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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ___________ to ___________

Commission file number 001-35095

UNITED COMMUNITY BANKS, INC.

(Exact name of registrant as specified in its charter)

Georgia						58-1807304
(State of incorporation)						(I.R.S. Employer Identification No.)

200 East Camperdown Way
Greenville, South Carolina						29601
(Address of principal executive offices)						(Zip code)

(800) 822-2651

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common stock, par value $1 per share			UCB			New York Stock Exchange
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock			UCB PRI			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

There were 121,499,282 shares of the registrant’s common stock, par value $1 per share, outstanding as of May 1, 2025.

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UNITED COMMUNITY BANKS, INC.

FORM 10-Q

INDEX

						Glossary of Defined Terms			3
						Cautionary Note Regarding Forward-looking Statements			4
PART I - Financial Information
			Item 1.			Financial Statements
						Consolidated Balance Sheets (unaudited)			5
						Consolidated Statements of Income (unaudited)			6
						Consolidated Statements of Comprehensive Income (unaudited)			7
						Consolidated Statements of Changes in Shareholders’ Equity (unaudited)			8
						Consolidated Statements of Cash Flows (unaudited)			9
						Notes to Consolidated Financial Statements			10
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			31
			Item 3.			Quantitative and Qualitative Disclosures About Market Risk			45
			Item 4.			Controls and Procedures			45
PART II - Other Information
			Item 5.			Other Information.			46
			Item 6.			Exhibits			46

2

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Glossary of Defined Terms

The following terms may be used throughout this report, including the consolidated financial statements and related notes.

Term						Definition
2024 10-K						United’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025
ACL						Allowance for credit losses
AFS						Available-for-sale
AOCI						Accumulated other comprehensive income (loss)
Bank						United Community Bank
Board						United Community Banks Inc., Board of Directors
BOLI						Bank-owned life insurance
CECL						Current expected credit losses
CET1						Common equity tier 1
CME						Chicago Mercantile Exchange
CRE						Commercial real estate
Company						United Community Banks Inc. (interchangeable with "United" below)
DTA						Deferred tax asset
DTL						Deferred tax liability
FDIC						Federal Deposit Insurance Corporation
FDM						Modification made to borrowers experiencing financial difficulty
Federal Reserve						Federal Reserve Bank
FinTrust						Collectively, FinTrust Brokerage Services, LLC and FinTrust Capital Advisors, LLC
FHLB						Federal Home Loan Bank
FTE						Fully taxable equivalent
GAAP						Accounting principles generally accepted in the United States of America
GSE						U.S. government-sponsored enterprise
Holding Company						United Community Banks, Inc. on an unconsolidated basis
HTM						Held-to-maturity
MD&A						Management's Discussion and Analysis of Financial Condition and Results of Operations
MBS						Mortgage-backed securities
NOW						Negotiable order of withdrawal
NPA						Nonperforming asset
OCI						Other comprehensive income (loss)
OREO						Other real estate owned
Report						Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2025
SBA						United States Small Business Administration
SEC						United States Securities and Exchange Commission
United						United Community Banks, Inc. and its direct and indirect subsidiaries
USDA						United States Department of Agriculture

3

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Cautionary Note Regarding Forward-looking Statements

 

This Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “projects”, “plans”, “goal”, “targets”, “potential”, “estimates”, “pro forma”, “seeks”, “intends”, or “anticipates”, or similar expressions. Forward-looking statements include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of various transactions or events, and statements about our future performance, operations, products and services, and should be viewed with caution.

Because forward-looking statements relate to the future, they are subject to known and unknown risks, uncertainties, assumptions, and changes in circumstances, many of which are beyond our control, and that are difficult to predict as to timing, extent, likelihood and degree of occurrence, and that could cause actual results to differ materially from the results implied or anticipated by the statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to the following:

•negative economic and political conditions that adversely affect the general economy, the banking sector, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the levels of NPAs, charge-offs and provision expense;

•changes in loan underwriting, credit review or loss policies associated with economic conditions, examination conclusions or regulatory developments;

•the potential effects of pandemics or public health conditions on the economic and business environments in which we operate, including the impact of actions taken by governmental authorities to address these conditions;

•strategic, market, operational, liquidity and interest rate risks associated with our business;

•potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Federal Reserve, replacement or reform of other interest rate benchmarks, as well as cash flow reassessments may reduce net interest margin and/or the volumes and values of loans made or held as well as the value of other financial assets;

•any unanticipated or greater than anticipated adverse conditions in the national or local economies in which we operate;

•our loan concentration in industries or sectors that may experience unanticipated or greater than anticipated adverse conditions than other industries or sectors in the national or local economies in which we operate;

•the risks of expansion into new geographic or product markets;

•risks with respect to our ability to identify and complete future mergers or acquisitions as well as our ability to successfully expand and integrate those businesses and operations that we acquire;

•our ability to attract and retain key employees;

•competition from financial institutions and other financial service providers including non-bank financial technology providers and our ability to attract customers from other financial institutions;

•losses due to fraudulent and negligent conduct of our customers, third-party service providers or employees;

•cybersecurity risks and the vulnerability of our network and online banking portals, and the systems or parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect our business and financial performance or reputation;

•our reliance on third parties to provide key components of our business infrastructure and services required to operate our business;

•the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;

•the availability of and access to capital, particularly if there were to be increased capital requirements or enhanced regulatory supervision;

•legislative, regulatory or accounting changes that may adversely affect us;

•volatility in the ACL resulting from the CECL methodology, either alone or as that may be affected by conditions affecting our business;

•adverse results (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory proceedings, examinations, investigations, or similar matters, or developments related thereto;

•any matter that would cause us to conclude that there was impairment of any asset, including intangible assets, such as goodwill;

•limitations on our ability to declare and pay dividends and other distributions from the Bank to the Holding Company, which could affect Holding Company liquidity, including its ability to pay dividends to shareholders or take other capital actions;

•the potential effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as inflation or recession, terrorist activities, wars and other foreign conflicts, climate change and weather related events, disruptions in our customers’ supply chains, disruptions in transportation, essential utility outages or trade disputes and tariffs including threats thereof, either imposed by the U.S. or other trading partners in retaliation to U.S. tariffs; and

•other risks and uncertainties disclosed in documents filed or furnished by us with or to the SEC, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on forward-looking statements. Additional factors that may cause actual results to differ materially from those contemplated by any forward-looking statements also may be found in our 2024 10-K (including the “Risk Factor” section of that report), Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available at the SEC’s website at http://www.sec.gov. We do not intend to and, except as required by law, hereby disclaim any obligation to update or revise any forward-looking statement contained in this Report, which speaks only as of the date of its filing with the SEC, whether as a result of new information, future events, or otherwise. The financial statements and information contained herein have not been reviewed, or confirmed for accuracy or relevance, by the FDIC or any other regulator.

4

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Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)

(in thousands, except share data)						March 31, 2025						December 31, 2024
ASSETS
Cash and due from banks						$	198,287					$	296,161
Interest-bearing deposits in banks						438,425						223,712
Cash and cash equivalents						636,712						519,873
Debt securities available-for-sale						4,322,644						4,436,291
Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively)						2,338,571						2,368,107
Loans held for sale						37,344						57,534
Loans and leases held for investment						18,425,365						18,175,980
Less allowance for credit losses - loans and leases						(211,974)						(206,998)
Loans and leases, net						18,213,391						17,968,982
Premises and equipment, net						391,020						394,264
Bank owned life insurance						346,410						346,234
Goodwill and other intangible assets, net						953,357						956,643
Other assets (including $110,213 and $116,020 at fair value, respectively)						634,269						672,330
Total assets						$	27,873,718					$	27,720,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand						$	6,257,032					$	6,211,182
Interest-bearing deposits						17,505,373						17,249,793
Total deposits						23,762,405						23,460,975
Short-term borrowings						—						195,000
Long-term debt						254,287						254,152
Accrued expenses and other liabilities (including $80,322 and $93,165 at fair value, respectively)						356,130						378,004
Total liabilities						24,372,822						24,288,131
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,   119,514,298 and 119,364,110 shares issued and outstanding, respectively						119,514						119,364
Common stock issuable: 584,083 and 600,168 shares, respectively						12,983						12,999
Capital surplus						2,711,721						2,710,279
Retained earnings						754,971						714,138
Accumulated other comprehensive loss						(186,559)						(212,919)
Total shareholders' equity						3,500,896						3,432,127
Total liabilities and shareholders' equity						$	27,873,718					$	27,720,258

See accompanying notes to consolidated financial statements (unaudited).

5

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UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)

															Three Months Ended March 31,
			(in thousands, except per share data)																		2025						2024
			Net interest revenue:
			Interest revenue:
			Loans, including fees																		$	274,056					$	283,983
			Investment securities, including tax exempt of $1,678 and $1,721, respectively																		58,850						46,436
			Deposits in banks and short-term investments																		2,451						6,309
			Total interest revenue																		335,357						336,728
			Interest expense:
			Deposits																		118,934						133,784
			Short-term borrowings																		1,107						—
			Federal Home Loan Bank advances																		433						—
			Long-term debt																		2,862						3,795
			Total interest expense																		123,336						137,579
			Net interest revenue																		212,021						199,149
			Noninterest income:
			Service charges and fees																		9,535						9,264
			Mortgage loan gains and other related fees																		6,122						7,511
			Wealth management fees																		4,465						6,313
			Net gains from sales of other loans																		1,396						1,537
			Lending and loan servicing fees																		4,165						4,210
			Securities gains, net																		6						—
			Other																		9,967						10,752
			Total noninterest income																		35,656						39,587
			Total revenue																		247,677						238,736
			Provision for credit losses																		15,419						12,899
			Noninterest expenses:
			Salaries and employee benefits																		84,267						84,985
			Communications and equipment																		13,699						11,920
			Occupancy																		10,929						11,099
			Advertising and public relations																		1,881						1,901
			Postage, printing and supplies																		2,561						2,648
			Professional fees																		5,931						5,988
			Lending and loan servicing expense																		1,987						1,827
			Outside services - electronic banking																		2,763						2,918
			FDIC assessments and other regulatory charges																		4,642						7,566
			Amortization of intangibles																		3,286						3,887
			Merger-related and other charges																		1,297						2,087
			Other																		7,856						8,176
			Total noninterest expenses																		141,099						145,002
			Income before income taxes																		91,159						80,835
			Income tax expense																		19,746						18,204
			Net income																		$	71,413					$	62,631
			Net income available to common shareholders																		$	69,429					$	60,713
			Net income per common share:
			Basic																		$	0.58					$	0.51
			Diluted																		0.58						0.51
			Weighted average common shares outstanding:
			Basic																		120,043						119,662
			Diluted																		120,201						119,743

See accompanying notes to consolidated financial statements (unaudited).

6

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UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Comprehensive Income (Unaudited)

												Three Months Ended March 31,
(in thousands)																								Before-tax Amount						Tax (Expense) Benefit						Net of Tax Amount
2025
Net income																								$	91,159					$	(19,746)					$	71,413
Other comprehensive income:
Unrealized gains on available-for-sale securities:
Unrealized holding gains																								34,624						(8,170)						26,454
Reclassification adjustment for gains included in net income																								(6)						2						(4)
Net unrealized gains on available-for-sale securities																								34,618						(8,168)						26,450
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale																								1,964						(464)						1,500
Derivative instruments designated as cash flow hedges:
Unrealized holding losses on derivatives																								(989)						250						(739)
Gains on derivative instruments realized in net income																								(1,121)						283						(838)
Net cash flow hedge activity																								(2,110)						533						(1,577)
Amortization of defined benefit pension plan net periodic pension cost components																								(17)						4						(13)
Total other comprehensive income																								34,455						(8,095)						26,360
Comprehensive income																								$	125,614					$	(27,841)					$	97,773
2024
Net income																								$	80,835					$	(18,204)					$	62,631
Other comprehensive income:
Unrealized gains on available-for-sale securities																								356						(209)						147
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale																								2,063						(493)						1,570
Derivative instruments designated as cash flow hedges:
Unrealized holding gains on derivatives																								2,524						(645)						1,879
Gains on derivative instruments realized in net income																								(1,440)						368						(1,072)
Net cash flow hedge activity																								1,084						(277)						807
Amortization of defined benefit pension plan net periodic pension cost components																								44						(11)						33
Total other comprehensive income																								3,547						(990)						2,557
Comprehensive income																								$	84,382					$	(19,194)					$	65,188

See accompanying notes to consolidated financial statements (unaudited).

7

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UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
For the Three Months Ended March 31,

(in thousands, except share data)			Shares of Common Stock						Preferred Stock						Common Stock						Common Stock Issuable						Capital Surplus						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total
December 31, 2024			119,364,110						$	88,266					$	119,364					$	12,999					$	2,710,279					$	714,138					$	(212,919)					$	3,432,127
Net income																																	71,413												71,413
Other comprehensive income																																							26,360						26,360
Preferred stock dividends																																	(1,573)												(1,573)
Common stock dividends ($0.24 per share)																																	(29,007)												(29,007)
Impact of equity-based compensation awards			103,781												104						985						583																		1,672
Impact of other United sponsored equity plans			46,407												46						(1,001)						859																		(96)
March 31, 2025			119,514,298						$	88,266					$	119,514					$	12,983					$	2,711,721					$	754,971					$	(186,559)					$	3,500,896
December 31, 2023			119,010,319						$	88,266					$	119,010					$	13,110					$	2,699,112					$	581,219					$	(239,192)					$	3,261,525
Net income																																	62,631												62,631
Other comprehensive income																																							2,557						2,557
Preferred stock dividends																																	(1,573)												(1,573)
Common stock dividends ($0.23 per share)																																	(27,665)												(27,665)
Impact of equity-based compensation awards			80,147												80						76						2,956																		3,112
Impact of other United sponsored equity plans			46,052												47						(1,263)						739																		(477)
March 31, 2024			119,136,518						$	88,266					$	119,137					$	11,923					$	2,702,807					$	614,612					$	(236,635)					$	3,300,110

See accompanying notes to consolidated financial statements (unaudited).

