United Community Banks, Inc.
Jul 27, 2016

United Community Banks, Inc. Announces Second Quarter Earnings

Diluted earnings per share of 35 cents, up 25 percent from second quarter 2015
Excluding merger-related charges, diluted operating EPS of 36 cents, up 13 percent

BLAIRSVILLE, GA, July 27, 2016 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ:UCBI) ("United") today announced continuing momentum with second quarter 2016 results reflecting strong fee revenue and loan growth, as well as solid credit quality and capital management.  Net income was $25.3 million, or 35 cents per diluted share, compared with $17.8 million, or 28 cents per diluted share, for the second quarter of 2015.  For the first six months of 2016, net income was $47.6 million, or 66 cents per diluted share. This compares with $35.5 million, or 57 cents per diluted share, for the first six months of 2015.

On an operating basis, which excludes pre-tax merger-related charges of $1.18 million in the second quarter of 2016 and $3.17 million in the second quarter of 2015, operating net income was $26.0 million for the second quarter of 2016 compared with $20.0 million for the second quarter of 2015.  On a per diluted share basis, operating net income was 36 cents for the second quarter of 2016 compared to 32 cents for the second quarter of 2015.  For the first six months of 2016, operating net income was $49.9 million, or 69 cents per diluted share, compared with $37.6 million or 61 cents per diluted share for the first six months of 2015.

At June 30, 2016, preliminary regulatory capital ratios were as follows: Tier 1 Risk-Based of 11.4 percent; Total Risk-Based of 12.4 percent; Common Equity Tier 1 Risk-Based of 11.4 percent; and, Tier 1 Leverage of 8.5 percent.

"Our second quarter results are perhaps the best demonstration to date of the successes of our investments in new businesses and markets as well as our acquisition strategy - all with a focus on increasing returns to our shareholders," said Jimmy Tallent, chairman and chief executive officer.  "Our SBA lending and mortgage banking businesses each produced record quarterly results which led to a 36 percent increase in fee revenue from a year ago.  We also achieved 12 percent annualized linked-quarter loan growth in the second quarter while maintaining top-quartile credit quality and operating expense discipline.  This strong performance is reflected in our 1.07 percent operating return on assets which puts us well on our way to achieving our goal of 1.10 percent for the fourth quarter of 2016." Including merger-related charges of $1.18 million, the second quarter return on assets was 1.04 percent.

"Second quarter loan production was a record $662 million," Tallent added.  "Linked-quarter growth was $181 million, or 12 percent annualized, above our 2016 target of a mid-to-upper-single-digit increase.  Our community banks originated $433 million in loans while our specialized lending area, which includes commercial real estate, middle market, SBA, builder finance and asset-based lending, had $188 million in loan production."

Second quarter net interest revenue totaled $74.9 million, level with the first quarter and up $13.9 million from the second quarter of 2015.  The increase from the second quarter of 2015 primarily reflects net interest revenue from the Palmetto acquisition in the third quarter of 2015.

The taxable-equivalent net interest margin of 3.35 percent reflected a six basis point decrease from the first quarter. The decrease resulted mostly from lower discount accretion on purchased loans and continued loan pricing competition.  This offset most of the positive impact on net interest revenue in the second quarter attributed to strong loan growth.

The second quarter provision for credit losses was a recovery of $300,000 compared with a provision recovery of $200,000 during the first quarter and a provision charge of $900,000 during the second quarter of 2015.  The second quarter negative provision reflects continued strong credit quality and a low overall level of net charge-offs.  "Our credit quality indicators are very favorable," Tallent said. "Our outlook is for this to continue for the balance of 2016, which will result in continued low provision levels while slightly decreasing our required allowance for loan losses."

Second quarter net charge-offs totaled $1.7 million compared with $2.1 million in the first quarter, and $978,000 in the second quarter of 2015.  Strong recoveries of previously charged-off loans continue to contribute to the low level of net charge-offs.  Nonperforming assets were .28 percent of total assets at June 30, 2016, compared with .28 percent at March 31, 2016 and .26 percent at June 30, 2015.

Second quarter fee revenue totaled $23.5 million, an increase of $4.89 million from the first quarter and up $6.23 million from a year ago. The increases from both prior periods were mostly in mortgage fees and gains from sales of SBA government guaranteed loans ("SBA loans").  Mortgage fees were up $1.16 million from first quarter and $741,000 from a year ago.  The increase reflects United's investment in growing its mortgage business by adding mortgage lenders in areas of our footprint where we see opportunities to gain market share.

Gains from sales of SBA loans were up $1.56 million from first quarter and $1.31 million from a year ago.  Higher production drove the increase as United continues to focus on growing this business.  During the second quarter of 2016, United sold $33 million in SBA loans.  This compares with sales of $13 million during the first quarter, and sales of $15 million during the second quarter of 2015.

Operating expenses were $58.1 million for the second quarter compared with $57.9 million for the first quarter and $48.4 million for the second quarter of 2015.  Included in operating expenses were merger-related charges of $1.18 million, $2.65 million and $3.17 million, for each period respectively.  Excluding the merger-related charges, second quarter operating expenses were $56.9 million compared with $55.2 million for the first quarter and $45.2 million a year ago.  The increase from a year ago reflects additional operating expenses following the acquisition of The Palmetto Bank and First National Bank.

The $1.65 million increase in operating expenses from the first quarter, excluding merger-related charges, was primarily in salaries and employee benefits expense, up $510,000; advertising and other marketing related expenses, up $459,000; and professional fees, up $489,000.  The increase in salaries and benefits expense reflects higher incentives following the record performance in the SBA and mortgage lending businesses as well as incentives for the overall strong performance for the second quarter.  Additionally, annual merit increases and an increase in 401K matching contributions went into effect on April 1, further contributing to the increase.  These increases, as well as the additional investment in 29 new revenue producers in the first and second quarters, more than offset the cost savings from the elimination of staff positions late in the first quarter following the Palmetto systems conversion.

The increase in advertising and marketing related expenses primarily reflects the cost of United's annual customer appreciation day and new marketing campaigns.  Professional fees were up from the first quarter reflecting ongoing projects for process and compliance improvements and increased scalability as growth continues organically and through acquisitions.

