SEC Filing | United Community Banks, Inc.

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UNITED STATES

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):
January 21, 2015

United Community Banks, Inc.
(Exact name of registrant as specified in its charter)

Georgia	No. 001-35095	No. 58-180-7304
(State or other jurisdiction of	(Commission File Number)	(IRS Employer
incorporation)		Identification No.)

125 Highway 515 East
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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Item 2.02

Results of Operations and Financial Condition.

On January 21, 2015, United Community Banks, Inc. (the “Registrant”) issued a news release announcing its financial results for the quarter ended December 31, 2014 (the “News Release”). The News Release, including financial schedules, is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. In connection with issuing the News Release, on January 21, 2015 at 11:00 a.m. ET, the Registrant intends to hold a conference call/webcast to discuss the News Release. In addition to the News Release, during the conference call the Registrant intends to discuss certain financial information contained in the Fourth Quarter 2014 Investor Presentation (the “Investor Presentation”), which will be posted to the Registrant’s website at www.ucbi.com. The Investor Presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The presentation of the Registrant’s financial results includes core earnings measures, which are measures of performance determined by methods other than in accordance with generally accepted accounting principles, or GAAP. Management included non-GAAP core earnings measures because it believes they are useful for evaluating the Registrant’s operations and performance over periods of time, and uses core earnings measures in managing and evaluating the Registrant’s business and intends to refer to them in discussions about the Registrant’s operations and performance. Core earnings measures exclude credit related costs such as the provision for loan losses and foreclosed property expense, securities gains and losses, income taxes and other items of a non-recurring nature. Core earnings measures are useful in evaluating the underlying earnings performance trends of the Registrant. Management believes these non-GAAP performance measures may provide users of the Registrant’s financial information with a meaningful measure for assessing the Registrant’s financial results and comparing those financial results to prior periods.

Core earnings measures should be viewed in addition to, and not as an alternative to or substitute for, the Registrant’s performance measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Item 9.01		Financial Statements and Exhibits.

(d)		Exhibits

Exhibit No.		Description

99.1		News Release, dated January 21, 2015

99.2		Investor Presentation, Fourth Quarter 2014

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.

	UNITED COMMUNITY BANKS, INC.

	By:	/s/ Rex S. Schuette
		Rex S. Schuette
		Executive Vice President and
		Chief Financial Officer

Date: January 21, 2015

Exhibit 99.1

For Immediate Release

For more information:

Rex S. Schuette

Chief Financial Officer

(706) 781-2266

Rex_Schuette@ucbi.com

UNITED COMMUNITY BANKS, INC. REPORTS

NET INCOME OF $18.2 MILLION FOR FOURTH QUARTER 2014,

UP 15 PERCENT FROM A YEAR AGO

Earnings per diluted share of 30 cents, up 36 percent from fourth quarter of 2013

Loans up $103 million, or 9 percent annualized

Net interest margin stabilizes at 3.31 percent

Operating efficiency improves to 57.5 percent on strong revenue growth

BLAIRSVILLE, GA – January 21, 2015 – United Community Banks, Inc. (NASDAQ: UCBI) (“United”) today reported net income of $18.2 million, or 30 cents per diluted share, for the fourth quarter of 2014. Earnings per share were up 36 percent from a year ago. The increases reflect strong loan growth, a stable net interest margin and growth in fee revenue.

For the full year of 2014, United reported net income of $67.6 million, or $1.11 per diluted share.

“Our fourth quarter results mark a strong ending to a very good year,” said Jimmy Tallent, president and chief executive officer. “Strong loan growth and a steady net interest margin increased net interest revenue by $1.37 million over the third quarter. Our return on assets rose to 96 basis points, one basis point above the third quarter and closing in on our goal of 1 percent. Also, our return on equity was 9.6 percent, up 19 basis points from the third quarter and 208 basis points from a year ago. We continue to improve operating efficiency, and achieved solid positive operating leverage in the fourth quarter.”

Tallent continued, “Fourth quarter net loan growth of $103 million was driven by solid production across all of our markets. Our specialized lending business, which includes health care, corporate, SBA, asset-based and commercial real estate lending, was the largest contributor to our growth this quarter with $74.6 million. We also saw solid growth in our Coastal Georgia market.”

Fourth quarter taxable equivalent net interest revenue totaled $58.3 million, up $1.37 million from the third quarter and up $2.45 million from the fourth quarter of 2013. The taxable equivalent net interest margin was 3.31 percent, down one basis point from the third quarter but up five basis points from a year ago.

“Preserving our net interest margin and growing net interest revenue, while minimizing exposure to changes in interest rates, have been top priorities for growing earnings,” said Tallent. “We’ve been able to hold the margin steady in the low 3.30 percent range following our second quarter balance sheet management activities, which included restructuring the securities portfolio, interest rate hedges and wholesale borrowings. We expect our margin to remain at the current level into 2015.”

The fourth quarter provision for credit losses was $1.8 million, down $200,000 from the third quarter and down $1.2 million from the fourth quarter of 2013. Fourth quarter net charge-offs were $2.51 million compared with $3.16 million in the third quarter and $4.45 million a year ago. Nonperforming assets at quarter-end were $19.6 million, down 10 percent from the third quarter and 37 percent from a year ago. Nonperforming assets at quarter-end represented .26 percent of total assets, compared to .29 percent last quarter and .42 percent a year ago.

Fourth quarter fee revenue totaled $14.8 million, up $411,000 from the third quarter and $1.30 million from the fourth quarter of 2013. The increase from a year ago resulted primarily from the growing SBA lending business and related gains on sales of SBA loans. Gains totaled $926,000 in the fourth quarter of 2014, and $945,000 in the third quarter. There were no gains from SBA loan sales in the fourth quarter of 2013.

Service charges and fees, and debit card interchange fees, were up from both the third quarter of 2014 and the fourth quarter of 2013, more than offsetting a decline in overdraft fees. Mortgage fees were down $67,000 from the third quarter, but up $398,000 from a year ago. The increase from the fourth quarter of 2013 reflects United’s commitment to growing the mortgage business. Closed mortgage loans totaled $77.4 million in the fourth quarter compared with $84.2 million in the third quarter and $55.5 million in the fourth quarter of 2013.

Operating expenses were $41.9 million in the fourth quarter compared to $41.4 million in the third quarter and $41.6 million a year ago. The increase was mostly due to higher salaries and employee benefit costs for the respective periods of $900,000 and $1.8 million, respectively, reflecting investments in new businesses and markets, as well as higher production and performance incentives and $350,000 in severance costs for the fourth quarter 2014.

Other expense was up $1.3 million from the third quarter and $1.2 million from a year ago. The increase reflects a $492,000 charge for the reimbursement of claimed interest related to the first period of the company’s loss sharing agreement with the FDIC, as well as higher support costs associated with the increase in lending activity. Professional fees were lower this quarter due to the resolution and release of a $1.2 million litigation reserve related to a previously disclosed legal matter and FDIC assessment costs declined due to further improvement in credit measures. There were several non-core items in the quarter that were mostly offsetting, including the litigation reserve release, FDIC reimbursement of prior period interest and severance costs.

“Our focus on growing revenue while controlling costs is driving the improvement in operating efficiency and positive operating leverage,” Tallent said. “Our operating efficiency ratio improved to 57.5 percent in the fourth quarter, compared to 58.0 percent in the third quarter.”

At December 31, 2014, capital ratios were as follows: Tier 1 Risk-Based of 12.1 percent; Total Risk-Based of 13.3 percent; Tier 1 Common Risk-Based of 11.1 percent; and, Tier 1 Leverage of 8.7 percent.

“In 2014 we invested significantly in revenue generation while controlling operating costs,” Tallent said. “I am excited about 2015 as these investments hit their stride to grow our businesses that will drive earnings and shareholder returns. As always, we will continue to look for opportunities to invest in people.”

Conference Call

United will hold a conference call today, Thursday, January 21, 2015, at 11 a.m. ET to discuss the contents of this news release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 61257382. The conference call also will be webcast and available for replay for 30 days by selecting “Events and Presentations” within the Investor Relations section of United’s website at www.ucbi.com.

About United Community Banks, Inc.

United Community Banks, Inc. (UCBI) is a bank holding company based in Blairsville, Georgia, with $7.6 billion in assets. The company's banking subsidiary, United Community Bank, is one of the Southeast's largest full-service banks, operating 103 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in personalized community banking services for individuals, small businesses and corporations. A full range of consumer and commercial banking services includes mortgage, advisory, treasury management and other products. National survey organizations consistently recognize United Community Bank for outstanding customer service. Additional information about the company and the bank's full range of products and services can be found at www.ucbi.com.

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 2013 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

	2014												2013						For the Twelve Months Ended December 31,
*(in thousands, except per share data; taxable equivalent)*	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Fourth Quarter 2014-2013 Change			2014			2013			YTD 2014-2013 Change
INCOME SUMMARY
Interest revenue	$	64,353		$	63,338		$	61,783		$	60,495		$	61,695					$	249,969		$	247,323
Interest expense		6,021			6,371			6,833			6,326			5,816						25,551			27,682
Net interest revenue		58,332			56,967			54,950			54,169			55,879			4	%		224,418			219,641			2	%
Provision for credit losses		1,800			2,000			2,200			2,500			3,000						8,500			65,500
Fee revenue		14,823			14,412			14,143			12,176			13,519			10			55,554			56,598			(2	)
Total revenue		71,355			69,379			66,893			63,845			66,398						271,472			210,739
Operating expenses		41,919			41,364			40,532			39,050			41,614			1			162,865			174,304			(7	)
Income before income taxes		29,436			28,015			26,361			24,795			24,784			19			108,607			36,435
Income tax expense (benefit)		11,189			10,399			10,004			9,395			8,873						40,987			(236,705	)
Net income		18,247			17,616			16,357			15,400			15,911			15			67,620			273,140
Preferred dividends and discount accretion		-			-			-			439			2,912						439			12,078
Net income available to common shareholders	$	18,247		$	17,616		$	16,357		$	14,961		$	12,999			40		$	67,181		$	261,062

PERFORMANCE MEASURES
Per common share:
Diluted income	$	.30		$	.29		$	.27		$	.25		$	.22			36		$	1.11		$	4.44
Book value		12.20			12.15			11.94			11.66			11.30			8			12.20			11.30			8
Tangible book value⁽²⁾		12.15			12.10			11.91			11.63			11.26			8			12.15			11.26			8

Key performance ratios:
Return on common equity⁽¹⁾⁽³⁾		9.60	%		9.41	%		8.99	%		8.64	%		7.52	%					9.17	%		46.72	%
Return on assets⁽³⁾		.96			.95			.88			.85			.86						.91			3.86
Net interest margin⁽³⁾		3.31			3.32			3.21			3.21			3.26						3.26			3.30
Efficiency ratio		57.47			57.96			58.65			59.05			60.02						58.26			63.14
Average equity to average assets		9.76			9.85			9.61			9.52			11.62						9.69			10.35
Average tangible equity to average assets⁽²⁾		9.72			9.83			9.58			9.50			11.59						9.67			10.31
Average tangible common equity to average assets⁽²⁾		9.72			9.83			9.58			9.22			8.99						9.60			7.55
Tangible common equity to risk- weighted assets⁽²⁾		13.82			14.10			13.92			13.63			13.18						13.82			13.17

