United Community Banks
Annual Report 2020

Plain-text annual report

2020 ANNUAL REPORT UNITED COMMUNIT Y BANKS, INC. BANKING LOCATIONS TABLE OF CONTENTS Letter to Shareholders ......................................................................... 2 - Introduction ....................................................................................................................... 2 - The Paycheck Protection Program ................................................................................ 2 - Flexible Repayment Plans ............................................................................................... 2 - Being a Consistent Partner ............................................................................................. 3 - Enabling Digital Delivery ................................................................................................ 3 - Helping Homebuyers and Homeowners ..................................................................... 3 - Driving Continued Expansion ........................................................................................ 4 - Strengthening Our Team ................................................................................................ 4 - Uniting Around Our Differences ................................................................................... 4 - Giving Back to Our Communities .................................................................................. 5 - Together for Good ............................................................................................................ 5 Customers Sharing the Good ................................................................ 6 Executive Officers .............................................................................. 12 Financial Statements .......................................................................... 13 - Financial Highlights .......................................................................................................13 - Consolidated Balance Sheets ....................................................................................... 14 - Consolidated Statements of Income .......................................................................... 15 - Selected Data—Quarterly Summary..........................................................................16 - Corporate Information .................................................................................................. 17 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 2020: A YEAR OF COMMITMENT, PERSEVERANCE AND CREATIVITY In 2020, we experienced something that upended our plans and caused us to adjust the way we work and live. Even now, putting into words the fear and emotion of the COVID-19 pandemic feels inadequate to express the magnitude of our collective experience. While we believe 2021 will begin to lessen the economic effects of the pandemic, many scars remain, and the economic effects that have been unevenly distributed across populations and industries will linger. Despite the pain experienced during the year, we also saw hope, perseverance and creativity. At United, our teams viewed themselves as “financial first responders” and worked tirelessly to help our customers navigate financial challenges. Let me share some examples: United and Seaside helped nearly 12,000 new and existing customers secure over $1.3 billion in first- round PPP loans. The Paycheck Protection Program (PPP) After Congress approved the CARES Act, our teams jumped into action. We held webinars to educate customers, built an automated technology program to process PPP loan applications and forgiveness and worked in shifts through the night to secure PPP funds for our customers. All of this was in an effort to lessen the stress our customers were feeling. United and Seaside helped nearly 12,000 new and existing customers secure over $1.3 billion in first-round PPP loans, saving thousands of jobs and keeping dreams alive. Flexible Repayment Plans Following numerous stay-at-home orders and state officials requesting the closure of businesses, United took an aggressive posture towards helping our customers alleviate the impact of these orders. Our initial action was to grant our customers a 90-day payment or interest payment deferral upon request. The total number of those initially deferred loans was almost 7,000, amounting to $1.7 billion in customer balances. As the impact of the pandemic extended into the later part of 2020, the bank created qualifying criteria and approved a second round of deferrals for 582 loans amounting to $326 million. Today, our deferrals are down to $71 million, as our economies have begun to recover and our customers are finding ways to adjust their business models. 2 | U N I T E D CO M M U N I T Y B A N K S , I N C . 