On July 1, United completed its previously announced merger with Tidelands Bancshares, Inc., the holding company for Tidelands Bank which serves coastal South Carolina with banking offices in Charleston, Hilton Head and Myrtle Beach.  "I'm very excited to have Tidelands join us as a key part of our coastal South Carolina banking team," Tallent said.  "Tidelands Bank merged into United Community Bank on July 1 and is operating under the Tidelands brand until systems conversions are completed in mid-November.  At that time, the Tidelands branches will operate under the United Community Bank brand.

"Our second quarter results have strengthened our optimism and led the Board of Directors to increase our dividend to eight cents per share beginning in the third quarter," stated Tallent.  "That is 14 percent higher than our current dividend and a 33 percent increase from a year ago. 

"We expect our strong momentum to continue throughout the remainder of 2016 as we maintain a high-quality balance sheet, generate growth and increase profitability. All of this is a testament to our talented bankers who are carrying out our plans while providing customer service that is second to none," Tallent concluded.

Conference Call

United will hold a conference call today, Wednesday, July 27, 2016, at 11 a.m. ET to discuss the contents of this earnings release and to share business highlights for the quarter.  To access the call, dial (877) 380-5665 and use the conference number 42056034.  The conference call also will be webcast and available for replay for 30 days by selecting "Events & Presentations" within the Investor Relations section of United's website at www.ucbi.com.

About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ:UCBI) is a registered bank holding company based in Blairsville, Georgia, with $10.4 billion in assets.  The company's banking subsidiary, United Community Bank, is one of the Southeast region's largest full-service banks, operating 140 offices in Georgia, North Carolina, South Carolina and Tennessee.  The bank specializes in providing personalized community banking services to individuals, small businesses and corporations.  Services include a full range of consumer and commercial banking products, including mortgage, advisory, and treasury management.  United Community Bank is consistently recognized for its outstanding customer service by respected national research firms.  In 2014 and 2015, United Community Bank was ranked first in customer satisfaction in the southeast by J.D. Power and again in 2016 was ranked among the top 100 on the Forbes list of America's Best Banks.  Additional information about the company and the bank's full range of products and services can be found at www.ucbi.com.

Non-GAAP Financial Measures
This News Release contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP.  This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as "operating net income," "operating net income per diluted share," "tangible book value," "operating return on common equity," "operating return on tangible common equity," "operating return on assets," "operating dividend payout ratio," "operating efficiency ratio," "average tangible equity to average assets," "average tangible common equity to average assets" and "tangible common equity to risk-weighted assets."  These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United's underlying performance trends.  These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented 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 with the accompanying financial statement tables.

Safe Harbor
This News Release contains forward-looking statements, as defined by federal securities laws, including statements about United's financial outlook and business environment.  These statements are based on current expectations and are provided to assist in the understanding of future financial performance.  Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements.  For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United's filings with the Securities and Exchange Commission including its 2015 Annual Report on Form 10-K under the sections entitled "Forward-Looking Statements" and "Risk Factors."  Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements.

              
UNITED COMMUNITY BANKS, INC.             
Financial Highlights             
Selected Financial Information             
              
           
  2016   2015 Second
          Quarter
(in thousands, except per share data) Second 
Quarter
 First
Quarter
 Fourth
 Quarter
  Third 
Quarter
 Second
Quarter
2016-2015
Change
INCOME SUMMARY             
Interest revenue$81,082  $80,721  $79,362  $70,828  $ 65,808     
Interest expense 6,164    5,769   5,598   5,402    4,817     
Net interest revenue 74,918   74,952   73,764   65,426    60,991   23 % 
Provision for credit losses (300)  (200)  300    700    900      
Fee revenue 23,497   18,606    21,284   18,297    17,266   36   
Total revenue 98,715   93,758   94,748   83,023    77,357   28   
Expenses 58,060   57,885   65,488    54,269    48,420   20   
Income before income tax expense 40,655   35,873   29,260   28,754    28,937   40   
Income tax expense 15,389   13,578   11,052   10,867    11,124   38    
Net income 25,266   22,295   18,208   17,887    17,813   42   
Preferred dividends -   21   25   25    17     
Net income available to common shareholders   25,266      22,274      18,183      17,862       17,796     42   
Merger-related and other charges 1,176   2,653   9,078   5,744    3,173     
Income tax benefit of merger-related and other charges (445)  (1,004)  (3,486)  (1,905)   (997)    
Net income available to common shareholders - operating (1)$25,997  $ 23,923  $23,775  $21,701  $ 19,972   30   
               
PERFORMANCE MEASURES             
Per common share:             
Diluted net income - GAAP$.35  $.31  $.25  $.27  $ .28   25   
Diluted net income - operating  (1) .36   .33   .33   .33    .32   13   
Cash dividends declared .07   .07   .06   .06    .05      
Book value 14.80   14.35   14.02   13.95    12.95   14   
Tangible book value (3) 12.84   12.40   12.06   12.08    12.66   1   
              
Key performance ratios:             
Return on common equity - GAAP (2)(4) 9.54 % 8.57 % 7.02 % 7.85 %   8.83 %   
Return on common equity - operating (1)(2)(4) 9.81   9.20   9.18   9.54     9.90     
Return on tangible common equity - operating (1)(2)(3)(4) 11.56   10.91   10.87   10.29    10.20     
Return on assets - GAAP (4) 1.04   .93   .76   .82    .89      
Return on assets - operating (1)(4) 1.07   1.00   .99   1.00    1.00     
Dividend payout ratio - GAAP 20.00   22.58   24.00   22.22     17.86     
Dividend payout ratio - operating (1) 19.44   21.21   18.18   18.18    15.63     
Net interest margin (fully taxable equivalent) (4) 3.35   3.41   3.34   3.26    3.30     
Efficiency ratio - GAAP 59.02   61.94   68.97   64.65    61.63     
Efficiency ratio - operating  (1) 57.82   59.10   59.41   57.81    57.59      
Average equity to average assets 10.72   10.72   10.68   10.39    10.05     
Average tangible equity to average assets (3) 9.43   9.41   9.40   9.88    9.91     
Average tangible common equity to
  average assets (3)
 9.43   9.32   9.29   9.77    9.83      
Tangible common equity to risk-weighted
  assets (3)(5)
 12.87   12.77   12.82   13.08    13.24     
              
