UNITED COMMUNITY BANKS INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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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 First Quarter Results

EPS of $0.82, Return on Assets of 1.62% and Return on Common Equity of 15.4%

GREENVILLE, SC – April 20, 2021 - United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced that net income for the first quarter reached a record $73.7 million and pre-tax, pre-provision income was $81.6 million. The quarter benefited from an allowance release of $12.3 million, as economic conditions and forecasts continue to improve. Diluted earnings per share of $0.82 for the quarter represented an increase of $0.42 or 105%, from the first quarter a year ago, and represented an increase of $0.16 or 24% over the fourth quarter of 2020. On an operating basis, United’s diluted earnings per share of $0.83 was an increase of 102% over the year ago quarter. United’s GAAP return on assets (ROA) was 1.62% and its return on common equity was 15.4% for the quarter. On an operating basis, United’s ROA was 1.65% and its return on tangible common equity was 19.7%. On a pre-tax, pre-provision basis, return on assets was 1.83% for the quarter.

Chairman and CEO Lynn Harton stated, “We continue to have strong performance across our businesses and markets, driven by an improving economy, southeastern markets that are outperforming national averages, and great execution by our bankers. Loan growth, while slower than the previous two quarters, continues to be positive and deposit growth continues at a strong pace. Credit results were outstanding and we believe the record stimulus, strong liquidity levels of consumers and businesses, and pent up demand has the potential to deliver strong economic growth for several quarters.”

Total loans increased by $308 million during the quarter—impacted by a $237 million increase in SBA Paycheck Protection Program (PPP) loans. During the quarter, United funded nearly 5,100 loans totaling $518 million, and had $311 million in PPP loans forgiven. Excluding the effect of PPP loans, core organic loan growth was 3% annualized. Core transaction deposits grew by $948 million during the quarter, or 33% annualized, and United’s cost of deposits decreased by 3 basis points to 0.14%. The net interest margin decreased by 33 basis points from the fourth quarter due mainly to a $9.5 million decline in the recognition of PPP fees, as well as $1.8 million less purchased loan accretion. Excluding these items, the net interest margin decreased by approximately 7 basis points from the fourth quarter due to a combination of factors, including lower overall market rates and increased liquidity.

Mr. Harton concluded, “We are excited about the ongoing opportunities in our markets and look forward to the rest of 2021. I also want to recognize our entire team for their performance. Earlier this quarter, Forbes recognized United on its 2021 list of the 100 Best Banks in America for the eighth consecutive year. Forbes’ ranks the banks based on growth, credit quality and profitability and United was again a standout. I am incredibly proud of our employees who make this type of recognition possible through their tireless dedication to our customers, our culture and fulfilling our performance mission.”

First Quarter 2021 Financial Highlights:

•

Net income of $73.7 million and pre-tax, pre-provision income of $81.6 million

•

EPS increased by 105% compared to last year on a GAAP basis and 102% on an operating basis; compared to fourth quarter 2020, EPS increased by 24% on a GAAP basis and 22% on an operating basis

•

Return on assets of 1.62%, or 1.65% on an operating basis

•

Pre-tax, pre-provision return on assets of 1.80%, or 1.83% on an operating basis

•

Return on common equity of 15.4%

•

Return on tangible common equity of 19.7% on an operating basis

•

A release of provision for credit losses of $12.3 million, which reduced the allowance for loan losses to 1.09% (1.18%, excluding PPP loans) from 1.20% in the fourth quarter

•

Loan production of $1.5 billion, resulting in core loan growth of 3%, annualized for the quarter, excluding the impact of $518 million in new PPP loans and $311 million in PPP loans being forgiven

•

Core transaction deposits were up $948 million, which represents a 33% annualized growth rate for the quarter

•

Net interest margin of 3.22% was down 33 basis points from the fourth quarter, mainly due to the impact of accelerated PPP fees during the fourth quarter

•

Record mortgage closings of $666 million and mortgage rate locks of $993 million, compared to $388 million and $801 million, respectively, a year ago

•

Noninterest income was up $3.3 million on a linked quarter basis, primarily driven by higher mortgage loan gains and related fees

•

Noninterest expenses decreased by $11.3 million compared to the fourth quarter mostly due to funding for the United Community Bank Foundation of $8.5 million in the fourth quarter

