UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ___________ to ___________ Commission file number 001-35095 UNITED COMMUNITY BANKS, INC. (Exact name of registrant as specified in its charter) Georgia 58-1807304 (State ...

Financial Performance - The company reported GAAP diluted earnings per share of $0.63, a 17% year-over-year improvement[11] - Operating diluted earnings per share reached $0.66, reflecting a 14% year-over-year increase[11] - Return on assets (ROA) under GAAP was 1.11%, up 14 bps year-over-year, while operating ROA was 1.16%, up 12 bps year-over-year[11] - Net interest margin (NIM) increased by 13 bps year-over-year to 3.50%[11] - Tangible book value (TBV) per share grew by 10% year-over-year to $21.00[11] Balance Sheet and Capital - Total assets reached $28.1 billion[9] - Total deposits amounted to $24.0 billion[9] - Total loans reached $18.9 billion[9] - The Common Equity Tier 1 (CET1) Risk-Based Capital (RBC) ratio was 13.3%[9] Deposit and Loan Growth - Customer deposits increased by $124 million in 2Q25[18] - Noninterest-bearing DDA grew by $125 million in 2Q25[22] - Total loans reached $18.9 billion, with annualized loan growth of 4.2% excluding ANB[25, 27]

2Q25 Investor Presentation July 23, 2025 © 2025 United Community Bank | ucbi.com Disclosures CAUTIONARY STATEMENT This Investor Presentation 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," "pre ...

Financial Performance - Net income for the first quarter of 2025 was $71,413 thousand, compared to $62,631 thousand in Q1 2024, marking a year-over-year growth of 14.2%[14]. - Total revenue for the first quarter of 2025 was $248 million, up from $239 million in the first quarter of 2024, reflecting a growth of 3.8%[131]. - Net interest revenue for the three months ended March 31, 2025, was $212,021 thousand, up from $199,149 thousand in the same period of 2024, representing an increase of 6.4%[14]. - Basic net income per common share increased to $0.58 in Q1 2025 from $0.51 in Q1 2024, a growth of 13.7%[14]. - Net income for Q1 2025 was $71,413,000, an increase of 14% compared to $62,631,000 in Q1 2024[19]. Asset and Deposit Growth - Total assets increased to $27,873,718 thousand as of March 31, 2025, compared to $27,720,258 thousand at December 31, 2024, reflecting a growth of 0.55%[12]. - Total deposits rose to $23,762,405 thousand as of March 31, 2025, from $23,460,975 thousand at the end of 2024, indicating an increase of 1.29%[12]. - Net increase in deposits was $301,392,000 in Q1 2025, significantly higher than the $21,024,000 increase in Q1 2024[19]. Credit Losses and Allowance - The provision for credit losses increased to $15,419 thousand in Q1 2025, compared to $12,899 thousand in Q1 2024, reflecting a rise of 19.5%[14]. - The allowance for credit losses on loans and leases was $211,974 thousand as of March 31, 2025, compared to $206,998 thousand at the end of 2024, an increase of 2.4%[12]. - The total Allowance for Credit Losses (ACL) reached $223.201 million, an increase from $224.119 million at the end of March 2024[75]. Noninterest Income and Expenses - Noninterest income decreased to $35,656 thousand in Q1 2025 from $39,587 thousand in Q1 2024, a decline of 9.8%[14]. - Total noninterest expenses decreased to $141,099 thousand in Q1 2025 from $145,002 thousand in Q1 2024, a reduction of 2.0%[14]. - Noninterest income for Q1 2025 was $35,656 thousand, down 10% from $39,587 thousand in Q1 2024[140]. Loan Portfolio and Performance - The total loan portfolio increased to $18.425 billion as of March 31, 2025, up from $18.176 billion at December 31, 2024, representing a growth of approximately 1.37%[45]. - Nonaccrual loans totaled $91,338 thousand as of March 31, 2025, compared to $113,579 thousand as of December 31, 2024, indicating a decrease of about 19.6%[51]. - The total for consumer loans was $182,535, up from $181,072, indicating a growth of about 0.8%[59]. Capital and Regulatory Compliance - As of March 31, 2025, the company was categorized as well-capitalized under regulatory requirements, exceeding all necessary guidelines[118]. - As of March 31, 2025, United Community Banks, Inc. reported a CET1 capital ratio of 13.29%, well above the minimum requirement of 4.5%[119]. - The total common shareholders' equity increased to $3.50 billion, up by $68.8 million from December 31, 2024, due to year-to-date earnings[186]. Market and Economic Conditions - The baseline economic forecast worsened slightly due to uncertainty related to federal administration policies, impacting the ACL estimates[72]. - The effective tax rate for Q1 2025 was 21.7%, down from 22.5% in Q1 2024, with income tax expense increasing to $19.7 million from $18.2 million[158]. Investment Securities - The total investment securities portfolio was valued at $6.66 billion, a decrease of $143.18 million from $6.80 billion on December 31, 2024[172]. - The fair value of HTM debt securities was $1.95 billion, reflecting net unrealized losses of $386 million primarily due to interest rate changes[173]. Shareholder Actions - United repurchased 505,898 shares of common stock for $13.9 million between April 2025 and May 7, 2025[126]. - The company completed the acquisition of ANB Holdings, Inc. on May 1, 2025, with ANB having total assets of $452 million as of March 31, 2025[124].

