SEC Filing | United Community Banks, Inc.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 19, 2022

UNITED COMMUNITY BANKS, INC.

(Exact name of registrant as specified in its charter)

Georgia	001-35095	58-1807304
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS Employer Identification No.)

125 Highway 515 East
Blairsville, Georgia 30512
(Address of principal executive offices)

Registrant's telephone number, including area code:
(706) 781-2265

Not applicable
(Former name or former address, if changed since last report)

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

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

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

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

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, par value $1 per share	UCBI	Nasdaq Global Select Market
Depositary shares, each representing 1/1000^th interest in a share of Series I Non-Cumulative Preferred Stock	UCBIO	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

Item 2.02	Results of Operations and Financial Condition.
	On July 19, 2022, United Community Banks, Inc. (“United”) issued a press release announcing financial results for the second quarter of 2022. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01	Regulation FD Disclosure.
	On July 20, 2022, United will hold an earnings conference call and webcast at 11:00 a.m. (Eastern Time) to discuss financial results for the second quarter of 2022. The press release referenced above in Item 2.02 contains information about how to access the conference call and webcast. A copy of the slide presentation to be used during the earnings call and webcast is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.ucbi.com, under the “Investor Relations – Events and Presentations” section.

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits	The following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K.

EXHIBIT INDEX

Exhibit No.		Description

99.1		United Community Banks, Inc. Press Release, dated July 19, 2022 (furnished only).

99.2		Slide presentation to be used during July 20, 2022 earnings call (furnished only).

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UNITED COMMUNITY BANKS, INC.

	By:	/s/ Jefferson L. Harralson
		Jefferson L. Harralson
		Executive Vice President and
		Chief Financial Officer

Date: July 19, 2022

Exhibit 99.1

For Immediate Release

For more information:

Jefferson Harralson

Chief Financial Officer

(864) 240-6208

Jefferson_Harralson@ucbi.com

United Community Banks, Inc. Reports Second Quarter Results

Strong Core Profitability Driven by Net Interest Margin Expansion and Loan Growth of 6.3%

GREENVILLE, SC – July 19, 2022 - United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced net income for the second quarter of $66.8 million and pre-tax, pre-provision income of $91.6 million. Diluted earnings per share of $0.61 for the quarter represented an increase of $0.18 or 42% from the first quarter of 2022 and a decrease of $0.17 or 22%, from the second quarter of 2021. The year-over-year decrease is largely attributable to a $13.6 million provision release in the second quarter of 2021 compared to a $5.6 million provision expense in the second quarter of 2022. Quarter highlights include 6.3% annualized loan growth, 22 basis points of net interest margin expansion, a modest reserve build to 1.05% of loans and an improvement in the efficiency ratio to 56.6%, or 53.2% on an operating basis, which excludes the effect of merger-related and other charges.

United’s second quarter return on assets (ROA) was 1.08% and return on common equity was 9.31%. On an operating basis, United’s ROA was 1.17% and its return on tangible common equity was 14.20%. Excluding merger-related and other charges United’s pre-tax, pre-provision ROA was 1.60% for the quarter.

Total loans increased by $225 million during the quarter. Excluding the effect of PPP, core organic loan growth was 7.0% annualized. Deposits decreased by $183 million or 0.9%. United’s cost of deposits was up only 2 basis points to 0.08% while the average yield on interest-earning assets was up 24 basis points to 3.34%.

Chairman and CEO Lynn Harton stated, “We are pleased to report another quarter of strong core performance. We had solid organic loan growth, which was within our expected long-term range for growth. Asset quality remained exceptional.” Harton continued, “From a strategic perspective, we are excited about our merger agreement with Progress Financial Corporation. We are confident that Progress and United will be a great cultural fit. David Nast and his team have built an outstanding organization focused on dynamic growth markets in Alabama and the Florida Panhandle.”

He further stated, “Sadly, we also are grieving the passing of DeVan Ard. DeVan founded Reliant Bank in 2006, and due to his capable leadership and his team of talented bankers, Reliant received many accolades and was recognized as one of the top places to work and a top performing community bank. Those accomplishments, along with much more, are a tribute to an exceptional career and a life well lived. DeVan was an incredible partner and we were fortunate to have him as part of the United team. He put his all into making our partnership successful and we could not be more appreciative. We will miss him greatly. John Wilson, Reliant’s President, will now step into the role as our Tennessee State President. John has been instrumental during our integration process and will be an outstanding leader going forward.”

Harton concluded, “We remain very positive about United’s performance during the second half of 2022. We continue to see strong pipelines for business growth across our markets. We also have a high-quality balance sheet and business mix that we believe will support strong performance regardless of future economic conditions.”

Second Quarter 2022 Financial Highlights:

Net income of $66.8 million and pre-tax, pre-provision income of $91.6 million

EPS decreased by 22% compared to last year on a GAAP basis and 16% on an operating basis; compared to first quarter 2022, EPS increased 42% on a GAAP basis and 32% on an operating basis

Return on assets of 1.08%, or 1.17% on an operating basis

Pre-tax, pre-provision return on assets of 1.49%, or 1.60% when excluding merger-related and other charges

Return on common equity of 9.31%

Return on tangible common equity of 14.20% on an operating basis

A provision for credit losses of $5.6 million, which increased the allowance for credit losses to 1.05% of loans from 1.02% in the first quarter

Net recoveries of $1.1 million, or 0.03 basis points of average loans

Loan production of $1.5 billion, resulting in annualized core loan growth, excluding the impact of PPP, of 7.0%, for the quarter

Core transaction deposits were down $156.2 million or 0.9% for the quarter

Net interest income increased by $15.1 million, or 9.2%, on a linked quarter basis as solid loan growth and a positive mix change combined with a wider net interest margin

Net interest margin of 3.19% was up 22 basis points from the first quarter, mainly due to increasing interest rates

Mortgage closings of $498.5 million and mortgage rate locks of $597.3 million, compared to $679.9 million and $701.7 million, respectively, for the same quarter a year ago

Noninterest income was down $5.5 million on a linked quarter basis, primarily driven by a $4.3 million less of a positive MSR valuation in the second quarter as compared to the first; specifically, there was a $2.1 million increase in the MSR valuation in the second quarter compared with a $6.4 million increase in the first quarter

Noninterest expenses increased by $1.5 million compared to the first quarter, as compensation merit increases were partially offset by Reliant cost savings

Efficiency ratio of 56.6%, or 53.2% on an operating basis

Nonperforming assets of 0.14% of total assets, a decrease of 3 basis points from March 31, 2022

Quarterly common shareholder dividend of $0.21 per share declared during the quarter, an increase of 11% year-over-year

Conference Call

United will hold a conference call on Wednesday, July 20, 2022, at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10168643/f383a3dcd2. Those without internet access or who are unable to pre-register may dial in by calling 1-866-777-2509. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and available for replay by selecting “Events and Presentations” under ”News and Events” within the Investor Relations section of United’s website at www.ucbi.com.

UNITED COMMUNITY BANKS, INC.

Selected Financial Information

(in thousands, except per share data)