•

Efficiency ratio of 53.6%, or 52.7% on an operating basis

•

Net recoveries of $305,000, or one basis point as a percent of average loans, down 6 basis points from the fourth quarter

•

Nonperforming assets of 0.30% of total assets, down 5 basis points compared to December 31, 2020

•

Total loan deferrals of $48 million or 0.4% of the total loan portfolio compared to $71 million or 0.6% in the fourth quarter

•

Quarterly common shareholder dividend of $0.19 per share declared during the quarter, an increase of 6% year-over-year

•

Successfully completed the operational conversion of Seaside during the quarter

Conference Call

United will hold a conference call on Wednesday, April 21, 2021, at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 9792368. The conference call also will be webcast and available for replay for 30 days by selecting “Events & Presentations” within the Investor Relations section of United’s website at www.ucbi.com.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
	2021			2020
(in thousands, except per share data)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter			First Quarter 2021 - 2020 Change
INCOME SUMMARY
Interest revenue	$	141,542		$	156,071		$	141,773		$	123,605		$	136,547
Interest expense		9,478			10,676			13,319			14,301			17,941
Net interest revenue		132,064			145,395			128,454			109,304			118,606			11	%
(Release of) provision for credit losses		(12,281	)		2,907			21,793			33,543			22,191
Noninterest income		44,705			41,375			48,682			40,238			25,814			73
Total revenue		189,050			183,863			155,343			115,999			122,229			55
Expenses		95,194			106,490			95,981			83,980			81,538			17
Income before income tax expense		93,856			77,373			59,362			32,019			40,691			131
Income tax expense		20,150			17,871			11,755			6,923			8,807			129
Net income		73,706			59,502			47,607			25,096			31,884			131
Merger-related and other charges		1,543			2,452			3,361			397			808
Income tax benefit of merger-related and other charges		(335	)		(552	)		(519	)		(87	)		(182	)
Net income - operating ⁽¹⁾	$	74,914		$	61,402		$	50,449		$	25,406		$	32,510			130

Pre-tax pre-provision income ⁽⁵⁾	$	81,575		$	80,280		$	81,155		$	65,562		$	62,882			30

PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.82		$	0.66		$	0.52		$	0.32		$	0.40			105
Diluted net income - operating ⁽¹⁾		0.83			0.68			0.55			0.32			0.41			102
Cash dividends declared		0.19			0.18			0.18			0.18			0.18			6
Book value		22.15			21.90			21.45			21.22			20.80			6
Tangible book value ⁽³⁾		17.83			17.56			17.09			16.95			16.52			8
Key performance ratios:
Return on common equity - GAAP ⁽²⁾⁽⁴⁾		15.37	%		12.36	%		10.06	%		6.17	%		7.85	%
Return on common equity - operating ^(1)(2)(4)		15.63			12.77			10.69			6.25			8.01
Return on tangible common equity - operating ^(1)(2)(3)(4)		19.68			16.23			13.52			8.09			10.57
Return on assets - GAAP ⁽⁴⁾		1.62			1.30			1.07			0.71			0.99
Return on assets - operating ⁽¹⁾⁽⁴⁾		1.65			1.34			1.14			0.72			1.01
Return on assets - pre-tax pre-provision ⁽⁴⁾⁽⁵⁾		1.80			1.77			1.86			1.86			1.95
Return on assets - pre-tax pre-provision, excluding merger-related and other charges ^(1)(4)(5)		1.83			1.82			1.93			1.87			1.98
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.22			3.55			3.27			3.42			4.07
Efficiency ratio - GAAP		53.55			56.73			54.14			55.86			56.15
Efficiency ratio - operating ⁽¹⁾		52.68			55.42			52.24			55.59			55.59
Equity to total assets		10.95			11.29			11.47			11.81			12.54
Tangible common equity to tangible assets ⁽³⁾		8.57			8.81			8.89			9.12			10.22

