SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 7, 2002
United Community Banks, Inc.
(Exact name of registrant as specified in its charter)
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Georgia |
No. 0-21656 |
No. 58-180-7304 |
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(State or other jurisdiction of |
(Commission File Number) |
(IRS Employer |
63 Highway 515, P.O. Box 398
Blairsville, Georgia 30512
(Address of principal executive offices)
Registrant's telephone number, including area code:
(706) 781-2265
Not applicable
(Former name or former address, if changed since last report)
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Items 1 - 4. |
Not Applicable |
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Item 5. |
On April 25, 2002, United Community Banks, Inc. announced a 2 for 1 split of its common stock effective May 29, 2002 for shareholders of record on May 15, 2002. The effect of the split on previously reported financial information and earnings per share is included as an exhibit hereto. |
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Item 6. |
Not Applicable |
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Item 7. |
Exhibits. |
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99.1 |
Schedules showing the effect of the 2 for 1 stock split announced April 25, 2002 for shareholders of record on May 15, 2002 and effective May 29, 2002 on previously reported earnings per share, dividends per share and shares outstanding amounts. |
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Item 8. |
Not Applicable |
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Item 9. |
Not Applicable |
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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 hereunto duly authorized.
/s/ Rex S. Schuette
Rex S. Schuette
Executive Vice President and
May 7,
2002
Chief Accounting Officer
EXHIBIT 99
UNITED COMMUNITY BANKS, INC.
PROFORMA EARNINGS PER SHARE (OPERATING)
RESTATED FOR 2 FOR 1 STOCK SPLIT (RECORD DATE - MAY 15, 2002 / DISTRIBUTION DATE - MAY 29, 2002)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
- ---------------------------------------------------------------------------------------------------------------------------------
FOR THE QUARTER ENDED MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30,
2002 2001 2001 2001
- ---------------------------------------------------------------------------------------------------------------------------------
Basic earnings per share:
Weighted average shares outstanding 21,407 21,276 21,090 21,070
Net income available to common shareholders $ 7,694 $ 7,679 $ 7,214 $ 6,909
Basic earnings per share $ .36 $ .36 $ .34 $ .33
==================================================================================================================================
Diluted earnings per share:
Weighted average shares outstanding 21,407 21,276 21,090 21,070
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 376 337 292 284
Effect of conversion of subordinated debt 280 280 280 280
- ---------------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 22,063 21,893 21,662 21,634
- ---------------------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 7,694 7,679 7,214 6,909
Income effect of conversion of subordinated debt, net of tax 28 32 40 45
- ---------------------------------------------------------------------------------------------------------------------------------
Net income, adjusted for effect of conversion of subordinated
debt, net of tax 7,722 7,711 7,254 6,954
- ---------------------------------------------------------------------------------------------------------------------------------
Diluted earnings per share $ .35 $ .35 $ .33 $ .32
=================================================================================================================================
=================================================================================================================================
Period-end shares outstanding 21,400 21,511 21,090 21,090
Cash dividends declared per share $ .0625 $ .0500 $ .0500 $ .0500
Book value per share $ 9.11 $ 8.97 $ 8.67 $ 8.18
=================================================================================================================================
UNITED COMMUNITY BANKS, INC.
PROFORMA EARNINGS PER SHARE (OPERATING)
RESTATED FOR 2 FOR 1 STOCK SPLIT (RECORD DATE - MAY 15, 2002 / DISTRIBUTION DATE - MAY 29, 2002)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
CONTINUED
- -----------------------------------------------------------------------------------------------------------------------
FOR THE QUARTER ENDED MARCH 31, DECEMBER 31, SEPTEMBER 30,
2001 2000 2000
- -----------------------------------------------------------------------------------------------------------------------
Basic earnings per share:
Weighted average shares outstanding 21,033 21,026 20,978
Net income available to common shareholders $ 6,392 $ 6,108 $ 5,707
Basic earnings per share $ .30 $ .29 $ .27
=======================================================================================================================
Diluted earnings per share:
Weighted average shares outstanding 21,033 21,026 20,978
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 268 314 312
Effect of conversion of subordinated debt 280 280 280
- -----------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 21,581 21,620 21,570
- -----------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 6,392 6,108 5,707
Income effect of conversion of subordinated debt, net of tax 52 60 51
- -----------------------------------------------------------------------------------------------------------------------
Net income, adjusted for effect of conversion of subordinated
debt, net of tax 6,444 6,168 5,758
- -----------------------------------------------------------------------------------------------------------------------
Diluted earnings per share $ .30 $ .29 $ .27
=======================================================================================================================
=======================================================================================================================
Period-end shares outstanding 21,043 21,028 21,028
Cash dividends declared per share $ .05 $ .0375 $ .0375
Book value per share $ 7.89 $ 7.40 $ 6.89
========================================================================================================================
UNITED COMMUNITY BANKS, INC.
