United Community Banks
Annual Report 2015

Plain-text annual report

2015Annual Report FINANCIAL HIGHLIGHTS (in millions, except per share data) CORE EARNINGS SUMMARY Net interest revenue Core fee revenue Core operating expenses Core earnings (pre-tax, pre-credit) Provision for loan losses Merger-related charges Impairment charge on property purchased for future branches Securities gains, net Loss on prepayment of borrowings Other, net Income tax expense Net income Preferred dividends 2015 2014 $ 258.7 $ 224.4 71.5 192.6 137.6 (3.7) (12.0) (6.0) 2.3 (1.3) (.6) (44.7) 71.6 (.1) 54.9 162.1 117.2 (8.5) - - 4.8 (4.4) (.5) (41.0) 67.6 (.4) Net income available to common shareholders $ 71.5 $ 67.2 PER COMMON SHARE Diluted earnings—operating1 Diluted earnings Book value Tangible book value PERFORMANCE MEASURES Net interest margin Allowance for loan losses to loans, excluding acquired loans Allowance for loan losses to loans—GAAP Return on assets—operating1 Return on assets—GAAP Tangible common equity to assets (year-end) Tier I risk-based capital ratio (year-end) AS OF YEAR-END Loans Investment securities Total assets Deposits Shareholders’ equity Common shares outstanding (thousands) Beneficial owners Employees Banking offices $ 1.27 $ 1.11 1.09 14.02 12.06 1.11 12.20 12.15 3.30 % 3.26 % 1.35 1.14 .98 .85 9.15 11.45 1.53 1.53 .91 .91 9.74 12.06 $ 5,995 $ 4,672 2,656 9,626 7,881 1,018 71,484 18,400 1,932 134 2,198 7,567 6,327 740 60,259 15,450 1,536 103 1 Excludes the effect of merger-related charges of $12.0 million and impairment charges of $6.0 million on real estate purchased in prior years for use as future branch sites, net of income tax benefit of $6.4 million. 2 | U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T LETTER TO SHAREHOLDERS 2015 was an outstanding year for United Community Banks. We achieved strong organic growth in both loans and deposits, strengthened fee revenue through our government guaranteed and mortgage lending businesses and expanded strategically with significant acquisitions in targeted high-growth markets. Our competitive advantage of community bank service with large bank capabilities continued to serve us very well, and was strengthened with new specialty lending products. We produced loans totaling $2 billion, grew net loans by $444 million or 10 percent, and grew core deposits by 14 percent. And, once again, our bankers earned national recognition for superior customer service. All of this and more during the year resulted in record financial performance. Net operating income, excluding merger-related and impairment charges, was $83.2 million, or $1.27 per diluted share, a 14 percent increase from a year ago. Return on equity increased from 9.32 percent in 2014 to 10.24 percent in 2015. Return on assets was .98 percent and hit our target of 1 percent during two of the four quarters. With that target now achieved, we have a more challenging goal of hitting 1.1 percent by the end of 2016. I am confident that we are up to the task. Meanwhile, as a result of our multi-year focus on core deposit growth, and boosted by our acquisitions in 2015, more than 90 percent of our deposits are core deposit accounts. ORGANIC GROW TH I am very pleased with our organic growth during 2015. It is worth noting that both our 10 percent loan growth and 14 percent core transaction deposit growth exclude loans and deposits that were acquired in mergers. Contributors to loan growth have included specialized lending products—including commercial real estate, SBA, asset-based lending, middle market and builder finance—that customers want but often cannot find at their local bank. These specialty loans have grown from $76 million in 2011 to $492 million at the end of 2015, helping diversify our portfolio. We provide them through a “hub and spoke” model, with specialized lending experts teaming with our community banks. This entrepreneurial approach increases our value to local businesses, serves as a competitive advantage and is consistent with our positioning as a community bank with large bank resources. Fee revenue was another large contributor to increased profitability, with growth of $17 million or 30 percent. Gains from SBA loan sales more than doubled to $6.3 million; mortgage and related fees grew 81 percent to $13.6 million, and service charges and fees grew by 11 percent to $37 