Quarterlytics / Financial Services / Banks - Regional / United Community Banks

United Community Banks

ucbi · NASDAQ Financial Services
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Ticker ucbi
Exchange NASDAQ
Sector Financial Services
Industry Banks - Regional
Employees 1001-5000
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FY2018 Annual Report · United Community Banks
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2018

ANNUAL REPORT

  U N I T E D   C O M M U N I T Y   B A N K S ,  I N C .  2018  A N N UA L   R E P O R T    |   1 

FINANCIAL HIGHLIGHTS

 (dollars in millions, except per share data, employees and banking offices) 

CORE EARNINGS SUMMARY 
 Net interest revenue 

 Noninterest income 

 Operating expenses (excluding merger-related and other non-operating charges) 

      Pre-tax, pre-credit operating earnings 

 Provision for credit losses 

 Merger-related and other non-operating charges, net of taxes

 Operating income tax expense (excl. benefit on merger and other non-operating charges)

      Net income  

 2018 

 2017

 $    438.7   

 $    355.9   

 93.0 

298.9 

 232.8

(9.5) 

(5.9)

 (51.3)

 166.1

 88.3 

252.9 

 191.3

(3.8) 

(52.5)

 (67.2)

67.8 

PER COMMON SHARE 
 Diluted earnings—GAAP
 Diluted earnings—operating (1)
 Cash dividends declared

 Book value 

 Tangible book value 

PERFORMANCE MEASURES 
 Net interest margin 

 Allowance for loan losses to loans

 Return on assets—GAAP
 Return on assets—operating (1)

 Return on common equity—GAAP

 Return on tangible common equity—operating (1)
 Average equity to average assets
 Average tangible common equity to average assets
 Tier 1 risk-based capital ratio

AS OF YEAR-END 
 Loans 

 Investment securities 

 Total assets 

 Deposits 

 Shareholders’ equity 

 Common shares outstanding (thousands) 

 Employees 

 Banking offices 

 $           2.07
2.14

 $         0.92 
1.63

0.58

18.24

 14.24

0.38

16.67

 13.65 

 3.91  % 

 3.52  % 

0.73

1.35

 1.40 

11.60

 15.69 
11.24
8.92
12.42

0.76

0.62

 1.09 

5.67

 12.02 
10.71
9.29
12.24

 $      8,383 

 $      7,736 

2,903

 12,573 

 10,535 

1,458 

2,937

 11,915 

 9,808 

1,303 

 79,234 

 77,580 

2,344

 149

2,175

 156

(1)  Excludes the effect of merger-related and other non-operating charges, net of taxes, of $5.9 million and $10.9 million, respectively, in 2018 and 2017; impact of remeasurement  
of deferred tax asset resulting from 2017 Tax Cuts and Jobs Act of $38.2 million; and release of disproportionate tax effects lodged in accumulated other comprehensive income (loss) 
of $3.4 million in 2017.

2   |    U N I T E D   C O M M U N I T Y   B A N K S ,  I N C . 2018  A N N UA L   R E P O R T

 
 
FINANCIAL HIGHLIGHTS

LET TER TO SHAREHOLDERS

OUR PURPOSE

We help our customers live better lives by delivering high-quality financial products and services. 

We live by the “Golden Rule of Banking”— we treat our customers the way we want to be treated.

ANNUAL LETTER – LYNN HARTON , CEO

I could not be more proud of the United team’s 2018 
accomplishments and I am very optimistic about the future for 
our company. Despite ongoing industry challenges such as rapid 
technology change, intense competition and increasing interest 
rates, we had an outstanding year by nearly every measure. 
We set new records for net income, earnings per share, return 
on assets and return on equity. We were able to increase our 
dividend to $0.58, an increase of $0.20 (or 53%) over last year. 
Even at that level, we are paying out only 28% of our earnings and 
continue to increase our capital levels and related capital ratios at 
a rapid pace. We also met our stated 2018 full-year goal of a 1.40% 
Operating Return on Average Assets (ROAA) and posted a fourth 
quarter ROAA of 1.45% on an operating basis.  

In addition to the financial accomplishments for the year, we continued to improve the long-term 
prospects of the company—consistent with our desire to build one of the best financial 
institutions in the South. To do that, our strategies are focused on five key areas:

1.  Talent Recruitment and Development – our goal is to be the best place for the best

bankers to work

Banking is a service business, which means it is a people business. Sixty percent of our costs are 
direct employee costs. Without great people, we would be just an average bank.  