	2022						2021									Second Quarter 2022 -			For the Six Months Ended June 30,						YTD 2022 -
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2021 Change			2022			2021			2021 Change
INCOME SUMMARY
Interest revenue	$	187,378		$	171,059		$	143,768		$	147,675		$	145,809					$	358,437		$	287,351
Interest expense		8,475			7,267			6,213			6,636			7,433						15,742			16,911
Net interest revenue		178,903			163,792			137,555			141,039			138,376			29	%		342,695			270,440			27	%
Provision for (release of) credit losses		5,604			23,086			(647	)		(11,034	)		(13,588	)					28,690			(25,869	)
Noninterest income		33,458			38,973			37,177			40,095			35,841			(7	)		72,431			80,546			(10	)
Total revenue		206,757			179,679			175,379			192,168			187,805			10			386,436			376,855			3
Noninterest expenses		120,790			119,275			109,156			96,749			95,540			26			240,065			190,734			26
Income before income tax expense		85,967			60,404			66,223			95,419			92,265			(7	)		146,371			186,121			(21	)
Income tax expense		19,125			12,385			14,204			21,603			22,005			(13	)		31,510			42,155			(25	)
Net income		66,842			48,019			52,019			73,816			70,260			(5	)		114,861			143,966			(20	)
Merger-related and other charges		7,143			9,016			9,912			1,437			1,078						16,159			2,621
Income tax benefit of merger-related and other charges		(1,575	)		(1,963	)		(2,265	)		(328	)		(246	)					(3,538	)		(581	)
Net income - operating ⁽¹⁾	$	72,410		$	55,072		$	59,666		$	74,925		$	71,092			2		$	127,482		$	146,006			(13	)
Pre-tax pre-provision income ⁽⁵⁾	$	91,571		$	83,490		$	65,576		$	84,385		$	78,677			16		$	175,061		$	160,252			9
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.61		$	0.43		$	0.55		$	0.82		$	0.78			(22	)	$	1.04		$	1.60			(35	)
Diluted net income - operating ⁽¹⁾		0.66			0.50			0.64			0.83			0.79			(16	)		1.16			1.62			(28	)
Cash dividends declared		0.21			0.21			0.20			0.20			0.19			11			0.42			0.38			11
Book value		23.96			24.38			23.63			23.25			22.81			5			23.96			22.81			5
Tangible book value ⁽³⁾		16.68			17.08			18.42			18.68			18.49			(10	)		16.68			18.49			(10	)
Key performance ratios:
Return on common equity - GAAP ⁽²⁾⁽⁴⁾		9.31	%		6.80	%		9.32	%		14.26	%		14.08	%					8.07	%		14.71	%
Return on common equity - operating ^(1)(2)(4)		10.10			7.83			10.74			14.48			14.25						8.98			14.92
Return on tangible common equity - operating ^(1)(2)(3)(4)		14.20			11.00			13.93			18.23			17.81						12.62			18.72
Return on assets - GAAP ⁽⁴⁾		1.08			0.78			0.96			1.48			1.46						0.93			1.54
Return on assets - operating ⁽¹⁾⁽⁴⁾		1.17			0.89			1.10			1.50			1.48						1.03			1.56
Return on assets - pre-tax pre-provision ⁽⁴⁾⁽⁵⁾		1.49			1.37			1.21			1.70			1.64						1.43			1.72
Return on assets - pre-tax pre-provision, excluding merger- related and other charges ^(1)(4)(5)		1.60			1.52			1.40			1.73			1.67						1.56			1.75
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.19			2.97			2.81			3.12			3.19						3.08			3.20
Efficiency ratio - GAAP		56.58			57.43			62.12			53.11			54.53						57.00			54.04
Efficiency ratio - operating ⁽¹⁾		53.23			53.09			56.48			52.33			53.92						53.16			53.30
Equity to total assets		10.95			11.06			10.61			10.89			11.04						10.95			11.04
Tangible common equity to tangible assets ⁽³⁾		7.59			7.72			8.09			8.53			8.71						7.59			8.71
ASSET QUALITY
Nonperforming assets ("NPAs")	$	34,428		$	40,816		$	32,855		$	45,335		$	46,347			(26	)	$	34,428		$	46,347			(26	)
Allowance for credit losses - loans		136,925			132,805			102,532			99,620			111,616			23			136,925			111,616			23
Allowance for credit losses - total		153,042			146,369			113,524			110,875			122,460						153,042			122,460
Net charge-offs (recoveries)		(1,069	)		2,978			248			551			(456	)					1,909			(761	)
Allowance for credit losses - loans to loans		0.94	%		0.93	%		0.87	%		0.89	%		0.98	%					0.94	%		0.98	%
Allowance for credit losses - total to loans		1.05			1.02			0.97			0.99			1.08						1.05			1.08
Net charge-offs to average loans ⁽⁴⁾		(0.03	)		0.08			0.01			0.02			(0.02	)					0.03			(0.01	)
NPAs to total assets		0.14			0.17			0.16			0.23			0.25						0.14			0.25
AT PERIOD END ($ in millions)
Loans	$	14,541		$	14,316		$	11,760		$	11,191		$	11,391			28		$	14,541		$	11,391			28
Investment securities		6,683			6,410			5,653			5,335			4,928			36			6,683			4,928			36
Total assets		24,213			24,374			20,947			19,481			18,896			28			24,213			18,896			28
Deposits		20,873			21,056			18,241			16,865			16,328			28			20,873			16,328			28
Shareholders’ equity		2,651			2,695			2,222			2,122			2,086			27			2,651			2,086			27
Common shares outstanding (thousands)		106,034			106,025			89,350			86,559			86,665			22			106,034			86,665			22

⁽¹⁾ Excludes merger-related and other charges. ⁽²⁾ Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). ⁽³⁾ Excludes effect of acquisition related intangibles and associated amortization. ⁽⁴⁾Annualized. ⁽⁵⁾ Excludes income tax expense and provision for credit losses.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
(in thousands, except per share data)

	2022						2021									For the Six Months Ended June 30,
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2022			2021
Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	120,790		$	119,275		$	109,156		$	96,749		$	95,540		$	240,065		$	190,734
Merger-related and other charges		(7,143	)		(9,016	)		(9,912	)		(1,437	)		(1,078	)		(16,159	)		(2,621	)
Noninterest expenses - operating	$	113,647		$	110,259		$	99,244		$	95,312		$	94,462		$	223,906		$	188,113

Net income reconciliation
Net income (GAAP)	$	66,842		$	48,019		$	52,019		$	73,816		$	70,260		$	114,861		$	143,966
Merger-related and other charges		7,143			9,016			9,912			1,437			1,078			16,159			2,621
Income tax benefit of merger-related and other charges		(1,575	)		(1,963	)		(2,265	)		(328	)		(246	)		(3,538	)		(581	)
Net income - operating	$	72,410		$	55,072		$	59,666		$	74,925		$	71,092		$	127,482		$	146,006

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	66,842		$	48,019		$	52,019		$	73,816		$	70,260		$	114,861		$	143,966
Income tax expense		19,125			12,385			14,204			21,603			22,005			31,510			42,155
Provision for (release of) credit losses		5,604			23,086			(647	)		(11,034	)		(13,588	)		28,690			(25,869	)
Pre-tax pre-provision income	$	91,571		$	83,490		$	65,576		$	84,385		$	78,677		$	175,061		$	160,252

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.61		$	0.43		$	0.55		$	0.82		$	0.78		$	1.04		$	1.60
Merger-related and other charges, net of tax		0.05			0.07			0.09			0.01			0.01			0.12			0.02
Diluted income per common share - operating	$	0.66		$	0.50		$	0.64		$	0.83		$	0.79		$	1.16		$	1.62

Book value per common share reconciliation
Book value per common share (GAAP)	$	23.96		$	24.38		$	23.63		$	23.25		$	22.81		$	23.96		$	22.81
Effect of goodwill and other intangibles		(7.28	)		(7.30	)		(5.21	)		(4.57	)		(4.32	)		(7.28	)		(4.32	)
Tangible book value per common share	$	16.68		$	17.08		$	18.42		$	18.68		$	18.49		$	16.68		$	18.49

Return on tangible common equity reconciliation
Return on common equity (GAAP)		9.31	%		6.80	%		9.32	%		14.26	%		14.08	%		8.07	%		14.71	%
Merger-related and other charges, net of tax		0.79			1.03			1.42			0.22			0.17			0.91			0.21
Return on common equity - operating		10.10			7.83			10.74			14.48			14.25			8.98			14.92
Effect of goodwill and other intangibles		4.10			3.17			3.19			3.75			3.56			3.64			3.80
Return on tangible common equity - operating		14.20	%		11.00	%		13.93	%		18.23	%		17.81	%		12.62	%		18.72	%

Return on assets reconciliation
Return on assets (GAAP)		1.08	%		0.78	%		0.96	%		1.48	%		1.46	%		0.93	%		1.54	%
Merger-related and other charges, net of tax		0.09			0.11			0.14			0.02			0.02			0.10			0.02
Return on assets - operating		1.17	%		0.89	%		1.10	%		1.50	%		1.48	%		1.03	%		1.56	%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.08	%		0.78	%		0.96	%		1.48	%		1.46	%		0.93	%		1.54	%
Income tax expense		0.32			0.20			0.26			0.45			0.47			0.26			0.46
(Release of) provision for credit losses		0.09			0.39			(0.01	)		(0.23	)		(0.29	)		0.24			(0.28	)
Return on assets - pre-tax, pre-provision		1.49			1.37			1.21			1.70			1.64			1.43			1.72
Merger-related and other charges		0.11			0.15			0.19			0.03			0.03			0.13			0.03
Return on assets - pre-tax pre-provision, excluding merger-related and other charges		1.60	%		1.52	%		1.40	%		1.73	%		1.67	%		1.56	%		1.75	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		56.58	%		57.43	%		62.12	%		53.11	%		54.53	%		57.00	%		54.04	%
Merger-related and other charges		(3.35	)		(4.34	)		(5.64	)		(0.78	)		(0.61	)		(3.84	)		(0.74	)
Efficiency ratio - operating		53.23	%		53.09	%		56.48	%		52.33	%		53.92	%		53.16	%		53.30	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		10.95	%		11.06	%		10.61	%		10.89	%		11.04	%		10.95	%		11.04	%
Effect of goodwill and other intangibles		(2.96	)		(2.94	)		(2.06	)		(1.87	)		(1.82	)		(2.96	)		(1.82	)
Effect of preferred equity		(0.40	)		(0.40	)		(0.46	)		(0.49	)		(0.51	)		(0.40	)		(0.51	)
Tangible common equity to tangible assets		7.59	%		7.72	%		8.09	%		8.53	%		8.71	%		7.59	%		8.71	%