ASSET QUALITY *
Non-performing loans	$	17,881		$	18,745		$	20,724		$	25,250		$	26,819					$	17,881		$	26,819
Foreclosed properties		1,726			3,146			2,969			5,594			4,221						1,726			4,221
Total non-performing assets (NPAs)		19,607			21,891			23,693			30,844			31,040						19,607			31,040
Allowance for loan losses		71,619			71,928			73,248			75,223			76,762						71,619			76,762
Net charge-offs		2,509			3,155			4,175			4,039			4,445						13,878			93,710
Allowance for loan losses to loans		1.53	%		1.57	%		1.66	%		1.73	%		1.77	%					1.53	%		1.77	%
Net charge-offs to average loans⁽³⁾		.22			.28			.38			.38			.41						.31			2.22
NPAs to loans and foreclosed properties		.42			.48			.54			.71			.72						.42			.72
NPAs to total assets		.26			.29			.32			.42			.42						.26			.42

AVERAGE BALANCES ($ in millions)
Loans	$	4,621		$	4,446		$	4,376		$	4,356		$	4,315			7		$	4,450		$	4,254			5
Investment securities		2,222			2,231			2,326			2,320			2,280			(3	)		2,274			2,190			4
Earning assets		7,013			6,820			6,861			6,827			6,823			3			6,880			6,649			3
Total assets		7,565			7,374			7,418			7,384			7,370			3			7,436			7,074			5
Deposits		6,383			6,143			6,187			6,197			6,190			3			6,228			6,027			3
Shareholders’ equity		738			726			713			703			856			(14	)		720			732			(2	)
Common shares - basic (thousands)		60,830			60,776			60,712			60,059			59,923						60,588			58,787
Common shares - diluted (thousands)		60,833			60,779			60,714			60,061			59,925						60,590			58,845

AT PERIOD END ($ in millions)
Loans *	$	4,672		$	4,569		$	4,410		$	4,356		$	4,329			8		$	4,672		$	4,329			8
Investment securities		2,198			2,222			2,190			2,302			2,312			(5	)		2,198			2,312			(5	)
Total assets		7,567			7,526			7,352			7,398			7,425			2			7,567			7,425			2
Deposits		6,327			6,241			6,164			6,248			6,202			2			6,327			6,202			2
Shareholders’ equity		740			736			722			704			796			(7	)		740			796			(7	)
Common shares outstanding (thousands)		60,259			60,248			60,139			60,092			59,432						60,259			59,432

⁽¹⁾ 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). ⁽²⁾ Excludes effect of acquisition related intangibles and associated amortization. ⁽³⁾ Annualized.

* Excludes loans and foreclosed properties covered by loss sharing agreements with the FDIC.

UNITED COMMUNITY BANKS, INC.

Selected Financial Information

For the Years Ended December 31,


(in thousands, except per share data; taxable equivalent)	2014			2013			2012			2011			2010
INCOME SUMMARY
Net interest revenue	$	224,418		$	219,641		$	229,758		$	238,670		$	244,637
Operating provision for credit losses ⁽¹⁾		8,500			65,500			62,500			251,000			234,750
Operating fee revenue		55,554			56,598			56,112			44,907			46,963
Total operating revenue ⁽¹⁾		271,472			210,739			223,370			32,577			56,850
Operating expenses ⁽²⁾		162,865			174,304			186,774			261,599			242,952
Loss on sale of nonperforming assets		-			-			-			-			45,349
Operating income (loss) from continuing operations before taxes		108,607			36,435			36,596			(229,022	)		(231,451	)
Operating income taxes		40,987			(236,705	)		2,740			(2,276	)		73,218
Net operating income (loss) from continuing operations		67,620			273,140			33,856			(226,746	)		(304,669	)
Noncash goodwill impairment charges		-			-			-			-			(210,590	)
Fraud loss provision and subsequent recovery, net of tax benefit		-			-			-			-			11,750
Net income (loss) from discontinued operations		-			-			-			-			(101	)
Gain from sale of subsidiary, net of income taxes and selling costs		-			-			-			-			1,266
Net income (loss)		67,620			273,140			33,856			(226,746	)		(502,344	)
Preferred dividends and discount accretion		439			12,078			12,148			11,838			10,316
Net income (loss) available to common shareholders	$	67,181		$	261,062		$	21,708		$	(238,584	)	$	(512,660	)

PERFORMANCE MEASURES
Per common share:
Diluted operating earnings (loss) from continuing operations ⁽¹⁾⁽²⁾	$	1.11		$	4.44		$	.38		$	(5.97	)	$	(16.64	)
Diluted earnings (loss) from continuing operations		1.11			4.44			.38			(5.97	)		(27.15	)
Diluted earnings (loss)		1.11			4.44			.38			(5.97	)		(27.09	)
Cash dividends declared		.11			-			-			-			-
Book value		12.20			11.30			6.67			6.62			15.40
Tangible book value⁽⁴⁾		12.15			11.26			6.57			6.47			14.80

Key performance ratios:
Return on common equity ⁽³⁾		9.17	%		46.72	%		5.43	%		(93.57	)%		(85.08	)%
Return on assets		.91			3.86			.49			(3.15	)		(6.61	)
Net interest margin		3.26			3.30			3.51			3.52			3.59
Operating efficiency ratio from continuing operations ⁽²⁾		58.26			63.14			65.43			92.27			98.98
Average equity to average assets		9.69			10.35			8.47			7.75			10.77
Average tangible equity to average assets ⁽⁴⁾		9.67			10.31			8.38			7.62			8.88
Average tangible common equity to average assets ⁽⁴⁾		9.60			7.55			5.54			3.74			6.52
Tangible common equity to risk-weighted assets⁽⁴⁾		13.82			13.17			8.26			8.25			5.64

ASSET QUALITY *
Non-performing loans	$	17,881		$	26,819		$	109,894		$	127,479		$	179,094
Foreclosed properties		1,726			4,221			18,264			32,859			142,208
Total non-performing assets (NPAs)		19,607			31,040			128,158			160,338			321,302
Allowance for loan losses		71,619			76,762			107,137			114,468			174,695
Operating net charge-offs⁽¹⁾		13,879			93,710			69,831			311,227			215,657
Allowance for loan losses to loans		1.53	%		1.77	%		2.57	%		2.79	%		3.79	%
Operating net charge-offs to average loans⁽¹⁾		.31			2.22			1.69			7.33			4.42
NPAs to loans and foreclosed properties		.42			.72			3.06			3.87			6.77
NPAs to total assets		.26			.42			1.88			2.30			4.42

AVERAGE BALANCES ($ in millions)
Loans	$	4,450		$	4,254		$	4,166		$	4,307		$	4,961
Investment securities		2,274			2,190			2,089			1,999			1,453
Earning assets		6,880			6,649			6,547			6,785			6,822
Total assets		7,436			7,074			6,865			7,189			7,605
Deposits		6,228			6,027			5,885			6,275			6,373
Shareholders’ equity		720			732			582			557			819
Common shares - Basic (thousands)		60,588			58,787			57,857			39,943			18,925
Common shares - Diluted (thousands)		60,590			58,845			57,857			39,943			18,925

AT YEAR END ($ in millions)
Loans *	$	4,672		$	4,329		$	4,175		$	4,110		$	4,604
Investment securities		2,198			2,312			2,079			2,120			1,490
Total assets		7,567			7,425			6,802			6,983			7,276
Deposits		6,327			6,202			5,952			6,098			6,469
Shareholders’ equity		740			796			581			575			469
Common shares outstanding (thousands)		60,259			59,432			57,741			57,561			18,937

⁽¹⁾ Excludes the subsequent recovery of $11.8 million in previously recognized fraud related loan losses in 2010. ⁽²⁾ Excludes goodwill impairment charge of $211 million in 2010. ⁽³⁾ Net income (loss) available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). ⁽⁴⁾ Excludes effect of acquisition related intangibles and associated amortization.

* Excludes loans and foreclosed properties covered by loss sharing agreements with the FDIC.

UNITED COMMUNITY BANKS, INC.

Non-GAAP Performance Measures Reconciliation

Selected Financial Information

	2014												2013			For the Twelve Months Ended December 31,
(in thousands, except per share data; taxable equivalent)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			2014			2013			2012			2011			2010

Interest revenue reconciliation
Interest revenue - taxable equivalent	$	64,353		$	63,338		$	61,783		$	60,495		$	61,695		$	249,969		$	247,323		$	267,667		$	304,308		$	344,493
Taxable equivalent adjustment		(398	)		(405	)		(377	)		(357	)		(380	)		(1,537	)		(1,483	)		(1,690	)		(1,707	)		(2,001	)
Interest revenue (GAAP)	$	63,955		$	62,933		$	61,406		$	60,138		$	61,315		$	248,432		$	245,840		$	265,977		$	302,601		$	342,492

Net interest revenue reconciliation
Net interest revenue - taxable equivalent	$	58,332		$	56,967		$	54,950		$	54,169		$	55,879		$	224,418		$	219,641		$	229,758		$	238,670		$	244,637
Taxable equivalent adjustment		(398	)		(405	)		(377	)		(357	)		(380	)		(1,537	)		(1,483	)		(1,690	)		(1,707	)		(2,001	)
Net interest revenue (GAAP)	$	57,934		$	56,562		$	54,573		$	53,812		$	55,499		$	222,881		$	218,158		$	228,068		$	236,963		$	242,636

Provision for credit losses reconciliation
Operating provision for credit losses	$	1,800		$	2,000		$	2,200		$	2,500		$	3,000		$	8,500		$	65,500		$	62,500		$	251,000		$	234,750
Partial recovery of special fraud-related loan loss		-			-			-			-			-			-			-			-			-			(11,750	)
Provision for credit losses (GAAP)	$	1,800		$	2,000		$	2,200		$	2,500		$	3,000		$	8,500		$	65,500		$	62,500		$	251,000		$	223,000

Total revenue reconciliation
Total operating revenue	$	71,355		$	69,379		$	66,893		$	63,845		$	66,398		$	271,472		$	210,739		$	223,370		$	32,577		$	56,850
Taxable equivalent adjustment		(398	)		(405	)		(377	)		(357	)		(380	)		(1,537	)		(1,483	)		(1,690	)		(1,707	)		(2,001	)
Partial recovery of special fraud-related loan loss		-			-			-			-			-			-			-			-			-			11,750
Total revenue (GAAP)	$	70,957		$	68,974		$	66,516		$	63,488		$	66,018		$	269,935		$	209,256		$	221,680		$	30,870		$	66,599

Expense reconciliation
Operating expense	$	41,919		$	41,364		$	40,532		$	39,050		$	41,614		$	162,865		$	174,304		$	186,774		$	261,599		$	288,301
Noncash goodwill impairment charge		-			-			-			-			-			-			-			-			-			210,590
Operating expense (GAAP)	$	41,919		$	41,364		$	40,532		$	39,050		$	41,614		$	162,865		$	174,304		$	186,774		$	261,599		$	498,891

