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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from ___________ to ___________
Commission file number 001-35095
UNITED COMMUNITY BANKS, INC.
(Exact name of registrant as specified in its charter)
Georgia 58-1807304
(State of incorporation) (I.R.S. Employer Identification No.)
125 Highway 515 East 
Blairsville, Georgia
30512
(Address of principal executive offices)(Zip code)
(706) 781-2265
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, par value $1 per shareUCBINasdaq Global Select Market
Depositary shares, each representing 1/1000th interest in a share of
Series I Non-Cumulative Preferred Stock		UCBIONasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes ☐ No ☒

There were 106,027,415 shares of the registrant’s common stock, par value $1 per share, outstanding as of April 30, 2022.


UNITED COMMUNITY BANKS, INC.
FORM 10-Q
INDEX
 Item 1.Financial Statements 
  
    
  
    
  
  
    
    
  
    
 
    
 
    
 
    
    
 
 
 

2

Glossary of Defined Terms

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

TermDefinition
2021 10-K
United’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022
ACLAllowance for credit losses
AFSAvailable-for-sale
ALCOAsset/Liability Management Committee
AOCIAccumulated other comprehensive income (loss)
Aquesta
Aquesta Financial Holdings, Inc. and its wholly-owned subsidiary, Aquesta Bank
ASUAccounting standards update
BankUnited Community Bank
BoardUnited Community Banks Inc., Board of Directors
BOLIBank-owned life insurance
CECLCurrent expected credit loss model
CET1Common equity tier 1
CMEChicago Mercantile Exchange
CompanyUnited Community Banks Inc. (interchangeable with "United" below)
CVACredit valuation adjustment
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveFederal Reserve System
FHLBFederal Home Loan Bank
FinTrust
FinTrust Capital Partners, LLC, and its operating subsidiaries, FinTrust Capital Advisors, LLC, FinTrust Capital Benefits Group, LLC and FinTrust Brokerage Services, LLC
FTEFully taxable equivalent
GAAPAccounting principles generally accepted in the United States of America
GSEU.S. government-sponsored enterprise
HELOCHome equity lines of credit
HFIHeld for investment
Holding CompanyUnited Community Banks, Inc. on an unconsolidated basis
HTMHeld-to-maturity
LIBORLondon Interbank Offered Rate
MD&AManagement's Discussion and Analysis of Financial Condition and Results of Operations
MBSMortgage-backed securities
NOWNegotiable order of withdrawal
NPANonperforming asset
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased credit deteriorated
PPPPaycheck Protection Program
Progress
Progress Financial Corporation and its wholly-owned subsidiary, Progress Bank & Trust
Reliant
Reliant Bancorp, Inc. and its wholly-owned subsidiary, Reliant Bank
ReportQuarterly Report on Form 10-Q
SBAUnited States Small Business Administration
SECSecurities and Exchange Commission
TDRTroubled debt restructuring
U.S. TreasuryUnited States Department of the Treasury
UnitedUnited Community Banks, Inc. and its direct and indirect subsidiaries
USDAUnited States Department of Agriculture
3

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

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

•negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the levels of non-performing assets, charge-offs and provision expense;
•changes in loan underwriting, credit review or loss policies associated with economic conditions, examination conclusions or regulatory developments, either as they currently exist or as they may be affected by conditions associated with the COVID-19 pandemic;
•the COVID-19 pandemic and its continuing effects on the economic and business environments in which we operate;
•strategic, market, operational, liquidity and interest rate risks associated with our business;
•continuation of historically low interest rates coupled with other potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Federal Reserve, the discontinuation of LIBOR as an interest rate benchmark, and cash flow reassessments, may reduce net interest margin and/or the volumes and values of loans made or held as well as the value of other financial assets;
•our lack of geographic diversification and any unanticipated or greater than anticipated adverse conditions in the national or local economies in which we operate;
•our loan concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which we operate;
•the risks of expansion into new geographic or product markets;
•risks with respect to recent, pending or potential future mergers or acquisitions, including our ability to successfully complete acquisitions and therefore, to integrate or expand businesses and operations that we acquire;
•our ability to attract and retain key employees;
•competition from financial institutions and other financial service providers, including non-bank financial technology providers, and our ability to attract customers from other financial institutions;
•losses due to fraudulent and negligent conduct of our customers, third party service providers or employees;
•cybersecurity risks and the vulnerability of our network and online banking portals, and the systems of parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect our business and financial performance or reputation;
•our reliance on third parties to provide key components of our business infrastructure and services required to operate our business;
•the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
•the availability of and access to capital;
•legislative (e.g., tax), regulatory or accounting changes that may adversely affect us;
•volatility in the ACL resulting from the CECL methodology, either alone or as that may be affected by conditions arising out of the COVID-19 pandemic, inflation, changing interest rates or other factors;
•adverse results (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory proceedings, examinations, investigations, or similar matters, or developments related thereto;
•any event or development that would cause us to conclude that there was impairment of any asset, including intangible assets, such as goodwill;
•limitations on our ability to declare and pay dividends and other distributions from the Bank to the Holding Company, which could affect Holding Company liquidity, including the ability to pay dividends to shareholders or undertake other capital initiatives, such as share repurchases; and
•other risks and uncertainties disclosed in documents filed or furnished by us with or to the SEC, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on forward-looking statements. Additional factors that may cause actual results to differ materially from those contemplated by any forward-looking statements also may be found in our 2021 10-K (including the “Risk Factor” section of that report), Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available at the SEC’s website at http://www.sec.gov. We do not intend to and, except as required by law, hereby disclaim any obligation to update or revise any forward-looking statement contained in this Report, which speaks only as of the date hereof, whether as a result of new information, future events, or otherwise. The financial statements and information contained herein have not been reviewed, or confirmed for accuracy or relevance, by the FDIC or any other regulator.

4

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
March 31,
2022		December 31,
2021
ASSETS  
Cash and due from banks$175,175 $144,244 
Interest-bearing deposits in banks1,729,607 2,147,266 
Federal funds and other short-term investments1,882 27,000 
Cash and cash equivalents1,906,664 2,318,510 
Debt securities available-for-sale3,909,114 4,496,824 
Debt securities held-to-maturity (fair value $2,351,873 and $1,148,804, respectively)
2,500,983 1,156,098 
Loans held for sale 75,191 44,109 
Loans and leases held for investment14,316,205 11,760,346 
Less allowance for credit losses - loans and leases(132,805)(102,532)
Loans and leases, net14,183,400 11,657,814 
Premises and equipment, net283,561 245,296 
Bank owned life insurance297,220 217,713 
Goodwill and other intangible assets, net784,280 472,407 
Other assets433,787 338,000 
Total assets$24,374,200 $20,946,771 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand$7,946,049 $6,956,981 
Interest-bearing deposits13,110,104 11,284,198 
Total deposits21,056,153 18,241,179 
Long-term debt324,230 247,360 
Accrued expenses and other liabilities298,802 235,987 
Total liabilities21,679,185 18,724,526 
Shareholders' equity:
Preferred stock, $1 par value: 10,000,000 shares authorized;
  4,000 shares Series I issued and outstanding; $25,000 per share liquidation preference
96,422 96,422 
Common stock, $1 par value: 200,000,000 shares authorized,
  106,025,210 and 89,349,826 shares issued and outstanding, respectively
106,025 89,350 
Common stock issuable: 574,139 and 595,705 shares, respectively
11,311 11,288 
Capital surplus2,302,189 1,721,007 
Retained earnings354,409 330,654 
Accumulated other comprehensive loss(175,341)(26,476)
Total shareholders' equity2,695,015 2,222,245 
Total liabilities and shareholders' equity$24,374,200 $20,946,771 
 
See accompanying notes to consolidated financial statements (unaudited).
5

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
20222021
Interest revenue:
Loans, including fees$146,741 $125,726 
Investment securities, including tax exempt of $2,655 and $2,150, respectively
23,665 15,448 
Deposits in banks and short-term investments653 368 
Total interest revenue171,059 141,542 
Interest expense:
Deposits3,131 5,219 
Short-term borrowings— 2 
Long-term debt4,136 4,257 
Total interest expense7,267 9,478 
Net interest revenue163,792 132,064 
Provision for (release of) credit losses23,086 (12,281)
Net interest revenue after provision for credit losses140,706 144,345 
Noninterest income:
Service charges and fees9,070 7,570 
Mortgage loan gains and other related fees16,152 22,572 
Wealth management fees5,895 3,505 
Gains from sales of other loans, net3,198 1,030 
Lending and loan servicing fees2,986 2,160 
Securities losses, net(3,734)— 
Other5,406 7,868 
Total noninterest income38,973 44,705 
Total revenue179,679 189,050 
Noninterest expenses:
Salaries and employee benefits71,006 60,585 
Communications and equipment9,248 7,203 
Occupancy9,378 6,956 
Advertising and public relations1,488 1,199 
Postage, printing and supplies2,119 1,822 
Professional fees4,447 4,234 
Lending and loan servicing expense2,366 2,877 
Outside services - electronic banking2,523 2,218 
FDIC assessments and other regulatory charges2,173 1,896 
Amortization of intangibles1,793 985 
Merger-related and other charges9,016 1,543 
Other3,718 3,676 
Total noninterest expenses119,275 95,194 
Income before income taxes60,404 93,856 
Income tax expense12,385 20,150 
Net income$48,019 $73,706 
Net income available to common shareholders$46,062 $71,525 
Net income per common share:
Basic$0.43 $0.82 
Diluted0.43 0.82 
Weighted average common shares outstanding:
Basic106,550 87,322 
Diluted106,677 87,466 

See accompanying notes to consolidated financial statements (unaudited). 
6


UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
Three Months Ended March 31,
Before-tax
Amount		Tax
(Expense)
Benefit		Net of Tax
Amount
2022
Net income$60,404 $(12,385)$48,019 
Other comprehensive loss:
Unrealized losses on available-for-sale securities:
Unrealized holding losses(203,885)47,973 (155,912)
Reclassification of securities from available-for-sale to held-to-maturity57,403 (13,592)43,811 
Reclassification adjustment for losses included in net income3,734 (990)2,744 
Net unrealized losses(142,748)33,391 (109,357)
Reclassification of securities from available-for-sale to held-to-maturity(57,403)13,592 (43,811)
Derivative instruments designated as cash flow hedges:
Unrealized holding gains on derivatives5,468 (1,397)4,071 
Reclassification of losses on derivative instruments realized in net income141 (36)105 
Net cash flow hedge activity5,609 (1,433)4,176 
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan170 (43)127 
Total other comprehensive loss(194,372)45,507 (148,865)
Comprehensive loss$(133,968)$33,122 $(100,846)
2021
Net income$93,856 $(20,150)$73,706 
Other comprehensive loss:
Unrealized losses on available-for-sale securities(50,235)12,550 (37,685)
Derivative instruments designated as cash flow hedges:
Unrealized holding gains on derivatives5,783 (1,477)4,306 
Reclassification of losses on derivative instruments realized in net income144 (37)107 
Net cash flow hedge activity5,927 (1,514)4,413 
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan261 (67)194 
Total other comprehensive loss(44,047)10,969 (33,078)
Comprehensive income$49,809 $(9,181)$40,628 
See accompanying notes to consolidated financial statements (unaudited).
7

UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
(in thousands except share data) 
Shares of Common StockPreferred StockCommon StockCommon Stock IssuableCapital SurplusRetained EarningsAccumulated
Other Comprehensive Income (Loss)		Total
December 31, 202189,349,826 96,422 89,350 11,288 1,721,007 330,654 (26,476)2,222,245 
Net income48,019 48,019 
Other comprehensive loss(148,865)(148,865)
Impact of acquisitions16,571,545 16,571 579,805 596,376 
Preferred stock dividends(1,719)(1,719)
Common stock dividends ($0.21 per share)
(22,545)(22,545)
Impact of equity-based compensation awards42,923 43 1,444 706 2,193 
Impact of other United sponsored equity plans60,916 61 (1,421)671 (689)
March 31, 2022106,025,210 $96,422 $106,025 $11,311 $2,302,189 $354,409 $(175,341)$2,695,015 
December 31, 202086,675,279 96,422 86,675 10,855 1,638,999 136,869 37,710 2,007,530 
Net income73,706 73,706 
Other comprehensive loss(33,078)(33,078)
Preferred stock dividends(1,719)(1,719)
Common stock dividends ($0.19 per share)
(16,671)(16,671)
Impact of equity-based compensation awards35,170 36 576 404 1,016 
Impact of other United sponsored equity plans66,059 66 (946)1,180 300 
March 31, 202186,776,508 $96,422 $86,777 $10,485 $1,640,583 $192,185 $4,632 $2,031,084 

See accompanying notes to consolidated financial statements (unaudited).
8

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended March 31,
20222021
Operating activities:  
Net income$48,019 $73,706 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net11,446 (681)
Provision for (release of) credit losses23,086 (12,281)
Stock based compensation2,488 1,507 
Deferred income tax expense2,309 9,172 
Securities losses, net3,734 — 
Gains from sales of other loans, net(3,198)(1,030)
Changes in assets and liabilities:
Other assets18,242 15,165 
Accrued expenses and other liabilities9,026 8,652 
Loans held for sale85,324 (59,546)
Net cash provided by operating activities200,476 34,664 
Investing activities:
Debt securities held-to-maturity:
Proceeds from maturities and calls17,807 24,629 
Purchases(216,482)(192,541)
Debt securities available-for-sale:
Proceeds from sales208,409 — 
Proceeds from maturities and calls205,332 184,352 
Purchases(933,849)(759,874)
Net increase in loans(218,706)(292,603)
Equity investments, outflows(12,554)(5,753)
Equity investments, inflows16,091 4,984 
Proceeds from sales of premises and equipment2,978 287 
Purchases of premises and equipment(7,314)(2,490)
Net cash received in acquisition35,243 — 
Proceeds from sale of other real estate and repossessed assets680 1,308 
Other investing inflows— 430 
Net cash used in investing activities(902,365)(1,037,271)
Financing activities:
Net increase in deposits311,040 761,630 
Repayment of long-term debt— (15,632)
Proceeds from FHLB advances— 5,000 
Repayment of FHLB advances— (5,000)
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans72 248 
Proceeds from exercise of stock options274 — 
Cash paid for shares withheld to cover payroll taxes related to equity instruments(1,475)(574)
Cash dividends on common stock(18,149)(15,852)
Cash dividends on preferred stock(1,719)(1,719)
Net cash provided by financing activities290,043 728,101 
Net change in cash and cash equivalents(411,846)(274,506)
Cash and cash equivalents, beginning of period2,318,510 1,608,619 
Cash and cash equivalents, end of period$1,906,664 $1,334,113 

See accompanying notes to consolidated financial statements (unaudited). 
9
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


Note 1 – Basis of Presentation
 
United’s accounting and financial reporting policies conform to GAAP and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its 2021 10-K.
 
In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in United’s 2021 10-K.


