United Community Banks, Inc. Reports First Quarter Earnings

United Community Banks, Inc.

Growth, Margin Expansion, and Disciplined Expense Control Drive Results

GREENVILLE, S.C., April 22, 2025 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2025 of $71.4 million and pre-tax, pre-provision income of $106.6 million. Diluted earnings per share of $0.58 for the quarter represented an increase of $0.07 from the first quarter a year ago and a decrease of $0.03 from the fourth quarter of 2024.

On an operating basis, United’s diluted earnings per share of $0.59 were up 13% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower noninterest expenses, partly offset by lower noninterest income and a higher provision for credit losses.

United’s return on assets was 1.02%, or 1.04% on an operating basis. Return on common equity was 7.9%, and return on tangible common equity on an operating basis was 11.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.55% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.18%, up 21 basis points from the fourth quarter of 2024.

Chairman and CEO Lynn Harton stated, “The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter. Loans grew by $249 million, or 5.6% annualized, and customer deposits increased $309 million, or 5.4% annualized. Our net interest margin expanded by 10 basis points, helping us to grow net interest income by $1.7 million from the fourth quarter, despite two fewer accruing days. Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. Our provision for credit losses increased by $4.0 million from the fourth quarter, covering first quarter net charge-offs as well as loan growth, slightly increasing our allowance for credit losses to 1.21% of loans, up from 1.20% on December 31, 2024. Expenses improved on an absolute basis from both the fourth and first quarters of 2024, reflecting our ongoing efforts to control costs.”

Harton continued, “We are particularly excited that our bankers were recognized once again by J.D. Power as #1 in Customer Satisfaction in the Southeast, along with #1 in Trust and #1 in People. This year marks our 75ᵗʰ anniversary, and we’re off to a strong start. I’m proud to make this milestone meaningful for our customers, employees, and shareholders. We’re also excited to continue growing our presence in Florida with the recent announcement of our planned acquisition of American National Bank, headquartered in Oakland Park. This expansion will strengthen our footprint in the fast-growing South Florida market. Our teams have been collaborating closely for several months, and we expect to close the transaction on May 1.”

Story Continues

United’s net interest margin increased 10 basis points to 3.36% from the fourth quarter. The average yield on interest-earning assets was down four basis points to 5.29%, while the cost of interest-bearing liabilities decreased 19 basis points, leading to a 15-basis-point increase in the net interest spread. The 10-basis-point increase in net interest margin reflects progress in lowering the cost of funds through reduction in deposit rates and redemption of debt instruments, and to a lesser extent, the seasonal outflow of higher-priced public funds deposits.

Net charge-offs were $9.6 million, or 0.21% of average loans, during the quarter, equal to the fourth quarter of 2024. Nonperforming assets were 33 basis points relative to total assets, improved from 42 basis points for the fourth quarter.

First Quarter 2025 Financial Highlights:

EPS up $0.07 compared to first quarter 2024 on a GAAP basis and up $0.07, or 13%, on an operating basis; EPS down $0.03 compared to the fourth quarter on a GAAP basis and down $0.04, or 6%, on an operating basis Total revenue improved $8.9 million, or 3.7%, year-over-year Net interest margin of 3.36% increased by 10 basis points from the fourth quarter, reflecting a lower cost of funds Loan production of $2.0 billion led to loan growth of $249 million, up 5.6% annualized, from the fourth quarter Customer deposits were up $309 million from the fourth quarter, with most of the growth in money market deposits Noninterest income was down $4.9 million on a linked quarter basis mostly due to the absence of unusual fourth quarter gains in the form of a mortgage servicing right write-up and other unusual gains Mortgage closings of $187 million compared to $171 million a year ago; mortgage rate locks of $330 million compared to $260 million a year ago Noninterest expenses improved $2.0 million compared to the fourth quarter on a GAAP basis and down $1.1 million on an operating basis Efficiency ratio of 56.7%, or 56.2% on an operating basis Net income of $71.4 million and pre-tax, pre-provision income of $106.6 million Return on assets of 1.02%, or 1.04% on an operating basis Pre-tax, pre-provision return on assets of 1.55% on an operating basis Return on common equity of 7.9% Return on tangible common equity of 11.2% on an operating basis Provision for credit losses was $15.4 million; allowance for credit losses coverage up slightly to 1.21% of total loans Net charge-offs of $9.6 million, or 21 basis points as a percent of average loans Nonperforming assets improved $22 million from December 31, 2024, to 0.33% of total assets Maintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.3% Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

