United Community Banks
Annual Report 2019

Plain-text annual report

To g e t h e r F o r G o o d T a b l e O f C o n t e n t s Financial Highlights Letter to Shareholders - Introduction - Together for Employees - Together for Customers - Together for Shareholders - Together for Communities - Looking Ahead Executive Officers Financial Statements - Consolidated Balance Sheets - Consolidated Statements of Income - Selected Data—Quarterly Summary - Corporate Information 3 5 5 6 6 7 8 8 9 11 11 13 15 16 U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 1 “ United Community Bank has been the right partner to help us fulfill our business purpose and our goals. Tom Merritt, OOBE U N I T E D C O M M U N I T Y B A N K C U S T O M E R S I N C E 2 017 2 | U N I T E D CO M M U N I T Y B A N K S , I N C . 20 19 A N N UA L R E P O R T F i n a n c i a l H i g h l i g h t s (in millions, except per share data) Earnings Summary Net interest revenue Provision for credit losses Noninterest income Noninterest expense Income tax expense Net income—GAAP Merger-related and non-operating charges, net of tax benefit Net income—operating(1) Per Common Share Diluted earnings—GAAP Diluted earnings—operating(1) Cash dividends declared Book value Tangible book value(2) 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)(2) Equity to total assets Total common equity to tangible assets Tier I risk-based capital ratio As of Year-End Loans Investment securities Total assets Deposits Shareholders’ equity Common shares outstanding (thousands) Employees Banking offices 2019 2018 $ 469.3 $ 438.7 (13.1) 104.7 (322.2) (53.0) 185.7 5.7 (9.5) 93.0 (306.3) (49.8) 166.1 5.9 $ 191.4 $ 172.0 $ 2.31 2.38 $ 2.07 2.14 0.68 20.53 16.28 0.58 18.24 14.24 4.07 % 3.91 % 0.70 1.46 1.51 11.89 15.81 12.66 10.32 13.21 0.73 1.35 1.40 11.60 15.69 11.59 9.29 12.42 $ 8,813 $ 8,383 2,559 12,916 10,897 1,636 79,014 2,341 149 2,903 12,573 10,535 1,458 79,234 2,344 149 (1) Excludes the effect of merger-related and other non-operating charges of $7.36 million and $7.35 million, respectively, in 2019 and 2018. (2) Excludes the effect of acquisition-related intangibles and associated amortization. U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 3 “ At United, we feel passionate about creating opportunities for our customers. We recognize that customers have many banking choices, and we are grateful to those who choose to bank with us. United Communit y Bank 2019 4 | U N I T E D CO M M U N I T Y B A N K S , I N C . 20 19 A N N UA L R E P O R T L e t t e r t o S h a r e h o l d e r s I begin this letter with a tremendous sense of pride about what our employees continue to accomplish. It is truly amazing what the United team has delivered over the past several years. Since 2012, we have increased our total assets by 90% and our number of banking offices by 45% as we moved into new growth markets in the states of South Carolina and North Carolina. Our earnings have increased by nearly seven times, and our return on assets has increased from 0.49% to 1.46%. We have received recognition by Forbes as being “One of the Best Banks in America” several times and have received recognition from J.D. Power, Customer Service Profiles and Greenwich Associates for being a leader in customer service. The recognition I am most proud of however, is being on American Banker’s list of “Best Banks to Work For in the United States” each of the past three years. Our strategy starts with being a great place for great people to work, and I want to recognize each of our 2,341 employees for their outstanding accomplishments. “ The recognition I am most proud of however, is being on American Banker’s list of “Best Banks to Work For in the United States” each of the past three years. Turning to 2019, we continued to grow, moving into the Athens, Georgia market with the acquisition of First Madison Bank & Trust. We accelerated our hiring of commercial relationship managers, with a focus on Atlanta, and opened new loan production offices in Charlotte and Greensboro, North Carolina, and Columbia, South Carolina. At the same time we made these investments, we also managed expenses carefully and reached record levels of profitability, with a return on assets of 1.46% for the year and 1.50% in the fourth quarter. We delivered these results in what continues to be a challenging environment of technology disruption, increased competition and ongoing speculation about the next recession. 