PROFORMA EARNINGS PER SHARE (OPERATING)
RESTATED FOR 2 FOR 1 STOCK SPLIT (RECORD DATE - MAY 15, 2002 / DISTRIBUTION DATE - MAY 29, 2002)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
CONTINUED
- ------------------------------------------------------------------------------------------------------------
FOR THE QUARTER ENDED JUNE 30, MARCH 31,
2000 2000
- ------------------------------------------------------------------------------------------------------------
Basic earnings per share:
Weighted average shares outstanding 20,238 20,188
Net income available to common shareholders $ 5,098 $ 4,791
Basic earnings per share $ .25 $ .24
============================================================================================================
Diluted earnings per share:
Weighted average shares outstanding
Net effect of the assumed exercise of stock options based on the 20,238 20,188
treasury stock method using average market price for the period 314 314
Effect of conversion of subordinated debt 280 280
- ------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 20,832 20,782
- ------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 5,098 4,791
Income effect of conversion of subordinated debt, net of tax 56 53
- ------------------------------------------------------------------------------------------------------------
Net income, adjusted for effect of conversion of subordinated
debt, net of tax 5,154 4,844
- ------------------------------------------------------------------------------------------------------------
Diluted earnings per share $ .25 $ .23
============================================================================================================
============================================================================================================
20,915 20,189
Period-end shares outstanding $ .0375 $ .0375
Cash dividends declared per share $ 6.74 $ 6.01
Book value per share
===========================================================================================================
SIX MONTHS ENDED NINE MONTHS ENDED
----------------------- ------------------
June 30, June 30, September 30,
2001 2000 2001
- ------------------------------------------------------------------------------------------------------- ----------------
Basic earnings per share:
Weighted average shares outstanding 21,052 20,214 21,063
Net income available to common shareholders $13,301 $ 9,889 $20,515
Basic earnings per share $ .63 $ .49 $ .97
==================================================================================================================================
DILUTED EARNINGS PER SHARE:
Weighted average shares outstanding 21,052 20,214 21,063
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 291 314 305
Effect of conversion of subordinated debt 280 280 280
- ----------------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 21,623 20,808 21,648
- ----------------------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 13,301 9,889 20,515
Income effect of conversion of subordinated debt, net of tax 97 109 137
- ----------------------------------------------------------------------------------------------------------------------------------
Net income, adjusted for effect of conversion of subordinated
debt, net of tax 13,398 9,998 20,652
- ----------------------------------------------------------------------------------------------------------------------------------
Diluted earnings per share $ .62 $ .48 $ .95
==================================================================================================================================
==================================================================================================================================
Period-end shares outstanding 21,090 20,915 21,090
Cash dividends declared per share $ .1000 $ .0750 $ .1500
Book value per share $ 8.18 $ 6.74 $ 8.67
==================================================================================================================================
(CONTINUED)
YEARS ENDED
- ------------------------------------------------------------------------------------------- -----------------------------
September 30, December 31, December 31,
2000 2001 2000
- --------------------------------------------------------------------------------------------------------------------------
Basic earnings per share:
Weighted average shares outstanding 20,456 21,127 20,600
Net income available to common shareholders $15,596 $28,194 $21,704
Basic earnings per share $ .76 $ 1.33 $ 1.05
===========================================================================================================================
DILUTED EARNINGS PER SHARE:
Weighted average shares outstanding 20,456 21,127 20,600
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 314 342 314
Effect of conversion of subordinated debt 280 280 280
- ----------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 21,050 21,749 21,194
- ----------------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 15,596 28,194 21,704
Income effect of conversion of subordinated debt, net of tax 160 169 220
- ----------------------------------------------------------------------------------------------------------------------------
Net income, adjusted for effect of conversion of subordinated
debt, net of tax 15,756 28,363 21,924