Conference Call United will hold a conference call on Tuesday, April 22 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company's website, ucbi.com.

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

2025    2024   First Quarter
2025-2024
Change  First
Quarter  Fourth Quarter  Third
Quarter  Second Quarter  First Quarter  INCOME SUMMARY  Interest revenue $ 335,357   $ 344,962   $ 349,086   $ 346,965   $ 336,728  Interest expense  123,336    134,629    139,900    138,265    137,579  Net interest revenue  212,021    210,333    209,186    208,700    199,149   6 % Noninterest income  35,656    40,522    8,091    36,556    39,587   (10 ) Total revenue  247,677    250,855    217,277    245,256    238,736   4  Provision for credit losses  15,419    11,389    14,428    12,235    12,899  Noninterest expenses  141,099    143,056    143,065    147,044    145,002   (3 ) Income before income tax expense  91,159    96,410    59,784    85,977    80,835   13  Income tax expense  19,746    20,606    12,437    19,362    18,204   8  Net income  71,413    75,804    47,347    66,615    62,631   14  Non-operating items  1,297    2,203    29,385    6,493    2,187  Income tax benefit of non-operating items  (281 )   (471 )   (6,276 )   (1,462 )   (493 )  Net income – operating (1) $ 72,429   $ 77,536   $ 70,456   $ 71,646   $ 64,325   13  Pre-tax pre-provision income (5) $ 106,578   $ 107,799   $ 74,212   $ 98,212   $ 93,734   14  PERFORMANCE MEASURES  Per common share:  Diluted net income – GAAP $ 0.58   $ 0.61   $ 0.38   $ 0.54   $ 0.51   14  Diluted net income – operating (1)  0.59    0.63    0.57    0.58    0.52   13  Cash dividends declared  0.24    0.24    0.24    0.23    0.23   4  Book value  28.42    27.87    27.68    27.18    26.83   6  Tangible book value (3)  20.58    20.00    19.66    19.13    18.71   10  Key performance ratios:  Return on common equity – GAAP (2)(4)  7.89 %   8.40 %   5.20 %   7.53 %   7.14 %  Return on common equity – operating (1)(2)(4)  8.01    8.60    7.82    8.12    7.34  Return on tangible common equity – operating (1)(2)(3)(4)  11.21    12.12    11.17    11.68    10.68  Return on assets – GAAP (4)  1.02    1.06    0.67    0.97    0.90  Return on assets – operating (1)(4)  1.04    1.08    1.01    1.04    0.93  Return on assets – pre-tax pre-provision, excluding non-operating items (1)(4)(5)  1.55    1.55    1.50    1.54    1.40  Net interest margin (fully taxable equivalent) (4)  3.36    3.26    3.33    3.37    3.20  Efficiency ratio – GAAP  56.74    56.05    65.51    59.70    60.47  Efficiency ratio – operating (1)  56.22    55.18    57.37    57.06    59.15  Equity to total assets  12.56    12.38    12.45    12.35    12.06  Tangible common equity to tangible assets (3)  9.18    8.97    8.93    8.78    8.49  ASSET QUALITY  Nonperforming assets ("NPAs") $ 93,290   $ 115,635   $ 114,960   $ 116,722   $ 107,230   (13 ) Allowance for credit losses – loans  211,974    206,998    205,290    213,022    210,934   —  Allowance for credit losses – total  223,201    217,389    215,517    224,740    224,119   —  Net charge-offs  9,607    9,517    23,651    11,614    12,908  Allowance for credit losses – loans to loans  1.15 %   1.14 %   1.14 %   1.17 %   1.15 %  Allowance for credit losses – total to loans  1.21    1.20    1.20    1.23    1.22  Net charge-offs to average loans (4)  0.21    0.21    0.52    0.26    0.28  NPAs to total assets  0.33    0.42    0.42    0.43    0.39  AT PERIOD END ($ in millions)  Loans $ 18,425   $ 18,176   $ 17,964   $ 18,211   $ 18,375   —  Investment securities  6,661    6,804    6,425    6,038    5,859   14  Total assets  27,874    27,720    27,373    27,057    27,365   2  Deposits  23,762    23,461    23,253    22,982    23,332   2  Shareholders’ equity  3,501    3,432    3,407    3,343    3,300   6  Common shares outstanding (thousands)  119,514    119,364    119,283    119,175    119,137   —   (1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
(in thousands, except per share data)