Financial Data and Key Metrics Changes - Operating earnings were reported at 59 cents per share, with an operating return on assets of 1.04%, both showing solid improvements from the previous year [5] - Loans grew at an annualized pace of just over 5%, while deposits also grew at an annualized rate of 5% [6] - The net interest margin increased by 10 basis points over the fourth quarter, driven by lower deposit costs [6][19] Business Line Data and Key Metrics Changes - The loan portfolio saw a 7% annualized growth in Commercial and Industrial (CNI) loans, including owner-occupied Commercial Real Estate (CRE), and a 15% annualized growth in the Navitas book [15] - Home Equity Line of Credit (HELOC) loans experienced a 13% annualized growth [15] - Non-interest income on an operating basis decreased by $4.8 million from the previous quarter, but the run rate of fee income remained essentially flat [20] Market Data and Key Metrics Changes - Deposit growth was strong, with $309 million in deposit growth or 5.3% annualized, despite approximately $85 million in seasonal public funds outflow [12] - The cost of total deposits improved by 15 basis points during the quarter [13] - The loan-to-deposit ratio remained low at 78%, indicating balanced loan and deposit growth [16] Company Strategy and Development Direction - The company is focused on organic growth as a priority for capital deployment, with share buybacks being considered more attractive than M&A at current stock prices [51][80] - The acquisition of American National Bank is set to close on May 1st, marking a significant step in the company's growth strategy [24] - The company aims to maintain a low single-digit growth in operating expenses, with expectations of modest growth in the second quarter [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic uncertainties, noting that consumer spending and employment in their markets remain strong [10] - There are no elevated concerns regarding the impact of tariffs at this time, as clients are adjusting quickly to maintain margins [10][34] - The company is cautious about potential risks in the small commercial segment, particularly with the Navitas portfolio [35] Other Important Information - The Common Equity Tier 1 (CET1) ratio increased to 13.3%, indicating a strong capital position [17] - The Total Capital Ratio (TCE) was up 21 basis points, remaining above peers [18] - The allowance for credit losses slightly increased to 1.21% of loans, with a loan loss provision of $15.4 million covering net charge-offs [22] Q&A Session Summary Question: Margin expectations going forward - Management expects margins to increase by 5 to 10 basis points next quarter, driven by lower deposit costs and a shift in the mix between loans and securities [27] Question: Concerns regarding tariffs and borrower behavior - Management noted that impacts are client-specific and that borrowers are reacting quickly to adjust to tariff-related challenges [30][34] Question: Changes in borrower behavior and pipelines - Current pipelines for Q2 are similar to Q1, with no significant negative impacts observed [43] Question: SBA and fee income challenges - The company, as a preferred lender, has not faced significant challenges in getting SBA deals approved, and the first quarter was the largest for SBA in history [45] Question: Operating expenses outlook - Operating expenses are expected to remain in the low single-digit growth range, with some seasonal increases anticipated [47] Question: Capital deployment priorities - Organic growth remains the top priority, with share buybacks being more attractive than M&A at current valuations [51][80] Question: Credit quality and loan loss reserves - The company uses Moody's scenarios for credit loss reserves and balances economic forecasts with portfolio performance [60][66]