We focus on culture in order to create an environment to attract great people. During 2018, we 
completed our third comprehensive employee survey since 2013. We ask for honest feedback 
and share the results with the entire company. The results continue to be strong, with our teams 
showing great confidence in our strategies and our future. We have areas to work on as well, and 
we are addressing those directly. We believe that creating an environment where team members 
feel free to give honest and direct feedback makes us a better company; one better able to 
harness the creative capacity of our teams.  

  U N I T E D   C O M M U N I T Y   B A N K S ,  I N C .  2018  A N N UA L   R E P O R T    |   3 

During 2018, we continued to invest in the development of our teams. We graduated our third 
Leadership Academy class—a group of eleven that joins the previous 30 graduates of this 
comprehensive program focused on strategy, culture and leadership. We began a new Operational 
Excellence program to give a broader segment of our leaders a deeper understanding of our 
strategies and goals. To share the benefits of tax reform with our teams, we gave unscheduled 
base pay increases or bonuses to 58% of our employees and we increased the company match on 
401k contributions by 43%.

Finally, we continued to add talent, not only to our company, but also to our board. We were 
very pleased to add Lance Drummond and Jenn Mann to our board this year. Lance is the former 
Executive Vice President of Operations and Technology for TD Canada Trust. Prior to that role, he 
led online bank and ATM operations at Bank of America and was responsible for the largest bank-
owned network of ATMs in the country. Lance also brings extensive experience in bank operations 
such as mortgage processing, digitization and information technology. He currently serves as a 
board member of the Federal Home Loan Mortgage Corporation (Freddie Mac) and a Trustee for 
the University of Rochester.

Jenn is the Executive Vice President and Chief Human Resources Officer for SAS Institute, Inc., 
a global leader in analytics, business intelligence and data management software in Cary, 
North Carolina with a worldwide workforce of more than 14,000. She is widely recognized for 
her initiatives in the areas of employee performance, workplace culture and organizational 
effectiveness at SAS, which has consistently been recognized as one of the Fortune 100 Best 
Companies to Work For® by Fortune magazine.

Both Lance and Jenn bring a significant depth of experience and skilled oversight to our 
company’s operations and are valuable additions to our already outstanding board talent.

2.  Customer Service – our goal is to have class-leading customer service across our

delivery channels

We not only survey our employees, but also our customers. In 2018, we received and analyzed 
5,000 customer surveys and incorporated the feedback into our training and delivery strategies. 
We have statistically valid customer service scores for each of our branches and those scores are 
both a qualifier and a multiplier for our branch incentive programs. We were honored to be ranked 
“best in class” in overall satisfaction by our outside survey company, with the majority of our retail 
metrics in the top 25% of peer rankings.  

We are also pleased that our culture and employees continue to be recognized by several 
meaningful industry publications. We were included on Forbes’ list of America’s Best 100 Banks for 
the sixth year in a row. Also, for the fifth year in a row, we earned the top ranking for overall retail 
customer satisfaction in the Southeast by J.D. Power. American Banker recognized United as one of 
the top 75 “Best Banks to Work For” nationally for the second year in a row.

3.  Top Quartile Financial Performance Through Cycles – our goal is to deliver consistent

and predictable high levels of financial performance relative to our peers

4   |    U N I T E D   C O M M U N I T Y   B A N K S ,  I N C . 2018  A N N UA L   R E P O R T

With our 140 basis points Operating ROAA in 2018, we have achieved profitability greater than 
peer averages. This has not always been the case, and we have worked hard and with a sense of 
urgency to improve our returns—and we will continue to do so. Our goal is to be a top performer 
in our group not just in good times, but also through the cycle. To do that, we continue to expand 
our footprint into high growth markets, add complementary products and lines of business to 
diversify our revenue sources and enhance our strong risk culture.  

We are vigilant in managing our concentrations and diversifying our funding sources. In 2018, we 
continued to invest in risk management talent and processes and believe we are well positioned 
to face any potential recessionary economic pressures, if they arise. During the year, we 
strengthened our operational risk management by adding leadership oversight to the  area and 
investing in fraud mitigation and analytics. We significantly improved our disaster recovery 
systems. We prepared for the implementation of CECL, the upcoming new standard for loan loss 
accounting and invested in improving our overall project management process. 

