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8-K

United Community Banks Inc (UCB)

8-K 2021-01-19 For: 2021-01-19
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Added on April 11, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

January 19, 2021

UNITED COMMUNITY BANKS, INC.

(Exact name of registrant as specified in its charter)

Georgia 001-35095 58-1807304
(State or other jurisdiction of  incorporation) (Commission file number) (IRS Employer Identification No.)

125 Highway 515 East

Blairsville, Georgia 30512

(Address of principal executive offices)

Registrant's telephone number,

including area code: (706) 781-2265

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written<br>communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting<br>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨ Pre-commencement<br>communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨ Pre-commencement<br>communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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<br> stock, par value $1 per share UCBI Nasdaq<br> Global Select Market
Depositary<br> shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock UCBIO Nasdaq<br> Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.
On January 19, 2021, United Community Banks, Inc. (“United”) issued a press release announcing financial results for the fourth quarter of 2020. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
On January 20, 2021, United will hold an earnings conference call and webcast at 11:00 a.m. (Eastern Time) to discuss financial results for the fourth quarter of 2020. The press release referenced above in Item 2.02 contains information about how to access the conference call and webcast. A copy of the slide presentation to be used during the earnings call and webcast is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.ucbi.com, under the “Investor Relations – Events and Presentations” section.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits The following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K.
EXHIBIT INDEX
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Exhibit No. Description
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99.1 United Community Banks, Inc. Press Release, dated January 19, 2021.
99.2 Slide Presentation.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNITED COMMUNITY BANKS, INC.
By: **/s/ Jefferson L. Harralson
Jefferson L. Harralson
Executive Vice President and
Chief Financial Officer
Date: January 19, 2021

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. ReportsFourth Quarter Results

EPS of $0.66, Return on Assets of1.30% and Return on Common Equity of 12.36%

GREENVILLE, SC – January 19, 2021 - United Community Banks, Inc. (NASDAQ: UCBI) (United) today reported fourth quarter financial results, including solid year-over-year loan and core deposit growth and strong profitability. For the quarter, United’s net income was $59.5 million and pre-tax pre-provision income was $80.3 million. Diluted earnings per share of $0.66 for the quarter represented an increase of $0.05 or 8%, from a year ago. Compared to the third quarter, diluted earnings per share were up by $0.14 or 27%. On an operating basis, which excludes merger-related and other charges, diluted earnings per share were $0.68, up $0.07 or 11% from last year and $0.13 per share or 24% compared to the third quarter. United’s GAAP return on assets (ROA) was 1.30% and its return on common equity was 12.4% for the quarter. On an operating basis, United’s ROA was 1.34% and its return on tangible common equity was 16.2%. On a pre-tax, pre-provision basis, and excluding merger-related and other charges, ROA was 1.82%.

Included in the quarter’s results was a discretionary $8.5 million contribution to the United Community Bank Foundation. This contribution lowered operating EPS by $0.07 and operating ROA by 15 basis points.

Chairman and CEO Lynn Harton stated, “While our markets continue to be impacted by the pandemic, I am proud of the ongoing commitment to service by our employees and am encouraged by the resilience of our customers. The strength of our balance sheet and the diversity of our business model enabled us to continue to post solid financial results in a challenging environment. Most importantly, our teams continued to exhibit outstanding leadership. During the year, we have been able to add new teams of bankers, expand our footprint into new, fast-growing markets, and increase our product offerings. Focused efforts by our teams have led to meaningful high-quality growth in loans, deposits, and fee income despite economic headwinds.”

Total loans decreased by $428 million during the quarter—primarily driven by the forgiveness of $671 million in SBA Paycheck Protection Program (PPP) loans. Excluding the effect of PPP loans, core organic loan growth was 8% annualized. Core transaction deposits grew by $369 million during the quarter, or 13% annualized, and United’s cost of deposits decreased by 8 basis points to 0.17%. The net interest margin increased 28 basis points from the third quarter due mainly to the accelerated recognition of PPP fees, as well as purchased loan accretion. Excluding these items, the net interest margin decreased by approximately 10 basis points from the third quarter due to a combination of factors, including lower overall market rates and increased liquidity.

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Mr. Harton concluded, “I am pleased by our performance both this quarter and this past year despite the challenging circumstances. I am optimistic going into 2021 knowing that we are well positioned to take advantage of new business opportunities. In October, and for the fourth consecutive year, United was again named one of the Best Banks to Work for in 2020 by American Banker. This honor demonstrates our commitment to employee development and to fostering a strong culture. Our employees continue to lead in supporting our customers and communities, which is directly reflected in our performance and success.”

2020 Financial Highlights:

• Full year EPS of $1.91, a decrease of 17% compared to last year on both a GAAP and operating<br>basis
• Return on assets of 1.04%, or 1.07% on an operating basis
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• Pre-tax, pre-provision return on assets of 1.85%, or 1.90% on an operating basis
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• Return on common equity of 9.3%
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• Return on tangible common equity of 12.2% on an operating basis
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• Completed the merger with Three Shores Bancorporation and its bank subsidiary Seaside National<br>Bank & Trust (Seaside) on July 1
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• A provision for credit losses of $80.4 million compared to $13.2 million in 2019, partly due<br>to the adoption of the Current Expected Credit Losses (CECL) model in the first quarter
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• Processed nearly 11,000 PPP applications, totaling $1.3 billion in new loans
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• Loan growth of $2.6 billion with $1.4 billion attributable to loans acquired from Seaside and<br>core loan growth (excluding PPP loans) of 8% for the year
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• Core transaction deposits were up $4.0 billion with $1.3 billion attributable to Seaside and<br>remainder in organic growth, which represents a 36% core growth rate for the year
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• Net interest margin of 3.55%, which was down 52 basis points from<br>last year due to a number of factors, including the low rate environment, the Seaside acquisition, and increasing balance sheet<br>liquidity
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• Record mortgage rate locks of $3.3 billion compared to $1.6 billion a year ago
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• Noninterest income was up $49.6 million or 47%, excluding net securities gains; Seaside contributed<br>nearly $4.7 million of the increase and mortgage loan gains and related fees were up $48.9 million, primarily driven by record<br>mortgage rate locks and production
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• Efficiency ratio of 55.7%, or 54.6% on an operating basis
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• Net charge-offs of $18.3 million, or 17 basis points as a percent<br>of average loans, up 3 basis points from 2019
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• Completed a public offering of $100 million aggregate of 6.875% Non-Cumulative<br>Perpetual Preferred Stock and $100 million aggregate principal amount of 5.000% Fixed-to-Floating Senior Notes due 2030
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• Established the United Community Bank Foundation with $10.0 million
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Fourth Quarter 2020 Financial Highlights:

• Net income of $59.5 million and pre-tax pre-provision income of $80.3 million 
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| --- | | • | EPS increased by 8% compared to last year on a GAAP basis and 11% on an operating basis; compared<br>to third quarter, EPS increased by 27% on a GAAP basis and 24% on an operating basis | | --- | --- | | • | Return on assets of 1.30%, or 1.34% on an operating basis | | --- | --- | | • | Pre-tax, pre-provision return on assets of 1.77%, or 1.82% on an operating basis | | --- | --- | | • | Return on common equity of 12.4% | | --- | --- | | • | Return on tangible common equity of 16.2% on an operating basis | | --- | --- | | • | A provision for credit losses of $2.9 million, which increased the allowance for loan losses<br>to 1.20% (1.28%, excluding PPP loans) from 1.14% in the third quarter | | --- | --- | | • | Loan production of $1.1 billion, resulting in core loan growth of 8%, annualized for the quarter,<br>excluding the impact of $671 million in PPP loans being forgiven | | --- | --- | | • | Core transaction deposits were up $369 million, which represents a 13% annualized growth rate<br>for the quarter | | --- | --- | | • | Net interest margin of 3.55% was up 28 basis points from the third<br>quarter, mainly due to the impact of accelerated PPP fees during the quarter | | --- | --- | | • | Record mortgage closings of $609 million and mortgage rate locks of $792 million, compared to<br>$333 million and $411 million, respectively, a year ago | | --- | --- | | • | Noninterest income was down $6.6 million on a linked quarter basis, excluding net securities<br>gains, primarily driven by lower mortgage loan gains and related fees | | --- | --- | | • | Noninterest expenses increased by $10.5 million compared to the third quarter mostly due to funding<br>for the United Community Bank Foundation of $8.5 million | | --- | --- | | • | Efficiency ratio of 56.7%, or 55.4% on an operating basis | | --- | --- | | • | Net charge-offs of $1.5 million, or 5 basis points as a percent of<br>average loans, down 4 basis points from the third quarter | | --- | --- | | • | Nonperforming assets of 0.35% of total assets, up 6 basis points compared to September 30,<br>2020 | | --- | --- | | • | Total loan deferrals of $71 million or 0.6% of the total loan portfolio compared to $365 million<br>or 3% in the third quarter | | --- | --- | | • | $8.5 million of funding for the United Community Bank Foundation for charities and causes throughout<br>the footprint, adding to a $0.5 million contribution in the third quarter | | --- | --- | | • | Plan for operational conversion of Seaside in the first quarter of 2021 | | --- | --- |

Conference Call

United will hold a conference call, Wednesday, January 20, 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 5083638. 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.

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UNITED COMMUNITY BANKS, INC.

