United Community Banks
Annual Report 2021

Plain-text annual report

2021 Annual Repor t Table O f Contents Letter to Shareholders .......................... 3 United Community Bank Foundation . ...10 Sharing the Good ................................12 Client Stories ......................................14 Executive Officers ...............................18 Financial Statements ...........................20 Financial Highlights................................... 20 Consolidated Balance Sheets .................... 21 Consolidated Statements of Income ......... 22 Selected Data—Quarterly Summary ......... 23 Corporate Information .........................24 Blairsville, Georgia 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 | 1 To our United communit y: At United, we are focused on building what we call a “Legendary Bank”—a bank that not only has financial strength and strong performance, but also one that employees believe in, customers love, and our communities value. It’s not easy to do. We offer multiple products, in different geographies, to many types of customers. We have many competitors, some larger and some smaller. But we are successful in large part because we are passionate about what we do and enjoy working and winning together as a team. As we describe our values, team comes first, because there is nothing that we deliver to a customer that doesn’t require multiple teammates, from different areas of the bank, to collaborate and work together. Then, trust and truth: to win, we have to trust each other and be comfortable telling each other the truth. We sum up our values by striving to live out what we call the Golden Rule of Banking—treating each other and our customers the way we would like to be treated. There is no single secret to creating this environment. It is often the small things, performed consistently and with purpose. We focus on internal recognition with our U-Rock program, our Chairman’s Circle Culture Awards, and local and regional success celebrations. Communication is key, including market visits, all-employee video meetings, and consistent CEO communication to the entire team. Leadership training also plays a part, whether in our annual Spring Leadership Conference, our Leadership Academy, or our Operational Excellence Program. One of our most impactful actions has been our regular all- employee survey, where we listen and then take steps to improve how we work together. These are some of the reasons the United culture is continually recognized as a Great Place to Work, and we were excited in 2021 to once again be recognized by American Banker for this honor. Falls Park in Greenville, South Carolina Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 3 Culture is also a large part of how we evaluate acquisition opportunities. Our overall acquisition strategy is to move into high-quality growth markets via traditional bank M&A and to add expanded product sets to the company via non-traditional M&A. In both cases, we prioritize the compatibility of the cultures. We have preferred smaller bank transactions, as they tend to share our passion for customer service and employee experience. Like us, they also have a geographic delivery and management structure, which allows us to retain more of the acquired leadership. We believe in growing what we buy, and we have a par ticular focus on credit culture in acquisitions. By this, we mean more than just loss rates or inherent risk, but the real question of whether we are similar at our core. We ask ourselves, “Do we share an approach to customer selection, underwriting, and product mix so that we can grow together?” In 2021, we were fortunate to have found two great banks in great markets, Aquesta in Charlotte and Reliant in Nashville, which we will be able to grow with for many years to come. We were also fortunate to partner with FinTrust Capital Advisors, a wealth management firm based in Greenville, SC, and Athens, GA. Together with Seaside Wealth Management, a strong wealth advisor platform we acquired as part of Seaside Bank and Trust in Orlando, Florida, and our existing United Community Advisory Services, we believe we can craft a strategy to provide additional financial planning and advisory services throughout our footprint. Lake Norman in Charlotte, North Carolina financial companies While we expect to remain active in finding great banks and in Southeastern growth markets, we also know that traditional bank M&A has a limited time horizon. As time passes, there are simply fewer and fewer