Allowance for credit losses - total to loans reconciliation
Allowance for credit losses - total to loans (GAAP)		1.05	%		1.02	%		0.97	%		0.99	%		1.08	%		1.05	%		1.08	%
Effect of PPP loans		—			—			—			0.01			0.04			—			0.04
Allowance for credit losses - total to loans, excluding PPP loans		1.05	%		1.02	%		0.97	%		1.00	%		1.12	%		1.05	%		1.12	%

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End

	2022				2021						Linked			Year over
(in millions)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter		Quarter Change			Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	2,681	$	2,638	$	2,322	$	2,149	$	2,149	$	43		$	532
Income producing commercial RE		3,273		3,328		2,601		2,542		2,550		(55	)		723
Commercial & industrial		2,243		2,302		1,822		1,729		1,762		(59	)		481
Paycheck protection program		10		34		88		150		472		(24	)		(462	)
Commercial construction		1,514		1,482		1,015		947		927		32			587
Equipment financing		1,211		1,148		1,083		1,017		969		63			242
Total commercial		10,932		10,932		8,931		8,534		8,829		—			2,103
Residential mortgage		1,997		1,826		1,638		1,533		1,473		171			524
Home equity lines of credit		801		778		694		661		661		23			140
Residential construction		381		368		359		321		289		13			92
Manufactured housing		287		269		—		—		—		18			287
Consumer		143		143		138		142		139		—			4
Total loans	$	14,541	$	14,316	$	11,760	$	11,191	$	11,391	$	225		$	3,150

LOANS BY MARKET
Georgia	$	3,960	$	3,879	$	3,778	$	3,732	$	3,729	$	81		$	231
South Carolina		2,377		2,323		2,235		2,145		2,107		54			270
North Carolina		2,006		1,879		1,895		1,427		1,374		127			632
Tennessee		2,621		2,661		373		383		394		(40	)		2,227
Florida		1,235		1,208		1,148		1,113		1,141		27			94
Commercial Banking Solutions		2,342		2,366		2,331		2,391		2,646		(24	)		(304	)
Total loans	$	14,541	$	14,316	$	11,760	$	11,191	$	11,391	$	225		$	3,150

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
(in thousands)

	2022				2021
	Second Quarter		First Quarter		Fourth Quarter
NONACCRUAL LOANS
Owner occupied RE	$	1,876	$	4,590	$	2,714
Income producing RE		7,074		7,220		7,588
Commercial & industrial		4,548		6,227		5,429
Commercial construction		208		401		343
Equipment financing		3,249		2,540		1,741
Total commercial		16,955		20,978		17,815
Residential mortgage		12,228		13,024		13,313
Home equity lines of credit		933		1,183		1,212
Residential construction		198		212		420
Manufactured housing		2,804		2,507		—
Consumer		25		40		52
Total nonaccrual loans held for investment		33,143		37,944		32,812
Nonaccrual loans held for sale		317		2,033		—
OREO and repossessed assets		968		839		43
Total NPAs	$	34,428	$	40,816	$	32,855

	2022												2021
	Second Quarter						First Quarter						Fourth Quarter
(in thousands)	Net Charge-Offs			Net Charge-Offs to Average Loans ⁽¹⁾			Net Charge-Offs			Net Charge-Offs to Average Loans ⁽¹⁾			Net Charge-Offs			Net Charge-Offs to Average Loans ⁽¹⁾
NET CHARGE-OFFS BY CATEGORY
Owner occupied RE	$	(1,496	)		(0.23	)%	$	(45	)		(0.01	)%	$	(255	)		(0.04	)%
Income producing RE		(116	)		(0.01	)		(290	)		(0.04	)		(98	)		(0.01	)
Commercial & industrial		(302	)		(0.05	)		2,929			0.51			339			0.07
Commercial construction		(144	)		(0.04	)		(373	)		(0.10	)		(354	)		(0.14	)
Equipment financing		907			0.31			267			0.10			781			0.29
Total commercial		(1,151	)		(0.04	)		2,488			0.09			413			0.02
Residential mortgage		(51	)		(0.01	)		(97	)		(0.02	)		(169	)		(0.04	)
Home equity lines of credit		(346	)		(0.18	)		(81	)		(0.04	)		(118	)		(0.07	)
Residential construction		(76	)		(0.08	)		(23	)		(0.03	)		(17	)		(0.02	)
Manufactured housing		135			0.20			164			0.25			—			—
Consumer		420			1.18			527			1.48			139			0.39
Total	$	(1,069	)		(0.03	)	$	2,978			0.08		$	248			0.01

(1) Annualized.

UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	June 30, 2022			December 31, 2021
ASSETS
Cash and due from banks	$	238,310		$	144,244
Interest-bearing deposits in banks		977,397			2,147,266
Federal funds and other short-term investments		—			27,000
Cash and cash equivalents		1,215,707			2,318,510
Debt securities available-for-sale		3,960,285			4,496,824
Debt securities held-to-maturity (fair value $2,431,138 and $1,148,804, respectively)		2,722,475			1,156,098
Loans held for sale		40,678			44,109
Loans and leases held for investment		14,541,230			11,760,346
Less allowance for credit losses - loans and leases		(136,925	)		(102,532	)
Loans and leases, net		14,404,305			11,657,814
Premises and equipment, net		286,248			245,296
Bank owned life insurance		299,104			217,713
Goodwill and other intangible assets, net		782,544			472,407
Other assets		501,662			338,000
Total assets	$	24,213,008		$	20,946,771
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	8,155,494		$	6,956,981
NOW and interest-bearing demand		4,543,722			4,252,209
Money market		4,839,565			4,183,354
Savings		1,513,656			1,215,779
Time		1,654,704			1,442,498
Brokered		165,942			190,358
Total deposits		20,873,083			18,241,179
Long-term debt		324,371			247,360
Accrued expenses and other liabilities		364,266			235,987
Total liabilities		21,561,720			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, 106,033,960 and 89,349,826 shares issued and outstanding, respectively		106,034			89,350
Common stock issuable; 578,251 and 595,705 shares, respectively		11,448			11,288
Capital surplus		2,304,608			1,721,007
Retained earnings		396,970			330,654
Accumulated other comprehensive loss		(264,194	)		(26,476	)
Total shareholders' equity		2,651,288			2,222,245
Total liabilities and shareholders' equity	$	24,213,008		$	20,946,771

UNITED COMMUNITY BANKS, INC.

Consolidated Statements of Income (Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands, except per share data)	2022		2021			2022			2021
Interest revenue:
Loans, including fees	$	155,266	$	128,058		$	302,007		$	253,784
Investment securities, including tax exempt of $2,539, $2,255, $5,194 and $4,405, respectively		30,425		17,542			54,090			32,990
Deposits in banks and short-term investments		1,687		209			2,340			577
Total interest revenue		187,378		145,809			358,437			287,351

Interest expense:
Deposits:
NOW and interest-bearing demand		2,163		1,382			3,632			2,868
Money market		1,515		1,355			2,527			3,159
Savings		87		53			159			102
Time		537		830			1,115			2,710
Deposits		4,302		3,620			7,433			8,839
Short-term borrowings		—		—			—			2
Long-term debt		4,173		3,813			8,309			8,070
Total interest expense		8,475		7,433			15,742			16,911
Net interest revenue		178,903		138,376			342,695			270,440
Provision for (release of) credit losses		5,604		(13,588	)		28,690			(25,869	)
Net interest revenue after provision for credit losses		173,299		151,964			314,005			296,309

Noninterest income:
Service charges and fees		10,005		8,335			19,075			15,905
Mortgage loan gains and other related fees		6,971		11,136			23,123			33,708
Wealth management fees		5,985		3,822			11,880			7,327
Gains from sales of other loans, net		3,800		4,123			6,998			5,153
Lending and loan servicing fees		1,586		2,085			4,572			4,245
Securities gains (losses), net		46		41			(3,688	)		41
Other		5,065		6,299			10,471			14,167
Total noninterest income		33,458		35,841			72,431			80,546
Total revenue		206,757		187,805			386,436			376,855

Noninterest expenses:
Salaries and employee benefits		69,233		59,414			140,239			119,999
Communications and equipment		9,675		7,408			18,923			14,611
Occupancy		8,865		7,078			18,243			14,034
Advertising and public relations		2,300		1,493			3,788			2,692
Postage, printing and supplies		1,999		1,618			4,118			3,440
Professional fees		5,402		4,928			9,849			9,162
Lending and loan servicing expense		3,047		3,181			5,413			6,058
Outside services - electronic banking		2,947		2,285			5,470			4,503
FDIC assessments and other regulatory charges		2,267		1,901			4,440			3,797
Amortization of intangibles		1,736		929			3,529			1,914
Merger-related and other charges		7,143		1,078			16,159			2,621
Other		6,176		4,227			9,894			7,903
Total noninterest expenses		120,790		95,540			240,065			190,734
Income before income taxes		85,967		92,265			146,371			186,121
Income tax expense		19,125		22,005			31,510			42,155
Net income		66,842		70,260			114,861			143,966
Preferred stock dividends		1,719		1,719			3,438			3,438
Earnings allocated to participating securities		362		432			596			894
Net income available to common shareholders	$	64,761	$	68,109		$	110,827		$	139,634