ASSET QUALITY              
Nonperforming loans$21,348  $22,419  $22,653  $20,064  $ 18,805   14    
Foreclosed properties 6,176   5,163   4,883   7,669    2,356   162   
Total nonperforming assets (NPAs) 27,524    27,582   27,536   27,733    21,161   30   
Allowance for loan losses  64,253   66,310   68,448   69,062    70,129   (8)  
Net charge-offs 1,730   2,138   1,302   1,417    978   77   
Allowance for loan losses to loans 1.02 % 1.09 % 1.14 % 1.15 %  1.36 %   
Net charge-offs to average loans (4) .11    .14   .09   .10    .08     
NPAs to loans and foreclosed properties .44   .45   .46   .46    .41     
NPAs to total assets .28   .28   .29   .29    .26      
              
AVERAGE BALANCES             
($ in millions)             
Loans$6,151  $6,004   $5,975  $5,457  $ 5,017   23   
Investment securities 2,747   2,718   2,607   2,396    2,261   21   
Earning assets 9,037   8,876   8,792   8,009    7,444   21   
Total assets 9,809   9,634   9,558   8,634    8,017   22   
Deposits 7,897   7,947   8,028   7,135    6,669   18   
Shareholders' equity 1,051   1,033   1,021   897    806   30   
Common shares - basic (thousands) 72,202   72,162   72,135   66,294    62,549   15   
Common shares - diluted (thousands) 72,207   72,166   72,140   66,300    62,553   15   
              
AT PERIOD END             
($ in millions)              
Loans$6,287  $6,106   $5,995  $6,024  $ 5,174   22   
Investment securities 2,677   2,757   2,656   2,457    2,322   15   
Total assets 9,928   9,781   9,616   9,404    8,237   21   
Deposits 7,857   7,960   7,873   7,897    6,800   16   
Shareholders' equity 1,060   1,034   1,018   1,013    827   28   
Common shares outstanding (thousands) 71,122   71,544   71,484   71,472    62,700   13   
              
(1)  Excludes merger-related charges and fourth quarter impairment losses on surplus bank property.  (2)  Net income available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss).  (3)  Excludes effect of acquisition related intangibles and associated amortization.  (4)  Annualized.  (5)  Second quarter 2016 ratio is preliminary. 
              

 

UNITED COMMUNITY BANKS, INC.        
Financial Highlights        
Selected Financial Information        
         
  For the Six   
  Months Ended YTD 
  June 30, 2016-2015 
(in thousands, except per share data)  2016   2015   Change 
INCOME SUMMARY         
Interest revenue $161,803  $128,342     
Interest expense  11,933   10,109     
Net interest revenue  149,870   118,233   27 % 
Provision for credit losses  (500)  2,700     
Fee revenue  42,103   32,948   28   
Total revenue  192,473   148,481   30   
Expenses  115,945   91,481   27   
Income before income tax expense  76,528   57,000   34   
Income tax expense  28,967   21,517   35   
Net income  47,561   35,483   34   
Preferred dividends  21   17     
Net income available to common shareholders    47,540      35,466    34   
Merger-related and other charges  3,829   3,173     
Income tax benefit of merger-related and other charges  (1,449)  (997)    
Net income available to common
  shareholders - operating (1)
 $49,920  $37,642   33   
         
PERFORMANCE MEASURES        
Per common share:        
Diluted net income - GAAP $.66  $.57   16    
Diluted net income - operating  (1)  .69   .61   13   
Cash dividends declared  .14   .10     
Book value  14.80   12.95   14   
Tangible book value (3)  12.84   12.66   1   
         
Key performance ratios:        
Return on common equity - GAAP (2)(4)  9.06 % 9.08 %     
Return on common equity - operating (1)(2)(4)  9.51   9.63     
Return on tangible common equity - operating (1)(2)(3)(4) 11.24   9.84     
Return on assets - GAAP (4)  .98   .92     
Return on assets - operating (1)(4)  1.03   .97     
Dividend payout ratio - GAAP  21.21   17.54      
Dividend payout ratio - operating (1)  20.29   16.39     
Net interest margin (fully taxable equivalent) (4)  3.38   3.30     
Efficiency ratio - GAAP  60.44   60.44     
Efficiency ratio - operating  (1)  58.45   58.34     
Average equity to average assets  10.72   9.96     
Average tangible equity to average assets (3)  9.42   9.87     
Average tangible common equity to
  average assets (3)
  9.38   9.83     
Tangible common equity to risk-weighted
  assets (3)(5)
  12.87   13.24     
         
ASSET QUALITY        
Nonperforming loans $21,348  $18,805   14   
Foreclosed properties  6,176   2,356    162   
Total nonperforming assets (NPAs)  27,524    21,161   30   
Allowance for loan losses  64,253   70,129   (8)  
Net charge-offs  3,868   3,540   9   
Allowance for loan losses to loans  1.02 % 1.36 %   
Net charge-offs to average loans (4)  .13   .15     
NPAs to loans and foreclosed properties   .44   .41     
NPAs to total assets  .28    .26     
         
AVERAGE BALANCES ($ in millions)        
Loans $6,077  $4,872   25   
Investment securities  2,733   2,232   22   
Earning assets  8,956   7,258   23   
Total assets  9,721   7,818    24   
Deposits  7,922   6,520   22   
Shareholders' equity  1,042   778   34   
Common shares - basic (thousands)  72,187   61,730   17   
Common shares - diluted (thousands)  72,191    61,734   17   
         
AT PERIOD END ($ in millions)        
Loans $6,287  $5,174   22   
Investment securities  2,677   2,322   15   
Total assets  9,928   8,237   21   
Deposits  7,857    6,800   16   
Shareholders' equity  1,060   827   28   
Common shares outstanding (thousands)  71,122   62,700   13   
         
(1)  Excludes merger-related charges and fourth quarter impairment losses on surplus bank property.  (2) 
Net income available to common shareholders, which is net of preferred stock dividends, divided by
average realized common equity, which excludes accumulated other comprehensive income (loss).  (3) 
Excludes effect of acquisition related intangibles and associated amortization.  (4)  Annualized.  (5) 
Second quarter 2016 ratio is preliminary.
 