Note 2 – Accounting Standards Updates and Recently Adopted Standards

Recently Adopted Standards

In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments. The update amends the lease classification requirements for lessors to align them with practice under the former lease accounting standard. Specifically, lessors should classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. United adopted this update as of January 1, 2022, with no material impact on the consolidated financial statements.

Recently Issued Standards

In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. The update expands the current last-of-layer method to a portfolio layer method which allows multiple hedged layers of a single closed portfolio and non-prepayable financial assets. In addition, the update specifies that eligible hedging instruments may include spot-starting or forward-starting swaps and that the number of hedged layers corresponds with the number of hedges designated. Finally, the update provides additional guidance on the accounting for and disclosure of hedge basis adjustments. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022. United does not expect the new guidance to have a material impact on the consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The update eliminates the previous accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. The update also requires that an entity disclose current-period gross charge-offs by year of origination. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022. United does not expect the new guidance to have a material impact on the consolidated financial statements.

Note 3 – Supplemental Cash Flow Information

The supplemental schedule of significant non-cash investing and financing activities for the three months ended March 31, 2022 and 2021 is as follows (in thousands).

Three Months Ended March 31,
20222021
Significant non-cash investing and financing transactions:
Transfers of AFS securities to HTM securities$1,105,194 $— 
Right-of-use assets obtained in exchange for lease liabilities2,756 381 
Acquisitions:
  Assets acquired3,254,173 — 
  Liabilities assumed2,657,173 — 
  Net assets acquired597,000 — 
  Common stock issued and options converted596,376 — 

10
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 4 – Acquisitions

Acquisition of Reliant
On January 1, 2022, United acquired all of the outstanding common stock of Reliant in a stock transaction. Reliant was headquartered in Brentwood, Tennessee, a suburb of Nashville, Tennessee, and operated a 25-branch network in Tennessee. United’s operating results for the three months ended March 31, 2022 include the operating results of the acquired business for the period subsequent to the acquisition date of January 1, 2022.
 
The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands). 
Reliant
Fair Value Recorded by United (1)
 January 1, 2022
Assets
Cash and cash equivalents$62,867 
Debt securities249,107 
Loans held for sale116,406 
Loans held for investment2,320,737 
Premises and equipment35,631 
Bank-owned life insurance78,170 
Accrued interest receivable12,027 
Net deferred tax asset5,793 
Core deposit intangible14,500 
Other assets59,768 
Total assets acquired$2,955,006 
Liabilities
Deposits$2,504,823 
Short-term borrowings27,000 
Long-term debt76,730 
Other liabilities48,620 
Total liabilities assumed2,657,173 
Total identifiable net assets297,833 
Consideration transferred
Cash624 
Common stock issued (16,571,545 shares)
595,581 
Options converted795 
Total fair value of consideration transferred597,000 
Goodwill$299,167 

(1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available.

Goodwill represents the intangible value of Reliant’s business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Reliant core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method.

11
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The following table presents additional information related to the acquired Reliant loan portfolio at the acquisition date (in thousands).

January 1, 2022
PCD loans:
Par value$258,462 
ACL at acquisition(12,737)
Non-credit discount(3,294)
Purchase price$242,431 
Non-PCD loans:
Fair value$2,078,306 
Gross contractual amounts receivable2,355,205 
Estimate of contractual cash flows not expected to be collected25,990 


Pro forma information
 
The following table discloses the impact of the Reliant acquisition since acquisition date through March 31 in the year of acquisition. The table also presents certain pro forma information as if Reliant had been acquired on January 1, 2021. These results combine the historical results of the acquired entity with United’s consolidated statement of income. Adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity; however pro forma financial results presented are not necessarily indicative of what would have occurred had the acquisition taken place in earlier years.
 
Merger-related costs from the Reliant acquisition of $8.54 million have been excluded from the three months ended March 31, 2022 pro forma information presented below and included in the three months ended March 31, 2021 pro forma information presented below. The actual results and pro forma information were as follows (in thousands):
 Three Months Ended
March 31,
 RevenueNet Income
2022
Actual Reliant results included in statement of income since acquisition date$13,914 $598 
Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021196,238 66,759 
2021
Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021$210,141 $67,011 

12
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 5 – Investment Securities

During the first quarter of 2022, United transferred $1.11 billion of AFS debt securities to HTM. As of the transfer date, these securities had $57.4 million of unrealized losses, which are recorded in AOCI. These transfer-date unrealized losses will be reclassified out of AOCI as a yield adjustment and reduce earnings over the remaining life of the security.

The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows (in thousands).
Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
As of March 31, 2022    
U.S. Treasuries$19,811 $— $1,166 $18,645 
U.S. Government agencies & GSEs82,475 — 6,792 75,683 
State and political subdivisions297,630 740 33,322 265,048 
Residential MBS, Agency & GSEs1,408,767 324 61,902 1,347,189 
Commercial MBS, Agency & GSEs677,300 3 46,115 631,188 
Supranational entities15,000 — 880 14,120 
Total$2,500,983 $1,067 $150,177 $2,351,873 
As of December 31, 2021
U.S. Treasuries$19,803 $20 $— $19,823 
U.S. Government agencies & GSEs70,180 — 1,121 69,059 
State and political subdivisions257,688 4,341 4,080 257,949 
Residential MBS, Agency & GSEs381,641 2,021 3,687 379,975 
Commercial MBS, Agency & GSEs411,786 4,106 8,915 406,977 
Supranational entities$15,000 $21 $— $15,021 
Total$1,156,098 $10,509 $17,803 $1,148,804 
13
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below (in thousands).
Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
As of March 31, 2022    
U.S. Treasuries$194,455 $217 $8,362 $186,310 
U.S. Government agencies & GSEs221,473 502 10,496 211,479 
State and political subdivisions346,723 2,890 14,569 335,044 
Residential MBS, Agency & GSEs1,545,430 959 73,555 1,472,834 
Residential MBS, Non-agency273,119 139 3,563 269,695 
Commercial MBS, Agency & GSEs734,692 276 40,698 694,270 
Commercial MBS, Non-agency31,707 271 94 31,884 
Corporate bonds240,533 274 12,252 228,555 
Asset-backed securities483,434 595 4,986 479,043 
Total$4,071,566 $6,123 $168,575 $3,909,114 
As of December 31, 2021
U.S. Treasuries$218,027 $1,661 $2,168 $217,520 
U.S. Government agencies & GSEs189,855 605 3,428 187,032 
State and political subdivisions263,269 15,237 2,662 275,844 
Residential MBS, Agency & GSEs2,079,700 9,785 28,521 2,060,964 
Residential MBS, Non-agency81,925 2,249 4 84,170 
Commercial MBS, Agency & GSEs870,563 2,974 16,156 857,381 
Commercial MBS, Non-agency15,202 1,268 — 16,470 
Corporate bonds194,164 814 1,812 193,166 
Asset-backed securities603,824 2,000 1,547 604,277 
Total$4,516,529 $36,593 $56,298 $4,496,824 
 
Securities with a carrying value of $1.77 billion and $1.46 billion were pledged, primarily to secure public deposits, at March 31, 2022 and December 31, 2021, respectively.

 The following table summarizes HTM debt securities in an unrealized loss position as of the dates indicated (in thousands).
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of March 31, 2022      
U.S. Treasuries$18,645 $1,166 $— $— $18,645 $1,166 
U.S. Government agencies & GSEs66,566 5,538 9,117 1,254 75,683 6,792 
State and political subdivisions207,559 27,465 29,522 5,857 237,081 33,322 
Residential MBS, Agency & GSEs1,164,029 53,415 173,097 8,487 1,337,126 61,902 
Commercial MBS, Agency & GSEs531,665 37,366 97,882 8,749 629,547 46,115 
Supranational entities14,120 880 — — 14,120 880 
Total unrealized loss position$2,002,584 $125,830 $309,618 $24,347 $2,312,202 $150,177 
As of December 31, 2021
U.S. Government agencies & GSEs$64,658 $888 $4,401 $233 $69,059 $1,121 
State and political subdivisions131,128 3,590 9,006 490 140,134 4,080 
Residential MBS, Agency & GSEs289,132 3,687 — — 289,132 3,687 
Commercial MBS, Agency & GSEs314,049 8,540 10,384 375 324,433 8,915 
Total unrealized loss position$798,967 $16,705 $23,791 $1,098 $822,758 $17,803 
 
14
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The following table summarizes AFS debt securities in an unrealized loss position as of the dates indicated (in thousands).
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of March 31, 2022      
U.S. Treasuries$106,713 $8,362 $— $— $106,713 $8,362 
U.S. Government agencies & GSEs92,202 3,216 62,571 7,280 154,773 10,496 
State and political subdivisions132,721 10,172 31,963 4,397 164,684 14,569 
Residential MBS, Agency & GSEs1,131,348 53,514 207,905 20,041 1,339,253 73,555 
Residential MBS, Non-agency213,545 3,563 — — 213,545 3,563 
Commercial MBS, Agency & GSEs325,242 10,140 267,697 30,558 592,939 40,698 
Commercial MBS, Non-agency16,420 94 — — 16,420 94 
Corporate bonds197,753 11,757 5,705 495 203,458 12,252 
Asset-backed securities223,161 3,573 44,718 1,413 267,879 4,986 
Total unrealized loss position$2,439,105 $104,391 $620,559 $64,184 $3,059,664 $168,575 
As of December 31, 2021
U.S. Treasuries$111,606 $2,168 $— $— $111,606 $2,168 
U.S. Government agencies & GSEs132,893 2,591 20,093 837 152,986 3,428 
State and political subdivisions69,302 2,581 3,148 81 72,450 2,662 
Residential MBS, Agency & GSEs1,534,744 25,799 74,481 2,722 1,609,225 28,521 
Residential MBS, Non-agency12,608 4 — — 12,608 4 
Commercial MBS, Agency & GSEs582,235 13,098 66,014 3,058 648,249 16,156 
Corporate bonds149,246 1,811 16 1 149,262 1,812 
Asset-backed securities195,164 1,546 571 1 195,735 1,547 
Total unrealized loss position$2,787,798 $49,598 $164,323 $6,700 $2,952,121 $56,298 
 
At March 31, 2022, there were 629 AFS debt securities and 267 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2022 were primarily attributable to changes in interest rates.

At March 31, 2022 and December 31, 2021, calculated credit losses and, thus, the related ACL on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL was recorded on the HTM portfolio at March 31, 2022 or December 31, 2021. In addition, based on the assessments performed at March 31, 2022 and December 31, 2021, there was no ACL required related to the AFS portfolio.

The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands), which was excluded from the estimate of credit losses.
Accrued Interest Receivable
March 31, 2022December 31, 2021
HTM$5,826 $3,596 
AFS10,378 9,868 
15
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


The amortized cost and fair value of AFS and HTM debt securities at March 31, 2022, by contractual maturity, are presented in the following table (in thousands). Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. 
 AFSHTM
 Amortized CostFair ValueAmortized CostFair Value
Within 1 year:
U.S. Treasuries$30,988 $31,111 $— $— 
U.S. Government agencies & GSEs402 398 — — 
State and political subdivisions15,006 15,101 5,200 5,264 
Corporate bonds2,879 2,866 — — 
49,275 49,476 5,200 5,264 
1 to 5 years:
U.S. Treasuries99,782 96,257 — — 
U.S. Government agencies & GSEs37,964 36,097 — — 
State and political subdivisions34,565 34,552 7,602 7,986 
Corporate bonds135,813 129,898 — — 
308,124 296,804 7,602 7,986 
5 to 10 years:
U.S. Treasuries63,685 58,942 19,811 18,645 
U.S. Government agencies & GSEs75,459 69,020 31,761 29,107 
State and political subdivisions132,148 127,009 38,584 36,312 
Corporate bonds101,054 94,907 — — 
Supranational entities— — 15,000 14,120 
372,346 349,878 105,156 98,184 
More than 10 years:
U.S. Government agencies & GSEs107,648 105,964 50,714 46,576 
State and political subdivisions165,004 158,382 246,244 215,486 
Corporate bonds787 884 — — 
273,439 265,230 296,958 262,062 
Debt securities not due at a single maturity date:
Asset-backed securities483,434 479,043 — — 
Residential MBS1,818,549 1,742,529 1,408,767 1,347,189 
Commercial MBS766,399 726,154 677,300 631,188 
Total$4,071,566 $3,909,114 $2,500,983 $2,351,873 

Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes AFS securities sales activity for the three months ended March 31, 2022 and 2021 (in thousands).

 Three Months Ended
March 31,
 20222021
Proceeds from sales$208,409 $— 
Gross realized gains$963 $— 
Gross realized losses(4,697)— 
Securities losses, net$(3,734)$— 
Income tax benefit attributable to sales$(990)$— 

16
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 6 – Loans and Leases and Allowance for Credit Losses
 
Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands).
March 31, 2022December 31, 2021
Owner occupied commercial real estate$2,637,974 $2,321,685 
Income producing commercial real estate3,328,133 2,600,858 
Commercial & industrial (1)
2,336,255 1,910,162 
Commercial construction1,482,518 1,014,830 
Equipment financing1,147,794 1,083,021 
Total commercial10,932,674 8,930,556 
Residential mortgage1,825,650 1,637,885 
HELOC777,739 694,034 
Residential construction368,330 359,815 
Manufactured housing269,066 — 
Consumer142,746 138,056 
Total loans14,316,205 11,760,346 
Less allowance for credit losses - loans(132,805)(102,532)
Loans, net$14,183,400 $11,657,814 
(1) Commercial and industrial loans as of March 31, 2022 and December 31, 2021 included $34.0 million and $88.3 million of PPP loans, respectively.

Accrued interest receivable related to loans totaled $37.4 million and $28.5 million at March 31, 2022 and December 31, 2021, respectively, and was reported in other assets on the consolidated balance sheets. Accrued interest receivable was excluded from the estimate of credit losses.

At March 31, 2022 and December 31, 2021, the loan portfolio was subject to blanket pledges on certain qualifying loan types with the FHLB and FRB to secure contingent funding sources.