Income before taxes reconciliation
Income before taxes	$	29,436		$	28,015		$	26,361		$	24,795		$	24,784		$	108,607		$	36,435		$	36,596		$	(229,022	)	$	(231,451	)
Taxable equivalent adjustment		(398	)		(405	)		(377	)		(357	)		(380	)		(1,537	)		(1,483	)		(1,690	)		(1,707	)		(2,001	)
Noncash goodwill impairment charge		-			-			-			-			-			-			-			-			-			(210,590	)
Partial recovery of special fraud-related loan loss		-			-			-			-			-			-			-			-			-			11,750
Income before taxes (GAAP)	$	29,038		$	27,610		$	25,984		$	24,438		$	24,404		$	107,070		$	34,952		$	34,906		$	(230,729	)	$	(432,292	)

Income tax expense (benefit) reconciliation
Income tax expense (benefit)	$	11,189		$	10,399		$	10,004		$	9,395		$	8,873		$	40,987		$	(236,705	)	$	2,740		$	(2,276	)	$	73,218
Taxable equivalent adjustment		(398	)		(405	)		(377	)		(357	)		(380	)		(1,537	)		(1,483	)		(1,690	)		(1,707	)		(2,001	)
Income tax expense (benefit) (GAAP)	$	10,791		$	9,994		$	9,627		$	9,038		$	8,493		$	39,450		$	(238,188	)	$	1,050		$	(3,983	)	$	71,217

Diluted earnings (loss) from continuing operations per common share reconciliation
Diluted operating earnings (loss) from continuing operations per common share	$	.30		$	.29		$	.27		$	.25		$	.22		$	1.11		$	4.44		$	.38		$	(5.97	)	$	(16.64	)
Noncash goodwill impairment charge		-			-			-			-			-			-			-			-			-			(11.13	)
Partial recovery of special fraud-related loan loss		-			-			-			-			-			-			-			-			-			.62
Diluted earnings (loss) from continuing operations per common share (GAAP)	$	.30		$	.29		$	.27		$	.25		$	.22		$	1.11		$	4.44		$	.38		$	(5.97	)	$	(27.15	)

Book value per common share reconciliation
Tangible book value per common share	$	12.15		$	12.10		$	11.91		$	11.63		$	11.26		$	12.15		$	11.26		$	6.57		$	6.47		$	14.80
Effect of goodwill and other intangibles		.05			.05			.03			.03			.04			.05			.04			.10			.15			.60
Book value per common share (GAAP)	$	12.20		$	12.15		$	11.94		$	11.66		$	11.30		$	12.20		$	11.30		$	6.67		$	6.62		$	15.40

Efficiency ratio from continuing operations reconciliation
Operating efficiency ratio from continuing operations		57.47	%		57.96	%		58.65	%		59.05	%		60.02	%		58.26	%		63.14	%		65.43	%		92.27	%		98.98	%
Noncash goodwill impairment charge		-			-			-			-			-			-			-			-			-			72.29
Efficiency ratio from continuing operations (GAAP)		57.47	%		57.96	%		58.65	%		59.05	%		60.02	%		58.26	%		63.14	%		65.43	%		92.27	%		171.27	%

Average equity to assets reconciliation
Tangible common equity to assets		9.72	%		9.83	%		9.58	%		9.22	%		8.99	%		9.60	%		7.55	%		5.54	%		3.74	%		6.52	%
Effect of preferred equity		-			-			-			.28			2.60			.07			2.76			2.84			3.88			2.36
Tangible equity to assets		9.72			9.83			9.58			9.50			11.59			9.67			10.31			8.38			7.62			8.88
Effect of goodwill and other intangibles		.04			.02			.03			.02			.03			.02			.04			.09			.13			1.89
Equity to assets (GAAP)		9.76	%		9.85	%		9.61	%		9.52	%		11.62	%		9.69	%		10.35	%		8.47	%		7.75	%		10.77	%

Tangible common equity to risk-weighted assets reconciliation
Tangible common equity to risk-weighted assets		13.82	%		14.10	%		13.92	%		13.63	%		13.18	%		13.82	%		13.18	%		8.26	%		8.25	%		5.64	%
Effect of other comprehensive income		.35			.34			.53			.36			.39			.35			.39			.51			(.03	)		(.42	)
Effect of deferred tax limitation		(3.11	)		(3.39	)		(3.74	)		(3.92	)		(4.26	)		(3.11	)		(4.26	)		-			-			-
Effect of trust preferred		1.00			1.02			1.04			1.03			1.04			1.00			1.04			1.15			1.18			1.06
Effect of preferred equity		-			-			-			-			2.39			-			2.39			4.24			4.29			3.53
Tier I capital ratio (Regulatory)		12.06	%		12.07	%		11.75	%		11.10	%		12.74	%		12.06	%		12.74	%		14.16	%		13.69	%		9.81	%

Net charge-offs reconciliation
Operating net charge-offs	$	2,509		$	3,155		$	4,175		$	4,039		$	4,445		$	13,878		$	93,710		$	69,831		$	311,227		$	215,657
Subsequent partial recovery of fraud-related charge-off		-			-			-			-			-			-			-			-			-			(11,750	)
Net charge-offs (GAAP)	$	2,509		$	3,155		$	4,175		$	4,039		$	4,445		$	13,878		$	93,710		$	69,831		$	311,227		$	203,907

Net charge-offs to average loans reconciliation
Operating net charge-offs to average loans		.22	%		.28	%		.38	%		.38	%		.41	%		.31	%		2.22	%		1.69	%		7.33	%		4.42	%
Subsequent partial recovery of fraud-related charge-off		-			-			-			-			-			-			-			-			-			(.25	)
Net charge-offs to average loans (GAAP)		.22	%		.28	%		.38	%		.38	%		.41	%		.31	%		2.22	%		1.69	%		7.33	%		4.17	%

UNITED COMMUNITY BANKS, INC.

Financial Highlights

Loan Portfolio Composition at Period-End ⁽¹⁾

	2014								2013		Linked			Year over
	Fourth		Third		Second		First		Fourth		Quarter			Year
(in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		Change			Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	1,163	$	1,153	$	1,163	$	1,142	$	1,134	$	10		$	29
Income producing commercial RE		599		605		598		624		623		(6	)		(24	)
Commercial & industrial		710		650		554		495		472		60			238
Commercial construction		196		181		160		148		149		15			47
Total commercial		2,668		2,589		2,475		2,409		2,378		79			290
Residential mortgage		866		866		861		866		875		-			(9	)
Home equity lines of credit		466		459		451		447		441		7			25
Residential construction		299		307		302		318		328		(8	)		(29	)
Consumer installment		373		348		321		316		307		25			66
Total loans	$	4,672	$	4,569	$	4,410	$	4,356	$	4,329		103			343

LOANS BY MARKET
North Georgia	$	1,163	$	1,168	$	1,175	$	1,205	$	1,240		(5	)		(77	)
Atlanta MSA		1,282		1,289		1,305		1,290		1,275		(7	)		7
North Carolina		553		553		555		563		572		-			(19	)
Coastal Georgia		456		444		426		425		423		12			33
Gainesville MSA		257		254		257		262		255		3			2
East Tennessee		280		281		270		272		280		(1	)		-
South Carolina / Corporate		412		337		206		131		88		75			324
Other ⁽²⁾		269		243		216		208		196		26			73
Total loans	$	4,672	$	4,569	$	4,410	$	4,356	$	4,329		103			343

⁽¹⁾ Excludes total loans of $2.8 million, $2.8 million, $3.1 million, $19.3 million and $20.3 million as of December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, respectively, that are covered by the loss-sharing agreement with the FDIC, related to the acquisition of Southern Community Bank. ⁽²⁾ Includes purchased indirect auto loans that are not assigned to a geographic region.

UNITED COMMUNITY BANKS, INC.

Financial Highlights

Loan Portfolio Composition at Year-End ⁽¹⁾

(in millions)	2014		2013		2012		2011		2010
LOANS BY CATEGORY
Owner occupied commercial RE	$	1,163	$	1,134	$	1,131	$	1,112	$	980
Income producing commercial RE		599		623		682		710		781
Commercial & industrial		710		472		458		428		441
Commercial construction		196		149		155		164		297
Total commercial		2,668		2,378		2,426		2,414		2,499
Residential mortgage		866		875		829		835		944
Home equity lines of credit		466		441		385		300		335
Residential construction		299		328		382		448		695
Consumer / installment		373		307		153		113		131
Total loans	$	4,672	$	4,329	$	4,175	$	4,110	$	4,604


LOANS BY MARKET
North Georgia	$	1,163	$	1,240	$	1,364	$	1,426	$	1,689
Atlanta MSA		1,282		1,275		1,250		1,220		1,310
North Carolina		553		572		579		597		702
Coastal Georgia		456		423		400		346		335
Gainesville MSA		257		255		261		265		312
East Tennessee		280		280		283		256		256
South Carolina / Corporate		412		88		-		-		-
Other ⁽²⁾		269		196		38		-		-
Total loans	$	4,672	$	4,329	$	4,175	$	4,110	$	4,604

⁽¹⁾ Excludes total loans of $2.8 million, $20.3 million, $33.4 million, $54.5 million and $68.2 million as of December 31, 2014, 2013, 2012, 2011 and 2010, respectively, that are covered by loss-sharing agreements with the FDIC, related to the acquisition of Southern Community Bank. ⁽²⁾ Includes purchased indirect auto loans that are not assigned to a geographic region.

UNITED COMMUNITY BANKS, INC.

Financial Highlights

Credit Quality ⁽¹⁾

	Fourth Quarter 2014									Third Quarter 2014									Second Quarter 2014
	Non-performing			Foreclosed			Total			Non-performing			Foreclosed			Total			Non-performing			Foreclosed			Total
*(in thousands)*	Loans			Properties			NPAs			Loans			Properties			NPAs			Loans			Properties			NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE	$	4,133		$	355		$	4,488		$	2,156		$	1,024		$	3,180		$	2,975		$	653		$	3,628
Income producing CRE		717			-			717			1,742			42			1,784			1,032			242			1,274
Commercial & industrial		1,571			-			1,571			1,593			-			1,593			1,102			-			1,102
Commercial construction		83			15			98			148			-			148			95			-			95
Total commercial		6,504			370			6,874			5,639			1,066			6,705			5,204			895			6,099
Residential mortgage		8,196			1,183			9,379			8,350			1,769			10,119			10,201			1,426			11,627
Home equity lines of credit		695			40			735			720			90			810			510			128			638
Residential construction		2,006			133			2,139			3,543			221			3,764			4,248			520			4,768
Consumer installment		480			-			480			493			-			493			561			-			561
Total NPAs	$	17,881		$	1,726		$	19,607		$	18,745		$	3,146		$	21,891		$	20,724		$	2,969		$	23,693
Balance as a % of
Unpaid Principal		69.9	%		54.1	%		68.1	%		68.6	%		54.5	%		66.1	%		66.5	%		50.4	%		63.9	%

