ﾕﾅｲﾃｯﾄﾞｺﾐｭﾆﾃｨﾊﾞﾝｸｽの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 18, 2022

UNITED COMMUNITY BANKS, INC.

(Exact name of registrant as specified in its charter)

Georgia	001-35095	58-1807304
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS Employer Identification No.)

125 Highway 515 East
Blairsville, Georgia 30512
(Address of principal executive offices)

Registrant's telephone number, including area code:
(706) 781-2265

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, par value $1 per share	UCBI	Nasdaq Global Select Market
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock	UCBIO	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02	Results of Operations and Financial Condition.
	On October 18, 2022, United Community Banks, Inc. (“United”) issued a press release announcing financial results for the third quarter of 2022. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01	Regulation FD Disclosure.
	On October 19, 2022, United will hold an earnings conference call and webcast at 11:00 a.m. (Eastern Time) to discuss financial results for the third quarter of 2022. The press release referenced above in Item 2.02 contains information about how to access the conference call and webcast. A copy of the slide presentation to be used during the earnings call and webcast is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.ucbi.com, under the “Investor Relations – Events and Presentations” section.

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits	The following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K.

EXHIBIT INDEX

Exhibit No.	Description

99.1	United Community Banks, Inc. Press Release, dated October 18, 2022 (furnished only).

99.2	Slide presentation to be used during October 19, 2022 earnings call (furnished only).

104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UNITED COMMUNITY BANKS, INC.

	By:	/s/ Jefferson L. Harralson
		Jefferson L. Harralson
		Executive Vice President and Chief Financial Officer
Date: October 18, 2022

EX-99.1 2 tm2228398d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release

For more information:

Jefferson Harralson

Chief Financial Officer

(864) 240-6208

Jefferson_Harralson@ucbi.com

United Community Banks, Inc. Reports Third Quarter Results

Strong Core Profitability Driven by Loan Growth and Continued Margin Expansion

GREENVILLE, SC – October 18, 2022 - United Community Banks, Inc. (NASDAQ: UCBI) (United) announced today that net income for the third quarter was $81.2 million with pre-tax, pre-provision income of $118.9 million. Diluted earnings per share was $0.74 for the quarter, which represented an increase of $0.13 or 21% from the second quarter of 2022, and a decrease of $0.08 or 10% from the third quarter a year ago. The year-over-year decrease is largely attributable to an $11.0 million provision release in the third quarter of 2021 compared to a $15.4 million provision expense in this quarter. Other highlights of the quarter include 9.4% annualized loan growth, 38 basis points of net interest margin expansion, a reserve build to 1.12% of loans and an improvement in the efficiency ratio to 48.4%, or 47.7% on an operating basis, which excludes the effect of merger-related and other charges.

United’s third-quarter return on assets (ROA) was 1.32%, and return on common equity was 11.02%. On an operating basis, United’s ROA was 1.34%, and its return on tangible common equity was 15.60%. Also, on an operating basis, United’s pre-tax, pre-provision ROA was 1.97% for the quarter.

Total loans increased by $341 million during the quarter, resulting in loan growth of 9.4% on an annualized basis. Deposits decreased by $552 million or 11% annualized. A large portion of this decrease was driven by a seasonal decrease in public deposits, which were down by $278 million. United’s cost of deposits increased 11 basis points from the second quarter to 0.19% while the average yield on interest-earning assets was up 49 basis points to 3.83%.

Chairman and CEO Lynn Harton stated, “This was a great quarter on multiple fronts for United as our businesses and our markets continue to provide solid growth opportunities. Loan growth and an expanding net interest margin propelled our pre-tax, pre-provision ROA and our efficiency ratio to record levels for the company. Deposits fell as anticipated due to higher-yielding market alternatives provided by increasing interest rates, however our core deposit base continues to provide strong liquidity for the company.”

Harton continued, “From a strategic perspective, we continued to strengthen our Board of Directors with the appointment of George Bell, an experienced information technology executive who has more than 35 years in large financial institutions, with a specific emphasis on Customer Information Management. He brings an incredible depth of knowledge in leveraging technology to improve products and services, enhancing customer experience, and increasing organizational productivity. We are excited to have George join United as we continue to grow and expand our capabilities.”

Harton concluded, “Finally, our thoughts are with the people, communities and businesses in Florida who are recovering from the devastating impact of Hurricane Ian. We are fortunate to report that United sustained no loss of life or property.”

Third Quarter 2022 Financial Highlights:

Net income of $81.2 million and pre-tax, pre-provision income of $118.9 million

EPS decreased by 10% compared to third quarter 2021 on a GAAP basis and on an operating basis; compared to second quarter of 2022, EPS increased by 21% on a GAAP basis and increased 14% on an operating basis

Return on assets of 1.32%, or 1.34% on an operating basis

Pre-tax, pre-provision return on assets of 1.94%, or 1.97% on an operating basis

Return on common equity of 11.02%

Return on tangible common equity of 15.60% on an operating basis

A provision for credit losses of $15.4 million, which increased the allowance for loan losses to 1.12% of loans from 1.05% in the second quarter

Loan production of $1.6 billion, resulting in loan growth of 9.4% annualized for the quarter

Core transaction deposits were down $225 million, which represents a decline of 5% annualized for the quarter

Net interest margin of 3.57% was up 38 basis points from the second quarter, due to the effect of higher interest rates

Mortgage closings were $317 million compared to $568 million a year ago; mortgage rate locks were $456 million compared to $731 million a year ago

Noninterest income was down $1.5 million on a linked quarter basis, primarily driven by lower lock volume driven by higher interest rates

Noninterest expenses decreased by $8.0 million compared to the second quarter on a GAAP basis and by $2.6 million on an operating basis, primarily driven by lower merger-related charges as the second quarter included costs for the Reliant systems conversion

Efficiency ratio improved to historically low levels of 48.4%, or 47.7% on an operating basis

Net charge-offs were $1.1 million or 3 basis points as a percent of average loans, up 6 basis points from the net recoveries experienced in the second quarter

Nonperforming assets were 0.15% of total assets, an increase of 1 basis point compared to June 30, 2022

Quarterly common shareholder dividend was $0.22 per share declared during the quarter, an increase of 10% year-over-year

Conference Call

United will hold a conference call on Wednesday, October 19, 2022, at 11:00 am EST 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/10171644/f49bf32028. Those without internet access or unable to pre-register may dial in by calling 1-866-777-2509. 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, www.ucbi.com.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(in thousands, except per share data)