2019 and early 2020 have also been marked by a record number of “merger of equals” announcements as many similar-sized organizations come together to attempt to remain competitive and gain scale. Becoming more efficient is an important goal and scale can be an important driver of efficiency. Our M&A strategy is focused on three key elements: 1) moving the company into high growth markets, believing that positioning ourselves in the path of good growth gives us a great chance of being successful; 2) expanding our market share in our existing markets to take advantage of the brand awareness that scale brings; and 3) adding new products to our portfolio that we can deploy across our footprint. We believe that size and scale are natural results of this approach, but are not the sole drivers of our strategy. While we are open to larger acquisitions under the right circumstances, to this point, we have focused on relatively small acquisitions. At United, we continue to be confident in our belief that long-term value is accomplished by focusing on the basics of delivering a quality product to our customers through empowered employees who enjoy coming to work every day. If we do that, we believe we have the scale to be successful for many years and we can be open to, rather than driven by, whatever merger and acquisition opportunities come our way. In the meantime, we believe that both our customer acquisition efforts and our M&A efforts will be helped by the disruption caused by the large announcements in our market areas. U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 5 Together for Employees At United, our first goal is to be a great place for great people to work. Our success lies in our ability to inspire our team members to bring their hearts and minds to work each day with the goal of helping our customers live better lives by delivering high-quality financial products and services. Our culture gives us a competitive edge both as a place to work and a place to bank. As part of our continued focus on culture, since 2013, we have implemented and learned from three employee surveys. Our Leadership Academy program was a direct result of those surveys, and we are proud to have recently welcomed our fourth class of participants. This program has been a success in both retaining talented employees, strengthening relationships across the company and introducing our future leaders to a deeper understanding of our goals and strategies. This year, we also continued our effective Operational Excellence program, which is focused on bringing much of the same material to the leadership of our key support areas. This program has now been completed by more than 80 operational managers from teams across the bank. Entered 3 New Markets Hired 29 Commercial Employees As we continue to develop our existing talent, we are also adding new teammates who will help us reach our goals. As mentioned, in 2019 we hired 29 commercial team members in high growth markets that both expanded our presence in places like Atlanta and Raleigh and established a new presence for us in Charlotte, Columbia and Greensboro. This was under the direction and leadership of our newly promoted Chief Banking Officer, Rich Bradshaw, and our new state leadership model that was fully rolled out in 2019. We began 2020 by creating a new position to focus on elevating our retail sales and service offerings across the footprint. Finally, we were pleased to place a larger focus on our company’s Diversity and Inclusion efforts this year, and we look forward to seeing this continue to grow. We began with training at the executive level, conducted an all-employee survey on the topic and have created a Diversity and Inclusion Council that will drive the bank’s efforts to be a leader in having an open, welcoming, and forward-thinking place to build a career. Together for Customers At United, we feel passionate about creating opportunities for our customers. We recognize that customers have many banking choices, and we are grateful to those who choose to bank with us. We are proud to come together with our customers to help them make financial decisions and reach their personal and business goals. To be an effective partner, we recognize that we must meet customers where they are. And in today’s world, that will not always be at our offices. We are proud that over the past year, we have launched a new website designed specifically to meet their needs whenever and wherever it is convenient for them. The new ucbi.com is intended to feel like a visit to a branch location, with all the warmth and customer service we are known for, but with all the digital services they desire. This includes the ability to open a deposit account, apply for a mortgage, apply for an unsecured loan or line of credit and more. In 2019, we were pleased that our efforts to serve our customers were once again recognized as industry leading. We were honored to be ranked first in overall satisfaction by Customer Service Profiles (CSP) among banks with $5–25 billion in assets and ranked highest in the Southeast for Net Promoter Score® by J.D. Power’s 6 | U N I T E D CO M M U N I T Y B A N K S , I N C . 