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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 September 30, 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 106,169,829 shares of the registrant’s common stock, par value $1 per share, outstanding as of October 31, 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 (including the expected completion date of the Progress transaction), 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;
•COVID-19’s continuing effects on the economic and business environments in which we operate;
•strategic, market, operational, liquidity and interest rate risks associated with our business;
•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 of its filing with the SEC, 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)
September 30,
2022		December 31,
2021
ASSETS  
Cash and due from banks$222,524 $144,244 
Interest-bearing deposits in banks216,496 2,147,266 
Federal funds and other short-term investments45,000 27,000 
Cash and cash equivalents484,020 2,318,510 
Debt securities available-for-sale3,862,886 4,496,824 
Debt securities held-to-maturity (fair value $2,241,160 and $1,148,804, respectively)
2,676,405 1,156,098 
Loans held for sale 21,967 44,109 
Loans and leases held for investment14,882,484 11,760,346 
Less allowance for credit losses - loans and leases(148,502)(102,532)
Loans and leases, net14,733,982 11,657,814 
Premises and equipment, net288,597 245,296 
Bank owned life insurance300,365 217,713 
Goodwill and other intangible assets, net780,868 472,407 
Other assets538,765 338,000 
Total assets$23,687,855 $20,946,771 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand$8,198,129 $6,956,981 
Interest-bearing deposits12,123,013 11,284,198 
Total deposits20,321,142 18,241,179 
Long-term debt324,515 247,360 
Accrued expenses and other liabilities407,488 235,987 
Total liabilities21,053,145 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,
  106,162,861 and 89,349,826 shares issued and outstanding, respectively
106,163 89,350 
Common stock issuable: 596,365 and 595,705 shares, respectively
11,966 11,288 
Capital surplus2,304,514 1,721,007 
Retained earnings452,788 330,654 
Accumulated other comprehensive loss(337,143)(26,476)
Total shareholders' equity2,634,710 2,222,245 
Total liabilities and shareholders' equity$23,687,855 $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
September 30,		Nine Months Ended
September 30,
2022202120222021
Interest revenue:  
Loans, including fees$174,065 $128,477 $476,072 $382,261 
Investment securities, including tax exempt of $2,568, $2,280, $7,762 and $6,685, respectively
36,953 18,540 91,043 51,530 
Deposits in banks and short-term investments2,869 658 5,209 1,235 
Total interest revenue213,887 147,675 572,324 435,026 
Interest expense:
Deposits9,880 3,142 17,313 11,981 
Short-term borrowings27 — 27 2 
Long-term debt4,206 3,494 12,515 11,564 
Total interest expense14,113 6,636 29,855 23,547 
Net interest revenue199,774 141,039 542,469 411,479 
Provision for (release of) credit losses15,392 (11,034)44,082 (36,903)
Net interest revenue after provision for credit losses184,382 152,073 498,387 448,382 
Noninterest income:
Service charges and fees9,569 9,350 28,644 25,255 
Mortgage loan gains and other related fees6,297 13,828 29,420 47,536 
Wealth management fees5,879 5,554 17,759 12,881 
Gains from sales of other loans, net2,228 2,353 9,226 7,506 
Lending and loan servicing fees2,946 2,825 7,518 7,070 
Securities gains (losses), net— — (3,688)41 
Other5,003 6,185 15,474 20,352 
Total noninterest income31,922 40,095 104,353 120,641 
Total revenue216,304 192,168 602,740 569,023 
Noninterest expenses:
Salaries and employee benefits67,823 60,458 208,062 180,457 
Communications and equipment8,795 7,368 27,718 21,979 
Occupancy9,138 7,096 27,381 21,130 
Advertising and public relations2,544 1,458 6,332 4,150 
Postage, printing and supplies2,190 1,731 6,308 5,171 
Professional fees4,821 5,347 14,670 14,509 
Lending and loan servicing expense2,333 2,450 7,746 8,508 
Outside services - electronic banking3,159 2,308 8,629 6,811 
FDIC assessments and other regulatory charges2,356 1,723 6,796 5,520 
Amortization of intangibles1,678 1,028 5,207 2,942 
Merger-related and other charges1,746 1,437 17,905 4,058 
Other6,172 4,345 16,066 12,248 
Total noninterest expenses112,755 96,749 352,820 287,483 
Income before income taxes103,549 95,419 249,920 281,540 
Income tax expense22,388 21,603 53,898 63,758 
Net income$81,161 $73,816 $196,022 $217,782 
Net income available to common shareholders$79,035 $71,649 $189,858 $211,283 
Net income per common share:
Basic$0.74 $0.82 $1.78 $2.42 
Diluted0.74 0.82 1.78 2.42 
Weighted average common shares outstanding:
Basic106,687 87,211 106,616 87,274 
Diluted106,800 87,355 106,732 87,413 

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

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
Before-tax
Amount
Tax
(Expense)
Benefit
Net of Tax
Amount		Before-tax
Amount		Tax
(Expense)
Benefit		Net of Tax
Amount
2022
Net income$103,549 $(22,388)$81,161 $249,920 $(53,898)$196,022 
Other comprehensive loss:
Unrealized losses on available-for-sale securities:
Unrealized holding losses(104,754)24,495 (80,259)(429,607)101,269 (328,338)
Reclassification of securities from available-for-sale to held-to-maturity— — — 87,444 (20,770)66,674 
Realized losses included in net income— — — 3,688 (979)2,709 
Net unrealized losses(104,754)24,495 (80,259)(338,475)79,520 (258,955)
Unrealized losses on held-to-maturity securities transferred from available-for-sale:
Reclassification of unrealized losses— — — (87,444)20,770 (66,674)
Amortization of unrealized losses4,473 (1,073)3,400 6,242 (1,495)4,747 
Net activity4,473 (1,073)3,400 (81,202)19,275 (61,927)
Derivative instruments designated as cash flow hedges:
Unrealized holding gains on derivatives5,034 (1,286)3,748 12,914 (3,299)9,615 
Losses on derivative instruments realized in net income48 (12)36 295 (75)220 
Net cash flow hedge activity5,082 (1,298)3,784 13,209 (3,374)9,835 
Amortization of defined benefit pension plan net periodic pension cost components169 (43)126 510 (130)380 
Total other comprehensive loss(95,030)22,081 (72,949)(405,958)95,291 (310,667)
Comprehensive income (loss)$8,519 $(307)$8,212 $(156,038)$41,393 $(114,645)
2021
Net income$95,419 $(21,603)$73,816 $281,540 $(63,758)$217,782 
Other comprehensive loss:
Unrealized losses on available-for-sale securities:
Unrealized holding losses(18,915)4,686 (14,229)(58,882)15,766 (43,116)
Realized gains included in net income— — — (41)14 (27)
Net unrealized losses(18,915)4,686 (14,229)(58,923)15,780 (43,143)
Derivative instruments designated as cash flow hedges:
Unrealized holding gains on derivatives431 (111)320 3,475 (888)2,587 
Losses on derivative instruments realized in net income153 (39)114 444 (113)331 
Net cash flow hedge activity584 (150)434 3,919 (1,001)2,918 
Amortization of defined benefit pension plan net periodic pension cost components260 (66)194 782 (200)582 
Total other comprehensive loss(18,071)4,470 (13,601)(54,222)14,579 (39,643)
Comprehensive income$77,348 $(17,133)$60,215 $227,318 $(49,179)$178,139 
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
Balance at June 30, 202186,664,894 $96,422 $86,665 $10,650 $1,636,875 $244,006 $11,668 $2,086,286 
Net income73,816 73,816 
Other comprehensive loss(13,601)(13,601)
Common stock issued for acquisitions132,299 1334,2684,401 
Purchases of common stock(342,744)(343)(9,657)(10,000)
Preferred stock dividends(1,719)(1,719)
Common stock dividends ($0.20 per share)
(17,600)(17,600)
Impact of equity-based compensation awards101,093 101 345 136 582 
Impact of other United sponsored equity plans3,105 3 103 87 193 
Balance at September 30, 202186,558,647 $96,422 $86,559 $11,098 $1,631,709 $298,503 $(1,933)$2,122,358 
Balance at June 30, 2022106,033,960 $96,422 $106,034 $11,448 $2,304,608 $396,970 $(264,194)$2,651,288 
Net income81,161 81,161 
Other comprehensive loss(72,949)(72,949)
Preferred stock dividends(1,719)(1,719)
Common stock dividends ($0.22 per share)
(23,624)(23,624)
Impact of equity-based compensation awards126,400 126 389 (168)347 
Impact of other United sponsored equity plans2,501 3 129 74 206 
Balance at September 30, 2022106,162,861 $96,422 $106,163 $11,966 $2,304,514 $452,788 $(337,143)$2,634,710 
Balance at December 31, 202086,675,279 $96,422 $86,675 $10,855 $1,638,999 $136,869 $37,710 $2,007,530 
Net income217,782 217,782 
Other comprehensive loss(39,643)(39,643)
Common stock issued for acquisitions132,299 133 4,268 4,401 
Purchases of common stock(492,744)(493)(14,608)(15,101)
Preferred stock dividends(5,157)(5,157)
Common stock dividends ($0.58 per share)
(50,991)(50,991)
Impact of equity-based compensation awards171,938 172 992 1,706 2,870 
Impact of other United sponsored equity plans71,875 72 (749)1,344 667 
Balance at September 30, 202186,558,647 $96,422 $86,559 $11,098 $1,631,709 $298,503 $(1,933)$2,122,358 
Balance at December 31, 202189,349,826 $96,422 $89,350 $11,288 $1,721,007 $330,654 $(26,476)$2,222,245 
Net income196,022 196,022 
Other comprehensive loss(310,667)(310,667)
Impact of acquisitions16,571,545 16,571 579,805 596,376 
Preferred stock dividends(5,157)(5,157)
Common stock dividends ($0.64 per share)
(68,731)(68,731)
Impact of equity-based compensation awards175,843 176 1,843 2,885 4,904 
Impact of other United sponsored equity plans65,647 66 (1,165)817 (282)
Balance at September 30, 2022106,162,861 $96,422 $106,163 $11,966 $2,304,514 $452,788 $(337,143)$2,634,710 
See accompanying notes to consolidated financial statements (unaudited).
8