- ----------------------------------------------------------------------------------------------------------------------------
Diluted earnings per share $ .75 $ 1.30 $ 1.03
============================================================================================================================
============================================================================================================================
Period-end shares outstanding 21,028 21,511 21,028
Cash dividends declared per share $ .1125 $ .2000 $ .1500
Book value per share $ 6.89 $ 8.97 $ 7.40
============================================================================================================================
YEARS ENDED
---------------------------------------------------------
December 31, December 31, December 31, December 31,
1999 1998 1997 1996
- ----------------------------------------------------------------------------------------------------------------------------------
Basic earnings per share:
Weighted average shares outstanding 20,158 19,998 19,178 18,160
Net income available to common shareholders $17,253 $15,650 $13,370 $10,443
Basic earnings per share $ .86 $ .78 $ .70 $ .58
==================================================================================================================================
DILUTED EARNINGS PER SHARE:
Weighted average shares outstanding 20,158 19,998 19,178 18,160
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 404 332 176 102
Effect of conversion of subordinated debt 280 280 280 280
- ----------------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 20,842 20,610 19,634 18,542
- ----------------------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 17,253 15,650 13,370 10,443
Income effect of conversion of subordinated debt, net of tax 191 206 208 --
- ----------------------------------------------------------------------------------------------------------------------------------
Net income, adjusted for effect of conversion of subordinated
debt, net of tax 17,444 15,856 13,578 10,443
- ----------------------------------------------------------------------------------------------------------------------------------
Diluted earnings per share $ .84 $ .77 $ .69 $ .56
==================================================================================================================================
==================================================================================================================================
Period-end shares outstanding 20,189 19,672 19,452 18,538
Cash dividends declared per share $ .1000 $ .0750 $ .0500 $ .0500
Book value per share $ 5.91 $ 5.86 $ 5.11 $ 4.04
==================================================================================================================================
UNITED COMMUNITY BANKS, INC.
PROFORMA EARNINGS PER SHARE (REPORTED)
RESTATED FOR 2 FOR 1 STOCK SPLIT (RECORD DATE - MAY 15, 2002 / DISTRIBUTION DATE - MAY 29, 2002)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
- ---------------------------------------------------------------------------------------------------------------------------------
FOR THE QUARTER ENDED MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30,
2002 2001 2001 2001
- ---------------------------------------------------------------------------------------------------------------------------------
Basic earnings per share:
Weighted average shares outstanding 21,407 21,276 21,090 21,070
Net income available to common shareholders $ 7,694 $ 6,595 $ 7,214 $ 6,909
Basic earnings per share $ .36 $ .31 $ .34 $ .33
==================================================================================================================================
Diluted earnings per share:
Weighted average shares outstanding 21,407 21,276 21,090 21,070
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 376 337 292 284
Effect of conversion of subordinated debt 280 280 280 280
- ---------------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 22,063 21,893 21,662 21,634
- ---------------------------------------------------------------------------------------------------------------------------------
Net income available to common shareholders 7,694 6,595 7,214 6,909
Income effect of conversion of subordinated debt, net of tax 28 32 40 45
- ---------------------------------------------------------------------------------------------------------------------------------
Net income, adjusted for effect of conversion of subordinated
debt, net of tax 7,722 6,627 7,254 6,954
- ---------------------------------------------------------------------------------------------------------------------------------
Diluted earnings per share $ .35 $ .30 $ .33 $ .32
=================================================================================================================================
=================================================================================================================================
Period-end shares outstanding 21,400 21,511 21,090 21,090
Cash dividends declared per share $ .0625 $ .0500 $ .0500 $ .0500
Book value per share $ 9.11 $ 8.97 $ 8.67 $ 8.18
=================================================================================================================================
UNITED COMMUNITY BANKS, INC.