During 2018, we completed the conversion of Four Oaks Bank, adding a great team and a great 
market – Raleigh and the surrounding MSA. We added equipment finance to our product set 
through the acquisition of Navitas Credit Corporation. We continued to expand our mortgage 
operation, adding mortgage lenders in the newer parts of our footprint. Our deposit base remains 
one of the strongest in the Southeast, with a full year deposit cost of only 40 basis points. Our cost 
discipline continues to pay dividends, and our operating efficiency ratio dropped to 55.9% for the 
year.

As a result, our operating earnings per share increased to $2.14—a 31% increase over the 
comparable figure for 2017 (approximately a 10% increase excluding the effects of a lower tax rate 
associated with tax reform). Finally, during 2018, our assets increased by 6% to $12.57 billion, our 
deposits grew by 7% and our loans increased by 8%.  

4.  Infrastructure Development – we are committed to having the support, governance and

delivery systems that enable United to grow responsibly

It is easy to see our growth in loans and deposits. It is harder to see the systems, processes and 
people that we must have to grow responsibly. 

We understand that technology is increasingly critical to the future of the banking business and 
we continue to invest in this aspect of our business. In particular, we are improving our customer 
experience by investing in new digital capabilities. With our successful mobile improvements, our 
mobile customers increased by 26% in 2018, and threefold since 2015. Our customer satisfaction 
scores for our digital channels are in the top quartile of our peers according to our outside 
survey company. Our technology investments are also improving our efficiency. As an example, 
our mortgage processing times were reduced by seven full days due to our new digital 
mortgage application and processing system. During the year, we also implemented online 
consumer deposit account opening services with plans to make this a bigger sales and 
marketing channel over time.

In 2019, we will see continued development in the areas of digital delivery and digital marketing. 
We are excited about the opportunities that we see to grow our business with these new tools.  

  U N I T E D   C O M M U N I T Y   B A N K S ,  I N C .  2018  A N N UA L   R E P O R T    |   5 

5.  Balance Sheet and Capital Strength – our goal is to maintain a strong capital base

relative to our peers and to be good stewards of that capital

Our risk philosophy extends to our capital planning and we believe in maintaining a strong and 
secure balance sheet to help us meet our long-term goals. Our capital ratios compare well versus 
peers and we are committed to effectively and efficiently managing our capital. In 2018, we grew 
our capital ratios with strong internal capital generation and through a raise of $100 million in Tier 
2 capital. We paid for a significant portion of our Navitas Credit Corporation acquisition in cash to 
lever our capital intelligently. During the year, we redeemed expensive Trust Preferred debt and 
also refreshed our $50 million share repurchase program for opportunistic use in 2019. Finally, 
we believe our 80% loan-to-deposit ratio and liquid balance sheet translates into manageable 
funding opportunities as we continue to grow.

LOOKING FORWARD

I was honored to take on the role of Chief Executive Officer at United Community Bank in 2018 
after almost six years as Chief Operating Officer. Our culture is of tantamount importance to our 
company, and I fully understand the responsibility to maintain and reinforce what sets us apart. 
I want to thank Jimmy Tallent for his years of service to United and his role in building this great 
company. 

It would not be an overstatement to say that without Jimmy Tallent, there would be no United 
Community Bank. Jimmy’s love for people, passion for excellent customer service and strong 
leadership took United from its humble roots as a small, single-office bank headquartered in 
the mountains of North Georgia to the $12.6 billion regional bank it is today. And while Jimmy 
enjoys some well-deserved time with his family, our unique culture remains his legacy at United 
Community Bank.

As we look forward into the remainder of 2019 and beyond, we are excited about our prospects. 
We believe we will continue to have opportunities to expand our commercial banking team with 
new hires. There continue to be attractive merger opportunities that will enable us to expand 
into new markets and deepen our penetration of existing markets. Disruption in our market 
from several announced large bank mergers will also provide opportunities for our team to grow 
market share. Our investments in digital delivery and marketing are promising for the long-term 
growth and success of the company. Most importantly, we believe our team-based culture—with 
open communication, a sense of connection and belonging, and a clear shared purpose—will 
continue to drive great performance for you, our shareholders. 