8

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UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Cash Flows (Unaudited)

						Three Months Ended March 31,
(in thousands)						2025						2024
Operating activities:
Net income						$	71,413					$	62,631
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net						11,448						10,880
Provision for credit losses						15,419						12,899
Stock based compensation						2,321						2,403
Deferred income tax expense						168						4,059
Securities gains, net						(6)						—
Net gains from sales of other loans						(1,396)						(1,537)
Changes in assets and liabilities:
Other assets						19,878						(12,359)
Accrued expenses and other liabilities						(40,803)						14,965
Loans held for sale						20,190						(5,132)
Net cash provided by operating activities						98,632						88,809
Investing activities:
Debt securities held-to-maturity:
Proceeds from maturities and calls						30,757						27,051
Debt securities available-for-sale:
Proceeds from sales						53,476						647
Proceeds from maturities and calls						177,005						229,902
Purchases						(58,856)						(302,962)
Net increase in loans						(253,750)						(67,629)
Payments for other investments						(11,236)						(4,353)
Proceeds from other investments						6,076						380
Purchases of premises and equipment						(4,313)						(13,710)
Other investing inflows						4,262						8,161
Net cash used in investing activities						(56,579)						(122,513)
Financing activities:
Net increase in deposits						301,392						21,024
Net decrease in short-term borrowings						(195,000)						—
Proceeds from FHLB advances						126,000						100
Repayment of FHLB advances						(126,000)						(100)
Cash dividends on common stock						(29,057)						(27,733)
Cash dividends on preferred stock						(1,573)						(1,573)
Other financing inflows						705						1,211
Other financing outflows						(1,681)						(1,167)
Net cash provided by (used in) financing activities						74,786						(8,238)
Net change in cash and cash equivalents						116,839						(41,942)
Cash and cash equivalents, beginning of period						519,873						1,003,875
Cash and cash equivalents, end of period						$	636,712					$	961,933
Significant non-cash investing and financing transactions:
Commitments to fund other investments						$	—					$	10,693
Unsettled securities purchases						15,000						—

See accompanying notes to consolidated financial statements (unaudited).

9

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Basis of Presentation

Basis of Presentation

United’s accounting and financial reporting policies conform to GAAP and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its 2024 10-K.

 

In management’s opinion, all necessary accounting adjustments have been made to fairly present the financial position and results of operations in the accompanying financial statements. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in United’s 2024 10-K.

Note 2 – Investment Securities

The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows.

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
As of March 31, 2025
U.S. Treasuries			$	19,903					$	—					$	1,395					$	18,508
U.S. Government agencies & GSEs			98,902						—						13,782						85,120
State and political subdivisions			288,959						7						54,050						234,916
Residential MBS, Agency & GSEs			1,258,295						8						201,236						1,057,067
Commercial MBS, Agency & GSEs			657,512						—						113,574						543,938
Supranational entities			15,000						—						2,314						12,686
Total			$	2,338,571					$	15					$	386,351					$	1,952,235
As of December 31, 2024
U.S. Treasuries			$	19,896					$	—					$	1,734					$	18,162
U.S. Government agencies & GSEs			99,154						—						16,291						82,863
State and political subdivisions			289,492						10						55,206						234,296
Residential MBS, Agency & GSEs			1,282,174						1						223,671						1,058,504
Commercial MBS, Agency & GSEs			662,391						—						124,409						537,982
Supranational entities			15,000						—						2,681						12,319
Total			$	2,368,107					$	11					$	423,992					$	1,944,126

10

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below.

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
As of March 31, 2025
U.S. Treasuries			$	413,600					$	819					$	6,858					$	407,561
U.S. Government agencies & GSEs			321,318						92						12,607						308,803
State and political subdivisions			174,335						—						15,281						159,054
Residential MBS, Agency & GSEs			2,036,853						5,422						102,331						1,939,944
Residential MBS, Non-agency			296,549						1						16,305						280,245
Commercial MBS, Agency & GSEs			823,939						2,765						29,852						796,852
Commercial MBS, Non-agency			8,171						—						214						7,957
Corporate bonds			152,929						144						9,701						143,372
Asset-backed securities			279,932						161						1,237						278,856
Total			$	4,507,626					$	9,404					$	194,386					$	4,322,644
As of December 31, 2024
U.S. Treasuries			$	511,994					$	874					$	9,199					$	503,669
U.S. Government agencies & GSEs			334,147						100						13,980						320,267
State and political subdivisions			175,041						—						16,809						158,232
Residential MBS, Agency & GSEs			2,070,433						1,431						125,833						1,946,031
Residential MBS, Non-agency			302,318						—						18,390						283,928
Commercial MBS, Agency & GSEs			844,302						851						35,243						809,910
Commercial MBS, Non-agency			13,323						—						336						12,987
Corporate bonds			164,069						130						11,579						152,620
Asset-backed securities			248,673						501						527						248,647
Total			$	4,664,300					$	3,887					$	231,896					$	4,436,291

 

As of March 31, 2025 and December 31, 2024 the carrying value of pledged securities totaled $3.04 billion and $3.20 billion, respectively. Securities were pledged primarily to secure public deposits.

The following table summarizes the fair values and gross unrealized losses of HTM debt securities as of the dates indicated based on the length of time that individual securities have been in a continuous unrealized loss position.

			Length of Time in Unrealized Loss Position
			Less than 12 Months												12 Months or More												Total
(in thousands)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
As of March 31, 2025
U.S. Treasuries			$	—					$	—					$	18,508					$	1,395					$	18,508					$	1,395
U.S. Government agencies & GSEs			—						—						85,120						13,782						85,120						13,782
State and political subdivisions			14,033						189						217,675						53,861						231,708						54,050
Residential MBS, Agency & GSEs			5,705						1,667						1,050,092						199,569						1,055,797						201,236
Commercial MBS, Agency & GSEs			—						—						543,938						113,574						543,938						113,574
Supranational entities			—						—						12,686						2,314						12,686						2,314
Total			$	19,738					$	1,856					$	1,928,019					$	384,495					$	1,947,757					$	386,351
As of December 31, 2024
U.S. Treasuries			$	—					$	—					$	18,162					$	1,734					$	18,162					$	1,734
U.S. Government agencies & GSEs			—						—						82,863						16,291						82,863						16,291
State and political subdivisions			18,729						305						212,356						54,901						231,085						55,206
Residential MBS, Agency & GSEs			6,778						1,822						1,051,455						221,849						1,058,233						223,671
Commercial MBS, Agency & GSEs			—						—						537,981						124,409						537,981						124,409
Supranational entities			—						—						12,319						2,681						12,319						2,681
Total			$	25,507					$	2,127					$	1,915,136					$	421,865					$	1,940,643					$	423,992

11

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following table summarizes the fair values and gross unrealized losses of AFS debt securities as of the dates indicated based on the length of time that individual securities have been in a continuous unrealized loss position.

			Length of Time in Unrealized Loss Position
			Less than 12 Months												12 Months or More												Total
(in thousands)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
As of March 31, 2025
U.S. Treasuries			$	25,561					$	74					$	107,698					$	6,784					$	133,259					$	6,858
U.S. Government agencies & GSEs			115,019						270						184,279						12,337						299,298						12,607
State and political subdivisions			—						—						157,804						15,281						157,804						15,281
Residential MBS, Agency & GSEs			307,939						1,742						887,896						100,589						1,195,835						102,331
Residential MBS, Non-agency			2,293						77						277,496						16,228						279,789						16,305
Commercial MBS, Agency & GSEs			83,093						330						353,351						29,522						436,444						29,852
Commercial MBS, Non-agency			—						—						7,957						214						7,957						214
Corporate bonds			—						—						141,402						9,701						141,402						9,701
Asset-backed securities			132,869						646						48,015						591						180,884						1,237
Total			$	666,774					$	3,139					$	2,165,898					$	191,247					$	2,832,672					$	194,386
As of December 31, 2024
U.S. Treasuries			$	75,183					$	808					$	106,036					$	8,391					$	181,219					$	9,199
U.S. Government agencies & GSEs			101,964						388						190,525						13,592						292,489						13,980
State and political subdivisions			—						—						157,479						16,809						157,479						16,809
Residential MBS, Agency & GSEs			773,257						7,593						896,691						118,240						1,669,948						125,833
Residential MBS, Non-agency			2,788						98						281,140						18,292						283,928						18,390
Commercial MBS, Agency & GSEs			226,363						1,733						355,852						33,510						582,215						35,243
Commercial MBS, Non-agency			—						—						12,987						336						12,987						336
Corporate bonds			—						—						150,666						11,579						150,666						11,579
Asset-backed securities			46,870						98						64,271						429						111,141						527
Total			$	1,226,425					$	10,718					$	2,215,647					$	221,178					$	3,442,072					$	231,896

 

At March 31, 2025, there were 536 AFS debt securities and 302 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2025 were primarily attributable to changes in interest rates.

At March 31, 2025 and December 31, 2024, the majority of HTM securities were considered to have a zero loss assumption for ACL purposes. For the remaining HTM securities, primarily those issued by state and political subdivisions, calculated credit losses, and, thus, the related ACL were de minimis due to the high credit quality of the portfolio. As a result, no ACL was recorded on the HTM portfolio at March 31, 2025 and December 31, 2024. In addition, based on the assessments performed at March 31, 2025 and December 31, 2024, there was no ACL required related to the AFS portfolio.

The following table presents accrued interest receivable on HTM and AFS debt securities, which was excluded from the estimate of credit losses, for the periods indicated.

						Accrued Interest Receivable
			(in thousands)			March 31, 2025						December 31, 2024
			HTM			$	5,452					$	5,763
			AFS			18,569						18,201

12

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The amortized cost and fair value of AFS and HTM debt securities at March 31, 2025, by contractual maturity, are presented in the following table.

			AFS												HTM
(in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Within 1 year:
U.S. Treasuries			$	173,590					$	173,880					$	—					$	—
U.S. Government agencies & GSEs			478						469						—						—
State and political subdivisions			3,085						3,071						5,200						5,206
Corporate bonds			4,308						4,249						—						—
			181,461						181,669						5,200						5,206
1 to 5 years:
U.S. Treasuries			240,010						233,681						19,903						18,508
U.S. Government agencies & GSEs			43,160						40,740						—						—
State and political subdivisions			35,546						32,942						35,557						33,074
Corporate bonds			115,771						109,502						—						—
			434,487						416,865						55,460						51,582
5 to 10 years:
U.S. Government agencies & GSEs			177,107						171,200						75,132						65,402
State and political subdivisions			71,508						62,862						78,609						65,748
Corporate bonds			32,027						28,671						—						—
Supranational entities			—						—						15,000						12,686
			280,642						262,733						168,741						143,836
More than 10 years:
U.S. Government agencies & GSEs			100,573						96,394						23,770						19,718
State and political subdivisions			64,196						60,179						169,593						130,888
Corporate bonds			823						950						—						—
			165,592						157,523						193,363						150,606
Debt securities not due at a single maturity date:
Asset-backed securities			279,932						278,856						—						—
Residential MBS			2,333,402						2,220,189						1,258,295						1,057,067
Commercial MBS			832,110						804,809						657,512						543,938
			3,445,444						3,303,854						1,915,807						1,601,005
Total			$	4,507,626					$	4,322,644					$	2,338,571					$	1,952,235

Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations.

Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes AFS securities sales activity for the three months ended March 31, 2025 and 2024.

												Three Months Ended March 31,
			(in thousands)															2025						2024
			Proceeds from sales															$	53,476					$	647
			Gross realized gains															$	6					$	—
			Gross realized losses															—						—
			Securities gains, net															$	6					$	—
			Income tax expense attributable to sales															$	2					$	—

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Equity Investments

The table below reflects the carrying value of certain equity investments, which are included in other assets on the consolidated balance sheet, as of the dates indicated.

			(in thousands)			March 31, 2025						December 31, 2024
			FHLB stock			$	18,001					$	18,051
			Federal Reserve stock			88,008						88,008
			Equity securities with readily determinable fair values			2,268						2,341

Note 3 – Loans and Leases and Allowance for Credit Losses

 

Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows. At March 31, 2025, remaining manufactured housing loans of $1.48 million are included in the consumer classification as manufactured housing is no longer a significant component of loans following the sale of substantially all of that portfolio in 2024.

			(in thousands)			March 31, 2025						December 31, 2024
			Owner occupied CRE			$	3,418,827					$	3,398,217
			Income producing CRE			4,416,058						4,360,920
			Commercial & industrial			2,506,405						2,428,376
			Commercial construction			1,681,389						1,655,710
			Equipment financing			1,722,445						1,662,501
			Total commercial			13,745,124						13,505,724
			Residential mortgage			3,217,742						3,231,479
			Home equity			1,099,369						1,064,874
			Residential construction			171,073						178,405
			Manufactured housing			—						1,723
			Consumer			182,535						186,448
			Total loans excluding fair value hedge basis adjustment			18,415,843						18,168,653
			Fair value hedge basis adjustment			9,522						7,327
			Total loans			18,425,365						18,175,980
			Less ACL - loans			(211,974)						(206,998)
			Loans, net			$	18,213,391					$	17,968,982

Accrued interest receivable related to loans totaled $58.8 million and $60.1 million on March 31, 2025 and December 31, 2024, respectively, and was reported in other assets on the consolidated balance sheets. Accrued interest receivable was excluded from the estimate of credit losses.

At March 31, 2025 and December 31, 2024, the loan portfolio included certain loans specifically pledged to the Federal Reserve as well as loans covered by a blanket lien on qualifying loan types with the FHLB to secure contingent funding sources.

The following table presents the amortized cost of certain loans held for investment that were sold in the periods indicated. The net gain on these loan sales were included in noninterest income on the consolidated statements of income.

												Three Months Ended March 31,
			(in thousands)															2025						2024
			Guaranteed portion of SBA/USDA loans															$	21,949					$	9,388
			Equipment financing receivables															4,162						28,323
			Total															$	26,111					$	37,711

  

14

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Past Due and Nonaccrual Loans

The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of the dates indicated. Past due status is based on contractual terms of the loan. The accrual of interest is generally discontinued when a loan becomes 90 days past due.