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine Months Ended September 30,
20222021
Operating activities:  
Net income$196,022 $217,782 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net34,707 (8,082)
Provision for (release of) credit losses44,082 (36,903)
Stock based compensation6,649 4,814 
Deferred income tax expense6,063 21,290 
Securities losses (gains), net3,688 (41)
Gains from sales of other loans, net(9,226)(7,506)
Changes in assets and liabilities:
Other assets(2,072)32,952 
Accrued expenses and other liabilities92,084 21,597 
Loans held for sale136,405 37,009 
Net cash provided by operating activities508,402 282,912 
Investing activities:
Debt securities held-to-maturity:
Proceeds from maturities and calls140,253 51,770 
Purchases(326,494)(716,399)
Debt securities available-for-sale:
Proceeds from sales281,521 103,012 
Proceeds from maturities and calls493,848 709,435 
Purchases(1,665,466)(1,909,879)
Net (increase) decrease in loans(772,740)234,855 
Equity investments, outflows(29,685)(12,664)
Equity investments, inflows17,336 7,007 
Proceeds from sales of premises and equipment4,846 2,272 
Purchases of premises and equipment(26,300)(19,733)
Net cash received in (paid for) acquisition35,243 (9,484)
Proceeds from sale of other real estate and repossessed assets2,178 2,404 
Other investing outflows— (210)
Other investing inflows1,819 767 
Net cash used in investing activities(1,843,641)(1,556,847)
Financing activities:
Net (decrease) increase in deposits(423,750)1,634,947 
Repayment of long-term debt— (80,632)
Proceeds from FHLB advances— 10,000 
Repayment of FHLB advances— (10,000)
Repurchase of common stock— (15,101)
Cash dividends on common stock(63,256)(49,313)
Cash dividends on preferred stock(5,157)(5,157)
Other financing inflows560 406 
Other financing outflows(7,648)(2,041)
Net cash (used in) provided by financing activities(499,251)1,483,109 
Net change in cash and cash equivalents(1,834,490)209,174 
Cash and cash equivalents, beginning of period2,318,510 1,608,619 
Cash and cash equivalents, end of period$484,020 $1,817,793 

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.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account and, therefore, is not considered in measuring fair value. For public entities, this guidance is effective for fiscal years beginning after December 15, 2023. United does not expect the new guidance to have a material impact on the consolidated financial statements.

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

Note 3 – Supplemental Cash Flow Information

The supplemental schedule of significant non-cash investing and financing activities for the nine months ended September 30, 2022 and 2021 is as follows (in thousands).

Nine Months Ended September 30,
20222021
Significant non-cash investing and financing transactions:
Transfers of loans to repossessed and foreclosed properties$2,566 $1,712 
Unsettled securities purchases— 3,977 
Transfers of AFS securities to HTM securities1,288,982 — 
Right-of-use assets obtained in exchange for lease liabilities9,035 1,543 
Acquisitions:
  Assets acquired3,254,173 22,823 
  Liabilities assumed2,657,173 1,103 
  Net assets acquired597,000 21,720 
  Common stock issued and options converted596,376 4,401 
  Accrued purchase price and contingent consideration— 7,700 

11
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 operated a 25-branch network primarily located in Middle Tennessee. United’s operating results for the three and nine months ended September 30, 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.

12
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 the date of acquisition. The table also presents certain pro forma information as if Reliant had been acquired on January 1, 2021 and FinTrust had been acquired January 1, 2020. 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 $760,000 and $14.8 million have been excluded from the three and nine months ended September 30, 2022 pro forma information presented below and included in the three and nine months ended September 30, 2021 pro forma information presented below. Merger-related costs from the FinTrust acquisition of $262,000 and $515,000, respectively, have been excluded from the three and nine months ended September 30, 2021 pro forma information presented below. The actual results and pro forma information were as follows (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 RevenueNet IncomeRevenueNet Income
2022  
Actual Reliant results included in statement of income since acquisition date$29,618 $16,516 $72,685 $32,931 
Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021216,171 81,681 618,636 219,010 
2021
Actual FinTrust results included in statement of income since acquisition date$2,017 $(49)$2,017 $(49)
Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 and FinTrust had been acquired January 1, 2020$232,667 $86,576 $672,405 $233,053 

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 September 30, 2022, Progress had total assets of $1.74 billion, total loans of $1.41 billion, and total deposits of $1.50 billion. The merger, which is subject to regulatory approval and other customary conditions, is expected to close in the first quarter of 2023.
13
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 5 – Investment Securities

During the first nine months of 2022, United transferred AFS debt securities to HTM with a fair value on the transfer date of $1.29 billion, which included unrealized losses recorded in AOCI totaling $87.4 million. No securities were transferred from AFS to HTM during the third quarter of 2022. Transfer date unrealized losses are amortized and reclassified out of AOCI as a yield adjustment, which is offset by discount accretion of the transferred HTM securities. Amortization of transfer date unrealized losses and discount accretion are recognized over the remaining life of the securities.

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 September 30, 2022    
U.S. Treasuries$19,826 $— $2,573 $17,253 
U.S. Government agencies & GSEs99,620 — 18,275 81,345 
State and political subdivisions301,520 45 70,180 231,385 
Residential MBS, Agency & GSEs1,519,094 14 227,307 1,291,801 
Commercial MBS, Agency & GSEs721,345 — 114,360 606,985 
Supranational entities15,000 — 2,609 12,391 
Total$2,676,405 $59 $435,304 $2,241,160 
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 
14
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 September 30, 2022    
U.S. Treasuries$194,301 $— $15,828 $178,473 
U.S. Government agencies & GSEs272,492 655 17,121 256,026 
State and political subdivisions348,099 — 32,597 315,502 
Residential MBS, Agency & GSEs1,658,924 6 161,282 1,497,648 
Residential MBS, Non-agency382,185 — 22,943 359,242 
Commercial MBS, Agency & GSEs747,238 584 74,751 673,071 
Commercial MBS, Non-agency31,676 — 1,144 30,532 
Corporate bonds252,486 59 26,635 225,910 
Asset-backed securities333,665 10 7,193 326,482 
Total$4,221,066 $1,314 $359,494 $3,862,886 
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 $1.96 billion and $1.46 billion were pledged, primarily to secure public deposits, at September 30, 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 September 30, 2022      
U.S. Treasuries$17,253 $2,573 $— $— $17,253 $2,573 
U.S. Government agencies & GSEs37,829 8,757 43,516 9,518 81,345 18,275 
State and political subdivisions127,575 32,375 96,164 37,805 223,739 70,180 
Residential MBS, Agency & GSEs650,062 105,555 640,314 121,752 1,290,376 227,307 
Commercial MBS, Agency & GSEs297,445 43,092 309,539 71,268 606,984 114,360 
Supranational entities12,391 2,609 — — 12,391 2,609 
Total unrealized loss position$1,142,555 $194,961 $1,089,533 $240,343 $2,232,088 $435,304 
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 
 
15
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 September 30, 2022      
U.S. Treasuries$92,422 $2,882 $86,051 $12,946 $178,473 $15,828 
U.S. Government agencies & GSEs117,567 4,819 60,251 12,302 177,818 17,121 
State and political subdivisions257,976 17,220 55,291 15,377 313,267 32,597 
Residential MBS, Agency & GSEs1,213,430 119,863 282,679 41,419 1,496,109 161,282 
Residential MBS, Non-agency359,242 22,943 — — 359,242 22,943 
Commercial MBS, Agency & GSEs367,162 19,548 278,170 55,203 645,332 74,751 
Commercial MBS, Non-agency30,532 1,144 — — 30,532 1,144 
Corporate bonds170,581 18,944 52,727 7,691 223,308 26,635 
Asset-backed securities187,039 2,640 108,353 4,553 295,392 7,193 
Total unrealized loss position$2,795,951 $210,003 $923,522 $149,491 $3,719,473 $359,494 
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 September 30, 2022, there were 755 AFS debt securities and 326 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 September 30, 2022 were primarily attributable to changes in interest rates.

At September 30, 2022 and December 31, 2021, estimated 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 September 30, 2022 or December 31, 2021. In addition, based on the assessments performed at September 30, 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
September 30, 2022December 31, 2021
HTM$6,135 $3,596 
AFS13,232 9,868 
16
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 September 30, 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$80,116 $79,266 $— $— 
U.S. Government agencies & GSEs174 172 — — 
State and political subdivisions15,002 14,990 5,200 5,201 
Corporate bonds2,732 2,680 — — 
98,024 97,108 5,200 5,201 
1 to 5 years:
U.S. Treasuries99,248 86,295 — — 
U.S. Government agencies & GSEs38,672 34,652 — — 
State and political subdivisions46,320 44,682 14,207 14,067 
Corporate bonds164,771 149,932 — — 
349,011 315,561 14,207 14,067 
5 to 10 years:
U.S. Treasuries14,937 12,912 19,826 17,253 
U.S. Government agencies & GSEs77,779 69,039 53,505 45,109 
State and political subdivisions123,790 110,478 31,603 26,712 
Corporate bonds84,190 72,457 — — 
Supranational entities— — 15,000 12,391 
300,696 264,886 119,934 101,465 
More than 10 years:
U.S. Government agencies & GSEs155,867 152,163 46,115 36,236 
State and political subdivisions162,987 145,352 250,510 185,405 
Corporate bonds793 841 — — 
319,647 298,356 296,625 221,641 
Debt securities not due at a single maturity date:
Asset-backed securities333,665 326,482 — — 
Residential MBS2,041,109 1,856,890 1,519,094 1,291,801 
Commercial MBS778,914 703,603 721,345 606,985 
Total$4,221,066 $3,862,886 $2,676,405 $2,241,160 

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 and nine months ended September 30, 2022 and 2021 (in thousands).