NONPERFORMING ASSETS BY MARKET
North Georgia	$	5,669		$	711		$	6,380		$	7,392		$	1,717		$	9,109		$	8,216		$	1,392		$	9,608
Atlanta MSA		1,837			372			2,209			1,724			364			2,088			3,883			510			4,393
North Carolina		5,221			234			5,455			4,919			398			5,317			5,314			615			5,929
Coastal Georgia		799			105			904			781			160			941			782			80			862
Gainesville MSA		1,310			81			1,391			1,403			85			1,488			921			49			970
East Tennessee		1,414			201			1,615			1,227			245			1,472			1,218			323			1,541
South Carolina / Corporate		1,285			22			1,307			945			177			1,122			-			-			-
Other ⁽³⁾		346			-			346			354			-			354			390			-			390
Total NPAs	$	17,881		$	1,726		$	19,607		$	18,745		$	3,146		$	21,891		$	20,724		$	2,969		$	23,693

NONPERFORMING ASSETS ACTIVITY
Beginning Balance	$	18,745		$	3,146		$	21,891		$	20,724		$	2,969		$	23,693		$	25,250		$	5,594		$	30,844
Loans placed on non-accrual		7,140			-			7,140			7,665			-			7,665			9,529			-			9,529
Payments received		(5,286	)		-			(5,286	)		(3,129	)		-			(3,129	)		(4,027	)		-			(4,027	)
Loan charge-offs		(1,841	)		-			(1,841	)		(4,353	)		-			(4,353	)		(8,341	)		-			(8,341	)
Foreclosures		(877	)		877			-			(2,162	)		2,162			-			(1,687	)		1,687			-
Capitalized costs		-			-			-			-			209			209			-			-			-
Property sales		-			(2,483	)		(2,483	)		-			(2,350	)		(2,350	)		-			(4,430	)		(4,430	)
Write downs		-			(1	)		(1	)		-			(108	)		(108	)		-			(305	)		(305	)
Net gains (losses) on sales		-			187			187			-			264			264			-			423			423
Ending Balance	$	17,881		$	1,726		$	19,607		$	18,745		$	3,146		$	21,891		$	20,724		$	2,969		$	23,693

	Fourth Quarter 2014						Third Quarter 2014						Second Quarter 2014
				Net Charge-						Net Charge-						Net Charge-
				Offs to						Offs to						Offs to
	Net			Average			Net			Average			Net			Average
*(in thousands)*	Charge-Offs			Loans ⁽²⁾			Charge-Offs			Loans ⁽²⁾			Charge-Offs			Loans ⁽²⁾
NET CHARGE-OFFS BY CATEGORY
Owner occupied CRE	$	891			.31	%	$	746			.26	%	$	(1,836	)		(.64	)%
Income producing CRE		143			.09			104			.07			435			.29
Commercial & industrial		(295	)		(.17	)		(341	)		(.23	)		662			.52
Commercial construction		(6	)		(.01	)		103			.24			131			.34
Total commercial		733			.11			612			.10			(608	)		(.10	)
Residential mortgage		1,226			.56			1,116			.52			2,509			1.17
Home equity lines of credit		238			.20			356			.31			466			.42
Residential construction		(44	)		(.06	)		712			.94			1,671			2.13
Consumer installment		356			.39			359			.43			137			.18
Total	$	2,509			.22		$	3,155			.28		$	4,175			.38

NET CHARGE-OFFS BY MARKET
North Georgia	$	791			.27	%	$	1,861			.63	%	$	(741	)		(.25	)%
Atlanta MSA		147			.05			(250	)		(.08	)		1,481			.46
North Carolina		1,103			.79			656			.47			2,161			1.55
Coastal Georgia		30			.03			228			.21			116			.11
Gainesville MSA		94			.15			259			.40			797			1.23
East Tennessee		54			.08			230			.33			288			.42
South Carolina / Corporate		110			.11			5			.01			-			-
Other ⁽³⁾		180			.29			166			.31			73			.14
Total	$	2,509			.22		$	3,155			.28		$	4,175			.38

⁽¹⁾

Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with the FDIC, related to the acquisition of Southern Community Bank.

⁽²⁾

Annualized.

⁽³⁾

Includes purchased indirect auto loans that are not assigned to a geographic region.

UNITED COMMUNITY BANKS, INC.

Consolidated Statement of Income (Unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
(in thousands, except per share data)	2014		2013		2014			2013

Interest revenue:
Loans, including fees	$	50,677	$	49,066	$	196,279		$	200,893
Investment securities, including tax exempt of $180, $203, $738 and $827		12,375		11,253		48,493			41,158
Deposits in banks and short-term investments		903		996		3,660			3,789
Total interest revenue		63,955		61,315		248,432			245,840

Interest expense:
Deposits:
NOW		435		473		1,651			1,759
Money market		868		569		3,060			2,210
Savings		20		24		81			133
Time		1,623		1,593		7,133			10,464
Total deposit interest expense		2,946		2,659		11,925			14,566
Short-term borrowings		96		508		2,160			2,071
Federal Home Loan Bank advances		339		3		912			68
Long-term debt		2,640		2,646		10,554			10,977
Total interest expense		6,021		5,816		25,551			27,682
Net interest revenue		57,934		55,499		222,881			218,158
Provision for credit losses		1,800		3,000		8,500			65,500
Net interest revenue after provision for credit losses		56,134		52,499		214,381			152,658

Fee revenue:
Service charges and fees		8,446		8,166		33,073			31,997
Mortgage loan and other related fees		2,111		1,713		7,520			9,925
Brokerage fees		1,176		1,361		4,807			4,465
Securities gains, net		208		70		4,871			186
Loss from prepayment of debt		-		-		(4,446	)		-
Other		2,882		2,209		9,729			10,025
Total fee revenue		14,823		13,519		55,554			56,598
Total revenue		70,957		66,018		269,935			209,256

Operating expenses:
Salaries and employee benefits		26,592		24,817		100,941			96,233
Communications and equipment		3,153		3,414		12,523			13,233
Occupancy		3,448		3,735		13,513			13,930
Advertising and public relations		802		781		3,461			3,718
Postage, printing and supplies		1,086		882		3,542			3,283
Professional fees		834		2,102		6,707			9,617
Foreclosed property		131		191		634			7,869
FDIC assessments and other regulatory charges		883		1,804		4,792			9,219
Amortization of intangibles		287		408		1,348			2,031
Other		4,703		3,480		15,404			15,171
Total operating expenses		41,919		41,614		162,865			174,304
Net income before income taxes		29,038		24,404		107,070			34,952
Income tax expense (benefit)		10,791		8,493		39,450			(238,188	)
Net income		18,247		15,911		67,620			273,140
Preferred stock dividends and discount accretion		-		2,912		439			12,078
Net income available to common shareholders	$	18,247	$	12,999	$	67,181		$	261,062

Earnings per common share:
Basic	$	.30	$	.22	$	1.11		$	4.44
Diluted		.30		.22		1.11			4.44
Weighted average common shares outstanding:
Basic		60,830		59,923		60,588			58,787
Diluted		60,833		59,925		60,590			58,845

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

	December 31,			December 31,
(in thousands, except share and per share data)	2014			2013

ASSETS
Cash and due from banks	$	77,180		$	71,230
Interest-bearing deposits in banks		89,074			119,669
Short-term investments		26,401			37,999
Cash and cash equivalents		192,655			228,898
Securities available for sale		1,782,734			1,832,217
Securities held to maturity (fair value $425,233 and $485,585)		415,267			479,742
Mortgage loans held for sale		13,737			10,319
Loans, net of unearned income		4,672,119			4,329,266
Less allowance for loan losses		(71,619	)		(76,762	)
Loans, net		4,600,500			4,252,504
Assets covered by loss sharing agreements with the FDIC		3,315			22,882
Premises and equipment, net		159,390			163,589
Bank owned life insurance		81,294			80,670
Accrued interest receivable		20,103			19,598
Goodwill and other intangible assets		3,641			3,480
Foreclosed property		1,726			4,221
Net deferred tax asset		215,503			258,518
Derivative financial instruments		20,599			23,833
Other assets		56,522			44,948
Total assets	$	7,566,986		$	7,425,419
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Demand	$	1,574,317		$	1,388,512
NOW		1,504,887			1,427,939
Money market		1,273,283			1,227,575
Savings		292,308			251,125
Time:
Less than $100,000		748,478			892,961
Greater than $100,000		508,228			588,689
Brokered		425,011			424,704
Total deposits		6,326,512			6,201,505
Repurchase agreements		6,000			53,241
Federal Home Loan Bank advances		270,125			120,125
Long-term debt		129,865			129,865
Derivative financial instruments		31,997			46,232
Unsettled securities purchases		5,425			29,562
Accrued expenses and other liabilities		57,485			49,174
Total liabilities		6,827,409			6,629,704
Shareholders' equity:
Preferred stock, $1 par value; 10,000,000 shares authorized;
Series B; $1,000 stated value; 0, 105,000 and 180,000 shares issued and outstanding		-			105,000
Series D; $1,000 stated value; 0, 16,613 and 16,613 shares issued and outstanding		-			16,613
Common stock, $1 par value; 100,000,000 shares authorized;
50,178,605 and 46,243,345 shares issued and outstanding		50,178			46,243
Common stock, non-voting, $1 par value; 26,000,000 shares authorized;
10,080,787 and 13,188,206 shares issued and outstanding		10,081			13,188
Common stock issuable; 357,983 and 241,832 shares		5,168			3,930
Capital surplus		1,080,508			1,078,676
Accumulated deficit		(387,568	)		(448,091	)
Accumulated other comprehensive loss		(18,790	)		(19,844	)
Total shareholders' equity		739,577			795,715
Total liabilities and shareholders' equity	$	7,566,986		$	7,425,419

UNITED COMMUNITY BANKS, INC.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended December 31,

	2014								2013
	Average					Avg.			Average						Avg.
(dollars in thousands, taxable equivalent)	Balance			Interest		Rate			Balance			Interest			Rate
Assets:
Interest-earning assets:
Loans, net of unearned income ⁽¹⁾⁽²⁾	$	4,620,517		$	50,883		4.37	%	$	4,315,370		$	49,205			4.52	%
Taxable securities ⁽³⁾		2,202,986			12,195		2.21			2,258,938			11,050			1.96
Tax-exempt securities ⁽¹⁾⁽³⁾		18,579			295		6.35			20,681			332			6.42
Federal funds sold and other interest-earning assets		170,703			980		2.30			227,622			1,108			1.95
Total interest-earning assets		7,012,785			64,353		3.65			6,822,611			61,695			3.59
Non-interest-earning assets:
Allowance for loan losses		(72,534	)							(81,335	)
Cash and due from banks		73,973								61,083
Premises and equipment		160,049								165,286
Other assets ⁽³⁾		391,097								402,328
Total assets	$	7,565,370							$	7,369,973
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,481,414			435		.12		$	1,372,367			473			.14
Money market		1,433,680			868		.24			1,367,589			569			.17
Savings		291,163			20		.03			250,418			24			.04
Time less than $100,000		761,850			814		.42			907,042			1,164			.51
Time greater than $100,000		520,937			763		.58			604,490			1,029			.68
Brokered time deposits		273,706			46		.07			271,490			(600	)		(.88	)
Total interest-bearing deposits		4,762,750			2,946		.25			4,773,396			2,659			.22
Federal funds purchased and other borrowings		24,750			96		1.54			54,839			508			3.68
Federal Home Loan Bank advances		193,549			339		.69			6,647			3			.18
Long-term debt		129,865			2,640		8.07			129,865			2,646			8.08
Total borrowed funds		348,164			3,075		3.50			191,351			3,157			6.55
Total interest-bearing liabilities		5,110,914			6,021		.47			4,964,747			5,816			.46
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,620,635								1,416,483
Other liabilities		95,679								132,557
Total liabilities		6,827,228								6,513,787
Shareholders' equity		738,142								856,186
Total liabilities and shareholders' equity	$	7,565,370							$	7,369,973
Net interest revenue				$	58,332							$	55,879
Net interest-rate spread							3.18	%								3.13	%
Net interest margin ⁽⁴⁾							3.31	%								3.26	%