The following table presents loans held for investment that were sold in the periods indicated (in thousands). The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income.
Three Months Ended March 31,
20222021
Guaranteed portion of SBA/USDA loans$28,343 $11,345 
Equipment financing receivables23,436 1,059 
Total$51,779 $12,404 
  
At March 31, 2022 and December 31, 2021, equipment financing assets included leases of $38.1 million and $37.7 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands).
 March 31, 2022December 31, 2021
Minimum future lease payments receivable$40,401 $39,962 
Estimated residual value of leased equipment3,069 3,216 
Initial direct costs651 669 
Security deposits(659)(687)
Unearned income(5,378)(5,432)
Net investment in leases$38,084 $37,728 
17
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2022 were as follows (in thousands): 
Year 
Remainder of 2022$12,182 
202312,695 
20248,162 
20254,954 
20262,152 
Thereafter256 
Total$40,401 

Nonaccrual and Past Due Loans HFI
The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of the dates indicated (in thousands). Past due status is based on contractual terms of the loan. The accrual of interest is generally discontinued when a loan becomes 90 days past due.
 Accruing
Current LoansLoans Past Due
30 - 59 Days60 - 89 Days> 90 DaysNonaccrual LoansTotal Loans
As of March 31, 2022
Owner occupied commercial real estate$2,632,429 $955 $— $— $4,590 $2,637,974 
Income producing commercial real estate3,319,869 1,024 20 — 7,220 3,328,133 
Commercial & industrial2,326,976 3,052 — — 6,227 2,336,255 
Commercial construction1,481,843 242 32 — 401 1,482,518 
Equipment financing1,141,335 2,844 1,075 — 2,540 1,147,794 
Total commercial10,902,452 8,117 1,127 — 20,978 10,932,674 
Residential mortgage1,811,286 1,115 225 — 13,024 1,825,650 
HELOC775,632 465 459 — 1,183 777,739 
Residential construction368,089 — 29 — 212 368,330 
Manufactured housing265,394 652 513 — 2,507 269,066 
Consumer142,463 199 42 2 40 142,746 
Total loans$14,265,316 $10,548 $2,395 $2 $37,944 $14,316,205 
As of December 31, 2021
Owner occupied commercial real estate$2,318,944 $27 $— $— $2,714 $2,321,685 
Income producing commercial real estate2,593,124 146 — — 7,588 2,600,858 
Commercial & industrial1,903,730 584 419 — 5,429 1,910,162 
Commercial construction1,014,211 — 276 — 343 1,014,830 
Equipment financing1,079,180 1,415 685 — 1,741 1,083,021 
Total commercial8,909,189 2,172 1,380 — 17,815 8,930,556 
Residential mortgage1,622,754 1,583 235 — 13,313 1,637,885 
HELOC691,814 920 88 — 1,212 694,034 
Residential construction358,741 654 — — 420 359,815 
Consumer137,564 421 19 — 52 138,056 
Total loans$11,720,062 $5,750 $1,722 $— $32,812 $11,760,346 


18
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


The following table presents nonaccrual loans held for investment by loan class for the periods indicated (in thousands). 
Nonaccrual Loans
 March 31, 2022December 31, 2021
With no allowanceWith an allowanceTotalWith no allowanceWith an allowanceTotal
Owner occupied commercial real estate$3,851 $739 $4,590 $2,141 $573 $2,714 
Income producing commercial real estate6,747 473 7,220 6,873 715 7,588 
Commercial & industrial4,353 1,874 6,227 3,715 1,714 5,429 
Commercial construction— 401 401 — 343 343 
Equipment financing— 2,540 2,540 — 1,741 1,741 
Total commercial14,951 6,027 20,978 12,729 5,086 17,815 
Residential mortgage3,264 9,760 13,024 3,126 10,187 13,313 
HELOC322 861 1,183 219 993 1,212 
Residential construction74 138 212 280 140 420 
Manufactured housing— 2,507 2,507 — — — 
Consumer3 37 40 6 46 52 
Total$18,614 $19,330 $37,944 $16,360 $16,452 $32,812 

The majority of nonaccrual loans with no related allowance consists of collateral dependent loans that have been individually evaluated by management and have been charged down to net realizable value with the repayment of the loan expected to be provided substantially through the operation or sale of the underlying collateral.

Risk Ratings 
United categorizes commercial loans, with the exception of equipment financing receivables, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings:

Pass. Loans in this category are considered to have a low probability of default and do not meet the criteria of the risk categories below.

Special Mention. Loans in this category are presently protected from apparent loss; however, weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable.

Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that United will sustain some loss if deficiencies are not corrected. If possible, immediate corrective action is taken.

Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment.
 
Loss. Loans categorized as Loss have the same characteristics as Doubtful; however, probability of loss is certain. Loans classified as Loss are charged off.
 
Equipment Financing Receivables and Consumer Purpose Loans. United applies a pass / fail grading system to all equipment financing receivables and consumer purpose loans. Under this system, loans that are on nonaccrual status, become past due 90 days, or are in bankruptcy are classified as “fail” and all other loans are classified as “pass”. For reporting purposes, loans in these categories that are classified as “fail” are reported as substandard and all other loans are reported as pass.

19
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The following tables present the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands).
Term LoansRevolversRevolvers converted to term loansTotal
As of March 31, 202220222021202020192018Prior
Pass
Owner occupied commercial real estate$211,384 $732,769 $684,940 $277,347 $148,139 $387,637 $101,245 $13,602 $2,557,063 
Income producing commercial real estate253,374 885,707 856,374 384,746 238,677 367,348 53,220 10,246 3,049,692 
Commercial & industrial148,679 676,024 266,500 172,322 140,613 113,901 757,593 6,477 2,282,109 
Commercial construction143,386 589,176 376,267 174,597 41,754 32,214 60,297 1,869 1,419,560 
Equipment financing203,832 493,114 241,369 145,028 52,131 8,864 — — 1,144,338 
Total commercial960,655 3,376,790 2,425,450 1,154,040 621,314 909,964 972,355 32,194 10,452,762 
Residential mortgage172,860 808,686 365,321 105,661 67,863 283,248 9 4,088 1,807,736 
HELOC— — — — — — 759,393 15,866 775,259 
Residential construction104,326 239,453 8,644 2,132 1,940 11,189 — 32 367,716 
Manufactured housing14,351 58,444 53,032 38,291 34,094 66,698 — — 264,910 
Consumer25,809 48,918 24,583 9,006 3,961 1,822 28,363 116 142,578 
1,278,001 4,532,291 2,877,030 1,309,130 729,172 1,272,921 1,760,120 52,296 13,810,961 
Special Mention
Owner occupied commercial real estate1,855 5,093 4,395 14,815 4,281 8,134 2,446 284 41,303 
Income producing commercial real estate23,277 26,913 61,724 21,843 19,867 39,974 — — 193,598 
Commercial & industrial156 2,683 1,161 4,252 708 496 4,549 190 14,195 
Commercial construction13,678 70 6,921 13,152 9,019 6,188 — — 49,028 
Equipment financing— — — — — — — — — 
Total commercial38,966 34,759 74,201 54,062 33,875 54,792 6,995 474 298,124 
Residential mortgage— — — — — — — — — 
HELOC— — — — — — — — — 
Residential construction— — — — — — — — — 
Manufactured housing— — — — — — — — — 
Consumer— — — — — — — — — 
38,966 34,759 74,201 54,062 33,875 54,792 6,995 474 298,124 
Substandard
Owner occupied commercial real estate4,927 10,814 405 3,178 3,800 15,178 156 1,150 39,608 
Income producing commercial real estate10,198 7,396 15,008 3,677 29,045 19,284 169 66 84,843 
Commercial & industrial195 2,496 4,545 4,657 12,659 2,017 6,755 6,627 39,951 
Commercial construction— 3,413 60 254 8 9,945 — 250 13,930 
Equipment financing— 943 1,081 948 298 186 — — 3,456 
Total commercial15,320 25,062 21,099 12,714 45,810 46,610 7,080 8,093 181,788 
Residential mortgage1,097 2,615 1,103 2,945 3,628 5,759 — 767 17,914 
HELOC— — — — — — 335 2,145 2,480 
Residential construction317 11 — 23 51 212 — — 614 
Manufactured housing— 205 530 838 897 1,686 — — 4,156 
Consumer— 37 19 20 51 20 — 21 168 
16,734 27,930 22,751 16,540 50,437 54,287 7,415 11,026 207,120 
Total$1,333,701 $4,594,980 $2,973,982 $1,379,732 $813,484 $1,382,000 $1,774,530 $63,796 $14,316,205 

20
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Term LoansRevolversRevolvers converted to term loansTotal
As of December 31, 202120212020201920182017Prior
Pass
Owner occupied commercial real estate$643,151 $674,124 $278,702 $153,233 $139,584 $267,460 $68,354 $17,150 $2,241,758 
Income producing commercial real estate668,322 678,487 333,911 221,218 165,563 219,459 41,157 11,830 2,339,947 
Commercial & industrial638,567 270,150 178,944 136,281 50,567 72,904 514,750 4,361 1,866,524 
Commercial construction378,695 303,154 149,740 40,625 22,983 13,206 12,628 1,673 922,704 
Equipment financing563,618 271,913 167,904 63,254 13,145 903 — — 1,080,737 
Total commercial2,892,353 2,197,828 1,109,201 614,611 391,842 573,932 636,889 35,014 8,451,670 
Residential mortgage781,007 370,092 108,091 64,346 71,552 221,131 9 3,915 1,620,143 
HELOC— — — — — — 676,545 14,994 691,539 
Residential construction325,111 16,301 2,802 2,278 3,144 9,352 — 33 359,021 
Consumer57,530 29,218 10,757 5,137 1,439 1,355 32,312 111 137,859 
4,056,001 2,613,439 1,230,851 686,372 467,977 805,770 1,345,755 54,067 11,260,232 
Special Mention
Owner occupied commercial real estate7,772 2,979 16,639 4,374 6,007 2,641 248 286 40,946 
Income producing commercial real estate64,139 27,875 21,875 22,292 18,415 21,880 — — 176,476 
Commercial & industrial1,037 1,831 2,740 597 273 303 2,242 — 9,023 
Commercial construction14,283 16,237 13,149 22,479 11,766 52 — — 77,966 
Equipment financing— — — — — — — — — 
Total commercial87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 
Residential mortgage— — — — — — — — — 
HELOC— — — — — — — — — 
Residential construction— — — — — — — — — 
Consumer— — — — — — — — — 
87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 
Substandard
Owner occupied commercial real estate11,987 1,049 4,216 3,712 5,829 11,088 — 1,100 38,981 
Income producing commercial real estate15,485 12,618 3,779 29,212 6,726 16,531 — 84 84,435 
Commercial & industrial2,741 1,615 5,284 12,685 1,232 5,863 4,326 869 34,615 
Commercial construction3,464 157 272 11 9,750 255 — 251 14,160 
Equipment financing428 590 676 503 84 3 — — 2,284 
Total commercial34,105 16,029 14,227 46,123 23,621 33,740 4,326 2,304 174,475 
Residential mortgage3,339 1,585 2,813 3,229 1,205 4,744 — 827 17,742 
HELOC— — — — — — 329 2,166 2,495 
Residential construction407 — 30 51 — 306 — — 794 
Consumer37 16 22 26 22 50 3 21 197 
37,888 17,630 17,092 49,429 24,848 38,840 4,658 5,318 195,703 
Total$4,181,120 $2,679,991 $1,302,346 $785,543 $529,286 $869,486 $1,352,903 $59,671 $11,760,346 

21
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Troubled Debt Restructurings
As of March 31, 2022 and December 31, 2021, United had TDRs totaling $51.2 million and $52.4 million, respectively. Loans modified under the terms of a TDR during the three months ended March 31, 2022 and 2021 are presented in the following table. In addition, the table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent or otherwise in default of modified terms) during the periods presented and were initially restructured within one year prior to default (dollars in thousands).
 New TDRsTDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted
 Post-Modification Amortized Cost by Type of Modification
Number of
 Contracts
Rate  
Reduction		StructureOtherTotalNumber of  
Contracts		Amortized Cost
Three Months Ended March 31, 2022       
Owner occupied commercial real estate— $— $— $— $— — $— 
Income producing commercial real estate— — — — — — — 
Commercial & industrial— — — — — — — 
Commercial construction— — — — — — — 
Equipment financing16 — 1,794 — 1,794 5 107 
Total commercial16 — 1,794 — 1,794 5 107 
Residential mortgage— — — — — — — 
HELOC7 — 1,242 6 1,248 — — 
Residential construction— — — — — — — 
Manufactured housing— — — — — — — 
Consumer— — — — — — — 
Total loans23 $— $3,036 $6 $3,042 5 $107 
Three Months Ended March 31, 2021       
Owner occupied commercial real estate— $— $— $— $— — $— 
Income producing commercial real estate2 — — 1,319 1,319 — — 
Commercial & industrial2 — — 103 103 1 11 
Commercial construction1 — 309 — 309 — — 
Equipment financing28 — 2,136 — 2,136 3 62 
Total commercial33 — 2,445 1,422 3,867 4 73 
Residential mortgage1 — 69 — 69 3 413 
HELOC— — — — — — — 
Residential construction— — — — — — — 
Consumer— — — — — — — 
Total loans34 $— $2,514 $1,422 $3,936 7 $486 

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

At both March 31, 2022 and December 31, 2021, United used a one-year reasonable and supportable forecast period. Expected credit losses were estimated using a regression model for each segment based on historical data from peer banks combined with a third party vendor’s baseline economic forecast to predict the change in credit losses. These estimates were then combined with a starting value that was based on United’s recent default experience, with the results subject to a floor. At March 31, 2022, United applied qualitative factors to the model output for income producing commercial real estate and equipment finance portfolios. With regard to income producing commercial real estate, the qualitative factors reflected continued credit concerns related to the senior care portfolio, elevated criticized loans relative to the pre-pandemic period and inflationary concerns related to the impact of rising rates on commercial real estate values. Qualitative factors for the equipment finance portfolio reflected management’s approximation of long-term loss rates.

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

PPP loans were considered low risk assets due to the related 100% guarantee by the SBA and were therefore excluded from the calculation.

