Group 1 - United Community Banks, Inc. will release its second quarter 2024 financial results on July 24, 2024, before the stock market opens [1] - A conference call to discuss the financial results, business highlights, and outlook will be held on the same day at 11:00 a.m. EST [1] - Participants can pre-register for the conference call or dial in, with a webcast available on the company's website [3] Group 2 - United Community Banks, Inc. is a top 100 U.S. financial institution with $27.3 billion in assets as of March 31, 2024 [4] - The company operates 205 offices across several states and has a national SBA lending franchise and equipment lending subsidiary [4] - United Community has received multiple awards for customer satisfaction and was recognized as one of the "Best Banks to Work For" for seven consecutive years [4]

[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q) Details UNITED COMMUNITY BANKS, INC.'s Form 10-Q filing for Q1 2024, covering registrant identification and SEC compliance [Registrant and Filing Details](index=1&type=section&id=Registrant%20Information) This section outlines UNITED COMMUNITY BANKS, INC.'s Form 10-Q filing details for Q1 2024, including registrant identification and SEC compliance - The report is a **Quarterly Report on Form 10-Q** for the period ended **March 31, 2024**[2](index=2&type=chunk) - **UNITED COMMUNITY BANKS, INC.** is incorporated in Georgia with principal executive offices in Blairsville, Georgia[2](index=2&type=chunk) - The registrant has filed all required reports during the preceding 12 months and is a **large accelerated filer**[4](index=4&type=chunk)[5](index=5&type=chunk) Securities Registered Pursuant to Section 12(b) of the Act | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | | :------------------ | :---------------- | :---------------------------------------- | | Common stock, par value $1 per share | UCBI | Nasdaq Global Select Market | | Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | UCBIO | Nasdaq Global Select Market | - As of **April 30, 2024**, there were **119,141,235 shares of common stock** outstanding[6](index=6&type=chunk) [Index and Preliminary Information](index=3&type=section&id=INDEX) This section provides a glossary of defined terms and a cautionary note regarding forward-looking statements [Glossary of Defined Terms](index=4&type=section&id=Glossary%20of%20Defined%20Terms) Provides definitions for key terms used throughout the report, ensuring clarity and consistency in financial and operational discussions - The glossary defines terms such as **ACL**, **AFS**, **CECL**, **CRE**, and **GAAP**, among others[9](index=9&type=chunk)[10](index=10&type=chunk) [Cautionary Note Regarding Forward-looking Statements](index=5&type=section&id=Cautionary%20Note%20Regarding%20Forward-looking%20Statements) Advises on forward-looking statements, highlighting risks, uncertainties, and assumptions that could cause actual results to differ - Forward-looking statements are identified by terms like **'believes'**, **'expects'**, **'may'**, **'will'**, **'could'**, **'should'**, **'projects'**, **'plans'**, **'goal'**, **'targets'**, **'potential'**, **'estimates'**, **'pro forma'**, **'seeks'**, **'intends'**, or **'anticipates'**[11](index=11&type=chunk) - Key risk factors include **negative economic and political conditions**, **changes in loan underwriting**, **interest rate fluctuations**, **cybersecurity risks**, and **legislative/regulatory changes**[12](index=12&type=chunk)[13](index=13&type=chunk) - The company disclaims any obligation to update or revise forward-looking statements, which speak only as of the filing date[14](index=14&type=chunk) [PART I - Financial Information](index=7&type=section&id=PART%20I%20-%20Financial%20Information) This part presents the unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Presents United Community Banks, Inc.'s unaudited consolidated financial statements for Q1 2024, with notes on accounting policies and significant transactions [Consolidated Balance Sheets (Unaudited)](index=7&type=section&id=Consolidated%20Balance%20Sheets%20(unaudited)) Consolidated Balance Sheet Highlights (in thousands) | Item | March 31, 2024 | December 31, 2023 | | :----------------------------------- | :------------- | :---------------- | | Total assets | $27,364,888 | $27,297,251 | | Total liabilities | $24,064,778 | $24,035,726 | | Total shareholders' equity | $3,300,110 | $3,261,525 | | Loans and leases, net | $18,163,910 | $18,110,684 | | Total deposits | $23,332,009 | $23,310,611 | - Total assets increased by **$67.6 million (0.25%)** from December 31, 2023, to March 31, 2024[16](index=16&type=chunk) - Total shareholders' equity increased by **$38.6 million (1.18%)** over the same period[16](index=16&type=chunk) [Consolidated Statements of Income (Unaudited)](index=8&type=section&id=Consolidated%20Statements%20of%20Income%20(unaudited)) Consolidated Statements of Income Highlights (in thousands, except per share data) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Total interest revenue | $336,728 | $279,487 | | Total interest expense | $137,579 | $68,017 | | Net interest revenue | $199,149 | $211,470 | | Provision for credit losses | $12,899 | $21,783 | | Total noninterest income | $39,587 | $30,209 | | Total noninterest expenses | $145,002 | $139,805 | | Net income | $62,631 | $62,300 | | Net income per common share (Diluted) | $0.51 | $0.52 | - Net interest revenue decreased by **$12.32 million (5.83%)** year-over-year, primarily due to a significant increase in interest expense on deposits[18](index=18&type=chunk) - Provision for credit losses decreased by **$8.88 million (40.78%)** year-over-year[18](index=18&type=chunk) - Total noninterest income increased by **$9.38 million (31.05%)** year-over-year[18](index=18&type=chunk) [Consolidated Statements of Comprehensive Income (Unaudited)](index=9&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(unaudited)) Consolidated Statements of Comprehensive Income Highlights (in thousands) | Item | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Net income | $62,631 | $62,300 | | Total other comprehensive income | $2,557 | $35,051 | | Comprehensive income | $65,188 | $97,351 | - Total other comprehensive income decreased significantly from **$35.05 million** in Q1 2023 to **$2.56 million** in Q1 2024, primarily due to lower unrealized gains on available-for-sale securities[19](index=19&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity (Unaudited)](index=10&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity%20(unaudited)) Changes in Shareholders' Equity (in thousands) | Item | December 31, 2023 | March 31, 2024 | | :----------------------------------- | :---------------- | :------------- | | Total Shareholders' Equity (Beginning) | $3,261,525 | $3,261,525 | | Net income | $62,631 | $62,631 | | Other comprehensive income | $2,557 | $2,557 | | Preferred stock dividends | $(1,573) | $(1,573) | | Common stock dividends | $(27,665) | $(27,665) | | Total Shareholders' Equity (Ending) | $3,300,110 | $3,300,110 | - Shareholders' equity increased by **$38.58 million** from December 31, 2023, to March 31, 2024, driven by net income and other comprehensive income, partially offset by dividends[21](index=21&type=chunk) [Consolidated Statements of Cash Flows (Unaudited)](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $88,809 | $90,093 | | Net cash (used in) provided by investing activities | $(122,513) | $181,295 | | Net cash used in financing activities | $(8,238) | $(140,560) | | Net change in cash and cash equivalents | $(41,942) | $130,828 | | Cash and cash equivalents, end of period | $961,933 | $777,681 | - Net cash used in investing activities shifted from a positive **$181.30 million** in Q1 2023 to a negative **$122.51 million** in Q1 2024, primarily due to a net increase in loans and purchases of AFS securities[23](index=23&type=chunk)