⁽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 $8.59 million in 2014 and pretax unrealized losses of $6.33 million in 2013 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 Twelve Months Ended December 31,

	2014								2013
	Average					Avg.			Average						Avg.
(dollars in thousands, taxable equivalent)	Balance			Interest		Rate			Balance			Interest			Rate
Assets:
Interest-earning assets:
Loans, net of unearned income ⁽¹⁾⁽²⁾	$	4,450,268		$	197,039		4.43	%	$	4,254,159		$	201,278			4.73	%
Taxable securities ⁽³⁾		2,255,084			47,755		2.12			2,169,024			40,331			1.86
Tax-exempt securities ⁽¹⁾⁽³⁾		19,279			1,209		6.27			21,228			1,354			6.38
Federal funds sold and other interest-earning assets		155,803			3,966		2.55			204,303			4,360			2.13
Total interest-earning assets		6,880,434			249,969		3.63			6,648,714			247,323			3.72
Non-interest-earning assets:
Allowance for loan losses		(75,237	)							(95,411	)
Cash and due from banks		67,818								63,174
Premises and equipment		161,391								167,424
Other assets ⁽³⁾		401,240								290,098
Total assets	$	7,435,646							$	7,073,999
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,396,373			1,651		.12		$	1,285,842			1,759			.14
Money market		1,389,837			3,060		.22			1,315,385			2,210			.17
Savings		277,351			81		.03			244,725			133			.05
Time less than $100,000		811,846			3,636		.45			974,470			5,850			.60
Time greater than $100,000		551,027			3,373		.61			654,102			5,115			.78
Brokered time deposits		293,657			124		.04			219,215			(501	)		(.23	)
Total interest-bearing deposits		4,720,091			11,925		.25			4,693,739			14,566			.31
Federal funds purchased and other borrowings		74,541			2,160		2.90			66,561			2,071			3.11
Federal Home Loan Bank advances		175,481			912		.52			32,604			68			.21
Long-term debt		129,865			10,554		8.13			131,081			10,977			8.37
Total borrowed funds		379,887			13,626		3.59			230,246			13,116			5.70
Total interest-bearing liabilities		5,099,978			25,551		.50			4,923,985			27,682			.56
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,507,944								1,333,199
Other liabilities		107,523								84,506
Total liabilities		6,715,445								6,341,690
Shareholders' equity		720,201								732,309
Total liabilities and shareholders' equity	$	7,435,646							$	7,073,999
Net interest revenue				$	224,418							$	219,641
Net interest-rate spread							3.13	%								3.16	%
Net interest margin ⁽⁴⁾							3.26	%								3.30	%

⁽¹⁾

⁽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 $3.36 million in 2014 and pretax unrealized gains of $4.36 million in 2013 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.

Exhibit 99.2

Fourth Quarter 2014 Investor Presentation

2 Cautionary Statement This investor presentation may contain 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 Community Banks, Inc . ’s filings with the Securities and Exchange Commission, including its 2013 Annual Report on Form 10 - K and its most recent quarterly report on Form 10 - Q under the sections entitled “Forward - Looking Statements” . Forward - looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward - looking statements . Non - GAAP Measures This presentation also contains financial measures determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) . Such non - GAAP financial measures include the following : core fee revenue, core operating expense, core earnings, tangible common equity to tangible assets, tangible equity to tangible assets and tangible common equity to risk - weighted assets . The most comparable GAAP measures to these measures are : fee revenue, operating expense, net income (loss), and equity to assets . Management uses these non - GAAP financial measures because we believe they are useful 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 . Management believes these non - GAAP financial measures provide users of our financial information with a meaningful measure for assessing our financial results and credit trends, as well as for comparison to financial results for prior periods . These non - GAAP financial measures should not be considered as a substitute for financial measures determined in accordance with GAAP and may not be comparable to other similarly titled financial measures used by other companies . For a reconciliation of the differences between our non - GAAP financial measures and the most comparable GAAP measures, please refer to the ‘Non - GAAP Reconcilement Tables’ at the end of the Appendix to this presentation .

3 Highlights Fourth Quarter 2014 IMPROVING QUARTERLY RESULTS 4Q14 3Q14 4Q13 Net Income $18.2 $17.6 $15.9 EPS $.30 $.29 $.22 ROA .96% .95% .86% ROCE 9.60% 9.41% 7.52% Net Interest Revenue of $58.3 Million vs. $57.0 Million in 3Q14 and $55.9 Million in 4Q13 Loan growth of $103 million in 4Q14 , up $343 million, or 8%, from 4Q13 Focus on specialized lending and commercial Margin of 3.31% vs. 3.32% in 3Q14 and 3.26% in 4Q13 Balance sheet restructured late 2Q14 Loan yield of 4.37%, down 8 bps from 3Q14; and, investment securities yield of 2.25%, up 2 bps from 3Q14 Core Fee Revenue of $ 14.6 Million Up $1.3 million from 4Q13 Gain on sales of SBA loans of $.926 million vs. $.945 million in 3Q14 and zero in 4Q13 Mortgage revenue of $2.11 million, up $.398 million from 4Q13 Operating Efficiency Strengthens Efficiency ratio of 57.5%; vs. 58.0% in 3Q14 and 60.0% in 4Q13 Continued focus on reducing costs and growing revenue $ in millions

4 Highlights Fourth Quarter 2014 Solid Capital Ratios – Increased Dividend to Shareholders Approved quarterly dividend of 5 cents (vs. 3 cents last quarter) Tier I Common to Risk Weighted Assets of 11.1%; Tangible Common to RWAs of 13.8% Tier I Risk Based Capital of 12.1% and Tier I Leverage of 8.7% Solid Improvement in Credit Quality Provision of $1.8 million vs. $3.0 million 4Q13 Net charge - offs decline to .22% of total loans vs. .41% in 4Q13 NPAs declined to .26% of total assets vs. .29% in 3Q14 and .42% in 4Q13 Allowance 1.53% of total loans vs. 1.57% at 3Q14 and1.77% at 4Q13 Classified ratio of 20%, down from 24% at 3Q14 Balance Sheet Loan growth this quarter of $103 million, or 9% annualized C&I up $60 million CRE up $4 million Indirect Auto up $26 million Core Transaction Deposits Up $252 million from year ago or 7% Down $25 million in the fourth quarter or 3% annualized Represents 62.5% of total customer deposits

5 .86% .85% .88% .95% .96% .70% .80% .90% Earnings Per Share / Return on Assets GOAL OF 1% ROA $.22 $.25 $.27 $.29 $.30 $.18 $.22 $.26 $.30 4Q13 1Q14 2Q14 3Q14 4Q14 E A R N I N G S P E R S H A R E R E T U R N O N A S S E T S EPS ROA

6 2015 Goals 2015 LEVERAGE OUR STRENGTHS Community bank service with large bank resources Strong local leadership and senior management Funding strength in legacy markets Consistent and attractive culture Class leading customer satisfaction Continue to invest in and improve commercial and retail capabilities Diversify portfolio – focus on: C&I; CRE owner occupied; Specialized Lending for healthcare, corporate, asset - based and SBA Momentum building across footprint Invest in people; strengthen commercial and grow specialized lending area and markets Grow loans in mid - to upper - single digits Improve retail and small business bank Grow sales with better / diversified product design, merchandising and campaign execution Improve our technology with a focus on making it easy for our customers to bank with us Increase core transaction deposits in the mid - single digits Grow net interest revenue by solid loan growth and maintain margin at 3.3 percent Credit trends and costs continue at or below current levels Grow fee revenue by investing in mortgage, advisory services, and SBA capabilities Maintain operating efficiency below 58 percent while investing in revenue producers Seek acquisition opportunities that fit our culture, risk and return targets

7 Core Earnings Trend and Core Fee Revenue $55.9 $54.2 $55.0 $57.0 $58.3 $41.2 $38.7 $40.1 $41.1 $42.1 $27.9 $27.4 $28.8 $30.3 $30.8 $13.2 $11.9 $13.9 $14.4 $14.6 $10 $20 $30 $40 $50 $60 $70 4Q13 1Q14 2Q14 3Q14 4Q14 Net Interest Revenue Core Operating Expenses Core Earnings Core Fee Revenue Core Earnings $30.8 Million Up $515,000 from 3Q14 and up $2.9 million from a year ago $ in millions 4Q14 3Q14 4Q13 Net Interest Revenue 58,332$ 1,365$ 2,453$ Fee Revenue 14,553 134 1,334 Gross Revenue 72,885 1,499 3,787 Operating Expense (Excl OREO) 42,081 984 888 Pre-Tax, Pre-Credit (Core) 30,804$ 515$ 2,899$ Net Interest Margin 3.31 % (.01) % .05 % Variance - Increase / (Decrease) 4Q14 3Q14 4Q13 Overdraft Fees 2,936$ (135)$ (263)$ Interchange Fees 3,977 166 286 Other Service Charges 1,533 213 257 Total Service Charges and Fees 8,446 244 280 Mortgage Loan & Related Fees 2,111 (67) 398 Brokerage Fees 1,176 (33) (185) Gains from SBA Loan Sales 926 (19) 926 Other 1,894 9 (85) Total Fee Revenue - Core 14,553 134 1,334 Non-Core (1) 270 277 (30) Reported - GAAP 14,823$ 411$ 1,304$ Variance - Increase / (Decrease) (1) Includes securities gains / losses, charges on prepayment of borrowings, gains on bank owned life insurance policies, and gains / losses on deferred compensation plan assets. CORE EARNINGS CORE FEE REVENUE $ in thousands

8 Core Operating Expenses (1) Includes foreclosed property costs, severance costs, reversal of previously established litigation reserve, reimbursement of claimed interest for the initial period of the loss sharing agreements, and gains / losses on deferred compensation plan liabilities. $ in thousands 4Q14 3Q14 4Q13 Salaries & Employee Benefits 26,177$ 493$ 1,590$ Communications & Equipment 3,153 59 (261) Occupancy 3,448 23 (287) FDIC Assessment 883 (248) (921) Advertising & Public Relations 802 (92) 21 Postage, Printing & Supplies 1,086 210 204 Professional Fees 2,034 (240) (68) Other Expense 4,498 779 610 Core Operating Expenses 42,081 984 888 Non-Core (1) (162) (429) (583) Reported GAAP 41,919$ 555$ 305$ 4Q14 3Q14 4Q13 Efficiency Ratio 57.47 % (.49) % (2.55) % Variance - Increase / (Decrease)