20 20 A N N UA L R E P O R T We saw an increase of more than 15% in visitors to UCBI.com, and a 132% increase in online account openings compared to 2019. Being a Consistent Partner In the beginning of 2020, the economy was experiencing a record expansion. However, the pandemic ushered in the fastest and steepest economic contraction in history. In the middle of that dramatic reversal, it would be natural to become conservative and cautious in your lending. We saw some of our competitors completely stop lending during that time. We took a more reasoned approach. We knew that the pandemic would produce effects on our customers that needed to be understood and stress tested, but we also believed in the resolve of our customers and that we would get through this together. As a result of our decision to continue to lend, we experienced quality loan growth of 8% (not including PPP loans), strengthened relationships with our customers and established relationships with many new customers. We believe our financial strength and consistency also attracted depositors to United, and we ended the year with record deposit growth of 24%, excluding deposits received through our acquisition of Three Shores Bancorporation, Inc. I am grateful for our team’s extraordinary response during the pandemic. In addition, we were able to accomplish some “normal” activities in this decidedly “not normal” year. Enabling Digital Delivery United made the decision to close our branch lobbies in late March in response to CDC recommendations to limit the spread of COVID-19 and protect our branch teams and customers. To continue to serve as “first responders,” we implemented a drive-thru service model with appointment-only lobby service. We also leveraged our digital channels to communicate with and serve our customers. We saw an increase of more than 15% in visitors to UCBI.com and a 132% increase in online account openings compared to 2019. During the year, 14% of all new consumer deposit accounts were opened online. To be able to continue to connect to our customers more effectively, we also invested in a marketing automation platform to deliver relevant messaging to our customers based on their interests and needs. This new system is part of our ongoing digital transformation and will greatly enhance how we interact with our customers. Helping Homebuyers and Homeowners Thanks to our previous investments in digital mortgage delivery, we were able to scale up and nearly double 2019’s record mortgage loan production. We helped thousands of people buy new homes, as the pandemic created both the desire for more space and increased household moves into our market areas in the Southeast. We also helped thousands refinance their mortgages, taking advantage of low rates to lock in savings and improve their financial conditions for years to come. U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 20 A N N UA L R E P O R T | 3 Driving Continued Expansion In the middle of the pandemic, we expanded into Florida with our acquisition of Three Shores Bancorporation, Inc. and its subsidiary Seaside Bank and Trust. This merger was an opportunity to enter Florida in attractive markets with a unique business model and, most importantly, the right people to complement our culture. As our two companies have become one, it is clear that we are not only a great fit, but we are better together. We believe that clients of both banks benefit from our merger. Seaside clients will now have access to additional financial solutions in areas such as residential lending, SBA lending and enhanced commercial banking solutions. At the same time, we are now beginning to offer Seaside’s trust and asset management services to customers in select United markets. Columbia, South Carolina We have also been focused on improving our overall United branch network and office locations to most effectively serve our customers across our five-state footprint. To that end, we opened a new Seaside office in Tavares, Florida, two new United branches in the Columbia, South Carolina market and a loan production office in Lake Norman, North Carolina. Strengthening Our Team We continued our efforts in 2020 to hire team members and create roles that will further our goals and success across the footprint. In addition to welcoming Jim Clements, president of Clemson University, to our Board of Directors, we added General Counsel Melinda Davis Lux. We also strengthened our teams in Retail Sales, Retail Credit, Information Security, Technology Infrastructure and Community Development. We are excited to continue to build for the future as we strive to be a LEGENDARY bank! Uniting Around Our Differences During 2020, we created a new “Power of U” Diversity and Inclusion Council. The Council is focused on making United a place where all employees feel they are welcome and can be successful. In doing so, the Council leverages diversity of thought, perspective and experience to enhance our company. This group of talented and diverse individuals is focused on implementing strategies and opportunities that create a trusting environment where we can all be our best and all of our customers feel welcome, comfortable and empowered. “Power of U” Diversity and Inclusion Council 4 | U N I T E D CO M M U N I T Y B A N K S , I N C . 