2024
Annual Report
1 | UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT
UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT | 2
“
Table of Contents
Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Executive Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Consolidated Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . 10
Consolidated Statements of Income. . . . . . . . . . . . . . . . . 11
Selected Data—Quarterly Summary. . . . . . . . . . . . . . . . 12
Corporate Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Like many community banks, United
Community had humble beginnings. But
through hard work and customer loyalty, we
have grown into a bank that not only has strong
financial performance but is also a place our
customers love and our communities trust.
With a presidential election and regulatory
changes, 2024 was a year of uncertainty
for the banking industry, but United stayed
focused on our goals—to deliver exceptional
customer service, be a great place for great
people to work, and provide solid returns for
our shareholders. Our strategies are relatively
simple: we believe customers want advice and
responsiveness from local bankers who put their
customers’ needs first. If we deliver this—people
over process, brains over bureaucracy—we
believe we will be successful.
...we believe
customers want
advice and
responsiveness
from local
bankers who put
their customers’
needs first.
One of our notable accomplishments in 2024
was receiving our tenth J.D. Power award
for being #1 in Customer Satisfaction in the
Southeast and, this year, #1 in trust. A couple
years ago, we asked J.D. Power representatives
how many wins it would take for them to
consider a bank ‘legendary’. They said ten. So,
this award marked a significant milestone that
we are extremely proud of—and we won’t
stop there! Along with winning J.D. Power, we
also picked up our eighth consecutive award
from American Banker as one of the Best Banks
to Work For—one of only two banks with an
asset size greater than $10 billion to make
the list eight years in a row—and we received
15 Greenwich Awards for excellence in small
business and middle-market banking.
We added a new outstanding director to an
already strong and experienced Board of
Directors. Sally Pope Davis is one of the most
well-respected bank investors in the industry,
and we are thankful to have her voice to help
guide United as we move forward. Internally,
we also added a new treasurer, auditor, and
additional bench strength across the bank with
key new hires and strategic reorganization.
3 | UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT
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and we are excited to add American National
Bank in Ft. Lauderdale to our team in 2025,
allowing us to expand even further in the South
Florida market.
During 2024, building on the talent and
strengths from several of our acquisitions—
notably Seaside National Bank and Trust
and First National Bank of South Miami—we
introduced United Community Wealth, a
comprehensive wealth management division
focused on high-touch, value-added financial
planning for our customers.
We believe that 2025 has the potential for
strong growth. Business clients in our markets
are optimistic, population growth in our
markets is strong, and we believe regulatory
conditions will support more freedom and
growth for us and our clients.
After a challenging year in 2023 for all banks,
our financial performance improved, with a
9% increase in operating EPS, an operating
ROA back above 1%, and an operating return
on tangible equity of 11.4%. We have strong
capital, ample liquidity, and great momentum
as we enter 2025, and we plan on continuing
to improve our performance during the year
as we strive to move back into top-quartile
performance relative to our peers. We have an
exceptional team and are proud of what we
have accomplished together.
While our day-to-day focus is on building our
business and delivering great returns for you,
our owners, we also are mindful of unexpected
events that affect us and our communities.
This past fall, our teams and our customers in
Western North Carolina were devastated by
Hurricane Helene, but the resilience of that
community was astonishing. Our teammates
left their own damaged homes and properties
to help their neighbors. Other team members
from across the footprint went to volunteer for
clean-up, food preparation, and other support.
The United Community Bank Foundation was
proud to donate $350,000 to organizations in
The outline of our desired Southeastern
footprint is complete, and our focus is now
on strengthening our presence and brand
awareness in these markets, both
organically and through continued
small acquisitions. Our recent
merger with First National Bank
of South Miami is going very well,
“
We have an
exceptional
team and
are proud of
what we have
accomplished
together.
5 | UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT
the area – our largest single donation to date.
Although the recovery process will be a long
one, our United teams will continue to help
rebuild our communities for as long as it takes.
We hope these stories make you proud. While
United has grown tremendously from the bank
that opened for farmers in Blairsville, GA in 1950,
our commitment to our community has stayed
the same, and our dedication to exceptional
customer service continues to drive us.
In closing, I would like to say thank you to a
longtime Board member who will be retiring
in 2025. David Shaver has served United since
2016 and has brought a wealth of knowledge
and experience that has guided us well over the
years. We are grateful for all he has done for us
and wish him well in his next chapter.
We feel great momentum going into 2025.