potential targets of the quality we desire in markets we believe are important to our future. That is why we have always invested, and continue to invest in, organic growth. lift-outs, our addition of new Our banker specialty lending focus areas, our select new branches, and our in digital delivery and marketing have all been successful in driving organic growth. investments invest We also are keenly aware of the need to continue to in technology. During 2021, we expanded our use of e-signatures in our lending processes, strengthened our Cybersecurity program, expanded our use of Cloud Computing, and created an Innovation Team focused on improving both customer and banker experience. We invested in three fintech funds and are active in conversations with the companies represented in those funds. We believe this will help us to see new concepts and technology tools as they’re developed and brought to market. Dix’s Park in Raleigh, North Carolina Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 7 Centennial Park in Nashville, Tennessee But our real secret to success has been our commitment to customer service. United was founded on customer service more than 70 years ago, and we have maintained a commitment to gathering customer feedback and building that feedback into our training and recognition programs. We continue to be recognized by Greenwich and CSP as a service leader. In 2021, J.D. Power once again named us #1 in customer satisfaction in the Southeast and awarded us the second-highest Net Promoter Score in the nation among the top 100 publicly traded banks. That is the story of United, and 2021 was an exceptional year. In the face of COVID, competition, and managing significant growth, our teams delivered record EPS ($2.97 on a GAAP basis; $3.09 on an operating basis), a Return on Assets of 1.37%, and a Return on Tangible Common Equity of 17.3%. We believe these performance ratios place us in the top 25% of our peers, which is our long-term goal. Looking forward, we know that 2022 brings both opportunities and challenges. Increasing rates will likely increase our margin and earnings but will also bring some risk of economic slow-down and increasing credit costs. Expense pressures from continuing technology investments and inflationary pressures on wages will challenge us to work harder to continue to drive positive operating leverage, another one of our goals. Regardless of what the environment might bring, we are excited about the future and our journey to build a Legendary Bank. We believe the passion of our people, the strength of our markets, and the strength of our credit culture will enable us to have strong, high- quality loan growth and remain a top-quartile performer through cycles. Our momentum, earnings strength, and, most importantly, the quality of our leadership team throughout the bank makes us believe that the best part of our story is still to come. Lynn Harton Chairman, Chief Executive Officer, and President United Community Banks, Inc. 8 | United Communit y Banks, I nc. 202 1 Annual R epor t Piedmont Park in Atlanta, Georgia United Communit y Bank Foundation We cannot tell our story without talking about our commitment to our communities. Community is our middle name, and that’s more than just a motto. We take pride in our efforts to strengthen our neighborhoods and improve the economies where we live. 2021 marked the one-year anniversary of the creation of the United Community Bank Foundation. Our efforts now stretch across five states, thousands of employees, and hundreds of communities. Through the foundation, we support programs that fall under four key areas that align with our interests, contributions, and employees’ volunteer efforts: Economic Empowerment, Artistic Expression, Housing Strategies, and Youth Development. To date, we’ve donated close to $300,000 to more than 100 organizations and non-profits. We also are celebrating the first anniversary of our Together for Good Council, a team of ambassadors that leads our volunteer and charity efforts. The Power of U Diversity and Inclusion Council also marked its inaugural year helping us to be mindful and proud of our differences and doing work to make United a place where everyone feels welcome. We are always looking for ways to come together for good. We don’t want that to just be our creed—we want it to be our conviction. We know that as individuals we are capable and strong, but together, we are even better. Savannah, Georgia 10 | United Communit y Banks, I nc. 2 0 21 Annual R e por t Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 11 Boys and Girls Clubs In 2021, United Community Bank made its largest acquisition to date. We grew our footprint by adding Reliant Bank, an organization with a culture we found to be similar to ours. The employees in the Middle Tennessee area were out in their communities, volunteering their time, making their hometowns stronger, and gaining a sense of pride in who they were and who they worked for. Those values mirrored United’s, and as the merger closed, the United Community Bank Foundation sought out an opportunity to give back in a way that would reflect the combination of the similar cultures. Employees at Reliant were already associated with Boys and Girls Clubs in the area, like longtime Reliant employee John Wilson, who served on his local Boys and Girls Clubs board. As the merger closed, the United Community Bank Foundation gave a $25,000 donation to the Boys and Girls Clubs of Middle Tennessee. “It shows that we’re going to keep building on something that we’ve worked hard for. It shows that United is committed to making sure our community and our boys and girls are getting the best support from all of us,” Wilson said. The funding from United helped facilitate programs like Industry Clubs, which are intense eight-week job shadowing programs, where their teens follow a career professional around, learning about industry, hard work, and future careers. United Community Bank Chairman and CEO Lynn Harton said, “Our people are what make us strong. We added a group of incredible people with huge hearts and a mindset that they want to make where they live better. We just wanted to be a part of that.” 12 | United Communit y Banks, I nc. 2 0 21 Annual R e por t Boys and Girls Clubs of Middle Tennessee United Community Bank President and CBO, Rich Bradshaw, and Client Advisor, Steve Altier, touring the Tervis Factory. Ter vis Tumbler As American as apple pie, the Tervis Tumbler has become a classic in cupboards across the country. But there was a time during 2020 when the famous tumbler-maker nearly took a tumble. During the heart of the pandemic, the family-owned Tervis had to shut down its manufacturing facility in Venice, FL for a month—a blow to any business. That’s when Steve Altier came into the picture. Steve, a Client Advisor for Seaside Bank and Trust, had fostered a relationship with the company’s leaders for years. In the past, however, Seaside lacked the resources to support the robust needs of a company like Tervis. When Seaside was acquired by United Community Bank, it was just around the time that Tervis needed some help. “The timing was right,” Steve said, “and I made my move. We were able to come in, provide the right funds, and get them back on their feet.” Steve’s years of relationship-building and perseverance paid off. Tervis leaders were happy to have a name they knew and trusted supporting them during a challenging time. More than 70 years after opening their doors, Tervis Tumbler is still stacking up against the competition, and they still guarantee that their cups will last a lifetime. Steve hopes, with help from United Community Bank, they can keep that promise for generations to come. From Left to Right: Chris Willman, CRE Lending Specialist; Rogan Donnelly, President & CEO of Tervis; Rich Bradshaw, President and CBO; Hosana Fieber, CFO/COO of Tervis; and Steve Altier, Client Advisor 14 | United Communit y Banks, I nc. 2 021 Annual R e por t Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 1 5 Paycheck Protec tion Program Two years ago, on a Monday morning in March, Dr. Tim Hughes went into work at his orthodontist office in Greenville, SC. Tuesday he was told he had to shut down. He was supposed to be closed for two weeks so that the spread of COVID-19 could be slowed. It would be two months before he opened back up again. Dr. Hughes first started his practice back in 1988 and worked hard to grow and expand the business. Over the years, he established a strong presence in his community. “Every day, I see patients I used to treat bringing in their own kids,” Hughes said. His patients, and his close-knit staff, were at the front of his mind when he was told he had to temporarily close. Hughes kept paying his employees, even though he was the only one in the office, answering the phones and tending to emergency-only patient needs. “It was a frightening time as a business owner. At first, it was two weeks, then two more weeks, and after that, I thought ‘this is getting serious,’” Hughes said. That’s when Rich