Financial Highlights

SelectedFinancial Information

**** **** **** **** **** Fourth **** For the Twelve Months Ended December 31, **** ****
**** 2019 **** Quarter **** **** **** YTD 2020- ****
(in<br> thousands, except per share data) **** Third Quarter **** Second Quarter **** First Quarter **** Fourth Quarter **** 2020- 2019 Change **** 2020 **** 2019 **** 2019 Change ****
INCOME SUMMARY
Interest revenue 156,071 $ 141,773 $ 123,605 $ 136,547 $ 136,419 $ 557,996 $ 552,706
Interest expense 10,676 13,319 14,301 17,941 19,781 56,237 83,312
Net interest revenue 145,395 128,454 109,304 118,606 116,638 25 % 501,759 469,394 7 %
Provision for credit losses 2,907 21,793 33,543 22,191 3,500 80,434 13,150
Noninterest income 41,375 48,682 40,238 25,814 30,183 37 156,109 104,713 49
Total<br> revenue 183,863 155,343 115,999 122,229 143,321 28 577,434 560,957 3
Expenses 106,490 95,981 83,980 81,538 81,424 31 367,989 322,245 14
Income before income tax<br> expense 77,373 59,362 32,019 40,691 61,897 209,445 238,712
Income tax expense 17,871 11,755 6,923 8,807 12,885 45,356 52,991
Net income 59,502 47,607 25,096 31,884 49,012 164,089 185,721
Merger-related and other charges 2,452 3,361 397 808 (74 ) 7,018 7,357
Income tax benefit of merger-related<br> and other charges (552 ) (519 ) (87 ) (182 ) 17 (1,340 ) (1,695 )
Net<br> income - operating (1) 61,402 $ 50,449 $ 25,406 $ 32,510 $ 48,955 25 $ 169,767 $ 191,383 (11 )
Pre-tax<br> pre-provision income (5) 80,280 $ 81,155 $ 65,562 $ 62,882 $ 65,397 23 $ 289,879 $ 251,862 15
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP 0.66 $ 0.52 $ 0.32 $ 0.40 $ 0.61 8 $ 1.91 $ 2.31 (17 )
Diluted net income - operating<br> (1) 0.68 0.55 0.32 0.41 0.61 11 1.98 2.38 (17 )
Common stock cash dividends<br> declared 0.18 0.18 0.18 0.18 0.18 — 0.72 0.68 6
Book value 21.90 21.45 21.22 20.80 20.53 7 21.90 20.53 7
Tangible book value (3) 17.56 17.09 16.95 16.52 16.28 8 17.56 16.28 8
Key performance ratios:
Return on common equity -<br> GAAP (2)(4) 12.36 % 10.06 % 6.17 % 7.85 % 12.07 % 9.25 % 11.89 %
Return on common equity -<br> operating (1)(2)(4) 12.77 10.69 6.25 8.01 12.06 9.58 12.25
Return on tangible common<br> equity - operating (1)(2)(3)(4) 16.23 13.52 8.09 10.57 15.49 12.24 15.81
Return on assets - GAAP (4) 1.30 1.07 0.71 0.99 1.50 1.04 1.46
Return on assets - operating<br> (1)(4) 1.34 1.14 0.72 1.01 1.50 1.07 1.51
Return on assets -pre-tax<br> pre-provision (4)(5) 1.77 1.86 1.86 1.95 2.00 1.85 1.99
Return on assets<br> -pre-tax pre-provision, excluding merger related and other charges (1)(4)(5) 1.82 1.93 1.87 1.98 2.00 1.90 2.04
Net interest margin (fully<br> taxable equivalent) (4) 3.55 3.27 3.42 4.07 3.93 3.55 4.07
Efficiency ratio - GAAP 56.73 54.14 55.86 56.15 54.87 55.71 55.77
Efficiency ratio - operating<br> (1) 55.42 52.24 55.59 55.59 54.92 54.64 54.50
Equity to total assets 11.29 11.47 11.81 12.54 12.66 11.29 12.66
Tangible common equity to<br> tangible assets (3) 8.81 8.89 9.12 10.22 10.32 8.81 10.32
ASSET QUALITY
Nonperforming loans 61,599 $ 49,084 $ 48,021 $ 36,208 $ 35,341 74 $ 61,599 $ 35,341 74
Foreclosed<br> properties 647 953 477 475 476 36 647 476 36
Total nonperforming assets<br> (“NPAs”) 62,246 50,037 48,498 36,683 35,817 74 62,246 35,817 74
Allowance for credit losses<br> – loans and leases 137,010 134,256 103,669 81,905 62,089 121 137,010 62,089 121
Net charge-offs 1,515 2,538 6,149 8,114 3,925 (61 ) 18,316 12,216 50
Allowance for credit losses<br> – loans and leases to loans 1.20 % 1.14 % 1.02 % 0.92 % 0.70 % 1.20 % 0.70 %
Net charge-offs to average<br> loans (4) 0.05 0.09 0.25 0.37 0.18 0.17 0.14
NPAs to loans and foreclosed<br> properties 0.55 0.42 0.48 0.41 0.41 0.55 0.41
NPAs to total assets 0.35 0.29 0.32 0.28 0.28 0.35 0.28
AVERAGE BALANCES ( in millions)
Loans 11,595 $ 11,644 $ 9,773 $ 8,829 $ 8,890 30 $ 10,467 $ 8,708 20
Investment securities 3,326 2,750 2,408 2,520 2,486 34 2,752 2,647 4
Earning assets 16,394 15,715 12,958 11,798 11,832 39 14,226 11,609 23
Total assets 17,698 17,013 14,173 12,944 12,946 37 15,467 12,687 22
Deposits 15,057 14,460 12,071 10,915 10,924 38 13,135 10,579 24
Shareholders’ equity 1,994 1,948 1,686 1,653 1,623 23 1,821 1,556 17
Common shares - basic (thousands) 87,258 87,129 78,920 79,340 79,659 10 83,184 79,700 4
Common shares - diluted (thousands) 87,333 87,205 78,924 79,446 79,669 10 83,248 79,708 4
AT PERIOD END ( in millions)
Loans 11,371 $ 11,799 $ 10,133 $ 8,935 $ 8,813 29 $ 11,371 $ 8,813 29
Investment securities 3,645 3,089 2,432 2,540 2,559 42 3,645 2,559 42
Total assets 17,794 17,153 15,005 13,086 12,916 38 17,794 12,916 38
Deposits 15,232 14,603 12,702 11,035 10,897 40 15,232 10,897 40
Shareholders’ equity 2,008 1,967 1,772 1,641 1,636 23 2,008 1,636 23
Common shares outstanding<br> (thousands) 86,675 86,611 78,335 78,284 79,014 10 86,675 79,014 10

All values are in US Dollars.

^(1)^  Excludes merger-related and other charges. ^(2)^ Net income 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.

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UNITED COMMUNITY BANKS, INC.

Selected Financial Information

Forthe Years Ended December 31,

(in thousands, except per share data) 2019 2018 2017 2016
INCOME SUMMARY
Interest revenue 557,996 $ 552,706 $ 500,080 $ 389,720 $ 335,020
Interest expense 56,237 83,312 61,330 33,735 25,236
Net interest revenue 501,759 469,394 438,750 355,985 309,784
Provision for credit losses 80,434 13,150 9,500 3,800 (800 )
Noninterest income 156,109 104,713 92,961 88,260 93,697
Total revenue 577,434 560,957 522,211 440,445 404,281
Expenses 367,989 322,245 306,285 267,611 241,289
Income before income tax expense 209,445 238,712 215,926 172,834 162,992
Income tax expense 45,356 52,991 49,815 105,013 62,336
Net income 164,089 185,721 166,111 67,821 100,656
Merger-related and other charges 7,018 7,357 7,345 14,662 8,122
Income tax benefit of merger-related and other charges (1,340 ) (1,695 ) (1,494 ) (3,745 ) (3,074 )
Impact of remeasurement of deferred tax asset resulting from 2017 Tax Cuts and Jobs Act — — — 38,199 —
Impairment of deferred tax asset on cancelled non-qualified stock options — — — — 976
Release of disproportionate tax effects lodged in OCI — — — 3,400 —
Net income - operating (1) 169,767 $ 191,383 $ 171,962 $ 120,337 $ 106,680
Pre-tax pre-provision income (4) 289,879 $ 251,862 $ 225,426 $ 176,634 $ 162,192
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP 1.91 $ 2.31 $ 2.07 $ 0.92 $ 1.40
Diluted net income - operating (1) 1.98 2.38 2.14 1.63 1.48
Common stock cash dividends declared 0.72 0.68 0.58 0.38 0.30
Book value 21.90 20.53 18.24 16.67 15.06
Tangible book value (3) 17.56 16.28 14.24 13.65 12.95
Key performance ratios:
Return on common equity - GAAP (2) 9.25 % 11.89 % 11.60 % 5.67 % 9.41 %
Return on common equity - operating (1)(2) 9.58 12.25 12.01 10.07 9.98
Return on tangible common equity - operating (1)(2)(3) 12.24 15.81 15.69 12.02 11.86
Return on assets - GAAP 1.04 1.46 1.35 0.62 1.00
Return on assets - operating (1) 1.07 1.51 1.40 1.09 1.06
Return on assets -pre-tax pre-provision (4) 1.85 1.99 1.84 1.60 1.61
Return on assets -pre-tax pre-provision, excluding  merger related and other charges (1)(5) 1.90 2.04 1.89 1.74 1.69
Net interest margin (fully taxable equivalent) 3.55 4.07 3.91 3.52 3.36
Efficiency ratio - GAAP 55.71 55.77 57.31 59.95 59.80
Efficiency ratio - operating (1) 54.64 54.50 55.94 56.67 57.78
Equity to total assets 11.29 12.66 11.59 10.94 10.05
Tangible common equity to tangible assets (3) 8.81 10.32 9.29 9.14 8.77
ASSET QUALITY
Nonperforming loans 61,599 $ 35,341 $ 23,778 $ 23,658 $ 21,539
Foreclosed properties 647 476 1,305 3,234 7,949
Total nonperforming assets (NPAs) 62,246 35,817 25,083 26,892 29,488
Allowance for credit losses – loans and leases 137,010 62,089 61,203 58,914 61,422
Net charge-offs 18,316 12,216 6,113 5,998 6,766
Allowance for credit losses – loans and leases to loans 1.20 % 0.70 % 0.73 % 0.76 % 0.89 %
Net charge-offs to average loans 0.17 0.14 0.07 0.08 0.11
NPAs to loans and foreclosed properties 0.55 0.41 0.30 0.35 0.43
NPAs to total assets 0.35 0.28 0.20 0.23 0.28
AVERAGE BALANCES ( in millions)
Loans 10,467 $ 8,708 $ 8,170 $ 7,150 $ 6,413
Investment securities 2,752 2,647 2,899 2,847 2,691
Earning assets 14,226 11,609 11,282 10,162 9,257
Total assets 15,467 12,687 12,284 11,015 10,054
Deposits 13,135 10,579 10,000 8,950 8,177
Shareholders’ equity 1,821 1,556 1,380 1,180 1,059
Common shares - basic (thousands) 83,184 79,700 79,662 73,247 71,910
Common shares - diluted (thousands) 83,248 79,708 79,671 73,259 71,915
AT PERIOD END ( in millions)
Loans 11,371 $ 8,813 $ 8,383 $ 7,736 $ 6,921
Investment securities 3,645 2,559 2,903 2,937 2,762
Total assets 17,794 12,916 12,573 11,915 10,709
Deposits 15,232 10,897 10,535 9,808 8,638
Shareholders’ equity 2,008 1,636 1,458 1,303 1,076
Common shares outstanding (thousands) 86,675 79,014 79,234 77,580 70,899