						Accruing
						Current Loans						Loans Past Due
(in thousands)												30 - 59 Days						60 - 89 Days						> 90 Days																		Nonaccrual Loans						Total Loans
As of March 31, 2025
Owner occupied CRE						$	3,403,978					$	5,455					$	445					$	—																	$	8,949					$	3,418,827
Income producing CRE						4,395,192						3,969						361						—																		16,536						4,416,058
Commercial & industrial						2,479,071						3,861						1,077						—																		22,396						2,506,405
Commercial construction						1,675,181						650						—						—																		5,558						1,681,389
Equipment financing						1,701,694						8,302						3,631						—																		8,818						1,722,445
Total commercial						13,655,116						22,237						5,514						—																		62,257						13,745,124
Residential mortgage						3,189,139						5,501						346						—																		22,756						3,217,742
Home equity						1,091,576						3,465						237						—																		4,091						1,099,369
Residential construction						169,247						279						736						—																		811						171,073
Consumer						180,622						373						117						—																		1,423						182,535
Total loans						$	18,285,700					$	31,855					$	6,950					$	—																	$	91,338					$	18,415,843
As of December 31, 2024
Owner occupied CRE						$	3,381,622					$	4,402					$	519					$	—																	$	11,674					$	3,398,217
Income producing CRE						4,333,651						1,705						207						—																		25,357						4,360,920
Commercial & industrial						2,395,889						2,665						483						—																		29,339						2,428,376
Commercial construction						1,646,175						1,693						442						—																		7,400						1,655,710
Equipment financing						1,644,721						5,939						2,916						—																		8,925						1,662,501
Total commercial						13,402,058						16,404						4,567						—																		82,695						13,505,724
Residential mortgage						3,199,956						4,808						2,100						—																		24,615						3,231,479
Home equity						1,059,010						986						248						—																		4,630						1,064,874
Residential construction						177,371						133						844						—																		57						178,405
Manufactured housing						155						124						—						—																		1,444						1,723
Consumer						185,545						636						129						—																		138						186,448
Total loans						$	18,024,095					$	23,091					$	7,888					$	—																	$	113,579					$	18,168,653

The following table presents nonaccrual loans held for investment by loan class for the periods indicated. 

									Nonaccrual Loans
									March 31, 2025																		December 31, 2024
			(in thousands)						With no allowance						With an allowance						Total						With no allowance						With an allowance						Total
			Owner occupied CRE						$	4,717					$	4,232					$	8,949					$	9,926					$	1,748					$	11,674
			Income producing CRE						8,299						8,237						16,536						24,970						387						25,357
			Commercial & industrial						16,199						6,197						22,396						21,570						7,769						29,339
			Commercial construction						5,233						325						5,558						6,817						583						7,400
			Equipment financing						49						8,769						8,818						33						8,892						8,925
			Total commercial						34,497						27,760						62,257						63,316						19,379						82,695
			Residential mortgage						3,245						19,511						22,756						6,540						18,075						24,615
			Home equity						660						3,431						4,091						231						4,399						4,630
			Residential construction						726						85						811						—						57						57
			Manufactured housing						—						—						—						—						1,444						1,444
			Consumer						52						1,371						1,423						36						102						138
			Total						$	39,180					$	52,158					$	91,338					$	70,123					$	43,456					$	113,579

At March 31, 2025 and December 31, 2024, United had $52.0 million and $75.1 million, respectively, in loans for which repayment is expected to be provided substantially through the operation or sale of the collateral. Estimated credit losses for these loans are based on the net realizable value of the collateral relative to the amortized cost of the loan. The majority of these loans are income producing CRE and commercial and industrial loans.

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Lease Receivables

The equipment financing portfolio includes sales-type and direct financing lease receivables. The components of the net investment in these lease receivables as of March 31, 2025 and December 31, 2024 are provided in the table below.

			(in thousands)			March 31, 2025						December 31, 2024
			Minimum future lease payments receivable			$	100,512					$	97,793
			Estimated residual value of leased equipment			6,072						5,749
			Initial direct costs			1,897						1,856
			Security deposits			(512)						(491)
			Unearned income			(15,716)						(15,412)
			Net investment in leases			$	92,253					$	89,495

Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2025 were as follows: 

			(in thousands)
			Year
			Remainder of 2025			$	26,565
			2026			30,108
			2027			23,392
			2028			14,174
			2029			5,705
			Thereafter			568
			Total			$	100,512

Credit Quality Indicators

United utilizes internal risk ratings as the primary credit quality indicator as outlined below:

Commercial Purpose Loans. United analyzes commercial loans individually on an ongoing basis based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, public information, and current industry and economic trends, among other factors. Commercial loans are categorized by the credit risk ratings of Pass, Special Mention, Substandard and Doubtful. Special Mention, Substandard and Doubtful ratings are defined by regulatory authorities and represent an elevated level of risk due to weaknesses identified related to the credit and/or borrower. Ratings within these categories are based on the severity of the weakness and the likelihood of repayment. Pass loans are considered to have a low probability of default and do not meet the criteria of the other ratings.

Consumer Purpose Loans. United applies a pass/fail grading system to all consumer purpose loans. Under this system, loans that are on nonaccrual status, become past due 90 days, or are in bankruptcy and 30 or more days past due are classified as “fail” and all other loans are classified as “pass”. For reporting purposes, loans in these categories that are classified as “fail” are reported as substandard and all other loans are reported as pass.

16

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following tables present the risk category of term loans and gross charge-offs by vintage year, which is the year of origination or most recent renewal, as of the date indicated.

(in thousands)						Term Loans by Origination Year																																				Revolvers						Revolvers converted to term loans						Total
As of March 31, 2025						2025						2024						2023						2022						2021						Prior
Owner occupied CRE
Pass						$	150,775					$	448,528					$	524,760					$	614,652					$	514,570					$	890,850					$	112,206					$	21,672					$	3,278,013
Special Mention						—						1,066						14,228						12,784						13,944						12,789						4,537						383						59,731
Substandard						751						3,216						5,326						37,303						10,464						24,023						—						—						81,083
Total owner occupied CRE						$	151,526					$	452,810					$	544,314					$	664,739					$	538,978					$	927,662					$	116,743					$	22,055					$	3,418,827
Current period gross charge-offs						$	—					$	—					$	—					$	—					$	—					$	271					$	—					$	—					$	271
Income producing CRE
Pass						$	200,163					$	463,350					$	490,293					$	961,242					$	897,443					$	1,093,458					$	48,023					$	14,122					$	4,168,094
Special Mention						8,211						9,167						3,091						22,055						2,635						13,826						—						—						58,985
Substandard						19,892						38,657						36,616						15,565						3,539						74,661						49						—						188,979
Total income producing CRE						$	228,266					$	511,174					$	530,000					$	998,862					$	903,617					$	1,181,945					$	48,072					$	14,122					$	4,416,058
Current period gross charge-offs						$	—					$	—					$	—					$	1,020					$	—					$	—					$	—					$	—					$	1,020
Commercial & industrial
Pass						$	148,754					$	452,321					$	412,622					$	233,471					$	195,458					$	293,949					$	612,484					$	13,708					$	2,362,767
Special Mention						57						7,193						12,319						18,625						1,811						4,099						17,523						1,569						63,196
Substandard						1,463						3,712						20,857						6,210						11,937						9,954						19,499						6,810						80,442
Total commercial & industrial						$	150,274					$	463,226					$	445,798					$	258,306					$	209,206					$	308,002					$	649,506					$	22,087					$	2,506,405
Current period gross charge-offs						$	—					$	48					$	2,601					$	458					$	—					$	39					$	—					$	216					$	3,362
Commercial construction
Pass						$	115,516					$	415,715					$	336,528					$	481,619					$	150,147					$	54,809					$	43,030					$	3,320					$	1,600,684
Special Mention						1,026						4,926						462						15,043						5,253						187						6,330						110						33,337
Substandard						—						1,898						2,791						30,155						5,780						6,744						—						—						47,368
Total commercial construction						$	116,542					$	422,539					$	339,781					$	526,817					$	161,180					$	61,740					$	49,360					$	3,430					$	1,681,389
Current period gross charge-offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Equipment financing
Pass						$	230,884					$	631,599					$	414,829					$	291,545					$	102,181					$	37,752					$	—					$	—					$	1,708,790
Special Mention						—						—						—						605						1,853						1,078						—						—						3,536
Substandard						14						880						2,861						3,945						1,614						805						—						—						10,119
Total equipment financing						$	230,898					$	632,479					$	417,690					$	296,095					$	105,648					$	39,635					$	—					$	—					$	1,722,445
Current period gross charge-offs						$	—					$	420					$	1,987					$	2,359					$	890					$	281					$	—					$	—					$	5,937
Residential mortgage
Pass						$	34,286					$	119,726					$	327,970					$	1,002,271					$	969,663					$	732,535					$	—					$	2,961					$	3,189,412
Substandard						—						1,981						3,671						7,761						3,053						11,717						—						147						28,330
Total residential mortgage						$	34,286					$	121,707					$	331,641					$	1,010,032					$	972,716					$	744,252					$	—					$	3,108					$	3,217,742
Current period gross charge-offs						$	—					$	—					$	—					$	49					$	—					$	—					$	—					$	—					$	49
Home equity
Pass						$	—					$	—					$	—					$	—					$	—					$	—					$	1,064,489					$	30,024					$	1,094,513
Substandard						—						—						—						—						—						—						73						4,783						4,856
Total home equity						$	—					$	—					$	—					$	—					$	—					$	—					$	1,064,562					$	34,807					$	1,099,369
Current period gross charge-offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Residential construction
Pass						$	13,373					$	89,598					$	35,617					$	16,500					$	6,617					$	8,386					$	—					$	89					$	170,180
Substandard						—						—						668						103						10						112						—						—						893
Total residential construction						$	13,373					$	89,598					$	36,285					$	16,603					$	6,627					$	8,498					$	—					$	89					$	171,073
Current period gross charge-offs						$	—					$	—					$	102					$	124					$	—					$	—					$	—					$	—					$	226
Consumer
Pass						$	28,271					$	67,519					$	37,399					$	17,131					$	5,587					$	7,638					$	17,417					$	110					$	181,072
Substandard						—						324						524						189						118						308						—						—						1,463
Total consumer						$	28,271					$	67,843					$	37,923					$	17,320					$	5,705					$	7,946					$	17,417					$	110					$	182,535
Current period gross charge-offs						$	1,211					$	92					$	90					$	59					$	33					$	7					$	—					$	22					$	1,514

17

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

(in thousands)						Term Loans																																				Revolvers						Revolvers converted to term loans						Total
As of December 31, 2024						2024						2023						2022						2021						2020						Prior
Owner occupied CRE
Pass						$	455,248					$	540,913					$	621,020					$	555,846					$	507,121					$	425,932					$	120,574					$	21,867					$	3,248,521
Special Mention						1,093						13,414						13,653						14,735						6,520						6,496						4,995						393						61,299
Substandard						3,285						5,365						37,791						9,647						8,519						22,319						1,471						—						88,397
Total owner occupied CRE						$	459,626					$	559,692					$	672,464					$	580,228					$	522,160					$	454,747					$	127,040					$	22,260					$	3,398,217
Current period gross charge-offs						$	—					$	—					$	221					$	—					$	—					$	707					$	—					$	—					$	928
Income producing CRE
Pass						$	468,247					$	477,887					$	977,090					$	896,096					$	614,584					$	606,395					$	50,955					$	15,025					$	4,106,279
Special Mention						16,852						2,145						21,007						2,724						3,538						10,465						50						—						56,781
Substandard						59,437						36,259						16,758						3,411						39,085						42,910						—						—						197,860
Total income producing CRE						$	544,536					$	516,291					$	1,014,855					$	902,231					$	657,207					$	659,770					$	51,005					$	15,025					$	4,360,920
Current period gross charge-offs						$	—					$	3,128					$	—					$	—					$	—					$	1,691					$	—					$	—					$	4,819
Commercial & industrial
Pass						$	464,843					$	440,557					$	270,459					$	198,320					$	125,964					$	180,262					$	583,147					$	8,480					$	2,272,032
Special Mention						8,630						12,438						18,832						2,794						1,238						3,794						24,286						1,806						73,818
Substandard						2,428						22,877						9,773						12,133						3,986						7,081						16,078						8,170						82,526
Total commercial & industrial						$	475,901					$	475,872					$	299,064					$	213,247					$	131,188					$	191,137					$	623,511					$	18,456					$	2,428,376
Current period gross charge-offs						$	842					$	2,908					$	6,826					$	1,994					$	2,282					$	1,236					$	—					$	3,270					$	19,358
Commercial construction
Pass						$	448,497					$	348,179					$	495,712					$	153,303					$	40,254					$	40,004					$	46,863					$	1,196					$	1,574,008
Special Mention						5,005						462						44,152						5,253						—						100						6,040						—						61,012
Substandard						1,900						3,956						1,491						6,549						6,621						173						—						—						20,690
Total commercial construction						$	455,402					$	352,597					$	541,355					$	165,105					$	46,875					$	40,277					$	52,903					$	1,196					$	1,655,710
Current period gross charge-offs						$	—					$	69					$	53					$	—					$	—					$	23					$	—					$	—					$	145
Equipment financing
Pass						$	693,205					$	454,501					$	328,490					$	122,920					$	33,870					$	15,788					$	—					$	—					$	1,648,774
Special Mention						—						—						659						1,989						708						496						—						—						3,852
Substandard						653						2,784						3,453						1,828						527						630						—						—						9,875
Total equipment financing						$	693,858					$	457,285					$	332,602					$	126,737					$	35,105					$	16,914					$	—					$	—					$	1,662,501
Current period gross charge-offs						$	261					$	5,489					$	13,359					$	6,418					$	1,033					$	309					$	—					$	—					$	26,869
Residential mortgage
Pass						$	121,145					$	321,804					$	1,015,693					$	989,673					$	402,894					$	347,249					$	—					$	2,971					$	3,201,429
Substandard						2,291						3,841						8,922						2,410						1,748						10,618						—						220						30,050
Total residential mortgage						$	123,436					$	325,645					$	1,024,615					$	992,083					$	404,642					$	357,867					$	—					$	3,191					$	3,231,479
Current period gross charge-offs						$	87					$	124					$	71					$	3					$	—					$	10					$	—					$	—					$	295
Home equity
Pass						$	—					$	—					$	—					$	—					$	—					$	—					$	1,028,340					$	31,291					$	1,059,631
Substandard						—						—						—						—						—						—						—						5,243						5,243
Total home equity						$	—					$	—					$	—					$	—					$	—					$	—					$	1,028,340					$	36,534					$	1,064,874
Current period gross charge-offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	95					$	95
Residential construction
Pass						$	74,854					$	55,164					$	30,216					$	8,539					$	4,528					$	4,872					$	—					$	90					$	178,263
Substandard						—						—						49						—						3						90						—						—						142
Total residential construction						$	74,854					$	55,164					$	30,265					$	8,539					$	4,531					$	4,962					$	—					$	90					$	178,405
Current period gross charge-offs						$	—					$	221					$	73					$	48					$	—					$	—					$	—					$	—					$	342
Manufactured housing
Pass						$	124					$	—					$	—					$	—					$	—					$	150					$	—					$	—					$	274
Substandard						285						506						178						112						169						199						—						—						1,449
Total manufactured housing						$	409					$	506					$	178					$	112					$	169					$	349					$	—					$	—					$	1,723
Current period gross charge-offs						$	—					$	1,679					$	3,570					$	2,518					$	2,518					$	4,304					$	—					$	—					$	14,589
Consumer
Pass						$	84,100					$	43,889					$	20,332					$	7,103					$	7,625					$	563					$	22,508					$	100					$	186,220
Substandard						1						118						42						36						30						1						—						—						228
Total consumer						$	84,101					$	44,007					$	20,374					$	7,139					$	7,655					$	564					$	22,508					$	100					$	186,448
Current period gross charge-offs						$	3,082					$	281					$	162					$	34					$	11					$	8					$	—					$	152					$	3,730

18

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Modifications to Borrowers Experiencing Financial Difficulty

The period-end amortized cost and additional information regarding loans modified under the terms of a FDM during the three months ended March 31, 2025 and 2024 are presented in the following tables.