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Proceeds from sales$— $24,901 $281,521 $103,012 
Gross realized gains$— $— $1,009 $641 
Gross realized losses— — (4,697)(600)
Securities gains (losses), net$— $— $(3,688)$41 
Income tax expense (benefit) attributable to sales$— $— $(979)$14 

17
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).
September 30, 2022December 31, 2021
Owner occupied commercial real estate$2,700,345 $2,321,685 
Income producing commercial real estate3,298,847 2,600,858 
Commercial & industrial (1)
2,237,591 1,910,162 
Commercial construction1,514,145 1,014,830 
Equipment financing1,280,856 1,083,021 
Total commercial11,031,784 8,930,556 
Residential mortgage2,149,490 1,637,885 
HELOC832,140 694,034 
Residential construction422,737 359,815 
Manufactured housing300,874 — 
Consumer145,459 138,056 
Total loans14,882,484 11,760,346 
Less allowance for credit losses - loans(148,502)(102,532)
Loans, net$14,733,982 $11,657,814 
(1) Commercial and industrial loans as of September 30, 2022 and December 31, 2021 included $2.44 million and $88.3 million of PPP loans, respectively.

Accrued interest receivable related to loans totaled $43.1 million and $28.5 million at September 30, 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 September 30, 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 the amortized cost of loans held for investment that were sold in the periods indicated (in thousands). The gains on these loan sales were included in noninterest income on the consolidated statements of income.
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Guaranteed portion of SBA/USDA loans$20,405 $13,484 $87,867 $57,132 
Equipment financing receivables21,557 19,273 65,534 39,240 
Total$41,962 $32,757 $153,401 $96,372 
  
At September 30, 2022 and December 31, 2021, equipment financing receivables included leases of $44.0 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).
 September 30, 2022December 31, 2021
Minimum future lease payments receivable$47,177 $39,962 
Estimated residual value of leased equipment3,046 3,216 
Initial direct costs744 669 
Security deposits(472)(687)
Unearned income(6,482)(5,432)
Net investment in leases$44,013 $37,728 
18
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 September 30, 2022 were as follows (in thousands): 
Year 
Remainder of 2022$4,521 
202316,041 
202411,714 
20258,237 
20264,891 
Thereafter1,773 
Total$47,177 

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 September 30, 2022
Owner occupied commercial real estate$2,696,495 $2,597 $376 $— $877 $2,700,345 
Income producing commercial real estate3,292,966 3,170 48 — 2,663 3,298,847 
Commercial & industrial2,224,863 1,383 213 24 11,108 2,237,591 
Commercial construction1,513,544 451 — — 150 1,514,145 
Equipment financing1,274,342 1,918 1,398 — 3,198 1,280,856 
Total commercial11,002,210 9,519 2,035 24 17,996 11,031,784 
Residential mortgage2,136,977 1,703 386 — 10,424 2,149,490 
HELOC829,400 1,393 196 — 1,151 832,140 
Residential construction422,274 92 267 — 104 422,737 
Manufactured housing292,394 3,589 704 — 4,187 300,874 
Consumer145,166 223 49 4 17 145,459 
Total loans$14,828,421 $16,519 $3,637 $28 $33,879 $14,882,484 
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 


19
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
 September 30, 2022December 31, 2021
With no allowanceWith an allowanceTotalWith no allowanceWith an allowanceTotal
Owner occupied commercial real estate$537 $340 $877 $2,141 $573 $2,714 
Income producing commercial real estate2,263 400 2,663 6,873 715 7,588 
Commercial & industrial10,061 1,047 11,108 3,715 1,714 5,429 
Commercial construction47 103 150 — 343 343 
Equipment financing449 2,749 3,198 — 1,741 1,741 
Total commercial13,357 4,639 17,996 12,729 5,086 17,815 
Residential mortgage2,239 8,185 10,424 3,126 10,187 13,313 
HELOC300 851 1,151 219 993 1,212 
Residential construction67 37 104 280 140 420 
Manufactured housing— 4,187 4,187 — — — 
Consumer1 16 17 6 46 52 
Total$15,964 $17,915 $33,879 $16,360 $16,452 $32,812 

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 and 30 or more days past due 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.

20
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 September 30, 202220222021202020192018Prior
Pass
Owner occupied commercial real estate$537,628 $690,355 $630,238 $217,689 $132,341 $297,665 $107,380 $5,948 $2,619,244 
Income producing commercial real estate659,896 810,374 770,008 301,271 178,480 302,937 43,144 9,127 3,075,237 
Commercial & industrial391,665 442,865 199,960 142,415 126,773 80,396 691,597 18,923 2,094,594 
Commercial construction497,066 478,007 284,335 113,523 13,002 21,633 72,161 1,343 1,481,070 
Equipment financing535,508 411,108 187,297 108,817 31,409 2,596 — — 1,276,735 
Total commercial2,621,763 2,832,709 2,071,838 883,715 482,005 705,227 914,282 35,341 10,546,880 
Residential mortgage640,179 762,959 339,633 94,368 58,005 237,641 8 3,120 2,135,913 
HELOC— — — — — — 807,985 22,482 830,467 
Residential construction259,062 144,816 6,233 1,895 1,637 8,474 65 375 422,557 
Manufactured housing58,475 56,252 50,323 35,847 32,026 62,615 — — 295,538 
Consumer58,222 34,549 18,008 5,420 2,314 856 25,869 129 145,367 
3,637,701 3,831,285 2,486,035 1,021,245 575,987 1,014,813 1,748,209 61,447 14,376,722 
Special Mention
Owner occupied commercial real estate6,540 7,663 5,262 9,585 4,217 5,164 3,065 2,964 44,460 
Income producing commercial real estate46,138 10,285 45,578 20,106 21,798 13,318 1 — 157,224 
Commercial & industrial16,279 32,282 5,751 847 1,337 250 34,169 297 91,212 
Commercial construction530 35 62 13,319 4,917 29 — — 18,892 
Equipment financing— — — — — — — — — 
Total commercial69,487 50,265 56,653 43,857 32,269 18,761 37,235 3,261 311,788 
Residential mortgage— — — — — — — — — 
HELOC— — — — — — — — — 
Residential construction— — — — — — — — — 
Manufactured housing— — — — — — — — — 
Consumer— — — — — — — — — 
69,487 50,265 56,653 43,857 32,269 18,761 37,235 3,261 311,788 
Substandard
Owner occupied commercial real estate6,801 529 4,016 8,654 1,210 14,184 210 1,037 36,641 
Income producing commercial real estate34,352 1,779 1,368 4,621 13,292 10,519 391 64 66,386 
Commercial & industrial5,194 9,958 2,247 5,696 10,935 1,273 16,035 447 51,785 
Commercial construction148 42 47 3 3,925 9,772 — 246 14,183 
Equipment financing646 1,044 1,141 696 576 18 — — 4,121 
Total commercial47,141 13,352 8,819 19,670 29,938 35,766 16,636 1,794 173,116 
Residential mortgage1,401 1,167 1,361 1,861 2,483 5,145 — 159 13,577 
HELOC— — — — — — 24 1,649 1,673 
Residential construction2 — — 21 4 153 — — 180 
Manufactured housing424 672 739 690 953 1,858 — — 5,336 
Consumer— 35 15 2 32 8 — — 92 
48,968 15,226 10,934 22,244 33,410 42,930 16,660 3,602 193,974 
Total$3,756,156 $3,896,776 $2,553,622 $1,087,346 $641,666 $1,076,504 $1,802,104 $68,310 $14,882,484 

21
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 

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

Troubled Debt Restructurings
As of September 30, 2022 and December 31, 2021, United had TDRs totaling $42.9 million and $52.4 million, respectively. Loans modified under the terms of a TDR during the three and nine months ended September 30, 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 September 30, 2022       
Owner occupied commercial real estate— $— $— $— $— — $— 
Income producing commercial real estate— — — — — — — 
Commercial & industrial1 — 715 — 715 — — 
Commercial construction— — — — — — — 
Equipment financing11 — 2,103 — 2,103 1 30 
Total commercial12 — 2,818 — 2,818 1 30 
Residential mortgage4 — 304 — 304 2 400 
HELOC— — — — — — — 
Residential construction— — — — — — — 
Manufactured housing— — — — — — — 
Consumer— — — — — — — 
Total loans16 $— $3,122 $— $3,122 3 $430 
Nine Months Ended September 30, 2022
Owner occupied commercial real estate1 $— $112 $— $112 — $— 
Income producing commercial real estate— — — — — — — 
Commercial & industrial2 — 1,118 — 1,118 — — 
Commercial construction— — — — — — — 
Equipment financing38 — 6,952 — 6,952 10 438 
Total commercial41 — 8,182 — 8,182 10 438 
Residential mortgage8 — 877 — 877 3 456 
HELOC7 — 1,242 6 1,248 — — 
Residential construction— — — — — — — 
Manufactured housing— — — — — — — 
Consumer— — — — — — — 
Total loans56 $— $10,301 $6 $10,307 13 $894 
Three Months Ended September 30, 2021       
Owner occupied commercial real estate— $— $— $— $— — $— 
Income producing commercial real estate— — — — — — — 
Commercial & industrial3 — 166 — 166 — — 
Commercial construction— — — — — — — 
Equipment financing11 — 399 — 399 3 96 
Total commercial14 — 565 — 565 3 96 
Residential mortgage6 — 649 — 649 1 180 
HELOC— — — — — 1 43 
Residential construction— — — — — — — 
Consumer— — — — — — — 
Total loans20 $— $1,214 $— $1,214 5 $319 
Nine Months Ended September 30, 2021
Owner occupied commercial real estate1 $— $543 $— $543 — $— 
Income producing commercial real estate3 — — 1,697 1,697 — — 
Commercial & industrial7 — 531 103 634 1 11 
Commercial construction1 — 309 — 309 — — 
Equipment financing47 — 2,861 — 2,861 11 296 
Total commercial59 — 4,244 1,800 6,044 12 307 
Residential mortgage12 — 1,040 — 1,040 4 593 
HELOC— — — — — 2 92 
Residential construction— — — — — — — 
Consumer— — — — — — — 
Total loans71 $— $5,284 $1,800 $7,084 18 $992 

23
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

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 September 30, 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 September 30, 2022, United applied qualitative adjustments to the model output for the income producing commercial real estate, commercial construction, HELOCs, residential mortgage and residential construction portfolios. With regard to income producing commercial real estate, the qualitative adjustments 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 adjustments for the other categories lowered the amount of required allowance due to management’s expectation with respect to the timing of deteriorating economic conditions in the forecast.