22
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands).
Three Months Ended March 31, 2022
Beginning Balance
Initial ACL - PCD loans (1)
Charge-OffsRecoveriesProvisionEnding Balance
Owner occupied commercial real estate$14,282 $266 $— $45 $1,352 $15,945 
Income producing commercial real estate24,156 4,366 — 290 4,727 33,539 
Commercial & industrial16,592 2,337 (3,594)665 2,386 18,386 
Commercial construction9,956 2,857 (41)414 596 13,782 
Equipment financing16,290 — (948)681 3,241 19,264 
Residential mortgage12,390 385 (53)150 2,092 14,964 
HELOC6,568 60 (9)90 419 7,128 
Residential construction1,847 1 — 23 58 1,929 
Manufactured housing— 2,438 (173)9 4,809 7,083 
Consumer451 27 (806)279 834 785 
ACL - loans102,532 12,737 (5,624)2,646 20,514 132,805 
ACL - unfunded commitments10,992 — — — 2,572 13,564 
Total ACL$113,524 $12,737 $(5,624)$2,646 $23,086 $146,369 
Three Months Ended March 31, 2021
Beginning
Balance		Charge-OffsRecoveries(Release)
Provision		Ending
Balance
Owner occupied commercial real estate$20,673 $— $240 $(1,631)$19,282 
Income producing commercial real estate41,737 (1,007)16 (5,835)34,911 
Commercial & industrial22,019 (2,894)5,647 (3,022)21,750 
Commercial construction10,952 (178)156 (358)10,572 
Equipment financing16,820 (2,058)547 1,891 17,200 
Residential mortgage15,341 (215)123 (669)14,580 
HELOC8,417 — 73 (1,610)6,880 
Residential construction764 (10)70 538 1,362 
Consumer287 (471)266 247 329 
ACL - loans137,010 (6,833)7,138 (10,449)126,866 
ACL - unfunded commitments10,558 — — (1,832)8,726 
Total ACL$147,568 $(6,833)$7,138 $(12,281)$135,592 
(1) Represents the initial ACL related to PCD loans acquired in the Reliant transaction.
23
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 7 – Derivatives and Hedging Activities

The table below presents the fair value of derivative financial instruments, which are included in other assets and other liabilities on the consolidated balance sheet, as of the dates indicated (in thousands):
March 31, 2022December 31, 2021
Notional AmountFair ValueNotional AmountFair Value
Derivative AssetDerivative LiabilityDerivative AssetDerivative Liability
Derivatives designated as hedging instruments:
Cash flow hedge of subordinated debt$100,000 $10,649 $— $100,000 $6,389 $— 
Cash flow hedge of trust preferred securities20,000 — — 20,000 — — 
Fair value hedge of brokered time deposits— — — 10,000 — — 
Total120,000 10,649 — 130,000 6,389 — 
Derivatives not designated as hedging instruments:
Customer derivative positions1,161,386 5,426 38,850 1,206,145 28,656 10,663 
Dealer offsets to customer derivative positions1,171,702 8,479 1,686 1,230,885 974 9,232 
Risk participations69,017 12 1 69,385 16 7 
Mortgage banking - loan commitment97,711 1,356 — 110,897 3,450 — 
Mortgage banking - forward sales commitment184,500 3,016 — 201,419 67 202 
Bifurcated embedded derivatives51,935 6,534 — 51,935 2,928 — 
Dealer offsets to bifurcated embedded derivatives51,935 — 8,529 51,935 — 5,041 
Total2,788,186 24,823 49,066 2,922,601 36,091 25,145 
Total derivatives$2,908,186 $35,472 $49,066 $3,052,601 $42,480 $25,145 
Total gross derivative instruments$35,472 $49,066 $42,480 $25,145 
Less: Amounts subject to master netting agreements(1,753)(1,753)(694)(694)
Less: Cash collateral received/pledged(18,682)(9,082)(6,620)(14,148)
Net amount$15,037 $38,231 $35,166 $10,303 

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

Hedging Derivatives
Cash Flow Hedges of Interest Rate Risk 
United enters into cash flow hedges to mitigate exposure to the variability of future cash flows or other forecasted transactions. As of March 31, 2022 and December 31, 2021, United utilized interest rate caps and swaps to hedge the variability of cash flows due to changes in interest rates on certain of its variable-rate subordinated debt and trust preferred securities. United considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates. Therefore, changes in the fair value of these derivative instruments are recognized in OCI. Gains and losses related to changes in fair value are reclassified into earnings in the periods the hedged forecasted transactions occur. Losses representing amortization of the premium recorded on cash flow hedges, which is a component excluded from the assessment of effectiveness, are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Over the next twelve months, United expects to reclassify $189,000 of gains from AOCI into earnings related to these agreements.

Fair Value Hedges of Interest Rate Risk 
United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate derivatives to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives.

24
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

At December 31, 2021, United had an interest rate swap that was designated as a fair value hedge of fixed-rate brokered time deposits. During the first quarter of 2022, the hedged brokered deposit and the associated swap matured. The swap involved the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements.

The table below presents the effect of derivatives in hedging relationships, all of which are interest rate contracts, on the consolidated statement of income for the periods indicated (in thousands). 
Three Months Ended March 31,
20222021
Total interest expense presented in the consolidated statements of income$(7,267)$(9,478)
Effect of hedging relationships on interest expense:
Net income (expense) recognized on fair value hedges28 78 
Net expense recognized on cash flow hedges (1)
(141)(144)
 (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $116,000 for both the three months ended March 31, 2022 and 2021, respectively.

Derivatives Not Designated as Hedging Instruments 
Customer derivative positions include swaps, caps, and collars between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept or transfer a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members.

United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market-linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day LIBOR and therefore provide an economic hedge.
  
In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. Fair value adjustments on these derivative instruments are recorded within mortgage loan gains and other related fee income in the consolidated statements of income. 

The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands). 
Location of Gain (Loss) Recognized in Income on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
 20222021
Three Months Ended March 31, 
Customer derivatives and dealer offsets Other noninterest income$769 $1,897 
Bifurcated embedded derivatives and dealer offsetsOther noninterest income113 459 
Mortgage banking derivativesMortgage loan revenue4,634 3,836 
Risk participationsOther noninterest income1 (205)
  $5,517 $5,987 
 
Credit-Risk-Related Contingent Features 
United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each non-customer counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty.
 
United’s agreements with each of its derivative counterparties provide that if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that
25
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

provide that if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. Derivatives that are centrally cleared do not have credit-risk-related features that would require additional collateral if United’s credit rating were downgraded.
 
Note 8 – Goodwill and Other Intangible Assets
 
The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands): 
March 31, 2022December 31, 2021
Core deposit intangible$52,692 $38,192 
Less: accumulated amortization(27,466)(25,870)
Net core deposit intangible25,226 12,322 
Customer relationship intangible8,400 8,400 
Less: accumulated amortization(520)(322)
Net customer relationship intangible7,880 8,078 
Total intangibles subject to amortization, net33,106 20,400 
Goodwill751,174 452,007 
Total goodwill and other intangible assets, net$784,280 $472,407 

During the first quarter of 2022, as a result of the Reliant acquisition, United recorded a core deposit intangible of $14.5 million. See Note 4 for further detail.

The following is a summary of changes in the carrying amounts of goodwill (in thousands): 
Three Months Ended
March 31,
20222021
Balance, beginning of period (1)
$452,007 $367,809 
Acquisitions299,167 — 
Balance, end of period (1)
$751,174 $367,809 
(1) Goodwill balances are shown net of accumulated impairment losses of $306 million incurred prior to 2021.

The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands):
Year 
Remainder of 2022$5,033 
20235,903 
20245,018 
20254,051 
20263,303 
Thereafter9,798 
Total$33,106 

26
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 9 - Long-term Debt

Long-term debt consisted of the following (in thousands):
March 31,
2022		December 31, 2021Issue
Date		Stated
Maturity
Date		Earliest
Call
Date		Interest Rate
2027 senior debentures35,000 35,000 201520272025
5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter
2030 senior debentures100,000 100,000 202020302025
5.00% through June 2025, 3-month SOFR plus 4.87% thereafter
Total senior debentures135,000 135,000 
2028 subordinated debentures100,000 100,000 201820282023
4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter
2029 subordinated debentures60,000 — 201920292024
5.125% until December 2024, 3-month SOFR plus 3.765% thereafter
Total subordinated debentures160,000 100,000 
Tidelands Statutory Trust I8,248 8,248 20062036*
3-month LIBOR plus 1.38%
Four Oaks Statutory Trust I12,372 12,372 20062036*
3-month LIBOR plus 1.35%
Community First Capital Trust I3,093 — 20022032*
Prime plus 0.50%
Community First Capital Trust II5,155 — 20052035*
3-month LIBOR plus 1.50%
Community First Capital Trust III5,464 — 20072037*
3-month LIBOR plus 3.00%
Total trust preferred securities34,332 20,620 
Less net discount(5,102)(8,260)
Total long-term debt$324,230 $247,360 
 * Indicates currently redeemable.

Interest is currently paid at least semiannually for all senior and subordinated debentures and trust preferred securities. All debt instruments reported above are obligations of the Holding Company.

During the first quarter of 2022, United assumed $76.7 million in subordinated debentures and trust preferred securities as part of the Reliant acquisition. See Note 4 for further detail.
Note 10 – Assets and Liabilities Measured at Fair Value
Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework.
Fair Value Hierarchy
Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access.
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals.
Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity.
In instances when the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is
27
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value.

Investment Securities
AFS debt securities and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include MBS issued by GSEs, municipal bonds, corporate debt securities, asset-backed securities and supranational entity securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market, or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable or models which incorporate unobservable inputs.
 
Deferred Compensation Plan Assets and Liabilities
Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet.
 
Mortgage Loans Held for Sale
United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan, and are classified as Level 2. In connection with the Reliant acquisition, United acquired certain mortgage loans held for sale for which the fair value option was not elected; these loans are carried at the lower of aggregate cost or fair value.
 
Derivative Financial Instruments
United uses derivatives to manage interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business.
 
United incorporates CVAs as necessary to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees.
 
Management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. However, the CVAs associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. Generally, management’s assessment of the significance of the CVAs has indicated that they are not a significant input to the overall valuation of the derivatives. In cases where management’s assessment indicates that the CVA is a significant input, the related derivative is disclosed as a Level 3 value.

Other derivatives classified as Level 3 include structured derivatives for which broker quotes, used as a key valuation input, were not observable. Risk participation agreements are classified as Level 3 instruments due to the incorporation of significant Level 3 inputs used to evaluate the probability of funding and the likelihood of customer default. Interest rate lock commitments, which relate to mortgage loan commitments, are categorized as Level 3 instruments as the fair value of these instruments is based on unobservable inputs for commitments that United does not expect to fund.
 
28
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Servicing Rights for Residential and SBA/USDA Loans
United recognizes servicing rights upon the sale of residential and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of these assets, the key valuation inputs are unobservable and management classifies these assets as Level 3.

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).
March 31, 2022Level 1Level 2Level 3Total
Assets:    
AFS debt securities:    
U.S. Treasuries$186,310 $— $— $186,310 
U.S. Government agencies & GSEs— 211,479 — 211,479 
State and political subdivisions— 335,044 — 335,044 
Residential MBS— 1,742,529 — 1,742,529 
Commercial MBS— 726,154 — 726,154 
Corporate bonds— 226,223 2,332 228,555 
Asset-backed securities— 479,043 — 479,043 
Equity securities with readily available fair values4,784 1,358 — 6,142 
Mortgage loans held for sale— 39,118 — 39,118 
Deferred compensation plan assets11,577 — — 11,577 
Servicing rights for SBA/USDA loans— — 6,962 6,962 
Residential mortgage servicing rights— — 32,641 32,641 
Derivative financial instruments— 27,570 7,902 35,472 
Total assets$202,671 $3,788,518 $49,837 $4,041,026 
Liabilities:
Deferred compensation plan liability$11,602 $— $— $11,602 
Derivative financial instruments— 40,535 8,531 49,066 
Total liabilities$11,602 $40,535 $8,531 $60,668 
December 31, 2021Level 1Level 2Level 3Total
Assets:    
AFS debt securities:    
U.S. Treasuries$217,520 $— $— $217,520 
U.S. Government agencies & GSEs— 187,032 — 187,032 
State and political subdivisions— 275,844 — 275,844 
Residential MBS— 2,145,134 — 2,145,134 
Commercial MBS— 873,851 — 873,851 
Corporate bonds— 190,771 2,395 193,166 
Asset-backed securities— 604,277 — 604,277 
Equity securities with readily available fair values— 1,302 — 1,302 
Mortgage loans held for sale— 44,109 — 44,109 
Deferred compensation plan assets11,769 — — 11,769 
Servicing rights for SBA/USDA loans— — 6,513 6,513 
Residential mortgage servicing rights— — 25,161 25,161 
Derivative financial instruments— 35,722 6,758 42,480 
Total assets$229,289 $4,358,042 $40,827 $4,628,158 
Liabilities:
Deferred compensation plan liability$11,795 $— $— $11,795 
Derivative financial instruments— 20,097 5,048 25,145 
Total liabilities$11,795 $20,097 $5,048 $36,940 
 
29
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands).
20222021
Derivative AssetsDerivative LiabilitiesSBA/USDA loan servicing rightsResidential mortgage servicing rightsCorporate BondsDerivative
Assets		Derivative
Liabilities		SBA/USDA loan servicing rightsResidential mortgage servicing rightsCorporate Bonds
Three Months Ended March 31,
Beginning balance$6,758 $5,048 $6,513 $25,161 $2,395 $10,779 $2,408 $6,462 $16,216 $1,750 
Additions— — 588 2,167 — 175 — 229 3,201 — 
Transfers from Level 3(290)— — — — — — — — — 
Sales and settlements— — (229)(676)— — — (191)(1,129)— 
Fair value adjustments included in OCI— — — — (63)— — — — — 
Fair value adjustments included in earnings1,434 3,483 90 5,989 — (2,646)2,198 (274)2,440 — 
Ending balance$7,902 $8,531 $6,962 $32,641 $2,332 $8,308 $4,606 $6,226 $20,728 $1,750 

The following table presents quantitative information about significant Level 3 inputs for fair value on a recurring basis as of the dates indicated. 
Level 3 Assets and LiabilitiesValuation TechniqueSignificant Unobservable InputsMarch 31, 2022December 31, 2021
RangeWeighted AverageRangeWeighted Average
SBA/USDA loan servicing rightsDiscounted cash flowDiscount rate
0.0% - 52.1%
9.1 %
0.0% - 45.4%
10.3 %
Prepayment rate
 3.2 - 34.3
16.7 
3.2 - 31.3
16.3 
Residential mortgage servicing rightsDiscounted cash flowDiscount rate
9.5 - 15.0
9.5 
9.5 - 10.5
9.5 
Prepayment rate
6.9 - 34.0
8.7 
7.0 - 77.6
12.6 
Corporate bondsDiscounted cash flowDiscount rate
4.4 - 4.6
4.5 
3.6 - 3.8
3.6 
Derivative assets - customer derivative positionsInternal modelEstimated loss rate
100
100 
33.4 - 44.0
36.0 
Derivative assets - mortgageInternal modelPull through rate
74.1 - 100
91.1 
45.9 - 100
87.2 
Derivative assets and liabilities - otherDealer pricedDealer pricedN/AN/AN/AN/A
 
Fair Value Option
United generally records mortgage loans held for sale at fair value under the fair value option. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. Through the Reliant acquisition, United acquired mortgage loans held for sale accounted for under the lower of cost or fair value method. These loans are separately disclosed under the heading “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within this footnote. The following tables present the fair value and outstanding principal balance of loans accounted for under the fair value option, as well as the gain or loss recognized from the change in fair value for the periods indicated (in thousands).
Mortgage Loans Held for Sale
March 31, 2022December 31, 2021
Outstanding principal balance$38,765 $42,581 
Fair value39,118 44,109 
Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale
LocationThree Months Ended
March 31,
20222021
 Mortgage loan gains and other related fees$(1,174)$(2,242)

Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.
30
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of assets that were still held as of March 31, 2022 and December 31, 2021, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands).
 Level 1Level 2Level 3Total
March 31, 2022    
Loans held for investment$— $— $1,287 $1,287 
Mortgage loans held for sale— 36,073 — 36,073 
December 31, 2021
Loans held for investment$— $— $2,536 $2,536 

As of March 31, 2022, mortgage loans held for sale that were acquired from Reliant were subject to a nonrecurring fair value adjustment resulting from the application of the lower of the amortized cost or fair value accounting.

Loans held for investment that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual loans that are collateral dependent are generally written down to net realizable value, which reflects fair value less the estimated costs to sell. Specific reserves that are established based on appraised value of collateral are considered nonrecurring fair value adjustments as well. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3.