									Three Months Ended March 31,
									2025																		2024
									New FDMs												Defaults within 12 months of modification						New FDMs												Defaults within 12 months of modification
			(dollars in thousands)						Amortized Cost						% of Total Class of Receivable												Amortized Cost						% of Total Class of Receivable
			Owner occupied CRE						$	1,472					—		%				$	—					$	1,950					0.1		%				$	—
			Income producing CRE						—						—						—						28,540						0.7						—
			Commercial & industrial						694						—						—						6,575						0.3						—
			Equipment financing						4,917						0.3						7						1,393						0.1						228
			Residential mortgage						1,680						0.1						267						1,228						—						—
			Home equity						72						—						—						—						—						—
			Residential construction						—						—						—						100						—						—
			Manufactured housing						—						—						—						128						—						—
			Consumer						—						—						—						125						0.1						—
			Total loans						$	8,835					—						$	274					$	40,039					0.2						$	228

The following table presents the aging category and accrual status of loans modified under the terms of a FDM during the previous 12 months on an amortized cost basis as of March 31, 2025.

			Accruing
									Loans Past Due
(in thousands)			Current						30 - 59 Days						60 - 89 Days						> 90 Days						Nonaccrual						Total
Owner occupied CRE			$	2,601					$	—					$	—					$	—					$	268					$	2,869
Income producing CRE			12,239						—						—						—						8,154						20,393
Commercial & industrial			3,548						366						—						—						828						4,742
Equipment financing			9,167						517						228						—						789						10,701
Residential mortgage			2,948						—						—						—						1,922						4,870
Home equity			—						—						—						—						72						72
Consumer			95						—						—						—						81						176
Total			$	30,598					$	883					$	228					$	—					$	12,114					$	43,823

19

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following table presents the amortized cost by type of FDM and the applicable weighted-average impact of the modifications for the periods indicated.

New FDMs
						Three Months Ended March 31,
						2025												2024
(dollars in thousands)						Amortized Cost						Weighted Average Modification						Amortized Cost						Weighted Average Modification
Extension
Owner occupied CRE						$	—											$	243					1 year
Commercial & industrial						—												6,117						7 months
Residential mortgage						—												27						1 year
Consumer						—												125						5 months
Total						—												6,512
Payment Delay
Owner occupied CRE (1)						1,472						6 months						266						N/A
Income producing CRE (2)						—												28,540						1 year
Commercial & industrial (1)						—												179						6 months
Residential construction						—												100						6 months
Total						1,472												29,085
Rate Reduction
Residential mortgage						166						400 basis points						—
Home equity						72						400 basis points						—
Total						238												—
Principal Forgiveness
Commercial and industrial						694						$355						—
Payment Delay and Extension
Commercial & industrial						—												279						Payment delay: 4 months; Extension: 3 years
Equipment financing						4,917						Extension and payment delay: 8 months						1,393						Extension and payment delay: 7 months
Total						4,917												1,672
Rate Reduction and Extension
Residential mortgage						1,514						Rate reduction: 241 basis points; Extension: 6.5 years						1,201						Rate reduction: 444 basis points; Extension: 2 years
Manufactured housing						—												128						Rate reduction: 624 basis points; Extension: 6 years
Total						1,514												1,329
Rate Reduction and Payment Delay
Owner occupied CRE						—												1,441						Rate reduction: 75 basis points; Payment delay: 6 months
Total						$	8,835											$	40,039

(1) Payment delay FDMs in bankruptcy are excluded from the weighted average payment delay calculation.

(2) Payment delays in this category reflect principal payment delays, while interest payments continue in accordance with loan terms.

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Allowance for Credit Losses

The ACL for loans represents management’s estimate of life of loan credit losses in the portfolio as of the end of the period. The ACL related to unfunded commitments is included in other liabilities in the consolidated balance sheet.

For all periods presented, United used a one-year reasonable and supportable forecast period. Expected credit losses were estimated using a regression model for each segment based on historical data from peer banks combined with a baseline economic forecast to predict the change in credit losses. These estimates were then combined with a starting value that was based on United’s recent charge-off experience to produce an expected default rate, with the results subject to a floor.

At March 31, 2025, the baseline economic forecast had worsened slightly relative to the forecast at December 31, 2024 due to uncertainty related to the federal administration’s policies. At March 31, 2025, United applied qualitative adjustments to decrease the model’s calculated ACL for the residential mortgage, commercial and industrial and commercial construction portfolios to better reflect management’s expectations of future performance as indicated by internal credit performance measures. In addition, at March 31, 2025, United’s qualitative adjustment to estimate losses for loans to borrowers affected by Hurricane Helene added $7.17 million to the ACL balance, compared to $9.80 million at December 31, 2024.

For periods beyond the reasonable and supportable forecast period of one year, United reverted to historical credit loss information on a straight line basis over two years. For most collateral types, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages, the peer data was adjusted for changes in lending practices designed to mitigate the magnitude of losses observed during the 2008 mortgage crisis.

The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated.

						Three Months Ended March 31, 2025
(in thousands)						Beginning Balance												Charge-Offs						Recoveries						(Release) Provision						Ending Balance
Owner occupied CRE						$	19,873											$	(271)					$	145					$	1,758					$	21,505
Income producing CRE						41,427												(1,020)						302						5,108						45,817
Commercial & industrial						35,441												(3,362)						915						4,710						37,704
Commercial construction						16,370												—						138						217						16,725
Equipment financing						47,415												(5,937)						895						5,227						47,600
Residential mortgage						32,259												(49)						50						(2,581)						29,679
Home equity						11,247												—						62						(1,012)						10,297
Residential construction						1,672												(226)						7						169						1,622
Manufactured housing (1)						450												—						—						(450)						—
Consumer						844												(1,514)						258						1,437						1,025
ACL - loans						206,998												(12,379)						2,772						14,583						211,974
ACL - unfunded commitments						10,391												—						—						836						11,227
Total ACL						$	217,389											$	(12,379)					$	2,772					$	15,419					$	223,201

(1) The release of ACL presented for manufactured housing loans represents a reclassification of the reserve to the consumer line where these loan balances are reflected as of March 31, 2025.

																																										Three Months Ended March 31, 2024
																																										Beginning Balance												Charge- Offs						Recoveries						(Release) Provision						Ending Balance
Owner occupied CRE																																										$	23,542											$	(428)					$	226					$	(3,682)					$	19,658
Income producing CRE																																										47,755												(229)						24						(752)						46,798
Commercial & industrial																																										30,890												(4,786)						880						4,874						31,858
Commercial construction																																										21,741												(53)						33						(1,698)						20,023
Equipment financing																																										33,383												(7,289)						927						12,961						39,982
Residential mortgage																																										28,219												(16)						32						401						28,636
Home equity																																										9,647												(7)						61						14						9,715
Residential construction																																										1,833												(133)						14						(185)						1,529
Manufactured housing																																										10,339												(1,607)						38						3,274						12,044
Consumer																																										722												(861)						266						564						691
ACL - loans																																										208,071												(15,409)						2,501						15,771						210,934
ACL - unfunded commitments																																										16,057												—						—						(2,872)						13,185
Total ACL																																										$	224,128											$	(15,409)					$	2,501					$	12,899					$	224,119

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 4 – Derivatives and Hedging Activities

The table below presents the fair value of derivative financial instruments, which are included in other assets and other liabilities on the consolidated balance sheet, as of the dates indicated:

			March 31, 2025																		December 31, 2024
			Notional Amount						Fair Value												Notional Amount						Fair Value
(in thousands)									Derivative Asset						Derivative Liability												Derivative Asset						Derivative Liability
Derivatives designated as hedging instruments:
Cash flow hedge of subordinated debt			$	100,000					$	9,410					$	—					$	100,000					$	11,196					$	—
Cash flow hedges of trust preferred securities			20,000						—						—						20,000						—						—
Fair value hedges of AFS debt securities			812,166						—						—						821,507						—						—
Fair value hedges of loans			1,650,000						—						—						1,650,000						—						—
Total			2,582,166						9,410						—						2,591,507						11,196						—
Derivatives not designated as hedging instruments:
Customer derivative positions			1,285,967						5,620						49,597						1,225,732						1,740						63,703
Dealer offsets to customer derivative positions			1,285,942						15,547						5,678						1,225,732						21,897						1,811
Risk participations			122,345						—						139						81,147						—						12
Mortgage banking - loan commitments			86,487						2,059						—						52,444						822						—
Mortgage banking - forward sales commitment			89,281						5						144						77,401						394						34
Bifurcated embedded derivatives			51,935						9,260						—						51,935						10,834						—
Dealer offsets to bifurcated embedded derivatives			51,935						—						10,686						51,935						—						12,274
Total			2,973,892						32,491						66,244						2,766,326						35,687						77,834
Total derivatives			$	5,556,058					$	41,901					$	66,244					$	5,357,833					$	46,883					$	77,834
Total gross derivative instruments									$	41,901					$	66,244											$	46,883					$	77,834
Less: Amounts subject to master netting agreements									(5,476)						(5,476)												(1,900)						(1,900)
Less: Cash collateral received/pledged									(21,645)						(10,929)												(33,005)						(12,230)
Net amount									$	14,780					$	49,839											$	11,978					$	63,704

United clears certain derivatives centrally through the CME. CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives’ exposure rather than as collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero.

Hedging Derivatives

Cash Flow Hedges of Interest Rate Risk 

As of March 31, 2025 and December 31, 2024, United utilized interest rate caps and swaps to hedge the variability of cash flows due to changes in interest rates on certain of its variable-rate subordinated debt and trust preferred securities. Gains and losses related to changes in fair value are reclassified into earnings in the periods the hedged forecasted transactions occur. Over the next twelve months, United expects to reclassify $3.97 million of gains from AOCI into earnings related to these agreements.

Fair Value Hedges of Interest Rate Risk 

United uses interest rate derivatives to manage its exposure to changes in fair value attributable to changes in interest rates on certain of its fixed-rate financial instruments.

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The table below presents the effect of derivatives in hedging relationships, all of which are interest rate contracts, on net interest income for the periods indicated.

						Affected Income Statement Line Item Increase/(Decrease) to Earnings												Three Months Ended March 31,
(in thousands)																								2025						2024
Fair value hedges:
AFS securities:
Amounts related to interest settlements on derivatives																								$	1,341					2,856
(Loss) gain recognized on derivative																								(8,304)						9,462
Gain (loss) recognized on hedged items																								8,407						(9,798)
Net income recognized on AFS securities fair value hedges						Interest revenue- investment securities																		$	1,444					$	2,520
Loans:
Amounts related to interest settlements on derivatives																								$	(560)					$	1,298
(Loss) gain recognized on derivatives																								(2,008)						2,158
Gain (loss) recognized on hedged items																								2,195						(2,295)
Net (loss) income recognized on loan fair value hedges						Interest revenue - loans, including fees																		$	(373)					$	1,161
Cash flow hedges:
Long-term debt (1)						Interest expense- long term debt																		$	1,121					$	1,440

 (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $116,000 and $118,000 for the three months ended March 31, 2025 and 2024, respectively.

The table below presents the carrying amount of hedged items and cumulative fair value hedging basis adjustments for the periods presented. All fair value hedges of AFS debt securities and loans at March 31, 2025 and December 31, 2024 were designated under the portfolio layer method.

(in thousands)						March 31, 2025																		December 31, 2024
Balance Sheet Location						Carrying Amount						Hedge Accounting Basis Adjustment						Hedged Portfolio Layer						Carrying Amount						Hedge Accounting Basis Adjustment						Hedged Portfolio Layer
Debt securities AFS (1)						$	994,491					$	(1,344)					$	812,166					$	1,002,511					$	(9,752)					$	821,507
Loans and leases held for investment						4,549,948						9,522						1,650,000						4,628,030						7,327						1,650,000

(1) Carrying amount for AFS debt securities reflects amortized cost, which excludes the hedge accounting basis adjustment.

Derivatives Not Designated as Hedging Instruments 

Customer derivative positions include swaps, caps, and collars between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept or transfer a portion of the credit risk related to interest rate swaps.

United also has three interest rate swap contracts that are economic hedges of market-linked brokered certificates of deposit, which contain embedded derivatives that are bifurcated from the host instruments. The fair value marks on the swaps and the bifurcated embedded derivatives tend to move in opposite directions and therefore provide an economic hedge.