ASSET QUALITY
Nonperforming loans	$	55,900		$	61,599		$	49,084		$	48,021		$	36,208			54
Foreclosed properties		596			647			953			477			475
Total nonperforming assets ("NPAs")		56,496			62,246			50,037			48,498			36,683			54
Allowance for credit losses - loans		126,866			137,010			134,256			103,669			81,905			55
Net charge-offs		(305	)		1,515			2,538			6,149			8,114
Allowance for credit losses - loans to loans		1.09	%		1.20	%		1.14	%		1.02	%		0.92	%
Net charge-offs to average loans ⁽⁴⁾		(0.01	)		0.05			0.09			0.25			0.37
NPAs to loans and foreclosed properties		0.48			0.55			0.42			0.48			0.41
NPAs to total assets		0.30			0.35			0.29			0.32			0.28

AVERAGE BALANCES ($ in millions)
Loans	$	11,433		$	11,595		$	11,644		$	9,773		$	8,829			29
Investment securities		3,991			3,326			2,750			2,408			2,520			58
Earning assets		16,782			16,394			15,715			12,958			11,798			42
Total assets		18,023			17,698			17,013			14,173			12,944			39
Deposits		15,366			15,057			14,460			12,071			10,915			41
Shareholders’ equity		2,025			1,994			1,948			1,686			1,653			23
Common shares - basic (thousands)		87,322			87,258			87,129			78,920			79,340			10
Common shares - diluted (thousands)		87,466			87,333			87,205			78,924			79,446			10

AT PERIOD END ($ in millions)
Loans	$	11,679		$	11,371		$	11,799		$	10,133		$	8,935			31
Investment securities		4,332			3,645			3,089			2,432			2,540			71
Total assets		18,557			17,794			17,153			15,005			13,086			42
Deposits		15,993			15,232			14,603			12,702			11,035			45
Shareholders’ equity		2,031			2,008			1,967			1,772			1,641			24
Common shares outstanding (thousands)		86,777			86,675			86,611			78,335			78,284			11

⁽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
	2021			2020
(in thousands, except per share data)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter

Expense reconciliation
Expenses (GAAP)	$	95,194		$	106,490		$	95,981		$	83,980		$	81,538
Merger-related and other charges		(1,543	)		(2,452	)		(3,361	)		(397	)		(808	)
Expenses - operating	$	93,651		$	104,038		$	92,620		$	83,583		$	80,730

Net income reconciliation
Net income (GAAP)	$	73,706		$	59,502		$	47,607		$	25,096		$	31,884
Merger-related and other charges		1,543			2,452			3,361			397			808
Income tax benefit of merger-related and other charges		(335	)		(552	)		(519	)		(87	)		(182	)
Net income - operating	$	74,914		$	61,402		$	50,449		$	25,406		$	32,510

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	73,706		$	59,502		$	47,607		$	25,096		$	31,884
Income tax expense		20,150			17,871			11,755			6,923			8,807
(Release of) provision for credit losses		(12,281	)		2,907			21,793			33,543			22,191
Pre-tax pre-provision income	$	81,575		$	80,280		$	81,155		$	65,562		$	62,882

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.82		$	0.66		$	0.52		$	0.32		$	0.40
Merger-related and other charges, net of tax		0.01			0.02			0.03			—			0.01
Diluted income per common share - operating	$	0.83		$	0.68		$	0.55		$	0.32		$	0.41

Book value per common share reconciliation
Book value per common share (GAAP)	$	22.15		$	21.90		$	21.45		$	21.22		$	20.80
Effect of goodwill and other intangibles		(4.32	)		(4.34	)		(4.36	)		(4.27	)		(4.28	)
Tangible book value per common share	$	17.83		$	17.56		$	17.09		$	16.95		$	16.52

Return on tangible common equity reconciliation
Return on common equity (GAAP)		15.37	%		12.36	%		10.06	%		6.17	%		7.85	%
Merger-related and other charges, net of tax		0.26			0.41			0.63			0.08			0.16
Return on common equity - operating		15.63			12.77			10.69			6.25			8.01
Effect of goodwill and other intangibles		4.05			3.46			2.83			1.84			2.56
Return on tangible common equity - operating		19.68	%		16.23	%		13.52	%		8.09	%		10.57	%