Many thanks for your support and belief in United! 

LYNN HARTON 
President, Chief Executive Officer

6   |    U N I T E D   C O M M U N I T Y   B A N K S ,  I N C . 2018  A N N UA L   R E P O R T

EXECUTIVE  
OFFICERS

LYNN HARTON
President 
Chief Executive Officer

RICH BRADSHAW
Chief Banking Officer

ROB EDWARDS
Chief Risk Officer

JEFFERSON HARRALSON
Chief Financial Officer

BRAD MILLER
General Counsel 
Corporate Secretary

MARK TERRY
Chief Information Officer

  U N I T E D   C O M M U N I T Y   B A N K S ,  I N C .  2018  A N N UA L   R E P O R T    |   7 

CONSOLIDATED STATEMENTS 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 and interest-bearing demand
    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 (Release of ) credit losses
      Net interest revenue after provision for credit losses
NONINTEREST INCOME
  Service charges and fees
  Mortgage loan and other related fees
  Brokerage fees
  Gains from sales SBA/USDA loans
  Securities (losses) gains, net
  Other
      Noninterest income
         Total revenue
NONINTEREST 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
  Merger-related and other charges
  Other
      Total noninterest expenses
      Income before income taxes
Income tax expense
      Net income

2018

2017

2016

 $  420,383

 $  315,050

 $  268,382 

 73,496
 4,189 
 2,012
 500,080 

 7,390 
 12,097
 150 
 19,906 
 39,543
 1,112 
 6,345 
 14,330 
 61,330 
 438,750 
 9,500
 429,250 

 35,997
 19,010
 5,191 
 9,277
 (656)
 24,142
 92,961
  522,211

 181,015
 22,781
 21,277 
 8,491 
 15,540 
 6,416 
 5,991 
 6,846 
 5,414 
 32,514 
 306,285  
  215,926
  49,815  
 $    166,111

 70,172 
 2,216 
 2,282
 389,720 

 3,365 
 7,033
 135 
 6,529 
 17,062
 352 
 6,095 
 10,226 
 33,735 
 355,985 
 3,800
 352,185 

 38,295 
 18,320 
 4,633 
 10,493 
 42 
 16,477 
 88,260 
  440,445  

 153,098 
 20,344 
 19,660 
 6,534 
 12,074 
 5,952 
 4,242 
 4,845 
 13,901 
 26,961 
 267,611  
  172,834  
  105,013  
$    67,821  

 63,413 
 614 
 2,611
 335,020 

 1,903 
 4,982 
 135 
 3,136 
 10,156
 399 
 3,676 
 11,005 
 25,236 
 309,784 
 (800) 
 310,584 

 42,113 
 20,292 
 4,280 
 9,545 
 982 
 16,485 
93,697 
 404,281  

 138,789 
 19,603 
 18,355 
 5,866 
 11,822 
 5,382 
 4,426 
 4,182 
 8,122 
 24,742 
 241,289  
  162,992  
  62,336
$ 100,656  

      Net income available to common shareholders

 $    164,927

 $    67,250 

 $ 100,635 

Income per common share:
     Basic
     Diluted
Weighted average common shares outstanding:
     Basic
     Diluted

 $           2.07
2.07 

 $         0.92 
 0.92 

 $         1.40 
 1.40 

 79,662
 79,671 

 73,247
 73,259 

 71,910 
 71,915 

8   |    U N I T E D   C O M M U N I T Y   B A N K S ,  I N C . 2018  A N N UA L   R E P O R T

CONSOLIDATED STATEMENTS OF INCOME

CONSOLIDATED BALANCE SHEETS

 (in thousands, except share data) 

ASSETS
Cash and due from banks
Interest-bearing deposits in banks

      Cash and cash equivalents

Debt securities available-for-sale
Debt securities held-to-maturity (fair value $268,803 and $321,276)
Loans held for sale (includes $18,935 and $26,252 at fair value)
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:
      Noninterest-bearing demand
      NOW and interest-bearing demand
      Money market
      Savings
      Time
      Brokered
            Total deposits
   Short-term borrowings
   Federal Home Loan Bank advances
   Long-term debt
   Derivative financial instruments
   Accrued expenses and other liabilities
            Total liabilities