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 and manufactured housing, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages and manufactured housing, the peer data was adjusted to account for the 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.

24
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 September 30,
20222021
Beginning BalanceCharge-OffsRecoveries(Release) ProvisionEnding BalanceBeginning BalanceCharge-OffsRecoveries(Release) ProvisionEnding Balance
Owner occupied commercial real estate$16,774 $— $90 $2,192 $19,056 $17,292 $(443)$536 $(3,241)$14,144 
Income producing commercial real estate33,284 (202)26 (1,498)31,610 30,967 (120)75 (7,531)23,391 
Commercial & industrial18,267 (373)1,117 1,907 20,918 16,414 (320)411 (262)16,243 
Commercial construction16,062 — (10)1,902 17,954 9,180 — 123 (1,131)8,172 
Equipment financing18,409 (1,987)866 3,277 20,565 18,100 (1,165)653 (288)17,300 
Residential mortgage17,035 — 66 2,234 19,335 10,965 (127)76 559 11,473 
HELOC7,487 (27)129 884 8,473 6,357 (65)167 (40)6,419 
Residential construction2,086 — 109 109 2,304 1,918 — 37 (19)1,936 
Manufactured housing6,614 (225)5 958 7,352 — — — — — 
Consumer907 (1,010)292 746 935 423 (611)222 508 542 
ACL - loans136,925 (3,824)2,690 12,711 148,502 111,616 (2,851)2,300 (11,445)99,620 
ACL - unfunded commitments16,117 — — 2,681 18,798 10,844 — — 411 11,255 
Total ACL$153,042 $(3,824)$2,690 $15,392 $167,300 $122,460 $(2,851)$2,300 $(11,034)$110,875 
Nine Months Ended September 30,
20222021
Beginning Balance
Initial ACL - PCD loans (1)
Charge-OffsRecoveries(Release) ProvisionEnding BalanceBeginning
Balance		Charge-
Offs		Recoveries(Release)
Provision		Ending
Balance
Owner occupied commercial real estate$14,282 $266 $— $1,631 $2,877 $19,056 $20,673 $(1,503)$932 $(5,958)$14,144 
Income producing commercial real estate24,156 4,366 (202)432 2,858 31,610 41,737 (174)304 (18,476)23,391 
Commercial & industrial16,592 2,337 (4,978)3,095 3,872 20,918 22,019 (4,017)6,855 (8,614)16,243 
Commercial construction9,956 2,857 (41)548 4,634 17,954 10,952 (224)618 (3,174)8,172 
Equipment financing16,290 — (4,644)2,349 6,570 20,565 16,820 (4,411)2,087 2,804 17,300 
Residential mortgage12,390 385 (53)267 6,346 19,335 15,341 (342)393 (3,919)11,473 
HELOC6,568 60 (36)565 1,316 8,473 8,417 (99)386 (2,285)6,419 
Residential construction1,847 1 — 208 248 2,304 764 (10)140 1,042 1,936 
Manufactured housing— 2,438 (533)14 5,433 7,352 — — — — — 
Consumer451 27 (2,544)879 2,122 935 287 (1,435)710 980 542 
ACL - loans102,532 12,737 (13,031)9,988 36,276 148,502 137,010 (12,215)12,425 (37,600)99,620 
ACL - unfunded commitments10,992 — — — 7,806 18,798 10,558 — — 697 11,255 
Total ACL$113,524 $12,737 $(13,031)$9,988 $44,082 $167,300 $147,568 $(12,215)$12,425 $(36,903)$110,875 
(1) Represents the initial ACL related to PCD loans acquired in the Reliant transaction.
25
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):
September 30, 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 $16,311 $— $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 16,311 — 130,000 6,389 — 
Derivatives not designated as hedging instruments:
Customer derivative positions1,090,067 16 92,444 1,206,145 28,656 10,663 
Dealer offsets to customer derivative positions1,090,067 24,005 — 1,230,885 974 9,232 
Risk participations79,827 4 1 69,385 16 7 
Mortgage banking - loan commitment33,265 290 155 110,897 3,450 — 
Mortgage banking - forward sales commitment88,000 1,994 30 201,419 67 202 
Bifurcated embedded derivatives51,935 11,724 — 51,935 2,928 — 
Dealer offsets to bifurcated embedded derivatives51,935 — 13,505 51,935 — 5,041 
Total2,485,096 38,033 106,135 2,922,601 36,091 25,145 
Total derivatives$2,605,096 $54,344 $106,135 $3,052,601 $42,480 $25,145 
Total gross derivative instruments$54,344 $106,135 $42,480 $25,145 
Less: Amounts subject to master netting agreements(230)(230)(694)(694)
Less: Cash collateral received/pledged(39,811)(13,155)(6,620)(14,148)
Net amount$14,303 $92,750 $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 September 30, 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 $2.34 million 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.

26
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 September 30,Nine Months Ended September 30,
2022202120222021
Total interest expense presented in the consolidated statements of income$(14,113)$(6,636)$(29,855)$(23,547)
Effect of hedging relationships on interest expense:
Net income recognized on fair value hedges— 43 28 167 
Net expense recognized on cash flow hedges (1)
(48)(153)(295)(444)
 (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $119,000 for both the three months ended September 30, 2022 and 2021, and $353,000 for both the nine months ended September 30, 2022 and 2021.

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
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Customer derivatives and dealer offsets Other noninterest income$471 $599 $1,685 $2,551 
Bifurcated embedded derivatives and dealer offsetsOther noninterest income(108)— 90 417 
Mortgage banking derivativesMortgage loan revenue1,047 (1,407)8,297 (1,065)
Risk participationsOther noninterest income(1)— 93 — 
  $1,409 $(808)$10,165 $1,903 
 
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.
 
27
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

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 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).  
September 30, 2022December 31, 2021
Core deposit intangible$46,900 $38,192 
Less: accumulated amortization(24,690)(25,870)
Net core deposit intangible22,210 12,322 
Customer relationship intangible8,400 8,400 
Less: accumulated amortization(916)(322)
Net customer relationship intangible7,484 8,078 
Total intangibles subject to amortization, net (1)
29,694 20,400 
Goodwill751,174 452,007 
Total goodwill and other intangible assets, net$780,868 $472,407 
(1) As intangible assets become fully amortized, they are excluded from balances presented.
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
September 30,		Nine Months Ended
September 30,
2022202120222021
Balance, beginning of period (1)
$751,174 $367,809 $452,007 $367,809 
Acquisitions— 14,163 299,167 14,163 
Balance, end of period (1)
$751,174 $381,972 $751,174 $381,972 
(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):
Remainder of 2022$1,620 
20235,903 
20245,018 
20254,051 
20263,303 
Thereafter9,799 
Total$29,694 

28
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):
September 30,
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(4,817)(8,260)
Total long-term debt$324,515 $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 subordinated debentures and trust preferred securities with an acquisition date fair value of $76.7 million 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
29
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.
 
30
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).
September 30, 2022Level 1Level 2Level 3Total
Assets:    
AFS debt securities:    
U.S. Treasuries$178,473 $— $— $178,473 
U.S. Government agencies & GSEs— 256,026 — 256,026 
State and political subdivisions— 315,502 — 315,502 
Residential MBS— 1,856,890 — 1,856,890 
Commercial MBS— 703,603 — 703,603 
Corporate bonds— 223,684 2,226 225,910 
Asset-backed securities— 326,482 — 326,482 
Equity securities with readily available fair values12,934 1,068 — 14,002 
Mortgage loans held for sale— 19,888 — 19,888 
Deferred compensation plan assets10,904 — — 10,904 
Servicing rights for SBA/USDA loans— — 6,078 6,078 
Residential mortgage servicing rights— — 37,154 37,154 
Derivative financial instruments— 42,326 12,018 54,344 
Total assets$202,311 $3,745,469 $57,476 $4,005,256 
Liabilities:
Deferred compensation plan liability$10,929 $— $— $10,929 
Derivative financial instruments— 92,474 13,661 106,135 
Total liabilities$10,929 $92,474 $13,661 $117,064 
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 
 
31
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 September 30,        
Beginning balance$10,199 $10,795 $6,167 $35,131 $2,287 $6,889 $3,944 $6,115 $21,568 $1,707 
Additions— — 411 704 — 86 — 354 2,813 500 
Sales and settlements— — (220)(602)— — — (357)(875)— 
Fair value adjustments included in OCI— — — — (61)— — — — 165 
Fair value adjustments included in earnings1,819 2,866 (280)1,921 — 42 505 49 (444)— 
Ending balance$12,018 $13,661 $6,078 $37,154 $2,226 $7,017 $4,449 $6,161 $23,062 $2,372 
Nine Months Ended September 30,
Beginning balance$6,758 $5,048 $6,513 $25,161 $2,395 $10,779 $2,408 $6,462 $16,216 $1,750 
Additions— 99 1,799 4,594 — 261 97 1,193 9,806 500 
Transfers from Level 3(290)— — — — — — — — — 
Sales and settlements— (1)(857)(1,916)— — — (1,001)(3,430)— 
Fair value adjustments included in OCI— — — — (169)— — — — 122 
Fair value adjustments included in earnings5,550 8,515 (1,377)9,315 — (4,023)1,944 (493)470 — 
Ending balance$12,018 $13,661 $6,078 $37,154 $2,226 $7,017 $4,449 $6,161 $23,062 $2,372 