Assets and Liabilities Not Measured at Fair Value  
For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts.
 
Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value.
 
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates.
 
Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
 
Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial.

31
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands).
 Fair Value Level
Carrying AmountLevel 1Level 2Level 3Total
March 31, 2022     
Assets:     
HTM debt securities$2,500,983 $— $2,351,873 $— $2,351,873 
Loans and leases, net14,183,400 — — 13,942,576 13,942,576 
Liabilities:
Deposits21,056,153 — 21,055,552 — 21,055,552 
Long-term debt324,230 — — 337,839 337,839 
December 31, 2021
Assets:
HTM debt securities$1,156,098 $— $1,148,804 $— $1,148,804 
Loans and leases, net11,657,814 — — 11,607,821 11,607,821 
Liabilities:
Deposits18,241,179 — 18,239,934 — 18,239,934 
Long-term debt247,360 — — 267,064 267,064 
 
Note 11 – Stock-Based Compensation
 
United has an equity compensation plan that allows for grants of various share-based compensation. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan document). As of March 31, 2022, 495,861 additional awards could be granted under the plan.
 
The table below presents restricted stock unit and option activity for the three months ended March 31, 2022.
Restricted Stock Unit AwardsOptions
SharesWeighted-
Average Grant-
Date Fair Value		Aggregate
Intrinsic
Value ($000)		SharesWeighted-
Average Exercise Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value ($000)
Outstanding at December 31, 2021808,474 $25.15 35,460 $8.38 
Granted74,115 33.25 48,239 20.88 
Vested / Exercised(101,546)24.79 $3,766 (13,797)19.88 $240 
Cancelled(18,109)26.18 — — 
Outstanding at March 31, 2022762,934 25.97 26,550 69,902 14.73 3.51,403 
Vested / Exercisable at March 31, 2022— — 69,902 14.73 3.51,403 
Options granted in 2022 reflect options assumed in the Reliant acquisition, with the weighted average exercise price of Reliant’s fully vested converted options determined pursuant to the purchase agreement. The value of the Reliant options was determined using a Black-Scholes model and was included in the purchase price for the acquisition. No compensation expense relating to options was included in earnings for three months ended March 31, 2022 and 2021.
 
Compensation expense for restricted stock units and performance stock units without market conditions is based on the market value of United’s common stock on the date of grant. Compensation expense for performance stock units with market conditions is based on the grant date per share fair market value, which was estimated using the Monte Carlo Simulation valuation model. United recognizes
32
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

the impact of forfeitures as they occur. The value of restricted stock unit and performance stock unit awards is amortized into expense over the service period.

For the three months ended March 31, 2022 and 2021, expense of $2.39 million and $1.41 million, respectively, was recognized related to restricted stock unit and performance stock unit awards granted to United employees, which was included in salaries and employee benefits expense. In addition, for both the three months ended March 31, 2022 and 2021, $100,000 was recognized in other expense for restricted stock unit awards granted to members of United’s Board of Directors.

A deferred income tax benefit related to stock-based compensation expense of $636,000 and $385,000 was included in the determination of income tax expense for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $15.1 million of unrecognized expense related to non-vested restricted stock unit and performance stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.5 years.


Note 12 – Reclassifications Out of AOCI

The following table presents the details regarding amounts reclassified out of AOCI for the periods indicated (in thousands). Amounts shown in parentheses reduce earnings.
Details about AOCI ComponentsThree Months Ended
March 31,		Affected Line Item in the Statement Where Net Income is Presented
20222021
Realized losses on AFS securities:
$(3,734)$— Securities losses, net
 990 — Income tax benefit
 $(2,744)$— Net of tax
Reclassifications related to derivative financial instruments accounted for as cash flow hedges:
Interest rate contracts$(141)$(144)Long-term debt interest expense
 36 37 Income tax benefit
 $(105)$(107)Net of tax
Reclassifications related to defined benefit pension plan activity:
Prior service cost$(78)$(117)Salaries and employee benefits expense
Actuarial losses(92)(144)Other expense
 (170)(261)Total before tax
 43 67 Income tax benefit
 $(127)$(194)Net of tax
Total reclassifications for the period$(2,976)$(301)Net of tax

33
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 13 – Earnings Per Share
 
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data).
Three Months Ended
March 31,
 20222021
Net income$48,019 $73,706 
Dividends on preferred stock(1,719)(1,719)
Earnings allocated to participating securities(238)(462)
Net income available to common shareholders$46,062 $71,525 
Weighted average shares outstanding:
Basic106,550 87,322 
Effect of dilutive securities:
Stock options46 — 
Restricted stock units81 144 
Diluted106,677 87,466 
Net income per common share:
Basic$0.43 $0.82 
Diluted$0.43 $0.82 
 
At March 31, 2022 and 2021, United had no potentially dilutive instruments outstanding that were not included in the above analysis.

Note 14 – Regulatory Matters

As of March 31, 2022, United and the Bank were categorized as well-capitalized under the regulatory framework for prompt corrective action in effect at such time. To be categorized as well-capitalized, United and the Bank must have exceeded the well-capitalized guideline ratios in effect at the time, as set forth in the table below, and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at March 31, 2022, and there have been no conditions or events since quarter-end that would change the status of well-capitalized.

Regulatory capital ratios at March 31, 2022 and December 31, 2021, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands):
United Community Banks, Inc.
(Consolidated)		United Community Bank
Minimum (1)
Well-
Capitalized		March 31,
2022		December 31,
2021		March 31,
2022		December 31,
2021
Risk-based ratios:
CET1 capital4.5 %6.5 %11.88 %12.46 %12.77 %12.87 %
Tier 1 capital6.0 8.0 12.46 13.17 12.77 12.87 
Total capital8.0 10.0 14.34 14.65 13.48 13.46 
Leverage ratio4.0 5.0 8.89 8.75 9.09 8.53 
CET1 capital$1,991,401 $1,688,176 $2,131,904 $1,738,557 
Tier 1 capital2,087,823 1,784,598 2,131,904 1,738,557 
Total capital2,402,996 1,984,376 2,250,777 1,818,335 
Risk-weighted assets16,756,444 13,548,534 16,697,110 13,512,405 
Average total assets for the leverage ratio23,485,581 20,402,842 23,443,019 20,377,319 
(1) As of March 31, 2022 and December 31, 2021 the additional capital conservation buffer in effect was 2.50%

34
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 15 – Commitments and Contingencies
 
United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk.
 
The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands).
March 31, 2022December 31, 2021
Financial instruments whose contract amounts represent credit risk:  
Commitments to extend credit$4,355,305 $3,591,975 
Letters of credit57,834 29,312 
 
United holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of March 31, 2022 and December 31, 2021, the Bank had a recorded investment of $59.0 million and $52.7 million, respectively, in these limited partnerships, which is included in other assets on the consolidated balance sheet. As of March 31, 2022, United had committed to fund an additional $18.0 million related to future capital calls that are not reflected in the consolidated balance sheet.

As of March 31, 2022, the Holding Company also had $19.9 million in commitments for future capital calls to fintech fund limited partnerships that have not been reflected in the consolidated balance sheet.
 
United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations.
 
Note 16 - Subsequent Events

Announced Acquisition of Progress
On May 4, 2022, United announced an agreement to acquire Progress Financial Corporation and its wholly-owned subsidiary, Progress Bank & Trust, collectively referred to as “Progress”. Progress is headquartered in Huntsville, Alabama, and operates 14 offices in high-growth, southeastern markets, including, Huntsville, Birmingham, Daphne and Tuscaloosa in Alabama and the Florida Panhandle. As of March 31, 2022, Progress had total assets of $1.86 billion, total loans of $1.27 billion, and total deposits of $1.67 billion. In addition to traditional banking products, Progress offers wealth management and private banking through Progress Financial Services with approximately $1.22 billion in assets under management. The merger, which is subject to regulatory approval, the approval of Progress shareholders, and other customary conditions, is expected to close in the fourth quarter of 2022.

35

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

The following is a discussion of our financial condition at March 31, 2022 and December 31, 2021 and our results of operations for the three months ended March 31, 2022 and 2021. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. The following discussion and analysis should be read along with our consolidated financial statements and related notes included in Part I - Item 1 of this Report, “Cautionary Note Regarding Forward-Looking Statements” and the risk factors discussed in our 2021 10-K, and the other reports we have filed with the SEC after we filed the 2021 10-K.

Unless the context otherwise requires, the terms “we,” “our,” “us” refer to United on a consolidated basis.
 
Overview
 
We offer a wide array of commercial and consumer banking services and investment advisory services through a 198 branch network throughout Georgia, South Carolina, North Carolina, Tennessee and Florida. We have grown organically as well as through strategic acquisitions. At March 31, 2022, we had consolidated total assets of $24.4 billion and 2,893 full-time equivalent employees.

Recent Developments
Mergers and Acquisitions
Since March 31, 2021 we have continued to expand through acquisitions as follows:
•On January 1, 2022, we completed the acquisition of Reliant, which was headquartered in Brentwood, Tennessee, a suburb of Nashville, Tennessee, and operated a 25-branch network in Tennessee. We acquired $2.96 billion of assets and assumed $2.66 billion of liabilities in the acquisition, which included $2.32 billion in loans and $2.50 billion in deposits.
•On October 1, 2021, we acquired Aquesta, a bank headquartered in Cornelius, North Carolina which operated a network of branches primarily located in the Charlotte metropolitan area. We acquired total assets of $756 million, including $498 million in loans, and we assumed $658 million in deposits as of the acquisition date.
•On July 6, 2021, we acquired FinTrust, an investment advisory firm headquartered in Greenville, South Carolina, with additional locations in Anderson, South Carolina, and Athens and Macon, Georgia. The firm provides wealth and investment management services to individuals and institutions within its markets, which expanded our Wealth Management division.
Results of Operations
We reported net income and diluted earnings per common share of $48.0 million and $0.43, respectively, for the first quarter of 2022. This compared to net income and diluted earnings per common share of $73.7 million and $0.82, respectively, for the same period in 2021.

We reported net income - operating (non-GAAP) of $55.1 million for the first quarter of 2022, compared to $74.9 million for the same period in 2021. For the first quarters of 2022 and 2021, net income - operating (non-GAAP) excludes merger-related and other charges, which net of tax, totaled $7.05 million and $1.21 million, respectively.

Net interest revenue increased to $164 million for the first quarter of 2022, compared to $132 million for the first quarter of 2021, due to several factors including loan growth, mostly from the acquisitions of Reliant and Aquesta and a more favorable deposit mix comprised more heavily of lower-cost transaction deposits. The net interest margin decreased to 2.97% for the three months ended March 31, 2022 from 3.22% for the same period in 2021 primarily due to the effect of the low interest rate environment on our asset sensitive balance sheet.
 
We recorded a provision for credit losses of $23.1 million for the first quarter of 2022, compared to a release of provision of $12.3 million for the first quarter of 2021. The provision for credit losses during the first quarter of 2022 included the initial provision for credit losses on Reliant’s non-PCD loans and unfunded commitments totaling $18.3 million. The negative provision in 2021 resulted from a downward adjustment to the ACL, reflecting a combination of the Bank’s own credit trends and an improving economic forecast. We recognized net charge-offs for the first quarter of 2022 of $2.98 million compared to net recoveries of $305,000 for the same period in 2021.

Noninterest income of $39.0 million for the first quarter of 2022 was down $5.73 million, or 13%, from the first quarter of 2021. The primary drivers of the decrease were a $6.42 million decrease in mortgage loan gains and related fees and securities losses of $3.73
36

million. These decreases were partially offset by increases in wealth management fees, service charges and fees and gains on sales of other loans.

For the first quarter of 2022, noninterest expenses of $119 million increased $24.1 million, or 25%, compared to the same period of 2021. The increase was primarily attributable to a $10.4 million increase in salaries and employee benefits, mostly driven by acquisitions since the first quarter of 2021, and a $7.47 million increase in merger-related and other charges primarily related to the acquisition of Reliant.

Critical Accounting Estimates
 
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Our accounting and reporting estimates are in accordance with GAAP and conform to general practices within the banking industry. Estimates that are susceptible to significant changes include accounting for the ACL and fair value measurements, both of which require significant judgments by management. Actual results could differ significantly from those estimates. Also, different assumptions in the application of these accounting estimates could result in material changes in our consolidated financial position or consolidated results of operations. Our critical accounting estimates are discussed in MD&A in our 2021 10-K. There have been no material changes to our critical accounting estimates in 2022.

Non-GAAP Reconciliation and Explanation

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

37

UNITED COMMUNITY BANKS, INC.
Table 1 - Financial Highlights
 (in thousands, except per share data)
20222021
First Quarter
2022 - 2021 Change
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
INCOME SUMMARY 
Interest revenue$171,059 $143,768 $147,675 $145,809 $141,542 
Interest expense7,267 6,213 6,636 7,433 9,478 
Net interest revenue163,792 137,555 141,039 138,376 132,064 24 %
Provision for (release of) credit losses23,086 (647)(11,034)(13,588)(12,281)
Noninterest income38,973 37,177 40,095 35,841 44,705 (13)
Total revenue179,679 175,379 192,168 187,805 189,050 (5)
Noninterest expenses119,275 109,156 96,749 95,540 95,194 25 
Income before income tax expense60,404 66,223 95,419 92,265 93,856 (36)
Income tax expense12,385 14,204 21,603 22,005 20,150 (39)
Net income48,019 52,019 73,816 70,260 73,706 (35)
Merger-related and other charges9,016 9,912 1,437 1,078 1,543 
Income tax benefit of merger-related and other charges(1,963)(2,265)(328)(246)(335)
Net income - operating (1)
$55,072 $59,666 $74,925 $71,092 $74,914 (26)
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP$0.43 $0.55 $0.82 $0.78 $0.82 (48)
Diluted net income - operating (1)
0.50 0.64 0.83 0.79 0.83 (40)
Cash dividends declared0.21 0.20 0.20 0.19 0.19 11 
Book value24.38 23.63 23.25 22.81 22.15 10 
Tangible book value (3)
17.08 18.42 18.68 18.49 17.83 (4)
Key performance ratios:
Return on common equity - GAAP (2)(4)
6.80 %9.32 %14.26 %14.08 %15.37 %
Return on common equity - operating (1)(2)(4)
7.83 10.74 14.48 14.25 15.63 
Return on tangible common equity - operating (1)(2)(3)(4)
11.00 13.93 18.23 17.81 19.68 
Return on assets - GAAP (4)
0.78 0.96 1.48 1.46 1.62 
Return on assets - operating (1)(4)
0.89 1.10 1.50 1.48 1.65 
Net interest margin (FTE) (4)
2.97 2.81 3.12 3.19 3.22 
Efficiency ratio - GAAP57.43 62.12 53.11 54.53 53.55 
Efficiency ratio - operating (1)
53.09 56.48 52.33 53.92 52.68 
Equity to total assets11.06 10.61 10.89 11.04 10.95 
Tangible common equity to tangible assets (3)
7.72 8.09 8.53 8.71 8.57 
ASSET QUALITY
NPAs$40,816 $32,855 $45,335 $46,347 $56,496 (28)
ACL - loans132,805 102,532 99,620 111,616 126,866 5 
Net charge-offs2,978 248 551 (456)(305)
ACL - loans to loans0.93 %0.87 %0.89 %0.98 %1.09 %
Net charge-offs to average loans (4)
0.08 0.01 0.02 (0.02)(0.01)
NPAs to total assets0.17 0.16 0.23 0.25 0.30 
AT PERIOD END ($ in millions)
Loans$14,316 $11,760 $11,191 $11,391 $11,679 23 
Investment securities6,410 5,653 5,335 4,928 4,332 48 
Total assets24,374 20,947 19,481 18,896 18,557 31 
Deposits21,056 18,241 16,865 16,328 15,993 32 
Shareholders’ equity2,695 2,222 2,122 2,086 2,031 33 
Common shares outstanding (thousands)106,025 89,350 86,559 86,665 86,777 22 
(1) Excludes merger-related and other charges. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes AOCI. (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized.