20 19 A N N UA L R E P O R T “ United Community Bank clearly listens and understands the vision of our firm, resulting in an outstanding relationship and support of our financial goals and growth. Rich Hagins and Euleta Hagins Alston, US&S U N I T E D C O M M U N I T Y B A N K C U S T O M E R S I N C E 2 0 0 8 Retail Banking Satisfaction Study. We also received five Greenwich Excellence Awards for Small Business Banking and Middle Market Banking, including a national award for “Overall Satisfaction in Small Business Banking.” Only 36 banks in the country were recognized by this award, which was based on interviews of more than 14,000 businesses in the United States with sales of $1–10 million. We believe these recognitions are a testament to our promise that we are small enough to know our customers personally, but large enough to meet all of their financial needs. Together for Shareholders We earn our right to remain independent by providing our shareholders with a solid long-term return. In 2019, UCBI stock achieved a total return of 45%, versus peers at 22%. Execution of our long-term strategies has resulted in outperformance relative to peers not only in 2019, but over both the past three- and five-year periods. During the same period, we have consistently increased our dividends paid to shareholders, reaching $0.68 per share in 2019, up 17% from 2018, as we increased our quarterly dividend twice during the year. We appreciate the support of our owners and work every day to build a great company they can be proud of. T O TA L S H A R E H O L D E R R E T U R N 80% 70% 60% 50% 40% 30% L 20% 10% 0% 79.70% Peer Group 69.46% 44.66% UCBI Peer Average 21.77% 10.27% 5.21% 1 Year 3 Year 5 Year Source: Bloomberg South State Corporation Ameris Bancorp Pinnacle Financial Partners, Inc. Atlantic Union Bankshares Corporation Commerce Bancshares, Inc. Trustmark Corporation First Financial Bankshares, Inc. Old National Bancorp United Bankshares, Inc. BancorpSouth Bank First Commonwealth Financial Corporation First Merchants Corporation TowneBank Fulton Financial Corporation Home Bancshares, Inc. (Conway, AR) CenterState Bank Corporation Renasant Corporation UMB Financial Corporation Simmons First National Corporation First Financial Bancorp. S&T Bancorp, Inc. WesBanco, Inc. SSB ABCB PNFP AUB CBSH TRMK FFIN ONB UBSI BXS FCF FRME TOWN FULT HOMB CSFL RNST UMBF SFNC FFBC STBA WSBC U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 7 Together for Communities Fundamentally, a bank is a reflection of the economic success of the communities it serves. If our communities are not economically successful, we will not be successful. We believe it is in our long-term interest to invest our time and hearts into making each of our communities a better place to live and work. Our team members serve as inspirational leaders across their communities, completing more than 260 volunteer opportunities over the past two years. Whether it is through Relay For Life, United Way, March of Dimes or other organizations, our local teams genuinely enjoy giving back to their communities. The Johnston County, North Carolina team participated in Johnston Health Foundation’s 5k for the sixth year in a row. Over 60 team members and family participated and raised $2,700 for the cause. The Greer, South Carolina team collected and donated 600 backpacks, $500 in food items and more than $3,000 in cash for Feed the Future, a local weekend backpack ministry. We also seek partnerships and opportunities that help us create a richer quality of life for our friends and neighbors. In 2019, we were excited to celebrate the opening of a dynamic office location in Spartanburg, South Carolina, that is not only a valuable place for our employees and customers, but also revitalizes an important corner in a growing community. We are also proud to sponsor cherished traditions throughout our footprint that provide cultural enrichment for their communities like Greenville’s Ice on Main, the North Carolina Apple Festival and the Savannah Philharmonic. In 2019, our