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 InputsSeptember 30, 2022December 31, 2021
RangeWeighted AverageRangeWeighted Average
SBA/USDA loan servicing rightsDiscounted cash flowDiscount rate
5.8% - 25.0%
13.5 %
0.0% - 45.4%
10.3 %
Prepayment rate
 0.0 - 35.1
16.8 
3.2 - 31.3
16.3 
Residential mortgage servicing rightsDiscounted cash flowDiscount rate
9.5 - 11.5
9.5 
9.5 - 10.5
9.5 
Prepayment rate
7.0 - 32.3
7.4 
7.0 - 77.6
12.6 
Corporate bondsDiscounted cash flowDiscount rate
5.9 - 6.1
6.0 
3.6 - 3.8
3.6 
Derivative assets - customer derivative positionsInternal modelEstimated loss rateN/AN/A
33.4 - 44.0
36.0 
Derivative assets - mortgageInternal modelPull through rate
45.0 - 100
90.7 
45.9 - 100
87.2 
Derivative assets and liabilities - otherDealer pricedDealer pricedN/AN/AN/AN/A
 
32
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

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. In connection with 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
September 30, 2022December 31, 2021
Outstanding principal balance$20,180 $42,581 
Fair value19,888 44,109 
Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale
LocationThree Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
 Mortgage loan gains and other related fees$(809)$(1,609)$(1,820)$(3,330)

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.

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 September 30, 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
September 30, 2022    
Loans held for investment$— $— $1,820 $1,820 
Mortgage loans held for sale— — 2,079 2,079 
December 31, 2021
Loans held for investment$— $— $2,536 $2,536 

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. As of September 30, 2022, these loans were classified as nonrecurring Level 3 because the valuation of these loans was based on indicative bids provided by a broker, not corroborated by market transactions.

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

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.

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
September 30, 2022     
Assets:     
HTM debt securities$2,676,405 $17,253 $2,223,907 $— $2,241,160 
Loans and leases, net14,733,982 — — 14,250,071 14,250,071 
Liabilities:
Deposits20,321,142 — 20,315,750 — 20,315,750 
Long-term debt324,515 — — 313,944 313,944 
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 
 
34
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

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 September 30, 2022, 2.80 million additional awards could be granted under the plan.
 
The table below presents restricted stock unit and option activity for the nine months ended September 30, 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 
Granted335,866 32.81 48,239 20.88 
Released / Exercised(289,860)25.11 $10,252 (16,257)20.77 $252 
Cancelled(29,925)26.06 — — 
Outstanding at September 30, 2022824,555 28.25 27,293 67,442 14.33 3.01,266 
Vested / Exercisable at September 30, 2022— — 67,442 14.33 3.01,266 
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 the nine months ended September 30, 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 value, which was estimated using the Monte Carlo Simulation valuation model. United recognizes 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 nine months ended September 30, 2022 and 2021, expense of $6.24 million and $4.42 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 the nine months ended September 30, 2022 and 2021, $412,000 and $397,000, respectively, 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 $1.70 million and $1.23 million was included in the determination of income tax expense for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was $19.1 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 2.9 years.


35
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

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
September 30,		Nine Months Ended
September 30,		Affected Line Item in the Statement Where Net Income is Presented
2022202120222021
Realized gains (losses) on AFS securities:
$— $— $(3,688)$41 Securities gains (losses), net
 — — 979 (14)Income tax (expense) benefit
 $— $— $(2,709)$27 Net of tax
Amortization of unrealized losses on HTM securities transferred from AFS:
 $(4,473)$— $(6,242)$— Investment securities interest revenue
 1,073 — 1,495 — Income tax benefit
 $(3,400)$— $(4,747)$— Net of tax
Losses on derivative instruments accounted for as cash flow hedges:
Interest rate contracts$(48)$(153)$(295)$(444)Long-term debt interest expense
 12 39 75 113 Income tax benefit
 $(36)$(114)$(220)$(331)Net of tax
Amortization of defined benefit pension plan net periodic pension cost components:
Prior service cost$(91)$(117)$(276)$(351)Salaries and employee benefits expense
Actuarial losses(78)(143)(234)(431)Other expense
 (169)(260)(510)(782)Total before tax
 43 66 130 200 Income tax benefit
 $(126)$(194)$(380)$(582)Net of tax
Total reclassifications for the period$(3,562)$(308)$(8,056)$(886)Net of tax

36
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
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net income$81,161 $73,816 $196,022 $217,782 
Dividends on preferred stock(1,719)(1,719)(5,157)(5,157)
Earnings allocated to participating securities(407)(448)(1,007)(1,342)
Net income available to common shareholders$79,035 $71,649 $189,858 $211,283 
Weighted average shares outstanding:
Basic106,687 87,211 106,616 87,274 
Effect of dilutive securities:
Stock options38 — 40 — 
Restricted stock units75 144 76 139 
Diluted106,800 87,355 106,732 87,413 
Net income per common share:
Basic$0.74 $0.82 $1.78 $2.42 
Diluted$0.74 $0.82 $1.78 $2.42 
 
At September 30, 2022 and 2021, United had no potentially dilutive instruments outstanding that were not included in the above analysis.

Note 14 – Regulatory Matters

As of September 30, 2022, United and the Bank were categorized as well-capitalized under the regulatory requirements in effect at that 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 September 30, 2022, and there have been no conditions or events since quarter-end that would change the status of well-capitalized.

Regulatory capital ratios at September 30, 2022 and December 31, 2021, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under regulatory requirements 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		September 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021
Risk-based ratios:
CET1 capital4.5 %6.5 %12.13 %12.46 %12.94 %12.87 %
Tier 1 capital6.0 8.0 12.68 13.17 12.94 12.87 
Total capital8.0 10.0 14.62 14.65 13.75 13.46 
Leverage ratio4.0 5.0 9.41 8.75 9.58 8.53 
CET1 capital$2,101,819 $1,688,176 $2,234,151 $1,738,557 
Tier 1 capital2,198,241 1,784,598 2,234,151 1,738,557 
Total capital2,534,810 1,984,376 2,374,603 1,818,335 
Risk-weighted assets17,332,391 13,548,534 17,269,896 13,512,405 
Average total assets for the leverage ratio23,359,608 20,402,842 23,308,849 20,377,319 
(1) As of September 30, 2022 and December 31, 2021 the additional capital conservation buffer in effect was 2.50%

37
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).
September 30, 2022December 31, 2021
Financial instruments whose contract amounts represent credit risk:  
Commitments to extend credit$4,592,092 $3,591,975 
Letters of credit53,526 29,312 
 
United holds minor investments in certain entities for tax credit and Community Reinvestment Act purposes. As of September 30, 2022 and December 31, 2021, the Bank had a recorded investment of $79.8 million and $52.7 million, respectively, in such investments, which is included in other assets on the consolidated balance sheet. As of September 30, 2022, United had committed to fund an additional $6.96 million related to future capital calls that are not reflected in the consolidated balance sheet.

As of September 30, 2022, the Holding Company also had $18.1 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.
 
38

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

The following is a discussion of our financial condition at September 30, 2022 and December 31, 2021 and our results of operations for the three and nine months ended September 30, 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 primarily through a 193 branch network throughout Georgia, South Carolina, North Carolina, Tennessee and Florida. We have grown organically as well as through strategic acquisitions. At September 30, 2022, we had consolidated total assets of $23.7 billion and 2,826 full-time equivalent employees.

Recent Developments

Mergers and Acquisitions
Since September 30, 2021, we have continued to expand through acquisitions as follows:
◦On January 1, 2022, we acquired Reliant, a bank which operated a 25-branch network primarily located in Middle 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 as of the acquisition date.
◦On October 1, 2021, we acquired Aquesta, a bank which operated a network of branches primarily located in the Charlotte, North Carolina 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 May 4, 2022, we announced an agreement to acquire Progress, which we plan to complete in the first quarter of 2023. 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 September 30, 2022, Progress had total assets of $1.74 billion, total loans of $1.41 billion, and total deposits of $1.50 billion.

Results of Operations
We reported net income and diluted earnings per common share of $81.2 million and $0.74, respectively, for the third quarter of 2022 compared to $73.8 million and $0.82, respectively, for the same period in 2021. Operating net income (non-GAAP), which excludes merger-related and other charges, was $82.5 million for the third quarter of 2022, compared to $74.9 million for the same period in 2021.
Net interest revenue increased to $200 million for the third quarter of 2022, compared to $141 million for the third quarter of 2021. The increase in interest revenue was provided by loan growth, including loans acquired from Aquesta and Reliant, continued investment in our securities portfolio and the impact of the current rising interest rate environment. These factors more than offset the increase in interest expense resulting from deposit growth and increased long-term debt, both of which also included increases resulting from acquisitions. In addition, while interest rates on interest-bearing deposits also increased, they did so at a slower rate than that of our interest-earning assets. Our net interest margin and net interest spread for the third quarter of 2022 increased compared to the same period of last year due to the rising interest rate environment, but was partially offset by the impact of tapering accelerated PPP deferred fee accretion and interest revenue and less purchased loan accretion compared to the same period of last year. The net interest margin for the three months ended September 30, 2022 and 2021 was 3.57% and 3.12%, respectively.
 