Financial Performance - Diluted earnings per share were $0.58 (GAAP) and $0.59 (operating), with a return on assets of 1.02% (GAAP) and 1.01% (operating)[13]. - Earnings per share (EPS) for the quarter were reported at $1.25, a 5% increase year-over-year[84]. - The company achieved a net charge-off (NCO) rate of 0.45%, a decrease from 0.60% in the previous quarter[84]. - 1Q25 net charge-offs were $9.6 million, or 0.21% of loans annualized, with nonperforming assets at 0.51% of total loans, down 13 bps from 4Q24[59]. - Diluted earnings per share for 1Q25 were $0.58, compared to $0.61 in 4Q24[81]. - Return on assets - GAAP for 1Q25 was 1.02%, slightly down from 1.06% in 4Q24[83]. Asset and Loan Growth - Total assets reached $27.9 billion, with total deposits at $23.8 billion and total loans at $18.4 billion[11]. - Customer deposits increased by $309 million, or 5.4% annualized, from 4Q24, with noninterest-bearing deposits growing by $46 million, or 3.0% annualized[23]. - The loan portfolio grew by 5.6% annualized, primarily driven by commercial and industrial loans, equipment finance, and home equity lines of credit[33]. - Approximately $8.3 billion, or 45%, of total loans are variable rate and reprice or mature within one year[44]. - Time deposits maturing in 2Q25 represent $1.3 billion, or 39%, with an average rate of 3.78%[29]. Interest and Revenue - The net interest margin improved by 16 basis points year-over-year to 3.36%, with a 6% year-over-year increase in net interest revenue[13]. - Net interest revenue increased by $1.7 million, or 3.2% annualized, from 4Q24, with a core net interest margin of 3.31%, up 12 bps[44]. - The company reported a year-over-year increase in net interest margin (NIM) by 15 basis points, reaching 3.25%[84]. Operational Efficiency - The efficiency ratio improved to 56.2% (operating) from 56.7% (GAAP), indicating enhanced operational efficiency[15]. - The operating efficiency ratio improved to 56.2%, down 293 basis points year-over-year[54]. - Efficiency ratio - GAAP improved to 56.74% in 1Q25 from 56.05% in 4Q24[83]. - Total expenses for 1Q25 were $141,099 thousand, a decrease from $143,056 thousand in 4Q24[81]. Capital and Equity - The company maintains a strong capital position with a Common Equity Tier 1 ratio of 13.3%[36]. - The tangible book value per share increased to $20.58, reflecting a 10% year-over-year improvement[40]. - 1Q25 regulatory risk-based capital ratios remained strong, with a leverage ratio of 10.15%, up 19 bps from 4Q24[41]. - Tangible common equity to tangible assets increased to 9.18% in 1Q25 from 8.97% in 4Q24[83]. - The tangible common equity (TCE) ratio improved to 9.5%, up from 9.0% last year[84]. Strategic Initiatives - The acquisition of ANB Holdings, Inc. is expected to close on May 1, 2025, adding approximately $440 million in assets and $375 million in deposits[12]. - The company expects the ANB acquisition to close on May 1, 2025, with an anticipated tangible book value decrease of approximately $0.13[41]. - The company plans to expand its mortgage loan office (MLO) network by 25% in the next fiscal year[84]. - New product launches are expected to contribute an additional $200 million in revenue over the next two quarters[84]. - The company is exploring strategic acquisitions in the fintech space to enhance its service offerings[84]. Market and Growth Projections - The company is focused on high-growth Southeast MSAs, with Jacksonville, FL projected to grow by 8.26% from 2025 to 2030[79]. - The projected population growth for Raleigh, NC is 7.36% from 2025 to 2030[79]. - Future guidance indicates a projected revenue growth of 8% for the upcoming fiscal year[84]. Noninterest Income - Noninterest income decreased by $4.8 million from 4Q24, primarily due to lower service charges and mortgage fees[49]. - Noninterest income for 1Q25 was $35,656 thousand, compared to $40,522 thousand in 4Q24[81].