million. U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T | 3 GROW TH THROUGH ACQUISITIONS Consistent with our strategy of expanding in attractive southeastern markets, we completed two acquisitions in 2015—our first in several years and among the largest in our history. Both banks are solid franchises and share our mission of high performance built on outstanding customer service. In May we welcomed MoneyTree Corporation and its subsidiary First National Bank, doubling our presence along the high-growth Interstate-75 corridor from Cleveland to Knoxville, Tennessee. First National Bank devoted more than 100 years to building deep ties in these communities, both as a bank and as a corporate citizen. Our combined team is focused on realizing the strong opportunities in these markets. Palmetto Bancshares, the largest community bank based in the Upstate area of South Carolina, joined the United team in September. Palmetto Bank boosted our presence in this dynamic region from one location in Greenville to 25 locations in nine counties in and around the Greenville and Spartanburg MSAs, which includes the Interstate-85 corridor. The Upstate is South Carolina’s fastest-growing region, with a vibrant economy and high quality of life. Palmetto Bank was founded in 1906 and, like First National Bank, built loyal relationships on respectful and caring service over more than a century. Consistent with our strategy of expanding in attractive southeastern markets, we completed two acquisitions in 2015—our first in several years and among the largest in our history. We believe Coastal South Carolina presents a tremendous growth opportunity, and, to that end, we are very excited about a new, recently-announced agreement to acquire Tidelands Bancshares. Tidelands has $466 million in assets and a strong presence in the Charleston, Myrtle Beach and Hilton Head markets—all three of which are among the top 10 fastest-growing MSAs in the United States. This is a terrific fit with the new presence we established in Charleston during the fourth quarter with a loan production office under the leadership of Dixon Woodward. Dixon previously served as president of the Coastal South Carolina region for one of the ten largest banks in North America. He and his strong team are off to a great start, exceeding our own expectations. Partnering with Tidelands and their talented bankers will provide them with a much stronger local base for establishing the United brand and growing the business. We expect this transaction to close in the third quarter of 2016. We could not be happier to have these remarkable organizations join our team. They bring strong franchises with attractive and stable deposit market shares. Most of all they bring the exceptional people who have carried on their banks’ legacies of service. They are perfect cultural fits with United, sharing our community banking philosophy of staying close to customers by always being there to anticipate their financial needs and serve them well. 4 | U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T Knoxville Asheville Raleigh 40 Chattanooga Blairsville Gainesville Atlanta Charlotte Greenville Columbia Charleston Myrtle Beach Hilton Head Island Savannah Brunswick E X I S T I N G L O C AT I O N S T I D E L A N D S L O C AT I O N S UNITED SERVICE: “BEST- IN - CL ASS” Once again our bankers earned recognition for unsurpassed customer satisfaction in our peer group of banks with $5 billion to $15 billion in assets. Customer loyalty has continued to rank best-in-class and actually increased during 2015, according to research firm Customer Service Profiles. The overall customer experience was best-in-class as well, due to our bankers’ expertise and genuine concern for every customer. Further, United finished first in the J.D. Power Retail Banking Satisfaction Study for the Southeast Region. The bottom line is that United bankers are never satisfied until their customers are. They consistently live their core value of treating people the way they want to be treated. They are truly our foundation, our spirit and the reason for our success. While we are on the subject of exceptional people, Steven J. Goldstein recently retired from our board of directors after four years of dedicated service. Steven has been a terrific asset for United, having served as chair of our risk committee among many other contributions. Also, Nicholas