2025    2024  First Quarter  Fourth Quarter  Third Quarter  Second Quarter  First Quarter  Noninterest income reconciliation  Noninterest income (GAAP)  $ 35,656   $ 40,522   $ 8,091   $ 36,556   $ 39,587  Loss on sale of manufactured housing loans   —    —    27,209    —    —  Gain on lease termination   —    —    —    —    (2,400 ) Noninterest income – operating  $ 35,656   $ 40,522   $ 35,300   $ 36,556   $ 37,187   Noninterest expense reconciliation  Noninterest expenses (GAAP)  $ 141,099   $ 143,056   $ 143,065   $ 147,044   $ 145,002  Loss on FinTrust (goodwill impairment)   —    —    —    (5,100 )   —  FDIC special assessment   —    —    —    764    (2,500 ) Merger-related and other charges   (1,297 )   (2,203 )   (2,176 )   (2,157 )   (2,087 ) Noninterest expenses – operating  $ 139,802   $ 140,853   $ 140,889   $ 140,551   $ 140,415   Net income to operating income reconciliation  Net income (GAAP)  $ 71,413   $ 75,804   $ 47,347   $ 66,615   $ 62,631  Loss on sale of manufactured housing loans   —    —    27,209    —    —  Gain on lease termination   —    —    —    —    (2,400 ) Loss on FinTrust (goodwill impairment)   —    —    —    5,100    —  FDIC special assessment   —    —    —    (764 )   2,500  Merger-related and other charges   1,297    2,203    2,176    2,157    2,087  Income tax benefit of non-operating items   (281 )   (471 )   (6,276 )   (1,462 )   (493 ) Net income – operating  $ 72,429   $ 77,536   $ 70,456   $ 71,646   $ 64,325   Net income to pre-tax pre-provision income reconciliation  Net income (GAAP)  $ 71,413   $ 75,804   $ 47,347   $ 66,615   $ 62,631  Income tax expense   19,746    20,606    12,437    19,362    18,204  Provision for credit losses   15,419    11,389    14,428    12,235    12,899  Pre-tax pre-provision income  $ 106,578   $ 107,799   $ 74,212   $ 98,212   $ 93,734   Diluted income per common share reconciliation  Diluted income per common share (GAAP)  $ 0.58   $ 0.61   $ 0.38   $ 0.54   $ 0.51  Loss on sale of manufactured housing loans   —    —    0.18    —    —  Gain on lease termination   —    —    —    —    (0.02 ) Loss on FinTrust (goodwill impairment)   —    —    —    0.03    —  FDIC special assessment   —    —    —    —    0.02  Merger-related and other charges   0.01    0.02    0.01    0.01    0.01  Diluted income per common share – operating  $ 0.59   $ 0.63   $ 0.57   $ 0.58   $ 0.52   Book value per common share reconciliation  Book value per common share (GAAP)  $ 28.42   $ 27.87   $ 27.68   $ 27.18   $ 26.83  Effect of goodwill and other intangibles   (7.84 )   (7.87 )   (8.02 )   (8.05 )   (8.12 ) Tangible book value per common share  $ 20.58   $ 20.00   $ 19.66   $ 19.13   $ 18.71   Return on tangible common equity reconciliation  Return on