  

In addition, in connection with residential mortgage loans that are originated with the intention of selling them, United enters into commitments to originate residential mortgage loans and forward loan sales commitments.

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated.

						Location of Gain (Loss) Recognized in Income on Derivatives																		Amount of Gain (Loss) Recognized in Income on Derivatives
																		Three Months Ended March 31,
(in thousands)																								2025						2024
Customer derivatives and dealer offsets						Other noninterest income																		$	944					$	(245)
Bifurcated embedded derivatives and dealer offsets						Other noninterest income																		6						(192)
Mortgage banking derivatives						Mortgage loan gains and other related fees																		410						901
Risk participations						Other noninterest income																		194						2
																								$	1,554					$	466

 

Credit-Risk-Related Contingent Features 

United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each non-customer counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty.

 

United’s agreements with each of its derivative counterparties provide that if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that provide that if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. Derivatives that are centrally cleared do not have credit-risk-related features that would require additional collateral if United’s credit rating were downgraded.

Note 5 – Assets and Liabilities Measured at Fair Value

Accounting standards define fair value as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date. Fair values are categorized within a three-level measurement hierarchy:

Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access.

Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals.

Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity.

United has processes in place to review the significant valuation inputs and to assesses on a quarterly basis how instruments are classified within the valuation framework. Transfers into or out of fair value hierarchy levels are made as the observability of input assumptions change. During the three months ended March 31, 2025, there were no changes to valuation approaches or techniques that warranted a hierarchy level change.

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall.

(in thousands)
March 31, 2025						Level 1						Level 2						Level 3						Total
Assets:
AFS debt securities:
U.S. Treasuries						$	407,561					$	—					$	—					$	407,561
U.S. Government agencies & GSEs						—						308,803						—						308,803
State and political subdivisions						—						159,054						—						159,054
Residential MBS						—						2,220,189						—						2,220,189
Commercial MBS						—						804,809						—						804,809
Corporate bonds						—						141,142						2,230						143,372
Asset-backed securities						—						278,856						—						278,856
Equity securities						—						2,268						—						2,268
Mortgage loans held for sale						—						37,344						—						37,344
Mutual funds						14,074						—						—						14,074
Servicing rights for SBA/USDA loans						—						—						4,920						4,920
Residential mortgage servicing rights						—						—						39,660						39,660
Contingent consideration receivable						—						—						7,390						7,390
Derivative financial instruments						—						30,582						11,319						41,901
Total assets						$	421,635					$	3,983,047					$	65,519					$	4,470,201
Liabilities:
Deferred compensation plan liability						$	14,078					$	—					$	—					$	14,078
Derivative financial instruments						—						55,419						10,825						66,244
Total liabilities						$	14,078					$	55,419					$	10,825					$	80,322

(in thousands)
December 31, 2024						Level 1						Level 2						Level 3						Total
Assets:
AFS debt securities:
U.S. Treasuries						$	503,669					$	—					$	—					$	503,669
U.S. Government agencies & GSEs						—						320,267						—						320,267
State and political subdivisions						—						158,232						—						158,232
Residential MBS						—						2,229,959						—						2,229,959
Commercial MBS						—						822,897						—						822,897
Corporate bonds						—						150,394						2,226						152,620
Asset-backed securities						—						248,647						—						248,647
Equity securities						—						2,341						—						2,341
Mortgage loans held for sale						—						57,534						—						57,534
Mutual funds						15,335						—						—						15,335
Servicing rights for SBA/USDA loans						—						—						4,697						4,697
Residential mortgage servicing rights						—						—						39,294						39,294
Contingent consideration receivable						—						—						7,470						7,470
Derivative financial instruments						—						35,227						11,656						46,883
Total assets						$	519,004					$	4,025,498					$	65,343					$	4,609,845
Liabilities:
Deferred compensation plan liability						$	15,331					$	—					$	—					$	15,331
Derivative financial instruments						—						65,548						12,286						77,834
Total liabilities						$	15,331					$	65,548					$	12,286					$	93,165

 

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Level 3 Fair Value Measurements

The following table presents quantitative information about significant unobservable inputs related to United’s material categories of Level 3 financial instruments measured at fair value on a recurring basis as of the dates indicated.

Level 3 Assets and Liabilities						Valuation Technique						Significant Unobservable Inputs						March 31, 2025												December 31, 2024
																		Range						Weighted Average						Range						Weighted Average
Residential mortgage servicing rights						Discounted cash flow						Discount rate						10.0 - 12.5						10.1						10.0 - 14.0						10.1
												Prepayment rate						6.5 - 25.9						7.5						6.5 - 77.6						7.6
Derivative assets - mortgage						Internal model						Pull through rate						50.0 - 100						90.3						70.4 - 100						91.6
Derivative assets and liabilities - other						Dealer priced						Dealer priced						N/A						N/A						N/A						N/A
Contingent consideration receivable						Discounted cash flow						Discount rate						0.0 - 7.1						6.4						0.0 - 7.1						6.4
												Probability of achievement						89.3 - 100						92.6						89.3 - 100						92.6

The table below presents a reconciliation of the beginning and ending balances of Level 3 assets and liabilities measured at fair value on a recurring basis for the periods indicated.

			2025																																				2024
(in thousands)			Derivative Assets						Derivative Liabilities						SBA/USDA Loan Servicing Rights						Residential Mortgage Servicing Rights						Corporate Bonds						Contingent Consideration Receivable						Derivative Assets						Derivative Liabilities						SBA/USDA Loan Servicing Rights						Residential Mortgage Servicing Rights						Corporate Bonds
Three Months Ended March 31,
Beginning balance			$	11,656					$	12,286					$	4,697					$	39,294					$	2,226					$	7,470					$	10,642					$	11,172					$	5,444					$	35,897					$	2,205
Additions			1,842						321						442						1,052						—						—						1,466						—						170						718						—
Transfers from Level 2			—						—						—						—						—						—						484						925						—						—						—
Sales and settlements			(605)						—						(137)						(608)						—						(80)						(923)						—						(241)						(760)						—
Fair value adjustments included in OCI			—						—						—						—						4						—						—						—						—						—						(45)
Fair value adjustments included in earnings			(1,574)						(1,782)						(82)						(78)						—						—						1,142						1,088						134						1,503						—
Ending balance			$	11,319					$	10,825					$	4,920					$	39,660					$	2,230					$	7,390					$	12,811					$	13,185					$	5,507					$	37,358					$	2,160

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Fair Value Option

United generally records mortgage loans held for sale at fair value under the fair value option. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. The following tables present the fair value and outstanding principal balance of loans accounted for under the fair value option, as well as the gain or loss recognized from the change in fair value for the periods indicated.

			Mortgage Loans Held for Sale
			(in thousands)			March 31, 2025						December 31, 2024
			Outstanding principal balance			$	36,086					$	56,097
			Fair value			37,344						57,534

			Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale
			Location									Three Months Ended March 31,
			(in thousands)															2025						2024
			Mortgage loan gains and other related fees															$	(179)					$	(31)

Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of assets that were still held as of March 31, 2025 and December 31, 2024, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented.

			(in thousands)						Level 1						Level 2						Level 3						Total
			March 31, 2025
			Loans held for investment						$	—					$	—					$	12,879					$	12,879
			December 31, 2024
			Loans held for investment						$	—					$	—					$	27,313					$	27,313

Loans held for investment that are reported above are generally impaired loans that have either been partially charged off or have specific reserves assigned to them.

Assets and Liabilities Not Measured at Fair Value  

The following disclosure provides estimated fair values for financial instruments not carried at fair value on the Consolidated Balance Sheets. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates.

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

												Fair Value Level
(in thousands)						Carrying Amount						Level 1						Level 2						Level 3						Total
March 31, 2025
Assets:
HTM debt securities						$	2,338,571					$	18,508					$	1,933,727					$	—					$	1,952,235
Loans and leases, net						18,213,391						—						—						17,535,171						17,535,171
Liabilities:
Deposits						23,762,405						—						23,758,945						—						23,758,945
Long-term debt						254,287						—						—						249,949						249,949
December 31, 2024
Assets:
HTM debt securities						$	2,368,107					$	18,162					$	1,925,964					$	—					$	1,944,126
Loans and leases, net						17,968,982						—						—						17,325,630						17,325,630
Liabilities:
Deposits						23,460,975						—						23,453,487						—						23,453,487
Long-term debt						254,152						—						—						248,657						248,657

 

Note 6 – Reclassifications Out of AOCI

The following table presents the details regarding amounts reclassified out of AOCI for the periods indicated. Amounts shown in parentheses reduce earnings.

(in thousands)
Details about AOCI Components												Three Months Ended March 31,												Affected Line Item in the Statement Where Net Income is Presented
																		2025									2024
Realized net gains on AFS securities:
																		$	6					$	—					Securities gains, net
																		(2)						—						Income tax expense
																		$	4					$	—					Net of tax
Amortization of unrealized losses on HTM securities transferred from AFS:
																		$	(1,964)					$	(2,063)					Investment securities interest revenue
																		464						493						Income tax expense
																		$	(1,500)					$	(1,570)					Net of tax
Reclassifications related to derivative instruments accounted for as cash flow hedges:
Interest rate contracts																		$	1,121					$	1,440					Long-term debt interest expense
																		(283)						(368)						Income tax expense
																		$	838					$	1,072					Net of tax
Amortization of defined benefit pension plan net periodic pension cost components:
Prior service cost																		$	(25)					$	(44)					Salaries and employee benefits expense
Actuarial gain																		42						—						Other expense
																		17						(44)						Total before tax
																		(4)						11						Income tax expense
																		$	13					$	(33)					Net of tax
Total reclassifications for the period																		$	(645)					$	(531)					Net of tax

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 7 – Earnings Per Share

 

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.

												Three Months Ended March 31,
			(in thousands, except per share data)															2025						2024
			Net income															$	71,413					$	62,631
			Dividends on preferred stock															(1,573)						(1,573)
			Earnings allocated to participating securities															(411)						(345)
			Net income available to common shareholders															$	69,429					$	60,713
			Weighted average shares outstanding:
			Basic															120,043						119,662
			Effect of dilutive securities:
			Stock options															88						81
			Restricted stock units															70						—
			Diluted															120,201						119,743
			Net income per common share:
			Basic															$	0.58					$	0.51
			Diluted															$	0.58					$	0.51

 

For the three months ended March 31, 2025, no potentially dilutive shares of common stock issuable upon exercise of stock options were excluded from the computation of earnings per share because of their antidilutive effect. For the three months ended March 31, 2024, 984 potentially dilutive shares of common stock issuable upon exercise of stock options were excluded from the computation of earnings per share because of their antidilutive effect.

Note 8 – Regulatory Matters

As of March 31, 2025, United and the Bank were categorized as well-capitalized under the regulatory requirements in effect at that time. To be categorized as well-capitalized, United and the Bank must have exceeded the well-capitalized guideline ratios in effect at the time, as set forth in the table below, and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at March 31, 2025, and there have been no conditions or events since quarter-end that would change the status of well-capitalized.

Regulatory capital ratios at March 31, 2025 and December 31, 2024, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under regulatory requirements in effect at such times, are presented below for United and the Bank:

																		United Community Banks, Inc. (Consolidated)												United Community Bank
(dollars in thousands)						Minimum (1)						Well- Capitalized						March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Risk-based ratios:
CET1 capital						4.5		%				6.5		%				13.29		%				13.27		%				12.68		%				13.05		%
Tier 1 capital						6.0						8.0						13.73						13.72						12.68						13.05
Total capital						8.0						10.0						15.11						15.17						13.74						14.08
Leverage ratio						4.0						5.0						10.15						9.96						9.37						9.46
CET1 capital																		$	2,645,491					$	2,608,136					$	2,516,229					$	2,555,941
Tier 1 capital																		2,733,757						2,696,402						2,516,229						2,555,941
Total capital																		3,008,815						2,982,273						2,726,287						2,756,811
Risk-weighted assets																		19,909,871						19,655,227						19,840,404						19,582,815
Average total assets for the leverage ratio																		26,930,516						27,059,513						26,858,922						27,014,385

(1) As of March 31, 2025 and December 31, 2024, the minimum ratios as presented were subject to an additional capital conservation buffer of 2.50%

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UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 9 – Commitments and Contingencies

 

United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk.

 

The following table summarizes the contractual amount of significant off-balance sheet instruments as of the dates indicated.

(in thousands)			March 31, 2025						December 31, 2024
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit			$	4,086,002					$	3,970,991
Letters of credit			61,606						57,983

United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations.

Note 10 - Subsequent Events

Acquisition of ANB Holdings, Inc.

On May 1, 2025, United completed the previously announced acquisition of ANB Holdings, Inc. and its wholly-owned subsidiary, American National Bank, collectively referred to as “ANB”. ANB is headquartered in Oakland Park, Florida where it operates one banking location. As of March 31, 2025, American National Bank had total assets of $452 million, total loans of $317 million, and total deposits of $387 million.

ANB shareholders received $65.7 million, or 2,380,952 shares, of United common stock as consideration for the transaction. The acquisition will be accounted for as a business combination. Due to the timing of the acquisition, United is currently in the process of completing the purchase accounting and will make all of the remaining required disclosures as of June 30, 2025.

Share Repurchases

Beginning in April 2025, through May 7, 2025, United repurchased 505,898 shares of common stock for $13.9 million in accordance with its common stock repurchase program.

Debt Redemption

United has provided a redemption notice to the holders of the 2030 senior debentures of $100 million. Repayment is scheduled to occur during the second quarter of 2025.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our financial condition at March 31, 2025 and December 31, 2024 and our results of operations for the three months ended March 31, 2025 and 2024. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. The following discussion and analysis should be read along with our consolidated financial statements and related notes included in Part I - Item 1 of this Report, “Cautionary Note Regarding Forward-Looking Statements” and the risk factors discussed in our 2024 10-K and the other reports we have filed with the SEC after we filed the 2024 10-K.

Unless the context otherwise requires, the terms “we,” “our,” “us” refer to United on a consolidated basis.