B. Paumgarten has chosen not to seek re-election to the board and will end his service after the 2016 Annual Meeting. We deeply appreciate Steven and Nick’s dedicated service and many contributions, and wish them all the best. Kenneth L. Daniels, whom we welcomed to our board of directors during the fourth quarter of 2015, will succeed Steven as chairman of the risk committee. Ken, who is greatly respected as a banking leader and risk professional, has executive-level experience in portfolio management, regulatory requirements, policy development and data integrity. His professional experience and personal integrity make him a fine addition to our board. U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T | 5 PROGRESS AND PL ANNING We have made tremendous progress. In 2014 we invested in markets, talent and products to strengthen our franchise and drive performance. In 2015 we began reaping financial benefits from these investments, even as we strengthened and added to them consistent with our growth strategy. We made our first acquisitions since 2007, building and enhancing the United presence in exceptional markets. We have added talent for leadership and expertise, both in markets and products and services. We have added products that our customers want and need, that differentiate us from our competition, and that diversify income sources. To address the integrity of customer information, we are investing in cybersecurity. This is a top priority; you are well aware of data breaches in various industries and organizations worldwide. We work continually to protect customer data on numerous fronts, including intelligence sharing and systems monitoring partnerships with IBM, the FDIC, the FBI and other third parties. Internally we have risk assessments, information security training and testing, and security and fraud information on our website. In regard to regulatory compliance, we are nearing $10 billion in assets, a milestone of sorts though we measure our success not in asset size but in customer satisfaction, financial performance and shareholder value. Under the Dodd-Frank Act, the $10 billion threshold brings heightened regulatory expectations and related costs. Planning ahead, in 2015 we engaged outside firms to assist with independent reviews of and enhancements to our compliance areas. We saw this as a necessary investment to support future growth and expansion opportunities. Our expected financial benefits associated with the Tidelands acquisition will more than offset the earnings per share decrease we anticipate during the first full quarter of the new regulations. Further, crossing the $10 billion mark will subject us to the Durbin Amendment of the Dodd Frank Act. The Durbin Amendment places limits on the interchange fees banks can charge merchants for debit card transactions. This will lead to some loss of revenue. We expect this to happen in the third quarter of 2017. While these additional regulatory costs and revenue limits are just part of the cost of growth, we believe the operational efficiencies to be realized over a larger organization will offset most of the impact. LOOKING FORWARD We have good reason to be optimistic. We have strong leadership throughout our markets, a culture of service and best-in-class customer satisfaction. Seventy percent of our footprint is now in high-growth metropolitan areas where we contribute to and benefit from economic development. Between 2016 and 2021 the average population growth in the seven MSAs we serve is expected to be 5.5 percent, compared to 3.7 percent for the U.S. as a whole. Our selective expansion in these and other markets, and our ability to increase value for customers, serve our goals of improving financial performance and increasing shareholder value. 