Return on assets reconciliation
Return on assets (GAAP)		1.62	%		1.30	%		1.07	%		0.71	%		0.99	%
Merger-related and other charges, net of tax		0.03			0.04			0.07			0.01			0.02
Return on assets - operating		1.65	%		1.34	%		1.14	%		0.72	%		1.01	%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.62	%		1.30	%		1.07	%		0.71	%		0.99	%
Income tax expense		0.46			0.40			0.28			0.20			0.27
(Release of) provision for credit losses		(0.28	)		0.07			0.51			0.95			0.69
Return on assets - pre-tax, pre-provision		1.80			1.77			1.86			1.86			1.95
Merger-related and other charges		0.03			0.05			0.07			0.01			0.03
Return on assets - pre-tax pre-provision, excluding merger-related and other charges		1.83	%		1.82	%		1.93	%		1.87	%		1.98	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		53.55	%		56.73	%		54.14	%		55.86	%		56.15	%
Merger-related and other charges		(0.87	)		(1.31	)		(1.90	)		(0.27	)		(0.56	)
Efficiency ratio - operating		52.68	%		55.42	%		52.24	%		55.59	%		55.59	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		10.95	%		11.29	%		11.47	%		11.81	%		12.54	%
Effect of goodwill and other intangibles		(1.86	)		(1.94	)		(2.02	)		(2.05	)		(2.32	)
Effect of preferred equity		(0.52	)		(0.54	)		(0.56	)		(0.64	)		—
Tangible common equity to tangible assets		8.57	%		8.81	%		8.89	%		9.12	%		10.22	%

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
	2021		2020
(in millions)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	2,107	$	2,090	$	2,009	$	1,759	$	1,703	$	17		$	404
Income producing commercial RE		2,599		2,541		2,493		2,178		2,065		58			534
Commercial & industrial		1,760		1,853		1,788		1,219		1,310		(93	)		450
Paycheck protection program		883		646		1,317		1,095		—		237			883
Commercial construction		960		967		987		946		959		(7	)		1
Equipment financing		913		864		823		779		761		49			152
Total commercial		9,222		8,961		9,417		7,976		6,798		261			2,424
Residential mortgage		1,362		1,285		1,270		1,152		1,128		77			234
Home equity lines of credit		679		697		707		654		668		(18	)		11
Residential construction		272		281		257		230		216		(9	)		56
Consumer		144		147		148		121		125		(3	)		19
Total loans	$	11,679	$	11,371	$	11,799	$	10,133	$	8,935	$	308		$	2,744

LOANS BY MARKET ⁽¹⁾
North Georgia	$	982	$	955	$	945	$	951	$	958	$	27		$	24
Atlanta		1,953		1,889		1,853		1,852		1,820		64			133
North Carolina		1,326		1,281		1,246		1,171		1,124		45			202
Coastal Georgia		597		617		614		618		604		(20	)		(7	)
Gainesville		222		224		229		233		235		(2	)		(13	)
East Tennessee		398		415		420		433		425		(17	)		(27	)
South Carolina		1,997		1,947		1,870		1,778		1,774		50			223
Florida		1,160		1,435		1,453		—		—		(275	)		1,160
Commercial Banking Solutions		3,044		2,608		3,169		3,097		1,995		436			1,049
Total loans	$	11,679	$	11,371	$	11,799	$	10,133	$	8,935	$	308		$	2,744

⁽¹⁾ Certain loans previously included in the Florida geographic market have been reclassified to Commercial Banking Solutions following Seaside’s core systems conversion in the first quarter of 2021.

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
	2021		2020
(in thousands)	First Quarter		Fourth Quarter		Third Quarter
NONACCRUAL LOANS
Owner occupied RE	$	7,908	$	8,582	$	11,075
Income producing RE		13,740		15,149		12,230
Commercial & industrial		13,864		16,634		3,534
Commercial construction		1,984		1,745		1,863
Equipment financing		2,171		3,405		3,137
Total commercial		39,667		45,515		31,839
Residential mortgage		14,050		12,858		13,864
Home equity lines of credit		1,707		2,487		2,642
Residential construction		322		514		479
Consumer		154		225		260
Total	$	55,900	$	61,599	$	49,084

