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 ...

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 March 31, 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 Hi ...

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, 2022 ☐ 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 ...

PART I - Financial Information [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated financial statements for United Community Banks, Inc. as of September 30, 2022, and for the three and nine-month periods then ended [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets and deposits grew significantly, driven by loan growth, while shareholders' equity increased despite rising AOCI losses from interest rate impacts Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Assets | $23,687,855 | $20,946,771 | | Loans and leases, net | $14,733,982 | $11,657,814 | | Goodwill and other intangible assets, net | $780,868 | $472,407 | | Total Deposits | $20,321,142 | $18,241,179 | | Total Liabilities | $21,053,145 | $18,724,526 | | Total Shareholders' Equity | $2,634,710 | $2,222,245 | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2022 net income increased due to higher net interest revenue, while nine-month net income decreased primarily from a significant swing in credit loss provisions Q3 and Nine Months Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Revenue | $199,774 | $141,039 | $542,469 | $411,479 | | Provision for (release of) credit losses | $15,392 | $(11,034) | $44,082 | $(36,903) | | Noninterest Income | $31,922 | $40,095 | $104,353 | $120,641 | | Noninterest Expenses | $112,755 | $96,749 | $352,820 | $287,483 | | Net Income | $81,161 | $73,816 | $196,022 | $217,782 | | Diluted EPS | $0.74 | $0.82 | $1.78 | $2.42 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, significant acquisitions like Reliant and Progress, AFS to HTM transfers impacting AOCI, increased ACL, and maintained well-capitalized status - On January 1, 2022, United acquired Reliant Bancorp, Inc. in a stock transaction, recording **$299.2 million** in goodwill, adding assets with a fair value of **$2.96 billion** and liabilities of **$2.66 billion**[36](index=36&type=chunk)[38](index=38&type=chunk) - United announced an agreement to acquire Progress Financial Corporation, expected to close in Q1 2023, with Progress having **$1.74 billion** in total assets as of September 30, 2022[44](index=44&type=chunk) - During the first nine months of 2022, United transferred **$1.29 billion** in AFS debt securities to HTM, resulting in **$87.4 million** of unrealized losses recorded in AOCI[46](index=46&type=chunk) - The Allowance for Credit Losses (ACL) for loans increased from **$102.5 million** at year-end 2021 to **$148.5 million** at September 30, 2022, including a **$12.7 million** initial ACL from the Reliant acquisition[65](index=65&type=chunk)[98](index=98&type=chunk) - As of September 30, 2022, United and its bank subsidiary were categorized as **well-capitalized**, with a consolidated CET1 capital ratio of **12.13%**[168](index=168&type=chunk)[169](index=169&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting significant net interest revenue growth from acquisitions and rising rates, offset by declining noninterest income and increased expenses, while maintaining strong asset quality and capital [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Q3 2022 net income increased due to higher net interest revenue, while nine-month net income decreased primarily from a significant swing in credit loss provisions Q3 2022 vs Q3 2021 Performance (in millions, except per share data) | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Net Income | $81.2M | $73.8M | | Diluted EPS | $0.74 | $0.82 | | Net Interest Revenue | $200M | $141M | | Provision for Credit Losses | $15.4M | $(11.0)M | - Merger and acquisition activity, including Reliant (Jan 1, 2022) and Aquesta (Oct 1, 2021) acquisitions, was a key driver of results, with Progress acquisition planned for Q1 2023[180](index=180&type=chunk)[183](index=183&type=chunk) [Net Interest Revenue](index=50&type=section&id=Net%20Interest%20Revenue) Net interest revenue for Q3 2022 increased significantly due to loan growth and rising rates, expanding the net interest margin to 3.57% Net Interest Margin and Spread (Q3) | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Net Interest Margin (FTE) | 3.57% | 3.12% | | Net Interest Spread (FTE) | 3.39% | 3.02% | - The increase in net interest revenue was primarily driven by **$40.9 million** from loan volume and **$18.4 million** from higher rates on earning assets, significantly outpacing interest expense increases[195](index=195&type=chunk)[202](index=202&type=chunk) [Noninterest Income](index=54&type=section&id=Noninterest%20Income) Noninterest income for Q3 2022 decreased 20% due to a significant drop in mortgage loan gains and fees, partially offset by higher BOLI and wealth management fees Noninterest Income