         

 

UNITED COMMUNITY BANKS, INC.          
Non-GAAP Performance Measures Reconciliation          
Selected Financial Information          
           
           
  2016   2015  
  Second    First   Fourth   Third   Second  
(in thousands, except per share data)Quarter Quarter Quarter Quarter  Quarter 
           
Expense reconciliation          
Expenses (GAAP)$58,060  $57,885  $65,488  $54,269  $48,420  
Merger-related and other charges (1,176)  (2,653)  (9,078)  (5,744)  (3,173) 
Expenses - operating$56,884  $55,232  $56,410  $48,525  $45,247  
           
Net income reconciliation          
Net income (GAAP)$25,266  $22,295  $18,208  $17,887  $17,813  
Merger-related and other charges 1,176   2,653   9,078   5,744   3,173  
Income tax benefit of merger-related and other charges (445)  (1,004)  (3,486)  (1,905)  (997) 
Net income - operating$25,997  $23,944  $23,800  $21,726  $19,989  
           
Net income available to common shareholders reconciliation           
Net income available to common shareholders (GAAP)$25,266  $22,274  $18,183  $17,862  $17,796  
Merger-related and other charges 1,176   2,653   9,078   5,744   3,173  
Income tax benefit of merger-related and other charges (445)  (1,004)  (3,486)  (1,905)  (997) 
Net income available to common shareholders - operating$25,997  $23,923  $23,775  $21,701  $19,972  
           
Diluted income per common share reconciliation           
Diluted income per common share (GAAP)$.35  $.31  $.25  $.27  $.28  
Merger-related and other charges .01   .02   .08   .06   .04  
Diluted income per common share - operating$.36  $.33  $.33  $.33  $.32  
           
Book value per common share reconciliation          
Book value per common share (GAAP)$14.80  $14.35  $14.02  $13.95  $12.95  
Effect of goodwill and other intangibles (1.96)  (1.95)   (1.96)  (1.87)  (.29) 
Tangible book value per common share$12.84  $12.40  $12.06  $12.08  $12.66  
           
Return on tangible common equity reconciliation          
Return on common equity (GAAP) 9.54 % 8.57 % 7.02 % 7.85 % 8.83 %
Merger-related  and other charges .27   .63   2.16   1.69   1.07  
Return on common equity - operating 9.81   9.20   9.18   9.54   9.90  
Effect of goodwill and other intangibles 1.75   1.71    1.69   .75   .30  
Return on tangible common equity - operating 11.56 % 10.91 % 10.87 % 10.29 % 10.20 %
           
Return on assets reconciliation          
Return on assets (GAAP) 1.04 % .93 % .76 % .82 % .89 %
Merger-related  and other charges .03    .07   .23   .18   .11  
Return on assets - operating 1.07 % 1.00 % .99 % 1.00 % 1.00 %
           
Dividend payout ratio reconciliation          
Dividend payout ratio (GAAP) 20.00 % 22.58 % 24.00 % 22.22 % 17.86 %
Merger-related and other charges (.56)  (1.37)  (5.82)  (4.04)  (2.23) 
Dividend payout ratio - operating 19.44 %  21.21 % 18.18 % 18.18 % 15.63 %
           
Efficiency ratio reconciliation          
Efficiency ratio (GAAP) 59.02 % 61.94 % 68.97 % 64.65 % 61.63 %
Merger-related and other charges (1.20)  (2.84)  (9.56)  (6.84)  (4.04) 
Efficiency ratio - operating 57.82 % 59.10 % 59.41 % 57.81 % 57.59 %
           
Average equity to assets reconciliation          
Equity to assets (GAAP) 10.72 % 10.72 % 10.68 % 10.39 % 10.05 %
Effect of goodwill and other intangibles (1.29)  (1.31)   (1.28)  (.51)  (.14) 
Tangible equity to assets 9.43   9.41   9.40   9.88   9.91  
Effect of preferred equity -   (.09)  (.11)  (.11)  (.08) 
Tangible common equity to assets 9.43 % 9.32 % 9.29 % 9.77 % 9.83 %
           
Tangible common equity to risk-weighted assets reconciliation (1)            
Tier 1 capital ratio (Regulatory) 11.44 % 11.32 % 11.45 % 11.40 % 11.86 %
Effect of other comprehensive income (.06)  (.25)  (.38)  (.23)  (.28) 
Effect of deferred tax limitation 1.63   1.85   2.05   2.24   2.49  
Effect of trust preferred (.08)  (.08)  (.08)  (.08)  (.63) 
Effect of preferred equity -   -   (.15)  (.15)  (.17) 
Basel III intangibles transition adjustment (.06)  (.07)  (.10)  (.13)  (.06) 
Basel III disallowed investments -   -   .03   .03    .03  
Tangible common equity to risk-weighted assets 12.87 % 12.77 % 12.82 % 13.08 % 13.24 %
           
(1)  Second quarter 2016 ratios are preliminary.          
           

 

UNITED COMMUNITY BANKS, INC.     
Non-GAAP Performance Measures Reconciliation     
Selected Financial Information     
      
      
   For the Six Months Ended
June 30, 
 
   
(in thousands, except per share data)  2016   2015  
      
Expense reconciliation     
Expenses (GAAP) $115,945  $91,481  
Merger-related and other charges  (3,829)  (3,173) 
Expenses - operating $112,116   $88,308  
      
Net income reconciliation     
Net income (GAAP) $47,561  $35,483  
Merger-related and other charges  3,829   3,173  
Income tax benefit of merger-related and other charges  (1,449)   (997) 
Net income - operating $49,941  $37,659  
      
Net income available to common shareholders reconciliation     
Net income available to common shareholders (GAAP) $47,540  $35,466  
Merger-related and other charges  3,829   3,173  
Income tax benefit of merger-related and other charges   (1,449)  (997) 
Net income available to common shareholders - operating $49,920  $37,642  
      
Diluted income per common share reconciliation     
Diluted income per common share (GAAP) $.66  $.57  
Merger-related and other charges  .03   .04  
Diluted income per common share - operating $.69  $.61  
      
Book value per common share reconciliation     
Book value per common share (GAAP) $14.80  $12.95  
Effect of goodwill and other intangibles  (1.96)  (.29) 
Tangible book value per common share $12.84  $12.66  
      