	2022									2021						Third Quarter 2022 -		For the Nine Months Ended September 30,						YTD 2022 -
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2021 Change		2022			2021			2021 Change
INCOME SUMMARY
Interest revenue	$	213,887		$	187,378		$	171,059		$	143,768		$	147,675				$	572,324		$	435,026
Interest expense		14,113			8,475			7,267			6,213			6,636					29,855			23,547
Net interest revenue		199,774			178,903			163,792			137,555			141,039		42	%		542,469			411,479		32	%
Provision for (release of) credit losses		15,392			5,604			23,086			(647	)		(11,034	)				44,082			(36,903	)
Noninterest income		31,922			33,458			38,973			37,177			40,095		(20	)		104,353			120,641		(14	)
Total revenue		216,304			206,757			179,679			175,379			192,168		13			602,740			569,023		6
Noninterest expenses		112,755			120,790			119,275			109,156			96,749		17			352,820			287,483		23
Income before income tax expense		103,549			85,967			60,404			66,223			95,419		9			249,920			281,540		(11	)
Income tax expense		22,388			19,125			12,385			14,204			21,603		4			53,898			63,758		(15	)
Net income		81,161			66,842			48,019			52,019			73,816		10			196,022			217,782		(10	)
Merger-related and other charges		1,746			7,143			9,016			9,912			1,437					17,905			4,058
Income tax benefit of merger-related and other charges		(385	)		(1,575	)		(1,963	)		(2,265	)		(328	)				(3,923	)		(909	)
Net income - operating (1)	$	82,522		$	72,410		$	55,072		$	59,666		$	74,925		10		$	210,004		$	220,931		(5	)
Pre-tax pre-provision income (5)	$	118,941		$	91,571		$	83,490		$	65,576		$	84,385		41		$	294,002		$	244,637		20
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.74		$	0.61		$	0.43		$	0.55		$	0.82		(10	)	$	1.78		$	2.42		(26	)
Diluted net income - operating (1)		0.75			0.66			0.50			0.64			0.83		(10	)		1.91			2.45		(22	)
Cash dividends declared		0.22			0.21			0.21			0.20			0.20		10			0.64			0.58		10
Book value		23.78			23.96			24.38			23.63			23.25		2			23.78			23.25		2
Tangible book value (3)		16.52			16.68			17.08			18.42			18.68		(12	)		16.52			18.68		(12	)
Key performance ratios:
Return on common equity - GAAP (2)(4)		11.02	%		9.31	%		6.80	%		9.32	%		14.26	%				9.08	%		14.55	%
Return on common equity - operating (1)(2)(4)		11.21			10.10			7.83			10.74			14.48					9.75			14.77
Return on tangible common equity - operating (1)(2)(3)(4)		15.60			14.20			11.00			13.93			18.23					13.64			18.55
Return on assets - GAAP (4)		1.32			1.08			0.78			0.96			1.48					1.06			1.52
Return on assets - operating (1)(4)		1.34			1.17			0.89			1.10			1.50					1.13			1.54
Return on assets - pre-tax pre-provision (4)(5)		1.94			1.49			1.37			1.21			1.70					1.60			1.71
Return on assets - pre-tax pre-provision, excluding merger- related and other charges (1)(4)(5)		1.97			1.60			1.52			1.40			1.73					1.70			1.74
Net interest margin (fully taxable equivalent) (4)		3.57			3.19			2.97			2.81			3.12					3.25			3.17
Efficiency ratio - GAAP		48.41			56.58			57.43			62.12			53.11					53.94			53.72
Efficiency ratio - operating (1)		47.66			53.23			53.09			56.48			52.33					51.20			52.97
Equity to total assets		11.12			10.95			11.06			10.61			10.89					11.12			10.89
Tangible common equity to tangible assets (3)		7.70			7.59			7.72			8.09			8.53					7.70			8.53
ASSET QUALITY
Nonperforming assets ("NPAs")	$	35,511		$	34,428		$	40,816		$	32,855		$	45,335		(22	)	$	35,511		$	45,335		(22	)
Allowance for credit losses - loans		148,502			136,925			132,805			102,532			99,620		49			148,502			99,620		49
Allowance for credit losses - total		167,300			153,042			146,369			113,524			110,875					167,300			110,875
Net charge-offs (recoveries)		1,134			(1,069	)		2,978			248			551					3,043			(210	)
Allowance for credit losses - loans to loans		1.00	%		0.94	%		0.93	%		0.87	%		0.89	%				1.00	%		0.89	%
Allowance for credit losses - total to loans		1.12			1.05			1.02			0.97			0.99					1.12			0.99
Net charge-offs to average loans (4)		0.03			(0.03	)		0.08			0.01			0.02					0.03			—
NPAs to total assets		0.15			0.14			0.17			0.16			0.23					0.15			0.23
AT PERIOD END ($ in millions)
Loans	$	14,882		$	14,541		$	14,316		$	11,760		$	11,191		33		$	14,882		$	11,191		33
Investment securities		6,539			6,683			6,410			5,653			5,335		23			6,539			5,335		23
Total assets		23,688			24,213			24,374			20,947			19,481		22			23,688			19,481		22
Deposits		20,321			20,873			21,056			18,241			16,865		20			20,321			16,865		20
Shareholders’ equity		2,635			2,651			2,695			2,222			2,122		24			2,635			2,122		24
Common shares outstanding (thousands)		106,163			106,034			106,025			89,350			86,559		23			106,163			86,559		23

(1) Excludes merger-related and other charges.

(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

Selected Financial Information

(in thousands, except per share data)

	2022									2021						For the Nine Months Ended September 30,
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2022			2021
Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	112,755		$	120,790		$	119,275		$	109,156		$	96,749		$	352,820		$	287,483
Merger-related and other charges		(1,746	)		(7,143	)		(9,016	)		(9,912	)		(1,437	)		(17,905	)		(4,058	)
Noninterest expenses - operating	$	111,009		$	113,647		$	110,259		$	99,244		$	95,312		$	334,915		$	283,425

Net income reconciliation
Net income (GAAP)	$	81,161		$	66,842		$	48,019		$	52,019		$	73,816		$	196,022		$	217,782
Merger-related and other charges		1,746			7,143			9,016			9,912			1,437			17,905			4,058
Income tax benefit of merger-related and other charges		(385	)		(1,575	)		(1,963	)		(2,265	)		(328	)		(3,923	)		(909	)
Net income - operating	$	82,522		$	72,410		$	55,072		$	59,666		$	74,925		$	210,004		$	220,931

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	81,161		$	66,842		$	48,019		$	52,019		$	73,816		$	196,022		$	217,782
Income tax expense		22,388			19,125			12,385			14,204			21,603			53,898			63,758
Provision for (release of) credit losses		15,392			5,604			23,086			(647	)		(11,034	)		44,082			(36,903	)
Pre-tax pre-provision income	$	118,941		$	91,571		$	83,490		$	65,576		$	84,385		$	294,002		$	244,637

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.74		$	0.61		$	0.43		$	0.55		$	0.82		$	1.78		$	2.42
Merger-related and other charges, net of tax		0.01			0.05			0.07			0.09			0.01			0.13			0.03
Diluted income per common share - operating	$	0.75		$	0.66		$	0.50		$	0.64		$	0.83		$	1.91		$	2.45

Book value per common share reconciliation
Book value per common share (GAAP)	$	23.78		$	23.96		$	24.38		$	23.63		$	23.25		$	23.78		$	23.25
Effect of goodwill and other intangibles		(7.26	)		(7.28	)		(7.30	)		(5.21	)		(4.57	)		(7.26	)		(4.57	)
Tangible book value per common share	$	16.52		$	16.68		$	17.08		$	18.42		$	18.68		$	16.52		$	18.68

Return on tangible common equity reconciliation
Return on common equity (GAAP)		11.02	%		9.31	%		6.80	%		9.32	%		14.26	%		9.08	%		14.55	%
Merger-related and other charges, net of tax		0.19			0.79			1.03			1.42			0.22			0.67			0.22
Return on common equity - operating		11.21			10.10			7.83			10.74			14.48			9.75			14.77
Effect of goodwill and other intangibles		4.39			4.10			3.17			3.19			3.75			3.89			3.78
Return on tangible common equity - operating		15.60	%		14.20	%		11.00	%		13.93	%		18.23	%		13.64	%		18.55	%