All values are in US Dollars.

^(1)^Excludes merger-related and other charges which includes amortization of certain executive change of control benefits, 2019 executive retirement charges and termination of pension plan, the 2017 impact of remeasurement of United’s deferred tax assets following the passage of tax reform legislation, a 2017 release of disproportionate tax effects lodged in OCI, and a 2016 deferred tax asset impairment charge related to cancelled non-qualified stock options. ^(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)^ Excludes income tax expense and provision for credit losses.

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UNITED COMMUNITY BANKS, INC.

Non-GAAPPerformance Measures Reconciliation

Selected Financial Information- Quarterly

2020 2019
(in thousands, except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter
Expense reconciliation
Expenses (GAAP) $ 106,490 $ 95,981 $ 83,980 $ 81,538 $ 81,424
Merger-related and other charges (2,452 ) (3,361 ) (397 ) (808 ) 74
Expenses - operating $ 104,038 $ 92,620 $ 83,583 $ 80,730 $ 81,498
Net income to operating income reconciliation
Net income (GAAP) $ 59,502 $ 47,607 $ 25,096 $ 31,884 $ 49,012
Merger-related and other charges 2,452 3,361 397 808 (74 )
Income tax benefit of merger-related and other charges (552 ) (519 ) (87 ) (182 ) 17
Net income - operating $ 61,402 $ 50,449 $ 25,406 $ 32,510 $ 48,955
Net income to pre-tax pre-provision income reconciliation
Net income (GAAP) 59,502 47,607 25,096 31,884 49,012
Income tax expense 17,871 11,755 6,923 8,807 12,885
Provision for credit losses 2,907 21,793 33,543 22,191 3,500
Pre-tax pre-provision income $ 80,280 $ 81,155 $ 65,562 $ 62,882 $ 65,397
Diluted income per common share reconciliation
Diluted income per common share (GAAP) $ 0.66 $ 0.52 $ 0.32 $ 0.40 $ 0.61
Merger-related and other charges 0.02 0.03 — 0.01 —
Diluted income per common share - operating $ 0.68 $ 0.55 $ 0.32 $ 0.41 $ 0.61
Book value per common share reconciliation
Book value per common share (GAAP) $ 21.90 $ 21.45 $ 21.22 $ 20.80 $ 20.53
Effect of goodwill and other intangibles (4.34 ) (4.36 ) (4.27 ) (4.28 ) (4.25 )
Tangible book value per common share $ 17.56 $ 17.09 $ 16.95 $ 16.52 $ 16.28
Return on tangible common equity reconciliation
Return on common equity (GAAP) 12.36 % 10.06 % 6.17 % 7.85 % 12.07 %
Merger-related and other charges 0.41 0.63 0.08 0.16 (0.01 )
Return on common equity - operating 12.77 10.69 6.25 8.01 12.06
Effect of goodwill and other intangibles 3.46 2.83 1.84 2.56 3.43
Return on tangible common equity - operating 16.23 % 13.52 % 8.09 % 10.57 % 15.49 %
Return on assets reconciliation
Return on assets (GAAP) 1.30 % 1.07 % 0.71 % 0.99 % 1.50 %
Merger-related and other charges 0.04 0.07 0.01 0.02 —
Return on assets - operating 1.34 % 1.14 % 0.72 % 1.01 % 1.50 %
Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP) 1.30 % 1.07 % 0.71 % 0.99 % 1.50 %
Income tax expense 0.40 0.28 0.20 0.27 0.39
Provision for credit losses 0.07 0.51 0.95 0.69 0.11
Return on assets - pre-tax pre-provision 1.77 1.86 1.86 1.95 2.00
Merger-related and other charges 0.05 0.07 0.01 0.03 —
Return on assets - pre-tax pre-provision, excluding merger-related and other charges 1.82 % 1.93 % 1.87 % 1.98 % 2.00 %
Efficiency ratio reconciliation
Efficiency ratio (GAAP) 56.73 % 54.14 % 55.86 % 56.15 % 54.87 %
Merger-related and other charges (1.31 ) (1.90 ) (0.27 ) (0.56 ) 0.05
Efficiency ratio - operating 55.42 % 52.24 % 55.59 % 55.59 % 54.92 %
Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP) 11.29 % 11.47 % 11.81 % 12.54 % 12.66 %
Effect of goodwill and other intangibles (1.94 ) (2.02 ) (2.05 ) (2.32 ) (2.34 )
Effect of preferred equity (0.54 ) (0.56 ) (0.64 ) — —
Tangible common equity to tangible assets 8.81 % 8.89 % 9.12 % 10.22 % 10.32 % 
| 6 |

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UNITED COMMUNITY BANKS, INC.

Non-GAAPPerformance Measures Reconciliation

Selected Financial Information- Annual

For the Twelve Months Ended December 31,
(in thousands, except per share data) 2020 2019 2018 2017 2016
Expense reconciliation
Expenses (GAAP) $ 367,989 $ 322,245 $ 306,285 $ 267,611 $ 241,289
Merger-related and other charges (7,018 ) (7,357 ) (7,345 ) (14,662 ) (8,122 )
Expenses - operating $ 360,971 $ 314,888 $ 298,940 $ 252,949 $ 233,167
Net income reconciliation
Net income (GAAP) $ 164,089 $ 185,721 $ 166,111 $ 67,821 $ 100,656
Merger-related and other charges 7,018 7,357 7,345 14,662 8,122
Income tax benefit of merger-related and other charges (1,340 ) (1,695 ) (1,494 ) (3,745 ) (3,074 )
Impact of tax reform on remeasurement of deferred tax asset — — — 38,199 —
Impairment of deferred tax asset on canceled non-qualified stock options — — — — 976
Release of disproportionate tax effects lodged in OCI — — — 3,400 —
Net income - operating $ 169,767 $ 191,383 $ 171,962 $ 120,337 $ 106,680
Net income to pre-tax pre-provision income reconciliation
Net income (GAAP) $ 164,089 $ 185,721 $ 166,111 $ 67,821 $ 100,656
Income tax expense 45,356 52,991 49,815 105,013 62,336
Provision for credit losses 80,434 13,150 9,500 3,800 (800 )
Pre-tax pre-provision income $ 289,879 $ 251,862 $ 225,426 $ 176,634 $ 162,192
Diluted income per common share reconciliation
Diluted income per common share (GAAP) $ 1.91 $ 2.31 $ 2.07 $ 0.92 $ 1.40
Merger-related and other charges 0.07 0.07 0.07 0.14 0.07
Impact of tax reform on remeasurement of deferred tax asset — — — 0.52 —
Impairment of deferred tax asset on canceled non-qualified stock options — — — — 0.01
Release of disproportionate tax effects lodged in OCI — — — 0.05 —
Diluted income per common share - operating $ 1.98 $ 2.38 $ 2.14 $ 1.63 $ 1.48
Book value per common share reconciliation
Book value per common share (GAAP) $ 21.90 $ 20.53 $ 18.24 $ 16.67 $ 15.06
Effect of goodwill and other intangibles (4.34 ) (4.25 ) (4.00 ) (3.02 ) (2.11 )
Tangible book value per common share $ 17.56 $ 16.28 $ 14.24 $ 13.65 $ 12.95
Return on tangible common equity reconciliation
Return on common equity (GAAP) 9.25 % 11.89 % 11.60 % 5.67 % 9.41 %
Merger-related and other charges 0.33 0.36 0.41 0.92 0.48
Impact of tax reform on remeasurement of deferred tax asset — — — 3.20 —
Impairment of deferred tax asset on canceled non-qualified stock options — — — — 0.09
Release of disproportionate tax effects lodged in OCI — — — 0.28 —
Return on common equity - operating 9.58 12.25 12.01 10.07 9.98
Effect of goodwill and other intangibles 2.66 3.56 3.68 1.95 1.88
Return on tangible common equity - operating 12.24 % 15.81 % 15.69 % 12.02 % 11.86 %
Return on assets reconciliation
Return on assets (GAAP) 1.04 % 1.46 % 1.35 % 0.62 % 1.00 %
Merger-related and other charges 0.03 0.05 0.05 0.09 0.05
Impact of tax reform on remeasurement of deferred tax asset — — — 0.35 —
Impairment of deferred tax asset on canceled non-qualified stock options — — — — 0.01
Release of disproportionate tax effects lodged in OCI — — — 0.03 —
Return on assets - operating 1.07 % 1.51 % 1.40 % 1.09 % 1.06 %
Return on assets to return on assets - pre-tax pre-provision reconciliation
Return on assets (GAAP) 1.04 % 1.46 % 1.35 % 0.62 % 1.00 %
Income tax expense 0.29 0.43 0.41 0.95 0.62
Provision for credit losses 0.52 0.10 0.08 0.03 (0.01 )
Return on assets - pre-tax pre-provision 1.85 1.99 1.84 1.60 1.61
Merger-related and other charges 0.05 0.05 0.05 0.14 0.08
Return on assets - pre-tax pre-provision 1.90 % 2.04 % 1.89 % 1.74 % 1.69 %
Efficiency ratio reconciliation
Efficiency ratio (GAAP) 55.71 % 55.77 % 57.31 % 59.95 % 59.80 %
Merger-related and other charges (1.07 ) (1.27 ) (1.37 ) (3.28 ) (2.02 )
Efficiency ratio - operating 54.64 % 54.50 % 55.94 % 56.67 % 57.78 %
Tangible common equity to tangible assets reconciliation
Equity to assets (GAAP) 11.29 % 12.66 % 11.59 % 10.94 % 10.05 %
Effect of goodwill and other intangibles (1.94 ) (2.34 ) (2.30 ) (1.80 ) (1.28 )
Effect of preferred equity (0.54 ) — — — —
Tangible common equity to assets 8.81 % 10.32 % 9.29 % 9.14 % 8.77 % 
| 7 |