Net income per common share:
Basic	$	0.61	$	0.78		$	1.04		$	1.60
Diluted		0.61		0.78			1.04			1.60
Weighted average common shares outstanding:
Basic		106,610		87,289			106,580			87,306
Diluted		106,716		87,421			106,697			87,443

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended June 30,

	2022								2021
(dollars in thousands, fully taxable equivalent (FTE))	Average Balance			Interest		Average Rate			Average Balance			Interest			Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	14,382,324		$	155,184		4.33	%	$	11,616,802		$	127,458			4.40	%
Taxable securities ⁽³⁾		6,436,992			27,886		1.73			4,242,297			15,287			1.44
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		490,659			3,410		2.78			388,609			3,030			3.12
Federal funds sold and other interest-earning assets		1,302,935			2,066		0.64			1,292,026			1,055			0.33
Total interest-earning assets (FTE)		22,612,910			188,546		3.34			17,539,734			146,830			3.36

Noninterest-earning assets:
Allowance for credit losses		(135,392	)							(128,073	)
Cash and due from banks		203,291								152,443
Premises and equipment		286,417								225,017
Other assets ⁽³⁾		1,286,107								1,002,634
Total assets	$	24,253,333							$	18,791,755

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	4,561,162			2,163		0.19		$	3,428,009			1,382			0.16
Money market		5,019,420			1,515		0.12			3,814,960			1,355			0.14
Savings		1,496,414			87		0.02			1,080,267			53			0.02
Time		1,671,632			491		0.12			1,548,487			899			0.23
Brokered time deposits		65,081			46		0.28			64,332			(69	)		(0.43	)
Total interest-bearing deposits		12,813,709			4,302		0.13			9,936,055			3,620			0.15
Federal funds purchased and other borrowings		66			—		—			111			—			—
Federal Home Loan Bank advances		—			—		—			—			—			—
Long-term debt		324,301			4,173		5.16			285,389			3,813			5.36
Total borrowed funds		324,367			4,173		5.16			285,500			3,813			5.36
Total interest-bearing liabilities		13,138,076			8,475		0.26			10,221,555			7,433			0.29

Noninterest-bearing liabilities:
Noninterest-bearing deposits		8,025,947								6,196,045
Other liabilities		397,890								314,130
Total liabilities		21,561,913								16,731,730
Shareholders' equity		2,691,420								2,060,025
Total liabilities and shareholders' equity	$	24,253,333							$	18,791,755

Net interest revenue (FTE)				$	180,071							$	139,397
Net interest-rate spread (FTE)							3.08	%								3.07	%
Net interest margin (FTE) ⁽⁴⁾							3.19	%								3.19	%

⁽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⁾

Unrealized gains and losses on securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $271 million in 2022 and pretax unrealized gains of $28.6 million in 2021 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.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Six Months Ended June 30,

	2022								2021
(dollars in thousands, fully taxable equivalent (FTE))	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	14,308,585		$	301,821		4.25	%	$	11,525,363		$	252,580		4.42	%
Taxable securities ⁽³⁾		6,142,723			48,896		1.59			3,932,545			28,585		1.45
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		500,750			6,976		2.79			380,370			5,918		3.11
Federal funds sold and other interest-earning assets		1,604,995			3,086		0.39			1,324,776			2,277		0.34
Total interest-earning assets (FTE)		22,557,053			360,779		3.22			17,163,054			289,360		3.40

Non-interest-earning assets:
Allowance for loan losses		(124,384	)							(135,845	)
Cash and due from banks		184,751								146,401
Premises and equipment		281,842								223,224
Other assets ⁽³⁾		1,329,359								1,012,896
Total assets	$	24,228,621							$	18,409,730

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	4,613,838			3,632		0.16		$	3,379,794			2,868		0.17
Money market		5,064,866			2,527		0.10			3,774,201			3,159		0.17
Savings		1,466,812			159		0.02			1,035,176			102		0.02
Time		1,715,022			1,025		0.12			1,595,196			2,487		0.31
Brokered time deposits		72,048			90		0.25			69,765			223		0.64
Total interest-bearing deposits		12,932,586			7,433		0.12			9,854,132			8,839		0.18
Federal funds purchased and other borrowings		337			—		—			62			—		—
Federal Home Loan Bank advances		—			—		—			1,657			2		0.24
Long-term debt		321,663			8,309		5.21			301,193			8,070		5.40
Total borrowed funds		322,000			8,309		5.20			302,912			8,072		5.37
Total interest-bearing liabilities		13,254,586			15,742		0.24			10,157,044			16,911		0.34

Noninterest-bearing liabilities:
Noninterest-bearing deposits		7,847,284								5,896,882
Other liabilities		388,162								313,374
Total liabilities		21,490,032								16,367,300
Shareholders' equity		2,738,589								2,042,430
Total liabilities and shareholders' equity	$	24,228,621							$	18,409,730

Net interest revenue (FTE)				$	345,037							$	272,449
Net interest-rate spread (FTE)							2.98	%							3.06	%
Net interest margin (FTE) ⁽⁴⁾							3.08	%							3.20	%

⁽¹⁾

⁽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⁾

Unrealized gains and losses on securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $175 million in 2022 and pretax unrealized gains of $43.4 million in 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.

About United Community Banks, Inc.

United Community Banks, Inc. (NASDAQGS: UCBI) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. As of June 30, 2022, United had $24.2 billion in assets and 195 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee, along with a national SBA lending franchise and a national equipment lending subsidiary. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. In 2022, J.D. Power ranked United highest in customer satisfaction with consumer banking in the Southeast, marking eight out of the last nine years United earned the coveted award. Forbes recognized United as one of the top ten World’s Best Banks in 2022. Forbes also included United on its 2022 list of the 100 Best Banks in America for the ninth consecutive year. United also received ten Greenwich Excellence Awards in 2021 for excellence in Small Business Banking and Middle Market Banking, including national awards for Overall Satisfaction and Likelihood to Recommend. United was also named one of the "Best Banks to Work For" by American Banker in 2021 for the fifth consecutive year based on employee satisfaction. Additional information about United can be found at www.ucbi.com.

Non-GAAP Financial Measures

This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets - pre-tax, pre-provision, excluding merger-related and other charges,” “return on assets - pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

Caution About Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, and include statements related to potential benefits of the Progress merger, and the strength of our pipelines and their ability to support for business growth across our markets and our belief that our high-quality balance sheet and business mix will support strong performance regardless of future economic conditions. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the Progress acquisition may not be realized or take longer than anticipated to be realized, (2) disruption of customer, supplier, employee or other business partner relationships as a result of the Progress acquisition, (3) the occurrence of any event, change or other circumstances that could give rise to a delay in closing the Progress acquisition or the termination of the merger agreement, (4) the failure to obtain the necessary approval by the shareholders of Progress, (5) the possibility that the costs, fees, expenses and charges related to the acquisition of Progress may be greater than anticipated, (6) the ability of United to obtain required governmental approvals of the Progress acquisition, (7) reputational risk and the reaction of the companies’ customers, suppliers, employees or other business partners to the acquisition of Progress, (8) the failure of the closing conditions in the Progress merger agreement to be satisfied, or any unexpected delay in closing the acquisition, (9) the risks relating to the integration of Progress’ operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (10) the risk of potential litigation or regulatory action related to the acquisition of Progress, (11) the risks associated with United’s pursuit of future acquisitions, (12) the risk of expansion into new geographic or product markets, (13) the dilution caused by United’s issuance of additional shares of its common stock in the acquisition of Progress, and (14) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2021, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

Many of these factors are beyond United’s (and in the case of the prospective acquisition of Progress, Progress’) ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United or Progress to predict their occurrence or how they will affect United or Progress.

United qualifies all forward-looking statements by these cautionary statements.

Important Information for Shareholders and Investors

In connection with the prospective acquisition of Progress, United has filed with the SEC a registration statement on Form S-4 that includes a proxy statement of Progress to be sent to Progress’ shareholders seeking their approval of the merger agreement and merger with United. The registration statement also contains the prospectus of United to register the shares of United common stock to be issued in connection with the Progress acquisition. INVESTORS AND SHAREHOLDERS OF PROGRESS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT, INCLUDING THE PROXY STATEMENT/PROSPECTUS IS A PART OF THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED BY UNITED OR PROGRESS WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND THOSE OTHER DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UNITED, PROGRESS AND THE MERGER OF PROGRESS AND UNITED.