Return on tangible common equity reconciliation     
Return on common equity (GAAP)  9.06 % 9.08 %
Merger-related  and other charges  .45    .55  
Return on common equity - operating  9.51   9.63  
Effect of goodwill and other intangibles  1.73   .21  
Return on tangible common equity - operating  11.24 % 9.84 %
      
Return on assets reconciliation     
Return on assets (GAAP)  .98 % .92  %
Merger-related  and other charges  .05   .05  
Return on assets - operating  1.03 % .97 %
      
Dividend payout ratio reconciliation     
Dividend payout ratio (GAAP)  21.21 % 17.54  %
Merger-related and other charges  (.92)  (1.15) 
Dividend payout ratio - operating  20.29 % 16.39  %
      
Efficiency ratio reconciliation     
Efficiency ratio (GAAP)  60.44 % 60.44  %
Merger-related and other charges  (1.99)  (2.10) 
Efficiency ratio - operating  58.45 % 58.34  %
      
Average equity to assets reconciliation     
Equity to assets (GAAP)  10.72 % 9.96  %
Effect of goodwill and other intangibles  (1.30)  (.09) 
Tangible equity to assets  9.42   9.87  
Effect of preferred equity   (.04)  (.04) 
Tangible common equity to assets  9.38 % 9.83  %
       
Tangible common equity to risk-weighted assets reconciliation (1)     
Tier 1 capital ratio (Regulatory)  11.44 % 11.86  %
Effect of other comprehensive income  (.06)  (.28) 
Effect of deferred tax limitation  1.63   2.49  
Effect of trust preferred  (.08)  (.63) 
Effect of preferred equity  -   (.17 ) 
Basel III intangibles transition adjustment  (.06)  (.06) 
Basel III disallowed investments  -   .03  
Tangible common equity to risk-weighted assets  12.87 % 13.24  %
      
(1)  Second quarter 2016 ratios are preliminary.     
      

 

UNITED COMMUNITY BANKS, INC.       
Financial Highlights          
Loan Portfolio Composition at Period-End      
           
            
   2016   2015 
   Second   First   Fourth   Third   Second 
(in millions) Quarter Quarter Quarter Quarter Quarter
LOANS BY CATEGORY          
Owner occupied commercial RE $1,450  $1,434  $1,494  $1,479  $1,266 
Income producing commercial RE  919   880    824   818   689 
Commercial & industrial  926   855   785   890   793 
Commercial construction  384   354   342   319   238 
Total commercial  3,679    3,523   3,445   3,506   2,986 
Residential mortgage  1,035   1,032   1,029   1,062   935 
Home equity lines of credit  623   604   598   585   491 
Residential construction  351   348   352   334   299 
Consumer installment  599   599   571   537   463 
Total loans $6,287  $6,106  $5,995  $6,024  $5,174 
           
LOANS BY MARKET          
North Georgia $1,097  $1,097  $1,125  $1,130  $1,155 
Atlanta MSA  1,314   1,257   1,259   1,266   1,275 
North Carolina  543   543   549   546   533 
Coastal Georgia  541   543   537   506   499 
Gainesville MSA  240   248   254   252   257 
East Tennessee  509   495   504   511   525 
South Carolina  862   821   819   783   35 
Specialized Lending  706   628   492   609   538 
Indirect auto  475   474   456   421   357 
Total loans $6,287  $6,106  $5,995  $6,024  $5,174  
           

 

UNITED COMMUNITY BANKS, INC.     
Financial Highlights          
Loan Portfolio Composition at Period-End     
          
          
   2016   2015 Linked
Quarter
Change
 Year over
Year
Change
   Second   First   Second   
(in millions) Quarter Quarter Quarter 
LOANS BY CATEGORY         
Owner occupied commercial RE  $1,450  $1,434  $1,266 $16  $184 
Income producing commercial RE  919   880   689  39   230 
Commercial & industrial  926   855   793  71   133 
Commercial construction  384   354   238  30   146 
Total commercial  3,679   3,523   2,986  156   693 
Residential mortgage  1,035   1,032   935  3   100 
Home equity lines of credit  623   604   491  19   132 
Residential construction  351   348   299  3   52 
Consumer installment  599   599   463  -   136 
Total loans $6,287  $6,106  $5,174  181   1,113 
          
LOANS BY MARKET         
North Georgia $1,097  $1,097  $1,155 $-  $(58)
Atlanta MSA  1,314   1,257   1,275  57   39 
North Carolina  543   543   533  -   10 
Coastal Georgia  541   543   499  (2)  42 
Gainesville MSA  240   248   257  (8)  (17)
East Tennessee  509   495   525  14   (16)
South Carolina  862   821   35  41   827 
Specialized Lending  706   628   538  78   168 
Indirect auto  475   474   357  1   118 
Total loans $6,287  $6,106  $5,174  181   1,113 
          

 

UNITED COMMUNITY BANKS, INC.      
Financial Highlights         
Credit Quality         
          
          
  Second Quarter 2016
   Nonperforming   Foreclosed   Total 
(in thousands) Loans Properties NPAs
NONPERFORMING ASSETS BY CATEGORY      
Owner occupied CRE $6,681  $3,096  $9,777 
Income producing CRE  1,017    1,554   2,571 
Commercial & industrial  949   -   949 
Commercial construction  199   -   199 
Total commercial  8,846   4,650   13,496 
Residential mortgage  8,667    1,160   9,827 
Home equity lines of credit  1,308   83   1,391 
Residential construction  1,578   283   1,861 
Consumer installment  949    -   949 
Total NPAs $21,348  $6,176   $27,524 
Balance as a % of          
Unpaid Principal  69.6%  40.2%  59.8%
          
NONPERFORMING ASSETS BY MARKET       
North Georgia  $6,219  $1,086  $7,305 
Atlanta MSA  1,140   2,041   3,181 
North Carolina  4,762   224   4,986 
Coastal Georgia  1,186   168   1,354 
Gainesville MSA  234   -   234 
East Tennessee  3,616   247   3,863 
South Carolina  1,271   2,410   3,681 
Specialized Lending  2,108   -   2,108 
Indirect auto  812   -   812 
Total NPAs $21,348  $6,176  $27,524 
          