Financial Data and Key Metrics Changes - Operating earnings per share for Q1 2024 was $0.52, a decrease of $0.01 from the previous quarter, attributed to seasonally higher employment costs [7] - Operating return on assets increased slightly to 93 basis points from 92 basis points in the last quarter [7] - Net interest margin held steady, increasing by 1 basis point on a GAAP basis and 2 basis points on a core basis, excluding loan accretion income [8][24] - Total losses were reported at 28 basis points, with core bank losses at 12 basis points when excluding higher loss portfolios [10] Business Line Data and Key Metrics Changes - Loan growth for the quarter was 1.2%, lower than anticipated, with commercial real estate portfolios remaining flat [9][22] - Non-interest income increased by $8.6 million to $37.2 million, primarily driven by better mortgage fee income [18] - The allowance for credit losses remained flat quarter-to-quarter, with $12.9 million set aside to cover net charge-offs [20] Market Data and Key Metrics Changes - The cost of deposits increased by 8 basis points to 2.32%, with deposit betas now above the industry median at 44% [14] - Overall deposit levels were relatively flat, with a noted shrinkage in public funds deposits [21] Company Strategy and Development Direction - The company is focusing on organic growth through internal teams and improving pricing strategies to enhance net interest margins [65] - There is an ongoing evaluation of M&A opportunities, although the primary focus remains on internal growth and stabilization of existing franchises [66] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook despite the potential negative impacts of the Fed's efforts to slow the economy [11] - The company anticipates low single-digit loan growth for the remainder of the year, contingent on interest rate stability [40] Other Important Information - The company received recognition from J.D. Power for retail banking satisfaction in the Southeast, marking the 10th time it has achieved this accolade [31] Q&A Session Summary Question: Growth outlook for the rest of the year - Management expects low single-digit loan growth greater than Q1, but significant growth is not anticipated without changes from the Fed [40] Question: Deposit growth expectations - The strategy includes being more aggressive in pricing for core depositors, which may lead to some price-sensitive customers leaving [42] Question: Trends in mortgage production - Mortgage production is expected to increase in Q2, but seasonal upticks may not be as pronounced due to current interest rates [49] Question: Credit quality and Navitas loans - Management believes losses in the Navitas portfolio have crested and expect continued improvement in the second quarter [61] Question: Margin expectations in light of rate cuts - The company is neutral to rate cuts, expecting margins to remain stable or improve slightly absent cuts [70] Question: Expense outlook for the remainder of 2024 - A slight increase in expenses is expected in Q2 due to merit increases, with a flattening out for the rest of the year [76]