 

Overview

 

We offer a wide array of commercial and consumer banking services and investment advisory solutions through a 200 branch network throughout Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama. Our equipment finance and SBA/USDA lending businesses operate throughout the United States. At March 31, 2025, we had consolidated total assets of $27.9 billion and 2,982 full-time equivalent employees.

Results of Operations

We reported net income and diluted earnings per common share of $71.4 million and $0.58, respectively, for the first quarter of 2025. This compared to net income and diluted earnings per common share of $62.6 million and $0.51, respectively, for the same period in 2024. We reported total revenue for the first quarters of 2025 and 2024 of $248 million and $239 million, respectively.

Net interest revenue increased to $212 million for the first quarter of 2025, compared to $199 million for the first quarter of 2024. The increase was mostly driven by a $14.9 million decrease in deposit interest expense as the average rate paid on interest-bearing deposits decreased 42 basis points. The net interest margin increased to 3.36% for the three months ended March 31, 2025 from 3.20% for the same period in 2024, primarily due to the steeper decrease in interest rates paid on deposits compared to the decrease in interest rates earned on loans.

 

Noninterest income of $35.7 million for the first quarter of 2025 was down $3.93 million, or 10%, from the first quarter of 2024, primarily driven by a $1.39 million decrease in mortgage loan gains and related fees and a $1.85 million decrease in wealth management fees. The decrease in mortgage loan gains and related fees was primarily due to a less favorable fair value adjustment on our mortgage servicing asset. The decrease in wealth management fees reflects the decrease in assets under management following the sale of FinTrust in the fourth quarter of 2024.

We recorded a provision for credit losses of $15.4 million and $12.9 million for the first quarters of 2025 and 2024, respectively. The higher provision expense for the first quarter of 2025 reflects a less favorable economic forecast and net loan growth, partially offset by lower net charge-offs and a partial release of the 2024 reserve related to Hurricane Helene.

For the first quarter of 2025, noninterest expenses of $141 million decreased by $3.90 million compared to the same period of 2024. The decrease was largely driven by a decrease in FDIC assessment and other regulatory charges of $2.92 million as the first quarter of 2024 included $2.50 million in expense related to the FDIC special assessment.

Results for the first quarter of 2025 are discussed in further detail throughout the following sections of MD&A.

Critical Accounting Estimates

 

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Our accounting and reporting estimates are in accordance with GAAP and conform to customary practices within the banking industry. Estimates that are susceptible to significant changes include accounting for the ACL and fair value measurements, both of which require significant judgments by management. Actual results could differ significantly from those estimates. Also, different assumptions in the application of these accounting estimates could result in material changes in our consolidated financial position or consolidated results of operations. Our critical accounting estimates are discussed in MD&A in our 2024 10-K.

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Non-GAAP Reconciliation and Explanation

This Report contains financial information determined by methods other than in accordance with GAAP. Such non-GAAP financial information includes the following measures: “tangible book value per common share,” and “tangible common equity to tangible assets.” In addition, management presents non-GAAP operating performance measures, which exclude merger-related and other items that are not part of our ongoing business operations. Operating performance measures include “noninterest income - operating,” “noninterest expense - operating,” “net income – operating,” “diluted income per common share – operating,” “tangible book value per common share,” “return on common equity – operating,” “return on tangible common equity – operating,” “return on assets – operating,” “efficiency ratio – operating” and “tangible common equity to tangible assets” We have developed internal policies and procedures to accurately capture and account for merger-related and other charges and those charges are reviewed with the Audit Committee of our Board each quarter. We use these non-GAAP measures because we believe they provide useful supplemental information for evaluating our operations and performance over periods of time, as well as in managing and evaluating our business and in discussions about our operations and performance. We believe these non-GAAP measures may also provide users of our financial information with a meaningful measure for assessing our financial results and credit trends, as well as a comparison to financial results for prior periods. Nevertheless, non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. These non-GAAP measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP. In addition, because non-GAAP measures are not standardized, it may not be possible to compare our non-GAAP measures to similarly titled measures used by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included in Table 1 of MD&A.

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UNITED COMMUNITY BANKS, INC.
Table 1 - Financial Highlights
(dollars in thousands, except per share data)
						2025						2024																								First Quarter 2025 - 2024 Change
						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
INCOME SUMMARY
Interest revenue						$	335,357					$	344,962					$	349,086					$	346,965					$	336,728
Interest expense						123,336						134,629						139,900						138,265						137,579
Net interest revenue						212,021						210,333						209,186						208,700						199,149						6		%
Noninterest income						35,656						40,522						8,091						36,556						39,587						(10)
Total revenue						247,677						250,855						217,277						245,256						238,736						4
Provision for credit losses						15,419						11,389						14,428						12,235						12,899
Noninterest expenses						141,099						143,056						143,065						147,044						145,002						(3)
Income before income tax expense						91,159						96,410						59,784						85,977						80,835						13
Income tax expense						19,746						20,606						12,437						19,362						18,204						8
Net income						71,413						75,804						47,347						66,615						62,631						14
Non-operating items						1,297						2,203						29,385						6,493						2,187
Income tax benefit of non-operating items						(281)						(471)						(6,276)						(1,462)						(493)
Net income - operating (1)						$	72,429					$	77,536					$	70,456					$	71,646					$	64,325					13
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP						$	0.58					$	0.61					$	0.38					$	0.54					$	0.51					14
Diluted net income - operating (1)						0.59						0.63						0.57						0.58						0.52						13
Cash dividends declared						0.24						0.24						0.24						0.23						0.23						4
Book value						28.42						27.87						27.68						27.18						26.83						6
Tangible book value (3)						20.58						20.00						19.66						19.13						18.71						10
Key performance ratios:
Return on common equity - GAAP (2)(4)						7.89		%				8.40		%				5.20		%				7.53		%				7.14		%
Return on common equity - operating (1)(2)(4)						8.01						8.60						7.82						8.12						7.34
Return on tangible common equity - operating (1)(2)(3)(4)						11.21						12.12						11.17						11.68						10.68
Return on assets - GAAP (4)						1.02						1.06						0.67						0.97						0.90
Return on assets - operating (1)(4)						1.04						1.08						1.01						1.04						0.93
Net interest margin (FTE) (4)						3.36						3.26						3.33						3.37						3.20
Efficiency ratio - GAAP						56.74						56.05						65.51						59.70						60.47
Efficiency ratio - operating (1)						56.22						55.18						57.37						57.06						59.15
Equity to total assets						12.56						12.38						12.45						12.35						12.06
Tangible common equity to tangible assets (3)						9.18						8.97						8.93						8.78						8.49
ASSET QUALITY
NPAs						$	93,290					$	115,635					$	114,960					$	116,722					$	107,230					(13)
ACL - loans						211,974						206,998						205,290						213,022						210,934						—
Net charge-offs						9,607						9,517						23,651						11,614						12,908
ACL - loans to loans						1.15		%				1.14		%				1.14		%				1.17		%				1.15		%
Net charge-offs to average loans (4)						0.21						0.21						0.52						0.26						0.28
NPAs to total assets						0.33						0.42						0.42						0.43						0.39
AT PERIOD END ($ in millions)
Loans						$	18,425					$	18,176					$	17,964					$	18,211					$	18,375					—
Investment securities						6,661						6,804						6,425						6,038						5,859						14
Total assets						27,874						27,720						27,373						27,057						27,365						2
Deposits						23,762						23,461						23,253						22,982						23,332						2
Shareholders’ equity						3,501						3,432						3,407						3,343						3,300						6
Common shares outstanding (thousands)						119,514						119,364						119,283						119,175						119,137						—

(1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes AOCI. (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized.

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			UNITED COMMUNITY BANKS, INC.
			Table 1 (Continued) - Financial Highlights
			Non-GAAP Performance Measures Reconciliation
			(dollars in thousands, except per share data)
									2025						2024
									First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
			Noninterest income reconciliation
			Noninterest income (GAAP)						$	35,656					$	40,522					$	8,091					$	36,556					$	39,587
			Loss on sale of manufactured housing loans						—						—						27,209						—						—
			Gain on lease termination						—						—						—						—						(2,400)
			Noninterest income - operating						$	35,656					$	40,522					$	35,300					$	36,556					$	37,187
			Noninterest expense reconciliation
			Noninterest expenses (GAAP)						$	141,099					$	143,056					$	143,065					$	147,044					$	145,002
			Loss on FinTrust (goodwill impairment)						—						—						—						(5,100)						—
			FDIC special assessment						—						—						—						764						(2,500)
			Merger-related and other charges						(1,297)						(2,203)						(2,176)						(2,157)						(2,087)
			Noninterest expenses - operating						$	139,802					$	140,853					$	140,889					$	140,551					$	140,415
			Net income to operating income reconciliation
			Net income (GAAP)						$	71,413					$	75,804					$	47,347					$	66,615					$	62,631
			Loss on sale of manufactured housing loans						—						—						27,209						—						—
			Gain on lease termination						—						—						—						—						(2,400)
			Loss on FinTrust (goodwill impairment)						—						—						—						5,100						—
			FDIC special assessment						—						—						—						(764)						2,500
			Merger-related and other charges						1,297						2,203						2,176						2,157						2,087
			Income tax benefit of non-operating items						(281)						(471)						(6,276)						(1,462)						(493)
			Net income - operating						$	72,429					$	77,536					$	70,456					$	71,646					$	64,325
			Diluted income per common share reconciliation
			Diluted income per common share (GAAP)						$	0.58					$	0.61					$	0.38					$	0.54					$	0.51
			Loss on sale of manufactured housing loans						—						—						0.18						—						—
			Gain on lease termination						—						—						—						—						(0.02)
			Loss on FinTrust (goodwill impairment)						—						—						—						0.03						—
			FDIC special assessment						—						—						—						—						0.02
			Merger-related and other charges						0.01						0.02						0.01						0.01						0.01
			Diluted income per common share - operating						$	0.59					$	0.63					$	0.57					$	0.58					$	0.52
			Book value per common share reconciliation
			Book value per common share (GAAP)						$	28.42					$	27.87					$	27.68					$	27.18					$	26.83
			Effect of goodwill and other intangibles						(7.84)						(7.87)						(8.02)						(8.05)						(8.12)
			Tangible book value per common share						$	20.58					$	20.00					$	19.66					$	19.13					$	18.71
			Return on tangible common equity reconciliation
			Return on common equity (GAAP)						7.89		%				8.40		%				5.20		%				7.53		%				7.14		%
			Loss on sale of manufactured housing loans						—						—						2.43						—						—
			Gain on lease termination						—						—						—						—						(0.22)
			Loss on FinTrust (goodwill impairment)						—						—						—						0.46						—
			FDIC special assessment						—						—						—						(0.07)						0.23
			Merger-related and other charges						0.12						0.20						0.19						0.20						0.19
			Return on common equity - operating						8.01						8.60						7.82						8.12						7.34
			Effect of goodwill and other intangibles						3.20						3.52						3.35						3.56						3.34
			Return on tangible common equity - operating						11.21		%				12.12		%				11.17		%				11.68		%				10.68		%

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			UNITED COMMUNITY BANKS, INC.
			Table 1 (Continued) - Financial Highlights
			Non-GAAP Performance Measures Reconciliation
			(dollars in thousands, except per share data)
									2025						2024
									First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
			Return on assets reconciliation
			Return on assets (GAAP)						1.02		%				1.06		%				0.67		%				0.97		%				0.90		%
			Loss on sale of manufactured housing loans						—						—						0.31						—						—
			Gain on lease termination						—						—						—						—						(0.03)
			Loss on FinTrust (goodwill impairment)						—						—						—						0.06						—
			FDIC special assessment						—						—						—						(0.01)						0.03
			Merger-related and other charges						0.02						0.02						0.03						0.02						0.03
			Return on assets - operating						1.04		%				1.08		%				1.01		%				1.04		%				0.93		%
			Efficiency ratio reconciliation
			Efficiency ratio (GAAP)						56.74		%				56.05		%				65.51		%				59.70		%				60.47		%
			Loss on sale of manufactured housing loans						—						—						(7.15)						—						—
			Gain on lease termination						—						—						—						—						0.60
			Loss on FinTrust (goodwill impairment)						—						—						—						(2.07)						—
			FDIC special assessment						—						—						—						0.31						(1.05)
			Merger-related and other charges						(0.52)						(0.87)						(0.99)						(0.88)						(0.87)
			Efficiency ratio - operating						56.22		%				55.18		%				57.37		%				57.06		%				59.15		%
			Tangible common equity to tangible assets reconciliation
			Equity to total assets (GAAP)						12.56		%				12.38		%				12.45		%				12.35		%				12.06		%
			Effect of goodwill and other intangibles						(3.06)						(3.09)						(3.20)						(3.24)						(3.25)
			Effect of preferred equity						(0.32)						(0.32)						(0.32)						(0.33)						(0.32)
			Tangible common equity to tangible assets						9.18		%				8.97		%				8.93		%				8.78		%				8.49		%

Net Interest Revenue

The following discussion provides additional details on the daily average balances and net interest revenue for the periods presented. The table that follows indicates the relationship between interest revenue and expense and the daily average amounts of assets and liabilities, which provides further insight into net interest spread and net interest margin for the periods indicated.

Net interest revenue for the first quarters of 2025 and 2024 was $212 million and $199 million, respectively. FTE net interest revenue for the first quarter of 2025 was $213 million, representing an increase of $12.8 million, or 6%, from the same period in 2024. The net interest spread for the first quarters of 2025 and 2024 was 2.46% and 2.16%, respectively. The net interest margin for the first quarters of 2025 and 2024 was 3.36% and 3.20%, respectively.

The interest rate environment changes over the past year included 100 basis points of federal funds rate cuts, which resulted in decreases in both earning-asset yields and funding costs. As a result, FTE net interest revenue for the first quarter of 2025 increased compared to the same period of 2024 as the decrease in deposit interest expense of $14.9 million more than offset the $10.0 million decrease in loan interest revenue. In addition, interest revenue from taxable securities increased $12.5 million due to both a higher average balance and an increase in the average rate earned as we have continued to reinvest in higher-yielding securities. We also experienced a decrease in interest revenue from federal funds sold and other interest-earning assets due to lower interest rates. The increase in net interest margin and net interest spread was primarily driven by a steeper decrease in average rates paid on deposits compared to the decrease in rates earned on loans.