Bradshaw, President and Chief Banking Officer of United Community Bank, entered the picture. When Bradshaw learned about Dr. Hughes’ situation, he helped secure a Paycheck Protection Program loan to help with the mounting bills. “Rich and the team worked late at night—and then they’d be back early in the morning, helping businesses survive this,” Hughes said. Dr. Timothy E. Hughes, DMD Dr. Hughes’ office in Greenville, SC Bradshaw says it was a part of the bank’s responsibility during that time, and one he’s proud of. “United as a whole did more than 20,000 PPP loans for a total of $1.8 billion. Nearly 99% of those are in forgiveness status. Our team worked around the clock because we knew that people in our communities were hurting – and this was how we could help,” said Bradshaw. The Paycheck Protection Program, which supplied small businesses with forgivable loans to pay their employees during the pandemic, ended in 2021, but the stories, like Dr. Tim Hughes’, continue to be told. Dr. Hughes says they need to be. Thanks to the loans, he never missed a paycheck for his staff. He was so grateful for the hard work and dedication from the United team that he left his former bank to become a United customer. “They were awesome then,” he said of his United bankers, “and they have been since.” 16 | United Communit y Banks, I nc. 2 021 Annual R e por t Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 1 7 E xecutive O f f icers Lynn Harton Chairman, Chief Executive Officer, President, UCBI Chairman and Chief Executive Officer, UCB Rich Bradshaw Chief Banking Officer, UCBI President and Chief Banking Officer, UCB Rob Edwards Chief Risk Officer Melinda Davis Lux General Counsel Corporate Secretary Holly Berry Chief Human Resources Officer Jefferson Harralson Chief Financial Officer Mark Terry Chief Information Officer 18 | United Communit y Banks, I nc. 2 0 21 Annual R e por t Kraft Azalea Garden in Winter Park, Florida Financial Highlight s Consolidated Balance Sheets ($ 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—operating1 Pre-tax pre-provision income2 Per Common Share Diluted earnings—GAAP Diluted earnings—operating1 Cash dividends declared Book value Tangible book value3 Performance Measures Net interest margin Allowance for loan losses to loans Return on assets—GAAP Return on assets—operating1 Return on common equity—GAAP4 Return on tangible common equity—operating1, 3, 4 Equity to total assets Total common equity to tangible assets3 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 2021 2020 $ 549.0 $ 501.8 37.6 157.8 (396.6) (78.0) 269.8 10.8 (80.4) 156.1 (368.0) (45.4) 164.1 5.7 $ 280.6 $ 169.8 $ 310.2 $ 290.0 $ 2.97 3.09 $ 1.91 1.98 0.78 23.63 18.42 0.72 21.90 17.56 3.07 % 3.55 % 0.87 1.37 1.42 13.14 17.33 10.61 8.09 13.17 1.20 1.04 1.07 9.25 12.24 11.29 8.81 13.10 $ 11,760 $ 11,371 5,653 20,947 18,241 2,222 89,350 2,583 171 3,645 17,794 15,232 2,008 86,675 2,426 160 1 Excludes the effect of merger-related and other non-operating charges of $14.0 million and $7.02 million, respectively, in 2021 and 2020. 2 Excludes income taxes and provision for credit losses. 3 Excludes the effect of acquisition-related intangible assets. 4 Net income less preferred dividends divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (in thousands, except per share data) Assets Cash and due from banks Interest-bearing deposits in banks Federal funds and other short-term investments Cash and cash equivalents Debt securities available-for-sale Debt securities held-to-maturity (fair value $1,148,804 and $437,193) 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 Long-term debt Derivative financial instruments Accrued expenses and other liabilities Total liabilities Commitments and contingencies 2021 2020 $ 144,244 $ 148,896 2,147,266 27,000 2,318,510 4,496,824 1,156,098 44,109 11,760,346 (102,532) 11,657,814 245,296 217,713 42,999 41,322 42,480 472,407 211,199 $ 20,946,771 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 $ 6,956,981 11,284,198 18,241,179 $ 5,390,291 9,842,067 15,232,358 247,360 25,145 210,842 18,724,526 326,956 29,003 198,527 15,786,844 Shareholders’ equity: Preferred stock, $1 par value; 10,000,000 shares authorized; Series I, $25,000 per share liquidation preference; 4,000 shares issued and outstanding, respectively Common stock, $1 par value; 200,000,000 and 150,000,000 shares authorized; 89,349,826 and 86,675,279 shares issued and outstanding, respectively Common stock issuable; 595,705 and 600,834 shares, respectively Capital surplus Retained earnings