Financial Performance - As of December 31, 2024, United Community Banks, Inc. had consolidated total assets of $27.7 billion[23] - Consolidated loans amounted to $18.2 billion, representing 66% of total consolidated assets[30] - The bank paid dividends to the Holding Company totaling $153 million in 2024, $198 million in 2023, and $133 million in 2022[78] - The Holding Company declared quarterly cash dividends on its common stock amounting to $0.94 per share in 2024, $0.92 in 2023, and $0.86 in 2022[78] - The bank's revenue is primarily derived from interest on loans and fees, with customer deposits being a principal source of funds[135] Regulatory Environment - The bank's primary federal regulator changed from the FDIC to the Federal Reserve effective June 2024[28] - The Holding Company must maintain a CET1 capital conservation buffer of 2.5% to avoid restrictions on capital distributions, including dividends[80] - The Holding Company is subject to regulatory requirements that restrict dividend payments if it cannot cover debts or if total assets fall below total liabilities[79] - The Bank is subject to examination and reporting requirements from multiple regulatory bodies, including the Federal Reserve and the SCBFI[75] - The bank is subject to significant regulatory burdens that may restrict activities and increase compliance costs[176] Capital and Liquidity - The Bank is classified as "well-capitalized" under regulatory capital requirements as of December 31, 2024, with total capital at least 10%[94] - Minimum capital requirements under Basel III include CET1 capital at 4.5%, Tier 1 capital at 6.0%, and total capital at 8.0%[88] - The Bank must maintain a 2.5% capital conservation buffer on top of its minimum risk-based capital requirements to avoid restrictions on capital distributions[90] - The company anticipates continued reliance on deposits, loan repayments, and cash flows from investment securities for liquidity[184] - A significant portion of deposits exceeding FDIC insurance limits may increase liquidity risk during financial distress[187] Risk Management - The effectiveness of the company's risk management framework is critical, as inadequacies could lead to unexpected losses and regulatory scrutiny[153] - The company's ability to accurately forecast credit losses and market conditions relies on analytical models, which may not always be reliable under stress[156] - The company faces credit risk due to rising interest rates, inflation, and a weakening economy, which may affect borrowers' ability to repay loans[170] - The allowance for credit losses (ACL) reflects the company's assessment of expected losses over the life of the loan portfolio, which may require adjustments based on economic conditions[174] - The company is subject to federal laws aimed at combating money laundering, which could lead to significant penalties for non-compliance[128] Market and Economic Conditions - Inflationary pressures have been significant, impacting purchasing power and potentially leading to higher interest rates, which pose risks to the company's financial condition[158] - Economic volatility can increase realized credit losses and decrease demand for products and services, particularly in the regional markets served by the company[159] - The Federal Reserve increased interest rates significantly in 2022 and much of 2023, impacting the company's business and clients[161] - The yield curve was inverted during much of 2022 and 2023, which typically decreases net interest margin and adversely impacts lending businesses[167] - Political dysfunction and volatility within the federal government could lead to abrupt shifts in federal policy, adversely affecting the company's business[179] Competition and Growth Strategy - The bank faces intense competition from various financial service providers, including non-traditional and disruptive service providers[141] - The bank's ability to expand into new markets and acquire suitable sites is critical for its growth strategy[140] - The bank's strategy includes pursuing acquisitions and organic growth to enhance its banking operations[138] - Competition for top talent is increasing, with higher costs associated with hiring and retaining experienced professionals impacting noninterest expenses[155] - The company must continuously invest in innovation to keep pace with competitors and adapt to changing market demands, particularly in the FinTech environment[145] Cybersecurity - The Chief Information Security Officer (CISO) oversees the cybersecurity program, reporting to the Risk Committee quarterly on key metrics and security efforts[222] - The company has implemented a layered cybersecurity risk management program based on recognized best practices and standards[213] - Cybersecurity incidents are monitored by the information security team, with protocols