38

UNITED COMMUNITY BANKS, INC.
Table 1 (Continued) - Financial Highlights
Non-GAAP Performance Measures Reconciliation
(in thousands, except per share data)
 20222021
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Noninterest expense reconciliation     
Noninterest expenses (GAAP)$119,275 $109,156 $96,749 $95,540 $95,194 
Merger-related and other charges(9,016)(9,912)(1,437)(1,078)(1,543)
Noninterest expenses - operating$110,259 $99,244 $95,312 $94,462 $93,651 
Net income reconciliation
Net income (GAAP)$48,019 $52,019 $73,816 $70,260 $73,706 
Merger-related and other charges9,016 9,912 1,437 1,078 1,543 
Income tax benefit of merger-related and other charges(1,963)(2,265)(328)(246)(335)
Net income - operating$55,072 $59,666 $74,925 $71,092 $74,914 
Diluted income per common share reconciliation
Diluted income per common share (GAAP)$0.43 $0.55 $0.82 $0.78 $0.82 
Merger-related and other charges, net of tax0.07 0.09 0.01 0.01 0.01 
Diluted income per common share - operating$0.50 $0.64 $0.83 $0.79 $0.83 
Book value per common share reconciliation
Book value per common share (GAAP)$24.38 $23.63 $23.25 $22.81 $22.15 
Effect of goodwill and other intangibles(7.30)(5.21)(4.57)(4.32)(4.32)
Tangible book value per common share$17.08 $18.42 $18.68 $18.49 $17.83 
Return on tangible common equity reconciliation
Return on common equity (GAAP)6.80 %9.32 %14.26 %14.08 %15.37 %
Merger-related and other charges, net of tax1.03 1.42 0.22 0.17 0.26 
Return on common equity - operating7.83 10.74 14.48 14.25 15.63 
Effect of goodwill and other intangibles3.17 3.19 3.75 3.56 4.05 
Return on tangible common equity - operating11.00 %13.93 %18.23 %17.81 %19.68 %
Return on assets reconciliation
Return on assets (GAAP)0.78 %0.96 %1.48 %1.46 %1.62 %
Merger-related and other charges, net of tax0.11 0.14 0.02 0.02 0.03 
Return on assets - operating0.89 %1.10 %1.50 %1.48 %1.65 %
Efficiency ratio reconciliation
Efficiency ratio (GAAP)57.43 %62.12 %53.11 %54.53 %53.55 %
Merger-related and other charges(4.34)(5.64)(0.78)(0.61)(0.87)
Efficiency ratio - operating53.09 %56.48 %52.33 %53.92 %52.68 %
Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)11.06 %10.61 %10.89 %11.04 %10.95 %
Effect of goodwill and other intangibles(2.94)(2.06)(1.87)(1.82)(1.86)
Effect of preferred equity(0.40)(0.46)(0.49)(0.51)(0.52)
Tangible common equity to tangible assets7.72 %8.09 %8.53 %8.71 %8.57 %
39

Net Interest Revenue

Net interest revenue, which is the difference between the interest earned on assets and the interest paid on deposits and borrowed funds, is the single largest component of total revenue. Management seeks to optimize this revenue while balancing interest rate, credit and liquidity risks.

The banking industry generally uses two ratios to measure the relative profitability of net interest revenue. The net interest spread measures the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities. The interest rate spread eliminates the effect of noninterest-bearing deposits and shareholders’ equity and gives a direct perspective on the effect of market interest rate movements. The net interest margin is an indication of the profitability of a company’s balance sheet and is defined as net interest revenue as a percent of average total interest-earning assets, which includes the positive effect of funding a portion of interest-earning assets with noninterest-bearing deposits and shareholders’ equity.

Net interest revenue for the first quarters of 2022 and 2021 was $164 million and $132 million, respectively. FTE net interest revenue for the first quarter of 2022 was $165 million, representing an increase of $31.9 million, or 24%, from the same period in 2021. The net interest spread for the first quarters of 2022 and 2021 was 2.88% and 3.06%, respectively. The net interest margin for the first quarters of 2022 and 2021 was 2.97% and 3.22%, respectively. Table 2 shows the relationship between interest revenue and expense and the average amounts of assets and liabilities, which provides further insight into net interest spread and net interest margin for the periods indicated. The following discussion provides additional detail on the average balances and net interest revenue for the first quarters of 2022 and 2021.

The increase in FTE net interest revenue was primarily driven by the $2.80 billion increase in average loans provided by the addition of the Aquesta and Reliant loan portfolios as well as organic growth since the first quarter of 2021. As a result, loan interest revenue increased $21.5 million compared to the first quarter of 2021, which was partially offset by the impact of $10.1 million less in PPP interest and fee income, and $2.00 million less in purchased loan accretion. Additionally, the increase in average securities provided $8.39 million more in FTE interest revenue compared to the same period of last year as we have continued to deploy surplus liquidity into the securities portfolio. Compared to the first quarter of 2021, we grew average interest-bearing deposits by $3.28 billion, which includes deposits received in the acquisitions of Aquesta and Reliant and organic growth. The impact of interest-bearing deposit growth on interest expense was more than offset by our ability to further reduce deposit rates in the low interest rate environment. As a result, we recognized $2.09 million less in deposit interest expense during the first quarter of 2022 compared to the same period of 2021. We also benefited from a more favorable deposit mix as more of our interest-bearing deposits resided in lower-cost transaction deposit accounts.

During the first quarter of 2022, our interest-earning assets were more heavily comprised of investment securities compared to the same quarter of 2021, which resulted in net interest margin and spread compression. In addition, the continuation of the historically low interest rate environment negatively impacted our asset sensitive balance sheet and contributed to the net interest margin compression.

40

Table 2 - Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended March 31,
(dollars in thousands, FTE)
 20222021
Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets:      
Interest-earning assets:      
Loans, net of unearned income (FTE) (1)(2)
$14,234,026 $146,637 4.18 %$11,432,908 $125,122 4.44 %
Taxable securities (3)
5,848,976 21,010 1.44 3,686,405 13,298 1.44 
Tax-exempt securities (FTE) (1)(3)
510,954 3,566 2.79 304,983 2,888 3.79 
Federal funds sold and other interest-earning assets1,910,411 1,020 0.22 1,357,890 1,222 0.36 
Total interest-earning assets (FTE)22,504,367 172,233 3.10 16,782,186 142,530 3.44 
Noninterest-earning assets:
Allowance for credit losses(113,254)(143,703)
Cash and due from banks166,005 140,292 
Premises and equipment277,216 221,411 
Other assets (3)
1,369,301 1,023,275 
Total assets$24,203,635 $18,023,461 
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand$4,667,098 1,469 0.13 $3,331,043 1,486 0.18 
Money market5,110,817 1,012 0.08 3,732,988 1,804 0.20 
Savings1,436,881 72 0.02 989,584 49 0.02 
Time1,758,895 534 0.12 1,642,423 1,588 0.39 
Brokered time deposits79,092 44 0.23 75,259 292 1.57 
Total interest-bearing deposits13,052,783 3,131 0.10 9,771,297 5,219 0.22 
Federal funds purchased and other borrowings611 — — 12 — — 
Federal Home Loan Bank advances— — — 3,333 2 0.24 
Long-term debt318,995 4,136 5.26 317,172 4,257 5.44 
Total borrowed funds319,606 4,136 5.25 320,517 4,259 5.39 
Total interest-bearing liabilities13,372,389 7,267 0.22 10,091,814 9,478 0.38 
Noninterest-bearing liabilities:
Noninterest-bearing deposits7,666,635 5,594,394 
Other liabilities378,327 312,610 
Total liabilities21,417,351 15,998,818 
Shareholders' equity2,786,284 2,024,643 
Total liabilities and shareholders' equity$24,203,635 $18,023,461 
Net interest revenue (FTE) $164,966 $133,052 
Net interest-rate spread (FTE)  2.88 %3.06 %
Net interest margin (FTE) (4)
  2.97 %3.22 %
 
(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 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
(2)Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
(3)AFS securities are shown at amortized cost. Pretax unrealized losses of $81.2 million and pretax unrealized gains of $58.3 million in 2022 and 2021, respectively, are included in other assets for purposes of this presentation.
(4)Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.


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The following table shows the relative effect on net interest revenue for changes in the average outstanding amounts (volume) of interest-earning assets and interest-bearing liabilities and the rates earned and paid on such assets and liabilities (rate). Variances resulting from a combination of changes in rate and volume are allocated in proportion to the absolute dollar amounts of the change in each category.
 
Table 3 - Change in Interest Revenue and Expense on a Taxable Equivalent Basis
(in thousands)
Three Months Ended March 31, 2022
Compared to 2021 Increase (Decrease) Due to Changes in
 VolumeRateTotal
Interest-earning assets:
Loans (FTE)$29,204 $(7,689)$21,515 
Taxable securities7,768 (56)7,712 
Tax-exempt securities (FTE)1,581 (903)678 
Federal funds sold and other interest-earning assets390 (592)(202)
Total interest-earning assets (FTE)38,943 (9,240)29,703 
Interest-bearing liabilities:
NOW and interest-bearing demand accounts495 (512)(17)
Money market accounts515 (1,307)(792)
Savings deposits22 1 23 
Time deposits105 (1,159)(1,054)
Brokered deposits14 (262)(248)
Total interest-bearing deposits1,151 (3,239)(2,088)
Federal funds purchased & other borrowings— — — 
FHLB advances(2)— (2)
Long-term debt24 (145)(121)
Total borrowed funds22 (145)(123)
Total interest-bearing liabilities1,173 (3,384)(2,211)
Increase in net interest revenue (FTE)$37,770 $(5,856)$31,914 

Provision for Credit Losses
 
The ACL represents management’s estimate of life of loan credit losses in the loan portfolio and unfunded loan commitments. Management’s estimate of credit losses under CECL is determined using a model that relies on reasonable and supportable forecasts and historical loss information to determine the balance of the ACL and resulting provision for credit losses.

We recorded a provision for credit losses of $23.1 million and a release of provision of $12.3 million for the three months ended March 31, 2022 and 2021, respectively. The amount of provision recorded in each period was the amount required such that the total ACL reflected the appropriate balance as determined by management reflecting expected life of loan losses. The provision for credit losses during the first quarter of 2022 included the initial provision for credit losses on Reliant’s non-PCD loans and unfunded commitments of $15.2 million and $3.12 million, respectively. The negative provision expense for the three months ended March 31, 2021 was primarily a result of an improved economic forecast combined with net recoveries, mostly driven by one large commercial credit during the first quarter.
 
Additional discussion on credit quality and the ACL is included in the “Asset Quality and Risk Elements” section of MD&A in this Report.

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Noninterest Income
 
The following table presents the components of noninterest income for the periods indicated.
Table 4 - Noninterest Income
(in thousands)
 Three Months Ended
March 31,		Change
 20222021AmountPercent
Service charges and fees:
Overdraft fees$2,416 $2,342 $74 3 %
ATM and debit card fees3,991 3,090 901 29 
Other service charges and fees2,663 2,138 525 25 
Total service charges and fees9,070 7,570 1,500 20 
Mortgage loan gains and related fees16,152 22,572 (6,420)(28)
Wealth management fees5,895 3,505 2,390 68 
Gains on sales of other loans3,198 1,030 2,168 210 
Other lending and loan servicing fees2,986 2,160 826 38 
Securities losses, net(3,734)— (3,734)
Other noninterest income:
Customer derivatives786 1,692 (906)(54)
Other investment gains (losses)(499)1,506 (2,005)
BOLI1,337 857 480 56 
Treasury management income818 645 173 27 
Other2,964 3,168 (204)(6)
Total other noninterest income5,406 7,868 (2,462)(31)
Total noninterest income$38,973 $44,705 $(5,732)(13)

The increase in total service charges and fees was primarily driven by the acquisitions of Aquesta and Reliant since the first quarter of 2021. The increase in overdraft fees from acquisitions was partially offset by the impact of our updated consumer overdraft policy implemented in the fourth quarter of 2021. The policy updates included the addition of a fee forgiveness feature, which provides one fee waiver per year per account, an increase to the overdraft threshold, which is the amount an account balance must be overdrawn before a fee is charged, and a lower daily fee item limit. The first quarter of each year is expected to be most impacted by the updated policy as many customers may receive their fee waiver during the first quarter.

Mortgage loan gains and related fees consists primarily of fees earned on mortgage originations, gains on the sale of mortgages in the secondary market and fair value adjustments to our mortgage servicing asset. The change in mortgage income is strongly tied to the interest rate environment and industry conditions. We recognize the majority of fees on mortgages when customers enter into mortgage rate lock commitments, making our mortgage rate lock volume a significant driver of mortgage gains in any given period.

The decrease in mortgage loan gains and related fees was primarily a result of tapering mortgage refinance and mortgage rate lock demand compared to the first quarter of 2021, as shown in the following table. Additionally, our gain on sale spread decreased compared to the first quarter of 2021 from 4.41% to 1.97%. The impact of the decrease in the gain on sale was partially mitigated by our mortgage hedging activities, which, when included, made our gain on sale spread for first quarters of 2022 and 2021 3.61% and 5.33%, respectively. During the first quarter of 2022, we recorded a $6.38 million positive fair value adjustment to the mortgage servicing rights asset, which partially offset the decrease in mortgage loan gains during the three months ended March 31, 2022.

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Table 5 - Mortgage Loan Metrics (1)
(dollars in thousands)
Three Months Ended
March 31,
20222021% Change
Mortgage rate locks$757,348 $993,339 (24)%
# of mortgage rate locks1,923 2,982 (36)
Mortgage loans sold$207,152 $335,673 (38)
# of mortgage loans sold788 1,405 (44)
Mortgage loans originated:
Purchases$313,512 $292,919 7 
Refinances148,445 363,553 (59)
Total$461,957 $656,472 (30)
# of mortgage loans originated1,202 2,142 (44)
(1) Excludes Reliant mortgage production for the first quarter.