6 | U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T Investments in markets, products and talent will continue. Our focus is and always has been to continue to build the company from within through organic growth. As consolidation continues in our industry, acquisitions will be part of our balanced growth strategy. We are expanding and diversifying our loan portfolio with emphasis on commercial and industrial, owner-occupied commercial real estate and specialized lending. Our focus continues as well on fee revenue, with investments in mortgage, advisory services and SBA capabilities. And, as always, we are recruiting and training exceptional people whose skills and character are invaluable to external and internal customers. As we grow our business we have not lost sight of who we are and how we have achieved our success. At our core we remain a community bank—focused on providing the best possible service for our customers and communities. Superior service includes convenience, which requires state-of-the-art delivery systems. Thirty percent of our transactions are now technology-driven, and that number will grow with shifts in demographics and preferences. Consequently we are investing in state-of-the-art teller platforms, telecommunications and mobile banking to enhance the customer experience as well as operational efficiency. While banking will always remain a people business, we must vigilantly anticipate and serve the full range of customer needs for service access. Our 2015 results are a testimony to the devotion and perseverance of our bankers. Integrating two new banks into our system is no small task while continuing to do what they always do—provide the highest level of service to our customers and communities. Service isn’t just what they do; it is who they are. They believe their purpose is to serve others, and I am honored to be a member of their team. Our investments in people, products, markets and infrastructure have built strong momentum on a solid foundation. We are excited about the opportunities ahead. Most importantly we are grateful for your support, and are dedicated always to increasing the value of your investment in United. Sincerely, Jimmy Tallent U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T | 7 CONSOLIDATED STATEMENT OF INCOME (in thousands, except per share data) INTEREST REVENUE Loans, including fees Investment securities: Taxable Tax exempt Deposits in banks and short-term investments Total interest revenue INTEREST EXPENSE Deposits: NOW Money market Savings Time Total deposit interest expense Short-term borrowings Federal Home Loan Bank advances Long-term debt Total interest expense Net interest revenue Provision for credit losses Net interest revenue after provision for credit losses FEE REVENUE Service charges and fees Mortgage loan and other related fees Brokerage fees Gains from sales of government guaranteed loans Securities gains, net Losses from prepayment of borrowings Other Total fee revenue Total revenue OPERATING EXPENSES Salaries and employee benefits Occupancy Communications and equipment FDIC assessments and other regulatory charges Professional fees Postage, printing and supplies Advertising and public relations Amortization of intangibles Foreclosed property Merger-related and other charges Other Total operating expenses Income before income taxes Income tax expense (benefit) Net income Preferred stock dividends and discount accretion 2015 2014 2013 $ 223,256 $ 196,279 $ 200,893 51,143 705 3,428 278,532 1,505 3,466 98 3,756 8,825 364 1,743 10,177 21,109 257,423 3,700 253,723 36,825 13,592 5,041 6,276 2,255 (1,294) 9,834 72,529 326,252 116,688 15,372 15,273 5,106 10,175 4,273 3,667 2,444 32 17,995 20,213 211,238 115,014 43,436 71,578 67 47,755 738 3,660 248,432 1,651 3,060 81 7,133 11,925 2,160 912 10,554 25,551 222,881 8,500 214,381 33,073 7,520 4,807 2,615 4,871 (4,446) 7,114 55,554 269,935 100,941 13,513 12,523 4,792 7,907 3,542 3,461 1,348 634 - 14,204 162,865 107,070 39,450 67,620 439 40,331 827 3,789 245,840 1,759 2,210 133 10,464 14,566 2,071 68 10,977 27,682 218,158 65,500 152,658 31,997 9,925 4,465 - 186 - 10,025 56,598 209,256 96,233 13,930 13,233 9,219 9,617 3,283 3,718 2,031 7,869 - 15,171 174,304 34,952 (238,188) 273,140 12,078 Net income available to common shareholders $ 71,511 $ 67,181 $261,062 Income per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted 8 | U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T $ 1.09 1.09 $ 1.11 1.11 $ 4.44 4.44 65,488 65,492 60,588 60,590 58,787 58,845 CONSOLIDATED BALANCE SHEET (in thousands, except share data) ASSETS Cash and due from banks Interest-bearing deposits in banks Short-term investments Cash and cash equivalents Securities available-for-sale Securities held-to-maturity (fair value $371,658 and $425,233) Mortgage loans held for sale Loans, net of unearned income Less allowance for loan losses Loans, net Premises and equipment, net Bank owned life insurance