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UNITED COMMUNITY BANKS, INC.

FinancialHighlights

Loan Portfolio Composition at Period-End

2020 2019 Linked Year over
(in millions) Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter Quarter Change **** Year Change ****
LOANS BY CATEGORY
Owner occupied commercial RE $ 2,090 $ 2,009 $ 1,759 $ 1,703 $ 1,720 $ 81 $ 370
Income producing commercial RE 2,541 2,493 2,178 2,065 2,008 48 533
Commercial & industrial 1,853 1,788 1,219 1,310 1,221 65 632
Paycheck protection program 646 1,317 1,095 — — (671 ) 646
Commercial construction 967 987 946 959 976 (20 ) (9 )
Equipment financing 864 823 779 761 745 41 119
Total commercial 8,961 9,417 7,976 6,798 6,670 (456 ) 2,291
Residential mortgage 1,285 1,270 1,152 1,128 1,118 15 167
Home equity lines of credit 697 707 654 668 661 (10 ) 36
Residential construction 281 257 230 216 236 24 45
Consumer 147 148 121 125 128 (1 ) 19
Total loans $ 11,371 $ 11,799 $ 10,133 $ 8,935 $ 8,813 $ (428 ) $ 2,558
LOANS BY MARKET
North Georgia $ 955 $ 945 $ 951 $ 958 $ 967 $ 10 $ (12 )
Atlanta 1,889 1,853 1,852 1,820 1,762 36 127
North Carolina 1,281 1,246 1,171 1,124 1,156 35 125
Coastal Georgia 617 614 618 604 631 3 (14 )
Gainesville 224 229 233 235 246 (5 ) (22 )
East Tennessee 415 420 433 425 421 (5 ) (6 )
South Carolina 1,947 1,870 1,778 1,774 1,708 77 239
Florida 1,435 1,453 — — — (18 ) 1,435
Commercial Banking Solutions 2,608 3,169 3,097 1,995 1,922 (561 ) 686
Total loans $ 11,371 $ 11,799 $ 10,133 $ 8,935 $ 8,813 $ (428 ) $ 2,558 
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UNITED COMMUNITY BANKS, INC.

Financial Highlights

LoanPortfolio Composition at Year-End

(in millions) 2020 2019 2018 2017 2016
LOANS BY CATEGORY
Owner occupied commercial RE $ 2,090 $ 1,720 $ 1,648 $ 1,924 $ 1,650
Income producing commercial RE 2,541 2,008 1,812 1,595 1,282
Commercial & industrial 1,853 1,221 1,278 1,131 1,070
Paycheck protection program 646 — — — —
Commercial construction 967 976 796 712 634
Equipment financing 864 745 565 — —
Total commercial 8,961 6,670 6,099 5,362 4,636
Residential mortgage 1,285 1,118 1,049 974 857
Home equity lines of credit 697 661 694 731 655
Residential construction 281 236 211 183 190
Consumer 146 128 330 486 583
Total loans $ 11,371 $ 8,813 $ 8,383 $ 7,736 $ 6,921
LOANS BY MARKET
North Georgia $ 955 $ 967 $ 981 $ 1,019 $ 1,097
Atlanta 1,889 1,762 1,507 1,510 1,399
North Carolina 1,281 1,156 1,072 1,049 545
Coastal Georgia 617 631 588 630 581
Gainesville 224 246 247 248 248
East Tennessee 415 421 477 475 504
South Carolina 1,947 1,708 1,645 1,486 1,233
Florida 1,435 — — — —
Commercial Banking Solutions 2,608 1,922 1,658 961 855
Indirect auto — — 208 358 459
Total loans $ 11,371 $ 8,813 $ 8,383 $ 7,736 $ 6,921 
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UNITED COMMUNITY BANKS, INC.

Financial Highlights

CreditQuality

2020
(in thousands) Fourth Quarter Third Quarter Second Quarter
NONACCRUAL LOANS
Owner occupied RE $ 8,582 $ 11,075 $ 10,710
Income producing RE 15,149 12,230 11,274
Commercial & industrial 16,634 3,534 3,432
Commercial construction 1,745 1,863 2,290
Equipment financing 3,405 3,137 3,119
Total commercial 45,515 31,839 30,825
Residential mortgage 12,858 13,864 13,185
Home equity lines of credit 2,487 2,642 3,138
Residential construction 514 479 500
Consumer 225 260 373
Total $ 61,599 $ 49,084 $ 48,021
2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Fourth Quarter Third Quarter Second Quarter
(in thousands) Net Charge-<br><br>Offs Net Charge-Offs to Average Loans ^(1)^ Net<br> Charge-<br> Offs Net Charge-Offs to Average Loans ^(1)^ Net Charge-<br><br>Offs Net Charge-Offs to Average Loans ^(1)^
NET CHARGE-OFFS BY CATEGORY
Owner occupied RE $ (277 ) (0.05 )% $ (725 ) (0.14 )% $ (466 ) (0.11 )%
Income producing RE (1,718 ) (0.27 ) 1,785 0.29 4,548 0.86
Commercial & industrial 2,294 0.33 (105 ) (0.01 ) (37 ) (0.01 )
Commercial construction (129 ) (0.05 ) (171 ) (0.07 ) 122 0.05
Equipment financing 1,595 0.75 1,993 0.93 1,665 0.87
Total commercial 1,765 0.08 2,777 0.12 5,832 0.31
Residential mortgage (25 ) (0.01 ) (35 ) (0.01 ) (6 ) —
Home equity lines of credit (151 ) (0.09 ) (125 ) (0.07 ) (98 ) (0.06 )
Residential construction (47 ) (0.07 ) — — (5 ) (0.01 )
Consumer (27 ) (0.07 ) (79 ) (0.22 ) 426 1.39
Total $ 1,515 0.05 $ 2,538 0.09 $ 6,149 0.25
^(1)^  Annualized. 
| 10 |

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UNITED COMMUNITY BANKS, INC.

ConsolidatedBalance Sheets (Unaudited)

(in thousands, except share and per share data) December 31, 2019
ASSETS
Cash and due from banks 148,896 $ 125,844
Interest-bearing deposits in banks 1,459,723 389,362
Cash and cash equivalents 1,608,619 515,206
Debt securities available-for-sale 3,224,721 2,274,581
Debt securities held-to-maturity (fair value 437,193 and 287,904, respectively) 420,361 283,533
Loans held for sale at fair value 105,433 58,484
Loans and leases held for investment 11,370,815 8,812,553
Less allowance for credit losses - loans and leases (137,010 ) (62,089 )
Loans and leases, net 11,233,805 8,750,464
Premises and equipment, net 218,489 215,976
Bank owned life insurance 201,969 202,664
Accrued interest receivable 47,672 32,660
Net deferred tax asset 38,411 34,059
Derivative financial instruments 86,666 35,007
Goodwill and other intangible assets, net 381,823 342,247
Other assets 226,405 171,135
Total assets 17,794,374 $ 12,916,016
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand 5,390,291 $ 3,477,979
NOW and interest-bearing demand 3,346,490 2,461,895
Money market 3,550,335 2,230,628
Savings 950,854 706,467
Time 1,704,290 1,859,574
Brokered 290,098 160,701
Total deposits 15,232,358 10,897,244
Long-term debt 326,956 212,664
Derivative financial instruments 29,003 15,516
Accrued expenses and other liabilities 198,527 154,900
Total liabilities 15,786,844 11,280,324
Shareholders' equity:
Preferred stock, 1 par value: 10,000,000 shares authorized; Series I, 25,000 per share liquidation preference; 4,000 and no shares issued and outstanding, respectively 96,422 —
Common stock, 1 par value; 150,000,000 shares authorized; 86,675,279 and 79,013,729 shares issued and outstanding, respectively 86,675 79,014
Common stock issuable; 600,834 and 664,640 shares, respectively 10,855 11,491
Capital surplus 1,638,999 1,496,641
Retained earnings 136,869 40,152
Accumulated other comprehensive income 37,710 8,394
Total shareholders’ equity 2,007,530 1,635,692
Total liabilities and shareholders’ equity 17,794,374 $ 12,916,016

All values are in US Dollars.