in place for reporting and responding to threats[216] - The company has not experienced any cybersecurity incidents that materially affected its business strategy or financial condition to date[219] - The company is subject to regulatory requirements for cybersecurity incident notifications, requiring reporting within 36 hours of discovery[210] Acquisitions and Organizational Structure - An agreement was announced to acquire ANB, which has total assets of $423 million, total loans of $312 million, and total deposits of $360 million[28] - The bank's organizational structure includes local leaders for each market, enhancing customer service and expertise[28] - The bank's financial subsidiaries must not exceed 45% of the bank's consolidated total assets or $50 billion[119] - The company has provisions in its articles and bylaws that could delay or prevent an attempted acquisition, including requiring 75% approval for business combinations[205] - If the company raises capital through equity financing, existing shareholders may experience dilution of ownership[206]

Financial Performance - Diluted earnings per share were $0.61 (GAAP) and $0.63 (operating), with a return on assets of 1.06% (GAAP) and 1.01% (operating)[10] - Noninterest income for 4Q24 was $40.5 million, up $32.4 million year-over-year, primarily due to the bond restructuring in 4Q23[45] - Diluted earnings per share (GAAP) improved from $0.11 in 4Q23 to $0.61 in 4Q24, indicating strong earnings growth[88] - Return on assets (GAAP) increased from 0.18% in 4Q23 to 1.06% in 4Q24, demonstrating enhanced asset efficiency[90] - The company reported a return on common equity (GAAP) of 8.40% in 4Q24, up from 1.44% in 4Q23, highlighting improved profitability[88] Asset and Loan Growth - Total assets reached $27.7 billion, with total deposits at $23.5 billion and total loans at $18.2 billion[8] - Customer deposits increased by $213 million, or 3.7% annualized, from Q3 2024, with public funds up $414 million seasonally[20] - Loan growth was 4.7% annualized, primarily driven by commercial and industrial (C&I) loans, equipment finance, and home equity lines of credit (HELOC)[30] - Approximately $8.0 billion, or 44%, of total loans are variable rate and reprice or mature within one year, indicating potential interest rate sensitivity[41] - The total outstanding loans amount to $841.3 million, representing 4.6% of total loans, with an average loan size of $1.4 million[66] Capital and Efficiency Ratios - The efficiency ratio improved to 55.2% (operating) from 56.1% (GAAP) in Q4 2024[11] - The tangible common equity to tangible assets ratio was 13.2% in Q4 2024, indicating strong capital ratios[33] - The leverage ratio decreased by 3 basis points to 9.96% compared to 3Q24, maintaining strong regulatory capital ratios[38] - The efficiency ratio (GAAP) improved from 66.33% in 4Q23 to 56.05% in 4Q24, indicating better operational efficiency[90] - Tangible common equity to tangible assets ratio increased from 8.36% in 4Q23 to 8.97% in 4Q24, reflecting a stronger capital position[90] Credit Quality and Losses - Net charge-offs for 4Q24 were $9.5 million, or 0.21% of loans annualized, with Navitas losses contributing 0.13%[53] - Nonperforming assets remained flat at 0.64% of total loans, while past due loans improved to 0.17%[53] - The allowance for credit losses (ACL) remained stable at 1.20% of the portfolio, with a provision of $11.4 million covering charge-offs and loan growth for the quarter[57] - The company redeemed $60 million in subordinated debt, which represented 30 basis points of qualifying Tier 2 capital in 3Q24[38] Acquisition and Future Plans - The acquisition of ANB Holdings, Inc. is expected to close in Q2 2025, adding approximately $440 million in assets and $375 million in deposits[9] - The company plans to close the ANB acquisition in 2Q25, expecting a tangible book value decrease of approximately $0.13 and a CET1 decrease of 7 basis points[38] - The company plans to continue focusing on market expansion and new product development to drive future growth[88] Portfolio Composition - The bank's securities portfolio was valued at $6.8 billion, providing significant liquidity[31] - The top 100 loans outstanding total $501 million, accounting for 60% of the total office portfolio[65] - The multi-family portfolio has an outstanding balance of $977.2 million, which is 5.4% of total loans, with the largest loan size being $41.0 million[73] - 49% of loans in the senior care portfolio are classified as substandard accruing, totaling $113.4 million[75] - 79% of locked loans were fixed-rate mortgages, with mortgage locks totaling $285 million in 4Q24[82] Operational Metrics - Average core deposit growth was $161 million, with 51% of time deposits maturing in Q1 2025 at an average rate of 4.14%[21] - 4Q24 net interest revenue increased by $1.1 million from 3Q24, reaching $210.3 million, while the core net interest margin decreased by 7 basis points to 3.19%[39][41] - Operating expenses (GAAP) decreased slightly from $154,587 thousand in 4Q23 to $143,056 thousand in 4Q24, showing cost management efforts[88] - The company reported a gain on sale of loans that increased slightly in 4Q24 due to product mix and rate environment[82]