Accrued interest receivable Net deferred tax asset Derivative financial instruments Goodwill and other intangible assets Other assets Total assets LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Deposits: Demand NOW Money market Savings Time Brokered Total deposits Repurchase agreements Federal Home Loan Bank advances Long-term debt Derivative financial instruments Unsettled securities purchases Accrued expenses and other liabilities Total liabilities Commitments and contingencies Shareholders’ equity: Preferred stock, $1 par value; 10,000,000 shares authorized; Series H, $1,000 stated value; 9,992 and 0 shares issued and outstanding Common stock, $1 par value; 100,000,000 shares authorized; 66,198,477 and 50,178,605 shares issued and outstanding Common stock, non-voting, $1 par value; 26,000,000 shares authorized; 5,285,516 and 10,080,787 shares issued and outstanding Common stock issuable; 458,953 and 357,983 shares Capital surplus Accumulated deficit Accumulated other comprehensive loss Total shareholders’ equity Total liabilities and shareholders’ equity 2015 2014 $ 86,912 153,451 - 240,363 2,291,511 364,696 24,231 5,995,441 (68,448) 5,926,993 178,165 105,493 25,786 197,613 20,082 147,420 103,755 $9,626,108 $ 77,180 89,074 26,401 192,655 1,782,734 415,267 13,737 4,672,119 (71,619) 4,600,500 159,390 81,294 20,103 215,503 20,599 3,641 61,563 $ 7,566,986 $ 2,204,755 1,975,884 1,599,637 471,129 1,282,803 346,881 7,881,089 16,640 430,125 165,620 28,825 - 85,524 8,607,823 $ 1,574,317 1,504,887 1,273,283 292,308 1,256,706 425,011 6,326,512 6,000 270,125 129,865 31,997 5,425 57,485 6,827,409 9,992 - 66,198 50,178 5,286 6,779 1,286,361 (330,879) (25,452) 1,018,285 $9,626,108 10,081 5,168 1,080,508 (387,568) (18,790) 739,577 $ 7,566,986 U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T | 9 SELECTED DATA—QUARTERLY SUMMARY (in millions, except per share data; taxable equivalent) CORE EARNINGS SUMMARY Net interest revenue Core fee revenue (1) Core revenue (1) Core operating expenses (2) Core earnings (pre-tax, pre-credit) (1)(2) Provision for loan losses Merger-related charges Impairment charge on property purchased for future branches Other, net Income tax expense Net income Preferred dividends Net income available to common shareholders 2015 Q4 Q3 Q2 Q1 $ 74.0 20.8 94.8 56.5 38.3 (.3) (3.1) (6.0) .6 (11.3) 18.2 - $ 18.2 $ 65.7 18.5 84.2 48.8 35.4 (.7) (5.7) - - (11.1) 17.9 (.1) $ 18.0 $ 61.3 17.2 78.5 45.1 33.4 (.9) (3.2) - - (11.5) 17.8 - $ 17.8 $ 57.6 15.1 72.7 42.2 30.5 (1.8) - - (.2) (10.8) 17.7 (.4) $ 18.1 2014 Q4 $ 58.3 14.6 72.9 42.1 30.8 (1.8) - - .5 (11.3) 18.2 - $ 18.2 PERFORMANCE MEASURES Per common share: Diluted earnings - operating (3) Diluted earnings - GAAP Book value Tangible book value (4) Key performance ratios: Net interest margin (5) Return on assets —operating (3)(5) Return on assets—GAAP (5) Return on tangible common equity—operating (3)(5)(6) Return on common equity—operating (3)(5)(6) Return on common equity—GAAP (5)(6) Tangible equity to assets (period-end) (4) Tangible common equity to assets (period-end) (4) ASSET QUALITY Non-performing loans Foreclosed properties Total non-performing assets (NPAs) Allowance for loan losses Net charge-offs Allowance for loan losses to loans, excluding acquired loans Allowance for loan losses to loans Net charge-offs to average loans (5) NPAs to loans and foreclosed properties NPAs to total assets AT PERIOD END Loans Investment securities Total assets Deposits Shareholders’ equity Common shares outstanding $ .33 .25 14.02 12.06 $ .33 .27 13.95 12.08 $ .32 .28 12.95 12.66 $ .29 .29 12.58 12.53 $ .30 .30 12.20 12.15 3.34 % .99 .76 10.87 9.18 7.02 9.26 9.15 3.26 % 1.00 .82 10.29 9.54 7.85 9.48 9.37 3.30 % 1.00 .89 10.20 9.90 8.83 9.84 9.72 3.31 % .94 .94 9.46 9.34 9.34 9.93 9.93 3.31 % .96 .96 9.74 9.60 9.60 9.74 9.74 $ 22.6 4.9 27.5 68.4 1.3 1.35 % 1.14 .09 .46 .29 $ 20.0 7.7 27.7 69.1 1.4 1.37 % 1.15 .10 .46 .29 $ 18.8 2.4 21.2 70.1 1.0 1.42 % 1.36 .08 .41 .26 $ 19.0 1.2 20.2 70.0 2.6 1.46 % 1.46 .22 .42 .26 $ 17.9 1.7 19.6 71.6 2.5 1.53 % 1.53 .22 .42 .26 $ 5,995 2,656 9,626 7,881 1,018 71.5 $ 6,024 2,457 9,414 7,905 1,013 71.5 $ 5,174 2,322 8,246 6,808 827 62.7 $ 4,788 2,201 7,664 6,438 764 60.3 $ 4,672 2,198 7,567 6,327 740 60.3 1 Excludes net securities gains and losses from the prepayment of borrowings. 