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UNITED COMMUNITY BANKS, INC.

Consolidated Statements of Income (Unaudited)

Twelve Months Ended <br><br>December 31,
(in thousands, except per share data) 2019 2020 2019
Interest revenue:
Loans, including fees 141,351 $ 118,464 $ 494,212 $ 476,039
Investment securities, including tax exempt of 2,055 and 1,155, and 7,043 and 4,564 14,507 16,846 62,074 74,484
Deposits in banks and short-term investments 213 1,109 1,710 2,183
Total interest revenue 156,071 136,419 557,996 552,706
Interest expense:
Deposits:
NOW and interest-bearing demand 1,495 3,382 7,735 13,665
Money market 2,196 4,883 13,165 18,983
Savings 48 34 169 149
Time 2,689 8,372 20,703 34,059
Deposits 6,428 16,671 41,772 66,856
Short-term borrowings — — 3 838
Federal Home Loan Bank advances — 2 28 2,697
Long-term debt 4,248 3,108 14,434 12,921
Total interest expense 10,676 19,781 56,237 83,312
Net interest revenue 145,395 116,638 501,759 469,394
Provision for credit losses 2,907 3,500 80,434 13,150
Net interest revenue after provision for credit losses 142,488 113,138 421,325 456,244
Noninterest income:
Service charges and fees 8,508 9,368 32,401 36,797
Mortgage loan gains and related fees 18,974 9,395 76,087 27,145
Brokerage fees and wealth management fees 3,221 1,526 9,240 6,150
Gains from other loan sales, net 1,531 2,455 5,420 6,867
Securities gains (losses), net 2 (903 ) 748 (1,021 )
Other 9,139 8,342 32,213 28,775
Total noninterest income 41,375 30,183 156,109 104,713
Total revenue 183,863 143,321 577,434 560,957
Noninterest expenses:
Salaries and employee benefits 61,824 50,279 224,060 196,440
Occupancy 7,082 5,926 25,791 23,350
Communications and equipment 7,687 6,380 27,149 24,613
FDIC assessments and other regulatory charges 1,594 1,330 5,982 4,901
Professional fees 4,029 5,098 18,032 17,028
Lending and loan servicing expense 2,468 1,907 10,993 9,416
Outside services - electronic banking 1,997 1,919 7,513 7,020
Postage, printing and supplies 1,793 1,637 6,779 6,370
Advertising and public relations 9,891 1,914 15,203 6,170
Amortization of intangibles 1,042 1,093 4,168 4,938
Merger-related and other charges 2,452 (74 ) 7,018 6,907
Other 4,631 4,015 15,301 15,092
Total noninterest expenses 106,490 81,424 367,989 322,245
Net income before income taxes 77,373 61,897 209,445 238,712
Income tax expense 17,871 12,885 45,356 52,991
Net income 59,502 $ 49,012 $ 164,089 $ 185,721
Preferred stock dividends 1,719 — 3,533 —
Undistributed earnings allocated to unvested shares 532 395 1,287 1,375
Net income available to common shareholders 57,251 $ 48,617 $ 159,269 $ 184,346
Net income per common share:
Basic 0.66 $ 0.61 $ 1.91 $ 2.31
Diluted 0.66 0.61 1.91 2.31
Weighted average common shares outstanding:
Basic 87,258 79,659 83,184 79,700
Diluted 87,333 79,669 83,248 79,708

All values are in US Dollars.

| 12 |

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Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended December 31,

2020 2019
(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)^ $ 11,595,484 $ 140,687 4.83 % $ 8,890,272 $ 118,262 5.28 %
Taxable securities ^(3)^ 3,039,275 12,452 1.64 2,306,065 15,691 2.72
Tax-exempt securities (FTE) ^(1)(3)^ 286,490 2,759 3.85 179,744 1,551 3.45
Federal funds sold and other interest-earning assets 1,472,668 1,132 0.31 456,055 1,586 1.39
Total interest-earning assets (FTE) 16,393,917 157,030 3.81 11,832,136 137,090 4.60
Noninterest-earning assets:
Allowance for loan losses (138,313 ) (63,601 )
Cash and due from banks 143,694 120,936
Premises and equipment 218,349 219,487
Other assets ^(3)^ 1,080,180 836,586
Total assets $ 17,697,827 $ 12,945,544
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand $ 3,281,984 1,495 0.18 $ 2,398,396 3,382 0.56
Money market 3,698,734 2,196 0.24 2,321,352 4,883 0.83
Savings 918,623 48 0.02 704,454 34 0.02
Time 1,748,099 2,711 0.62 1,880,174 7,975 1.68
Brokered time deposits 83,750 (22 ) (0.10 ) 85,781 397 1.84
Total interest-bearing deposits 9,731,190 6,428 0.26 7,390,157 16,671 0.89
Federal funds purchased and other borrowings 54 — — — — —
Federal Home Loan Bank advances — — — 435 2 1.82
Long-term debt 327,236 4,248 5.16 232,726 3,108 5.30
Total borrowed funds 327,290 4,248 5.16 233,161 3,110 5.29
Total interest-bearing liabilities 10,058,480 10,676 0.42 7,623,318 19,781 1.03
Noninterest-bearing liabilities:
Noninterest-bearing deposits 5,325,858 3,533,746
Other liabilities 319,158 165,148
Total liabilities 15,703,496 11,322,212
Shareholders’ equity 1,994,331 1,623,332
Total liabilities and shareholders’ equity $ 17,697,827 $ 12,945,544
Net interest revenue (FTE) $ 146,354 ` $ 117,309
Net interest-rate spread (FTE) 3.39 % 3.57 %
Net interest margin (FTE) ^(4)^ 3.55 % 3.93 %
^(1)^ Interest revenue on tax-exempt securities and loans has been increased<br>to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income<br>tax rate and the federal tax adjusted state income tax rate.
--- ---
^(2)^ Included in the average balance of loans outstanding are loans on<br>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<br>unrealized gains of $72.6 million in 2020 and $36.0 million in 2019 are included in other assets for purposes of this presentation.
--- ---
^(4)^ Net interest margin is taxable equivalent net interest revenue divided<br>by average interest-earning assets.
--- --- 
| 13 |

| --- | | Average Consolidated Balance Sheets and Net Interest Analysis | | --- | | For the Twelve Months Ended December 31, | | | 2020 | | | | | | | | 2019 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (dollars in thousands, fully taxable equivalent (FTE)) | Average<br><br> Balance | | | Interest | | Average<br><br> Rate | | | Average<br><br> Balance | | | Interest | | Average <br><br>Rate | | | | Assets: | | | | | | | | | | | | | | | | | | Interest-earning assets: | | | | | | | | | | | | | | | | | | Loans, net of unearned income (FTE) ^(1)(2)^ | $ | 10,466,653 | | $ | 492,223 | | 4.70 | % | $ | 8,708,035 | | $ | 475,803 | | 5.46 | % | | Taxable securities ^(3)^ | | 2,532,750 | | | 55,031 | | 2.17 | | | 2,475,102 | | | 69,920 | | 2.82 | | | Tax-exempt securities (FTE) ^(1)(3)^ | | 219,668 | | | 9,458 | | 4.31 | | | 171,549 | | | 6,130 | | 3.57 | | | Federal funds sold and other interest-earning assets | | 1,007,059 | | | 4,753 | | 0.47 | | | 254,370 | | | 3,499 | | 1.38 | | | Total interest-earning assets (FTE) | | 14,226,130 | | | 561,465 | | 3.95 | | | 11,609,056 | | | 555,352 | | 4.78 | | | Non-interest-earning assets: | | | | | | | | | | | | | | | | | | Allowance for loan losses | | (106,812 | ) | | | | | | | (62,900 | ) | | | | | | | Cash and due from banks | | 136,702 | | | | | | | | 121,649 | | | | | | | | Premises and equipment | | 217,751 | | | | | | | | 220,523 | | | | | | | | Other assets ^(3)^ | | 993,584 | | | | | | | | 798,649 | | | | | | | | Total assets | $ | 15,467,355 | | | | | | | $ | 12,686,977 | | | | | | | | Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | Interest-bearing deposits: | | | | | | | | | | | | | | | | | | NOW and interest-bearing demand | $ | 2,759,383 | | | 7,735 | | 0.28 | | $ | 2,249,713 | | | 13,665 | | 0.61 | | | Money market | | 3,023,928 | | | 13,165 | | 0.44 | | | 2,221,478 | | | 18,983 | | 0.85 | | | Savings | | 821,344 | | | 169 | | 0.02 | | | 690,028 | | | 149 | | 0.02 | | | Time | | 1,832,319 | | | 20,146 | | 1.10 | | | 1,791,319 | | | 28,313 | | 1.58 | | | Brokered time deposits | | 97,788 | | | 557 | | 0.57 | | | 240,646 | | | 5,746 | | 2.39 | | | Total interest-bearing deposits | | 8,534,762 | | | 41,772 | | 0.49 | | | 7,193,184 | | | 66,856 | | 0.93 | | | Federal funds purchased and other borrowings | | 1,220 | | | 3 | | 0.25 | | | 33,504 | | | 838 | | 2.50 | | | Federal Home Loan Bank advances | | 749 | | | 28 | | 3.74 | | | 106,973 | | | 2,697 | | 2.52 | | | Long-term debt | | 274,069 | | | 14,434 | | 5.27 | | | 247,732 | | | 12,921 | | 5.22 | | | Total borrowed funds | | 276,038 | | | 14,465 | | 5.24 | | | 388,209 | | | 16,456 | | 4.24 | | | Total interest-bearing liabilities | | 8,810,800 | | | 56,237 | | 0.64 | | | 7,581,393 | | | 83,312 | | 1.10 | | | Noninterest-bearing liabilities: | | | | | | | | | | | | | | | | | | Noninterest-bearing deposits | | 4,600,152 | | | | | | | | 3,385,431 | | | | | | | | Other liabilities | | 235,120 | | | | | | | | 164,550 | | | | | | | | Total liabilities | | 13,646,072 | | | | | | | | 11,131,374 | | | | | | | | Shareholders’ equity | | 1,821,283 | | | | | | | | 1,555,603 | | | | | | | | Total liabilities and shareholders’ equity | $ | 15,467,355 | | | | | | | $ | 12,686,977 | | | | | | | | Net interest revenue (FTE) | | | | $ | 505,228 | | | | | | | $ | 472,040 | | | | | Net interest-rate spread (FTE) | | | | | | | 3.31 | % | | | | | | | 3.68 | % | | Net interest margin (FTE) ^(4)^ | | | | | | | 3.55 | % | | | | | | | 4.07 | % | | ^(1)^ | Interest revenue on tax-exempt securities and loans has been increased<br>to reflect comparable interest on taxable securities and loans. The rate used was 26%, reflecting the statutory federal income<br>tax rate and the federal tax adjusted state income tax rate. | | --- | --- | | ^(2)^ | Included in the average balance of loans outstanding are loans on<br>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<br>unrealized gains of $67.3 million in 2020 and $12.8 million in 2019 are included in other assets for purposes of this presentation. | | --- | --- | | ^(4)^ | Net interest margin is taxable equivalent net-interest revenue divided<br>by average interest-earning assets. | | --- | --- |