PROFORMA EARNINGS PER SHARE (REPORTED)
RESTATED FOR 2 FOR 1 STOCK SPLIT (RECORD DATE - MAY 15, 2002 / DISTRIBUTION DATE - MAY 29, 2002)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
CONTINUED
- -----------------------------------------------------------------------------------------------------------------------
FOR THE QUARTER ENDED MARCH 31, DECEMBER 31, SEPTEMBER 30,
2001 2000 2000
- -----------------------------------------------------------------------------------------------------------------------
Basic earnings per share:
Weighted average shares outstanding 21,033 21,026 20,978
Net income (loss) available to common shareholders $ 6,392 $ 6,108 $(1,523)
Basic earnings (loss) per share $ .30 $ .29 $ (.07)
=======================================================================================================================
Diluted earnings (loss) per share:
Weighted average shares outstanding 21,033 21,026 20,978
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 268 314 --
Effect of conversion of subordinated debt 280 280 --
- -----------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 21,581 21,620 20,978
- -----------------------------------------------------------------------------------------------------------------------
Net income (loss) available to common shareholders 6,392 6,108 (1,523)
Income effect of conversion of subordinated debt, net of tax 52 60 --
- -----------------------------------------------------------------------------------------------------------------------
Net income (loss), adjusted for effect of conversion of subordinated
debt, net of tax 6,444 6,168 (1,523)
- -----------------------------------------------------------------------------------------------------------------------
Diluted earnings (loss) per share $ .30 $ .29 $ (.07)
=======================================================================================================================
=======================================================================================================================
Period-end shares outstanding 21,043 21,028 21,028
Cash dividends declared per share $ .0500 $ .0375 $ .0375
Book value per share $ 7.89 $ 7.40 $ 6.89
========================================================================================================================
UNITED COMMUNITY BANKS, INC.
PROFORMA EARNINGS PER SHARE (REPORTED)
RESTATED FOR 2 FOR 1 STOCK SPLIT (RECORD DATE - MAY 15, 2002 / DISTRIBUTION DATE - MAY 29, 2002)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
CONTINUED
- ------------------------------------------------------------------------------------------------------------
FOR THE QUARTER ENDED JUNE 30, MARCH 31,
2000 2000
- ------------------------------------------------------------------------------------------------------------
Basic earnings (loss) per share:
Weighted average shares outstanding 20,238 20,188
Net income (loss) available to common shareholders $ 5,098 $ 4,791
Basic earnings (loss) per share $ .25 $ .24
============================================================================================================
Diluted earnings (loss) per share:
Weighted average shares outstanding
Net effect of the assumed exercise of stock options based on the 20,238 20,188
treasury stock method using average market price for the period 314 314
Effect of conversion of subordinated debt 280 280
- ------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 20,832 20,782
- ------------------------------------------------------------------------------------------------------------
Net income (loss) available to common shareholders 5,098 4,791
Income effect of conversion of subordinated debt, net of tax 56 53
- ------------------------------------------------------------------------------------------------------------
Net income (loss), adjusted for effect of conversion of subordinated
debt, net of tax 5,154 4,844
- ------------------------------------------------------------------------------------------------------------
Diluted earnings (loss) per share $ .25 $ .23
============================================================================================================
============================================================================================================
20,915 20,189
Period-end shares outstanding $ .0375 $ .0375
Cash dividends declared per share $ 6.74 $ 6.01
Book value per share
===========================================================================================================
SIX MONTHS ENDED NINE MONTHS ENDED
----------------------- ------------------
June 30, June 30, September 30,
2001 2000 2001
- ------------------------------------------------------------------------------------------------------- ----------------
Basic earnings (loss) per share:
Weighted average shares outstanding 21,052 20,214 21,063
Net income (loss) available to common shareholders $13,301 $ 9,889 $20,515
Basic earnings (loss) per share $ .63 $ .49 $ .97
============================================================================================================================
DILUTED EARNINGS (LOSS) PER SHARE:
Weighted average shares outstanding 21,052 20,214 21,063
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 291 314 305
Effect of conversion of subordinated debt 280 280 280
- ----------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 21,623 20,808 21,648
- ----------------------------------------------------------------------------------------------------------------------------
Net income (loss) available to common shareholders 13,301 9,889 20,515