Wealth management fees for the first quarter of 2022 increased 68% compared to the same period of 2021, which was primarily driven by the addition of FinTrust’s wealth management business. Assets under administration totaled $4.58 billion and $2.35 billion as of March 31, 2022 and 2021, respectively.

Our SBA/USDA lending strategy includes selling a portion of the loan production each quarter. The amount of loans sold depends on several variables including the current lending environment and balance sheet management activities. During the first quarter of 2022, we sold more SBA/USDA loans compared to the same period of last year, due to favorable market conditions. From time to time, we also sell certain equipment financing receivables. The following table presents loans sold and the corresponding gains or losses recognized on the sale for the periods indicated.

Table 6 - Other Loan Sales
(in thousands)
Three Months Ended March 31,
20222021
Loans SoldGain (Loss)Loans SoldGain (Loss)
Guaranteed portion of SBA/USDA loans$28,343 $2,466 $11,345 $1,023 
Equipment financing receivables23,436 732 1,059 7 
Total$51,779 $3,198 $12,404 $1,030 

Lending and loan servicing fees increased mostly due to volume-driven fee income from our equipment finance business.

During the first quarter of 2022, we sold certain lower-yielding securities with the strategic intent of reinvesting in higher-yielding securities, which resulted in securities losses for the period.

The change in other noninterest income for the first quarter of 2022 compared to the first quarter of 2021 was primarily driven by the following factors:
•BOLI income increased compared to the first quarter of 2021 primarily due to income earned on BOLI acquired in connection with the acquisition of Reliant.
•Customer derivative income decreased compared to the first quarter of 2021 due to increases in interest rates negatively impacting the demand for customer derivative products. This was partially offset by improvements in the CVA on customer derivatives. The CVA improved due to rising interest rates, which lowered our overall credit exposure on customer derivative positions, and credit upgrades to underlying loans associated with customer derivative positions.
•We recorded losses on our other investments, which include deferred compensation plan assets, CRA investments and other equity securities, compared to gains during the first quarter of 2021.
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Noninterest Expenses 

The following table presents the components of noninterest expenses for the periods indicated. 
Table 7 - Noninterest Expenses
(in thousands)
 Three Months Ended
March 31,		Change
 20222021AmountPercent
Salaries and employee benefits$71,006 $60,585 $10,421 17 %
Communications and equipment9,248 7,203 2,045 28 
Occupancy9,378 6,956 2,422 35 
Advertising and public relations1,488 1,199 289 24 
Postage, printing and supplies2,119 1,822 297 16 
Professional fees4,447 4,234 213 5 
Lending and loan servicing expense2,366 2,877 (511)(18)
Outside services - electronic banking2,523 2,218 305 14 
FDIC assessments and other regulatory charges2,173 1,896 277 15 
Amortization of intangibles1,793 985 808 82 
Other3,718 3,676 42 1 
Total excluding merger-related and other charges110,259 93,651 16,608 18 
Merger-related and other charges9,016 1,543 7,473 
Total noninterest expenses$119,275 $95,194 $24,081 25 

The increase in salaries and employee benefits for the first quarter of 2022 compared to the same period of 2021 was primarily driven by the addition of Reliant, Aquesta and FinTrust employees, which was partially offset by lower deferred compensation expense and an increase in deferred loan fees resulting from strong loan production. Full time equivalent headcount totaled 2,893 at March 31, 2022, up from 2,396 at March 31, 2021.

Communications and equipment expense increased primarily driven by incremental software contract costs and the growth in our network with the addition of recent acquisitions. The increase in occupancy costs for the first quarter of 2022 compared to the same period of 2021 was mostly attributable to the additional operating lease costs associated with Reliant, Aquesta and FinTrust. The decrease in lending and loan servicing expense was driven by lower mortgage loan production compared to that of the first quarter of 2021. The increase in FDIC assessments and other regulatory charges was primarily attributable to an increased assessment base driven by higher average total assets. Amortization of intangibles increased with the additional customer deposit and customer relationship intangibles recorded as a result of acquisitions since the first quarter of 2021. Increased merger-related charges for the first quarter of 2022 were primarily related to the acquisition of Reliant.

Balance Sheet Review
 
Total assets at March 31, 2022 and December 31, 2021 were $24.4 billion and $20.9 billion, respectively. Total liabilities at March 31, 2022 and December 31, 2021 were $21.7 billion and $18.7 billion, respectively. Shareholders’ equity totaled $2.70 billion and $2.22 billion at March 31, 2022 and December 31, 2021, respectively.

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Loans

Our loan portfolio is our largest category of interest-earning assets. The following table presents a summary of the loan portfolio by loan type as of March 31, 2022, of which approximately 73% was secured by real estate. Commercial and industrial loans as of March 31, 2022 included $34.0 million of PPP loans.

Table 8 - Loan Portfolio Composition
As of March 31, 2022
https://cdn.kscope.io/a902928c6b3defd6d53c3f909d280767-ucbi-20220331_g1.jpg
Asset Quality and Risk Elements
 
We manage asset quality and control credit risk through review and oversight of the loan portfolio as well as adherence to policies designed to promote sound underwriting and loan monitoring practices. Our credit risk management function is responsible for monitoring asset quality and Board approved portfolio concentration limits, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures.
 
We conduct reviews of special mention and substandard performing and non-performing loans, TDRs, past due loans and portfolio concentrations on a regular basis to identify risk migration and potential charges to the ACL. These items are discussed in a series of meetings attended by credit risk management leadership and leadership from various lending groups. In addition to the reviews mentioned above, an independent loan review team reviews the portfolio to ensure consistent application of risk rating policies and procedures.

The ACL reflects our assessment of the life of loan expected credit losses in the loan portfolio and unfunded loan commitments. This assessment involves uncertainty and judgment and is subject to change in future periods. The amount of any changes could be significant if our assessment of loan quality or collateral values changes substantially with respect to one or more loan relationships or portfolios. The allocation of the ACL is based on reasonable and supportable forecasts, historical data, subjective judgment and estimates and therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. Changes in the ACL and provision for credit losses since adoption of CECL on January 1, 2020 were primarily driven by forecast changes rather than observable changes in credit quality as the ACL is highly dependent on the economic forecast. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require adjustments to the provision for credit losses in future periods if, in their opinion, the results of their review warrant such additions. See the Critical Accounting Estimates section of MD&A in our 2021 10-K for additional information on the allowance for credit losses.

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Table 9 - Allocation of ACL
(in thousands)
March 31, 2022December 31, 2021
ACL% of loans in each category to total loansACL% of loans in each category to total loans
Owner occupied commercial real estate$15,945 19 $14,282 20 
Income producing commercial real estate33,539 23 24,156 22 
Commercial & industrial18,386 16 16,592 16 
Commercial construction13,782 10 9,956 9 
Equipment financing19,264 8 16,290 9 
Total commercial100,916 76 81,276 76 
Residential mortgage14,964 13 12,390 14 
HELOC7,128 5 6,568 6 
Residential construction1,929 3 1,847 3 
Manufactured housing7,083 2 — — 
Consumer785 1 451 1 
Total ACL - loans132,805 100 102,532 100 
ACL - unfunded commitments13,564 10,992 
Total ACL$146,369 $113,524 
ACL - loans as a percentage of total loans0.93 %0.87 %
ACL - loans as a percentage of nonaccrual loans HFI 350 312 

The increase in the ACL since December 31, 2021 was primarily driven by the acquisition of Reliant, which added $31.1 million to the ACL as of the acquisition date. Of this amount, $12.7 million was reclassified from the amortized cost basis of PCD loans, $15.2 million was recorded as provision for loan losses on acquired non-PCD loan balances and $3.12 million was recorded as provision for unfunded commitments on the acquired balance of unfunded commitments.

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The following table presents a summary of net charge-offs to average loans for the periods indicated.
Table 10 - Net Charge-offs to Average Loans
(in thousands)
 Three Months Ended
March 31,
 20222021
Net charge-offs (recoveries)
Owner occupied commercial real estate$(45)$(240)
Income producing commercial real estate(290)991
Commercial & industrial2,929(2,753)
Commercial construction(373)22
Equipment financing2671,511
Residential mortgage(97)92
HELOC(81)(73)
Residential construction(23)(60)
Manufactured housing164—
Consumer527205
Total net charge-offs (recoveries)$2,978$(305)
Average loans
Owner occupied commercial real estate$2,618,981$2,081,644
Income producing commercial real estate3,311,3732,548,614
Commercial & industrial2,333,0792,552,328
Commercial construction1,460,433955,852
Equipment financing1,134,584880,980
Residential mortgage1,818,8381,312,687
HELOC774,081682,482
Residential construction372,930274,255
Manufactured housing265,481—
Consumer144,246144,066
Total average loans$14,234,026$11,432,908
Net charge-offs to average loans
Owner occupied commercial real estate(0.01)%(0.05)%
Income producing commercial real estate(0.04)0.16 
Commercial & industrial0.51 (0.44)
Commercial construction(0.10)0.01 
Equipment financing0.10 0.70 
Residential mortgage(0.02)0.03 
HELOC(0.04)(0.04)
Residential construction(0.03)(0.09)
Manufactured housing0.25 — 
Consumer1.48 0.58 
Total0.08 (0.01)

Nonperforming Assets

NPAs, which include nonaccrual loans, OREO and repossessed assets, totaled $40.8 million at March 31, 2022, compared with $32.9 million at December 31, 2021. The increase in NPAs since December 31, 2021 is primarily a result of the addition of Reliant NPAs, which totaled $6.00 million.

Our policy is to place loans on nonaccrual status when, in the opinion of management, the full principal and interest on a loan is not likely to be collected or when the loan becomes 90 days past due. A loan may continue on accrual after 90 days, however, if it is well collateralized and in the process of collection. When a loan is placed on nonaccrual status, interest previously accrued but not collected is reversed against current interest revenue. Interest payments received on nonaccrual loans are applied to reduce the loan’s amortized
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cost. Loans are generally returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured.
 
Generally, we do not commit to lend additional funds to customers whose loans are on nonaccrual status, although in certain isolated cases, we execute forbearance agreements whereby we agree to continue to fund construction loans to completion or other lines of credit as long as the borrower meets the conditions of the forbearance agreement. We may also fund other amounts necessary to protect collateral such as amounts to pay past due property taxes and insurance coverage.

The table below summarizes NPAs.
Table 11 - NPAs
(in thousands)
March 31,
2022		December 31,
2021
Nonaccrual loans HFI37,944 32,812 
Nonaccrual loans held for sale2,033 — 
OREO and repossessed assets839 43 
Total NPAs$40,816 $32,855 
Nonaccrual loans HFI as a percentage of total loans HFI0.27 %0.28 %
NPAs as a percentage of total assets0.17 0.16 

At March 31, 2022 and December 31, 2021, we had $51.2 million and $52.4 million, respectively, in loans with terms that have been modified in TDRs. Included therein were $11.3 million and $11.5 million, respectively, of TDRs that were classified as nonaccrual and were included in nonperforming loans. The remaining TDRs with an aggregate balance of $39.9 million and $40.9 million, respectively, were performing according to their modified terms and were therefore not considered to be nonperforming assets.

Investment Securities

The composition of the investment securities portfolio reflects our investment strategy of maintaining an appropriate level of liquidity while providing a relatively stable source of revenue. The investment securities portfolio also provides a balance to interest rate risk and credit risk in other categories of the balance sheet while providing a vehicle for the investment of available funds, furnishing liquidity, and supplying securities to pledge as required collateral for certain deposits and borrowings.
At March 31, 2022 and December 31, 2021, we had HTM debt securities with a carrying amount of $2.50 billion and $1.16 billion, respectively, and AFS debt securities totaling $3.91 billion and $4.50 billion, respectively. During the first quarter of 2022, we transferred $1.11 billion of AFS debt securities to HTM. As of the transfer date, these securities had $57.4 million of unrealized losses included in AOCI. These transfer-date unrealized losses will be reclassified out of AOCI as a yield adjustment and reduce earnings over the remaining life of the security. Since December 31, 2021, we have continued to deploy liquidity generated through strong deposit growth by purchasing additional investment securities. At March 31, 2022 and December 31, 2021, the securities portfolio represented approximately 26% and 27%, respectively, of total assets.
In accordance with CECL, our HTM debt securities portfolio is evaluated quarterly to assess whether an ACL is required. We measure expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. At March 31, 2022 and December 31, 2021, calculated credit losses on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL for HTM debt securities was recorded.
For AFS debt securities in an unrealized loss position, if we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security's amortized cost basis is written down to fair value through income. Absent an intent or more than likely requirement to sell, we evaluate whether the decline in fair value has resulted from credit losses or other factors. The evaluation considers factors such as the extent to which fair value is less than amortized cost, changes to the security’s rating, and adverse conditions specific to the security. If the evaluation indicates a credit loss exists, an ACL may be recorded, with such allowance limited to the amount by which fair value is below amortized cost. Any impairment unrelated to credit factors is recognized in OCI. At March 31, 2022 and December 31, 2021, there was no ACL related to the AFS debt securities portfolio. Losses on fixed income securities at March 31, 2022 and December 31, 2021 primarily reflected the effect of changes in interest rates.
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Goodwill and Other Intangible Assets

Goodwill represents the premium paid for acquired companies above the net fair value of the assets acquired and liabilities assumed, including separately identifiable intangible assets. Management evaluates goodwill annually, or more frequently if necessary, to determine if any impairment exists. At March 31, 2022 and December 31, 2021, the net carrying amount of goodwill was $751 million and $452 million, respectively.

We also have core deposit and customer relationship intangible assets, representing the value of acquired deposit and customer relationships, respectively, which are amortizing intangible assets. Amortizing intangible assets are required to be tested for impairment only when events or circumstances indicate that impairment may exist.

In connection with the acquisition of Reliant, we recorded goodwill and a core deposit intangible of $299 million and $14.5 million, respectively.

Deposits

Customer deposits are the primary source of funds for the continued growth of our earning assets. Our high level of service, as evidenced by our strong customer satisfaction scores, has been instrumental in attracting and retaining customer deposit accounts. The increase in deposits since December 31, 2021 is mostly driven by the deposits assumed in the Reliant transaction as well as organic growth.

Table 12 - Deposits
(in thousands)
March 31, 2022December 31, 2021
Noninterest-bearing demand$7,946,049 $6,956,981 
NOW and interest-bearing demand4,650,997 4,252,209 
Money market and savings6,555,358 5,399,133 
Time1,704,657 1,442,498 
Total customer deposits20,857,061 18,050,821 
Brokered deposits199,092 190,358 
Total deposits$21,056,153 $18,241,179 

Borrowing Activities

At March 31, 2022 and December 31, 2021, we had long-term debt outstanding of $324 million and $247 million, respectively, which includes senior debentures, subordinated debentures, and trust preferred securities. The increase since December 31, 2021 is a result of the subordinated debt and trust preferred securities assumed in the Reliant acquisition totaling $76.7 million. See Note 9 to the consolidated financial statements for further details.