Our teams are motivated and thriving. Our
leadership is strong and focused. We look
forward to a successful 2025 and celebrating
our 75th anniversary—along with all the things
that make United great.
Thank you!
H. Lynn Harton
Chairman and CEO
United Community
UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT | 6
“
While United has grown tremendously
from the bank that opened for
farmers in Blairsville, GA in 1950, our
commitment to our community has
stayed the same, and our dedication to
exceptional customer service continues
to drive us.
7 | UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT
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Richard W. Bradshaw
President and Chief
Banking Officer
H. Lynn Harton
Chairman and Chief
Executive Officer
Robert A. Edwards
Chief Risk Officer
Jefferson Harralson
Chief Financial Officer
Holly Berry
Chief Human Resources
Officer
Melinda Davis Lux
Chief Administrative Officer,
General Counsel and
Corporate Secretary
Abraham A. Cox
Chief Consumer and
Small Business Banking
Officer
Mark Terry
Chief Information Officer
Executive
Leadership
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Financial Highlights
Consolidated Balance Sheets
(1) Excludes the effect of merger-related and other non-operating charges of $40.3 million and $88.9 million, respectively, in 2024 and 2023.
(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).
2024
2023
Earnings Summary
Net interest revenue
$ 827.4
$ 817.7
Provision for credit losses
(51.0)
(89.4)
Noninterest income
124.8
75.5
Noninterest expense
(578.2)
(571.3)
Income tax expense
(70.6)
(45.0)
Net income - GAAP
252.4
187.5
Merger-related and non-operating charges, net of tax benefit
31.6
67.4
Net income - operating (1)
$ 284.0
$ 254.9
Pre-tax pre-provision income (2)
$ 374.0
$ 322.0
Per Common Share
Diluted earnings - GAAP
$ 2.04
$ 1.54
Diluted earnings - operating (1)
2.30
2.11
Cash dividends declared
0.94
0.92
Book value
27.87
26.52
Tangible book value (3)
20.00
18.39
Performance Measures
Net interest margin
3.29 %
3.35 %
Allowance for loan losses to loans
1.14
1.14
Return on assets - GAAP
0.90
0.68
Return on assets - operating (1)
1.02
0.94
Return on common equity - GAAP (4)
7.07
5.34
Return on tangible common equity - operating (1)(3)(4)
11.42
10.63
Equity to total assets
12.38
11.95
Tangible common equity to tangible assets (3)
8.97
8.36
Tier I risk-based capital ratio
13.72
12.60
As of Year-End
Loans
$ 18,176
$ 18,319
Investment securities
6,804
5,822
Total assets
27,720
27,297
Deposits
23,461
23,311
Shareholders' equity
3,432
3,262
Common shares outstanding (thousands)
119,364
119,010
Employees
3,003
3,151
Banking offices
199
207
($ in millions, except per share data)
($ in thousands, except per share data)
2024
2023
Assets
Cash and due from banks
$ 296,161
$ 200,781
Interest-bearing deposits in banks
223,712
803,094
Cash and cash equivalents
519,873
1,003,875
Debt securities available-for-sale
4,436,291
3,331,084
Debt securities held-to-maturity (fair value $1,944,126 and $2,095,620)
2,368,107
2,490,848
Loans held for sale, at fair value
57,534
33,008
Loans, net of unearned income
18,175,980
18,318,755
Less allowance for credit losses - loans and leases
(206,998)
(208,071)
Loans, net
17,968,982
18,110,684
Premises and equipment, net
394,264
378,421
Bank owned life insurance
346,234
345,371
Accrued interest receivable
85,616
87,782
Net deferred tax asset
96,982
113,214
Derivative financial instruments
46,883
50,352
Goodwill and other intangible assets, net
956,643
990,087
Other assets
442,849
362,525
Total assets
$ 27,720,258
$ 27,297,251
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand
$ 6,211,182
$ 6,534,307
Interest-bearing deposits
17,249,793
16,776,304
Total deposits
23,460,975
23,310,611
Short-term borrowings
195,000
-
Long-term debt
254,152
324,823
Derivative financial instruments
77,834
84,811