2 Excludes foreclosed property costs, merger-related charges, impairment charges on real estate purchased in prior years for future branch sites, severance costs, the partial reversal of an earlier provision for litigation settlement and amounts paid to the FDIC to settle United’s loss sharing agreement. 3 Excludes the after-tax effect of merger-related charges and impairment charges on real estate purchased in prior years for future branch sites. 4 Excluded the effect of acquisition related intangible assets. 5 Annualized. 6 Net income available to common shareholders, which is net of preferred dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). 1 0 | U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T CORPORATE INFORMATION FINANCIAL INFORMATION Analysts and investors seeking financial information should contact: Rex S. Schuette Executive Vice President and CFO 706-781-2265 rex_schuette@ucbi.com This Annual Report contains forward looking statements that involve risk and uncertainty and actual results could differ materially from the anticipated results or other expectations expressed in the forward-looking statements. A discussion of factors that could cause actual results to differ materially from those expressed in the forward-looking statements is included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission. This Annual Report also contains financial measures that were prepared on a basis different from accounting principles generally accepted in the United States (“GAAP”). References to operating earnings, pre-tax, pre-credit earnings and core earnings are non-GAAP financial measures. Management has included such non-GAAP financial measures because such non- GAAP measures exclude certain non-recurring revenue and expense items and therefore provide a meaningful basis for analyzing financial trends. A reconciliation of these measures to financial measures determined using GAAP is included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission. STOCK PRICE Quarter High Low Close Average Daily Volume 2014 2015 4th 1st 2nd 3rd 4th $ 19.50 $ 15.16 $ 18.94 262,598 $ 19.53 $ 16.48 $ 18.88 21.23 22.23 22.23 17.91 18.58 18.61 20.87 20.44 19.49 234,966 328,887 319,884 376,214 INVESTOR INFORMATION Investor information including this report, Form 10-K, quarterly financial results, press releases and various other reports are available at ir.ucbi.com. Alternatively, shareholders may contact Investor Relations at 866-270-5900 or investor_relations@ucbi.com. STOCK EXCHANGE United Community Banks, Inc. (Ticker: UCBI) common stock is listed for trading on the NASDAQ Global Select Market. INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS PricewaterhouseCoopers LLP, Atlanta, GA LEGAL COUNSEL Troutman Sanders LLP, Atlanta, GA REGISTRAR TRANSFER AGENT Continental Stock Transfer & Trust Co. 17 Battery Park, 8th Floor New York, NY 10004 212-509-4000 | continentalstock.com EQUAL OPPORTUNITY EMPLOYER United Community Banks is an equal opportunity employer. All matters regarding recruiting, hiring, training, compensation, benefits, promotions, transfers and other personnel policies will remain free from discriminatory practices. United Community Banks, Inc. ©2016 BOARD OF DIRECTORS W.C. Nelson, Jr. Lead Director Co-Owner and Operator Nelson Tractor Co. Jimmy C. Tallent Chairman, Chief Executive Officer Robert H. Blalock Chief Executive Officer Blalock Insurance Agency, Inc. L. Cathy Cox President Young Harris College Kenneth L Daniels Retired Chief Credit Risk and Policy Officer BB&T Corporation H. Lynn Harton President, Chief Operating Officer Nicholas B. Paumgarten Founder Corsair Capital Thomas A. Richlovsky Retired Chief Financial Officer and Treasurer National City Corporation Tim R. Wallis Owner and President Wallis Printing Company Robert L. Head, Jr. Director Emeritus Owner Head Westgate EXECUTIVE OFFICERS Jimmy C. Tallent Chairman, Chief Executive Officer H. Lynn Harton President, Chief Operating Officer Rex S. Schuette Executive Vice President, Chief Financial Officer Bill M. Gilbert President, Community Banking Robert A. Edwards Executive Vice President, Chief Credit Officer Bradley J. Miller Executive Vice President, Chief Risk Officer, General Counsel Richard W. Bradshaw President, Specialized Lending U N I T E D C O M M U N I T Y B A N K S , I N C . 2015 A N N UA L R E P O R T | 11 ucbi.com 

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