Contractual Obligations
 
There have not been any material changes to our contractual obligations since December 31, 2021.
 
Off-Balance Sheet Arrangements
 
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of customers. These financial instruments include commitments to extend credit, letters of credit and financial guarantees.
 
A commitment to extend credit is an agreement to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Letters of credit and financial guarantees are conditional commitments issued to guarantee a customer’s performance to a third party and have essentially the same credit risk as extending loan facilities to customers. Those commitments are primarily issued to local businesses.
 
The exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit, letters of credit and financial guarantees is represented by the contractual amount of these instruments. We use the same credit underwriting procedures for
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making commitments, letters of credit and financial guarantees, as we use for underwriting on-balance sheet instruments. Management evaluates each customer’s creditworthiness on a case-by-case basis and the amount of the collateral, if deemed necessary, is based on the credit evaluation. Collateral held varies, but may include unimproved and improved real estate, certificates of deposit, personal property or other acceptable collateral.
 
All of these instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The total amount of these instruments does not necessarily represent future cash requirements because a significant portion of these instruments expire without being used. We are not involved in off-balance sheet contractual relationships, other than those disclosed in this report, that could result in liquidity needs or other commitments, or that could significantly affect earnings. See Note 22 to the consolidated financial statements included in our 2021 10-K and Note 15 to the consolidated financial statements in this Report for additional information on off-balance sheet arrangements.

Interest Rate Sensitivity Management

The absolute level and volatility of interest rates can have a significant effect on profitability. The objective of interest rate risk management is to identify and manage the sensitivity of net interest revenue to changing interest rates, consistent with our overall financial goals. Based on economic conditions, asset quality and various other considerations, management establishes tolerance ranges for interest rate sensitivity and manages within these ranges. 

Net interest revenue and the fair value of financial instruments are influenced by changes in the level of interest rates. We limit our exposure to fluctuations in interest rates through policies established by our ALCO and approved by the Board. The ALCO meets periodically and has responsibility for formulating and recommending asset/liability management policies to the Board, formulating and implementing strategies to improve balance sheet positioning and/or earnings, and reviewing interest rate sensitivity. 

One of the tools management uses to estimate and manage the sensitivity of net interest revenue to changes in interest rates is an asset/liability simulation model. Resulting estimates are based upon several assumptions for each scenario, including loan and deposit re-pricing characteristics and the rate of prepayments. The ALCO periodically reviews the assumptions for reasonableness based on historical data and future expectations; however, actual net interest revenue may differ from model results. The primary objective of the simulation model is to measure the potential change in net interest revenue over time using multiple interest rate scenarios. The base scenario assumes rates remain flat and is the scenario to which all others are compared, in order to measure the change in net interest revenue. Policy limits are based on immediate rate shock scenarios, as well as gradually rising and falling rate scenarios, which are all compared to the base scenario. Our assumptions include floors such that market rates and discount rates do not go below zero. Other scenarios analyzed may include delayed rate shocks, yield curve steepening or flattening, or other variations in rate movements. While the primary policy scenarios focus on a 12-month time frame, longer time horizons are also modeled. 

Our policy is based on the 12-month impact on net interest revenue of interest rate shocks and ramps that increase from 100 to 400 basis points or decrease 100 to 200 basis points from the base scenario. In the shock scenarios, rates immediately change the full amount at the scenario onset. In the ramp scenarios, rates change by 25 basis points per month. Our policy limits the projected change in net interest revenue over the first 12 months to an 8% decrease for each 100 basis point change in the increasing and decreasing rate ramp and shock scenarios. The following table presents our interest sensitivity position at the dates indicated.

Table 13 - Interest Sensitivity
(in thousands)
 Increase (Decrease) in Net Interest Revenue from Base Scenario at
 March 31, 2022December 31, 2021
Change in RatesShockRampShockRamp
200 basis point increase11.93 %8.18 %8.02 %4.76 %
100 basis point increase5.39 4.47 3.87 3.07 
100 basis point decrease(4.72)(3.93)(4.45)(3.80)
200 basis point decrease(7.93)(5.64)(5.54)(4.51)
 
Interest rate sensitivity is a function of the repricing characteristics of the portfolio of assets and liabilities. These repricing characteristics are the time frames within which the interest-earning assets and interest-bearing liabilities are subject to change in interest rates either at replacement, repricing or maturity. Interest rate sensitivity management focuses on the maturity structure of assets and liabilities and their repricing characteristics during periods of changes in market interest rates. Effective interest rate
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sensitivity management seeks to ensure that both assets and liabilities respond to changes in interest rates on a net basis within an acceptable timeframe, thereby minimizing the potentially adverse effect of interest rate changes on net interest revenue.
 
We have discretion in the extent and timing of deposit repricing depending upon the competitive pressures in the markets in which we operate. Changes in the mix of earning assets or supporting liabilities can either increase or decrease the net interest margin without affecting interest rate sensitivity. The interest rate spread between an asset and its supporting liability can vary significantly even when the timing of repricing for both the asset and the liability remains the same, due to the two instruments repricing according to different indices. This is commonly referred to as basis risk.
 
Derivative financial instruments are used to manage interest rate sensitivity. These contracts generally consist of interest rate swaps under which we pay a variable rate (or fixed rate, as the case may be) and receive a fixed rate (or variable rate, as the case may be). In addition, investment securities and wholesale funding strategies are used to manage interest rate risk.

Derivative financial instruments that are designated as accounting hedges are classified as either cash flow or fair value hedges. The change in fair value of cash flow hedges is recognized in OCI. Fair value hedges recognize in earnings both the effect of the change in the fair value of the derivative financial instrument and the offsetting effect of the change in fair value of the hedged asset or liability associated with the particular risk of that asset or liability being hedged. We have other derivative financial instruments that are not designated as accounting hedges, but are used for interest rate risk management purposes and as effective economic hedges. Derivative financial instruments that are not accounted for as accounting hedges are marked to market through earnings.
Our policy requires all non-customer derivative financial instruments be used only for asset/liability management through the hedging of specific transactions, positions or risks, and not for trading or speculative purposes. Management believes that the risk associated with using derivative financial instruments to mitigate interest rate risk sensitivity is appropriately monitored and controlled and will not have any material adverse effect on financial condition or results of operations. In order to mitigate potential credit risk, from time to time we may require the counterparties to derivative contracts to pledge cash and/or securities as collateral to cover the net exposure. 
Liquidity Management 
Liquidity is defined as the ability to convert assets into cash or cash equivalents without significant loss and to raise additional funds by increasing liabilities. Liquidity management involves maintaining the ability to meet the daily cash flow requirements of customers, both depositors and borrowers. The primary objective is to ensure that sufficient funding is available, at a reasonable cost, to meet ongoing operational cash needs and to take advantage of revenue producing opportunities as they arise. While the desired level of liquidity will vary depending upon a variety of factors, our primary goal is to maintain a sufficient level of liquidity in all expected economic environments. To assist in determining the adequacy of our liquidity, we perform a variety of liquidity stress tests. We maintain an unencumbered liquid asset reserve to help ensure our ability to meet our obligations under normal conditions for at least a 12-month period and under severely adverse liquidity conditions for a minimum of 30 days.
An important part of the Bank’s liquidity resides in the asset portion of the balance sheet, which provides liquidity primarily through loan interest and principal repayments and the maturities and sales of securities, as well as the ability to use these assets as collateral for borrowings on a secured basis.
The Bank’s main source of liquidity is customer interest-bearing and noninterest-bearing deposit accounts. Liquidity is also available from wholesale funding sources consisting primarily of Federal funds purchased, FHLB advances, and brokered deposits. These sources of liquidity are generally short-term in nature and are used as necessary to fund asset growth and meet other short-term liquidity needs. 
In addition, because the Holding Company is a separate entity and apart from the Bank, it must provide for its own liquidity. The Holding Company is responsible for the payment of dividends declared for its common and preferred shareholders, and interest and principal on any outstanding debt or trust preferred securities. The Holding Company currently has internal capital resources to meet these obligations. While the Holding Company has access to the capital markets and maintains a line of credit as a contingent funding source, the ultimate sources of its liquidity are subsidiary service fees and dividends from the Bank, which are limited by applicable law and regulations. A South Carolina state-chartered bank is permitted to pay a dividend of up to 100% of its current year earnings without requesting approval of the South Carolina Board of Financial Institutions, provided certain conditions are met. Holding Company liquidity is managed to a minimum of 15-months of anticipated cash expenditures after considering all of its liquidity needs over this period.
At March 31, 2022, we had sufficient qualifying collateral to provide borrowing capacity for FHLB advances of $1.41 billion and Federal Reserve discount window borrowing capacity of $2.05 billion. We also had unpledged investment securities of $4.64 billion that could be used as collateral for additional borrowings. In addition, we have the ability to attract retail deposits by competing more aggressively on pricing.
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Significant uses and sources of cash during the three months ended March 31, 2022 are as follows. See the consolidated statement of cash flows for further detail.
•Net cash provided by operating activities of $200 million reflects net income of $48.0 million adjusted for non-cash transactions, gains and losses on sales of securities and other loans and changes in other assets and liabilities. Significant non-cash transactions for the period included a $23.1 million provision for credit losses and net depreciation, amortization, and accretion of $11.4 million.
•Net cash used in investing activities of $902 million primarily consisted of purchases of AFS and HTM debt securities of $1.15 billion and a net increase in loans of $219 million, partially offset by proceeds from securities sales, maturities and calls of $432 million.
•Net cash provided by financing activities of $290 million was driven by strong deposit growth as our net increase in deposits totaled $311 million, which was partially offset by dividends on common and preferred stock of $19.9 million.
In the opinion of management, our liquidity position at March 31, 2022 was sufficient to meet our expected cash flow requirements.

Capital Resources and Dividends
 
Shareholders’ equity at March 31, 2022 was $2.70 billion, an increase of $473 million from December 31, 2021 primarily due to equity issued in the Reliant acquisition and year-to-date earnings partially offset by dividends declared and unrealized losses on AFS debt securities.

The following table shows capital ratios, as calculated under applicable regulatory guidelines, at March 31, 2022 and December 31, 2021. As of March 31, 2022, capital levels remained characterized as “well-capitalized” under prompt corrective action provisions in effect at the time. Additional information related to capital ratios is provided in Note 14 to the consolidated financial statements.

Table 14 - Capital Ratios
United Community Banks, Inc.
(Consolidated)		United Community Bank
MinimumWell-
Capitalized		Minimum Capital Plus Capital Conservation BufferMarch 31,
2022		December 31,
2021		March 31,
2022		December 31,
2021
Risk-based ratios:
CET1 capital4.5 %6.5 %7.0 %11.88 %12.46 %12.77 %12.87 %
Tier 1 capital6.0 8.0 8.5 12.46 13.17 12.77 12.87 
Total capital8.0 10.0 10.5 14.34 14.65 13.48 13.46 
Leverage ratio4.0 5.0 N/A8.89 8.75 9.09 8.53 

Effect of Inflation and Changing Prices
 
A bank’s asset and liability structure is substantially different from that of an industrial firm in that primarily all assets and liabilities of a bank are monetary in nature with relatively little investment in fixed assets or inventories. Inflation has an important effect on the growth of total assets and the resulting need to increase equity capital at higher than normal rates in order to maintain an appropriate equity to assets ratio.
 
Management believes the effect of inflation on financial results depends on our ability to react to changes in interest rates, and by such reaction, reduce the inflationary effect on performance. We have an asset/liability management program to manage interest rate sensitivity. In addition, periodic reviews of banking services and products are conducted to adjust pricing in view of current and expected costs.

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Item 3.    Quantitative and Qualitative Disclosure About Market Risk
 
There have been no material changes in our market risk as of March 31, 2022 from that presented in our 2021 10-K. Our interest rate sensitivity position at March 31, 2022 is set forth in Table 13 in MD&A of this Report and incorporated herein by this reference.
 
Item 4.    Controls and Procedures

    (a) Disclosure Controls and Procedures. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures (as such term is defined in Exchange Act Rule 13a-15(e)) as of March 31, 2022. Based on that evaluation, our principal executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

    (b) Changes in Internal Control Over Financial Reporting. No change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) occurred during the fiscal quarter ended March 31, 2022 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Part II. OTHER INFORMATION 

Item 1. Legal Proceedings
 
In the ordinary course of business, the Holding Company and the Bank are parties to various legal proceedings. Additionally, in the ordinary course of business, the Holding Company and the Bank are subject to regulatory examinations and investigations. Based on our current knowledge and advice of counsel, in the opinion of management there is no such pending or threatened legal matter which would result in a material adverse effect upon our consolidated financial condition or results of operations.

Items 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the 2021 10-K for the fiscal year ended.

Item 6. Exhibits

(d)     Exhibits. See Exhibit Index below.

EXHIBIT INDEX
Exhibit No. Description
 
 
 
101
Interactive data files for United Community Bank, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL: (i) the Consolidated Balance Sheets (unaudited); (ii) the Consolidated Statements of Income (unaudited); (iii) the Consolidated Statements of Comprehensive Income (unaudited); (iv) the Consolidated Statements in Shareholders’ Equity (unaudited); (v) the Consolidated Statements of Cash Flows (unaudited); and (vi) the Notes to Consolidated Financial Statements (unaudited).
104
The cover page from United Community Bank’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (formatted in Inline XBRL and included in Exhibit 101)



55

Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 UNITED COMMUNITY BANKS, INC.
  
 /s/ H. Lynn Harton
 H. Lynn Harton
 President and Chief Executive Officer
 (Principal Executive Officer)
  
 /s/ Jefferson L. Harralson
 Jefferson L. Harralson
 Executive Vice President and Chief Financial Officer
 (Principal Financial Officer)
  
 /s/ Alan H. Kumler
 Alan H. Kumler
 Senior Vice President and Chief Accounting Officer
 (Principal Accounting Officer)
  
 Date: May 6, 2022
 

56
Document

Exhibit 31.1
 
I, H. Lynn Harton, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q of United Community Banks, Inc. (the “Registrant”);
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 6, 2022
 /s/ H. Lynn Harton
H. Lynn Harton
  President and Chief Executive Officer of the Registrant
 
 


Document

Exhibit 31.2
 
I, Jefferson L. Harralson, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q of United Community Banks, Inc. (the “Registrant”);
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. 
 
Date: May 6, 2022
 /s/ Jefferson L. Harralson
  Jefferson L. Harralson
  Executive Vice President and Chief Financial Officer of the Registrant


Document

Exhibit 32
 
CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report of United Community Banks, Inc. (“United”) on Form 10-Q for the period ending March 31, 2022 filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of United certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of United.
 /s/ H. Lynn Harton
 Name: H. Lynn Harton
 Title:President and Chief Executive Officer
Date:May 6, 2022
  
 /s/ Jefferson L. Harralson
 Name: Jefferson L. Harralson
 Title:Executive Vice President and Chief Financial Officer
 Date:May 6, 2022