Financial Performance - United Community Banks, Inc. reported a net income of $45 million for Q4 2023, representing a 10% increase year-over-year[7]. - The company’s total assets reached $18.5 billion, up 5% from the previous year[7]. - Net income for Q3 2024 was $47,347 thousand, compared to $47,866 thousand in Q3 2023, a decrease of 1.1%[16]. - Net income for the nine months ended September 30, 2024, was $176,593, compared to $173,454 for the same period in 2023, reflecting a slight increase[22]. - The company reported a total revenue of $70,500 million, compared to $51,812 million in the prior period, reflecting a significant growth[1]. - The current period's net income was reported at $763 million, showing a substantial increase compared to the previous period[1]. Asset Quality - Nonperforming assets (NPAs) decreased to $25 million, a reduction of 15% compared to the prior quarter[7]. - The provision for credit losses was $5 million, reflecting a decrease of 20% year-over-year[7]. - The provision for credit losses decreased significantly to $39,562 in 2024 from $74,804 in 2023, indicating improved asset quality[22]. - The allowance for credit losses (ACL) for loans was $205,290,000, reflecting a decrease of $26,974,000 due to charge-offs[85]. - The company continues to monitor and assess credit risk based on financial information and industry trends[65]. Loan and Deposit Trends - The company expects a loan growth of 8% for the upcoming fiscal year, driven by increased demand in commercial lending[8]. - Total loans as of September 30, 2024, amounted to $17,964,099, a decrease from $18,318,755 as of December 31, 2023, representing a decline of approximately 1.9%[52]. - The company reported a net decrease in deposits of $58,291 for the nine months ended September 30, 2024, compared to an increase of $886,440 in 2023[22]. - Total deposits as of September 30, 2024, amounted to $23.253 billion, compared to $23.311 billion as of December 31, 2023[134]. Revenue and Expense Analysis - Total interest revenue for Q3 2024 was $349,086 thousand, an increase of 8.1% from $323,147 thousand in Q3 2023[14]. - Noninterest income for Q3 2024 decreased to $8,091 thousand from $31,977 thousand in Q3 2023, a decline of 74.7%[14]. - Total noninterest expenses for Q3 2024 were $143,065 thousand, slightly down from $144,474 thousand in Q3 2023[14]. - The company experienced a total of $398 million in charge-offs, which is a notable increase from $187,799 million in the prior period[1]. Capital Position - United's CET1 ratio stands at 10.5%, above the regulatory minimum, indicating strong capital position[7]. - CET1 capital ratio increased to 13.07% as of September 30, 2024, compared to 12.16% on December 31, 2023[149]. - Total capital ratio rose to 15.31% as of September 30, 2024, up from 14.49% at the end of 2023[149]. - The company has authorized a common stock repurchase program of up to $100 million, extended through December 31, 2025[159]. Strategic Initiatives - United plans to expand its market presence by opening two new branches in the Southeast region by mid-2024[9]. - The company has initiated a strategic review of potential acquisition targets in the regional banking sector[9]. - The company has indicated plans for market expansion and new product development in the upcoming quarters[1]. - Strategic acquisitions are being considered to bolster the company's competitive position in the market[1]. Changes in Regulatory and Operational Structure - United Community Banks, Inc. moved its Holding Company headquarters from Blairsville, Georgia to Greenville, South Carolina in May 2024[25]. - The Bank changed its primary federal regulator from the FDIC to the Federal Reserve effective June 2024[25]. - United transferred the listing of its securities from NASDAQ to the New York Stock Exchange, with common shares now listed under the symbol UCB[25]. Technology and Investment - The bank is investing $2 million in technology upgrades to enhance its digital banking services[9]. - United adopted a new accounting standard in March 2023, which broadened the application of the Proportional Amortization Method for tax equity investments[28]. Market and Economic Outlook - The management anticipates a stable interest rate environment, which could positively impact net interest margins in 2024[9]. - Future guidance suggests a continued upward trend in revenue growth, with expectations of reaching $80,000 million in the next fiscal year[1].