          
NONPERFORMING ASSETS ACTIVITY       
Beginning Balance $22,419  $5,163  $27,582 
Acquisitions  -   (497)  (497)
Loans placed on non-accrual  6,786   -   6,786 
Payments received  (4,201)  -   (4,201)
Loan charge-offs  (1,803)  -   (1,803)
Foreclosures  (1,853)  2,722   869 
Capitalized costs  -   98   98 
Property sales  -   (1,424)  (1,424)
Write downs  -   (73)  (73)
Net gains (losses) on sales  -   187    187 
Ending Balance $21,348  $6,176   $27,524 
          

 

UNITED COMMUNITY BANKS, INC.      
Financial Highlights         
Credit Quality         
          
          
  First Quarter 2016
   Nonperforming   Foreclosed    Total 
(in thousands) Loans Properties  NPAs
NONPERFORMING ASSETS BY CATEGORY      
Owner occupied CRE $6,775  $2,864  $9,639 
Income producing CRE  2,959   -   2,959 
Commercial & industrial  978   -   978 
Commercial construction  266   152   418 
Total commercial  10,978   3,016   13,994 
Residential mortgage  8,037   1,587   9,624 
Home equity lines of credit  1,198   125   1,323 
Residential construction  1,122   435   1,557 
Consumer installment  1,084   -   1,084 
Total NPAs $22,419  $5,163   $27,582 
Balance as a % of          
Unpaid Principal  69.3%  38.2%  60.1%
          
NONPERFORMING ASSETS BY MARKET       
North Georgia  $5,353  $1,233  $6,586 
Atlanta MSA  2,796   902   3,698 
North Carolina  4,860   559   5,419 
Coastal Georgia  1,696   121   1,817 
Gainesville MSA  250   -   250 
East Tennessee  3,470   351   3,821 
South Carolina  935   1,997   2,932 
Specialized Lending  2,186   -   2,186 
Indirect auto  873   -   873 
Total NPAs $22,419  $5,163  $27,582 
          
          
NONPERFORMING ASSETS ACTIVITY       
Beginning Balance $22,653  $4,883  $27,536 
Acquisitions  -   -   - 
Loans placed on non-accrual  4,771   -   4,771 
Payments received  (1,812)  -   (1,812)
Loan charge-offs  (1,679)  -    (1,679)
Foreclosures  (1,514)   1,590   76 
Capitalized costs  -   -   - 
Property sales   -   (1,524)  (1,524)
Write downs  -   (7)  (7)
Net gains (losses) on sales  -   221   221 
Ending Balance $22,419  $5,163   $27,582 
           

 

UNITED COMMUNITY BANKS, INC.       
Financial Highlights         
Credit Quality         
           
          
  Fourth Quarter 2015
   Nonperforming   Foreclosed   Total 
(in thousands) Loans Properties  NPAs
NONPERFORMING ASSETS BY CATEGORY      
Owner occupied CRE  $7,036  $2,652  $9,688 
Income producing CRE  2,595   -   2,595 
Commercial & industrial  892   -   892 
Commercial construction  328   437   765 
Total commercial  10,851   3,089   13,940 
Residential mortgage  8,555   1,242   9,797 
Home equity lines of credit  851   80   931 
Residential construction  1,398   472   1,870 
Consumer installment  998   -   998 
Total NPAs $22,653  $4,883  $27,536 
Balance as a % of          
Unpaid Principal  71.4%   34.2%  59.8%
          
NONPERFORMING ASSETS BY MARKET       
North Georgia $5,167  $1,612   $6,779 
Atlanta MSA  3,023   625   3,648 
North Carolina  5,289   183   5,472 
Coastal Georgia  2,079   -   2,079 
Gainesville MSA  307   -   307 
East Tennessee  3,448   157   3,605 
South Carolina  323   2,306   2,629 
Specialized Lending  2,231   -   2,231 
Indirect auto  786   -   786 
Total NPAs $22,653  $4,883  $27,536 
          
          
NONPERFORMING ASSETS ACTIVITY       
Beginning Balance $20,064  $7,669  $27,733 
Acquisitions  -   (1,585)  (1,585)
Loans placed on non-accrual  10,768   -   10,768 
Payments received  (4,893)  -   (4,893)
Loan charge-offs  (1,813)  -   (1,813)
Foreclosures  (1,473)  1,497   24 
Capitalized costs  -   -   - 
Property sales  -   (2,968)  (2,968)
Write downs  -   11    11 
Net gains (losses) on sales  -   259   259 
Ending Balance  $22,653  $4,883  $27,536 
          

 

UNITED COMMUNITY BANKS, INC.                  
Financial Highlights                     
Credit Quality                     
                      
                      
  Second Quarter 2016 First Quarter 2016 Fourth Quarter 2015
     Net Charge-    Net Charge-    Net Charge- 
     Offs to     Offs to     Offs to 
   Net   Average   Net   Average   Net   Average 
(in thousands)  Charge-Offs Loans (1) Charge-Offs Loans (1) Charge-Offs Loans (1)
NET CHARGE-OFFS BY CATEGORY                   
Owner occupied CRE $564  .16 % $304  .08 % $861  .23 %
Income producing CRE  (23) (.01)   211  .10    (35) (.02) 
Commercial & industrial  (392) (.18)   283  .14    (719) (.34) 
Commercial construction  22  .02     286  .33    253  .31  
Total commercial  171  .02    1,084  .13    360  .04  
Residential mortgage  829  .32    50  .02    (120) (.05) 
Home equity lines of credit  253  .17    632  .43     194  .13  
Residential construction  (8) (.01)   (103) (.12)   415  .48  
Consumer installment  485  .33    475  .33    453  .33  
Total $1,730  .11   $2,138  .14   $1,302  .09  
                      
                      
NET CHARGE-OFFS BY MARKET                   
North Georgia $428  .16 % $913  .33 % $1,011  .36 %
Atlanta MSA  1  -    (25) (.01)   496  .16  
North Carolina  575   .43    382  .28    426  .31  
Coastal Georgia  177  .13    196  .15    47  .04  
Gainesville MSA  (87) (.14)   98  .16    (340) (.54) 
East Tennessee  346  .28    378  .31    (326) (.26) 
South Carolina  49  .02    (16) (.01)   (474) (.24 
Specialized Lending  (18) (.01)   4  -    253  .18  
Indirect auto  259  .22    208  .19    209  .19  
Total $1,730  .11   $2,138  .14   $1,302  .09  
                    
(1)  Annualized.
                      