9 Key Drivers of Net Interest Revenue / Margin $55.9 $54.2 $55.0 $57.0 $58.3 $45 $49 $53 $57 4Q13 1Q14 2Q14 3Q14 4Q14 Net Interest Revenue 4Q growth impacted by: $103M loan growth Higher securities yield Stable margin $ in millions KEY DRIVERS OF NIR NET INTEREST REVENUE & MARGIN Loan / Securities Pricing Deposit Pricing (excl. brokered) 4.52% 4.45% 4.37% 2.06% 2.23% 2.25% .22% .26% .25% 0% 2% 4% 6% 4Q13 1Q14 2Q14 3Q14 4Q14 Loan Yields Securities Yields Avg Rate on Int Bearing Dep’s .18 .15 .16 .17 .25 .24 .14 .11 .12 .04 .08 .12 .16 .20 .24 .28 4Q13 1Q14 2Q14 3Q14 4Q14 • CD pricing reflects the quarter - average new and renewed yield • MMDA / NOW pricing reflects the deposit yield for each quarter CDs MMDA NOW 3.26% 3.21% 3.21% 3.32% 3.31% 3.00% 3.25% 3.50%

10 Net Income $ in thousands SUMMARY ̶ CORE EARNINGS / NET INCOME 4Q14 3Q14 4Q13 Core Earnings (Pre-Tax, Pre-Credit) 30,804$ 515$ 2,899$ Provision for Loan Loss 1,800 (200) (1,200) NON-CORE FEE REVENUE: Securities Gains 208 197 138 Deferred Compensation Plan Assets Gains (Losses) 62 80 (168) Total Non-Core Fee Revenue 270 277 (30) NON-CORE OPERATING EXPENSES: Foreclosed Property Write Downs 1 (107) (325) Foreclosed Property (Gains) Losses on Sales (187) 77 574 Forclosed Property Maintenance Expenses 317 (124) (309) Severance Costs 353 353 353 Release of Litigation Reserve (1,200) (1,200) (1,200) Reimbursement of Loss Share Interest 492 492 492 Gains (Losses) on Deferred Comp Plan Liability 62 80 (168) Total Non-Core Operating Expenses (162) (429) (583) Income Tax Expense 11,189 790 2,316 Net Income 18,247$ 631$ 2,336$ Preferred Stock Dividends - - (2,912) Net Income Avail to Common Shareholders 18,247$ 631$ 5,248$ Net Income Per Share .30$ .01$ .08$ Tangible Book Value 12.15$ .05$ .89$ Return on Assets .96 % .01 % .10 % Return on Common Equity 9.60 .19 2.08 Variance - Increase / (Decrease) 60.9M Shares Outstanding Quarterly Net Income $ in millions 4Q14 $18.2 3Q14 $17.6 2Q14 $16.4 1Q14 $15.4 4Q13 $15.9

11 Customer Deposit Mix & Core Growth $ in thousands Time >$100M 8% Demand & NOW 36% Deposits by % / Customer Mix Public Funds 17% Time <$100M 13% MMDA & Sav 26% Time >$100M 22% Demand & NOW 23% Public Funds 14% Time <$100M 31% MMDA & Sav 10% 4 Q14 $5.9B 63%* 2Q08 $6.2B 34%* 4Q14 3Q14 4Q13 4Q08 Demand / NOW 2,139$ 2,159$ 1,969$ 1,457$ MMDA / Savings 1,551 1,555 1,468 630 Core Transaction 3,690 3,714 3,437 2,087 Time < $100,000 744 770 888 1,945 Public Deposits 960 820 863 755 Total Core 5,394 5,304 5,188 4,787 Time >$100,000 479 500 557 1,336 Public Deposits 29 32 32 87 Total Customer 5,902 5,836 5,777 6,210 Brokered Deposits 425 405 425 793 Total Deposits 6,327$ 6,241$ 6,202$ 7,003$ Total Deposit Mix Core Deposit Growth – Category & Market CATEGORY 4Q14 2014 MARKET 4Q14 2014 Demand (15.6)$ 160.8$ Atlanta (22.0)$ 84.1$ MM Accounts (8.9) 40.7 N. Georgia 2.7 89.7 Savings 4.5 41.3 North Carolina (8.6) 34.9 NOW (4.7) 9.5 Coastal Georgia 1.2 22.7 Total Categories (24.7)$ 252.3$ Tennessee 5.8 8.5 Gainesville (4.6) 9.6 Growth - 3Q Annualized (3) % South Carolina .8 2.8 - Year 7% (24.7)$ 252.3$ Growth Growth *% of core transaction customer deposits Significant growth in core transaction deposits since 4Q08

12 Capital Ratios Holding Company Well- Cap 4Q14 3Q14 2Q14 1Q14 4Q13 Tier I Risk Based Capital ("RBC") 6 % 12.1 % 12.1 % 11.8 % 11.1 % 12.7 % Total RBC 10 13.3 13.3 13.0 12.4 14.0 Leverage 5 8.7 8.7 8.3 8.0 9.1 Tier 1 Common RBC 11.1 11.0 10.7 10.1 9.3 Tangible Common to Assets 9.7 9.8 9.6 9.2 9.0 Tangible Equity to Assets 9.7 9.8 9.6 9.5 11.6 Bank Well- Cap 4Q14 3Q14 2Q14 1Q14 4Q13 Tier 1 RBC 6 % 12.9 12.6 % 13.4 % 12.6 % 13.5 % Total RBC 10 14.1 13.8 14.6 13.9 14.8 Leverage 5 9.3 9.1 9.4 9.1 9.6

13 Loan Portfolio (total $4.672 billion) Retail 31% $1.308 C&I 34% $1.424 Inv RE 17% $.699 Diversifying Portfolio Retail 37% $1.705 C&I 40% $1.874 Inv RE 13% $.598 Commercial 57% $2.668 Geographic Diversity Residential Mortgage 29% $1.332 Consumer 8% $.373 Period $ in Billions 4Q14 $4.672 3Q14 $4.569 2Q14 $4.410 1Q14 $4.356 4Q13 $4.329 By Loan Type 1Q11 $4.194 4Q14 $4.672 Reduced concentrations of A&D and Investor RE loans Other (Indirect Auto) $ .269 East Tennessee $ .280 South Carolina / Corporate $ .412 Coastal Georgia $ .456 Western North Carolina $ .553 North Georgia $ 1.163 Gainesville MSA $.257 Atlanta MSA $ 1.282 0% 12% 24% 36% 6% 9% 10% 12% 25% 27% Total Loans Loan Diversification & Type • Reducing land exposure • Focus on small business, C&I, and specialized lending • Enhanced retail products 5% 6% $ in billions

14 New Loans Funded and Advances (1) $ in millions $324.5 $287.5 $356.8 $453.1 $401.1 $275 $325 $375 $425 $475 4Q13 1Q14 2Q14 3Q14 4Q14 CATEGORY 4Q14 3Q14 4Q13 4Q14 3Q14 4Q13 Commercial C & I 115.9$ 150.0$ 58.7$ Atlanta 91.6$ 96.7$ 111.1$ Owner Occupied CRE 56.0 48.1 54.1 Coastal Georgia 34.0 38.4 30.3 Income Producing CRE 45.9 62.1 44.9 N. Georgia 54.9 61.5 51.1 Commercial Constr. 6.0 3.9 3.1 North Carolina 33.2 25.9 25.6 Total Commercial 223.8 264.1 160.8 Tennessee 24.1 27.0 22.6 Residential Mortgage 32.7 31.6 33.2 Gainesville 14.3 10.9 10.4 Residential HELOC 37.0 43.5 50.7 South Carolina 96.6 141.4 42.9 Residential Construction 40.8 44.8 37.4 Other (Indirect Auto) 52.4 51.3 30.5 Consumer 66.8 69.1 42.4 Total Markets 401.1$ 453.1$ 324.5$ Total Categories 401.1$ 453.1$ 324.5$ New Loans Funded and Advances MARKET (1) Represents new loans funded and net loan advances (net of payments on lines of credit)

15 Commercial Loans (total $2.668 billion) $ in billions CRE Owner Occupied 44% $1.163B Geographic Diversity CRE Income Producing 22% $.599B C & I 27% $.710B Coastal Georgia $ .338 Gainesville MSA $ .180 Western North Carolina $ .153 South Carolina $ .402 North Georgia $ .513 East Tennessee $ .138 Atlanta MSA $.944 0% 12% 24% 36% 6% 7% 13% 15% 19% 35% Average Loan Size Type $ in Thousands Owner Occup’d $426 Income Prod 603 C & I 133 Comm Constr 530 By Loan Type 5%

16 Retail (total $1.705 billion) Geographic Diversity Home Equity LOC 27% $.466B Avg loan size $48 thousand South Carolina $ .009 Coastal Georgia $ .102 East Tennessee $ .134 Atlanta MSA $ .269 Western North Carolina $ .334 North Georgia $ .521 Gainesville MSA $.067 Indirect Auto $.269 0% 12% 24% 36% 1% 6% 8% 16% 19% 30% By Loan Type Mortgage 51% $.865B Avg loan size $99 thousand 4% 16% $ in billions Success with new portfolio products and HELOCs Conservative underwriting 62.0% of HE Primary Lien

17 Residential Construction (total $299 million) $ in millions Geographic Diversity Raw 11% $33 Lot 49% $147 Gainesville MSA $ 10 East Tennessee $ 9 Coastal Georgia $ 16 Western North Carolina $ 66 Atlanta MSA $ 69 North Georgia $ 129 0% 12% 24% 36% 48% 3% 3% 6% 22% 23% 43% By Loan Type 4Q14 3Q14 2Q14 1Q14 4Q13 4Q14 vs. 4Q13 TOTAL COMPANY Land Loans Developing 32$ 36$ 34$ 37$ 39$ (7)$ Raw 33 35 36 37 38 (5) Lot 147 146 151 159 166 (19) Total 212 217 221 233 243 (31) Construction Loans Spec 21 18 19 19 23 (2) Sold 66 72 62 66 62 4 Total 87 90 81 85 85 2 Total 299$ 307$ 302$ 318$ 328$ (29)$

18 Credit Quality $ in millions 4Q14 3Q14 2Q14 1Q14 4Q13 Net Charge-offs 2.5$ 3.2$ 4.2$ 4.0$ 4.4$ as % of Average Loans .22 % .28 % .38 % .38 % .41 % Allowance for Loan Losses 71.6$ 71.9$ 73.2$ 75.2$ 76.8$ as % of Total Loans 1.53 % 1.57 % 1.66 % 1.73 % 1.77 % as % of NPLs 401 384 353 299 286 Past Due Loans (30 - 89 Days) .31% .35% .32% .40% .58% Non-Performing Loans 17.9$ 18.7$ 20.7$ 25.2$ 26.8$ OREO 1.7 3.2 3.0 5.6 4.2 Total NPAs 19.6 21.9 23.7 30.8 31.0 Performing Classified Loans 128.4 149.0 147.5 164.9 172.7 Total Classified Assets 148.0$ 170.9$ 171.2$ 195.7$ 203.7$ as % of Tier 1 / Allowance 20 % 24 % 23 % 27 % 27 % Accruing TDRs (see page 21) 81.3$ 82.2$ 84.5$ 77.9$ 78.7$ As % of Original Principal Balance Non-Performing Loans 69.9 % 68.6 % 66.5 % 65.8 % 65.3 % OREO 54.1 54.5 50.4 53.9 44.5 Total NPAs as % of Total Assets .26 .29 .32 .42 .42 as % of Loans & OREO .42 .48 .54 .71 .72