| 14 |

| --- |

About United Community Banks, Inc.

United Community Banks, Inc. (NASDAQ: UCBI) (United) is a bank holding company headquartered in Blairsville, Georgia, with executive offices in Greenville, South Carolina. United is one of the largest full-service financial institutions in the Southeast, with $17.8 billion in assets, and 160 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee. United Community Bank, United’s wholly-owned bank subsidiary, specializes in personalized community banking services for individuals, small businesses and companies throughout its geographic footprint, including Florida under the brand Seaside Bank and Trust. Services include a full range of consumer and commercial banking products, including mortgage, advisory, treasury management, and wealth management. Respected national research firms consistently recognize United for outstanding customer service. 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 2020 list of the 100 Best Banks in America for the seventh consecutive year. United also received five Greenwich Excellence Awards in 2019 for excellence in Small Business Banking and Middle Market Banking, including a national award for Overall Satisfaction in Small Business Banking. 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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Exhibit 99.2

4Q Investor Presentation January 19, 2021

Disclosures CAUTIONARY STATEMENT This Investor Presentation contains forward - looking statements about United Community Banks, Inc . (“United”), as defined in federal securities laws . Statements that are not historical or current facts, including statements about beliefs and expectations, are forward - looking statements and are based on information available to, and assumptions and estimates made by, management as of the date hereof . Because forward - looking statements involve inherent risks and uncertainties, our actual results may differ materially from those expressed or implied in any such statements . The COVID - 19 pandemic is adversely impacting United, its employees, customers , vendors, counterparties, and the communities that it serves . The ultimate extent of the impact of COVID — 19 on United’s financial position, results of operations, liquidity, and prospects is highly uncertain . United’s results could be adversely affected by, among other things, volatility in financial markets, continued deterioration of economic and business conditions, further increases in unemployment rates, deterioration in the credit quality of United’s loan portfolio, deterioration in the value of United’s investment securities, and changes in statutes, regulations, and regulatory policies or practices . For a discussion of these and other risks that may cause such forward - looking statements to differ materially from actual results, please refer to United’s filings with the Securities and Exchange Commission, including its 2019 Annual Report on Form 10 - K and Form 10 - Q for the quarters ended March 31 , 2020 , June 30 , 2020 and September 30 , 2020 under the sections entitled “Cautionary Note Regarding Forward - Looking Statements” and “Risk Factors . ” Forward - looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward - looking statements . NON - GAAP MEASURES This Investor Presentation includes financial information determined by methods other than in accordance with generally accepted accounting principles (“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 measures include : “Earnings per share – operating,” “Diluted earnings per share – operating,” “Tangible book value per share,” “Return on common equity – operating,” “Return on tangible common equity – operating,” “Return on assets – operating ,” “Return on assets – pre - tax pre - provision, excluding merger - related and other charges,” “ Efficiency ratio – operating,” “Expenses – operating,” and “Tangible common equity to tangible assets . ” Management has included these non - GAAP measures because it believes these measures may provide useful supplemental information for evaluating United’s underlying performance trends . Further, management uses these measures in managing and evaluating United’s business and intends to refer to them in discussions about our operations and performance . Operating performance 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 GAAP measures can be found in the ‘Non - GAAP Reconciliation Tables’ included in the exhibits to this Presentation . 2

160 BANKING OFFICES ACROSS THE SOUTHEAST #1 IN CUSTOMER SATISFACTION with Retail Banking in the Southeast – J.D. Power United Community Banks, Inc. $ 17.8 BILLION IN ASSETS $2.5 BILLION IN AUA (1) $ 15.2 BILLION IN TOTAL DEPOSITS WORLD’S BEST BANKS in 2019 & 2020 - Forbes 2020 TOP WORKPLACES In S.C. & Atlanta – Greenville Business Magazine & Atlanta Journal Constitution BEST BANKS TO WORK FOR for the fourth consecutive year – American Banker $0.18 QUARTERLY DIVIDEND – 2020 DIVIDENDS UP 6% Y OY 3 Regional Full Service Branch Network National Navitas and SBA Markets Premier Southeast Regional Bank x Metro - focused branch network with locations in the fastest growing MSAs in the Southeast x 152 branches, 8 loan production sites, and 4 mortgage loan offices across five SE states • Closed 6 branches in 4Q and entered the Columbia, SC market with 2 new branches to support an existing LPO x Top 10 market share in GA and SC x Proven ability to integrate bank transactions – 8 transactions over the past 10 years Committed to Service Since 1950 Extended Navitas and SBA Markets $11.4 BILLION IN TOTAL LOANS Company Overview 13.0% TIER 1 RBC 100 BEST BANKS IN AMERICA f or the seventh consecutive year - Forbes x Offered in 48 states across the continental U.S. x SBA business has both in - footprint and national business (4 specific verticals) x Navitas subsidiary is a small ticket, essential use commercial equipment finance provider (1) Assets Under Administration Banking Offices

$20.53 $21.45 $21.90 $16.28 $17.09 $17.56 4Q19 3Q20 4Q20 Book Value Per Share GAAP Tangible $0.66 Diluted earnings per share – GAAP $0.68 Diluted earnings per share – operating 1.30% Return on average assets – GAAP 1.34% Return on average assets - operating 1.82% PTPP return on average assets - operating 0.17% Cost of Deposits 35% DDA / Total Deposits 12.4% Return on common equity - GAAP 16.3% Return on tangible common equity - operating 8% Annualized 4Q core net interest income growth Other 4Q notable items: $8.5 mm contribution to UCB Foundation ($0.07 EPS) $19.4 mm of PPP fee income ($0.18 EPS) 4 Q20 Highlights (1) See non - GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performance (2) Excludes PPP fees and loan accretion $0.61 $0.52 $0.66 $0.61 $0.55 $0.68 4Q19 3Q20 4Q20 Diluted Earnings Per Share GAAP Operating (1) 1.50% 1.07% 1.30% 1.50% 1.14% 1.34% 4Q19 3Q20 4Q20 Return on Average Assets GAAP Operating 1.50% 1.86% 1.77% 1.50% 1.93% 1.82% 4Q19 3Q20 4Q20 PTPP Return on Average Assets PTPP Operating PTPP (1) (1) (1) 4 (1) (1) (1) 8% Annualized 4Q EOP core loan growth (excluding PPP loans) 13% Annualized 4Q EOP core transaction deposit growth (2)

High Quality Balance Sheet / Earnings Strength 5 Capital x 3 Q20 TCE + reserves is 50 bps higher compared to peers x UCBI ranks 21 st highest among the 50 KRX peers (1) Pre - tax pre - provision - operating ROA calculated as ROA minus the effect of income tax expense, provision expense and merger - related and other charges Source: S&P Global Markets Profitability x 3Q20 PTPP ROA - operating is 20% higher compared to peers x UCBI ranks 14 th highest PTPP ROA among the 50 KRX peers Liquidity x Significantly lower 3Q20 loan to deposit ratio compared to peers x UCBI has the 13 th lowest average loans to deposits ratio among the 50 KRX peers Funding x Funding base comprised mostly of core deposits; 3Q20 funding costs remain below the peer median x UCBI has the 21 st lowest cost of deposits among the 50 KRX peers 1.86% 1.55% UCBI KRX Median PTPP ROA - operating (1) 0.25% 0.31% UCBI KRX Median Cost of Deposits 81% 89% UCBI KRX Median Average Loans / Deposits 13.77% 13.27% UCBI KRX Median TCE + ALLL / Total Loans