Financial Performance - The company reported a diluted earnings per share of $0.57 on a GAAP basis and $0.38 on an operating basis[7]. - Return on common equity was 5.20% (GAAP) and 11.17% (operating), while return on assets was 0.67% (GAAP) and 1.01% (operating)[7]. - The return on assets increased from 0.68% in Q4 2023 to 0.97% in Q3 2024, reflecting improved financial performance[56]. - The pre-tax, pre-provision return on assets increased from 1.07 in Q3 2024 to 1.44 in Q3 2024, indicating stronger profitability before accounting for taxes and provisions[56]. - The efficiency ratio for Q3 2024 was 61.3%, impacted by the one-time sale of the manufactured housing portfolio[29]. - The efficiency ratio for Q4 2023 was not provided, indicating potential areas for improvement in operational efficiency[56]. - The company is expected to continue monitoring its efficiency ratio and return on assets to enhance overall performance[56]. Asset and Loan Management - Total assets reached $27.4 billion, with total loans at $18.0 billion and total deposits at $23.3 billion[6]. - Total loans for Q3 2024 reached $18.0 billion, reflecting an 18% growth excluding the manufactured housing sale[18]. - Loan shrinkage was primarily driven by a $318 million sale of the manufactured housing portfolio, with senior care portfolio down $38 million, or 11% from Q2 2024[18]. - The allowance for credit losses (ACL) was $216 million, representing 1.20% of total loans[38]. - There were no significant changes reported in the allowance for credit losses, suggesting stable credit quality[59]. Deposits and Funding - Total deposits increased by $271 million, or 4.7% annualized, from 2Q24, with core transaction deposits up $244 million, or 5.9% annualized[14]. - The cost of deposits remained flat at 2.35% in 3Q24, with a shift towards promotional money market accounts[14]. - Average total deposits for 3Q24 were $23.0 billion with an average interest rate of 2.35%[39]. - Total interest-bearing deposits reached $16.8 billion in 3Q24, with an average rate of 3.23%[39]. - The average account size for business deposits was $75,977, while personal deposits averaged $20,033[16]. Noninterest Income and Expenses - Noninterest income decreased by $1.3 million from Q2 2024, primarily due to a $3.3 million negative swing in the mortgage servicing rights mark[27]. - Noninterest income for Q3 2023 was reported at $39.587 million, with a GAAP loss of $23.090 million[53]. - Total operating expenses for Q3 2023 were $154.587 million, with merger-related and other charges not specified[53]. Community Engagement and Donations - The company made a $350 thousand donation towards community relief efforts following Hurricane Helene[9]. Market Presence and Growth - UCBI's presence in the top 10 MSAs accounts for 21.9% of total deposits[51]. - Raleigh, NC has the highest percentage of total deposits at 3.73%, followed by Atlanta, GA at 21.85%[50]. - Projected population growth for the fastest growing major Southeast MSAs from 2023 to 2028 is significant, indicating potential market expansion[51]. - The projected household income growth from 2023 to 2028 in the fastest growing MSAs indicates a favorable economic environment for expansion[51]. - The company is focusing on new strategies for market expansion and product development to enhance its competitive position[51]. Investment and Securities - The company purchased $457 million in securities with an average yield of 5.35% during Q3 2024[25]. Miscellaneous - The company has a well-diversified loan portfolio, with business deposits totaling $8.9 billion and personal deposits at $11.3 billion[16]. - The tangible common equity ratio increased to 8.93%, up 15 basis points from Q2 2024[22]. - The top 25 relationships accounted for $912 million, or 5.1% of total loans[18]. - The average balance of NOW accounts in 3Q24 was $5.8 billion with an average rate of 2.98%[39]. - The weighted average loan-to-value (LTV) for the office portfolio was 61.7% in 3Q24, with total outstanding loans of $481.6 million[43]. - The multi-family portfolio had an outstanding balance of $906.0 million with a weighted average LTV of 50.3%[44]. - Mortgage locks in 3Q24 totaled $306 million, an increase from $295 million in 2Q24[48]. - 89% of locked loans in 3Q24 were fixed-rate mortgages, indicating a strong preference for stability in the current rate environment[48]. - The company anticipates potential headwinds in 4Q24 due to Hurricane Helene's impact on property inspections required ahead of loan sales[48]. - The company has not disclosed specific figures for merger-related charges or losses on manufactured housing loans, which may impact future financial results[56]. - The impact of goodwill and intangibles on financial metrics was not detailed, which could affect valuation assessments[56]. - The company is focusing on maintaining a strong equity to assets ratio, although specific figures were not provided[56].