Income effect of conversion of subordinated debt, net of tax 97 109 137
- ----------------------------------------------------------------------------------------------------------------------------
Net income (loss), adjusted for effect of conversion of subordinated
debt, net of tax 13,398 9,998 20,652
- ----------------------------------------------------------------------------------------------------------------------------
Diluted earnings (loss) per share $ .62 $ .48 $ .95
============================================================================================================================
============================================================================================================================
Period-end shares outstanding 21,090 20,915 21,090
Cash dividends declared per share $ .1000 $ .0750 $ .1500
Book value per share $ 8.18 $ 6.74 $ 8.67
============================================================================================================================
(CONTINUED)
YEARS ENDED
- ------------------------------------------------------------------------------------------- -----------------------------
September 30, December 31, December 31,
2000 2001 2000
- --------------------------------------------------------------------------------------------------------------------------
Basic earnings (loss) per share:
Weighted average shares outstanding 20,456 21,127 20,600
Net income (loss) available to common shareholders $ 8,366 $27,110 $14,474
Basic earnings (loss) per share $ .41 $ 1.28 $ .70
==========================================================================================================================
DILUTED EARNINGS (LOSS) PER SHARE:
Weighted average shares outstanding 20,456 21,127 20,600
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 314 342 314
Effect of conversion of subordinated debt 280 280 280
- --------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 21,050 21,749 21,194
- --------------------------------------------------------------------------------------------------------------------------
Net income (loss) available to common shareholders 8,366 27,110 14,474
Income effect of conversion of subordinated debt, net of tax 160 169 220
- --------------------------------------------------------------------------------------------------------------------------
Net income (loss), adjusted for effect of conversion of subordinated
debt, net of tax 8,526 27,279 14,694
- --------------------------------------------------------------------------------------------------------------------------
Diluted earnings (loss) per share $ .41 $ 1.25 $ .69
==========================================================================================================================
==========================================================================================================================
Period-end shares outstanding 21,028 21,511 21,028
Cash dividends declared per share $ .1125 $ .2000 $ .1500
Book value per share $ 6.89 $ 8.97 $ 7.40
===========================================================================================================================
YEARS ENDED
---------------------------------------------------------
December 31, December 31, December 31, December 31,
1999 1998 1997 1996
- ----------------------------------------------------------------------------------------------------------------------------------
Basic earnings (loss) per share:
Weighted average shares outstanding 20,158 19,998 19,178 18,160
Net income available to common shareholders $16,098 $15,650 $13,370 $10,443
Basic earnings (loss) per share $ .80 $ .78 $ .70 $ .58
==================================================================================================================================
DILUTED EARNINGS (LOSS) PER SHARE:
Weighted average shares outstanding 20,158 19,998 19,178 18,160
Net effect of the assumed exercise of stock options based on the
treasury stock method using average market price for the period 404 332 176 102
Effect of conversion of subordinated debt 280 280 280 280
- ----------------------------------------------------------------------------------------------------------------------------------
Total weighted average shares and common stock equivalents
outstanding 20,842 20,610 19,634 18,542
- ----------------------------------------------------------------------------------------------------------------------------------
Net income (loss) available to common shareholders 16,098 15,650 13,370 10,443
Income effect of conversion of subordinated debt, net of tax 191 206 208 --
- ----------------------------------------------------------------------------------------------------------------------------------
Net income (loss), adjusted for effect of conversion of subordinated
debt, net of tax 16,289 15,856 13,578 10,443
- ----------------------------------------------------------------------------------------------------------------------------------
Diluted earnings (loss) per share $ .78 $ .77 $ .69 $ .56
==================================================================================================================================
==================================================================================================================================
Period-end shares outstanding 20,189 19,672 19,452 18,538
Cash dividends declared per share $ .1000 $ .0750 $ .0500 $ .0500
Book value per share $ 5.91 $ 5.86 $ 5.11 $ 4.04
==================================================================================================================================