$62.1 $67.8 11.4% 9.0% 5.7% 2.9% (1) Includes MSAs with a population of greater than 300,000 (2) Data by MSA shown on a weighted average basis by deposits Located in Most of the Top 20 Markets in the Region United / Seaside MSA Presence (Branch and or LPO) Projected Population Growth (2 ) 2021 – 2026 (%) Projected Household Income Growth (2) 2021 – 2026 (%) Median Household Income (2) ($ in thousands) High - Growth MSAs in the Southeast UCBI Focused on High - Growth MSAs in Southeast National Avg. National Avg. National Avg. 6 Fastest Growing ‘21 – ’26 Proj. ’21 ‘26 Proj. Median Southeast MSAs (1) Pop. Growth % Population Household Income 1.Myrtle Beach, SC 8.49 518,050 $62,042 2.Cape Coral, FL 7.42 785,277 $68,827 3.Raleigh, NC 7.30 1,420,576 $91,380 4.Charleston, SC 7.30 823,428 $78,951 5.Orlando, FL 7.09 2,685,903 $72,412 6.Lakeland, FL 6.98 738,482 $62,730 7.Naples, FL 6.96 393,750 $84,332 8.Spartanburg, SC 6.81 327,475 $66,443 9.Sarasota, FL 6.79 855,242 $73,471 10.Charlotte, NC 6.61 2,696,789 $77,692 11.Wilmington, NC 6.57 304,661 $60,070 12.Jacksonville, FL 6.17 1,602,120 $73,563 13.Port St. Lucie, FL 6.10 495,076 $68,635 14.Greenville, SC 6.08 937,813 $68,413 15.Tampa, FL 6.06 3,257,479 $67,300 16.Durham-Chapel Hill, NC 5.93 655,218 $74,713 17.Nashville, TN 5.91 1,980,990 $80,404 18.Fayetteville, AR 5.88 550,113 $71,570 19.Daytona Beach, FL 5.81 678,826 $65,579 20.Atlanta, GA 5.73 6,137,994 $85,730

42% 9% 22% 1% 11% 6% 3% 6% Residential Mortgage Diversified Loan Portfolio 4 Q20 Total Loans $11.4 billion (1) C&I includes commercial and industrial loans, owner - occupied CRE loans and Navitas (equipment finance) loans x Loans decreased $428 million in 4Q20 due to $671 million of PPP forgiveness x 4 Q20 core loan growth of $243 million, or 8% annualized excluding PPP 7 C&I Commercial Construction CRE Other Consumer PPP Home Equity Residential Construction (1)

Credit Quality 8 x 4 Q20 NCOs of $1.5 million, or 0.05% of average loans, annualized • The quarter b enefited from $5.3 million of recoveries x 2020 NCOs of $18.3 million, or 0.17% of average loans x The provision for credit losses was $ 2.9 million x 2020 included $80.4 m illion of reserve building due to economic uncertainty caused by the pandemic Net Charge - Offs as % of Average Loans 0.18% 0.37% 0.25% 0.09% 0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 4Q19 1Q20 2Q20 3Q20 4Q20 Provision for Credit Losses ($ in millions) $3.5 $22.2 $33.5 $21.8 $2.9 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 4Q19 1Q20 2Q20 3Q20 4Q20

x $ 207 million Criticized and Classified increase from 3Q20 • Criticized and Classified are 5% of total loans • The primary drivers of the increase to Criticized and Classified are 5 Hotel loans totaling $63 million and 7 Senior Care loans totaling $98 million x $12.2 million NPA increase • Driven by a $13 million C&I credit and a $5 million SBA 504 hotel loan Criticized & Classified Loan Trends 9 Loan Deferrals Criticized & Classified Loan Trends as a % of Total Loans Non - Performing Assets as a % of Total Loans $194 $1,850 $365 $71 1.9% 15.9% 3.1% 0.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 1Q20 2Q20 3Q20 4Q20 Loan Deferrals ($ in millions) % of Total Loans 2.9% 3.0% 2.7% 2.7% 4.6% 1.1% 1.3% 1.1% 1.2% 2.6% 1.8% 1.7% 1.6% 1.5% 2.0% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 4Q19 1Q20 2Q20 3Q20 4Q20 Combined (%) Special Mention (%) Substandard (%) 0.41% 0.41% 0.48% 0.42% 0.55% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 4Q19 1Q20 2Q20 3Q20 4Q20

10 ACL Walk - Forward ACL / Loans: 1.24% ACL / Loans excl. PPP: 1.39% 1.30% 1.38% $146,176 $147,568 $3,365 ( $1,362 ) ( $1,515 ) $3,103 ( $2,199 ) 3Q ACL Loan Growth Reserve for Unfunded Commitments NCOs Specific Reserve Model / Forecast Changes 4Q ACL ($000)

Capital Ratios *4Q20 regulatory capital ratios are preliminary 11 x Quarterly dividend of $0.18 per share x Plan to redeem $11.3 million, 6.25% subordinated debt and $4.4 million, 4.25% TruPs in 1Q21 x If no M&A occurs, we will consider resuming share repurchases in mid - 2021 x Capital greater than peers offers flexibility as the economy normalizes Holding Company 4Q19 2Q20 3Q20 3Q20 KRX Peer Median UCBI 4Q20* vs. KRX Common Equity Tier 1 Capital 13.0 % 12.9 % 12.3 % 11.5 % + 0.8 % 12.2 % Tier 1 Risk - Based Capital 13.2 14.0 13.1 11.9 + 1.2 13.0 Total Risk - Based Capital 15.0 16.1 15.3 14.2 + 1.1 15.1 Leverage 10.3 10.3 9.4 8.8 + 0.6 9.3 Tangible Common Equity to Tangible Assets 10.3 9.1 8.9 8.7 + 0.2 8.8

$116.6 $128.5 $145.4 4Q19 3Q20 4Q20 Net Interest Revenue / Margin (1) $ in millions x Net interest margin increased 28 bps from 3Q20, mainly driven by increased PPP fees due to significant forgiveness in 4Q20 x Loan accretion totaled $6.8 million and contributed 17 bps to the margin, up 1 bp from 3Q20 x PPP fees of $19.4 million in 4Q20 compared to $5.1 million in 3Q20 x Of the 10 bps of core margin pressure, 6 bps resulted from excess liquidity as strong deposit growth pushed average cash and securities balances higher x Excluding PPP fees and loan accretion, core net interest income grew by 8% annualized in the quarter 3.93% 3.27% 3.55% Net Interest Revenue ($ in millions) Net Interest Margin (1) Net interest margin is calculated on a fully - taxable equivalent basis (1) 12 4 Q20 NIM Expansion 3.55% 3.27% (0.06%) (0.04%) 0.01% 0.37% 3Q NIM Excess Liquidity Low Interest Rates Purchased Loan Accretion PPP Fees 4Q NIM (%)

35% 22% 24% 6% 12% DDA MMDA Savings Time NOW x Total deposits were up $629 million, or 17% annualized from 3Q20 and up $4.3 billion, or 40% YOY • Excluding Seaside, total deposits were up $2.5 billion, or 23% YOY x Core transaction deposits were up $369 million, or 13% annualized from 3Q20 and up $4.0 billion, or 53% YOY • Excluding Seaside, core transaction deposits were up $2.7 billion, or 36% YOY x Cost of deposits down 8 bps to 0.17% in 4 Q20, driven by continued noninterest bearing deposit growth and deposit rate cuts Valuable Deposit Mix 4 Q20 Total Deposits $ 15.2 billion 4 Q20 Highlights Strong Core Deposit Growth Over Time 13 4Q19 1Q20 2Q20 3Q20 4Q20 Total Deposits Trend $ in billions DDA NOW MMDA Savings Time $10.9 $11.0 $12.7 $14.6 $15.2 (1) Transaction accounts include demand deposits, interest - bearing demand, money market and savings accounts, excluding public funds deposits

Noninterest Income $ in millions $9.4 $8.3 $8.5 $7.4 $11.0 $9.2 $1.5 $3.1 $3.2 $9.4 $25.1 $19.0 $2.5 $1.2 $1.5 4Q19 3Q20 4Q20 Service Charges Other Brokerage / Wealth Mgmt Mortgage Loan sale gains $30.2 $48.7 $41.4 Linked Quarter x Fees down $7.3 million • Mortgage fees down $6.1 million from 3Q20, as continued strong volumes were offset by margins decreasing from historical levels and greater GSE fees • Rate locks were down with $117 million in 4Q20 from $910 million in 3Q20 • Record mortgage closings of $609 million in 4Q20 versus $576 million in 3Q20 • 4 Q20 mortgage production purchase/refi mix was 54%/46% • 4 Q20 mortgage results included a $1.8 million MSR write - down compared to a $1.2 million write - down in 3Q20 • Gain on sale of SBA loans was $1.5 million on $16.9 million of SBA loan sales Year - over - Year x Fees up $11.2 million • Mortgage rate locks up 93% compared to last year ($792 million in 4Q20 compared to $411 million in 4Q19) 14