Return on assets reconciliation
Return on assets (GAAP)		1.32	%		1.08	%		0.78	%		0.96	%		1.48	%		1.06	%		1.52	%
Merger-related and other charges, net of tax		0.02			0.09			0.11			0.14			0.02			0.07			0.02
Return on assets - operating		1.34	%		1.17	%		0.89	%		1.10	%		1.50	%		1.13	%		1.54	%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.32	%		1.08	%		0.78	%		0.96	%		1.48	%		1.06	%		1.52	%
Income tax expense		0.37			0.32			0.20			0.26			0.45			0.30			0.45
(Release of) provision for credit losses		0.25			0.09			0.39			(0.01	)		(0.23	)		0.24			(0.26	)
Return on assets - pre-tax, pre-provision		1.94			1.49			1.37			1.21			1.70			1.60			1.71
Merger-related and other charges		0.03			0.11			0.15			0.19			0.03			0.10			0.03
Return on assets - pre-tax pre-provision, excluding merger-related and other charges		1.97	%		1.60	%		1.52	%		1.40	%		1.73	%		1.70	%		1.74	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		48.41	%		56.58	%		57.43	%		62.12	%		53.11	%		53.94	%		53.72	%
Merger-related and other charges		(0.75	)		(3.35	)		(4.34	)		(5.64	)		(0.78	)		(2.74	)		(0.75	)
Efficiency ratio - operating		47.66	%		53.23	%		53.09	%		56.48	%		52.33	%		51.20	%		52.97	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		11.12	%		10.95	%		11.06	%		10.61	%		10.89	%		11.12	%		10.89	%
Effect of goodwill and other intangibles		—			(2.96	)		(2.94	)		(2.06	)		(1.87	)		—			(1.87	)
Effect of preferred equity		(3.42	)		(0.40	)		(0.40	)		(0.46	)		(0.49	)		(3.42	)		(0.49	)
Tangible common equity to tangible assets		7.70	%		7.59	%		7.72	%		8.09	%		8.53	%		7.70	%		8.53	%

UNITED COMMUNITY BANKS, INC.

Financial Highlights

Loan Portfolio Composition at Period-End

	2022						2021				Linked			Year over
(in millions)	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Quarter Change			Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	2,700	$	2,681	$	2,638	$	2,322	$	2,149	$	19		$	551
Income producing commercial RE		3,299		3,273		3,328		2,601		2,542		26			757
Commercial & industrial		2,236		2,243		2,302		1,822		1,729		(7	)		507
Paycheck protection program		2		10		34		88		150		(8	)		(148	)
Commercial construction		1,514		1,514		1,482		1,015		947		—			567
Equipment financing		1,281		1,211		1,148		1,083		1,017		70			264
Total commercial		11,032		10,932		10,932		8,931		8,534		100			2,498
Residential mortgage		2,149		1,997		1,826		1,638		1,533		152			616
Home equity lines of credit		832		801		778		694		661		31			171
Residential construction		423		381		368		359		321		42			102
Manufactured housing		301		287		269		—		—		14			301
Consumer		145		143		143		138		142		2			3
Total loans	$	14,882	$	14,541	$	14,316	$	11,760	$	11,191	$	341		$	3,691

LOANS BY MARKET
Georgia	$	4,003	$	3,960	$	3,879	$	3,778	$	3,732	$	43		$	271
South Carolina		2,516		2,377		2,323		2,235		2,145		139			371
North Carolina		2,117		2,006		1,879		1,895		1,427		111			690
Tennessee		2,536		2,621		2,661		373		383		(85	)		2,153
Florida		1,259		1,235		1,208		1,148		1,113		24			146
Commercial Banking Solutions		2,451		2,342		2,366		2,331		2,391		109			60
Total loans	$	14,882	$	14,541	$	14,316	$	11,760	$	11,191	$	341		$	3,691

UNITED COMMUNITY BANKS, INC.

Financial Highlights

Credit Quality

(in thousands)

	2022
		Third Quarter		Second Quarter		First Quarter
NONACCRUAL LOANS
Owner occupied RE	$	877	$	1,876	$	4,590
Income producing RE		2,663		7,074		7,220
Commercial & industrial		11,108		4,548		6,227
Commercial construction		150		208		401
Equipment financing		3,198		3,249		2,540
Total commercial		17,996		16,955		20,978
Residential mortgage		10,424		12,228		13,024
Home equity lines of credit		1,151		933		1,183
Residential construction		104		198		212
Manufactured housing		4,187		2,804		2,507
Consumer		17		25		40
Total nonaccrual loans held for investment		33,879		33,143		37,944
Nonaccrual loans held for sale		316		317		2,033
OREO and repossessed assets		1,316		968		839
Total NPAs	$	35,511	$	34,428	$	40,816

	2022
	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	$	(90	)		(0.01	)%	$	(1,496	)		(0.23	)%	$	(45	)		(0.01	)%
Income producing RE		176			0.02			(116	)		(0.01	)		(290	)		(0.04	)
Commercial & industrial		(744	)		(0.13	)		(302	)		(0.05	)		2,929			0.51
Commercial construction		10			—			(144	)		(0.04	)		(373	)		(0.10	)
Equipment financing		1,121			0.36			907			0.31			267			0.10
Total commercial		473			0.02			(1,151	)		(0.04	)		2,488			0.09
Residential mortgage		(66	)		(0.01	)		(51	)		(0.01	)		(97	)		(0.02	)
Home equity lines of credit		(102	)		(0.05	)		(346	)		(0.18	)		(81	)		(0.04	)
Residential construction		(109	)		(0.11	)		(76	)		(0.08	)		(23	)		(0.03	)
Manufactured housing		220			0.30			135			0.20			164			0.25
Consumer		718			1.98			420			1.18			527			1.48
Total	$	1,134			0.03		$	(1,069	)		(0.03	)	$	2,978			0.08

(1) Annualized.

UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	September 30, 2022			December 31, 2021
ASSETS
Cash and due from banks	$	222,524		$	144,244
Interest-bearing deposits in banks		216,496			2,147,266
Federal funds and other short-term investments		45,000			27,000
Cash and cash equivalents		484,020			2,318,510
Debt securities available-for-sale		3,862,886			4,496,824
Debt securities held-to-maturity (fair value $2,241,160 and $1,148,804, respectively)		2,676,405			1,156,098
Loans held for sale		21,967			44,109
Loans and leases held for investment		14,882,484			11,760,346
Less allowance for credit losses - loans and leases		(148,502	)		(102,532	)
Loans and leases, net		14,733,982			11,657,814
Premises and equipment, net		288,597			245,296
Bank owned life insurance		300,365			217,713
Goodwill and other intangible assets, net		780,868			472,407
Other assets		538,765			338,000
Total assets	$	23,687,855		$	20,946,771
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	8,198,129		$	6,956,981
NOW and interest-bearing demand		4,208,731			4,252,209
Money market		4,638,509			4,183,354
Savings		1,508,557			1,215,779
Time		1,622,608			1,442,498
Brokered		144,608			190,358
Total deposits		20,321,142			18,241,179
Long-term debt		324,515			247,360
Accrued expenses and other liabilities		407,488			235,987
Total liabilities		21,053,145			18,724,526
Shareholders' equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; 4,000 shares Series I issued and outstanding, $25,000 per share liquidation preference		96,422			96,422
Common stock, $1 par value; 200,000,000 shares authorized, 106,162,861 and 89,349,826 shares issued and outstanding, respectively		106,163			89,350
Common stock issuable; 596,365 and 595,705 shares, respectively		11,966			11,288
Capital surplus		2,304,514			1,721,007
Retained earnings		452,788			330,654
Accumulated other comprehensive loss		(337,143	)		(26,476	)
Total shareholders' equity		2,634,710			2,222,245
Total liabilities and shareholders' equity	$	23,687,855		$	20,946,771