common equity (GAAP)   7.89 %   8.40 %   5.20 %   7.53 %   7.14 % Loss on sale of manufactured housing loans   —    —    2.43    —    —  Gain on lease termination   —    —    —    —    (0.22 ) Loss on FinTrust (goodwill impairment)   —    —    —    0.46    —  FDIC special assessment   —    —    —    (0.07 )   0.23  Merger-related and other charges   0.12    0.20    0.19    0.20    0.19  Return on common equity – operating   8.01    8.60    7.82    8.12    7.34  Effect of goodwill and other intangibles   3.20    3.52    3.35    3.56    3.34  Return on tangible common equity – operating   11.21 %   12.12 %   11.17 %   11.68 %   10.68 %  Return on assets reconciliation  Return on assets (GAAP)   1.02 %   1.06 %   0.67 %   0.97 %   0.90 % Loss on sale of manufactured housing loans   —    —    0.31    —    —  Gain on lease termination   —    —    —    —    (0.03 ) Loss on FinTrust (goodwill impairment)   —    —    —    0.06    —  FDIC special assessment   —    —    —    (0.01 )   0.03  Merger-related and other charges   0.02    0.02    0.03    0.02    0.03  Return on assets – operating   1.04 %   1.08 %   1.01 %   1.04 %   0.93 %  Return on assets to return on assets – pre-tax pre-provision reconciliation  Return on assets (GAAP)   1.02 %   1.06 %   0.67 %   0.97 %   0.90 % Income tax expense   0.29    0.30    0.19    0.29    0.27  Provision for credit losses   0.23    0.16    0.21    0.18    0.19  Loss on sale of manufactured housing loans   —    —    0.40    —    —  Gain on lease termination   —    —    —    —    (0.04 ) Loss on FinTrust (goodwill impairment)   —    —    —    0.08    —  FDIC special assessment   —    —    —    (0.01 )   0.04  Merger-related and other charges   0.01    0.03    0.03    0.03    0.04  Return on assets – pre-tax pre-provision – operating   1.55 %   1.55 %   1.50 %   1.54 %   1.40 %  Efficiency ratio reconciliation  Efficiency ratio (GAAP)   56.74 %   56.05 %   65.51 %   59.70 %   60.47 % Loss on sale of manufactured housing loans   —    —    (7.15 )   —    —  Gain on lease termination   —    —    —    —    0.60  Loss on FinTrust (goodwill impairment)   —    —    —    (2.07 )   —  FDIC special assessment   —    —    —    0.31    (1.05 ) Merger-related and other charges   (0.52 )   (0.87 )   (0.99 )   (0.88 )   (0.87 ) Efficiency ratio – operating   56.22 %   55.18 %   57.37 %   57.06 %   59.15 %  Tangible common equity to tangible assets reconciliation  Equity to total assets (GAAP)   12.56 %   12.38 %   12.45 %   12.35 %   12.06 % Effect of goodwill and other intangibles   (3.06 )   (3.09 )   (3.20 )   (3.24 )   (3.25 ) Effect of preferred equity   (0.32 )   (0.32 )   (0.32 )   (0.33 )   (0.32 ) Tangible common equity to tangible assets   9.18 %   8.97 %   8.93 %   8.78 %   8.49 %