 

UNITED COMMUNITY BANKS, INC.          
Consolidated Statement of Income (Unaudited)         
          
  Three Months Ended Six Months Ended 
  June 30, June 30, 
(in thousands, except per share data)  2016   2015   2016   2015  
          
Interest revenue:         
Loans, including fees $63,472  $52,976  $127,448   $102,640  
Investment securities, including tax exempt of $149, $181, $315 and $339  16,833   12,037   32,621   24,095  
Deposits in banks and short-term investments  777   795   1,734   1,607  
Total interest revenue  81,082   65,808   161,803   128,342  
          
Interest expense:         
Deposits:         
NOW  444   348   929   742  
Money market  1,206   806   2,314   1,479  
Savings  30   26   59   46  
Time  743   895   1,385   2,004  
Total deposit interest expense  2,423   2,075   4,687   4,271  
Short-term borrowings  93   82   180   180  
Federal Home Loan Bank advances  983   454   1,716   846  
Long-term debt  2,665   2,206   5,350   4,812   
Total interest expense  6,164   4,817   11,933   10,109  
Net interest revenue  74,918   60,991   149,870   118,233  
Provision for credit losses  (300)  900   (500)  2,700  
Net interest revenue after provision for credit losses  75,218   60,091   150,370   115,533  
          
Fee revenue:          
Service charges and fees  10,515   8,375   20,641   15,990  
Mortgage loan and other related fees  4,448   3,707   7,737   6,462  
Brokerage fees  1,117   1,232   2,170   2,783  
Gains from sales of government guaranteed loans  2,801   1,494   4,038   2,635  
Securities gains, net  282   13   661   1,552  
Loss from prepayment of debt  -   -   -   (1,038) 
Other  4,334   2,445    6,856   4,564  
Total fee revenue  23,497   17,266   42,103   32,948  
Total revenue  98,715   77,357   192,473   148,481  
          
Operating expenses:         
Salaries and employee benefits  33,572   27,961   66,634   54,407  
Communications and equipment  4,393   3,304   8,683   6,575  
Occupancy  4,538   3,415   9,261   6,693  
Advertising and public relations  1,323   1,127   2,187   1,877  
Postage, printing and supplies  1,298   993   2,578   1,931  
Professional fees  3,189   2,257   5,889   4,176  
FDIC assessments and other regulatory charges  1,517   1,298   3,041   2,507  
Amortization of intangibles  987   447   1,997   689  
Merger-related and other charges  1,176   3,173   3,829   3,173  
Other  6,067   4,445   11,846   9,453  
Total operating expenses  58,060   48,420   115,945   91,481  
Net income before income taxes  40,655   28,937   76,528   57,000  
Income tax expense  15,389   11,124   28,967   21,517  
Net income  25,266   17,813   47,561   35,483  
Preferred stock dividends and discount accretion  -   17   21   17  
Net income available to common shareholders $25,266  $17,796  $47,540  $35,466  
          
Earnings per common share:         
Basic $.35  $.28  $.66  $.57  
Diluted  .35   .28   .66   .57  
Weighted average common shares outstanding:         
Basic   72,202   62,549   72,187   61,730  
Diluted  72,207   62,553   72,191   61,734  
          

 

UNITED COMMUNITY BANKS, INC.    
Consolidated Balance Sheet (Unaudited)    
     
  June 30, December 31,
(in thousands, except share and per share data)  2016   2015 
     
ASSETS    
Cash and due from banks $107,606  $86,912 
Interest-bearing deposits in banks  100,036   153,451 
Cash and cash equivalents  207,642   240,363 
Securities available for sale   2,335,511   2,291,511 
Securities held to maturity (fair value $356,740 and $371,658)  341,951   364,696 
Mortgage loans held for sale  30,152    24,231 
Loans, net of unearned income  6,286,527    5,995,441 
Less allowance for loan losses  (64,253)  (68,448)
Loans, net  6,222,274   5,926,993 
Premises and equipment, net  181,349   178,165 
Bank owned life insurance  105,784   105,493 
Accrued interest receivable  25,879   25,786 
Net deferred tax asset  157,689   197,613 
Derivative financial instruments  26,880   20,082 
Goodwill and other intangible assets  146,124   147,420 
Other assets  147,238   94,075 
Total assets $9,928,473  $9,616,428 
LIABILITIES AND SHAREHOLDERS' EQUITY    
Liabilities:    
Deposits:    
Demand $2,386,857  $2,204,755 
NOW  1,730,313   1,975,884 
Money market  1,641,980   1,599,637 
Savings  502,134   471,129 
Time  1,183,943   1,282,803 
Brokered  412,267    338,985 
Total deposits  7,857,494   7,873,193 
Repurchase agreements  -    16,640 
Federal Home Loan Bank advances  735,125   430,125 
Long-term debt  164,066   163,836 
Derivative financial instruments  34,930   28,825 
Accrued expenses and other liabilities  77,121   85,524 
Total liabilities  8,868,736   8,598,143 
Shareholders' equity:    
Preferred stock, $1 par value; 10,000,000 shares authorized;    
Series H; $1,000 stated value; 0 and 9,992 shares issued and outstanding  -   9,992 
Common stock, $1 par value; 150,000,000 shares authorized;    
69,863,008 and 66,198,477 shares issued and outstanding  69,863   66,198 
Common stock, non-voting, $1 par value; 26,000,000 shares authorized;    
1,258,792 and 5,285,516 shares issued and outstanding  1,259   5,286 
Common stock issuable; 486,753 and 458,953 shares  6,651   6,779 
Capital surplus  1,279,383   1,286,361 
Accumulated deficit  (293,424)  (330,879)
Accumulated other comprehensive loss  (3,995)  (25,452)
Total shareholders' equity  1,059,737   1,018,285 
Total liabilities and shareholders' equity $9,928,473  $9,616,428 
     

 