	2021						2020
	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 BY CATEGORY
Owner occupied RE	$	(240	)		(0.05	)%	$	(277	)		(0.05	)%	$	(725	)		(0.14	)%
Income producing RE		991			0.16			(1,718	)		(0.27	)		1,785			0.29
Commercial & industrial		(2,753	)		(0.44	)		2,294			0.33			(105	)		(0.01	)
Commercial construction		22			0.01			(129	)		(0.05	)		(171	)		(0.07	)
Equipment financing		1,511			0.70			1,595			0.75			1,993			0.93
Total commercial		(469	)		(0.02	)		1,765			0.08			2,777			0.12
Residential mortgage		92			0.03			(25	)		(0.01	)		(35	)		(0.01	)
Home equity lines of credit		(73	)		(0.04	)		(151	)		(0.09	)		(125	)		(0.07	)
Residential construction		(60	)		(0.09	)		(47	)		(0.07	)		—			—
Consumer		205			0.58			(27	)		(0.07	)		(79	)		(0.22	)
Total	$	(305	)		(0.01	)	$	1,515			0.05		$	2,538			0.09

⁽¹⁾ Annualized.

UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	March 31, 2021			December 31, 2020
ASSETS
Cash and due from banks	$	126,164		$	148,896
Interest-bearing deposits in banks		1,207,949			1,459,723
Cash and cash equivalents		1,334,113			1,608,619
Debt securities available-for-sale		3,744,280			3,224,721
Debt securities held-to-maturity (fair value $586,828 and $437,193)		587,696			420,361
Loans held for sale at fair value		164,979			105,433
Loans and leases held for investment		11,678,544			11,370,815
Less allowance for credit losses - loans and leases		(126,866	)		(137,010	)
Loans and leases, net		11,551,678			11,233,805
Premises and equipment, net		216,752			218,489
Bank owned life insurance		202,817			201,969
Accrued interest receivable		46,278			47,672
Net deferred tax asset		39,338			38,411
Derivative financial instruments		63,897			86,666
Goodwill and other intangible assets, net		380,838			381,823
Other assets		224,242			226,405
Total assets	$	18,556,908		$	17,794,374
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,058,439		$	5,390,291
NOW and interest-bearing demand		3,417,915			3,346,490
Money market		3,677,630			3,550,335
Savings		1,051,381			950,854
Time		1,587,653			1,704,290
Brokered		200,202			290,098
Total deposits		15,993,220			15,232,358
Long-term debt		311,591			326,956
Derivative financial instruments		33,455			29,003
Accrued expenses and other liabilities		187,558			198,527
Total liabilities		16,525,824			15,786,844
Shareholders' equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; Series I, $25,000 per share liquidation preference; 4,000 shares issued and outstanding		96,422			96,422
Common stock, $1 par value; 150,000,000 shares authorized; 86,776,508 and 86,675,279 shares issued and outstanding		86,777			86,675
Common stock issuable; 565,904 and 600,834 shares		10,485			10,855
Capital surplus		1,640,583			1,638,999
Retained earnings		192,185			136,869
Accumulated other comprehensive income		4,632			37,710
Total shareholders' equity		2,031,084			2,007,530
Total liabilities and shareholders' equity	$	18,556,908		$	17,794,374

UNITED COMMUNITY BANKS, INC.

Consolidated Statements of Income (Unaudited)

	Three Months Ended March 31,
(in thousands, except per share data)	2021			2020
Interest revenue:
Loans, including fees	$	125,726		$	118,063
Investment securities, including tax exempt of $2,150 and $1,523, respectively		15,448			17,394
Deposits in banks and short-term investments		368			1,090
Total interest revenue		141,542			136,547

Interest expense:
Deposits:
NOW and interest-bearing demand		1,486			2,978
Money market		1,804			4,531
Savings		49			35
Time		1,880			7,531
Deposits		5,219			15,075
Short-term borrowings		—			1
Federal Home Loan Bank advances		2			1
Long-term debt		4,257			2,864
Total interest expense		9,478			17,941
Net interest revenue		132,064			118,606
(Release of) provision for credit losses		(12,281	)		22,191
Net interest revenue after provision for credit losses		144,345			96,415

Noninterest income:
Service charges and fees		7,570			8,638
Mortgage loan gains and other related fees		22,572			8,310
Wealth management fees		3,505			1,640
Gains from sales of other loans, net		1,030			1,674
Other		10,028			5,552
Total noninterest income		44,705			25,814
Total revenue		189,050			122,229