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

2025   2024  Linked
Quarter
Change   Year over
Year
Change  (in millions) First Quarter  Fourth Quarter  Third Quarter  Second Quarter  First Quarter  LOANS BY CATEGORY  Owner occupied commercial RE $ 3,419   $ 3,398   $ 3,323   $ 3,297   $ 3,310   $ 21   $ 109  Income producing commercial RE  4,416    4,361    4,259    4,058    4,206    55    210  Commercial & industrial  2,506    2,428    2,313    2,299    2,405    78    101  Commercial construction  1,681    1,656    1,785    2,014    1,936    25    (255 ) Equipment financing  1,723    1,663    1,603    1,581    1,544    60    179  Total commercial  13,745    13,506    13,283    13,249    13,401    239    344  Residential mortgage  3,218    3,232    3,263    3,266    3,240    (14 )   (22 ) Home equity  1,099    1,065    1,015    985    969    34    130  Residential construction  171    178    189    211    257    (7 )   (86 ) Manufactured housing (1)  —    2    2    321    328    (2 )   (328 ) Consumer  183    186    188    183    180    (3 )   3  Other  9    7    24    (4 )   —    2    9  Total loans $ 18,425   $ 18,176   $ 17,964   $ 18,211   $ 18,375   $ 249   $ 50   LOANS BY MARKET  Georgia $ 4,484   $ 4,447   $ 4,470   $ 4,411   $ 4,356   $ 37   $ 128  South Carolina  2,821    2,815    2,782    2,779    2,804    6    17  North Carolina  2,666    2,644    2,586    2,591    2,566    22    100  Tennessee  1,880    1,799    1,848    2,144    2,209    81    (329 ) Florida  2,572    2,527    2,423    2,407    2,443    45    129  Alabama  1,009    996    996    1,021    1,068    13    (59 ) Commercial Banking Solutions  2,993    2,948    2,859    2,858    2,929    45    64  Total loans $ 18,425   $ 18,176   $ 17,964   $ 18,211   $ 18,375   $ 249   $ 50   (1) At March 31, 2025, manufactured housing loans are included with consumer loans.

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

2025   2024 First Quarter  Fourth Quarter  Third Quarter NONACCRUAL LOANS  Owner occupied RE  $ 8,949   $ 11,674   $ 7,783  Income producing RE   16,536    25,357    31,222  Commercial & industrial   22,396    29,339    28,856  Commercial construction   5,558    7,400    7,356  Equipment financing   8,818    8,925    9,123  Total commercial   62,257    82,695    84,340  Residential mortgage   22,756    24,615    21,851  Home equity   4,091    4,630    4,111  Residential construction   811    57    118  Manufactured housing (2)   —    1,444    1,808  Consumer   1,423    138    152  Total nonaccrual loans   91,338    113,579    112,380  OREO and repossessed assets   1,952    2,056    2,580  Total NPAs  $ 93,290   $ 115,635   $ 114,960

2025   2024 First Quarter  Fourth Quarter  Third 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 $ 126   0.02 %  $ (184 )  (0.02 )%  $ (184 )  (0.02 )% Income producing RE  718   0.07    (1,001 )  (0.09 )   1,409   0.13  Commercial & industrial  2,447   0.40    4,075   0.69    4,577   0.79  Commercial construction  (138 )  (0.03 )   2   —    36   0.01  Equipment financing  5,042   1.21    5,812   1.43    5,268   1.32  Total commercial  8,195   0.24    8,704   0.26    11,106   0.33  Residential mortgage  (1 )  —    145   0.02    32   —  Home equity  (62 )  (0.02 )   (33 )  (0.01 )   36   0.01  Residential construction  219   0.51    7   0.02    111   0.22  Manufactured housing (2)  —   —    114   23.41    11,556   28.51  Consumer  1,256   2.76    580   1.24    810   1.74  Total $ 9,607   0.21   $ 9,517   0.21   $ 23,651   0.52   (1) Annualized.  (2) At March 31, 2025, manufactured housing loans are included with consumer loans.