UNITED COMMUNITY BANKS, INC.            
Average Consolidated Balance Sheets and Net Interest Analysis          
For the Three Months Ended June 30,            
             
 2016 2015 
(dollars in thousands, fully taxable equivalent (FTE))Average
Balance
   Interest Avg.
Rate
  Average 
Balance 
   Interest  Avg. 
Rate
  
Assets:            
Interest-earning assets:            
Loans, net of unearned income (FTE) (1)(2)$6,150,654  $63,485 4.15% $5,017,306  $53,081 4.24% 
Taxable securities (3) 2,720,061   16,684 2.45   2,235,561   11,856 2.12  
Tax-exempt securities (FTE) (1)(3) 27,434   244 3.56   25,685   296 4.61  
Federal funds sold and other interest-earning assets 138,622   912 2.63   165,643   901 2.18  
             
Total interest-earning assets (FTE) 9,036,771    81,325 3.62   7,444,195   66,134 3.56  
Non-interest-earning assets:            
Allowance for loan losses (66,104)      (71,006)     
Cash and due from banks 94,920        77,124      
Premises and equipment 182,609       167,926      
Other assets (3) 560,357       398,356      
Total assets$9,808,553      $8,016,595      
             
Liabilities and Shareholders' Equity:             
Interest-bearing liabilities:            
Interest-bearing deposits:            
NOW$1,755,726   444 .10  $1,419,142   348 .10  
Money market 1,866,913   1,206 .26   1,607,665   806 .20  
Savings 497,973   30 .02   335,093   26 .03  
Time 1,205,066   675 .23   1,249,098   1,273 .41  
Brokered time deposits  187,481   68 .15   276,073   (378)(.55) 
Total interest-bearing deposits  5,513,159   2,423 .18    4,887,071   2,075 .17  
             
Federal funds purchased and other borrowings 11,000   93 3.40   47,698   82 .69  
Federal Home Loan Bank advances 589,246   983 .67   289,707   454 .63  
Long-term debt 164,020   2,665 6.53   113,901   2,206 7.77  
Total borrowed funds 764,266   3,741 1.97   451,306   2,742 2.44  
             
Total interest-bearing liabilities 6,277,425   6,164 .39   5,338,377    4,817 .36  
Non-interest-bearing liabilities:            
Non-interest-bearing deposits 2,383,894        1,782,405      
Other liabilities 96,067       90,091      
Total liabilities 8,757,386       7,210,873      
Shareholders' equity 1,051,167       805,722      
Total liabilities and shareholders' equity$9,808,553      $8,016,595      
             
Net interest revenue (FTE)  $75,161      $61,317    
Net interest-rate spread (FTE)   3.23%    3.20% 
             
Net interest margin (FTE) (4)   3.35%    3.30% 
             
(1)  Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans.  The rate used was 39%, 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 where the accrual of interest has been discontinued and loans that are held for sale.  (3)  Securities available for sale are shown at amortized cost.  Pretax unrealized gains of $12.3 million in 2016 and $18.9 million in 2015 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.  
             

 

UNITED COMMUNITY BANKS, INC.            
Average Consolidated Balance Sheets and Net Interest Analysis          
For the Six Months Ended June 30,            
             
 2016 2015
 
(dollars in thousands, fully taxable equivalent (FTE))Average 
Balance 
  Interest Avg.
Rate
   Average 
Balance 
  Interest Avg.
Rate
  
Assets:            
Interest-earning assets:            
Loans, net of unearned income (FTE) (1)(2)$6,077,111  $127,529 4.22% $4,872,112  $102,946 4.26% 
Taxable securities (3) 2,704,309   32,306 2.39   2,211,293   23,756 2.15  
Tax-exempt securities (FTE) (1)(3) 28,590   516 3.61   20,987   555 5.29  
Federal funds sold and other interest-earning assets  146,192   1,965 2.69   153,597   1,786 2.33  
             
Total interest-earning assets (FTE) 8,956,202   162,316 3.64   7,257,989   129,043 3.58  
Non-interest-earning assets:            
Allowance for loan losses (67,289)      (71,596)     
Cash and due from banks 90,278       78,069      
Premises and equipment 181,350       163,737      
Other assets (3) 560,813       389,874      
Total assets$ 9,721,354      $7,818,073       
             
Liabilities and Shareholders' Equity:            
Interest-bearing liabilities:            
Interest-bearing deposits:             
NOW$1,821,100   929 .10  $1,447,370   742 .10  
Money market 1,853,749   2,314 .25   1,537,678   1,479 .19  
Savings 489,106   59 .02   317,814   46 .03  
Time 1,232,378   1,492 .24   1,240,450   2,661 .43  
Brokered time deposits 210,347   (107)(.10 )  274,708   (657)(.48)  
Total interest-bearing deposits 5,606,680   4,687  .17   4,818,020   4,271 .18  
             
Federal funds purchased and other borrowings 22,953   180 1.58   41,953   180 .87  
Federal Home Loan Bank advances 467,708   1,716 .74   264,584   846 .64  
Long-term debt 164,720   5,350 6.53   120,782   4,812 8.03  
Total borrowed funds 655,381   7,246 2.22    427,319   5,838 2.76  
             
Total interest-bearing liabilities 6,262,061   11,933 .38   5,245,339   10,109 .39  
Non-interest-bearing liabilities:            
Non-interest-bearing deposits 2,315,468       1,702,140      
Other liabilities 101,694       92,138      
Total liabilities 8,679,223       7,039,617      
Shareholders' equity 1,042,131       778,456      
Total liabilities and shareholders' equity$9,721,354      $7,818,073      
             
Net interest revenue (FTE)  $150,383      $118,934    
Net interest-rate spread (FTE)    3.26%    3.19% 
             
Net interest margin (FTE) (4)   3.38%    3.30% 
             
(1)  Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans.  The rate used was 39%, 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 where the accrual of interest has been discontinued and loans that are held for sale.  (3)  Securities available for sale are shown at amortized cost.  Pretax unrealized gains of $7.28 million in 2016 and $14.8 million in 2015 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.  
              
For more information:

Rex S. Schuette

Chief Financial Officer

(706) 781-2266

Rex_Schuette@ucbi.com

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Source: United Community Banks, Inc.

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