20 20 A N N UA L R E P O R T In addition to being the year of the pandemic, 2020 also saw historic protests for racial justice. We hope that the attention to this cause will help bring continued and needed improvement. At United, we are excited to help drive lasting positive change in the way we see, listen to and interact with each other. Giving Back to Our Communities Supporting our communities has always been a top priority for United. In 2020, we took the opportunity afforded us from the fees earned through PPP to create the United Community Bank Foundation. The foundation’s mission is to improve the economic vitality and quality of life in our communities, focusing on economic empowerment, housing, artistic expression and youth development. We funded the foundation with $10 million and look forward to making an even greater impact in the places that United calls home. Created in 2020 Together for Good In conclusion, I want to personally thank our team members for their commitment and determination during one of the most unusual and difficult years any of us has experienced. I am proud that our culture of connection continues to be recognized as United was, once again, named one of the “Best Banks to Work For” by American Banker. We were also designated as a Top Workplace in Atlanta by The Atlanta Journal- Constitution and in South Carolina by Greenville Business Magazine, Columbia Business Monthly and Charleston Business Magazine. Great people drive great financial results, and during 2020, we were also named one of the “100 Best Banks in America” by Forbes. Finally, our teams earned the coveted J.D. Power Award for the highest customer satisfaction in retail banking in the Southeast. We have been awarded this recognition six of the last seven years. I want to recognize our over 2,400 employees for continuing to make good things happen for our customers and our communities every day. Lynn Harton Chairman, Chief Executive Officer and President United Community Banks, Inc. U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 20 A N N UA L R E P O R T | 5 Steve Mussman, Owner Megan Mussman, Owner “With United Community Bank , you’re in such good hands. They ’re not going to steer you in a direction that is not right for you and your company.” Megan Mussman, Owner, Dog Culture CUS TOMER SINCE ‘17 6 | U N I T E D CO M M U N I T Y B A N K S , I N C . 20 20 A N N UA L R E P O R T Christopher G. Simmons, Owner, Simmons Public Utility Site Work CUS TOMER SINCE ‘06 “I’d like to thank United Community Bank just for having a little business like me because we’re basically like scratch cornbread. United Community Bank was the eggs in our cornbread; that ’s what held it together.” “What I love about United Community Bank is that I can call, I can email, I can text and every time I get a response quickly; and it ’s really nice that I don’t have to jump through any other channels.” Dr. Shraddha Patel Kolappa, D.D.S, Clay ton Kids Dentistry CUS TOMER SINCE ‘19 “It was just nice because they knew us personally. They knew the company and most of the bankers shop with us here in Gainesville, so I think they believed in it and they wanted to see it grow.” Amanda Wilbank s, Owner, Southern Baked Pie Company CUS TOMER SINCE ‘13 U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 20 A N N UA L R E P O R T | 9 Jennifer Aulick Etheridge, P.E., MBA , President Kate Henr y, P.E., Vice President “United Community Bank has truly embraced the “Community ” in their name. UCB has made banking feel personal again by developing relationships and always being there for us as we grow and face challenges.” Jennifer Aulick Etheridge, P.E., MBA, President, Senior Engineer, Aulick Engineering CUS TOMER SINCE ‘13 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 2 0 A N N UA L R E P O R T Larry Smith, Jr., President, DRMP CUS TOMER SINCE ‘08 “Seaside is able to meet the banking needs of our 500 -person firm through a variety of products and services but is also able to offer the personal touch that can be difficult to capture from a larger bank.” Gideon Haymaker, State President, Florida Seaside Bank and Trust and Direc tor of Private Banking, United Communit y Bank Lawrence L . Smith, Jr., PE, LEED GA , DRMP Donaldson K . Bar ton, Jr., PLS, DRMP Eric Waldron, Client Advisor, Seaside Bank and Trust EXECUTIVE OFFICERS Lynn Harton Rich Bradshaw Chairman, Chief Executive Officer, President, UCBI Chairman and Chief Executive Officer, UCB Chief Banking Officer, UCBI President and Chief Banking Officer, UCB Rob Edwards Chief Risk Officer Jefferson Harralson Chief Financial Officer Melinda Davis Lux General Counsel Corporate Secretary Mark Terry Chief Information Officer 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 2 0 A N N UA L R E P O R T FINANCIAL HIGHLIGHTS ($ 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(3) Return on tangible common equity—operating(1)(2)(3) Equity to total assets Tangible common equity to tangible assets(2) 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 2020 2019 $ 501.8 $ 469.3 (80.4) 156.1 (368.0) (45.4) 164.1 5.7 (13.1) 104.7 (322.2) (53.0) 185.7 5.7 $ 169.8 $ 191.4 $ 1.91 1.98 $ 2.31 2.38 0.72 21.90 17.56 0.68 20.53 16.28 3.55 % 4.07 % 1.20 1.04 1.07 9.25 12.24 11.29 8.81 13.10 0.70 1.46 1.51 11.89 15.81 12.66 10.32 13.21 $ 11,371 $ 8,813 3,645 17,794 15,232 2,008 86,675 2,426 160 2,559 12,916 10,897 1,636 79,014 2,341 149 (1) Excludes the effect of merger-related and other non-operating charges of $7.02 million and $7.36 million, respectively, in 2020 and 2019. (2) Excludes the effect of acquisition-related intangible assets. (3) Net income less preferred dividends divided by average realized common equity, which excludes accumulated other comprehensive income. U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 20 A N N UA L R E P O R T | 13 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 $437,193 and $287,904) 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 Other assets Total assets Liabilities and Shareholders’ Equity Liabilities: Deposits: Noninterest-bearing demand Interest-bearing deposits Total