$81.4 $96.0 $106.5 $81.5 $92.6 $104.0 4Q19 3Q20 4Q20 54.9% 54.1% 56.7% 54.9% 52.2% 55.4% GAAP Operating (1) Efficiency Ratio Expenses Operating (1) GAAP Disciplined Expense Management $ in millions Linked Quarter x GAAP and operating expenses increased 11% and 12%, respectively • Salaries and benefits were up $2.8 million mainly due to $1.8 million of Paid Time Off hours carried into 2021 as a result of COVID • Excluding foundation contributions, GAAP and operating expenses increased 3% and 4%, respectively • $8.5 million expense from contribution to the United Community Bank Foundation; following $0.5 million contribution in 3Q20 Year - over - Year x GAAP and operating expenses increased 31% and 28%, respectively • Excluding foundation contributions, GAAP and operating expenses increased 20% and 17%, respectively, with the increase primarily driven by the Seaside acquisition on July 1 (1) See non - GAAP reconciliation table slides at the end of the exhibits for a reconciliation of operating performance measures to GAAP p erformance measures 15

16 PPP Update x As of December 31, approximately 52% of our PPP loans, representing $671 million in loans, have been forgiven by the SBA x In 4Q20, we recognized $19.4 million in PPP fees, of which we contributed $8.5 million to fully fund the United Community Bank Foundation $647 $672 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 PPP Totals $ in millions Not Forgiven Forgiven

Member FDIC. © 2020 United Community Bank 4 Q INVESTOR PRESENTATION Exhibits

x Continuous review and enhancements to credit policy x Quarterly reviews of portfolio limits and concentrations x Centralized underwriting and approval process for consumer credit x Distributed Regional Credit Officers (reporting to Credit) for commercial x Dedicated Special Assets team x Eight of the top twelve credit leaders recruited post - crisis Strong Credit Culture & Disciplined Credit Processes x In 2014, centralized and streamlined consumer underwriting and related functions x Significantly strengthened commercial process for approvals and monitoring x CEO with deep knowledge and experience in credit x 2015 Rob Edwards brought in to lead team (BB&T, TD Bank) x Senior credit risk team includes seasoned banking veterans with significant large bank credit risk experience, through multiple cycles x Granular portfolio, with concentration limits set for all segments of the portfolio x Five state franchise with mix of metro and rural markets x Recent expansion into Florida market with Three Shores acquisition x Diversification with national Navitas and SBA businesses x Construction & CRE ratio as a percentage of Total RBC = 68%/202% x C&D > 30% in cycle, now 11.0% x Land within C&D is only 19 % of total C&D x Navitas 8 .0% of loans x Granular product concentration limits Process Change Add Significant Talent Concentration Management: Size Concentration Management: Product Concentration Management: Geography 1 2 3 4 5 Structure Policy Exposure & Industry Limits $ in millions  Project Lending Limit  Relationship Limit  Legal Lending Limit  Top 25 Relationships (6% total loans) $441 20 35 715  SNC’s outstanding 187  SNC’s committed 280 x Weekly Senior Credit Committee; approval required for all relationship exposure > $12.5 million x Continuous external loan review x Monthly commercial asset quality review x Monthly retail asset quality review meetings Process BUILT TO OUTPERFORM THROUGH ECONOMIC CYCLES 18

9.9% 3.3% 10.1% 30.2% 31.3% 15.2% Top 50 Hotels by Sector Selected Segments – Hotels 19 Extended Stay Interstate, Limited Service Conference Center Urban, Limited Service x Top 50 hotel loans outstanding totaled $275 million as of 4Q20, or 2% of total loans x Original loan to value low at 56% on average for UCBI portfolio x Construction comprises 13% of top 50 hotel loans outstanding balances x Average occupancy of 51% in top 50 hotel portfolio x As of 4Q20, $37 million of hotel loans were deferred, which equated to approximately 12% of the total hotel portfolio outstanding Airport Leisure $234 $159 $33 $68 $7 $48 3Q20 4Q20 Top 50 Hotel Risk Rating $ in millions Pass Special Mention Classified

Selected Segments – Senior Care 20 x Senior Care lending team are dedicated specialists with significant experience in the space x Senior Care funded exposure for UCBI totaled $462 million as of 4 Q20, or 4% of total loans x Senior Care borrowers provide significant equity up front with an average LTV of 57% at origination x As of December 31 st , there were no Senior Care loans in deferral and $4.8 million of nonaccruals related to one loan x As of December 31 st , $145.6 million were criticized or classified 1 % 20% 25% 49% 6% 11.5% 13.1% 6.1% 3.0% 66.3% Senior Care by Project Type Skilled Nursing Facility Memory Care Independent Living Assisted Living 3.4% 57.3% 39.3% Senior Care by Project Stage Construction Lease Up Stabilized Independent / Assisted Living, Memory Care Hybrid

x Navitas 4Q20 NCOs = 0.75% x Navitas ’ cumulative net loss rates have approximated 2 % for the last 10 years x Navitas ACL - Loans equated to 1.95% as of 4Q20 x Rating agencies have historically assigned Navitas originations with expected through - the - cycle loss rates of 3.1% to 3.8 % x Total Navitas deferrals are only 0.4% of the total Navitas loan portfolio at 4Q20, improved 82% from 3Q20 Credit Quality — Navitas 21 0.89% 0.58% 0.67% 0.84% 0.81% 0.87% 0.93% 0.75% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Net Charge - Offs as % of Average Loans

Non - GAAP Reconciliation Tables $ in thousands, except per share data 22 4Q19 1Q20 2Q20 3Q20 4Q20 Expenses Expenses - GAAP 81,424$ 81,538$ 83,980$ 95,981$ 106,490$ Merger-related and other charges 74 (808) (397) (3,361) (2,452) Expenses - Operating 81,498$ 80,730$ 83,583$ 92,620$ 104,038$ Diluted Earnings per share Diluted earnings per share - GAAP 0.61$ 0.40$ 0.32$ 0.52$ 0.66$ Merger-related and other charges - 0.01 - 0.03 0.02 Diluted earnings per share - Operating 0.61 0.41 0.32 0.55 0.68 Book Value per share Book Value per share - GAAP 20.53$ 20.80$ 21.22$ 21.45$ 21.90$ Effect of goodwill and other intangibles (4.25) (4.28) (4.27) (4.36) (4.34) Tangible book value per share 16.28$ 16.52$ 16.95$ 17.09$ 17.56$ Return on Tangible Common Equity Return on common equity - GAAP 12.07 % 7.85 % 6.17 % 10.06 % 12.36 % Effect of merger-related and other charges (0.01) 0.16 0.08 0.63 0.41 Return on common equity - Operating 12.06 8.01 6.25 10.69 12.77 Effect of goodwill and intangibles 3.43 2.56 1.84 2.83 3.46 Return on tangible common equity - Operating 15.49 % 10.57 % 8.09 % 13.52 % 16.23 %

Non - GAAP Reconciliation Tables $ in thousands, except per share data 23 4Q19 1Q20 2Q20 3Q20 4Q20 Return on Assets Return on assets - GAAP 1.50 % 0.99 % 0.71 % 1.07 % 1.30 % Merger-related and other charges - 0.02 0.01 0.07 0.04 Return on assets - Operating 1.50 % 1.01 % 0.72 % 1.14 % 1.34 % Return on Assets to return on assets- pre-tax pre-provision Return on assets - GAAP 1.50 % 0.99 % 0.71 % 1.07 % 1.30 % Income tax expense 0.39 0.27 0.20 0.28 0.40 Provision for credit losses 0.11 0.69 0.95 0.51 0.07 Return on assets - pre-tax, pre-provision 2.00 1.95 1.86 1.86 1.77 Merger-related and other charges - 0.03 0.01 0.07 0.05 Return on assets - pre-tax, pre-provision, excluding merger-related and other charges 2.00 % 1.98 % 1.87 % 1.93 % 1.82 % Efficiency Ratio Efficiency Ratio - GAAP 54.87 % 56.15 % 55.86 % 54.14 % 56.73 % Merger-related and other charges 0.05 (0.56) (0.27) (1.90) (1.31) Efficiency Ratio - Operating 54.92 % 55.59 % 55.59 % 52.24 % 55.42 % Tangible common equity to tangible assets Equity to assets ratio - GAAP 12.66 % 12.54 % 11.81 % 11.47 % 11.29 % Effect of goodwill and other intangibles (2.34) (2.32) (2.05) (2.02) (1.94) Effect of preferred equity - - (0.64) (0.56) (0.54) Tangible common equity to tangible assets ratio 10.32 % 10.22 % 9.12 % 8.89 % 8.81 %

Glossary 24 ACL – Allowance for Credit Losses MSA – Metropolitan Statistical Area ALLL – Allowance for Loan Losses MSR – Mortgage Servicing Rights Asset AUA – Assets Under Administration NCO – Net Charge-Offs BPS – Basis Points NIM – Net Interest Margin C&I – Commercial and Industrial NPA – Non-Performing Asset C&D – Commercial and Development NSF – Non-sufficient Funds CECL – Current Expected Credit Losses OO RE – Owner Occupied Commercial Real Estate CET1 – Common Equity Tier 1 Capital PCD – Loans Purchased with Credit Deterioration CRE – Commercial Real Estate PPP – Paycheck Protection Program CSP – Customer Service Profiles PTPP – Pre-Tax, Pre-Provision Earnings DDA – Demand Deposit Account RBC – Risk Based Capital EOP – End of Period ROA – Return on Assets GAAP – Accounting Principles Generally Accepted in the United States of America SBA – United States Small Business Administration KRX – KBW Nasdaq Regional Banking Index TCE – Tangible Common Equity LPO – Loan Production Office USDA – United States Department of Agriculture MLO – Mortgage Loan Officer YOY – Year over Year MTM – Marked-to-market

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