Commitments and contingencies

Shareholders’ equity:
   Common stock, $1 par value; 150,000,000 shares authorized;
        79,234,077 and 77,579,561 shares issued and outstanding
   Common stock issuable; 674,499 and 607,869 shares
   Capital surplus
   Accumulated deficit
   Accumulated other comprehensive loss
            Total shareholders’ equity
            Total liabilities and shareholders’ equity

2018

2017

 $          126,083 
 201,182 

 $          129,108  
 185,167 

 327,265 

 314,275 

 2,628,467 
 274,407 
 18,935 
 8,383,401 
 (61,203)
 8,322,198 
 206,140 
 192,616 
 35,413 
 64,224 
 24,705 
 324,072 
 154,750 
 $12,573,192

 $    3,210,220 
 2,274,775 
 2,097,526 
 669,886 
 1,598,391 
 683,715 
 10,534,513 
 - 
 160,000 
 267,189 
 26,433 
 127,503 
 11,115,638 

 2,615,850 
 321,094
 32,734 
 7,735,572 
 (58,914)
 7,676,658
 208,852 
 188,970 
 32,459 
 88,049 
 22,721 
244,397
169,401
 $11,915,460

 $    3,087,797
 2,131,939 
 2,016,748 
 651,742 
1,548,460
 371,011
 9,807,697  
 50,000 
504,651 
 120,545 
 25,376 
 103,857 
 10,612,126

 79,234 
 10,744
 1,499,584 
 (90,419)
 (41,589)
 1,457,554 
 $12,573,192 

 77,580
 9,083 
 1,451,814 
 (209,902)
 (25,241)
 1,303,334 
 $11,915,460 

  U N I T E D   C O M M U N I T Y   B A N K S ,  I N C .  2018  A N N UA L   R E P O R T    |   9 

SELECTED DATA—QUARTERLY SUMMARY

(in millions, except per share data)

EARNINGS SUMMARY
Net interest revenue
Noninterest income
     Total revenue
Operating expenses (1)
     Pre-tax, pre-credit operating earnings (1)
Provision for credit losses
Merger-related and other non-operating charges, net of taxes
Operating income tax expense (2)

Net income

PERFORMANCE MEASURES
Per common share:
    Diluted net income—GAAP 
    Diluted net income—operating (3)
    Cash dividends declared
    Book value
    Tangible book value (4)

Key performance ratios:
    Net interest margin (5)
    Return on assets —GAAP (5)
    Return on assets—operating (3)(5)
    Return on common equity—GAAP (5)(6)
    Return on common equity—operating (3)(5)(6)
    Return on tangible common equity—operating (3)(4)(5)(6)
    Average equity to average assets
    Average tangible equity to average assets (4)
    Average tangible common equity to average assets (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
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

 2018

Q4

Q3

Q2

Q1

 $ 114.8 
 23.1 
 137.9 
 77.0 
 60.9 
(1.2)
 (2.1)
 (0.6)
 (13.1)
 (12.0) 
$ 45.1 

 $ 112.1
 24.2 
 136.3 
 77.1 
 59.2 
(1.0) 
 (1.8)
 (0.5)
 (13.2)
$ 43.7 

 $  108.5 
 23.3 
 131.8 
 74.0 
 57.8 
(.8) 
 (1.8)
 (2.8)
 (13.6)
$ 39.6 

 $ 103.3 
 22.4 
 125.7 
 70.8 
 54.9 
(.8)
 (3.8)
 (2.0)
 (11.4)
$ 37.7 

 2017
Q4

 $   97.5 
 21.9
 119.4
 68.5 
 50.9
 (1.2)
 (44.4)
 (17.3)
$ (12.0) 

$     016) 
0.56
0.57 
 0.16 
 18.24 
 14.24 

 $     0.54 
 0.55 
 0.15  
 17.56 
 13.54 

$     0.49 
 0.53 
 0.15 
 17.29 
 13.25 

 $     0.47 
 0.50 
 0.12 
 17.02 
 12.96 

 $  (0.16) 
 0.42 
0.10
 16.67 
 13.65 

3.97 % 
 (.40) 
 1.43 
 1.45 
 (3.57) 
 12.08 
 12.25 
 15.88 
 11.35 
 9.04 
 9.04 