19 Non - Performing Loans (NPLs) Inflow Trends $ in millions $11.0 $9.3 $9.5 $7.7 $7.1 $0 $5 $10 $15 4Q13 1Q14 2Q14 3Q14 4Q14 Resi Constr Comm Constr Resi Mtg Comm RE Comm Consumer Quarterly NPL Inflows Total NPLs $26.8 $25.2 $20.7 $18.7 $17.9 $0 $6 $12 $18 $24 4Q13 1Q14 2Q14 3Q14 4Q14

20 Performing Classified Loans $ in millions 4Q13 1Q14 2Q14 3Q14 4Q14 Commercial: Commercial & Industrial 9$ 8$ 6$ 7$ 8$ Owner Occupied 43 48 48 50 46 Total C & I 52 56 54 57 54 Income Producing CRE 34 37 25 22 20 Commercial Construction 17 5 4 4 4 Total Commercial 104 98 83 83 78 Residential Mortgage 44 43 42 43 32 Home Equity Lines of Credit 8 8 7 8 5 Residential Construction 14 13 13 12 11 Consumer / Installment 3 2 2 3 2 Total Performing Classified 173$ 164$ 147$ 149$ 128$ Classified to Tier 1 + ALL 27% 27% 23% 24% 20% $172.7 $164.9 $147.5 $149.0 $128.4 $120 $140 $160 $180 4Q13 1Q14 2Q14 3Q14 4Q14 By Category

21 TDRs $ in thousands $78.7 $77.9 $84.5 $82.2 $81.3 $- $50 $100 $150 4Q13 1Q14 2Q14 3Q14 4Q14 LOAN TYPE 4Q14 (1) 4Q13 4Q14 4Q13 4Q14 4Q13 Owner Occupied Commercial Real Estate 25,287$ 20,490$ 1,009$ 1,909$ 26,296$ 22,399$ Income Producing Commercial Real Estate 17,416 17,521 499 747 17,915 18,268 Commercial & Industrial 2,780 3,136 68 109 2,848 3,245 Commercial Construction 11,280 13,042 - - 11,280 13,042 Total Commercial 56,763 54,189 1,576 2,765 58,339 56,954 Residential Mortgage 16,070 15,715 1,765 3,137 17,835 18,852 Home Equity Lines of Credit 478 505 - - 478 505 Residential Construction 7,857 8,124 408 2,328 8,265 10,452 Consumer Installment 147 178 32 25 179 203 Total 81,315$ 78,711$ 3,781$ 8,255$ 85,096$ 86,966$ Accruing Non-Accruing Total TDRs Accruing TDRs TDR credit quality improving Accruing TDR past due 30 – 89 days = 3.99% 60% of accruing TDRs are pass credits (1) 74.1 percent of accruing TDR loans have an interest rate of 4 percent or greater $ in millions

22 Net Charge - offs by Category & Market $ in thousands NET CHARGE-OFFS BY CATEGORY Total % of Avg Loans 3Q14 2Q14 1Q14 4Q13 Commercial (Sec. by RE): Owner Occupied 891$ .31 % .26 % (.64) % .10 % .57 % Income Producing 143 .09 .07 .29 .13 .21 Total Comm (Sec. by RE) 1,034 .23 .19 (.32) .11 .44 Commercial & Industrial (295) (.17) (.23) .52 .35 (.13) Commercial Construction (6) (.01) .24 .34 - (.02) Total Commercial 733 .11 .10 (.10) .15 .30 - - - - Residential Mortgage 1,226 .56 .52 1.17 .70 .64 Home Equity LOC 238 .20 .31 .42 .93 .38 Residential Construction (44) (.06) .94 2.13 .27 .40 Consumer/ Installment 356 .39 .43 .18 .54 .62 Total Net Charge-offs 2,509$ .22 .28 .38 .38 .41 NET CHARGE-OFFS BY MARKET North Georgia 791$ .27 % .63 % (.25) % .42 % .51 % Atlanta MSA 147 .05 (.08) .46 .39 .20 North Carolina 1,103 .79 .47 1.55 .41 .76 Coastal Georgia 30 .03 .21 .11 .49 .33 Gainesville MSA 94 .15 .40 1.23 .22 .54 East Tennessee 54 .08 .33 .42 .35 .46 South Carolina / Corporate 110 .11 .01 - - - Other (Indirect Auto) 180 .29 .31 .14 .14 .20 4Q14 % of Average Loans (Annualized)

23 NPAs by Loan Category & Market $ in thousands $31.0 $30.8 $23.7 $21.9 $19.6 $0 $10.0 $20.0 $30.0 4Q13 1Q14 2Q14 3Q14 4Q14* Non-Performing Loans Foreclosed Properties (OREO) NPLs OREO Total NPAs NPLs OREO Total NPAs LOAN CATEGORY LOAN CATEGORY Commercial (sec. by RE): Commercial (sec. by RE): Owner Occupied 4,133$ 355$ 4,488$ Owner Occupied 5,822$ 832$ 6,654$ Income Producing 717 - 717 Income Producing 2,518 - 2,518 Commercial & Industrial 1,571 - 1,571 Commercial & Industrial 427 - 427 Commercial Construction 83 15 98 Commercial Construction 361 - 361 Total Commercial 6,504 370 6,874 Total Commercial 9,128 832 9,960 Residential Mortgage 8,196 1,183 9,379 Residential Mortgage 11,730 2,684 14,414 HELOC 695 40 735 HELOC 1,448 389 1,837 Residential Construction 2,006 133 2,139 Residential Construction 4,264 316 4,580 Consumer/ Installment 480 - 480 Consumer/ Installment 249 - 249 Total 17,881$ 1,726$ 19,607$ Total 26,819$ 4,221$ 31,040$ MARKET MARKET Gainesville 1,310$ 81$ 1,391$ Gainesville 928$ -$ 928$ Coastal Georgia 799 105 904 Coastal Georgia 2,342 173 2,515 East Tennessee 1,414 201 1,615 East Tennessee 1,800 187 1,987 North Carolina 5,221 234 5,455 North Carolina 6,567 683 7,250 Atlanta MSA 1,837 372 2,209 Atlanta MSA 2,830 684 3,514 North Georgia 5,669 711 6,380 North Georgia 12,352 2,494 14,846 South Carolina 1,285 22 1,307 Indirect Auto 346 - 346 4Q14 4Q13 *NPAs to total assets – .26% Allowance to loans at 1.53% Non Performing Assets

APPENDIX

25 Footprint Savannah Nashville Greenville Asheville Atlanta Chattanooga Raleigh Charlotte Charleston Myrtle Beach Knoxville Current Footprint Blairsville Headquartered in Blairsville, Georgia with 103 locations in: Georgia; North Carolina; South Carolina; and Tennessee

26 United at a Glance Founded in 1950 Third - largest bank holding company headquartered in Georgia with 1,536 employees Key Statistics as of 12/31/14 (in billions) Assets Deposits Loans $7.57 $6.33 $4.67 Deposit Market Share (1) Market Offices Deposit Market Share Rank North Georgia 22 35% 1 Atlanta 36 4 6 Gainesville 5 12 4 Coastal Georgia 7 5 7 W. North Carolina 19 8 3 E. Tennessee 8 2 8 Greenville, SC 1 1 25 (1) FDIC deposit market share and rank as of June 30, 2014 for markets where United takes deposits. Source: SNL and FDIC. Excludes 5 Loan Production Offices in GA, TN and SC.

27 Business and Operating Model Service is Point of Differentiation #1 in Customer Satisfaction according to Customer Service Profiles #1 in Southeast and #2 in US in Customer Satisfaction by national research company Golden rule of banking – treating people the way we want to be treated “The Bank that SERVICE Built SM ” Customer surveys consistently reveal 95%+ satisfaction rate #14 in “Best Banks in America” for 2015 by Forbes Local CEOs with deep roots in their communities Resources of a $7.6 billion bank Operates in a number of the more demographically attractive U.S. markets Organic growth supported by de novos and selective acquisitions Twenty - eight “community banks” Strategic footprint with substantial banking opportunities Disciplined growth strategy “Community bank service, large bank resources”

28 Experienced Proven Leadership Jimmy C. Tallent President & CEO Joined 1984 H. Lynn Harton Chief Operating Officer Joined 2012 Rex S. Schuette EVP & CFO Joined 2001 David P. Shearrow EVP & CRO Joined 2007 Bill M. Gilbert President of Community Banking Joined 2000 • Over 40 years in banking • Led company from $42 million in assets in 1989 to $7.57 billion today • Trustee of Young Harris College • Georgia Power Company Board Member • GA Economic Developers Association Spirit of Georgia Award recipient • Over 30 years in banking • Responsible for overall operations • Former Consultant and Special Assistant to the CEO and EVP of Commercial Banking for TD Bank Financial Group; and President & CEO of The South Financial Group • Over 35 years in banking • Responsible for accounting, finance and reporting activities, M&A, and investor relations • Former CAO and Controller for State Street Corporation • Former ABA Accounting Committee Chairman • Over 30 years in banking • Responsible for Risk Management and Credit Risk Administration; Chairman of Risk Management Committee; also responsible for credit underwriting, review, policy and special assets • Former EVP & SCO for SunTrust Banks • Over 35 years in banking • Responsible for 28 community banks with 103 branch offices • Formerly of Riegel Textile Credit Union; President of Farmers and Merchants Bank • Former Georgia Board of Natural Resources Board Chairman

29 Market Share Opportunities & Demographics North Georgia $ 6.3 $ 2.2 11 22 35% 1 Western North Carolina 11.3 .9 1 19 8 3 Gainesville, Georgia 2.8 .3 1 5 12 4 Atlanta, Georgia 56.3 2.3 10 36 4 6 Coastal Georgia 7.1 .3 2 8 5 7 East Tennessee 15.7 .3 2 8 2 8 Greenville, SC 9.4 - 1 1 1 25 Total Markets $ 108.9 $ 6.3 28 99 ¹ FDIC deposit market share and rank as of June 30, 2014 for markets where United takes deposits. Data Source: FDIC. 2 Based on current quarter. 3 Excludes five loan production offices Population Actual Projected Markets 1 (in thousands) 2010 - 2014 2014 - 2019 Atlanta, GA MSA 5,574 5% 3% East Tennessee 877 3 3 Greenville-Mauldin-Easley, SC MSA 856 4 4 Western North Carolina 443 2 5 Coastal Georgia 401 5 4 North Georgia 385 - 3 Gainesville, GA MSA 189 5 2 Total Markets Georgia 10,072 4 3 North Carolina 10,358 4 5 Tennessee 6,532 3 4 South Carolina 4,792 4 5 United States 317,199 3 3 ¹ Population data is for 2014 and includes those markets where United takes deposits. EXCELLENT GROWTH OPPORTUNITIES Markets Banks Offices (3) Rank (1) Market Deposits (in billions) (1) United Deposits (in billions) (2) Deposit Share (1) Population Growth (%) FAST GROWING MARKETS

