||||||||||||
| Diluted income per common share (GAAP) | $ | 0.70 | $ | 0.70 | $ | 0.63 | $ | 0.58 | $ | 0.61 | $ | 2.62 | $ | 2.04 | ||||||||||||||
| Loss on sale of manufactured housing loans | — | — | — | — | — | — | 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 | 0.01 | 0.02 | 0.03 | 0.01 | 0.02 | 0.06 | 0.06 | |||||||||||||||||||||
| Deemed dividend on preferred stock redemption | — | 0.03 | — | — | — | 0.03 | — | |||||||||||||||||||||
| Diluted income per common share - operating | $ | 0.71 | $ | 0.75 | $ | 0.66 | $ | 0.59 | $ | 0.63 | $ | 2.71 | $ | 2.30 | ||||||||||||||
| Book value per common share reconciliation | ||||||||||||||||||||||||||||
| Book value per common share (GAAP) | $ | 30.17 | $ | 29.44 | $ | 28.89 | $ | 28.42 | $ | 27.87 | $ | 30.17 | $ | 27.87 | ||||||||||||||
| Effect of goodwill and other intangibles | (7.93 | ) | (7.85 | ) | (7.89 | ) | (7.84 | ) | (7.87 | ) | (7.93 | ) | (7.87 | ) | ||||||||||||||
| Tangible book value per common share | $ | 22.24 | $ | 21.59 | $ | 21.00 | $ | 20.58 | $ | 20.00 | $ | 22.24 | $ | 20.00 | ||||||||||||||
| Return on tangible common equity reconciliation | ||||||||||||||||||||||||||||
| Return on common equity (GAAP) | 9.48 | % | 9.20 | % | 8.45 | % | 7.89 | % | 8.40 | % | 9.12 | % | 7.07 | % | ||||||||||||||
| Loss on sale of manufactured housing loans | — | — | — | — | — | — | 0.61 | |||||||||||||||||||||
| Gain on lease termination | — | — | — | — | — | — | (0.05 | ) | ||||||||||||||||||||
| Loss on sale of FinTrust, including goodwill impairment | — | — | — | — | — | — | 0.11 | |||||||||||||||||||||
| FDIC special assessment | — | — | — | — | — | — | 0.04 | |||||||||||||||||||||
| Merger-related and other charges | 0.05 | 0.29 | 0.42 | 0.12 | 0.20 | 0.23 | 0.19 | |||||||||||||||||||||
| Deemed dividend on preferred stock redemption | — | 0.34 | — | — | — | 0.09 | — | |||||||||||||||||||||
| Return on common equity - operating | 9.53 | 9.83 | 8.87 | 8.01 | 8.60 | 9.44 | 7.97 | |||||||||||||||||||||
| Effect of goodwill and other intangibles | 3.78 | 3.73 | 3.47 | 3.20 | 3.52 | 3.90 | 3.45 | |||||||||||||||||||||
| Return on tangible common equity - operating | 13.31 | % | 13.56 | % | 12.34 | % | 11.21 | % | 12.12 | % | 13.34 | % | 11.42 | % | ||||||||||||||
11
| UNITED
COMMUNITY BANKS, INC. Non-GAAP Performance Measures Reconciliation Selected Financial Information (in thousands, except per share data) | ||||||||||||||||||||||||||||
| 2025 | 2024 | Twelve
Months Ended December 31, | ||||||||||||||||||||||||||
| Fourth
Quarter | Third
Quarter | Second
Quarter | First
Quarter | Fourth
Quarter | 2025 | 2024 | ||||||||||||||||||||||
| Return on assets reconciliation | ||||||||||||||||||||||||||||
| Return on assets (GAAP) | 1.21 | % | 1.29 | % | 1.11 | % | 1.02 | % | 1.06 | % | 1.17 | % | 0.90 | % | ||||||||||||||
| Loss on sale of manufactured housing loans | — | — | — | — | — | — | 0.08 | |||||||||||||||||||||
| 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 | 0.01 | 0.04 | 0.05 | 0.02 | 0.02 | 0.03 | 0.02 | |||||||||||||||||||||
| Return on assets - operating | 1.22 | % | 1.33 | % | 1.16 | % | 1.04 | % | 1.08 | % | 1.20 | % | 1.02 | % | ||||||||||||||
| Return on assets to return on assets- pre-tax pre-provision reconciliation | ||||||||||||||||||||||||||||
| Return on assets (GAAP) | 1.21 | % | 1.29 | % | 1.11 | % | 1.02 | % | 1.06 | % | 1.17 | % | 0.90 | % | ||||||||||||||
| Income tax expense | 0.37 | 0.38 | 0.31 | 0.29 | 0.30 | 0.34 | 0.26 | |||||||||||||||||||||
| Provision for credit losses | 0.19 | 0.11 | 0.17 | 0.23 | 0.16 | 0.17 | 0.19 | |||||||||||||||||||||
| Loss on sale of manufactured housing loans | — | — | — | — | — | — | 0.09 | |||||||||||||||||||||
| 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 | 0.01 | 0.05 | 0.07 | 0.01 | 0.03 | 0.04 | 0.03 | |||||||||||||||||||||
| Return on assets - pre-tax pre-provision, excluding non-operating items | 1.78 | % | 1.83 | % | 1.66 | % | 1.55 | % | 1.55 | % | 1.72 | % | 1.49 | % | ||||||||||||||
| Efficiency ratio reconciliation | ||||||||||||||||||||||||||||
| Efficiency ratio (GAAP) | 54.40 | % | 54.30 | % | 56.69 | % | 56.74 | % | 56.05 | % | 55.46 | % | 60.24 | % | ||||||||||||||
| Loss on sale of manufactured housing loans | — | — | — | — | — | — | (1.63 | ) | ||||||||||||||||||||
| Gain on lease termination | — | — | — | — | — | — | 0.15 | |||||||||||||||||||||
| Loss on sale of FinTrust, including goodwill impairment | — | — | — | — | — | — | (0.53 | ) | ||||||||||||||||||||
| FDIC special assessment | — | — | — | — | — | — | (0.18 | ) | ||||||||||||||||||||
| Merger-related and other charges | (0.21 | ) | (1.25 | ) | (1.85 | ) | (0.52 | ) | (0.87 | ) | (0.95 | ) | (0.90 | ) | ||||||||||||||
| Efficiency ratio - operating | 54.19 | % | 53.05 | % | 54.84 | % | 56.22 | % | 55.18 | % | 54.51 | % | 57.15 | % | ||||||||||||||
| Tangible common equity to tangible assets reconciliation | ||||||||||||||||||||||||||||
| Equity to total assets (GAAP) | 12.99 | % | 12.78 | % | 12.86 | % | 12.56 | % | 12.38 | % | 12.99 | % | 12.38 | % | ||||||||||||||
| Effect of goodwill and other intangibles | (3.07 | ) | (3.07 | ) | (3.10 | ) | (3.06 | ) | (3.09 | ) | (3.07 | ) | (3.09 | ) | ||||||||||||||
| Effect of preferred equity | — | — | (0.31 | ) | (0.32 | ) | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||
| Tangible common equity to tangible assets | 9.92 | % | 9.71 | % | 9.45 | % | 9.18 | % | 8.97 | % | 9.92 | % | 8.97 | % | ||||||||||||||
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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 December 31, 2025, United Community Banks, Inc. had $28.0 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. United Community 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”).
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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.
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