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)	2022		2021			2022			2021
Interest revenue:
Loans, including fees	$	174,065	$	128,477		$	476,072		$	382,261
Investment securities, including tax exempt of $2,568, $2,280, $7,762 and $6,685, respectively		36,953		18,540			91,043			51,530
Deposits in banks and short-term investments		2,869		658			5,209			1,235
Total interest revenue		213,887		147,675			572,324			435,026

Interest expense:
Deposits:
NOW and interest-bearing demand		3,992		1,290			7,624			4,158
Money market		4,503		1,119			7,030			4,278
Savings		178		55			337			157
Time		1,207		678			2,322			3,388
Deposits		9,880		3,142			17,313			11,981
Short-term borrowings		27		—			27			2
Long-term debt		4,206		3,494			12,515			11,564
Total interest expense		14,113		6,636			29,855			23,547
Net interest revenue		199,774		141,039			542,469			411,479
Provision for (release of) credit losses		15,392		(11,034	)		44,082			(36,903	)
Net interest revenue after provision for credit losses		184,382		152,073			498,387			448,382

Noninterest income:
Service charges and fees		9,569		9,350			28,644			25,255
Mortgage loan gains and other related fees		6,297		13,828			29,420			47,536
Wealth management fees		5,879		5,554			17,759			12,881
Gains from sales of other loans, net		2,228		2,353			9,226			7,506
Lending and loan servicing fees		2,946		2,825			7,518			7,070
Securities gains (losses), net		—		—			(3,688	)		41
Other		5,003		6,185			15,474			20,352
Total noninterest income		31,922		40,095			104,353			120,641
Total revenue		216,304		192,168			602,740			569,023

Noninterest expenses:
Salaries and employee benefits		67,823		60,458			208,062			180,457
Communications and equipment		8,795		7,368			27,718			21,979
Occupancy		9,138		7,096			27,381			21,130
Advertising and public relations		2,544		1,458			6,332			4,150
Postage, printing and supplies		2,190		1,731			6,308			5,171
Professional fees		4,821		5,347			14,670			14,509
Lending and loan servicing expense		2,333		2,450			7,746			8,508
Outside services - electronic banking		3,159		2,308			8,629			6,811
FDIC assessments and other regulatory charges		2,356		1,723			6,796			5,520
Amortization of intangibles		1,678		1,028			5,207			2,942
Merger-related and other charges		1,746		1,437			17,905			4,058
Other		6,172		4,345			16,066			12,248
Total noninterest expenses		112,755		96,749			352,820			287,483
Income before income taxes		103,549		95,419			249,920			281,540
Income tax expense		22,388		21,603			53,898			63,758
Net income		81,161		73,816			196,022			217,782
Preferred stock dividends		1,719		1,719			5,157			5,157
Earnings allocated to participating securities		407		448			1,007			1,342
Net income available to common shareholders	$	79,035	$	71,649		$	189,858		$	211,283

Net income per common share:
Basic	$	0.74	$	0.82		$	1.78		$	2.42
Diluted		0.74		0.82			1.78			2.42
Weighted average common shares outstanding:
Basic		106,687		87,211			106,616			87,274
Diluted		106,800		87,355			106,732			87,413

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended September 30,

	2022								2021
(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)	$	14,658,397		$	174,168		4.71	%	$	11,204,653		$	128,185		4.54	%
Taxable securities (3)		6,539,615			34,385		2.10			4,738,860			16,260		1.37
Tax-exempt securities (FTE) (1)(3)		493,115			3,449		2.80			383,196			3,061		3.20
Federal funds sold and other interest-earning assets		614,755			3,106		2.00			1,751,222			1,185		0.27
Total interest-earning assets (FTE)		22,305,882			215,108		3.83			18,077,931			148,691		3.27

Noninterest-earning assets:
Allowance for credit losses		(138,907	)							(111,952	)
Cash and due from banks		231,376								124,360
Premises and equipment		290,768								228,556
Other assets (3)		1,261,236								1,002,810
Total assets	$	23,950,355							$	19,321,705

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	4,335,619			3,992		0.37		$	3,594,670			1,290		0.14
Money market		4,849,705			4,503		0.37			4,010,720			1,119		0.11
Savings		1,515,350			178		0.05			1,120,843			55		0.02
Time		1,635,580			984		0.24			1,466,821			609		0.16
Brokered time deposits		51,530			223		1.72			63,917			69		0.43
Total interest-bearing deposits		12,387,784			9,880		0.32			10,256,971			3,142		0.12
Federal funds purchased and other borrowings		3,442			27		3.11			—			—		—
Federal Home Loan Bank advances		—			—		—			54			—		—
Long-term debt		324,444			4,206		5.14			257,139			3,494		5.39
Total borrowed funds		327,886			4,233		5.12			257,193			3,494		5.39
Total interest-bearing liabilities		12,715,670			14,113		0.44			10,514,164			6,636		0.25

Noninterest-bearing liabilities:
Noninterest-bearing deposits		8,176,987								6,379,969
Other liabilities		349,647								308,551
Total liabilities		21,242,304								17,202,684
Shareholders' equity		2,708,051								2,119,021
Total liabilities and shareholders' equity	$	23,950,355							$	19,321,705

Net interest revenue (FTE)				$	200,995							$	142,055
Net interest-rate spread (FTE)							3.39	%							3.02	%
Net interest margin (FTE) (4)							3.57	%							3.12	%

	(1)	Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
	(2)	Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
	(3)	Unrealized gains and losses on securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $318 million in 2022 and pretax unrealized gains of $39.6 million in 2021 are included in other assets for purposes of this presentation.
	(4)	Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Nine Months Ended September 30,

	2022								2021
(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)	$	14,426,470		$	475,989		4.41	%	$	11,417,285		$	380,765		4.46	%
Taxable securities (3)		6,274,230			83,281		1.77			4,206,099			44,845		1.42
Tax-exempt securities (FTE) (1)(3)		498,177			10,425		2.79			381,323			8,979		3.14
Federal funds sold and other interest-earning assets		1,271,287			6,192		0.65			1,468,487			3,462		0.31
Total interest-earning assets (FTE)		22,470,164			575,887		3.43			17,473,194			438,051		3.35

Non-interest-earning assets:
Allowance for loan losses		(129,278	)							(127,793	)
Cash and due from banks		200,463								138,973
Premises and equipment		284,850								225,021
Other assets (3)		1,308,647								1,007,669
Total assets	$	24,134,846							$	18,717,064

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	4,520,079			7,624		0.23		$	3,452,206			4,158		0.16
Money market		4,992,357			7,030		0.19			3,853,907			4,278		0.15
Savings		1,483,169			337		0.03			1,064,045			157		0.02
Time		1,688,250			2,009		0.16			1,551,934			3,096		0.27
Brokered time deposits		65,133			313		0.64			67,794			292		0.58
Total interest-bearing deposits		12,748,988			17,313		0.18			9,989,886			11,981		0.16
Federal funds purchased and other borrowings		1,383			27		2.61			41			—		—
Federal Home Loan Bank advances		—			—		—			1,117			2		0.24
Long-term debt		322,600			12,515		5.19			286,347			11,564		5.40
Total borrowed funds		323,983			12,542		5.18			287,505			11,566		5.38
Total interest-bearing liabilities		13,072,971			29,855		0.31			10,277,391			23,547		0.31