sponsorships of this type totaled nearly $1 million. Just recently, we were honored to be recognized for our commitment to arts and culture in South Carolina as the recipient of the Elizabeth O’Neill Verner Governor’s Award for the Arts from the South Carolina Arts Commission. Looking Ahead As we enter a new decade, it is time for us to reflect on the success we have earned in the past ten years. Through careful planning, a thoughtful growth strategy, and a focus on fundamental values, we have built one of the best financial institutions in the South. The ability of our team to come together to pursue a common purpose has given us a foundation for growth of which I am extremely proud. Without a doubt, 2020 and this next decade will be marked by change. Continued change in technology and the way people bank, change in political and regulatory environments and change in the industry with large- scale mergers will continue to affect all of our markets and customers. As we continue to anticipate and adapt to change, we rely on our fundamental belief that we can add to our long-term value by focusing on the people who make us great: our employees and our customers. With exceptional people leading the way in providing class-leading service to our customers, we are confident we can continue to provide strong returns to our shareholders—and we know we will make a significant positive impact in our communities. Thank you for your support and once again, congratulations to the 2,341 United employees who make this company great. Lynn Harton Chairman and Chief Executive Officer 8 | U N I T E D CO M M U N I T Y B A N K S , I N C . 20 19 A N N UA L R E P O R T E x e c u t i v e O f f i c e r s Lynn Harton Chairman Chief Executive Officer Rich Bradshaw Chief Banking Officer Rob Edwards Chief Risk Officer Jefferson Harralson Chief Financial Officer Melinda Davis Lux General Counsel Corporate Secretary Mark Terry Chief Information Officer U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 9 “ United Community Bank understood what we were trying to do and they made things happen. Chad Odom, Encore Container U N I T E D C O M M U N I T Y B A N K C U S T O M E R S I N C E 2 014 1 0 | U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 1 9 A N N UA L R E P O R T C o n s o l i d a t e d B a l a n c e S h e e t s (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 $287,904 and $268,803) Loans held for sale, 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, net Other assets Total assets Liabilities and Shareholders’ Equity Liabilities: Deposits: Noninterest-bearing demand Interest-bearing deposits Total deposits 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; 79,013,729 and 79,234,077 shares issued and outstanding Common stock issuable; 664,640 and 674,499 shares Capital surplus Retained earnings (accumulated deficit) Accumulated other comprehensive income (loss) Total shareholders’ equity Total liabilities and shareholders’ equity 2019 2018 $ 125,844 389,362 515,206 2,274,581 283,533 58,484 8,812,553 (62,089) 8,750,464 215,976 202,664 32,660 34,059 35,007 342,247 171,135 $ 12,916,016 $ 126,083 201,182 327,265 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 $ 3,477,979 7,419,265 10,897,244 - 212,664 15,516 154,900 11,280,324 $ 3,210,220 7,324,293 10,534,513 160,000 267,189 26,433 127,503 11,115,638 79,014 11,491 1,496,641 40,152 8,394 $ 1,635,692 $ 12,916,016 79,234 10,744 1,499,584 (90,419) (41,589) $ 1,457,554 $ 12,573,192 U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 11 “ Our culture gives us a competitive edge both as a place to work and a place to bank. United Communit y Bank 2019 1 2 | U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 1 9 A N N UA L R E P O R T C o n s o l i d a t e d S t a t e m e n t s o f I n c o m e (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 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 Noninterest Income Service charges and fees Mortgage loan gains and other related fees Brokerage fees Gains from other loan sales, net 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 Lending and loan servicing expense Outside services - electronic banking 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 2019 2018 2017 $ 476,039 $ 420,383 $ 315,050 69,920 4,564 2,183 552,706 66,856 838 2,697 12,921 83,312 469,394 13,150 456,244 36,797 27,145 6,150 6,867 (1,021) 28,775 104,713 560,957 196,440 23,350 24,613 4,901 17,028 9,416 7,020 6,370 6,170 4,938 6,907 15,092 322,245 238,712 52,991 $ 185,721 73,496 4,189 2,012 500,080 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 