The registration statement and other documents filed with the SEC may be obtained for free at the SEC’s website (www.sec.gov). You will also be able to obtain these documents, free of charge, from United at the “Investor Relations” section of United’s website at www.ucbi.com or from Progress at the “Investor Relations” section of Progress’ website at www.myprogressbank.com. Copies of the definitive proxy statement/prospectus will also be made available, free of charge, by contacting United Community Banks, Inc., P.O. Box 398, Blairsville, GA 30514, Attn: Jefferson Harralson, Telephone: (864) 240-6208, or Progress Financial Corp., 201 Williams Avenue, Huntsville, AL 35801, Attn: Dabsey Maxwell, Telephone: (256) 319-3641.

This communication is for informational purposes only and does not constitute an offer to sell, the solicitation of an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This communication is also not a solicitation of any vote or approval with respect to the proposed merger of Progress with United or otherwise.

Participants in the Transaction

United and Progress, and certain of their respective directors and executive officers, under the rules of the SEC may be deemed to be participants in the solicitation of proxies from Progress’ shareholders in favor of the approval of the merger agreement and the merger of Progress and United. Information about the directors and officers of United and their ownership of United common stock can be found in United’s definitive proxy statement in connection with its 2022 annual meeting of shareholders, as filed with the SEC on April 6, 2022, and other documents subsequently filed by United with the SEC. Information about the directors and executive officers of Progress and their ownership of Progress’ capital stock, as well as information regarding the interests of other persons who may be deemed participants in the transaction, may be obtained by reading the proxy statement/prospectus regarding the Merger with. Additional information regarding the interests of these participants will also be included in the proxy statement/prospectus pertaining to the Merger. Free copies of this document may be obtained as described above.

# # #

Exhibit 99.2

2 Q22 Investor Presentation July 19, 2022

Important Information For Shareholders and Investors 2 This presentation contains information related to a proposed merger of United Community Banks, Inc . ("United") with Progress Financial Corporation (“Progress") . In connection with the proposed merger, United has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S - 4 that includes the proxy statement of Progress to be sent to Progress’ shareholders seeking their approval of the merger . The registration statement also contains a prospectus of United to register the shares of United common stock to be issued in connection with the merger . A definitive proxy statement/prospectus will also be provided to Progress’ shareholders as required by applicable law . INVESTORS AND SHAREHOLDERS OF PROGRESS ARE ENCOURAGED TO READ THE APPLICABLE REGISTRATION STATEMENT, INCLUDING THE DEFINITIVE PROXY STATEMENT/PROSPECTUS THAT IS A PART OF THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED BY UNITED WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND THOSE OTHER DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT UNITED, PROGRESS AND THE PROPOSED TRANSACTION . The registration statement and other documents filed with the SEC may be obtained for free at the SEC’s website (www . sec . gov) . You may also obtain these documents, free of charge, from United at the “Investor Relations” section of United’s website at www . UCBI . com or from Progress at the “Investor Relations” section of Progress’ website at www . myprogressbank . com . Copies of the definitive proxy statement/prospectus are also available , free of charge, by contacting United Community Banks, Inc . , P . O . Box 398 , Blairsville, GA 30514 , Attn : Jefferson Harralson, Telephone : ( 864 ) 240 - 6208 and Progress Financial Corp . , 201 Williams Avenue, Huntsville, Alabama 35801 , Attn : Dabsey Maxwell, Telephone : ( 256 ) 319 - 3641 . This communication does not constitute an offer to sell, the solicitation of an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction . This communication is also not a solicitation of any vote or approval with respect to the proposed transaction or otherwise . PARTICIPANTS IN THE SOLICITATION Progress and UCBI and certain of their respective directors and executive officers, under the rules of the SEC, may be deemed to be participants in the solicitation of proxies from Progress shareholders in favor of the approval of the Merger . Information about the directors and officers of UCBI and their ownership of UCBI common stock can also be found in UCBI’s definitive proxy statement in connection with its 2022 annual meeting of shareholders, as filed with the SEC on April 6 , 2022 , and other documents subsequently filed by UCBI with the SEC . Information about the directors and executive officers of Progress and their ownership of Progress capital stock, as well as information regarding the interests of other persons who may be deemed participants in the transaction, may be obtained by reading the proxy statement/prospectus regarding the Merger with Progress . Additional information regarding the interests of these participants is also included in the proxy statement/prospectus pertaining to the Merger . Free copies of this document may be obtained as described above .

Disclosures 3 CAUTIONARY STATEMENT This communication contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . In general, forward - looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, and include statements related to the expected timing of the closing of the merger with Progress (the “ merger”), the expected returns and other benefits of the merger to shareholders, expected improvement in operating efficiency resulting from the merger, estimated expense reductions resulting from the transaction and the timing of achievement of such reductions, the impact on and timing of the recovery of the impact on tangible book value, and the effect of the merger on United’s capital ratios . Forward - looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance . Actual results may prove to be materially different from the results expressed or implied by the forward - looking statements . Forward - looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements . Factors that could cause or contribute to such differences include, but are not limited to ( 1 ) the risk that the cost savings from the merger may not be realized or take longer than anticipated to be realized, ( 2 ) disruption from the merger with customer, supplier, employee or other business partner relationships, ( 3 ) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, ( 4 ) the failure to obtain the necessary approval by the shareholders of Progress, ( 5 ) the possibility that the costs, fees, expenses and charges related to the merger may be greater than anticipated, ( 6 ) the ability by United to obtain required governmental approvals of the merger, ( 7 ) reputational risk and the reaction of the companies’ customers, suppliers, employees or other business partners to the merger, ( 8 ) the failure of the closing conditions in the merger agreement with Progress to be satisfied, or any unexpected delay in closing the merger, ( 9 ) the risks relating to the integration of Progress’ operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, ( 10 ) the risk of potential litigation or regulatory action related to mergers , ( 11 ) the risks associated with United’s pursuit of future acquisitions, ( 12 ) the risk of expansion into new geographic or product markets, ( 13 ) the dilution caused by United’s issuance of additional shares of its common stock in mergers, and ( 14 ) general competitive, economic, political and market conditions . Further information regarding additional factors which could affect the forward - looking statements can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward - Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10 - K for the year ended December 31 , 2021 , and other documents subsequently filed by United with the SEC . Many of these factors are beyond United’s and Progress’ ability to control or predict . If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward - looking statements . Accordingly, shareholders and investors should not place undue reliance on any such forward - looking statements . Any forward - looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law . New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United or Progress . United qualifies all forward - looking statements by these cautionary statements .

Disclosures NON - GAAP MEASURES This Investor Presentation includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) . This financial information includes certain operating performance measures, which exclude merger - related and other charges that are not considered part of recurring operations . Such measures include : “Earnings per share – operating,” “Diluted earnings per share – operating,” “Tangible book value per share,” “Return on common equity – operating,” “Return on tangible common equity – operating,” “Return on assets – operating ,” “Return on assets – pre - tax pre - provision, excluding merger - related and other charges,” “ Efficiency ratio – operating,” “Efficiency ratio – operating, excluding PPP fees and MSR marks,” “Expenses – operating ,” and “Tangible common equity to tangible assets . ” Management has included these non - GAAP measures because it believes these measures may provide useful supplemental information for evaluating United’s underlying performance trends . Further, management uses these measures in managing and evaluating United’s business and intends to refer to them in discussions about our operations and performance . Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non - GAAP measures that may be presented by other companies . To the extent applicable, reconciliations of these non - GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non - GAAP Reconciliation Tables’ included in the exhibits to this Presentation . 4

#2 Highest Net Promoter Score among all banks nationwide in 2021 – J.D. Power TOP 10 WORLD’S BEST BANKS and #3 in the United States - Forbes 195 BANKING OFFICES ACROSS THE SOUTHEAST #1 IN CUSTOMER SATISFACTION i n 2022 with Retail Banking in the Southeast – J.D. Power United Community Banks, Inc. $ 24.2 BILLION IN TOTAL ASSETS $4.1 BILLION IN AUA $ 20.9 BILLION IN TOTAL DEPOSITS BEST BANKS TO WORK FOR i n 2021 for the fifth consecutive year – American Banker $0.21 QUARTERLY DIVIDEND – UP 11% Y OY 5 Premier Southeast Regional Bank x Metro - focused branch network with locations in the fastest - growing MSAs in the Southeast x 185 branches, 10 LPOs, and 4 MLOs across six Southeast states x Top 10 market share in GA, SC and TN x Proven ability to integrate – 12 acquisitions completed over the past 10 years x Pending deal with Progress Financial Corporation will add 14 branches and $1.1 billion in AUA Committed to Service Since 1950 Extended Navitas and SBA Markets $ 14.5 BILLION IN TOTAL LOANS Company Overview 12.5% TIER 1 RBC 100 BEST BANKS IN AMERICA i n 2022 f or the ninth consecutive year - Forbes x Offered nationwide x SBA business has both in - footprint and national business (5 specific verticals) x Navitas subsidiary is a technology enabled small - ticket, essential - use commercial equipment finance provider Banking Offices Note: See glossary located at the end of this presentation for reference on certain acronyms Regional Full Service Branch Network National Navitas and SBA Markets