Financial Performance - Net income for the first quarter was $62.6 million, with pre-tax, pre-provision income of $93.7 million[2]. - Diluted earnings per share (EPS) decreased by 2% year-over-year to $0.51, but increased by 364% compared to the fourth quarter of 2023[2][9]. - Total revenue for the quarter was $225.8 million, a 3% increase from the previous quarter[10]. - Net income for the first quarter of 2024 was $62,631,000, compared to $63,288,000 in the previous quarter, reflecting a decrease of 1.04%[11]. - Net income for the first quarter of 2024 was $62,631 thousand, slightly up from $62,300 thousand in the same period of 2023, representing an increase of 0.53%[15]. - Total interest revenue rose to $336,728 thousand in Q1 2024, a 20.5% increase from $279,487 thousand in Q1 2023[15]. Asset and Deposit Growth - Total assets increased to $27,364,888 thousand as of March 31, 2024, compared to $27,297,251 thousand at December 31, 2023, reflecting a growth of 0.25%[14]. - As of March 31, 2024, United Community Banks, Inc. reported total assets of $27.3 billion, an increase from $25.8 billion in 2023, representing a growth of approximately 5.4%[19]. - Total deposits remained stable at $23,332,009 thousand as of March 31, 2024, compared to $23,310,611 thousand at December 31, 2023[14]. - United Community's total liabilities increased to $23,895,349 thousand in 2024 from $22,637,831 thousand in 2023, representing a growth of approximately 5.6%[16]. Loan and Credit Quality - Core deposits grew by 5% annualized, while loans increased at a rate of 1.2% annualized during the quarter[3][9]. - Total loans increased by $56 million from the previous quarter to $18,375 million, marking a year-over-year increase of $1,250 million[12]. - Nonperforming assets (NPAs) increased to 0.39% of total assets, up 5 basis points from the previous quarter[5][9]. - Net charge-offs were $12.9 million, representing 0.28% of average loans, an increase of 6 basis points from the fourth quarter[5][9]. - The net charge-offs for commercial and industrial loans were $3,906 thousand in Q1 2024, with a net charge-off rate of 0.65%[13]. - The allowance for credit losses was $212,996 thousand as of March 31, 2024, compared to $167,584 thousand in 2023, reflecting an increase of approximately 27%[16]. Income and Efficiency Metrics - Noninterest income was $39.6 million, significantly up from a loss of $23.1 million in the fourth quarter[10]. - The efficiency ratio (GAAP) for the first quarter of 2024 was 60.47%, an improvement from 66.33% in the previous quarter[11]. - Total noninterest income increased to $39,587 thousand in Q1 2024, up from $30,209 thousand in Q1 2023, marking a growth of 31.1%[15]. Interest and Yield Metrics - Net interest margin rose by 1 basis point to 3.20%, with the average yield on interest-earning assets increasing by 8 basis points to 5.39%[5][9]. - The net interest margin (FTE) decreased to 3.20% in Q1 2024 from 3.61% in Q1 2023, a decline of 11.4%[16]. - The net interest revenue after provision for credit losses was $186,250 thousand in Q1 2024, slightly down from $189,687 thousand in Q1 2023[15]. - Interest-bearing deposits rose to $16,781,964 thousand in 2024, compared to $13,696,908 thousand in 2023, marking an increase of approximately 22.5%[16]. - The average rate on loans increased to 6.24% in Q1 2024 from 5.68% in Q1 2023, a rise of 9.8%[16]. Shareholder Metrics - The quarterly common shareholder dividend remained flat at $0.23 per share year-over-year[9][10]. - The book value per common share (GAAP) increased to $26.83 from $25.98 in the previous quarter[11]. - The total shareholders' equity rose to $3,300,110 thousand as of March 31, 2024, compared to $3,261,525 thousand at December 31, 2023, reflecting an increase of 1.18%[14]. Awards and Recognition - United Community was recognized as a top 100 U.S. financial institution and received multiple awards for customer satisfaction and workplace excellence in 2024[19]. - The company operates 205 offices across six states and has a national SBA lending franchise and equipment lending subsidiary[19].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 ☐ 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 | | --- | --- | | (S ...