We recorded a provision for credit losses of $15.4 million for the third quarter of 2022, compared to a release of provision of $11.0 million for the third quarter of 2021. The provision expense in the third quarter of 2022 resulted from loan growth and a less favorable current economic outlook compared to that as of the prior quarter-end. The negative provision in 2021 resulted from an improved economic forecast at that time as the outlook of the COVID-19 pandemic had improved. We recorded net charge-offs for the third quarters of 2022 and 2021 totaling $1.13 million and $551,000, respectively.
39


Noninterest income of $31.9 million for the third quarter of 2022 was down $8.17 million, or 20%, from the third quarter of 2021. Lower gains on sales of mortgage loans and related fees, which were down $7.53 million compared to the same period of 2021, drove most of the decrease. The decrease reflects lower demand in the residential real estate mortgage market as interest rates have risen significantly since the third quarter of 2021. We also recorded unrealized losses on other investments during the third quarter of 2022 compared to unrealized gains in the same period of 2021, reflective of market conditions. These decreases were partially offset by an increase in BOLI income resulting from policies acquired with Reliant and Aquesta and death benefits received in 2022.

Noninterest expense of $113 million for the third quarter of 2022 increased $16.0 million compared to the same period of 2021. Most notably, salaries and employee benefits expense increased $7.37 million, which was primarily driven by the increase in employees resulting from acquisitions since September 30, 2021 and our annual salary merit-based increase effective in April of 2022. Occupancy and communications and equipment expense increased $2.04 million and $1.43 million, respectively, which was also primarily driven by the acquisitions of Aquesta and Reliant as our footprint continues to grow.

For the nine months ended September 30, 2022 and 2021, we reported net income of $196 million and $218 million, respectively, and diluted earnings per common share of $1.78 and $2.42, respectively. Operating net income (non-GAAP) for the nine months ended September 30, 2022 and 2021 of $210 million and $221 million, respectively, excluded merger-related charges for both periods. Net interest revenue and net interest margin for the nine months ended September 30, 2022 were $542 million and 3.25%, respectively, compared to $411 million and 3.17%, respectively, for the same period in 2021. In addition to the factors affecting the third quarter of 2022, results of operations for the nine months ended September 30, 2022 were also more heavily affected by the Reliant acquisition. Most notably, we incurred more significant merger-related and other charges and provision expense during the first nine months of 2022 compared to the same period of 2021. Merger-related and other charges increased $13.8 million, which is mostly reflective of Reliant merger-related costs and the second quarter Reliant systems conversion. Provision expense for the nine months ended September 30, 2022 was $44.1 million compared to a release of provision of $36.9 million during the comparable period of 2021. $18.3 million of the provision expense for the nine months ended September 30, 2022 was related to the establishment of the ACL for the acquired Reliant non-PCD loans and unfunded commitments.

Results for the third quarter and first nine months of 2022 are discussed in further detail throughout the following sections of MD&A.

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.

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.
40

UNITED COMMUNITY BANKS, INC.
Table 1 - Financial Highlights
 (in thousands, except per share data)
20222021
Third Quarter
2022 - 2021 Change
For the Nine Months Ended September 30,YTD Change
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
20222021
INCOME SUMMARY 
Interest revenue$213,887 $187,378 $171,059 $143,768 $147,675 $572,324 $435,026 
Interest expense14,113 8,475 7,267 6,213 6,636 29,855 23,547 
Net interest revenue199,774 178,903 163,792 137,555 141,039 42 %542,469 411,479 32 %
Provision for (release of) credit losses15,392 5,604 23,086 (647)(11,034)44,082 (36,903)
Noninterest income31,922 33,458 38,973 37,177 40,095 (20)104,353 120,641 (14)
Total revenue216,304 206,757 179,679 175,379 192,168 13 602,740 569,023 6 
Noninterest expenses112,755 120,790 119,275 109,156 96,749 17 352,820 287,483 23 
Income before income tax expense103,549 85,967 60,404 66,223 95,419 9 249,920 281,540 (11)
Income tax expense22,388 19,125 12,385 14,204 21,603 4 53,898 63,758 (15)
Net income81,161 66,842 48,019 52,019 73,816 10 196,022 217,782 (10)
Merger-related and other charges1,746 7,143 9,016 9,912 1,437 17,905 4,058 
Income tax benefit of merger-related and other charges(385)(1,575)(1,963)(2,265)(328)(3,923)(909)
Net income - operating (1)
$82,522 $72,410 $55,072 $59,666 $74,925 10 $210,004 $220,931 (5)
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP$0.74 $0.61 $0.43 $0.55 $0.82 (10)$1.78 $2.42 (26)
Diluted net income - operating (1)
0.75 0.66 0.50 0.64 0.83 (10)1.91 2.45 (22)
Cash dividends declared0.22 0.21 0.21 0.20 0.20 10 0.64 0.58 10 
Book value23.78 23.96 24.38 23.63 23.25 2 23.78 23.25 2 
Tangible book value (3)
16.52 16.68 17.08 18.42 18.68 (12)16.52 18.68 (12)
Key performance ratios:
Return on common equity - GAAP (2)(4)
11.02 %9.31 %6.80 %9.32 %14.26 %9.08 %14.55 %
Return on common equity - operating (1)(2)(4)
11.21 10.10 7.83 10.74 14.48 9.75 14.77 
Return on tangible common equity - operating (1)(2)(3)(4)
15.60 14.20 11.00 13.93 18.23 13.64 18.55 
Return on assets - GAAP (4)
1.32 1.08 0.78 0.96 1.48 1.06 1.52 
Return on assets - operating (1)(4)
1.34 1.17 0.89 1.10 1.50 1.13 1.54 
Net interest margin (FTE) (4)
3.57 3.19 2.97 2.81 3.12 3.25 3.17 
Efficiency ratio - GAAP48.41 56.58 57.43 62.12 53.11 53.94 53.72 
Efficiency ratio - operating (1)
47.66 53.23 53.09 56.48 52.33 51.20 52.97 
Equity to total assets11.12 10.95 11.06 10.61 10.89 11.12 10.89 
Tangible common equity to tangible assets (3)
7.70 7.59 7.72 8.09 8.53 7.70 8.53 
ASSET QUALITY
NPAs$35,511 $34,428 $40,816 $32,855 $45,335 (22)$35,511 $45,335 (22)
ACL - loans148,502 136,925 132,805 102,532 99,620 49 148,502 99,620 49 
Net charge-offs (recoveries)1,134 (1,069)2,978 248 551 3,043 (210)
ACL - loans to loans1.00 %0.94 %0.93 %0.87 %0.89 %1.00 %0.89 %
Net charge-offs to average loans (4)
0.03 (0.03)0.08 0.01 0.02 0.03 — 
NPAs to total assets0.15 0.14 0.17 0.16 0.23 0.15 0.23 
AT PERIOD END ($ in millions)
Loans$14,882 $14,541 $14,316 $11,760 $11,191 33 $14,882 $11,191 33 
Investment securities6,539 6,683 6,410 5,653 5,335 23 6,539 5,335 23 
Total assets23,688 24,213 24,374 20,947 19,481 22 23,688 19,481 22 
Deposits20,321 20,873 21,056 18,241 16,865 20 20,321 16,865 20 
Shareholders’ equity2,635 2,651 2,695 2,222 2,122 24 2,635 2,122 24 
Common shares outstanding (thousands)106,163 106,034 106,025 89,350 86,559 23 106,163 86,559 23 
(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.
41


UNITED COMMUNITY BANKS, INC.
Table 1 (Continued) - Financial Highlights
Non-GAAP Performance Measures Reconciliation
(in thousands, except per share data)
 20222021For the Nine Months Ended September 30,
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
20222021
Noninterest expense reconciliation     
Noninterest expenses (GAAP)$112,755 $120,790 $119,275 $109,156 $96,749 $352,820 $287,483 
Merger-related and other charges(1,746)(7,143)(9,016)(9,912)(1,437)(17,905)(4,058)
Noninterest expenses - operating$111,009 $113,647 $110,259 $99,244 $95,312 $334,915 $283,425 
Net income reconciliation
Net income (GAAP)$81,161 $66,842 $48,019 $52,019 $73,816 $196,022 $217,782 
Merger-related and other charges1,746 7,143 9,016 9,912 1,437 17,905 4,058 
Income tax benefit of merger-related and other charges(385)(1,575)(1,963)(2,265)(328)(3,923)(909)
Net income - operating$82,522 $72,410 $55,072 $59,666 $74,925 $210,004 $220,931 
Diluted income per common share reconciliation
Diluted income per common share (GAAP)$0.74 $0.61 $0.43 $0.55 $0.82 $1.78 $2.42 
Merger-related and other charges, net of tax0.01 0.05 0.07 0.09 0.01 0.13 0.03 
Diluted income per common share - operating$0.75 $0.66 $0.50 $0.64 $0.83 $1.91 $2.45 
Book value per common share reconciliation
Book value per common share (GAAP)$23.78 $23.96 $24.38 $23.63 $23.25 $23.78 $23.25 
Effect of goodwill and other intangibles(7.26)(7.28)(7.30)(5.21)(4.57)(7.26)(4.57)
Tangible book value per common share$16.52 $16.68 $17.08 $18.42 $18.68 $16.52 $18.68 
Return on tangible common equity reconciliation
Return on common equity (GAAP)11.02 %9.31 %6.80 %9.32 %14.26 %9.08 %14.55 %
Merger-related and other charges, net of tax0.19 0.79 1.03 1.42 0.22 0.67 0.22 
Return on common equity - operating11.21 10.10 7.83 10.74 14.48 9.75 14.77 
Effect of goodwill and other intangibles4.39 4.10 3.17 3.19 3.75 3.89 3.78 
Return on tangible common equity - operating15.60 %14.20 %11.00 %13.93 %18.23 %13.64 %18.55 %
Return on assets reconciliation
Return on assets (GAAP)1.32 %1.08 %0.78 %0.96 %1.48 %1.06 %1.52 %
Merger-related and other charges, net of tax0.02 0.09 0.11 0.14 0.02 0.07 0.02 
Return on assets - operating1.34 %1.17 %0.89 %1.10 %1.50 %1.13 %1.54 %
Efficiency ratio reconciliation
Efficiency ratio (GAAP)48.41 %56.58 %57.43 %62.12 %53.11 %53.94 %53.72 %
Merger-related and other charges(0.75)(3.35)(4.34)(5.64)(0.78)(2.74)(0.75)
Efficiency ratio - operating47.66 %53.23 %53.09 %56.48 %52.33 %51.20 %52.97 %
Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)11.12 %10.95 %11.06 %10.61 %10.89 %11.12 %10.89 %
Effect of goodwill and other intangibles— (2.96)(2.94)(2.06)(1.87)— (1.87)
Effect of preferred equity(3.42)(0.40)(0.40)(0.46)(0.49)(3.42)(0.49)
Tangible common equity to tangible assets7.70 %7.59 %7.72 %8.09 %8.53 %7.70 %8.53 %
42

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 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 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 stockholders’ equity.