$22.81 $24.38 $23.96 $18.49 $17.08 $16.68 2Q21 1Q22 2Q22 Book Value Per Share GAAP Tangible $0.61 Diluted earnings per share - GAAP $0.66 Diluted earnings per share – operating (1) 1.08% Return on average assets - GAAP 1.17% Return on average assets - operating (1) 1.60% PTPP return on average assets – operating (1) 0.08% Cost of deposits 39% DDA / Total Deposits 9.3% Return on common equity - GAAP 14.2% Return on tangible common equity – operating (1) 70% Loan - to - Deposit ratio Other 2Q notable items: $2.1 mm MSR Gain $0.7 mm BOLI Gain $1.4 mm SBA Servicing Write - down 2 Q22 Highlights (1) See non - GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performance $0.78 $0.43 $0.61 $0.79 $0.50 $0.66 2Q21 1Q22 2Q22 Diluted Earnings Per Share GAAP Operating (1) 1.46% 0.78% 1.08% 1.48% 0.89% 1.17% 2Q21 1Q22 2Q22 Return on Average Assets GAAP Operating 1.64% 1.37% 1.49% 1.67% 1.52% 1.60% 2Q21 1Q22 2Q22 PTPP Return on Average Assets PTPP Operating PTPP (1) (1) 7.0% Annualized 2Q EOP core loan growth, excluding PPP 53.2% Efficiency ratio – operating (1) 6 (1)

11.86% 12.02% 15.69% 15.81% 12.24% 17.33% 13.89% 14.20% 2016 2017 2018 2019 2020 2021 1Q22 2Q22 ROTCE - Operating UCBI KRX Long - Term Financial Performance & Shareholder Return 7 (1) See non - GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performance (2) UCBI 1Q22 excludes the impact of the $18.3 million initial provision to establish the reserve for Reliant loans (1 )(2) 1.06% 1.09% 1.40% 1.51% 1.07% 1.42% 1.13% 1.17% 2016 2017 2018 2019 2020 2021 1Q22 2Q22 ROA - Operating UCBI KRX (1 )(2) $462 $248 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total Shareholder Return $ UCBI Outperformance Performance for the period ended July 15, 2022 United Community Banks, Inc. KBW Nasdaq Regional Bank Index (KRX) 1 - YEAR 4% - 7% 3 - YEAR 22% 19% 5 - YEAR 25% 14% 10 - YEAR 358% 151%

4.9% 3.2% (1) Includes MSAs with a population of greater than 1,000,000 (2) Includes MSAs with a population between 200,000 and 1,000,000 (3) Market Rank and (%) of Total Deposits pro forma for pending acquisition of Progress Financial Corporation Footprint Focused on High - Growth MSAs in Southeast 8 Projected Population Growth (2) (2022 - 2027) Projected Household Income Growth (2 ) (2022 - 2027) ’22 – ’27 ’22 – ’27 ’22 Total Market (%) of Total Proj. Pop. Proj. HHI. Deposits Rank Deposits Growth % Growth % ($M) 1) Nashville, TN 10 9.48% 6.10% 13.89% 89,155 2) Orlando, FL 13 4.13% 5.64% 13.81% 73,009 3) Atlanta, GA 9 20.38% 5.38% 11.85% 235,389 4) Raleigh, NC 12 3.44% 5.14% 12.32% 38,965 5) Jacksonville, FL 21 0.38% 4.82% 13.91% 97,625 6) Tampa, FL 37 0.40% 4.79% 12.06% 115,930 7) Charlotte, NC 13 2.86% 4.47% 12.74% 315,760 8) Richmond, VA -- -- 4.46% 10.22% 127,383 9) Birmingham, AL 21 1.15% 4.25% 10.99% 54,793 10)Washington DC -- -- 4.05% 8.89% 358,351 11)Miami, FL 51 1.48% 3.97% 13.84% 324,607 UCBI (3) Fastest Growing Major Southeast MSAs (1) ’22 – ’27 ’22 – ’27 ’22 Total Market (%) of Total Proj. Pop. Proj. HHI. Deposits Rank Deposits Growth % Growth % ($M) 1) Daphne, AL 25 0.00% 7.80% 8.43% 6,472 2) Huntsville, AL 7 3.06% 7.14% 12.58% 11,473 3) Myrtle Beach, SC 13 1.86% 6.42% 12.41% 12,128 4) Cape Coral, FL -- -- 6.08% 12.09% 20,858 5) Winter Haven, FL -- -- 5.80% 9.68% 10,057 6) Naples, FL 29 0.05% 5.71% 13.34% 23,081 7) Gainesville, GA 4 2.89% 5.65% 17.85% 5,801 8) Sarasota, FL 29 0.35% 5.56% 15.84% 28,517 9) Destin, FL 15 0.69% 5.34% 12.21% 7,826 10)Clarksville, TN-KY 7 1.95% 5.26% 9.60% 5,304 11)Fayetteville, AR -- -- 5.18% 8.73% 15,690 12)Charleston, SC 14 1.15% 5.09% 15.11% 20,394 13)Hilton Head, SC 15 0.21% 5.08% 13.36% 6,181 14)Port St. Lucie, FL 15 0.11% 4.98% 14.54% 12,332 15)Tuscaloosa, AL 25 0.00% 4.85% 10.56% 5,299 16)Athens, GA 9 1.05% 4.76% 11.34% 6,049 17)Knoxville, TN 10 2.83% 4.70% 10.92% 23,854 18)Daytona Beach, FL -- -- 4.67% 13.62% 14,104 19)Savannah, GA 8 1.09% 4.57% 8.56% 9,313 20)Spartanburg, SC 7 1.22% 4.47% 12.48% 6,019 Fastest Growing Mid- Size Southeast MSAs (2) UCBI (3) United MSA Presence Progress MSA Presence National Avg. 11.9% 12.1% National Avg.

39% 22% 24% 7% 8% DDA MMDA Savings Time NOW Outstanding Deposit Franchise 9 Note: Core transaction accounts include demand deposits, interest - bearing demand, money market and savings accounts, excluding public funds deposits x Total deposits were down $183 million from 1Q22 but up $4.5 billion YOY • Excluding Reliant and Aquesta, total deposits were up $1.4 billion, or 8.5% YOY x Core transaction deposits were down $156 million from 1Q22 and up $3.9 billion YOY • Excluding Reliant and Aquesta, core transaction deposits were up $1.1 billion, or 8.8% YOY 2 Q22 Total Deposits $20.9 billion Cost of Deposits Trend 0.38% 0.25% 0.17% 0.14% 0.09% 0.07% 0.06% 0.06% 0.08% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 x Cost of deposits remained nearly flat at 0.08%; up 2 bps from 1Q22, with a 63 bps increase in the average Fed F unds rate, equating to a 3% deposit beta

42% 10% 23% 1% 14% 5% 3% 2% Residential Mortgage Manufactured Housing Well - Diversified Loan Portfolio 2 Q22 Total Loans $14.5 billion Note: C&I includes commercial and industrial loans, owner - occupied CRE loans and Navitas (equipment finance) loans Quarter Highlights x Loans increased $225 million, or 6.3% annualized; core loan growth of 7.0% annualized, excluding PPP x Strong organic growth was driven by Residential Mortgage and Residential Construction, with 2Q22 annualized growth of 37% and 14%, respectively Granular Loan Portfolio x Construction & CRE ratio as a percentage of total RBC = 74% / 202% x Top 25 relationships totaled $661 million, or 4.5% of total loans x SNCs outstanding of $263 million, or 1.8% of total loans x Project lending limit of $25 million x Relationship lending limit of $40 million 10 C&I Commercial Construction CRE Other Consumer Home Equity Residential Construction

$10.9 $16.3 $11.0 $16.9 $11.8 $18.2 $14.3 $21.1 $14.5 $20.9 $0.5 $0.2 $0.1 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 Loans Deposits Loans Deposits Loans Deposits Loans Deposits Loans Deposits 2Q21 3Q21 4Q21 1Q22 2Q22 Loans excluding PPP PPP Loans 70% 66% 64% 68% 70% 47% 57% 67% 77% 87% 97% Deposit Growth Creates Remix Opportunity Loans and Deposits 11 $ in billions Note: Loan growth excludes PPP loans and adjusts for the Aquesta acquisition that closed October 1, 2021 and the Reliant acqu isi tion that closed January 1, 2022. Deposit growth also adjusts for the Aquesta and Reliant acquisitions. Loans / Deposits % 2Q21 3Q21 4Q21 1Q22 2Q22 Annualized Core Loan Growth % 5% 4% 7% 9% 7% Loan Yield % 4.40% 4.54% 4.18% 4.18% 4.33% Annualized Core Deposit Growth % 8% 13% 17% 13% - 4% Deposit Cost % 0.09% 0.07% 0.06% 0.06% 0.08%

