UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 7.01 | Regulation FD Disclosure. |
| On October 7, 2020, United issued a press release announcing the dates for its third quarter 2020 earnings announcement and third quarter conference call. That press release included updated information on the amount of loan payment deferrals United had granted to customers experiencing financial difficulty as a result of the COVID-19 pandemic. The press release also contains information about how to access the conference call and webcast. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. | |
| Item 9.01 | Financial Statements and Exhibits. |
| (d) Exhibits | The following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K. |
| EXHIBIT INDEX | ||
| Exhibit No. | Description | |
| 99.1 | United Community Banks, Inc. Press Release, dated October 7, 2020. | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | |
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/ Jefferson L. Harralson | ||
| Jefferson L. Harralson | |||
| Executive Vice President and | |||
| Chief Financial Officer | |||
| Date: October 7, 2020 | |||
Exhibit 99.1
For Immediate Release
For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com
United Community Banks, Inc. Announces date FOR THIRD Quarter
2020 Earnings Release and confereNce call and |
GREENVILLE, SC – October 7, 2020 – United Community Banks, Inc. (NASDAQ: UCBI) (United) announces it will release its third quarter 2020 financial results on Tuesday, October 20, 2020 after the stock market closes. The company also will hold a conference call at 11:00 a.m. ET on Wednesday, October 21, 2020 to discuss its financial results, business highlights and outlook.
To access the call, dial (877) 380-5665 and use the conference number 7466997. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events & Presentations” within the Investor Relations section of the company's website, www.ucbi.com.
Additionally, United is providing certain updated information on loan payment deferrals due to the COVID-19 pandemic. The company is continuously monitoring the effects of COVID-19 on its loan portfolio to understand the related risks and to minimize any potential losses. United Community Bank (the Bank) has been offering payment and financial relief programs for borrowers impacted by COVID-19. These programs include loan payment deferrals for up to 90 days and second deferrals as needed, waived late fees, and suspension of foreclosure proceedings and repossessions. The Bank has received and accommodated numerous relief requests from borrowers; however, loan payment deferrals have continued to improve from a peak of $1.8 billion, or 15.9% of the total loan portfolio at June 30, 2020 to $365 million, or 3.1% of the total loan portfolio at September 30, 2020. The breakout by selected loan type is as follows:
| Payment Deferrals by Loan Type | ||||||||||||||||||||||||
| $ in thousands | ||||||||||||||||||||||||
| March 31, 2020 | June 30, 2020(1) | September 30, 2020 | ||||||||||||||||||||||
| $ Deferred | % of Total Loan Portfolio | $ Deferred | % of Total Loan Portfolio | $ Deferred | % of Total Loan Portfolio | |||||||||||||||||||
| Lodging | 5,573 | 0.05 | % | 214,535 | 1.84 | % | 117,264 | 0.99 | % | |||||||||||||||
| Senior Care | 7,355 | 0.07 | % | 94,623 | 0.81 | % | 44,384 | 0.37 | % | |||||||||||||||
| All Other Commercial | 63,356 | 0.62 | % | 1,190,758 | 10.23 | % | 169,167 | 1.43 | % | |||||||||||||||
| Equipment Finance | 115,807 | 1.13 | % | 181,914 | 1.56 | % | 19,773 | 0.17 | % | |||||||||||||||
| One-to-Four Family | 1,417 | 0.01 | % | 160,893 | 1.38 | % | 13,972 | 0.12 | % | |||||||||||||||
| Other Consumer | 403 | 0.00 | % | 6,857 | 0.06 | % | 466 | 0.00 | % | |||||||||||||||
| Total | 193,911 | 1.89 | % | 1,849,580 | 15.89 | % | 365,026 | 3.08 | % | |||||||||||||||
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) (United) is a bank holding company headquartered in Blairsville, Georgia, with executive offices in Greenville, South Carolina. United is one of the largest full-service financial institutions in the Southeast, with total assets exceeding $17 billion and 163 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee. United Community Bank, United’s wholly-owned bank subsidiary, specializes in personalized community banking services for individuals, small businesses and companies throughout its geographic footprint, now including Florida under the brand Seaside Bank and Trust. Services include a full range of consumer and commercial banking products, including mortgage, advisory, treasury management, and now wealth management. Respected national research firms consistently recognize United for outstanding customer service. In 2020, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking six out of the last seven years United earned the coveted award. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2020 list of the 100 Best Banks in America for the seventh consecutive year. United also received five Greenwich Excellence Awards in 2019 for excellence in Small Business Banking and Middle Market Banking, including a national award for Overall Satisfaction in Small Business Banking. Additional information about United can be found at www.ucbi.com.
(1) June 30, 2020 loan deferrals include Seaside’s results, although the acquisition closed on July 1, 2020.