The following discussion provides additional details on the average balances and net interest revenue for the periods presented. The tables that follow indicate 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.

For the quarter:

The increase in net interest revenue was primarily driven by the $3.45 billion increase in average loans provided by the addition of the Aquesta and Reliant loan portfolios, as well as organic growth. As a result of this increase and the rising rate environment, loan interest revenue (FTE) increased $46.0 million compared to the third quarter of 2021, which was partially offset by $13.4 million less in PPP interest and fee income and $3.37 million less in purchased loan accretion. Additionally, the increase in average securities of $1.91 billion combined with rising rates provided $18.5 million more in interest revenue (FTE) compared to the same period of last year as we have continued to deploy surplus liquidity into the securities portfolio. Compared to the third quarter of 2021, average interest-bearing deposits increased $2.13 billion and deposit interest expense increased $6.74 million. Growth in deposits includes deposits received in the acquisitions of Aquesta and Reliant. The increase in deposit interest expense was driven both by the deposit growth and the 20 basis point increase in the average rate paid on interest-bearing deposits resulting from the rising interest rate environment.

Our net interest spread and net interest margin for the third quarter of 2022 increased 37 and 45 basis points, respectively, compared to the third quarter of 2021, which was primarily a result of the impact of the rising rate environment on our asset-sensitive balance sheet as rates on interest-earning assets increased more quickly than rates paid on interest-bearing deposits. As discussed above, we had significantly less accelerated PPP interest and fees and purchased loan accretion compared to the third quarter of 2021. As a result, the average rate earned on loans, net interest spread and net interest margin for the third quarter of 2021 were more positively impacted by these sources of interest revenue compared to the same period of 2022, which partially offset the impact of the increase in interest rates since the third quarter 2021.

For the nine months ended:

Net interest revenue for the first nine months of 2022 was $542 million, representing a 32% increase from the first nine months of 2021, which was primarily driven by the same factors impacting the quarter. During the first nine months of 2022, our net interest spread and net interest margin both increased by 8 basis points compared to the same period of 2021. As with the quarter, the positive impact of the rising interest rate environment on our average rate earned on loans, net interest spread and net interest margin was partially offset by the significant decreases in accelerated PPP deferred fee accretion and interest income and purchased loan accretion of $36.1 million and $7.99 million, respectively, compared to the nine months ended September 30, 2021.


43

Table 2 - Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,
(dollars in thousands, FTE)
 20222021
Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets:      
Interest-earning assets:      
Loans, net of unearned income (FTE) (1)(2)
$14,658,397 $174,168 4.71 %$11,204,653 $128,185 4.54 %
Taxable securities (3)
6,539,615 34,385 2.10 4,738,860 16,260 1.37 
Tax-exempt securities (FTE) (1)(3)
493,115 3,449 2.80 383,196 3,061 3.20 
Federal funds sold and other interest-earning assets614,755 3,106 2.00 1,751,222 1,185 0.27 
Total interest-earning assets (FTE)22,305,882 215,108 3.83 18,077,931 148,691 3.27 
Noninterest-earning assets:
Allowance for credit losses(138,907)(111,952)
Cash and due from banks231,376 124,360 
Premises and equipment290,768 228,556 
Other assets (3)
1,261,236 1,002,810 
Total assets$23,950,355 $19,321,705 
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand$4,335,619 3,992 0.37 $3,594,670 1,290 0.14 
Money market4,849,705 4,503 0.37 4,010,720 1,119 0.11 
Savings1,515,350 178 0.05 1,120,843 55 0.02 
Time1,635,580 984 0.24 1,466,821 609 0.16 
Brokered time deposits51,530 223 1.72 63,917 69 0.43 
Total interest-bearing deposits12,387,784 9,880 0.32 10,256,971 3,142 0.12 
Federal funds purchased and other borrowings3,442 27 3.11 — — — 
Federal Home Loan Bank advances— — — 54 — — 
Long-term debt324,444 4,206 5.14 257,139 3,494 5.39 
Total borrowed funds327,886 4,233 5.12 257,193 3,494 5.39 
Total interest-bearing liabilities12,715,670 14,113 0.44 10,514,164 6,636 0.25 
Noninterest-bearing liabilities:
Noninterest-bearing deposits8,176,987 6,379,969 
Other liabilities349,647 308,551 
Total liabilities21,242,304 17,202,684 
Shareholders' equity2,708,051 2,119,021 
Total liabilities and shareholders' equity$23,950,355 $19,321,705 
Net interest revenue (FTE) $200,995 $142,055 
Net interest-rate spread (FTE)  3.39 %3.02 %
Net interest margin (FTE) (4)
  3.57 %3.12 %
 
(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 $318 million and pretax unrealized gains of $39.6 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.


44

Table 3 - Average Consolidated Balance Sheets and Net Interest Analysis
For the Nine Months Ended September 30,
 20222021
(dollars in thousands, fully taxable equivalent (FTE))Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets:      
Interest-earning assets:      
Loans, net of unearned income (FTE) (1)(2)
$14,426,470 $475,989 4.41 %$11,417,285 $380,765 4.46 %
Taxable securities (3)
6,274,230 83,281 1.77 4,206,099 44,845 1.42 
Tax-exempt securities (FTE) (1)(3)
498,177 10,425 2.79 381,323 8,979 3.14 
Federal funds sold and other interest-earning assets1,271,287 6,192 0.65 1,468,487 3,462 0.31 
Total interest-earning assets (FTE)22,470,164 575,887 3.43 17,473,194 438,051 3.35 
Non-interest-earning assets:
Allowance for loan losses(129,278)(127,793)
Cash and due from banks200,463 138,973 
Premises and equipment284,850 225,021 
Other assets (3)
1,308,647 1,007,669 
Total assets$24,134,846 $18,717,064 
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand$4,520,079 7,624 0.23 $3,452,206 4,158 0.16 
Money market4,992,357 7,030 0.19 3,853,907 4,278 0.15 
Savings1,483,169 337 0.03 1,064,045 157 0.02 
Time1,688,250 2,009 0.16 1,551,934 3,096 0.27 
Brokered time deposits65,133 313 0.64 67,794 292 0.58 
Total interest-bearing deposits12,748,988 17,313 0.18 9,989,886 11,981 0.16 
Federal funds purchased and other borrowings1,383 27 2.61 41 — — 
Federal Home Loan Bank advances— — — 1,117 2 0.24 
Long-term debt322,600 12,515 5.19 286,347 11,564 5.40 
Total borrowed funds323,983 12,542 5.18 287,505 11,566 5.38 
Total interest-bearing liabilities13,072,971 29,855 0.31 10,277,391 23,547 0.31 
Noninterest-bearing liabilities:
Noninterest-bearing deposits7,958,392 6,059,680 
Other liabilities375,182 311,749 
Total liabilities21,406,545 16,648,820 
Shareholders' equity2,728,301 2,068,244 
Total liabilities and shareholders' equity$24,134,846 $18,717,064 
Net interest revenue (FTE)$546,032 $414,504 
Net interest-rate spread (FTE)3.12 %3.04 %
Net interest margin (FTE) (4)
3.25 %3.17 %
 
(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, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $221 million in 2022 and pretax unrealized gains of $40.3 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.



45

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 4 - Change in Interest Revenue and Expense on a Taxable Equivalent Basis
(in thousands)
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Compared to 2021 Increase (Decrease) Due to Changes in
 VolumeRateTotalVolumeRateTotal
Interest-earning assets:
Loans (FTE)$40,867 $5,116 $45,983 $99,327 $(4,103)$95,224 
Taxable securities7,549 10,576 18,125 25,655 12,781 38,436 
Tax-exempt securities (FTE)802 (414)388 2,527 (1,081)1,446 
Federal funds sold and other interest-earning assets(1,220)3,141 1,921 (522)3,252 2,730 
Total interest-earning assets (FTE)47,998 18,419 66,417 126,987 10,849 137,836 
Interest-bearing liabilities:
NOW and interest-bearing demand accounts314 2,388 2,702 1,511 1,955 3,466 
Money market accounts279 3,105 3,384 1,441 1,311 2,752 
Savings deposits25 98 123 76 104 180 
Time deposits76 299 375 252 (1,339)(1,087)
Brokered deposits(16)170 154 (12)33 21 
Total interest-bearing deposits678 6,060 6,738 3,268 2,064 5,332 
Federal funds purchased & other borrowings14 13 27 14 13 27 
FHLB advances— — — (1)(1)(2)
Long-term debt879 (167)712 1,420 (469)951 
Total borrowed funds893 (154)739 1,433 (457)976 
Total interest-bearing liabilities1,571 5,906 7,477 4,701 1,607 6,308 
Increase in net interest revenue (FTE)$46,427 $12,513 $58,940 $122,286 $9,242 $131,528 

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 $15.4 million and $44.1 million for the three and nine months ended September 30, 2022, respectively, compared to a release of provision of $11.0 million and $36.9 million, respectively, for the same periods of 2021. 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 recorded during the third quarter of 2022 reflected a less favorable economic outlook as of September 30, 2022 compared to that of the prior quarter and prior year. The provision for credit losses during the nine months ended September 30, 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 and nine months ended September 30, 2021 was primarily a result of an improved economic forecast combined with low net charge-offs for the third quarter of 2021 and net recoveries for the nine months ended September 30, 2021.
 