12 x Quarterly dividend of $ 0.21 per share, an increase of 11% YOY x Net unrealized securities losses in AOCI increased by $90.9 million to $268 million in 2Q22 x There were no share repurchases during 2Q22 *2Q22 regulatory capital ratios are preliminary Capital Common Equity Tier 1 Capital 12.6 % 12.6 % 12.5 % 11.9 % 11.8 % + 0.1 % 11.9 % Tier 1 Risk-Based Capital 13.3 13.4 13.2 12.5 12.1 + 0.4 12.5 Total Risk-Based Capital 15.1 14.9 14.7 14.3 14.0 + 0.3 14.4 Leverage 9.3 9.2 8.8 8.9 9.0 - 0.1 9.0 Tangible Common Equity to Tangible Assets 8.7 8.5 8.1 7.7 7.7 0.0 7.6 Tangible Book Value per share $18.49 $18.68 $18.42 $17.08 $16.68 Holding Company 1Q224Q213Q212Q21 2Q22* vs. KRX 1Q22 KRX Peer Median 1Q22 UCBI

$138.4 $163.8 $178.9 2Q21 1Q22 2Q22 3.19% 2.97% 3.19% 2.81% 2.90% 3.13% Net Interest Revenue / Margin (1) $ in millions x Net interest margin increased 22 bps from 1Q22, primarily driven by increased interest rates x Core net interest margin of 3.13%, which excluded PPP fees and purchased loan accretion, was up 23 bps in 2Q22 from 2.90% in 1 Q22 x Purchased loan accretion totaled $3.0 million and contributed 5 bps to the margin, flat from 1Q22 x PPP fees contributed 1 bp in 2 Q22 compared to 2 bps in 1Q22 x 48% of total loans were floating rate, but 5% were priced at their floors; with 50 bps of rate hikes, 95% of loans priced at the ir floors will be floating x 25% of securities were floating rate Net Interest Revenue ($ in millions) Net Interest Margin Core Net Interest Margin (1) Net interest margin is calculated on a fully - taxable equivalent basis (2) Core net interest margin excludes PPP fees and purchased loan accretion (1) 13 2 Q22 NIM Expansion (2) 3.19% 2.97% 0.05% 0.18% ( 0.00% ) ( 0.01% ) 1Q22 NIM Mix Change Higher Interest Rates Loan Accretion PPP Fees 2Q22 NIM

Historical Deposit Beta 14 0.12% 0.11% 0.12% 0.12% 0.14% 0.14% 0.17% 0.20% 0.24% 0.26% 0.33% 0.44% 0.55% 0.62% 0.65% 0.16% 0.36% 0.37% 0.39% 0.45% 0.70% 0.95% 1.15% 1.20% 1.45% 1.73% 1.92% 2.22% 2.40% 2.40% 1.58% 1.37% 1.24% 1.12% 1.61% 1.94% 1.80% 1.81% 2.07% 2.53% 2.76% 2.80% 2.88% 2.47% 2.12% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% Average Cost of Deposits % Average Fed Funds % Average 5-YR UST % x 4Q15 – 2Q19 UCBI total deposit beta (including DDA) equal to 24% x Deposit beta for the first 100 bps increase was equal to 8%

Noninterest Income $ in millions $8.4 $9.4 $8.6 $9.1 $10.0 $8.4 $9.0 $7.8 $4.7 $6.7 $3.8 $5.5 $6.1 $5.9 $6.0 $11.1 $13.8 $10.9 $16.1 $7.0 $4.1 $2.4 $3.8 $3.2 $3.8 2Q21 3Q21 4Q21 1Q22 2Q22 Service Charges Other Brokerage / Wealth Mgmt Mortgage Loan sale gains $40.1 Linked Quarter x Fees were down $5.5 million • Mortgage fees were down $9.1 million from 1Q22 primarily due to lower lock volume and $4.3 million less in MSR gains • Rate locks were down with $597 million compared to $757 million in 1Q22 • 79% of locks were floating in 2Q22, up from 69% in 1Q22, these loans are going onto the balance sheet rather than being sold • MSR gain of $2.1 million in 2Q22, down $4.3 million from 1Q22 • Mortgage gain on sale was 3.7% on $160 million of mortgage loans sold • 2 Q22 mortgage production purchase/refi mix was 79%/21% • Gain on sale of SBA and USDA loans was $3.1 million on $39.1 million of loan sales • Gain on sale of equipment finance loans was $694 thousand on $20.5 million of loan sales • Other noninterest income included a $0.7 million BOLI gain and a $1.4 million SBA servicing write - down Year - over - Year x Fees were down $2.3 million • Mortgage rate locks were down 15% compared to last year ($597 million in 2 Q22 compared to $702 million in 2Q21) 15 $35.8 $33.5 $37.2 $39.0

$95.5 $96.7 $109.2 $119.3 $120.8 $94.5 $95.3 $99.2 $110.3 $113.6 2Q21 3Q21 4Q21 1Q22 2Q22 54.5% 53.1% 62.1% 57.4% 56.6% 53.9% 52.3% 56.5% 53.1% 53.2% Efficiency Ratio Expenses Disciplined Expense Management $ in millions Linked Quarter x GAAP and operating expenses increased 1.3% and 3.1%, respectively • The majority of the increase was driven by $2.2 million of compensation merit increases, offset by Reliant cost savings Year - over - Year x GAAP and operating expenses increased 26.4% and 20.3%, respectively • The majority of the increase was driven by the Reliant acquisition, which closed on January 1, 2022, the Aquesta acquisition, which closed on October 1, 2021 and the FinTrust acquisition, which closed on July 6, 2021 x We made two additional adjustments to the efficiency ratio – operating by excluding PPP fees and MSR marks; this adjusted efficiency ratio moved from 57.7% in 2Q21 to 53.9% in 2Q22 as merger cost savings were realized (1) See non - GAAP reconciliation table slides at the end of the exhibits for a reconciliation of operating performance measures to GAAP p erformance measures 16 GAAP Operating (1) GAAP Operating (1)

Credit Quality x 2 Q22 net recoveries of $1.07 million, or 0.03% of average loans, annualized Net Charge - Offs as % of Average Loans Provision for Credit Losses & NCOs ($ in millions) 17 0.05% - 0.01% - 0.02% 0.02% 0.01% 0.08% - 0.03% -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 $2.9 ($12.3) ($13.6) ($11.0) ($0.6) $23.1 $5.6 $1.5 ($0.3) ($0.5) $0.6 $0.2 $3.0 ($1.1) -$13.6 -$8.6 -$3.6 $1.4 $6.4 $11.4 $16.4 $21.4 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Provision for Credit Losses $ Net Charge-Offs $ x The provision for credit losses was $5.6 million in 2Q22 x The 1Q22 provision for credit losses included $18.3 million to establish the Reliant initial loan loss reserve

x Special mention loans improved by 0.12% (from $298 million in 1Q22 to $285 million in 2Q22, an improvement of $13 million) x Substandard accruing loans remained flat at 1.2% quarter - over - quarter as a % of total loans Higher - Risk Loan Trends Special Mention & Substandard Accruing Loans as a % of Total Loans Non - Performing Assets as a % of Total Loans 18 0.41% 0.41% 0.28% 0.29% 0.23% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 0.45% 2Q21 3Q21 4Q21 1Q22 2Q22 3.2% 2.5% 2.6% 2.1% 2.0% 1.7% 1.6% 1.4% 1.2% 1.2% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 2Q21 3Q21 4Q21 1Q22 2Q22 Special Mention (%) Substandard Accruing(%) x Non - performing assets improved by $6.4 million during the quarter and stand at 0.23% of total loans

Allowance for Credit Losses ACL Walk Forward Allowance for Credit Losses 19 x Built reserve in consecutive quarters with the Reliant acquisition in 1Q22, a weaker economic forecast and loan growth in 2Q22 $74 $88 $116 $146 $148 $136 $123 $111 $114 $146 $153 0.84% 0.99% 1.14% 1.39% 1.38% 1.26% 1.12% 1.00% 0.97% 1.02% 1.05% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% $40 $60 $80 $100 $120 $140 $160 1-Jan-20 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 ACL - Allowance for Credit Losses $ ACL - Allowance for Credit Losses % $146,369 $153,042 $2,652 $1,069 ( $7 ) $2,959 1Q22 ACL Loan Growth Net Recoveries Specific Reserve Model / Forecast Changes 2Q22 ACL ($000) Note: ACL includes the reserve for unfunded commitments and excludes the impact of PPP x Reserve build due to loan growth, net recoveries and model changes reflecting a weaker economic forecast