Components (Q3, in thousands) | Component | Q3 2022 | Q3 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Mortgage loan gains & fees | $6,297 | $13,828 | (54)% | | Wealth management fees | $5,879 | $5,554 | 6% | | BOLI (within Other) | $2,020 | $832 | 143% | | **Total Noninterest Income** | **$31,922** | **$40,095** | **(20)%** | - Mortgage rate locks decreased **38%** to **$456.2 million** in Q3 2022 from **$730.6 million** in Q3 2021, reflecting lower demand in the residential real estate market[209](index=209&type=chunk)[210](index=210&type=chunk) [Noninterest Expenses](index=56&type=section&id=Noninterest%20Expenses) Noninterest expenses for Q3 2022 increased 17%, primarily due to higher salaries and employee benefits driven by acquisitions and merit increases, alongside expanded occupancy and equipment costs Noninterest Expense Components (Q3, in thousands) | Component | Q3 2022 | Q3 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $67,823 | $60,458 | 12% | | Communications and equipment | $8,795 | $7,368 | 19% | | Occupancy | $9,138 | $7,096 | 29% | | **Total Noninterest Expenses** | **$112,755** | **$96,749** | **17%** | - Full-time equivalent headcount increased by **14%** to **2,826** at September 30, 2022, from **2,480** a year prior, primarily due to acquisitions[216](index=216&type=chunk) [Asset Quality and Risk Elements](index=57&type=section&id=Asset%20Quality%20and%20Risk%20Elements) Asset quality remains strong with low NPAs, while the ACL on loans increased to 1.00% due to the Reliant acquisition and a more negative economic forecast Key Asset Quality Metrics | Metric | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total NPAs | $35.5M | $32.9M | | NPAs as a % of total assets | 0.15% | 0.16% | | ACL - loans as a % of total loans | 1.00% | 0.87% | - The increase in the ACL since year-end 2021 was primarily driven by the Reliant acquisition and a more negative economic forecast[223](index=223&type=chunk) [Interest Rate Sensitivity Management](index=63&type=section&id=Interest%20Rate%20Sensitivity%20Management) The company maintains an asset-sensitive balance sheet, with a 100 basis point rate increase projected to boost net interest revenue by 4.45% over 12 months Interest Rate Sensitivity Analysis (at Sep 30, 2022) | Rate Scenario (Immediate Shock) | % Change in Net Interest Revenue (12-month) | | :--- | :--- | | +200 bps | +8.65% | | +100 bps | +4.45% | | -100 bps | -5.21% | | -200 bps | -12.45% | - The company's policy limits the projected change in net interest revenue to an **8%** decrease for each 100 basis point change in rates over 12 months[248](index=248&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk have occurred since the 2021 Form 10-K, with interest rate sensitivity detailed in MD&A - There have been no material changes in market risk from the 2021 10-K[268](index=268&type=chunk) [Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and chief financial officer concluded that disclosure controls and procedures were **effective** as of September 30, 2022[269](index=269&type=chunk) - No material changes to internal control over financial reporting occurred during the third quarter of 2022[270](index=270&type=chunk) PART II - Other Information [Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) Management does not anticipate any pending or threatened legal matters will materially adversely affect the company's financial condition or results - Management does not anticipate that any pending or threatened legal matters will have a material adverse effect on the company's financial position or results[273](index=273&type=chunk) [Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the 2021 Form 10-K, except for those related to the proposed Progress acquisition - No material changes to risk factors have occurred since the 2021 10-K, except for those related to the proposed Progress acquisition[274](index=274&type=chunk) [Other Information](index=69&type=section&id=Item%205.%20Other%20Information) The Talent and Compensation Committee terminated outdated change in control severance agreements with executive officers on November 1, 2022 - On November 1, 2022, the company terminated the change in control severance agreements with its executive officers, including the CEO and CFO, as they were considered outdated[275](index=275&type=chunk) [Exhibits](index=70&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, termination letters, officer certifications, and interactive data files - Key exhibits filed include the Form of Change in Control Agreement Termination Letter (Exhibit **10.1**), CEO and CFO certifications (Exhibits **31.1, 31.2, 32**), and Interactive Data Files (Exhibit **101**)[280](index=280&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the Quarterly Period Ended June 30, 2022 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 Highway 515 East Blairsville, Georgia 30512 (Address of principal executive offices) (Zip cod ...