Noninterest-bearing liabilities:
Noninterest-bearing deposits		7,958,392								6,059,680
Other liabilities		375,182								311,749
Total liabilities		21,406,545								16,648,820
Shareholders' equity		2,728,301								2,068,244
Total liabilities and shareholders' equity	$	24,134,846							$	18,717,064

Net interest revenue (FTE)				$	546,032							$	414,504
Net interest-rate spread (FTE)							3.12	%							3.04	%
Net interest margin (FTE) (4)							3.25	%							3.17	%

	(1)	Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
	(2)	Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
	(3)	Unrealized gains and losses on securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $221 million in 2022 and pretax unrealized gains of $40.3 million in 2021, respectively, 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. (NASDAQGS: UCBI) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. As of September 30, 2022, United had $23.7 billion in assets and 193 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee, along with a national SBA lending franchise and a national equipment lending subsidiary. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. In 2022, J.D. Power ranked United highest in customer satisfaction with consumer banking in the Southeast, marking eight out of the last nine years United earned the coveted award. Forbes recognized United as one of the top ten World’s Best Banks in 2022. Forbes also included United on its 2022 list of the 100 Best Banks in America for the ninth consecutive year. United also received ten Greenwich Excellence Awards in 2021 for excellence in Small Business Banking and Middle Market Banking, including national awards for Overall Satisfaction and Likelihood to Recommend. United was also named one of the "Best Banks to Work For" by American Banker in 2021 for the fifth consecutive year based on employee satisfaction. Additional information about United can be found at www.ucbi.com.

Non-GAAP Financial Measures

This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information, which excludes merger-related and other charges that are not considered part of recurring operations, includes performance measures such as “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets - pre-tax, pre-provision, excluding merger-related and other charges,” “return on assets - pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

# # #

EX-99.2 4 tm2228398d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

3Q22 Investor Presentation October 18, 2022

Disclosures 2 CAUTIONARY STATEMENT This communication contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E 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, and include statements related to the expected timing of the closing of the merger with Progress (the “merger”), the expected returns and other benefits of the merger to shareholders, expected improvement in operating efficiency resulting from the merger, estimated expense reductions resulting from the transaction and the timing of achievement of such reductions, the impact on and timing of the recovery of the impact on tangible book value, and the effect of the merger on United’s capital ratios . 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 ( 1 ) the ability by United to obtain required governmental approvals of the merger, ( 2 ) the risk that the cost savings from the merger may not be realized or take longer than anticipated to be realized, ( 3 ) disruption from the merger with customer, supplier, employee or other business partner relationships, ( 4 ) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, ( 5 ) the possibility that the costs, fees, expenses and charges related to the merger may be greater than anticipated, ( 6 ) reputational risk and the reaction of the companies’ customers, suppliers, employees or other business partners to the merger, ( 7 ) the failure of the closing conditions in the merger agreement with Progress to be satisfied, or any unexpected delay in closing the merger, ( 8 ) the risks relating to the integration of Progress’ operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, ( 9 ) the risk of potential litigation or regulatory action related to mergers, ( 10 ) the risks associated with United’s pursuit of future acquisitions, ( 11 ) the risk of expansion into new geographic or product markets, ( 12 ) the dilution caused by United’s issuance of additional shares of its common stock in mergers, and ( 13 ) general competitive, economic, political and market conditions . Further information regarding additional factors which could affect the forward - looking statements 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 , 2021 , and other documents subsequently filed by United with the SEC . Many of these factors are beyond United’s and Progress’ 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 or Progress . United qualifies all forward - looking statements by these cautionary statements .

Disclosures NON - GAAP MEASURES This Investor Presentation includes financial information determined by methods other than in accordance with generally accepted accounting principles (“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 measures include : “Earnings per share – operating,” “Diluted earnings per share – operating,” “Tangible book value per share,” “Return on common equity – operating,” “Return on tangible common equity – operating,” “Return on assets – operating,” “Return on assets – pre - tax pre - provision, excluding merger - related and other charges,” “Efficiency ratio – operating,” “Efficiency ratio – operating, excluding PPP fees and MSR marks,” “Expenses – operating,” and “Tangible common equity to tangible assets . ” Management has included these non - GAAP measures because it believes these measures may provide useful supplemental information for evaluating United’s underlying performance trends . Further, management uses these measures in managing and evaluating United’s business and intends to refer to them in discussions about our operations and performance . Operating performance 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 GAAP measures can be found in the ‘Non - GAAP Reconciliation Tables’ included in the exhibits to this Presentation . 3

#2 Highest Net Promoter Score among all banks nationwide in 2021 – J.D. Power TOP 10 WORLD’S BEST BANKS and #3 in the United States – Forbes 193 BANKING OFFICES ACROSS THE SOUTHEAST #1 IN CUSTOMER SATISFACTION in 2022 with Retail Banking in the Southeast – J.D. Power United Community Banks, Inc. $ 23.7 BILLION IN TOTAL ASSETS $4.0 BILLION IN AUA $ 20.3 BILLION IN TOTAL DEPOSITS BEST BANKS TO WORK FOR in 2021 for the fifth consecutive year – American Banker $0.22 QUARTERLY DIVIDEND – UP 10% YOY 4 Premier Southeast Regional Bank x Metro - focused branch network with locations in the fastest - growing MSAs in the Southeast x 184 branches, 9 LPOs, and 4 MLOs across six Southeast states x Top 10 market share in GA and SC x Proven ability to integrate – 12 acquisitions completed over the past 10 years Committed to Service Since 1950 Extended Navitas and SBA Markets $ 14.9 BILLION IN TOTAL LOANS Company Overview 12.7 % TIER 1 RBC 100 BEST BANKS IN AMERICA in 2022 f or the ninth consecutive year – Forbes x Offered nationwide x SBA business has both in - footprint and national business (4 specific verticals) x Navitas subsidiary is a technology - enabled small - ticket, essential - use commercial equipment finance provider UCBI Banking Offices Note: See glossary located at the end of this presentation for reference on certain acronyms Regional Full Service Branch Network National Navitas and SBA Markets Progress Branches Pending deal with Progress Financial Corporation will add approximately $1.7 billion in assets and 14 branches

$23.25 $23.96 $23.78 $18.68 $16.68 $16.52 3Q21 2Q22 3Q22 Book Value Per Share GAAP Tangible $0.74 Diluted earnings per share – GAAP $0.75 Diluted earnings per share – operating (1) 1.32% Return on average assets – GAAP 1.34% Return on average assets – operating (1) 1.97% PTPP return on average assets – operating (1) 0.19% Cost of deposits 40% DDA / Total Deposits 11.0% Return on common equity – GAAP 15.6% Return on tangible common equity – operating (1) 73% Loan - to - Deposit ratio Other 3Q notable items: $650,000 BOLI Gain $650,000 UCB Foundation donation $2.4 mm MSR gain 3Q22 Highlights (1) See non - GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performance $0.82 $0.61 $0.74 $0.83 $0.66 $0.75 3Q21 2Q22 3Q22 Diluted Earnings Per Share GAAP Operating (1) 1.48% 1.08% 1.32% 1.50% 1.17% 1.34% 3Q21 2Q22 3Q22 Return on Average Assets GAAP Operating 1.70% 1.49% 1.94% 1.73% 1.60% 1.97% 3Q21 2Q22 3Q22 PTPP Return on Average Assets PTPP Operating PTPP (1) (1) 9.4% Annualized 3Q EOP loan growth 47.7% Efficiency ratio – operating (1) 5 (1)