Accrued expenses and other liabilities
300,170
315,481
Total liabilities
24,288,131
24,035,726
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $1 par value; 10,000,000 shares authorized; 3,662 shares Series I
issued and outstanding, $25,000 per share liquidation preference
88,266
88,266
Common stock, $1 par value; 200,000,000 shares authorized;
119,364,110 and 119,010,319 shares issued and outstanding, respectively
119,364
119,010
Common stock issuable; 600,168 and 620,108 shares, respectively
12,999
13,110
Capital surplus
2,710,279
2,699,112
Retained earnings
714,138
581,219
Accumulated other comprehensive loss
(212,919)
(239,192)
Total shareholders’ equity
3,432,127
3,261,525
Total liabilities and shareholders’ equity
$ 27,720,258
$ 27,297,251
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Consolidated Statements of Income
Selected Data - Quarterly Summary
2024
2023
2022
Interest Revenue
Loans, including fees
$ 1,147,477
$ 1,042,605
$ 673,402
Investment securities:
Taxable
199,789
162,505
121,501
Tax exempt
6,834
7,295
10,323
Deposits in banks and short-term investments
23,641
24,702
7,929
Total interest revenue
1,377,741
1,237,107
813,155
Interest Expense
Deposits
535,519
395,574
42,099
Short-term borrowings
131
3,195
507
Federal Home Loan Bank advances
-
5,761
1,424
Long-term debt
14,723
14,812
16,768
Total interest expense
550,373
419,342
60,798
Net interest revenue
827,368
817,765
752,357
Provision for credit losses
50,951
89,430
63,913
Net interest revenue after provision for credit losses
776,417
728,335
688,444
Noninterest Income
Service charges and fees
40,994
38,412
38,163
Mortgage loan gains and other related fees
27,567
19,220
32,524
Brokerage and wealth management fees
23,695
23,740
23,594
Net (losses) gains from other loan sales
(21,284)
9,146
10,730
Other lending and loan servicing fees
14, 396
13,973
10,005
Securities losses, net
(3,316)
(53,333)
(3,872)
Other
42,704
24,325
26,563
Total noninterest income
124,756
75,483
137,707
Total revenue
901,173
803,818
826,151
Noninterest Expenses
Salaries and employee benefits
340,043
318,464
276,205
Occupancy
44,306
42,640
36,247
Communications and equipment
49,249
43,264
38,234
Professional fees
24,732
26,732
20,166
Lending and loan servicing expense
8,379
9,722
9,350
Outside services - electronic banking
13,703
11,577
12,583
Postage, printing and supplies
9,867
9,467
8,749
Advertising and public relations
8,546
9,473
8,384
FDIC assessments and other regulatory charges
20,978
27,449
9,894
Amortization of intangibles
14,596
15,175
6,826
Merger-related and other charges
8,623
27,210
19,375
Other
35,145
30,100
24,136
Total noninterest expenses
578,167
571,273
470,149
Income before income taxes
323,006
232,545
356,002
Income tax expense
70,609
45,001
78,530
Net income
$ 252,397
$ 187,544
$ 277,472
Preferred stock dividends, net of discount on repurchases
6,293
5,665
6,875
Undistributed earnings allocated to unvested shares
1,478
1,032
1,462
Net income available to common shareholders
$ 244,626
$ 180,847
$ 269,135
Income per common share:
Basic
$ 2.04
$ 1.54
$ 2.52
Diluted
2.04
1.54
2.52
Weighted average common shares outstanding:
Basic
119,783
117,603
106,661
Diluted
119,900
117,745
106,778
($ in thousands, except per share data)
($ in millions, except per share data)
2024
2023
Q4
Q3
Q2
Q1
Q4
Earnings Summary
Net interest revenue
$ 210.3
$ 209.2
$ 208.7
$ 199.1
$ 203.5
Provision for credit losses
(11.3)
(14.4)
(12.3)
(12.9)
(14.6)
Noninterest income
40.5
8.1
36.6
39.6
(23.1)
Noninterest expense
(143.1)
(143.1)
(147.0)
(145.0)
(154.6)
Income tax (expense) benefit
(20.6)
(12.4)
(19.4)
(18.2)
2.9
Net income - GAAP
75.8
47.4
66.6
62.6
14.1
Merger-related and non-operating charges, net of tax benefit
1.7
23.1
5.1
1.7
50.7
Net income - operating (1)
$ 77.5
$ 70.5
$ 71.7
$ 64.3
$ 64.8
Pre-tax pre-provision income (5)
$ 107.8
$ 74.2
$ 98.2
$ 93.7
$ 25.8
Performance Measures