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Table 2 - Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended March 31,
(dollars in thousands, (FTE))

						2025																		2024
						Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) (1)(2)						$	18,213,501					$	273,930					6.10		%				$	18,299,739					$	283,960					6.24		%
Taxable securities (3)						6,737,658						57,172						3.39						5,828,391						44,715						3.07
Tax-exempt securities (FTE) (1)(3)						356,712						2,245						2.52						366,350						2,311						2.52
Federal funds sold and other interest-earning assets						400,592						3,001						3.04						674,594						6,805						4.06
Total interest-earning assets (FTE)						25,708,463						336,348						5.29						25,169,074						337,791						5.39
Noninterest-earning assets:
Allowance for credit losses						(210,169)																		(212,996)
Cash and due from banks						219,540																		221,203
Premises and equipment						396,443																		386,021
Other assets (3)						1,610,104																		1,618,315
Total assets						$	27,724,381																	$	27,181,617
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand						$	6,134,004					37,390						2.47						$	6,078,090					46,211						3.06
Money market						6,583,963						49,541						3.05						5,864,217						50,478						3.46
Savings						1,096,308						624						0.23						1,192,828						706						0.24
Time						3,446,048						30,831						3.63						3,596,486						35,944						4.02
Brokered time deposits						50,447						548						4.41						50,343						445						3.56
Total interest-bearing deposits						17,310,770						118,934						2.79						16,781,964						133,784						3.21
Federal funds purchased and other borrowings						80,760						1,107						5.56						13						—						—
Federal Home Loan Bank advances						38,900						433						4.51						4						—						—
Long-term debt						254,220						2,862						4.57						324,838						3,795						4.70
Total borrowed funds						373,880						4,402						4.77						324,855						3,795						4.70
Total interest-bearing liabilities						17,684,650						123,336						2.83						17,106,819						137,579						3.23
Noninterest-bearing liabilities:
Noninterest-bearing deposits						6,194,217																		6,398,079
Other liabilities						369,939																		390,451
Total liabilities						24,248,806																		23,895,349
Shareholders' equity						3,475,575																		3,286,268
Total liabilities and shareholders' equity						$	27,724,381																	$	27,181,617
Net interest revenue (FTE)												$	213,012																	$	200,212
Net interest-rate spread (FTE)																		2.46		%																2.16		%
Net interest margin (FTE) (4)																		3.36		%																3.20		%

 

(1)Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.

(2)Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.

(3)Unrealized losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation.

(4)Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.

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Noninterest Income

 

The following table presents the components of noninterest income for the periods indicated.

Table 3 - Noninterest Income
(dollars in thousands)

																					Three Months Ended March 31,												Change
																																	2025						2024						Amount						Percent
						Service charges and fees:
						Overdraft fees																											$	3,027					$	3,000					$	27					1		%
						ATM and debit card fees																											3,776						3,505						271						8
						Other service charges and fees																											2,732						2,759						(27)						(1)
						Total service charges and fees																											9,535						9,264						271						3
						Mortgage loan gains and related fees																											6,122						7,511						(1,389)						(18)
						Wealth management fees																											4,465						6,313						(1,848)						(29)
						Gains on sales of other loans																											1,396						1,537						(141)						(9)
						Lending and loan servicing fees																											4,165						4,210						(45)						(1)
						Securities gains, net																											6						—						6
						Other noninterest income:
						Customer derivative fees																											1,252						239						1,013
						Other investment income																											404						1,103						(699)
						BOLI																											2,109						2,895						(786)						(27)
						Treasury management income																											1,983						1,497						486						32
						Other																											4,219						5,018						(799)						(16)
						Total other noninterest income																											9,967						10,752						(785)						(7)
						Total noninterest income																											$	35,656					$	39,587					$	(3,931)					(10)

The decrease in mortgage loan gains and related fees for the three months ended March 31, 2025 compared to the same period of 2024 was primarily a result of a $1.58 million less favorable fair value adjustment to our mortgage servicing asset partially offset by higher gains on mortgage sales and rate lock volume. The following table provides additional mortgage metrics for the periods indicated.

Table 4 - Mortgage Loan Metrics
(dollars in thousands)
						Three Months Ended March 31,
						2025						2024						% Change
			Mortgage rate locks			$	330,490					$	259,577					27		%
			Mortgage loans sold			$	140,905					$	125,939					12
			Mortgage loans originated:
			Purchases			$	163,363					$	148,225					10
			Refinances			23,869						22,760						5
			Total			$	187,232					$	170,985					10

The decrease in wealth management fees reflects the decrease in assets under management and advisement as a result of the FinTrust sale during the fourth quarter of 2024. Assets under management and advisement totaled $3.18 billion and $5.39 billion at March 31, 2025 and 2024, respectively.

Customer derivative fee income was up mostly due to stronger loan growth and increased demand for customer derivatives, attributable to the decrease in rates since the first quarter of 2024.

Provision for Credit Losses

We recorded a provision for credit losses of $15.4 million for the three months ended March 31, 2025, compared to $12.9 million for the same period of 2024. The increase in provision was mostly driven by a less favorable economic forecast and net loan growth.

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These increases were partially offset by a decrease in net charge-offs and a release of a portion of the Hurricane Helene additional allowance established in 2024. Additional discussion on credit quality and the ACL is included in the “Asset Quality and Risk Elements” section of MD&A in this Report.

Noninterest Expenses 

The following table presents the components of noninterest expenses for the periods indicated.

Table 5 - Noninterest Expenses
(dollars in thousands)

																		Three Months Ended March 31,												Change
																														2025						2024						Amount						Percent
			Salaries and employee benefits																											$	84,267					$	84,985					$	(718)					(1)		%
			Communications and equipment																											13,699						11,920						1,779						15
			Occupancy																											10,929						11,099						(170)						(2)
			Advertising and public relations																											1,881						1,901						(20)						(1)
			Postage, printing and supplies																											2,561						2,648						(87)						(3)
			Professional fees																											5,931						5,988						(57)						(1)
			Lending and loan servicing expense																											1,987						1,827						160						9
			Outside services - electronic banking																											2,763						2,918						(155)						(5)
			FDIC assessments and other regulatory charges																											4,642						7,566						(2,924)						(39)
			Amortization of intangibles																											3,286						3,887						(601)						(15)
			Merger-related and other charges																											1,297						2,087						(790)						(38)
			Other																											7,856						8,176						(320)						(4)
			Total noninterest expenses																											$	141,099					$	145,002					$	(3,903)					(3)

Salaries and employee benefits for the first quarter of 2025 benefited from the reduction in employees resulting from the sale of FinTrust in the fourth quarter of 2024 and the staff reduction following the manufactured housing loan sale in the third quarter of 2024.

Communications and equipment expense increased primarily due to incremental software contract costs. We also recorded increased depreciation related to equipment placed into service since March 31, 2024, which included technology equipment for our new Greenville headquarters building and new signage associated with our rebranding.

The decrease in FDIC assessments and other regulatory charges in the first quarter of 2025 compared to the same period of 2024 reflects a $2.50 million FDIC special assessment accrued in the first quarter of 2024.

Merger-related and other charges for the first quarter of 2025 decreased compared to the same period in 2024 primarily due to a decrease in costs associated with our rebranding.

Income Tax Expense

The following table presents income tax expense and the effective tax rate for the periods indicated.

Table 6 - Income Tax Expense

(dollars in thousands)

															For the Three Months Ended March 31,
																					2025						2024
			Income before income taxes																		$	91,159					$	80,835
			Income tax expense																		19,746						18,204
			Effective tax rate																		21.7		%				22.5		%

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Balance Sheet Review

 

Total assets at March 31, 2025 and December 31, 2024 were $27.9 billion and $27.7 billion, respectively. Total liabilities at March 31, 2025 and December 31, 2024 were $24.4 billion and $24.3 billion, respectively. Shareholders’ equity totaled $3.50 billion and $3.43 billion at March 31, 2025 and December 31, 2024, respectively.

Loans

Our loan portfolio is our largest category of interest-earning assets. The following table presents the loan portfolio and the allocation of the ACL by loan type for the periods indicated.

Table 7 - Loan Portfolio Composition and ACL Allocation

(dollars in thousands)

						March 31, 2025																								December 31, 2024
						Loans						% of portfolio						ACL						ACL to Loans						Loans						% of portfolio						ACL						ACL to Loans
			Owner occupied CRE			$	3,418,827					19		%				$	21,505					0.63		%				$	3,398,217					19		%				$	19,873					0.58		%
			Income producing CRE			4,416,058						24						45,817						1.04						4,360,920						24						41,427						0.95
			Commercial & industrial			2,506,405						14						37,704						1.50						2,428,376						13						35,441						1.46
			Commercial construction			1,681,389						9						16,725						0.99						1,655,710						9						16,370						0.99
			Equipment financing			1,722,445						9						47,600						2.76						1,662,501						9						47,415						2.85
			Total commercial			13,745,124						75						169,351						1.23						13,505,724						74						160,526						1.19
			Residential mortgage			3,217,742						17						29,679						0.92						3,231,479						18						32,259						1.00
			Home equity			1,099,369						6						10,297						0.94						1,064,874						6						11,247						1.06
			Residential construction			171,073						1						1,622						0.95						178,405						1						1,672						0.94
			Manufactured housing			—						—						—						—						1,723						—						450						26.12
			Consumer			182,535						1						1,025						0.56						186,448						1						844						0.45
			Total (1)			$	18,415,843											$	211,974					1.15						$	18,168,653											$	206,998					1.14

(1) Loans presented excludes fair value hedge basis adjustments.

The following table provides a disaggregation of our income producing CRE portfolio as of March 31, 2025 and December 31, 2024. Office is the largest subcategory within the income producing CRE portfolio. At March 31, 2025, the average loan within the office category was $1.45 million and the largest loan was $16.4 million.

Table 8 - CRE - Income Producing Portfolio Composition

(dollars in thousands)

									March 31, 2025												December 31, 2024
									Total						% of loans in category						Total						% of loans in category
			Office						$	824,276					19		%				$	792,449					18		%
			Retail						809,966						18						765,987						18
			Multifamily						613,883						14						633,296						15
			Warehouse						505,315						12						502,586						11
			Hotel						492,929						11						467,139						11
			Other						467,058						11						475,898						11
			Rental 1-4 Family						324,292						7						326,286						7
			Senior Care						231,994						5						259,056						6
			Self Storage						146,345						3						138,223						3
			Total						$	4,416,058					100		%				$	4,360,920					100		%

Asset Quality and Risk Elements

 

We manage asset quality and control credit risk through review and oversight of the loan portfolio as well as adherence to policies designed to promote sound underwriting and loan monitoring practices. Our credit risk management function is responsible for monitoring asset quality and Board approved portfolio concentration limits, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures.

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The ACL reflects our assessment of the life of loan expected credit losses in the loan portfolio and unfunded loan commitments. This assessment involves uncertainty and judgment and is subject to change in future periods. See the Critical Accounting Estimates section of MD&A in our 2024 10-K for additional information on the ACL.

The total ACL for loans at March 31, 2025 increased by $4.98 million, or 2%, compared to December 31, 2024 and the ACL for loans as a percentage of total loans increased slightly to 1.15% from 1.14%. The increase in the ACL was primarily attributable to loan growth and a less favorable economic forecast due to uncertainty surrounding the federal administration’s policies. These increases were partially offset by a decrease in the Hurricane Helene related allowance based on our most recent assessment of potential losses from loans impacted by the storm. This reserve totaled $7.17 million and $9.80 million at March 31, 2025 and December 31, 2024, respectively. Our ACL for unfunded commitments increased mostly due to an increase in our construction commitments.

The following table provides a summary of net charge-offs to average loans for the periods indicated.

Table 9 - Net Charge-offs to Average Loans
(dollars in thousands)

												Three Months Ended March 31,
																		2025						2024
			Net charge-offs (recoveries)
			Owner occupied CRE															$	126					$	202
			Income producing CRE															718						205
			Commercial & industrial															2,447						3,906
			Commercial construction															(138)						20
			Equipment financing															5,042						6,362
			Residential mortgage															(1)						(16)
			Home equity															(62)						(54)
			Residential construction															219						119
			Manufactured housing															—						1,569
			Consumer															1,256						595
			Total net charge-offs															$	9,607					$	12,908
			Average loans
			Owner occupied CRE															$	3,393,849					$	3,278,673
			Income producing CRE															4,369,597						4,224,227
			Commercial & industrial															2,456,768						2,401,573
			Commercial construction															1,661,366						1,892,917
			Equipment financing															1,685,187						1,539,483
			Residential mortgage															3,210,729						3,211,015
			Home equity															1,077,463						961,520
			Residential construction															173,987						278,745
			Manufactured housing															—						331,442
			Consumer															184,555						180,144
			Total average loans															$	18,213,501					$	18,299,739
			Net charge-offs to average loans (1)
			Owner occupied CRE															0.02		%				0.02		%
			Income producing CRE															0.07						0.02
			Commercial & industrial															0.40						0.65
			Commercial construction															(0.03)						—
			Equipment financing															1.21						1.66
			Residential mortgage															—						—
			Home equity															(0.02)						(0.02)
			Residential construction															0.51						0.17
			Manufactured housing															—						1.90
			Consumer															2.76						1.33
			Total															0.21						0.28

(1) Annualized.

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The decrease in net charge-offs for the first quarter of 2025 compared to the first quarter of 2024 was primarily driven by lower commercial and industrial, equipment finance and manufactured housing charge-offs. We completed the sale of the substantially all of our manufactured housing portfolio in the third quarter of 2024. For the first quarter of 2025, the average balance and net charge-offs related to the remaining manufactured housing loans are reflected in consumer loans. Equipment finance charge-offs decreased due to lower long-haul trucking related losses.

Nonperforming Assets

The table below summarizes NPAs for the periods indicated. NPAs include nonaccrual loans, OREO and repossessed assets. The decrease in NPAs since December 31, 2024 was primarily driven by $24.3 million in payoffs and paydowns of nonaccrual loans. Notably, we had one $7.85 million senior care loan payoff (included in income producing CRE) and significant paydowns and payoffs for two commercial and industrial relationships of $5.85 million.