6 (1) See non - GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performa nce (2) UCBI 1Q22 includes the impact of the $18.3 million initial provision to establish the reserve for Reliant loans and unfunded com mitments, which reduced ROA – Operating by 24 bps and reduced ROTCE – Operating by 289 bps Long - Term Financial Performance & Shareholder Return 1.09% 1.40% 1.51% 1.07% 1.42% 0.89% 1.17% 1.34% 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 ROA (1)(2) UCBI - GAAP UCBI - Operating KRX Peer Median 12.02% 15.69% 15.81% 12.24% 17.33% 11.00% 14.20% 15.60% 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 ROTCE (1)(2) UCBI - GAAP ROE UCBI - Operating KRX Peer Median Performance for the period ended October 14, 2022 United Community Banks, Inc. KBW Nasdaq Regional Bank Index (KRX) 1 - YEAR 8% - 5% 3 - YEAR 40% 29% 5 - YEAR 45% 23% 10 - YEAR 404% 174% $496 $275 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total Shareholder Return $ UCBI Outperformance

4.9% 3.2% (1) Includes MSAs with a population of greater than 1,000,000 (2) Includes MSAs with a population between 200,000 and 1,000,000 (3) Market Rank and (%) of Total Deposits pro forma for pending acquisition of Progress Financial Corporation Footprint Focused on High - Growth MSAs in Southeast 7 Projected Population Growth (2) (2022 - 2027) Projected Household Income Growth (2) (2022 - 2027) ’22 – ’27 ’22 – ’27 ’22 Total Market (%) of Total Proj. Pop. Proj. HHI. Deposits Rank Deposits Growth % Growth % ($M) 1) Nashville, TN 10 9.48% 6.10% 13.89% 89,155 2) Orlando, FL 13 4.13% 5.64% 13.81% 73,009 3) Atlanta, GA 9 20.38% 5.38% 11.85% 235,389 4) Raleigh, NC 12 3.44% 5.14% 12.32% 38,965 5) Jacksonville, FL 21 0.38% 4.82% 13.91% 97,625 6) Tampa, FL 37 0.40% 4.79% 12.06% 115,930 7) Charlotte, NC 13 2.86% 4.47% 12.74% 315,760 8) Richmond, VA -- -- 4.46% 10.22% 127,383 9) Birmingham, AL 21 1.15% 4.25% 10.99% 54,793 10)Washington DC -- -- 4.05% 8.89% 358,351 11)Miami, FL 51 1.48% 3.97% 13.84% 324,607 UCBI (3) Fastest Growing Major Southeast MSAs (1) ’22 – ’27 ’22 – ’27 ’22 Total Market (%) of Total Proj. Pop. Proj. HHI. Deposits Rank Deposits Growth % Growth % ($M) 1) Daphne, AL 25 0.00% 7.80% 8.43% 6,472 2) Huntsville, AL 7 3.06% 7.14% 12.58% 11,473 3) Myrtle Beach, SC 13 1.86% 6.42% 12.41% 12,128 4) Cape Coral, FL -- -- 6.08% 12.09% 20,858 5) Winter Haven, FL -- -- 5.80% 9.68% 10,057 6) Naples, FL 29 0.05% 5.71% 13.34% 23,081 7) Gainesville, GA 4 2.89% 5.65% 17.85% 5,801 8) Sarasota, FL 29 0.35% 5.56% 15.84% 28,517 9) Destin, FL 15 0.69% 5.34% 12.21% 7,826 10)Clarksville, TN-KY 7 1.95% 5.26% 9.60% 5,304 11)Fayetteville, AR -- -- 5.18% 8.73% 15,690 12)Charleston, SC 14 1.15% 5.09% 15.11% 20,394 13)Hilton Head, SC 15 0.21% 5.08% 13.36% 6,181 14)Port St. Lucie, FL 15 0.11% 4.98% 14.54% 12,332 15)Tuscaloosa, AL 25 0.00% 4.85% 10.56% 5,299 16)Athens, GA 9 1.05% 4.76% 11.34% 6,049 17)Knoxville, TN 10 2.83% 4.70% 10.92% 23,854 18)Daytona Beach, FL -- -- 4.67% 13.62% 14,104 19)Savannah, GA 8 1.09% 4.57% 8.56% 9,313 20)Spartanburg, SC 7 1.22% 4.47% 12.48% 6,019 Fastest Growing Mid- Size Southeast MSAs (2) UCBI (3) United MSA Presence Progress MSA Presence National Avg. 11.9% 12.1% National Avg.

40% 21% 23% 8% 8% DDA MMDA Savings Time NOW Outstanding Deposit Franchise 8 Note: Core transaction accounts include demand deposits, interest - bearing demand, money market and savings accounts, excluding p ublic funds deposits x Favorable core deposit mix and deposit costs below peers x Cost of deposits increased to 0.19%; up 11 bps from 2Q22, with a 144 bps increase in the average Fed Funds rate, equating to an 8% deposit beta x Total deposits were down $552 million from 2Q22 • 50% of the decrease was in public fund outflows, as 3Q is typically seasonally down x While core DDA grew $48 million, or 2.4% annualized, total core transaction deposits were down $225 million from 2Q22 x Excluding recent acquisitions, total deposits were up $271 million, or 2% YOY and core transaction deposits were up $406 million, or 4% YOY 3Q22 Total Deposits $20.3 billion Cost of Deposits Trend 0.38% 0.25% 0.17% 0.14% 0.09% 0.07% 0.06% 0.06% 0.08% 0.19% 0.13% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 UCBI KRX Peer Median

42% 10% 22% 1% 14% 6% 3% 2% Residential Mortgage Manufactured Housing Well - Diversified Loan Portfolio 3 Q22 Total Loans $14.9 billion Note: C&I includes commercial and industrial loans, owner - occupied CRE loans and Navitas (equipment finance) loans Quarter Highlights x Loans increased $341 million, or 9.4% annualized Granular Loan Portfolio x Construction & CRE ratio as a percentage of total RBC = 77% / 202% x Top 25 relationships totaled $697 million, or 4.7% of total loans x SNCs outstanding of $288 million, or 1.9% of total loans x Project lending limit of $32 million x Conservative relationship lending limits driven by risk grades 9 C&I Commercial Construction CRE Other Consumer Home Equity Residential Construction

8.6% 8.7% 8.5% 8.1% 7.7% 7.6% 7.7% 7.3% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 UCBI KRX Peer Median 10 Loans / Deposits % Tangible Common Equity / Tangible Assets % Common Equity Tier 1 RBC %* 73% 70% 66% 64% 68% 70% 73% 81% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 UCBI KRX Peer Median x Substantial balance sheet liquidity and above - peer capital ratios x $6.5 billion securities portfolio offers significant near - and medium - term cash flow opportunities 12.3% 12.6% 12.6% 12.5% 11.9% 12.0% 12.1% 11.4% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22* UCBI KRX Peer Median Balance Sheet Strength – Liquidity and Capital *3Q22 regulatory capital ratios are preliminary