Noninterest expenses:
Salaries and employee benefits		60,585			51,358
Communications and equipment		7,203			5,946
Occupancy		6,956			5,714
Advertising and public relations		1,199			1,274
Postage, printing and supplies		1,822			1,670
Professional fees		4,234			4,097
Lending and loan servicing expense		2,877			2,293
Outside services - electronic banking		2,218			1,832
FDIC assessments and other regulatory charges		1,896			1,484
Amortization of intangibles		985			1,040
Merger-related and other charges		1,543			808
Other		3,676			4,022
Total noninterest expenses		95,194			81,538
Net income before income taxes		93,856			40,691
Income tax expense		20,150			8,807
Net income		73,706			31,884
Preferred stock dividends		1,719			—
Undistributed earnings allocated to participating securities		462			243
Net income available to common shareholders	$	71,525		$	31,641

Net income per common share:
Basic	$	0.82		$	0.40
Diluted		0.82			0.40
Weighted average common shares outstanding:
Basic		87,322			79,340
Diluted		87,466			79,446

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended March 31,

	2021								2020
(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⁾	$	11,432,908		$	125,122		4.44	%	$	8,828,880		$	117,796		5.37	%
Taxable securities ⁽³⁾		3,686,405			13,298		1.44			2,357,635			15,871		2.69
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		304,983			2,888		3.79			162,253			2,045		5.04
Federal funds sold and other interest-earning assets		1,357,890			1,222		0.36			448,775			1,632		1.46
Total interest-earning assets (FTE)		16,782,186			142,530		3.44			11,797,543			137,344		4.68

Noninterest-earning assets:
Allowance for credit losses		(143,703	)							(69,777	)
Cash and due from banks		140,292								128,254
Premises and equipment		221,411								219,243
Other assets ⁽³⁾		1,023,275								868,452
Total assets	$	18,023,461							$	12,943,715

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	3,331,043			1,486		0.18		$	2,412,733			2,978		0.50
Money market		3,732,988			1,804		0.20			2,340,723			4,531		0.78
Savings		989,584			49		0.02			712,110			35		0.02
Time		1,642,423			1,588		0.39			1,841,552			7,250		1.58
Brokered time deposits		75,259			292		1.57			80,821			281		1.40
Total interest-bearing deposits		9,771,297			5,219		0.22			7,387,939			15,075		0.82
Federal funds purchased and other borrowings		12			—		—			396			1		1.02
Federal Home Loan Bank advances		3,333			2		0.24			165			1		2.44
Long-term debt		317,172			4,257		5.44			212,762			2,864		5.41
Total borrowed funds		320,517			4,259		5.39			213,323			2,866		5.40
Total interest-bearing liabilities		10,091,814			9,478		0.38			7,601,262			17,941		0.95

Noninterest-bearing liabilities:
Noninterest-bearing deposits		5,594,394								3,527,385
Other liabilities		312,610								162,187
Total liabilities		15,998,818								11,290,834
Shareholders' equity		2,024,643								1,652,881
Total liabilities and shareholders' equity	$	18,023,461							$	12,943,715

Net interest revenue (FTE)				$	133,052							$	119,403
Net interest-rate spread (FTE)							3.06	%							3.73	%
Net interest margin (FTE) ⁽⁴⁾							3.22	%							4.07	%

⁽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⁾

Securities available for sale are shown at amortized cost. Pretax unrealized gains of $58.3 million and $52.9 million in 2021 and 2020, 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. (NASDAQ: UCBI) (United) provides a full range of banking, wealth management and mortgage services for relationship oriented consumers and business owners. The company, known as “The Bank That Service Built” has been recognized by JD Power, Forbes, and CSP for having outstanding customer service ratings for many years. United has $18.6 billion in assets and 161 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. In 2020, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking six out of the last seven years United earned the coveted award. United was also named "Best Banks to Work For" by American Banker in 2020 for the fourth year in a row based on employee satisfaction. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2021 list of the 100 Best Banks in America for the eighth consecutive year. United also received five Greenwich Excellence Awards in 2020 for excellence in Small Business Banking, including a national award for Overall 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 includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, 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.

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UNITED COMMUNITY BANKS INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - April 20, 2021

Attached files

UNITED COMMUNITY BANKS INC Reports