Accumulated other comprehensive (loss) income Total shareholders’ equity Total liabilities and shareholders’ equity $ 96,422 $ 96,422 89,350 11,288 1,721,007 330,654 (26,476) 2,222,245 $ 20,946,771 86,675 10,855 1,638,999 136,869 37,710 2,007,530 $ 17,794,374 20 | United Communit y Banks, I nc. 2 021 Annual R e por t Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 2 1 Consolidated Statement s of Income Selec ted Data — Quar terly Summar y (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 and 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 2021 2020 2019 $ 505,734 $ 494,212 $ 476,039 61,994 8,978 2,088 578,794 14,845 - 3 14,912 29,760 549,034 (37,550) 586,584 33,868 58,446 18,998 11,267 83 35,156 157,818 744,402 241,443 28,619 29,829 7,398 20,589 10,859 9,481 7,110 5,910 4,045 13,970 17,386 396,639 347,763 77,962 $ 269,801 6,875 1,657 $ 261,269 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 $ 159,269 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 $ 184,346 $ 2.97 2.97 $ 1.91 1.91 $ 2.31 2.31 87,940 88,097 83,184 83,248 79,700 79,708 ($ 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—operating1 Q4 Q3 Q2 Q1 2021 $ 137.6 0 .6 37.2 (109.2) (14.2) 52.0 7.7 $ 59.7 $ 141.0 11.0 40.1 (96.7) (21.6) 73.8 1.1 $ 74.9 $ 138.4 13.6 35.8 (95.5) (22.0) 70.3 0.8 $ 71.1 $ 132.1 12.3 44.7 (95.2) (20.2) 73.7 1.2 $ 74.9 2020 Q4 $ 145.4 (2.9) 41.4 (106.5) (17.9) 59. 5 1.9 61.4 $ Pre-tax pre-provision income5 $ 65.6 $ 84.4 $ 78.7 $ 81.6 $ 80.3 Performance Measures Per common share: Diluted net income—GAAP Diluted net income—operating1 Cash dividends declared Book value Tangible book value2 Key performance ratios: Net interest margin3 Return on assets —GAAP3 Return on assets—operating1, 3 Return on common equity—GAAP3, 4 Return on common equity—operating1, 3, 4 Return on tangible common equity—operating1, 2, 3, 4 Equity to total assets Tangible common equity to tangible assets2 Asset Quality Non-performing loans Foreclosed properties Total non-performing assets (NPAs) Allowance for credit losses - loans and leases Net charge-offs $ 0.55 0.64 0.20 23.63 18.42 $ 0.82 0.83 0.20 23.25 18.68 $ 0.78 0.79 0.19 22.81 18.49 $ 0.82 0.83 0.19 22.15 17.83 $ 0.66 0.68 0.18 21.90 17.56 2.81 % 0.96 1.10 9.32 10.74 13.93 10.61 8.09 3.12 % 1.48 1.50 14.26 14.48 18.23 10.89 8.53 3.19 % 1.46 1.48 14.08 14.25 17.81 11.04 8.71 3.22 % 1.62 1.65 15.37 15.63 19.68 10.95 8.57 3.55 % 1.30 1.34 12.36 12.77 16.23 11.29 8.81 $ 32.8 - 32.8 102.5 113.5 $ 44.9 0.4 45.3 99.6 110.9 $ 46.1 0.2 46.3 111.6 122.5 $ 55.9 0.6 56.5 126.9 135.6 $ 61.6 0.6 62.2 137.0 1.5 Allowance for credit losses - loans and leases to loans Net charge-offs to average loans3 NPAs to loans and foreclosed properties NPAs to total assets 0.87 % 0.01 0.28 0.16 0.89 % 0.02 0.41 0.23 0.98 % (0.02) 0.41 0.25 1.09 % (0.01) 0.48 0.30 1.20 % 0.05 0.55 0.35 At Period End Loans Investment securities Total assets Deposits Shareholders’ equity Common shares outstanding (thousands) $ 11,760 5,653 20,947 18,241 2,222 89,350 $ 11,191 5,335 19,481 16,865 2,122 86,559 $ 11,391 4,928 18,896 16,328 2,086 86,665 $ 11,679 4,332 18,557 15,993 2,031 86,777 $ 11,371 3,645 17,794 15,232 2,008 86,675 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 loss. 5 Excludes income taxes and provision for credit losses. 22 | United Communit y Banks, I nc. 2 021 Annual R e por t Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 2 3 Corp orate 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 2020 2021 High Low Close Average Daily Volume $ 28.94 $ 16.69 $ 28.44 440,414 $ 36.67 $ 26.97 $ 34.12 35.53 33.35 37.24 31.18 27.62 31.85 32.01 32.82 35.94 475,944 379,238 425,858 544,805 4th 1st 2nd 3rd 4th 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. 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 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 Jennifer M. Bazante Chief Marketing Officer Humana Robert H. Blalock Former Chief Executive Officer Blalock Insurance Agency, Inc. James P. Clements, Ph.D. President Clemson 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 Executive Officers H. Lynn Harton Chairman Chief Executive Officer President Richard W. Bradshaw Chief Banking Officer Holly Berry Chief Human Resources Officer Robert A. Edwards Chief Risk Officer Jefferson L. Harralson Chief Financial Officer Melinda Davis Lux General Counsel and Corporate Secretary Mark Terry Chief Information Officer Charleston, South Carolina Uni ted Com muni t y Ba nk s, I nc. 20 21 Annu al R e por t | 2 5 

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