11 Risk - Based Capital Ratios* Tangible Book Value Per Share x 3Q22 capital ratios increased and are above peers x The leverage ratio increased 27 bps to 9.3% as compared to 2Q22 x Quarterly dividend of $0.22 per share, an increase of 10% YOY x There were no share repurchases during 3Q22 12.6% 12.6% 12.5% 11.9% 12.0% 11.4% 12.1% 0.8% 0.8% 0.7% 0.6% 0.6% 0.5% 0.6% 1.8% 1.6% 1.5% 1.9% 1.9% 1.8% 1.9% 15.1% 14.9% 14.7% 14.3% 14.5% 13.7% 14.6% 2Q21 3Q21 4Q21 1Q22 2Q22 2Q22 KRX Peer Median 3Q22* CET1 Non-common Tier 1 Tier 2 Total $16.52 $16.68 $0.75 ( $0.01 ) ( $0.24 ) ( $0.68 ) $0.02 2Q22 TBV Operating Earnings Merger Charges Dividends Change in OCI Other 3Q22 TBV Capital x Net unrealized securities losses in AOCI increased by $76.9 million to $345 million in 3Q22 • AFS securities portfolio of $3.9 billion with a 3.5 year duration *3Q22 regulatory capital ratios are preliminary

$141.0 $178.9 $199.8 3Q21 2Q22 3Q22 Net Interest Revenue / Margin (1) $ in millions x Net interest revenue increased $20.9 million from 2Q22, or 47% annualized x Net interest margin increased 38 bps from 2Q22, primarily driven by increased interest rates x Core net interest margin of 3.53%, which excluded PPP fees and purchased loan accretion, was up 40 bps in 3Q22 from 3.13% in 2Q22 x Purchased loan accretion totaled $2.2 million and contributed 4 bps to the margin, down 1bp from 2Q22 x 47% of total loans were variable rate and 42% of total loans are floating or reprice or mature within one year • The differential between variable and floating is mainly ARMs that are variable but reprice outside of one year x 25% of securities were variable rate Net Interest Revenue ($ in millions) Net Interest Margin Core Net Interest Margin (1) Net interest margin is calculated on a fully - taxable equivalent basis (2) Core net interest margin excludes PPP fees and purchased loan accretion (1) 12 3Q22 NIM Expansion (2) 3.57% 3.19% 0.07% 0.33% ( 0.01% ) ( 0.01% ) 2Q22 NIM Mix Change Higher Interest Rates Loan Accretion PPP Fees 3Q22 NIM (%) 3.12% 3.19% 3.57% 2.71% 3.13% 3.53%

Noninterest Income $ in millions $9.4 $8.6 $9.1 $10.0 $9.6 $9.0 $7.8 $4.7 $6.7 $7.9 $5.5 $6.1 $5.9 $6.0 $5.9 $13.8 $10.9 $16.1 $7.0 $6.3 $2.4 $3.8 $3.2 $3.8 $2.2 3Q21 4Q21 1Q22 2Q22 3Q22 Service Charges Other Brokerage / Wealth Mgmt Mortgage Loan sale gains $37.2 Linked Quarter x Fees were down $1.5 million • Mortgage fees were down $674 thousand from 2Q22 primarily due to lower lock volume driven by higher interest rates • Rate locks were $456 million compared to $597 million in 2Q22 • 57% of locks were variable in 3Q22, down from 79% in 2Q22; these loans will be held on balance sheet • MSR gain of $2.4 million in 3Q22, up $343 thousand from 2Q22 • Gain on sale was 3.14% on $93 million of loans sold • 3Q22 production purchase / refi mix was 71% / 29% • While SBA / USDA loan volume increased $4.1 million to $35.4 million, we opted to sell less loans and took $1.5 million in 3Q gains on $20.4 million loans sold • Gain on sale of equipment finance loans was $693 thousand on $21.6 million of loan sales • Other noninterest income included BOLI gains of approximately $650 thousand Year - over - Year x Fees were down $8.2 million • Mortgage rate locks of $456 million in 3Q22 compared to $731 million in 3Q21 13 $40.1 $31.9 $39.0 $33.5

$96.7 $109.2 $119.3 $120.8 $112.8 $95.3 $99.2 $110.3 $113.6 $111.0 3Q21 4Q21 1Q22 2Q22 3Q22 GAAP Operating Disciplined Expense Management $ in millions x The efficiency ratio improved compared to last quarter and last year due to the combination of higher rates and the achievement of merger - related cost savings 14 Efficiency Ratio % Noninterest Expense $ 53.6% 54.5% 53.1% 62.1% 57.4% 56.6% 48.4% 52.7% 53.9% 52.3% 56.5% 53.1% 53.2% 47.7% 55.9% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 GAAP Operating KRX Peer Median x Total expenses improved $2.6 million in 3Q22 compared to 2Q22, primarily due to lower mortgage commissions and the achievement of the remaining Reliant cost savings

x 3Q22 net charge - offs of $1.1 million, or 0.03% of average loans, annualized x Non - performing assets increased by $1.1 million during the quarter and were 0.24% of total loans x Special mention loans increased from $285 million in 2Q22 to $312 million in 3Q22 x Substandard accruing loans improved quarter - over - quarter from $177 million in 2Q22 to $160 million in 3Q22 Credit Quality Net Charge - Offs as % of Average Loans Non - Performing Assets as a % of Total Loans 15 0.41% 0.28% 0.29% 0.23% 0.24% 3Q21 4Q21 1Q22 2Q22 3Q22 2.5% 2.6% 2.1% 2.0% 2.1% 1.6% 1.4% 1.2% 1.2% 1.1% 3Q21 4Q21 1Q22 2Q22 3Q22 Special Mention (%) Substandard Accruing(%) Special Mention & Substandard Accruing Loans as a % of Total Loans - 0.01% - 0.02% 0.02% 0.01% 0.08% - 0.03% 0.03% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22

Allowance for Credit Losses ACL Walk Forward Allowance for Credit Losses 16 Note: ACL includes the reserve for unfunded commitments x The provision for credit losses was $15.4 million in 3Q22 x Solid loan growth accounted for $4.3 million of the provision increase x Moody’s economic forecast worsened to reflect higher expected unemployment and reduced residential investment x Built reserve in consecutive quarters with the Reliant acquisition in 1Q22 and a weaker economic forecast and loan growth in 2Q22 and 3Q22 $111 $114 $146 $153 $167 0.99% 0.97% 1.02% 1.05% 1.12% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% $40 $60 $80 $100 $120 $140 $160 3Q21 4Q21 1Q22 2Q22 3Q22 ACL - Allowance for Credit Losses $ ACL - Allowance for Credit Losses % $153,042 $167,300 $4,327 ( $1,134 ) ( $119 ) $10,946 2Q22 ACL Loan Growth NCOs Specific Reserve Model / Forecast Changes 3Q22 ACL ($000)