8,697 6,623 6,416 5,991 6,846 5,414 17,194 306,285 215,926 49,815 $ 166,111 70,172 2,216 2,282 389,720 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 7,512 6,487 5,952 4,242 4,845 13,901 12,962 267,611 172,834 105,013 $ 67,821 Net income available to common shareholders $ 183,346 $ 164,927 $ 67,250 Income per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted $ 2.31 2.31 $ 2.07 2.07 $ 0.92 0.92 79,700 79,708 79,662 79,671 73,247 73,259 U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 13 “ Through careful planning, a thoughtful growth strategy, and a focus on fundamental values, we have built one of the best financial institutions in the South. The ability of our team to come together to pursue a common purpose has given us a foundation for growth. United Communit y Bank 2019 1 4 | U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 1 9 A N N UA L R E P O R T S e l e c t e d D a t a — Q u a r t e r l y S u m m a r y (in millions, except per share data) Earnings Summary Net interest revenue Provision for credit losses Noninterest income Noninterest expense Income tax expense Net income—GAAP Merger-related & non-operating charges, net of tax benefit Net income—operating (1) Q4 Q3 Q2 Q1 2019 $ 116.6 (3.5) 30.2 (81.4) (12.9) 49.0 (0.1) $ 48.9 $ 119.3 (3.1) 29.0 (82.9) (13.9) 48.4 2.0 $ 50.4 $ 117.8 (3.2) 24.5 (81.8) (13.2) 44.1 3.1 $ 47.2 $ 115.6 (3.3) 21.0 (76.1) (12.9) 44.3 0.5 $ 44.8 2018 Q4 $ 114.9 (2.1) 23.0 (78.2) (12.5) 45.1 0.6 $ 45.7 Performance Measures Per common share: Diluted net income—GAAP Diluted net income—operating (1) Cash dividends declared Book value Tangible book value (2) $ 0.61 0.61 0.18 20.53 16.28 $ 0.60 0.63 0.17 20.16 15.90 $ 0.55 0.59 0.17 19.65 15.38 $ 0.55 0.56 0.16 18.93 14.93 $ 0.56 0.57 0.16 18.24 14.24 Key performance ratios: Net interest margin (3) Return on assets —GAAP (3) Return on assets—operating (1)(3) Return on common equity—GAAP (3)(4) Return on common equity—operating (1)(3)(4) Return on tangible common equity—operating (1)(2)(3)(4) Equity to total assets Tangible common equity to tangible assets (2) 3.93 % 1.50 1.50 12.07 12.06 15.49 12.66 10.32 4.12 % 1.51 1.58 12.16 12.67 16.38 12.53 10.16 4.12 % 1.40 1.50 11.45 12.27 15.88 12.25 9.86 4.10 % 1.44 1.45 11.85 12.00 15.46 12.06 9.76 3.97 % 1.43 1.45 12.08 12.25 15.88 11.59 9.29 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 (3) NPAs to loans and foreclosed properties NPAs to total assets At Period End Loans Investment securities Total assets Deposits Shareholders’ equity Common shares outstanding (thousands) $ 35.3 0.5 35.8 62.1 3.9 0.70 % 0.18 0.41 0.28 $ 30.8 0.1 30.9 62.5 2.7 0.70 % 0.12 0.35 0.24 $ 26.6 0.1 26.7 62.2 2.4 0.70 % 0.11 0.30 0.21 $ 23.6 1.1 24.7 61.6 3.1 0.73 % 0.15 0.29 0.20 $ 23.8 1.3 25.1 61.2 1.8 0.73 % 0.09 0.30 0.20 $ 8,813 2,559 12,916 10,897 1,636 79,014 $ 8,903 2,515 12,809 10,757 1,605 78,974 $ 8,838 2,620 12,779 10,591 1,566 79,075 $ 8,493 2,720 12,506 10,534 1,508 79,035 $ 8,383 2,903 12,573 10,535 1,458 79,234 (1) Excludes merger-related and other non-operating charges. (2) Excluded the effect of acquisition related intangibles and associated amortization. (3) Annualized. (4) Net income divided by average realized common equity, which excludes accumulated other comprehensive income (loss). U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 15 C o r p o r a t e I n f o r m a t i o n Financial Information Stock Price Analysts and investors seeking financial information should contact: Jefferson L. Harralson Chief Financial Officer 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. High Low Close Average Daily Volume $ 28.88 $ 20.23 $ 21.46 509,152 $ 29.79 $ 21.19 $ 24.93 28.98 29.28 31.66 24.91 25.24 27.01 28.56 28.35 30.88 507,207 427,652 357,739 363,152 2018 2019 4th 1st 2nd 3rd 4th Investor Information Registrar Transfer Agent 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 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 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 Chairman 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 Chairman Chief Executive Officer Jefferson L. Harralson Chief Financial Officer Robert A. Edwards Chief Risk Officer Melinda Davis Lux General Counsel and Corporate Secretary Richard W. Bradshaw Chief Banking Officer Mark Terry Chief Information Officer 1 6 | U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 1 9 A N N UA L R E P O R T  U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 19 A N N UA L R E P O R T | 17 

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