30 LOANS / DEPOSITS WHOLESALE BORROWINGS Liquidity 4Q14 3Q14 4Q13 vs 4Q13 Loans 4,672$ 4,569$ 4,329$ 103$ 343$ Core (DDA, MMDA, Savings) 3,690$ 3,714$ 3,437$ (24)$ 253$ Public Funds 989 852 894 137 95 CD's 1,223 1,269 1,446 (46) (223) Total Deposits (excl Brokered) 5,902$ 5,835$ 5,777$ 67$ 125$ Loan to Deposit Ratio 79% 78% 75% Investment Securities: Available for Sale -Fixed 1,114$ 1,115$ 881$ (1)$ 233$ -Floating 669 674 951 (5) (282) Held to Maturity -Fixed 410 428 473 (18) (63) -Floating 5 5 7 - (2) Total Investment Securities 2,198 2,222 2,312 (24) (114) Floating as % of Total Securities 31% 31% 41% vs 3Q14 Variance Unused Capacity 4Q14 3Q14 4Q13 vs 3Q14 vs 4Q13 Wholesale Borrowings Brokered Deposits 332$ (1) 425$ 405$ 425$ 20$ -$ FHLB 609 270 330 120 (60) 150 Holding Company LOC 75 - - - - - Fed Funds 375 - - - - - Other Wholesale - 6 6 53 - (47) Total 1,391$ 701$ 741$ 598$ (40)$ 103$ Long-Term Debt Senior Debt 75$ 75$ 75$ -$ -$ Trust Preferred Securities 55 55 55 - - Total Long-Term Debt 130$ 130$ 130$ -$ -$ Variance $ in millions (1) Estimated brokered deposit total capacity at 10% of assets

31 Business Mix – Deposits (at quarter - end) 4Q14 vs. DEPOSITS BY CATEGORY 4Q14 3Q14 2Q14 1Q14 4Q13 4Q13 Demand & Now 2,139$ 2,159$ 2,106$ 2,073$ 1,969$ 170$ MMDA & Savings 1,551 1,555 1,518 1,499 1,468 83 Core Transaction Deposits 3,690 3,714 3,624 3,572 3,437 253 Time < $100,000 744 770 801 828 888 (144) Time ≥ $100,000 < $250,000 386 408 411 427 443 (57) Public Deposits 960 820 760 804 863 97 Total Core Deposits 5,780 5,712 5,596 5,631 5,631 149 Time ≥ $250,000 93 92 110 112 114 (21) Public Deposits 29 32 33 34 32 (3) Total Customer Deposits 5,902 5,836 5,739 5,777 5,777 (125) Brokered Deposits 425 405 425 471 425 - Total Deposits 6,327$ 6,241$ 6,164$ 6,248$ 6,202$ (125)$ $ in millions

32 Core Transaction Deposits $1,420 $984 $612 $234 $231 $186 $23 $1,442 $981 $620 $233 $235 $180 $23 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Atlanta MSA North Georgia North Carolina Coastal Georgia Gainesville MSA East Tennessee South Carolina 3Q14 4Q14 3Q14 South Carolina 99.0 % 99.0 % Gainesville MSA 72.7 73.3 Coastal GA 72.1 71.5 East TN 68.9 68.7 North Carolina 66.5 66.7 Atlanta MSA 63.3 64.8 North Georgia 54.6 56.2 Total 62.5 % 63.7 % 4Q14 Core Transactions / Total Deposits $ in millions

33 Lending & Credit Environment Regional Credit Review – Standard Underwriting • Legal Lending Limit $ 202 • House Lending Limit 25 • Project Lending Limit 15 • Top 25 Relationships 383 PROACTIVELY ADDRESSING CREDIT ENVIRONMENT STRUCTURE PROCESS • Continuous external loan review • Internal loan review of new credit relationships • Intensive executive management involvement POLICY • Ongoing enhancements to credit policy • Quarterly updates to portfolio limits and concentrations (Quarterly review with Board of Directors) • Centralized underwriting and approval process • Segregated work - out teams • Highly skilled ORE disposition group • Seasoned regional credit professionals x Weekly senior credit meetings x Weekly NPA/ORE and past due meetings x Quarterly criticized watch loan review meetings $ in millions

34 Commercial Construction & Real Estate Average Loan Size ($ in thousands) • Commercial Construction $530 • Commercial RE: • Composite CRE 460 • Owner Occupied 410 • Income Producing 603 Commercial RE Characteristics • 65.9% owner occupied • Small business, doctors, dentists, attorneys, CPAs • $15 million project limit $ in millions Amount Percent Land Develop - Vacant (Improved) 50$ 26 % Multi-Residential 46 23 Raw Land - Vacant (Unimproved) 24 12 Other Properties 18 9 Office Buildings 16 8 Commercial Land Development 15 8 Hotels / Motels 13 6 Churches 7 4 Mfg Facility 3 1 Warehouse 3 2 Retail Building 1 1 Total Commercial Construction 196$ 4Q14 COMMERCIAL CONSTRUCTION Owner Occupied Income Producing Total Percent Office Buildings 316$ 139$ 455$ 25.8 % Retail Building 97 160 257 14.6 Warehouse 115 59 174 9.9 Other Properties 131 37 168 9.5 Churches 134 - 134 7.6 Convenience Stores 98 14 112 6.4 Mfg Facility 54 14 68 3.9 Hotels / Motels - 67 67 3.8 Restaurants/Franchise Fast Food 35 25 60 3.4 Farmland 48 - 48 2.7 Multi-Resi Properties - 47 47 2.7 Leasehold Property 16 14 30 1.7 Golf Course/Country Club 24 - 24 1.4 Automotive Service 18 6 24 1.4 Automotive Dealership 18 4 22 1.2 Daycare Facility 8 8 16 .9 Funeral Home 14 1 15 .9 Carwash 15 - 15 .9 Assisted Living / Nursing Home 11 - 11 .6 Marina 6 - 6 .3 Mobile Home Parks - 5 5 .3 Movie Theaters/Bowling/Rec 4 - 4 .2 Other Small Business - - - - Total Commercial Real Estate 1,162$ 600$ 1,762$ 4Q14 COMMERCIAL REAL ESTATE

35 Loans by Business Mix and Region 4Q14 3Q14 2Q14 1Q14 4Q13 4Q14 vs. 4Q13 QUARTERLY LOANS - BUSINESS MIX BY CATEGORY Commercial: Comm & Indus 710$ 650$ 554$ 495$ 472$ 238$ Owner Occ'd 1,163 1,154 1,163 1,142 1,134 29 Total C & I 1,873 1,804 1,717 1,637 1,606 267 Income Prod CRE 599 605 598 624 623 (24) Comm Constr 196 181 160 148 149 47 Total Comm 2,668 2,590 2,475 2,409 2,378 290 Resi Mortgage 1,332 1,324 1,312 1,313 1,316 16 Resi Constr 299 307 302 318 328 (29) Consum / Install 373 348 321 316 307 66 Total Loans 4,672$ 4,569$ 4,410$ 4,356$ 4,329$ 343$ 4Q14 3Q14 2Q14 1Q14 4Q13 4Q14 vs. 4Q13 QUARTERLY LOANS - BY REGION North Georgia 1,163$ 1,168$ 1,175$ 1,205$ 1,240$ (77)$ Atlanta MSA 1,282 1,289 1,305 1,290 1,275 7 North Carolina 553 553 555 563 572 (19) Coastal Georgia 456 444 426 425 423 33 Gainesville MSA 257 254 257 262 255 2 East Tennessee 280 281 270 272 280 - So Carolina/Corp 412 337 206 131 88 324 Other (Ind. Auto) 269 243 216 208 196 73 Total Loans 4,672$ 4,569$ 4,410$ 4,356$ 4,329$ 343$ 2014 2013 2012 2011 2010 ANNUAL LOANS - BUSINESS MIX BY CATEGORY Commercial: Comm & Indus 710$ 472$ 458$ 428$ 441$ Owner Occ'd 1,163 1,134 1,131 1,112 980 Total C & I 1,873 1,606 1,589 1,540 1,421 Income Prod CRE 599 623 682 710 781 Comm Constr 196 149 155 164 297 Total Comm 2,668 2,378 2,426 2,414 2,499 Resi Mortgage 1,332 1,316 1,214 1,135 1,279 Resi Constr 299 328 382 448 695 Consum / Install 373 307 153 113 131 Total Loans 4,672$ 4,329$ 4,175$ 4,110$ 4,604$ 2014 2013 2012 2011 2010 ANNUAL LOANS - BY REGION North Georgia 1,163$ 1,240$ 1,364$ 1,426$ 1,689$ Atlanta MSA 1,282 1,275 1,250 1,220 1,310 North Carolina 553 572 579 597 702 Coastal Georgia 456 423 400 346 335 Gainesville MSA 257 255 261 265 312 East Tennessee 280 280 283 256 256 So Carolina/Corp 412 88 - - - Other (Ind. Auto) 269 196 38 - - Total Loans 4,672$ 4,329$ 4,175$ 4,110$ 4,604$ $ in millions

36 Non - GAAP Reconciliation Tables 4Q14 3Q14 2Q14 1Q14 4Q13 CORE FEE REVENUE Core fee revenue 14,553$ 14,419$ 13,938$ 11,930$ 13,219$ Securities gains, net 208 11 4,435 217 70 Losses on prepayment of borrowings - - (4,446) Mark to market on deferred compensation plan assets 62 (18) 216 29 230 Fee revenue (GAAP) 14,823$ 14,412$ 14,143$ 12,176$ 13,519$ CORE OPERATING EXPENSE Core operating expense 42,081$ 41,097$ 40,131$ 38,749$ 41,193$ Foreclosed property expense 131 285 102 116 191 Severance 353 - 83 156 - Reversal of litigation reserve (1,200) - - - - Reimbursement of overclaimed loss share interest 492 - - - - Mark to market on deferred compensation plan liability 62 (18) 216 29 230 Operating expense (GAAP) 41,919$ 41,364$ 40,532$ 39,050$ 41,614$ TANGIBLE COMMON EQUITY AND TANGIBLE EQUITY TO TANGIBLE ASSETS Tangible common equity to tangible assets 9.72 % 9.83 % 9.58 % 9.22 % 8.99 % Effect of preferred equity - - - .28 2.60 Tangible equity to tangible assets 9.72 9.83 9.58 9.50 11.59 Effect of goodwill and other intangibles .04 .02 .03 .02 .03 Equity to assets (GAAP) 9.76 % 9.85 % 9.61 % 9.52 % 11.62 % TANGIBLE COMMON EQUITY TO RISK-WEIGHTED ASSETS Tangible common equity to risk-weighted assets 13.82 % 14.10 % 13.92 % 13.63 % 13.18 % Effect of preferred equity - - - - 2.39 Tangible equity to risk weighted assets 13.82 14.10 13.92 13.63 15.57 Effect of deferred tax limitation (3.11) (3.39) (3.74) (3.92) (4.26) Effect of other comprehensive income .35 .34 .53 .36 .39 Effect of trust preferred 1.00 1.02 1.04 1.03 1.04 Tier I capital ratio (Regulatory) 12.06 % 12.07 % 11.75 % 11.10 % 12.74 % Operating Earnings to GAAP Earnings Reconciliation $ in millions