3 Q22 INVESTOR PRESENTATION Exhibits

Interest Rate Sensitivity 18 x 4.45% asset sensitivity in +100 bps ramp; down from 4.85% asset sensitivity in 2Q22 x One 25 bp Fed rate hike is worth approximately 4.5 bps to net interest margin x 21% Beta assumed for discretionary non - maturity deposits x Other relevant data points x Approximately $7.0 billion or 47% of total loans are variable rate and 42% of total loans are floating or reprice or mature within one year • The differential between variable and floating is mainly ARMs that are variable but reprice outside of one year 1.12% 4.45% 8.65% 1.12% 3.60% 5.33% +25 bps +100 bps +200 bps Net Interest Income Sensitivity % Change - Shocks % Change - Ramps

x Navitas represents 9% of total loans x Navitas 3Q22 NCOs of 0.36%, or $1.1 million x Average quarterly losses since 3Q20 of $1.0 million x Navitas ACL / Loans equated to 1.61% as of 3Q22 x While loss rates have remained historically low, we expect losses to begin to normalize higher Navitas Performance $ in millions 19 $779 $823 $864 $913 $969 $1,017 $1,083 $1,148 $1,211 $1,281 9.39% 9.19% 9.12% 9.08% 9.08% 9.01% 8.89% 8.85% 8.80% 8.79% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Navitas Portfolio Navitas Loans $ Portfolio Yield % $94 $134 $145 $148 $181 $186 $204 $213 $212 $221 8.07% 7.80% 7.86% 7.93% 7.55% 7.45% 7.14% 7.37% 7.53% 7.79% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% $- $50 $100 $150 $200 $250 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Navitas Originations* Navitas Originations $ Origination Yield % *Origination yields are net of commissions

Mortgage Activity Shift to Purchase & Adj. Rate Loans x Gain on sale % decreased in 3Q22 driven by a continued rise in rates driving increased price competition x Purchase / Refi mix shifted from 57% / 43% in 3Q21 to 71% / 29% in 3Q22 x 57% of locked loans were variable rate mortgages in 3Q22, down from 79% in 2Q22 x Sold $93 million loans in 3Q22, down $67 million from $160 million sold in 2Q22 20 $910 $792 $993 $702 $731 $695 $757 $597 $456 $402 $410 $336 $407 $320 $285 $207 $160 $93 5.0% 5.0% 4.6% 3.8% 4.0% 3.9% 3.6% 3.7% 3.1% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% $0 $200 $400 $600 $800 $1,000 $1,200 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Mortgage locks $ Loans sold $ Gain on sale % $ in millions

21 x Senior Care lending team are dedicated specialists with significant experience in the space x Senior Care portfolio outstanding totaled $442 million as of 3Q22, or 3.0% of total loans x As of September 30, $2.2 million of Senior Care loans were in nonaccrual x As of September 30, $124 million of Senior Care loans were special mention and $58 million were substandard accruing 1% 20% 25% 49% 6% Selected Segments – Senior Care $ in millions $21 $46 $48 $64 $73 $73 $66 $59 $58 $34 $100 $172 $170 $170 $169 $144 $135 $124 $503 $511 $535 $537 $549 $520 $518 $465 $442 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Substandard Accruing $ Special Mention $ Pass $

Non - GAAP Reconciliation Tables $ in thousands, except per share data 22 3Q21 4Q21 1Q22 2Q22 3Q22 Expenses Expenses - GAAP 96,749$ 109,156$ 119,275$ 120,790$ 112,755$ Merger-related and other charges (1,437) (9,912) (9,016) (7,143) (1,746) Expenses - Operating 95,312$ 99,244$ 110,259$ 113,647$ 111,009$ Diluted Earnings per share Diluted earnings per share - GAAP 0.82$ 0.55$ 0.43$ 0.61$ 0.74$ Merger-related and other charges 0.01 0.09 0.07 0.05 0.01 Diluted earnings per share - Operating 0.83 0.64 0.50 0.66 0.75 Book Value per share Book Value per share - GAAP 23.25$ 23.63$ 24.38$ 23.96$ 23.78$ Effect of goodwill and other intangibles (4.57) (5.21) (7.30) (7.28) (7.26) Tangible book value per share 18.68$ 18.42$ 17.08$ 16.68$ 16.52$ Return on Tangible Common Equity Return on common equity - GAAP 14.26 % 9.32 % 6.80 % 9.31 % 11.02 % Effect of merger-related and other charges 0.22 1.42 1.03 0.79 0.19 Return on common equity - Operating 14.48 10.74 7.83 10.10 11.21 Effect of goodwill and intangibles 3.75 3.19 3.17 4.10 4.39 Return on tangible common equity - Operating 18.23 % 13.93 % 11.00 % 14.20 % 15.60 % Return on Assets Return on assets - GAAP 1.48 % 0.96 % 0.78 % 1.08 % 1.32 % Merger-related and other charges 0.02 0.14 0.11 0.09 0.02 Return on assets - Operating 1.50 % 1.10 % 0.89 % 1.17 % 1.34 %

Non - GAAP Reconciliation Tables $ in thousands, except per share data 23 3Q21 4Q21 1Q22 2Q22 3Q22 Return on Assets to return on assets- pre-tax pre-provision Return on assets - GAAP 1.48 % 0.96 % 0.78 % 1.08 % 1.32 % Income tax expense 0.45 0.26 0.20 0.32 0.37 (Release of) provision for credit losses (0.23) (0.01) 0.39 0.09 0.25 Return on assets - pre-tax, pre-provision 1.70 1.21 1.37 1.49 1.94 Merger-related and other charges 0.03 0.19 0.15 0.11 0.03 Return on assets - pre-tax, pre-provision, excluding merger-related and other charges 1.73 % 1.40 % 1.52 % 1.60 % 1.97 % Efficiency Ratio Efficiency Ratio - GAAP 53.11 % 62.12 % 57.43 % 56.58 % 48.41 % Merger-related and other charges (0.78) (5.64) (4.34) (3.35) (0.75) Efficiency Ratio - Operating, excluding PPP fees and MSR marks 52.33 % 56.48 % 53.09 % 53.23 % 47.66 % Tangible common equity to tangible assets Equity to assets ratio - GAAP 10.89 % 10.61 % 11.06 % 10.95 % 11.12 % Effect of goodwill and other intangibles (1.87) (2.06) (2.94) (2.96) 0.00 Effect of preferred equity (0.49) (0.46) (0.40) (0.40) (3.42) Tangible common equity to tangible assets ratio 8.53 % 8.09 % 7.72 % 7.59 % 7.70 %

Glossary 24 ACL – Allowance for Credit Losses MLO – Mortgage Loan Officer ALLL – Allowance for Loan Losses MTM – Marked-to-market AUA – Assets Under Administration MSA – Metropolitan Statistical Area BPS – Basis Points MSR – Mortgage Servicing Rights Asset C&I – Commercial and Industrial NCO – Net Charge-Offs C&D – Construction and Development NIM – Net Interest Margin CECL – Current Expected Credit Losses NPA – Non-Performing Asset CET1 – Common Equity Tier 1 Capital NSF – Non-sufficient Funds CRE – Commercial Real Estate OO RE – Owner Occupied Commercial Real Estate CSP – Customer Service Profiles PCD – Loans Purchased with Credit Deterioration DDA – Demand Deposit Account PPP – Paycheck Protection Program EOP – End of Period PTPP – Pre-Tax, Pre-Provision Earnings EPS – Earnings Per Share RBC – Risk Based Capital FTE – Fully-taxable equivalent ROA – Return on Assets GAAP – Accounting Principles Generally Accepted in the USA SBA – United States Small Business Administration KRX – KBW Nasdaq Regional Banking Index TCE – Tangible Common Equity LPO – Loan Production Office USDA – United States Department of Agriculture YOY – Year over Year