 3.95  % 
 1.41 
 1.42 
 11.96 
 12.09 
 15.81 
 11.33 
 8.97 
 8.97 

 3.90  % 
 1.30 
 1.39 
 11.20 
 11.97 
 15.79 
 11.21 
 8.83 
 8.83 

  3.80  % 
 1.26 
 1.33 
 11.11 
 11.71 
 15.26 
 11.03 
 8.82 
 8.82 

 3.63 % 

 (0.40) 
 1.10 
 (3.57) 
 9.73 
 11.93 
 11.21 
 9.52 
  9.52

 $     23.8 
 1.3 
 25.1 
 61.2 
 1.8 
 0.73  %
 0.09 
 0.30 
 0.20 

 $     22.5
 1.4 
 23.9 
 60.9 
 1.5 
 0.74  %
 0.07 
 0.29 
 0.19 

$     21.8 
 2.6 
 24.4 
 61.1 
 1.4 
 0.74  %
 0.07 
 0.30 
 0.20 

 $     26.3 
 2.7 
 29.0 
 61.1 
 1.5 
 0.75  %
 0.08 
 0.35 
 0.24 

 $    23.7 
 3.2 
 26.9 
 58.9 
 1.1 
 0.76  %
 0.06 
 0.35 
 0.23 

 $  8,383 
 2,903 
 12,573 
 10,535 
 1,458 
 79.2

 $  8,226 
 2,873 
 12,405 
 10,229 
 1,402 
  79.2 

 $  8,220 
 2,834 
 12,386 
 9,966 
 1,379 
 79.1

 $  8,184 
 2,731 
 12,264 
 9,993 
 1,357 
 79.1

 $  7,736 
 2,937 
 11,915 
 9,808 
 1,303 
 77.6 

(1)  Excludes merger-related and other non-operating charges. (2)  Excludes the tax effect of merger-related and other non-operating expenses and the 4th quarter 2017 impact of 
remeasurement of United’s deferred tax assets following the passage of tax reform legislation. (3)  Excludes the impact of remeasurement of United’s deferred tax asset following the 
passage of tax reform legislation and the after-tax effect of merger-related and other charges. (4)  Excluded the effect of acquisition related intangible assets. (5)  Annualized. (6)  Net 
income divided by average realized common equity, which excludes accumulated other comprehensive 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 . 2018  A N N UA L   R E P O R T

  
  
 
 
 
 
 
CORPORATE INFORMATION

FINANCIAL INFORMATION
Analysts and investors seeking financial 
information should contact: 
Jefferson L. Harralson 
Executive Vice President and CFO 
864-240-6208 
jefferson_harralson@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 performance measures 
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

2017

2018

4th

1st

2nd

3rd

4th

 $   29.60 

 $    25.76 

 $   28.14 

365,725 

  $   33.60 

$    27.73

 $   31.65 

34.18

31.93

28.88

30.52

27.82

20.23

 30.67

27.89

21.46

529,613

402,230

414,541

509,152

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

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, Inc. 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.

BOARD OF DIRECTORS

Thomas A. Richlovsky
Lead Director 
Retired Chief Financial  
Officer and Treasurer 
National City Corporation

Jimmy C. Tallent
Executive Chairman

Robert H. Blalock
Chief Executive Officer 
Blalock Insurance Agency, Inc.

L. Cathy Cox
Dean 
School of Law, Mercer University

Kenneth L. Daniels
Retired Chief Credit Risk  
and Policy Officer 
BB&T Corporation

Lance F. Drummond 
Retired Executive Vice President,
Operations and Technology 
TD Canada Trust

H. Lynn Harton
President, Chief Executive Officer

Jennifer Mann  
Executive Vice President,
Chief Human Resources Officer
SAS Institute, Inc.

David C. Shaver
Chief Executive Officer 
Cost Segregation Advisors, LLC

Tim R. Wallis
Owner and President
Wallis Printing Company

David H. Wilkins
Partner
Nelson, Mullins, Riley & Scarborough, LLP

EXECUTIVE OFFICERS

H. Lynn Harton
President, Chief Executive Officer

Jefferson L. Harralson
Executive Vice President,
Chief Financial Officer

Robert A. Edwards 
Executive Vice President,  
Chief Risk Officer 

Bradley J. Miller
Executive Vice President,  
General Counsel and Corporate 
Secretary

Richard W. Bradshaw 
Executive Vice President,  
Chief Banking Officer

Mark Terry
Chief Information Officer

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