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

(in thousands, except share and per share data)  March 31,
2025  December 31,
2024 ASSETS  Cash and due from banks  $ 198,287   $ 296,161  Interest-bearing deposits in banks   438,425    223,712  Cash and cash equivalents   636,712    519,873  Debt securities available-for-sale   4,322,644    4,436,291  Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively)   2,338,571    2,368,107  Loans held for sale   37,344    57,534  Loans and leases held for investment   18,425,365    18,175,980  Less allowance for credit losses – loans and leases   (211,974 )   (206,998 ) Loans and leases, net   18,213,391    17,968,982  Premises and equipment, net   391,020    394,264  Bank owned life insurance   346,410    346,234  Goodwill and other intangible assets, net   953,357    956,643  Other assets   634,269    672,330  Total assets  $ 27,873,718   $ 27,720,258  LIABILITIES AND SHAREHOLDERS' EQUITY  Liabilities:  Deposits:  Noninterest-bearing demand  $ 6,257,032   $ 6,211,182  NOW and interest-bearing demand   6,155,141    6,141,342  Money market   6,637,506    6,398,144  Savings   1,105,374    1,100,591  Time   3,446,567    3,441,424  Brokered   160,785    168,292  Total deposits   23,762,405    23,460,975  Short-term borrowings   —    195,000  Long-term debt   254,287    254,152  Accrued expenses and other liabilities   356,130    378,004  Total liabilities   24,372,822    24,288,131  Shareholders' equity:  Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference   88,266    88,266  Common stock, $1 par value; 200,000,000 shares authorized, 119,514,298 and 119,364,110 shares issued and outstanding, respectively   119,514    119,364  Common stock issuable; 584,083 and 600,168 shares, respectively   12,983    12,999  Capital surplus   2,711,721    2,710,279  Retained earnings   754,971    714,138  Accumulated other comprehensive loss   (186,559 )   (212,919 ) Total shareholders' equity   3,500,896    3,432,127  Total liabilities and shareholders' equity  $ 27,873,718   $ 27,720,258

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

Three Months Ended
March 31, (in thousands, except per share data)   2025    2024  Interest revenue:  Loans, including fees  $ 274,056   $ 283,983  Investment securities, including tax exempt of $1,678 and $1,721, respectively   58,850    46,436  Deposits in banks and short-term investments   2,451    6,309  Total interest revenue   335,357    336,728   Interest expense:  Deposits:  NOW and interest-bearing demand   37,390    46,211  Money market   49,541    50,478  Savings   624    706  Time   31,379    36,389  Deposits   118,934    133,784  Short-term borrowings   1,107    —  Federal Home Loan Bank advances   433    —  Long-term debt   2,862    3,795  Total interest expense   123,336    137,579  Net interest revenue   212,021    199,149   Noninterest income:  Service charges and fees   9,535    9,264  Mortgage loan gains and other related fees   6,122    7,511  Wealth management fees   4,465    6,313  Net gains from sales of other loans   1,396    1,537  Lending and loan servicing fees   4,165    4,210  Securities gains, net   6    —  Other   9,967    10,752  Total noninterest income   35,656    39,587   Provision for credit losses   15,419    12,899   Noninterest expenses:  Salaries and employee benefits   84,267    84,985  Communications and equipment   13,699    11,920  Occupancy   10,929    11,099  Advertising and public relations   1,881    1,901  Postage, printing and supplies   2,561    2,648  Professional fees   5,931    5,988  Lending and loan servicing expense   1,987    1,827  Outside services – electronic banking   2,763    2,918  FDIC assessments and other regulatory charges   4,642    7,566  Amortization of intangibles   3,286    3,887  Merger-related and other charges   1,297    2,087  Other   7,856    8,176  Total noninterest expenses   141,099    145,002  Income before income taxes   91,159    80,835  Income tax expense   19,746    18,204  Net income   71,413    62,631  Preferred stock dividends   1,573    1,573  Earnings allocated to participating securities   411    345  Net income available to common shareholders  $ 69,429   $ 60,713   Net income per common share:  Basic  $ 0.58   $ 0.51  Diluted   0.58    0.51  Weighted average common shares outstanding:  Basic   120,043    119,662  Diluted   120,201    119,743