Table 10 - NPAs
(dollars in thousands)

						March 31, 2025						December 31, 2024						$ Change
			Nonaccrual loans:
			Owner occupied CRE			$	8,949					$	11,674					$	(2,725)
			Income producing CRE			16,536						25,357						(8,821)
			Commercial & industrial			22,396						29,339						(6,943)
			Commercial construction			5,558						7,400						(1,842)
			Equipment financing			8,818						8,925						(107)
			Total commercial			62,257						82,695						(20,438)
			Residential mortgage			22,756						24,615						(1,859)
			Home equity			4,091						4,630						(539)
			Residential construction			811						57						754
			Manufactured housing (1)			—						1,444						(1,444)
			Consumer			1,423						138						1,285
			Total			91,338						113,579						(22,241)
			OREO and repossessed assets			1,952						2,056						(104)
			Total NPAs			$	93,290					$	115,635					$	(22,345)
			Nonaccrual loans as a percentage of total loans			0.50		%				0.62		%
			NPAs as a percentage of total assets			0.33						0.42
			ACL - loans to nonaccrual loans coverage ratio			2.32						1.82

(1) In 2025, manufactured housing loans were included in consumer loans.

Investment Securities

The composition of the investment securities portfolio reflects our investment strategy of maintaining an appropriate level of liquidity while providing a relatively stable source of revenue. The investment securities portfolio also provides a balance to interest rate risk and credit risk in other categories of the balance sheet while providing a vehicle for the investment of available funds, furnishing liquidity, and supplying securities to pledge as required collateral for certain deposits and borrowings. The table below summarizes the carrying value of our securities portfolio and other relevant portfolio metrics including weighted-average life and effective duration as of the dates presented. Effective duration represents the expected change in the price of a security when rates change by 100 basis points.

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Table 11 - Investment Securities

(dollars in thousands)

						March 31, 2025												December 31, 2024
						Carrying Value						% of portfolio						Carrying Value						% of portfolio						$ Change
			AFS			$	4,322,644					65		%				$	4,436,291					65		%				$	(113,647)
			HTM			2,338,571						35						2,368,107						35						(29,536)
			Total investment securities			$	6,661,215											$	6,804,398											$	(143,183)
			Investment securities as a % of total assets			24		%										25		%
			Weighted average life			5.6 years												5.7 years
			Swap adjusted effective duration			3.5		%										3.5		%
			Effective duration			3.9												3.9

We utilize fair value hedges on a portion of our AFS securities portfolio in order to mitigate the impact of potential future unrealized losses on our tangible common equity. Gains and losses related to the hedge and hedged item are reflected in investment securities interest income. The changes in the fair value of the hedge and the hedged item substantially offset each other. See Note 4 to the financial statements for further detail.

At March 31, 2025, HTM debt securities had a fair value of $1.95 billion, indicating net unrealized losses of $386 million. Additional unrealized losses on HTM debt securities of $57.5 million (pre-tax) were included in AOCI as a result of the transfer of AFS debt securities to HTM in 2022. Unrealized losses were primarily attributable to changes in interest rates.

See Note 3 to the consolidated financial statements for additional detail.

Deposits

Customer deposits are the primary source of funds for the continued growth of our earning assets. We believe our high level of service, as evidenced by our strong customer satisfaction scores, is instrumental in attracting and retaining customer deposit accounts. Since December 31, 2024, customer deposits increased $309 million, mostly driven by an increase in money market deposit balances. As of March 31, 2025, we had approximately $9.78 billion of uninsured deposits, of which $3.04 billion was collateralized by investment securities.

Table 12 - Deposits
(dollars in thousands)

						March 31, 2025												December 31, 2024
						Balance						% of Total						Balance						% of Total
			Noninterest-bearing demand			$	6,257,032					26		%				$	6,211,182					26		%
			NOW and interest-bearing demand			6,155,141						26						6,141,342						26
			Money market and savings			7,742,880						33						7,498,735						32
			Time			3,446,567						14						3,441,424						15
			Total customer deposits			23,601,620						99						23,292,683						99
			Brokered deposits			160,785						1						168,292						1
			Total deposits			$	23,762,405											$	23,460,975

Borrowing Activities

At March 31, 2025 and December 31, 2024, we had long-term debt outstanding of $254 million, which includes senior debentures, subordinated debentures, and trust preferred securities. At March 31, 2025 there were no short-term borrowings outstanding. At December 31, 2024 there were $195 million in short-term borrowings outstanding. The need to utilize wholesale funding sources has decreased as our deposit and cash balances have substantially provided for our liquidity needs.

Contractual Obligations and Off-Balance Sheet Arrangements

 

There have not been any material changes to our contractual obligations and off-balance sheet arrangements since December 31, 2024.

 

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Interest Rate Sensitivity Management

Interest rate sensitivity is a function of the repricing characteristics of the portfolio of assets and liabilities. Repricing characteristics are the time frames within which the interest rates on interest-earning assets and interest-bearing liabilities are subject to change either at replacement, repricing or maturity.

Management uses an asset/liability simulation model to measure the potential change in net interest revenue over time using multiple interest rate scenarios. Our modeling is based on the 12-month impact on net interest revenue simulations with various interest rate shocks and ramps, which are compared to a base scenario that assumes rates remain flat. In the shock scenarios, rates immediately change the full amount at the scenario onset. In the ramp scenarios, rates change by 25 basis points per month until they reach the predetermined levels.

The following table presents our interest sensitivity position at the dates indicated. The scenario results presented assume parallel movements in the yield curve, which may differ from actual future curve behavior. Other than an assumption for the runoff of estimated surge deposits, our model generally assumes no change in deposit portfolio size or composition.

Table 13 - Interest Sensitivity

									Increase (Decrease) in Net Interest Revenue from Base Scenario at
									March 31, 2025												December 31, 2024
			Change in Rates						Shock						Ramp						Shock						Ramp
			200 basis point increase						3.50		%				1.69		%				2.01		%				0.92		%
			100 basis point increase						1.93						1.28						1.19						0.66
			100 basis point decrease						(3.07)						(2.03)						(2.27)						(1.46)
			200 basis point decrease						(7.24)						(3.17)						(6.00)						(2.38)

The change in results from December 31, 2024 to March 31, 2025 reflects more floating interest rate loans and a slight shortening of asset duration to address rising interest rate risk concerns. In addition, the balance sheet became slightly more asset sensitive at March 31, 2025 due to higher cash balances on hand at quarter-end.

Liquidity Management 

The Bank’s main source of liquidity is customer interest-bearing and noninterest-bearing deposit accounts. Liquidity is also available from wholesale funding sources consisting primarily of repurchase agreements, Federal funds purchased, FHLB advances, and brokered deposits. These sources of liquidity are generally short-term in nature and are used as necessary to fund asset growth and meet other short-term liquidity needs. As part of our liquidity management, we focus on maximizing the amount of securities and loans available as collateral for contingent liquidity sources and calibrating our assumptions in our liquidity stress test on an ongoing basis, particularly as it relates to deposit duration. At March 31, 2025 and December 31, 2024, we had sufficient liquid funds and qualifying collateral to support additional borrowings, which are detailed in the table below.

Table 14 - Availability of Liquid Funds and Borrowings
(in thousands)
						March 31, 2025						December 31, 2024
			Available liquid funds:
			Cash and cash equivalents			$	636,712					$	519,873
			Availability of borrowings (1):
			FHLB			1,864,366						1,917,905
			Federal Reserve - Discount Window			2,316,478						2,267,139
			Unpledged securities available as collateral for additional borrowings			3,625,236						3,603,885

(1) Based on collateral pledged.

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In addition, because the Holding Company is a separate entity and apart from the Bank, it must provide for its own liquidity. The Holding Company is responsible for the payment of dividends declared for its common and preferred shareholders, and interest and principal on any outstanding debt or trust preferred securities. The Holding Company currently has sufficient liquid assets to meet these obligations. Holding Company liquidity is maintained at a level of at least 15 months of forecasted cash obligations.

In the opinion of management, our liquidity position at March 31, 2025 was sufficient to meet our expected cash flow requirements for the foreseeable future. See the consolidated statement of cash flows for further detail.

Capital Resources and Dividends

 

Shareholders’ equity at March 31, 2025 was $3.50 billion, an increase of $68.8 million from December 31, 2024 primarily due to year-to-date earnings and other comprehensive income, partially offset by dividends declared on common and preferred stock.

The following table shows capital ratios, as calculated under applicable regulatory guidelines, at March 31, 2025 and December 31, 2024. As of March 31, 2025, capital levels remained characterized as “well-capitalized” under regulatory requirements in effect at the time. Additional information related to capital ratios is provided in Note 8 to the consolidated financial statements.

Table 15 - Capital Ratios

																								United Community Banks, Inc. (Consolidated)												United Community Bank
						Minimum						Well- Capitalized						Minimum Capital Plus Capital Conservation Buffer						March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Risk-based ratios:
CET1 capital						4.5		%				6.5		%				7.0		%				13.29		%				13.27		%				12.68		%				13.05		%
Tier 1 capital						6.0						8.0						8.5						13.73						13.72						12.68						13.05
Total capital						8.0						10.0						10.5						15.11						15.17						13.74						14.08
Leverage ratio						4.0						5.0						N/A						10.15						9.96						9.37						9.46

The following table shows capital composition as of March 31, 2025 and December 31, 2024.

Table 16 - Capital Composition under Basel III

(in thousands)

						United Community Banks, Inc. (Consolidated)												United Community Bank
						March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Total common shareholders' equity						$	3,412,630					$	3,343,861					$	3,275,458					$	3,282,263
CECL transitional amount						—						3,334						—						3,334
Goodwill						(907,090)						(907,090)						(907,090)						(907,090)
Intangibles, other than goodwill and mortgage servicing rights, net of associated DTLs						(39,803)						(42,334)						(39,803)						(42,334)
DTAs arising from net operating loss and tax credit carryforwards						(6,805)						(2,554)						(6,109)						(1,988)
Net unrealized losses on AFS securities						151,195						177,645						150,281						176,777
Accumulated net gains on cash flow hedges						(8,128)						(9,705)						—						—
Net unrealized losses on HTM securities that are included in AOCI						43,629						45,129						43,629						45,129
Other						(137)						(150)						(137)						(150)
CET1 capital						2,645,491						2,608,136						2,516,229						2,555,941
Preferred stock, net of issuance cost						88,266						88,266						—						—
Tier 1 capital						2,733,757						2,696,402						2,516,229						2,555,941
Tier 2 capital instruments						65,000						85,000						—						—
Qualifying ACL						210,058						200,871						210,058						200,870
Total capital						$	3,008,815					$	2,982,273					$	2,726,287					$	2,756,811

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Effect of Inflation and Changing Prices

 

A bank’s asset and liability structure is substantially different from that of an industrial firm in that primarily all assets and liabilities of a bank are monetary in nature with relatively little investment in fixed assets or inventories. Management believes the effect of inflation on financial results depends on our ability to react to changes in interest rates, and by such reaction, reduce the inflationary effect on performance. We have an asset/liability management program to manage interest rate sensitivity. In addition, periodic reviews of banking services and products are conducted to adjust pricing in view of current and expected costs.

Item 3.    Quantitative and Qualitative Disclosure About Market Risk

 

There have been no material changes in our market risk as of March 31, 2025 from that presented in our 2024 10-K. Our interest rate sensitivity position at March 31, 2025 is set forth in Table 13 in MD&A of this Report and incorporated herein by this reference.

 

Item 4.    Controls and Procedures

    (a) Disclosure Controls and Procedures. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures (as such term is defined in Exchange Act Rule 13a-15(e)) as of March 31, 2025. Based on that evaluation, our principal executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Report.

    (b) Changes in Internal Control Over Financial Reporting. No change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) occurred during the fiscal quarter ended March 31, 2025 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Part II. OTHER INFORMATION 

Item 5. Other Information

No director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K during the quarter ended March 31, 2025.

Item 6. Exhibits

(d)     Exhibits. See Exhibit Index below.

EXHIBIT INDEX
Exhibit No.						Description
3.1						Restated Articles of Incorporation of United Community Banks, Inc. as amended through August 13, 2021 (incorporated herein by reference to Exhibit 3.1 to United Community Bank Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2021, filed on November 5, 2021).
3.2						Amended and Restated Bylaws of United Community Banks, Inc., as amended (incorporated herein by reference to Exhibit 3.2 to United Community Banks, Inc.’s Quarterly Report on Form 10-Q for the period ended March 31, 2015, filed with the SEC on May 11, 2015).
10.1						Employment Agreement between Richard W. Bradshaw and United Community Banks, Inc., dated as of February 10, 2025 (incorporated herein by reference to Exhibit 10.1 to United Community Banks, Inc.’s Current Report on Form 8-K dated February 10, 2025, filed with the SEC on February 11, 2025).
31.1						Certification by H. Lynn Harton, President and Chief Executive Officer of United Community Banks, Inc., pursuant to Exchange Act Rule 13a-14(a).
31.2						Certification by Jefferson L. Harralson, Executive Vice President and Chief Financial Officer of United Community Banks, Inc., pursuant to Exchange Act Rule 13a-14(a).
32						Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350.
101						Interactive data files for United Community Bank, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL: (i) the Consolidated Balance Sheets (unaudited); (ii) the Consolidated Statements of Income (unaudited); (iii) the Consolidated Statements of Comprehensive Income (unaudited); (iv) the Consolidated Statements of Changes in Shareholders’ Equity (unaudited); (v) the Consolidated Statements of Cash Flows (unaudited); and (vi) the Notes to Consolidated Financial Statements (unaudited).
104						The cover page from United Community Bank’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (formatted in Inline XBRL and included in Exhibit 101)

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Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

			UNITED COMMUNITY BANKS, INC.
			/s/ H. Lynn Harton
			H. Lynn Harton
			President and Chief Executive Officer
			(Principal Executive Officer)
			/s/ Jefferson L. Harralson
			Jefferson L. Harralson
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
			/s/ Alan H. Kumler
			Alan H. Kumler
			Senior Vice President and Chief Accounting Officer
			(Principal Accounting Officer)
			Date: May 9, 2025

 

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