2 Q22 INVESTOR PRESENTATION Exhibits

Blended Cash and Securities Yield Cash and Securities 21 $ in billions $2.4 $3.1 $3.6 $4.3 $4.9 $5.3 $5.7 $6.4 $6.7 $1.2 $0.9 $1.5 $1.2 $1.3 $1.7 $2.2 $1.7 $1.2 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Investments ($) Fed Funds & Interest Earning Cash ($) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Securities Yield % 2.68% 2.21% 1.83% 1.62% 1.58% 1.51% 1.46% 1.55% 1.81% Blended Yield % 2.14% 1.61% 1.36% 1.30% 1.31% 1.19% 1.10% 1.24% 1.62% Avg. 5 - Yr Treasury % 0.36% 0.27% 0.37% 0.61% 0.83% 0.80% 1.18% 1.84% 2.95%

Interest Rate Sensitivity 22 x 4.81% asset sensitivity in +100 bps ramp x One 25 bps Fed rate hike is worth approximately 5 bps to net interest margin x 22% Beta assumed for discretionary non - maturity deposits x Other relevant data points x Approximately $6.9 billion or 48% of loans are floating rate loans x Approximately $655 million of loans are at their floor, $625 million of which would begin floating after 50 bps of rate hikes 1.44% 5.77% 11.36% 1.44% 4.81% 7.29% +25 bps +100 bps +200 bps Net Interest Income Sensitivity % Change - Shocks % Change - Ramps

x Navitas 8% of total loans x Navitas 2Q22 NCOs of 0.31%, or $0.9 million x Average quarterly losses since 2Q20 of $1.1 million x Navitas ACL - Loans equated to 1.52% as of 2Q22 x Economic recovery and government intervention driving historically low loss rates Navitas Performance $ in millions 23 $779 $823 $864 $913 $969 $1,017 $1,083 $1,148 $1,211 9.39% 9.19% 9.12% 9.08% 9.08% 9.01% 8.89% 8.85% 8.80% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Navitas Portfolio Navitas Loans $ Portfolio Yield % $126 $94 $134 $145 $148 $181 $186 $204 $213 $212 9.26% 9.54% 9.29% 9.44% 9.61% 9.27% 9.15% 8.82% 8.90% 9.13% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% $- $50 $100 $150 $200 $250 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Navitas Originations Navitas Originations $ Origination Yield %

Mortgage Activity Shift to Purchase & Adjustable Rate Loans x Gain on sale % remained relatively flat in 2Q22 x Purchase / Refi mix shifted from 60% / 40% in 2Q21 to 79% / 21% in 2Q22 x 79% of locked loans were adjustable rate mortgages in 2Q22, up from 69% in 1Q22 x Sold $160 million of mortgage loans in 2Q22, down $47 million from $207 million sold in 1Q22 x Our model primarily is to sell fixed rate mortgages (thereby creating a gain on sale) and to hold adjustable rate mortgages on the balance sheet x While total rate locks declined 21% from 1Q22, rate locks HFS decreased 45% due to mix change toward adjustable rate mortgages 24 $ in millions $802 $910 $792 $993 $702 $731 $695 $757 $597 $395 $402 $410 $336 $407 $320 $285 $207 $160 4.0% 5.0% 5.0% 4.6% 3.8% 4.0% 3.9% 3.6% 3.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% $0 $200 $400 $600 $800 $1,000 $1,200 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Mortgage locks $ Loans sold $ Gain on sale %

25 x Senior Care lending team are dedicated specialists with significant experience in the space x Senior Care portfolio outstanding totaled $465 million as of 2 Q22, or 3.2% of total loans x As of June 30, $6.6 million of Senior Care loans were in nonaccrual x As of June 30, $135 million of Senior Care loans were special mention and $59 million were substandard accruing 1 % 20% 25% 49% 6% Selected Segments – Senior Care $ in millions $7 $21 $46 $48 $64 $73 $73 $66 $59 $13 $34 $100 $172 $170 $170 $169 $144 $135 $486 $503 $511 $535 $537 $549 $520 $518 $465 $0 $100 $200 $300 $400 $500 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Nonaccruals $ Substandard Accruing $ Special Mention $ Pass $

Non - GAAP Reconciliation Tables $ in thousands, except per share data 26 2Q21 3Q21 4Q21 1Q22 2Q22 Expenses Expenses - GAAP 95,540$ 96,749$ 109,156$ 119,275$ 120,790$ Merger-related and other charges (1,078) (1,437) (9,912) (9,016) (7,143) Expenses - Operating 94,462$ 95,312$ 99,244$ 110,259$ 113,647$ Diluted Earnings per share Diluted earnings per share - GAAP 0.78$ 0.82$ 0.55$ 0.43$ 0.61$ Merger-related and other charges 0.01 0.01 0.09 0.07 0.05 Diluted earnings per share - Operating 0.79 0.83 0.64 0.50 0.66 Book Value per share Book Value per share - GAAP 22.81$ 23.25$ 23.63$ 24.38$ 23.96$ Effect of goodwill and other intangibles (4.32) (4.57) (5.21) (7.30) (7.28) Tangible book value per share 18.49$ 18.68$ 18.42$ 17.08$ 16.68$ Return on Tangible Common Equity Return on common equity - GAAP 14.08 % 14.26 % 9.32 % 6.80 % 9.31 % Effect of merger-related and other charges 0.17 0.22 1.42 1.03 0.79 Return on common equity - Operating 14.25 14.48 10.74 7.83 10.10 Effect of goodwill and intangibles 3.56 3.75 3.19 3.17 4.10 Return on tangible common equity - Operating 17.81 % 18.23 % 13.93 % 11.00 % 14.20 % Return on Assets Return on assets - GAAP 1.46 % 1.48 % 0.96 % 0.78 % 1.08 % Merger-related and other charges 0.02 0.02 0.14 0.11 0.09 Return on assets - Operating 1.48 % 1.50 % 1.10 % 0.89 % 1.17 %

Non - GAAP Reconciliation Tables $ in thousands, except per share data 27 2Q21 3Q21 4Q21 1Q22 2Q22 Return on Assets to return on assets- pre-tax pre-provision Return on assets - GAAP 1.46 % 1.48 % 0.96 % 0.78 % 1.08 % Income tax expense 0.47 0.45 0.26 0.20 0.32 (Release of) provision for credit losses (0.29) (0.23) (0.01) 0.39 0.09 Return on assets - pre-tax, pre-provision 1.64 1.70 1.21 1.37 1.49 Merger-related and other charges 0.03 0.03 0.19 0.15 0.11 Return on assets - pre-tax, pre-provision, excluding merger-related and other charges 1.67 % 1.73 % 1.40 % 1.52 % 1.60 % Efficiency Ratio Efficiency Ratio - GAAP 54.53 % 53.11 % 62.12 % 57.43 % 56.58 % Merger-related and other charges (0.61) (0.78) (5.64) (4.34) (3.35) Efficiency Ratio - Operating 53.92 52.33 56.48 53.09 53.23 Effect of PPP interest and fees 4.31 4.23 1.38 0.32 0.12 Effect of MSR marks (0.55) (0.05) 0.27 1.71 0.53 Efficiency Ratio - Operating, excluding PPP fees and MSR marks 57.68 % 56.51 % 58.13 % 55.12 % 53.88 % Tangible common equity to tangible assets Equity to assets ratio - GAAP 11.04 % 10.89 % 10.61 % 11.06 % 10.95 % Effect of goodwill and other intangibles (1.82) (1.87) (2.06) (2.94) (2.96) Effect of preferred equity (0.51) (0.49) (0.46) (0.40) (0.40) Tangible common equity to tangible assets ratio 8.71 % 8.53 % 8.09 % 7.72 % 7.59 % Allowance for credit losses - total to loans Allowance for credit losses - total to loans (GAAP) 1.08 % 0.99 % 0.97 % 1.02 % 1.05 % Effect of PPP loans 0.04 0.01 0.00 0.00 0.00 Allowance for credit losses - total to loans, excluding PPP loans 1.12 % 1.00 % 0.97 % 1.02 % 1.05 %

Glossary 28 ACL – Allowance for Credit Losses MLO – Mortgage Loan Officer ALLL – Allowance for Loan Losses MTM – Marked-to-market AUA – Assets Under Administration MSA – Metropolitan Statistical Area BPS – Basis Points MSR – Mortgage Servicing Rights Asset C&I – Commercial and Industrial NCO – Net Charge-Offs C&D – Construction and Development NIM – Net Interest Margin CECL – Current Expected Credit Losses NPA – Non-Performing Asset CET1 – Common Equity Tier 1 Capital NSF – Non-sufficient Funds CRE – Commercial Real Estate OO RE – Owner Occupied Commercial Real Estate CSP – Customer Service Profiles PCD – Loans Purchased with Credit Deterioration DDA – Demand Deposit Account PPP – Paycheck Protection Program EOP – End of Period PTPP – Pre-Tax, Pre-Provision Earnings EPS – Earnings Per Share RBC – Risk Based Capital FTE – Fully-taxable equivalent ROA – Return on Assets GAAP – Accounting Principles Generally Accepted in the USA SBA – United States Small Business Administration KRX – KBW Nasdaq Regional Banking Index TCE – Tangible Common Equity LPO – Loan Production Office USDA – United States Department of Agriculture YOY – Year over Year