UNITED COMMUNITY BANKS, INC. Average Consolidated Balance Sheets and Net Interest Analysis For the Three Months Ended March 31,

2025    2024  (dollars in thousands, fully taxable equivalent (FTE)) Average
Balance  Interest  Average
Rate  Average
Balance  Interest  Average
Rate Assets:  Interest-earning assets:  Loans, net of unearned income (FTE) (1)(2) $ 18,213,501   $ 273,930   6.10 %  $ 18,299,739   $ 283,960   6.24 % Taxable securities (3)  6,737,658    57,172   3.39    5,828,391    44,715   3.07  Tax-exempt securities (FTE) (1)(3)  356,712    2,245   2.52    366,350    2,311   2.52  Federal funds sold and other interest-earning assets  400,592    3,001   3.04    674,594    6,805   4.06  Total interest-earning assets (FTE)  25,708,463    336,348   5.29    25,169,074    337,791   5.39   Noninterest-earning assets:  Allowance for credit losses  (210,169 )       (212,996 )  Cash and due from banks  219,540        221,203  Premises and equipment  396,443        386,021  Other assets (3)  1,610,104        1,618,315  Total assets $ 27,724,381       $ 27,181,617   Liabilities and Shareholders' Equity:  Interest-bearing liabilities:  Interest-bearing deposits:  NOW and interest-bearing demand $ 6,134,004    37,390   2.47   $ 6,078,090    46,211   3.06  Money market  6,583,963    49,541   3.05    5,864,217    50,478   3.46  Savings  1,096,308    624   0.23    1,192,828    706   0.24  Time  3,446,048    30,831   3.63    3,596,486    35,944   4.02  Brokered time deposits  50,447    548   4.41    50,343    445   3.56  Total interest-bearing deposits  17,310,770    118,934   2.79    16,781,964    133,784   3.21  Federal funds purchased and other borrowings  80,760    1,107   5.56    13    —   —  Federal Home Loan Bank advances  38,900    433   4.51    4    —   —  Long-term debt  254,220    2,862   4.57    324,838    3,795   4.70  Total borrowed funds  373,880    4,402   4.77    324,855    3,795   4.70  Total interest-bearing liabilities  17,684,650    123,336   2.83    17,106,819    137,579   3.23   Noninterest-bearing liabilities:  Noninterest-bearing deposits  6,194,217        6,398,079  Other liabilities  369,939        390,451  Total liabilities  24,248,806        23,895,349  Shareholders' equity  3,475,575        3,286,268  Total liabilities and shareholders' equity $ 27,724,381       $ 27,181,617   Net interest revenue (FTE)   $ 213,012       $ 200,212  Net interest-rate spread (FTE)     2.46 %      2.16 % Net interest margin (FTE) (4)     3.36 %      3.20 %  (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 $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment 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 AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation. (4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.

About United Community Banks, Inc. United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

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

Caution About Forward-Looking Statements 
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements related to the expected benefits of the acquisition of ANB Holdings, Inc. (“ANB”). 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 risk that the cost savings and any revenue synergies from the ANB acquisition may not be realized or take longer than anticipated to be realized, (2) disruption from the ANB acquisition of customer, supplier, employee or other business partner relationships, (3) the possibility that the costs, fees, expenses and charges related to the ANB acquisition may be greater than anticipated, (4) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to the ANB acquisition, (5) the failure of the ANB acquisition to close or any unexpected delay in closing the ANB acquisition, (6) the risks relating to the integration of ANB’s 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, (7) the risks associated with United’s pursuit of future acquisitions, (8) the risk associated with expansion into new geographic or product markets, (9) the dilution caused by United’s issuance of additional shares of its common stock in the ANB acquisition, and (10) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

United qualifies all forward-looking statements by these cautionary statements.

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
[email protected]

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