deposits Long-term debt Derivative financial instruments Accrued expenses and other liabilities Total liabilities Commitments and contingencies 2020 2019 $ 148,896 1,459,723 1,608,619 3,224,721 420,361 105,433 11,370,815 (137,010) 11,233,805 218,489 201,969 47,672 38,411 86,666 381,823 226,405 $ 17,794,374 $ 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 $ 5,390,291 9,842,067 15,232,358 $ 3,477,979 7,419,265 10,897,244 326,956 29,003 198,527 15,786,844 212,664 15,516 154,900 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 Common stock, $1 par value; 150,000,000 shares authorized; 86,675,279 and 79,013,729 shares issued and outstanding, respectively Common stock issuable; 600,834 and 664,640 shares, respectively Capital surplus Retained earnings Accumulated other comprehensive income Total shareholders’ equity Total liabilities and shareholders’ equity 96,422 - 86,675 10,855 1,638,999 136,869 37,710 2,007,530 $ 17,794,374 79,014 11,491 1,496,641 40,152 8,394 1,635,692 $ 12,916,016 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 2 0 A N N UA L R E P O R T 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 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 Wealth management fees Gains from other loan sales, net Securities gains (losses), net Other Total 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 Preferred stock dividends Undistributed earnings allocated to unvested shares Net income available to common shareholders Income per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted 2020 2019 2018 $ 494,212 $ 476,039 $ 420,383 55,031 7,043 1,710 557,996 41,772 3 28 14,434 56,237 501,759 80,434 421,325 32,401 76,087 9,240 5,420 748 32,213 156,109 577,434 224,060 25,791 27,149 5,982 18,032 10,993 7,513 6,779 15,203 4,168 7,018 15,301 367,989 209,445 45,356 $ 164,089 3,533 1,287 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 - 1,375 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 - 1,184 $ 159,269 $ 184,346 $ 164,927 $ 1.91 1.91 $ 2.31 2.31 $ 2.07 2.07 83,184 83,248 79,700 79,708 79,662 79,671 U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 20 A N N UA L R E P O R T | 15 SELECTED DATA—QUARTERLY SUMMARY ($ 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 2020 $ 145.4 (2.9) 41.4 (106.5) (17.9) 59. 5 1.9 $ 61.4 $ 128.5 (21.8) 48.7 (96.0) (11.8) 47.6 2.8 $ 50.4 $ 109.3 (33.5) 40.2 (84.0) (6.9) 25.1 0.3 $ 25.4 $ 118.6 (22.2) 25.8 (81.5) (8.8) 31.9 0.6 $ 32.5 2019 Q4 $ 116.6 (3.5) 30.2 (81.4) (12.9) 49.0 (0.1) $ 48.9 Performance Measures Per common share: Diluted net income—GAAP Diluted net income—operating (1) Cash dividends declared Book value Tangible book value (2) $ 0.66 0.68 0.18 21.90 17.56 $ 0.52 0.55 0.18 21.45 17.09 $ 0.32 0.32 0.18 21.22 16.95 $ 0.40 0.41 0.18 20.80 16.52 $ 0.61 0.61 0.18 20.53 16.28 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) Asset Quality Non-performing loans Foreclosed properties Total non-performing assets (NPAs) Allowance for credit losses - loans and leases Net charge-offs 3.55 % 1.30 1.34 12.36 12.77 16.23 11.29 8.81 3.27 % 1.07 1.14 10.06 10.69 13.52 11.47 8.89 3.42 % 0.71 0.72 6.17 6.25 8.09 11.81 9.12 4.07 % 0.99 1.01 7.85 8.01 10.57 12.54 10.22 3.93 % 1.50 1.50 12.07 12.06 15.49 12.66 10.32 $ 61.6 0.6 62.2 137.0 1.5 $ 49.1 0.9 50.0 134.3 2.5 $ 48.0 0.5 48.5 103.7 6.1 $ 36.2 0.5 36.7 81.9 8.1 $ 35.3 0.5 35.8 62.1 3.9 Allowance for credit losses - loans and leases to loans Net charge-offs to average loans (3) NPAs to loans and foreclosed properties NPAs to total assets 1.20 % 0.05 0.55 0.35 1.14 % 0.09 0.42 0.29 1.02 % 0.25 0.48 0.32 0.92 % 0.37 0.41 0.28 0.70 % 0.18 0.41 0.28 At Period End Loans Investment securities Total assets Deposits Shareholders’ equity Common shares outstanding (thousands) $ 11,371 3,645 17,794 15,232 2,008 86,675 $ 11,799 3,089 17,153 14,603 1,967 86,611 $ 10,133 2,432 15,005 12,702 1,772 78,335 $ 8,935 2,540 13,086 11,035 1,641 78,284 $ 8,813 2,559 12,916 10,897 1,636 79,014 (1) Excludes merger-related and other non-operating charges. (2) Excludes the effect of acquisition-related intangible assets. (3) Annualized. (4) Net income less preferred dividends divided by average realized common equity, which excludes accumulated other comprehensive income. 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 2 0 A N N UA L R E P O R T CORPORATE INFORMATION 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 2019 2020 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 $ 31.66 $ 27.01 $ 30.88 363,152 $ 31.02 $ 15.71 $ 18.31 24.35 20.60 28.94 14.95 15.73 16.69 20.12 16.93 28.44 484,505 555,836 581,462 440,414 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. common stock (Ticker: UCBI) and preferred stock (Ticker: UCBIO) are 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. Disclaimer This statement has not been reviewed, or confirmed for accuracy or relevance, by the Federal Deposit Insurance Corporation. 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. James P. Clements, Ph.D. President Clemson University 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 President 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 President 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 U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 20 A N N UA L R E P O R T | 17 1 8 | U N I T E D CO M M U N I T Y B A N K S , I N C . 2 0 2 0 A N N UA L R E P O R T 

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