Per common share:
Diluted net income - GAAP
$ 0.61
$ 0.38
$ 0.54
$ 0.51
$ 0.11
Diluted net income - operating (1)
0.63
0.57
0.58
0.52
0.53
Cash dividends declared
0.24
0.24
0.23
0.23
0.23
Book value
27.87
27.68
27.18
26.83
26.52
Tangible book value (2)
20.00
19.66
19.13
18.71
18.39
Key performance ratios:
Net interest margin (fully taxable equivalent) (3)
3.26 %
3.33 %
3.37 %
3.20 %
3.19 %
Return on assets - GAAP (3)
1.06
0.67
0.97
0.90
0.18
Return on assets - operating (1)(3)
1.08
1.01
1.04
0.93
0.92
Return on common equity - GAAP (3)(4)
8.40
5.20
7.53
7.14
1.44
Return on common equity - operating (1)(3)(4)
8.60
7.82
8.12
7.34
7.27
Return on tangible common equity - operating (1)(2)(3)(4)
12.12
11.17
11.68
10.68
10.58
Equity to total assets
12.38
12.45
12.35
12.06
11.95
Tangible common equity to tangible assets (2)
8.97
8.93
8.78
8.49
8.36
Asset Quality
Non-performing assets (NPAs)
$ 115.6
$ 115.0
$ 116.7
$ 107.2
$ 92.9
Allowance for credit losses - loans and leases
207.0
205.3
213.0
210.9
208.1
Allowance for credit losses - total
217.4
215.5
224.7
224.1
224.1
Net charge-offs
9.5
23.7
11.6
12.9
10.1
Allowance for credit losses - loans and leases to loans
1.14 %
1.14 %
1.17 %
1.15 %
1.14 %
Net charge-offs to average loans (3)
0.21
0.52
0.26
0.28
0.22
NPAs to total assets
0.42
0.42
0.43
0.39
0.34
At Period End
Loans
$ 18,176
$ 17,964
$ 18,211
$ 18,375
$ 18,319
Investment securities
6,804
6,425
6,038
5,859
5,822
Total assets
27,720
27,373
27,057
27,365
27,297
Deposits
23,461
23,253
22,982
23,332
23,311
Shareholders’ equity
3,432
3,407
3,343
3,300
3,262
Common shares outstanding (thousands)
119,364
119,283
119,175
119,137
119,010
(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.
13 | UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT
UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT | 14
Corporate Information
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
High
Low
Close
Avg Daily
Volume
2023
4th
$ 30.75 $ 21.63 $ 29.26
642,068
2024
1st
$ 29.95 $ 24.57 $ 26.32
653,977
2nd
27.33
24.04
25.46
515,879
3rd
31.96
24.36
29.08
556,164
4th
35.38
26.00
32.31
636,931
Stock Price
BOARD OF DIRECTORS
EXECUTIVE OFFICERS
H. Lynn Harton
Chairman and Chief Executive
Officer
Richard W. Bradshaw
President and Chief Banking
Officer
Jefferson L. Harralson
Chief Financial Officer
Holly Berry
Chief Human Resources
Officer
Abraham A. Cox
Chief Consumer and Small
Business Banking Officer
Melinda Davis Lux
Chief Administrative Officer,
General Counsel and
Corporate Secretary
Robert A. Edwards
Chief Risk Officer
Mark Terry
Chief Information Officer
Thomas A. Richlovsky
Lead Director,
Retired Chief Financial Officer
and Treasurer
National City Corporation
Jennifer M. Bazante
Former Chief Marketing
Officer
Humana
George B. Bell
Former Executive Vice
President and Software
Engineer Group Head II
Truist Financial Corporation
James P. Clements, Ph.D.
President
Clemson University
Kenneth L. Daniels
Former Chief Credit
Risk and Policy Officer,
Sr. Risk Advisor
BB&T
Sally Pope Davis
Former Managing Director
Goldman Sachs Asset
Management
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.
Financial Information
Analysts and investors seeking financial information should contact:
Jefferson L. Harralson
Chief Financial Officer
864-240-6208
jefferson_harralson@ucbi.com
Lance F. Drummond
Former Executive Vice
President of Operations and
Technology
TD Canada Trust
H. Lynn Harton
Chairman, President, and
Chief Executive Officer
United Community Banks, Inc.
John M. James
Former SVP, Corporate
Controller Executive
Bank of America
Jennifer K. Mann
Executive Vice President
of Human Resources
SAS
David C. Shaver
Chief Executive Officer
Cost Segregation Advisors, LLC
Tim R. Wallis
Former President
Wallis Printing Company
David H. Wilkins
Partner
Nelson, Mullins, Riley &
Scarborough, LLP
15 | UNITED COMMUNITY BANKS, INC. 2024 ANNUAL REPORT