United Community Banks, Inc. (NASDAQ:UCBI) Q4 2023 Earnings Conference Call January 24, 2024 11:00 AM ET Company Participants Lynn Harton - Chairman and Chief Executive Officer Jefferson Harralson - Chief Financial Officer Rich Bradshaw - President and Chief Banking Officer Rob Edwards - Chief Risk Officer Conference Call Participants Michael Rose - Raymond James Graham Dick - Piper Sandler Catherine Mealor - KBW Russell Gunther - Stephens David Bishop - Hovde Group Christopher Marinac - Janney Montgomery S ...

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 September 30, 2023 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 (S ...

Financial Data and Key Metrics Changes - Customer deposits grew by $314 million or 5% annualized this quarter, excluding the acquisition of First National Bank of South Miami and the sale of two branches in Tennessee [17][28] - Operating earnings for the quarter were $0.45 per share, down $0.10 or 18% compared to the previous quarter [25] - The net interest margin decreased from 337 basis points to 324 basis points, a decline of 13 basis points [20][33] - The allowance for credit losses as a percentage of loans remained flat, while the coverage of non-performing assets (NPAs) improved [3] Business Line Data and Key Metrics Changes - The loan portfolio grew by $241 million, representing a 5.4% annualized growth [30] - Noninterest income decreased by $4.4 million compared to the previous quarter, primarily due to the absence of one-time items [35] - Expenses increased to $135.5 million, up $6.5 million from the previous quarter [36] Market Data and Key Metrics Changes - The cost of deposits rose by 39 basis points to 2.03%, with a cumulative total deposit beta of 38% since Q4 2021 [29] - The loan-to-deposit ratio remained at 80%, indicating strong liquidity to meet customer borrowing needs [19][31] Company Strategy and Development Direction - The company closed the acquisition of First National Bank of South Miami, with integration scheduled for the upcoming weekend [26] - The company is cautious in its lending and portfolio management strategies due to the combination of rapid interest rate increases and tightening credit conditions [24] Management's Comments on Operating Environment and Future Outlook - Management expects credit losses to struggle in the future due to credit tightening and rising interest rates, but currently, there are no significant issues [4] - The company anticipates a slight decline in margin for Q4 but expects stabilization and potential improvement in 2024 [50][62] Other Important Information - The company is actively cutting expenses in certain segments, particularly in mortgage [55] - The company has increased its reserve by $40 million this year, driven by asset quality and economic forecasts [70] Q&A Session Summary Question: Credit quality and charge-offs - Management noted that excluding Mountain Express Credit, charge-offs were down from 20 basis points last quarter to 17 basis points this quarter, with home equity performing well [41][43] Question: Margin expectations and headwinds - Management expects the margin to decline slightly in Q4 but not as much as in Q3, with existing customers moving to promotional rates [46][50] Question: Loan growth outlook - The company anticipates mid-single-digit loan growth but expects it to be slightly less than the pace in Q3 due to higher interest rates [57][80] Question: Navitas charge-off expectations - Management indicated that the trucking segment is a small portion of the overall portfolio, and consistent performance is expected from the remainder of the book [90] Question: Reserve levels and future projections - Management expects the reserve to grow based on economic forecasts and asset quality, with a potential increase in criticized numbers [70][72]

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, 2023 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 125 Hig ...

United Community Banks, Inc. (NASDAQ:UCBI) Q2 2023 Earnings Conference Call July 19, 2023 11:00 AM ET Company Participants Lynn Harton - Chairman and CEO Jefferson Harralson - CFO Rich Bradshaw - President and CBO Rob Edwards - CRO Conference Call Participants Catherine Mealor - KBW Stephen Scouten - Piper Sandler Companies Brandon King - Truist Michael Rose - Raymond James Kevin Fitzsimmons - D.A. Davidson David Bishop - The Hovde Group Russell Gunther - Stephens Christopher Marinac - Janney Operator Good ...