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 5 - Noninterest Income
(in thousands)
 Three Months Ended
September 30,		ChangeNine Months Ended
September 30,		Change
 20222021AmountPercent20222021AmountPercent
Overdraft fees$2,778 $2,858 $(80)(3)%$8,038 $7,474 $564 8 %
ATM and debit card fees3,857 3,867 (10)— 12,038 10,263 1,775 17 
Other service charges and fees2,934 2,625 309 12 8,568 7,518 1,050 14 
Total service charges and fees9,569 9,350 219 2 28,644 25,255 3,389 13 
Mortgage loan gains and related fees6,297 13,828 (7,531)(54)29,420 47,536 (18,116)(38)
Wealth management fees5,879 5,554 325 6 17,759 12,881 4,878 38 
Gains on sales of other loans2,228 2,353 (125)(5)9,226 7,506 1,720 23 
Lending and loan servicing fees2,946 2,825 121 4 7,518 7,070 448 6 
Securities gains (losses), net— — — (3,688)41 (3,729)
Other noninterest income:
Customer derivatives470 585 (115)(20)1,790 2,537 (747)(29)
Other investment gains (losses)(1,492)1,333 (2,825)(3,333)4,487 (7,820)
BOLI2,020 832 1,188 143 5,241 2,661 2,580 97 
Treasury management income1,022 765 257 34 2,739 2,120 619 29 
Other2,983 2,670 313 12 9,037 8,547 490 6 
Total other noninterest income5,003 6,185 (1,182)(19)15,474 20,352 (4,878)(24)
Total noninterest income$31,922 $40,095 $(8,173)(20)$104,353 $120,641 $(16,288)(14)

The increase in total service charges and fees was primarily driven by the acquisitions of Aquesta and Reliant since the third quarter of 2021, in addition to increases in organic transaction volume. However, the impact of the acquisitions on overdraft fees for the three and nine months ended September 30, 2022 was offset by the impact of updates to our consumer overdraft policy implemented in the fourth quarter of 2021. The policy updates included the addition of a fee forgiveness feature, an increase to the overdraft threshold and a lower daily fee item limit.

Mortgage loan gains and related fees consist primarily of fees earned on originations, secondary market gains on sales, derivative hedging gains and losses and fair value adjustments to our mortgage loans held for sale and mortgage servicing rights asset. The change in mortgage income is strongly tied to the interest rate environment and industry conditions. We recognize the majority of income on mortgages when customers enter into mortgage rate lock commitments, making our 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 same periods of 2021, as reflected in the following table. In addition, we held more of our mortgage production in portfolio in comparison to 2021, which contributed to the decrease in volume of loans sold. During the three and nine months ended September 30, 2022, we recorded $2.45 million and $10.9 million in positive fair value adjustments to the mortgage servicing rights asset, which partially offset the decrease in mortgage loan gains. In comparison, we recorded a negative fair value adjustment to the mortgage servicing rights asset of $146,000 and a positive adjustment of $1.33 million for the three and nine months ended September 30, 2021.

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Table 6 - Selected Mortgage Metrics
(dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
20222021% Change20222021% Change
Mortgage rate locks$456,186 $730,566 (38)%$1,810,839 $2,425,571 (25)%
# of mortgage rate locks1,213 2,077 (42)4,6227,149(35)
Mortgage loans sold$93,183 $319,232 (71)$460,232 $1,062,373 (57)
# of mortgage loans sold3791,299(71)1,8124,408(59)
Mortgage loans originated:
Purchases$269,743 $354,378 (24)$977,562 $1,053,849 (7)
Refinances47,533 214,018 (78)300,128 849,421 (65)
Total$317,276 $568,396 (44)$1,277,690 $1,903,270 (33)
# of mortgage loans originated841 1,615 (48)3,243 5,749 (44)

The increase in wealth management fees for the first nine months of 2022 compared to the same period of 2021 resulted primarily from inclusion of FinTrust’s wealth management business for the full year of 2022. Assets under administration totaled $4.00 billion as of September 30, 2022.

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 nine months ended September 30, 2022.

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 third quarter and first nine months of 2022, we sold more SBA/USDA loans compared to the same period of last year. 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 7 - Other Loan Sales
(in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Loans SoldGainLoans SoldGainLoans SoldGainLoans SoldGain
Guaranteed portion of SBA/USDA loans$20,405 $1,535 $13,484 $1,492 $87,867 $7,108 $57,132 $5,835 
Equipment financing receivables21,557 693 19,273 861 65,534 2,118 39,240 1,671 
Total$41,962 $2,228 $32,757 $2,353 $153,401 $9,226 $96,372 $7,506 

The change in other noninterest income for the three and nine months ended September 30, 2022 compared to the same periods of 2021 was primarily driven by the following factors:
•Customer derivative income for the nine months ended September 30, 2022 decreased due to rising 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 unrealized losses on our other investments, which includes deferred compensation plan assets, CRA and tax credit investments and other equity securities, compared to unrealized gains during the same periods of 2021.
•The increase in BOLI income reflects income earned on BOLI policies acquired with Reliant as well as death benefit gains recognized in the second and third quarters of 2022 totaling $1.37 million.

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Noninterest Expenses 

The following table presents the components of noninterest expenses for the periods indicated. 
Table 8 - Noninterest Expenses
(in thousands)
 Three Months Ended
September 30,		ChangeNine Months Ended
September 30,		Change
 20222021AmountPercent20222021AmountPercent
Salaries and employee benefits$67,823 $60,458 $7,365 12 %$208,062 $180,457 $27,605 15 %
Communications and equipment8,795 7,368 1,427 19 27,718 21,979 5,739 26 
Occupancy9,138 7,096 2,042 29 27,381 21,130 6,251 30 
Advertising and public relations2,544 1,458 1,086 74 6,332 4,150 2,182 53 
Postage, printing and supplies2,190 1,731 459 27 6,308 5,171 1,137 22 
Professional fees4,821 5,347 (526)(10)14,670 14,509 161 1 
Lending and loan servicing expense2,333 2,450 (117)(5)7,746 8,508 (762)(9)
Outside services - electronic banking3,159 2,308 851 37 8,629 6,811 1,818 27 
FDIC assessments and other regulatory charges2,356 1,723 633 37 6,796 5,520 1,276 23 
Amortization of intangibles1,678 1,028 650 63 5,207 2,942 2,265 77 
Other6,172 4,345 1,827 42 16,066 12,248 3,818 31 
Total excluding merger-related and other charges111,009 95,312 15,697 16 334,915 283,425 51,490 18 
Merger-related and other charges1,746 1,437 309 17,905 4,058 13,847 
Total noninterest expenses$112,755 $96,749 $16,006 17 $352,820 $287,483 $65,337 23 

The increase in salaries and employee benefits for the third quarter and first nine months of 2022 compared to the same periods of 2021 was primarily driven by the addition of Reliant, Aquesta and FinTrust employees since their respective acquisition dates. The increase also reflects our annual merit-based salary increases awarded during the second quarter of 2022. These increases were partially offset by a reduction in deferred compensation expense resulting from unrealized losses on underlying plan assets, compared to unrealized gains in the same periods of 2021. Commissions expense also decreased primarily due to reduced mortgage production volume. Full-time equivalent headcount totaled 2,826 at September 30, 2022, up from 2,480 at September 30, 2021, which represents a 14% increase.

Communications and equipment expense increased primarily due to incremental software contract costs and the growth in our network with the addition of recent acquisitions. The increase in occupancy costs for the third quarter and first nine months of 2022 compared to the same periods of 2021 was mostly attributable to the additional operating lease costs associated with Reliant, Aquesta and FinTrust. Advertising and public relations expense increased compared to 2021 as a result of charitable contributions made to the United Community Bank Foundation, new marketing campaigns, promotions and sponsorships. In the third quarter of 2022, we made a $650,000 contribution to the United Community Bank Foundation. The increase in outside services - electronic banking primarily related to increased ATM network and internet banking costs. Amortization of intangibles increased with the additional customer deposit and customer relationship intangibles recorded as a result of acquisitions since the third quarter of 2021. The increase in other expense was primarily due to increase in travel and meals expenses, as well as volume-based increases in fraud losses. Increased merger-related charges for the nine months ended September 30, 2022 were primarily related to the acquisition of Reliant and the completion of its system conversion in the second quarter of 2022, as well as branch closure costs.

Balance Sheet Review
 
Total assets at September 30, 2022 and December 31, 2021 were $23.7 billion and $20.9 billion, respectively. Total liabilities at September 30, 2022 and December 31, 2021 were $21.1 billion and $18.7 billion, respectively. Shareholders’ equity totaled $2.63 billion and $2.22 billion at September 30, 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 September 30, 2022, of which approximately 73% was secured by real estate. Commercial and industrial loans as of September 30, 2022 included $2.44 million of PPP loans.

Table 9 - Loan Portfolio Composition
As of September 30, 2022
https://cdn.kscope.io/e0276da6e212fa2230bb379061082dd7-ucbi-20220930_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. 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 10 - Allocation of ACL
(in thousands)
September 30, 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$19,056 18 $14,282 20 
Income producing commercial real estate31,610 22 24,156 22 
Commercial & industrial20,918 15 16,592 16 
Commercial construction17,954 10 9,956 9 
Equipment financing20,565 9 16,290 9 
Total commercial110,103 74 81,276 76 
Residential mortgage19,335 14 12,390 14 
HELOC8,473 6 6,568 6 
Residential construction2,304 3 1,847 3 
Manufactured housing7,352 2 — — 
Consumer935 1 451 1 
Total ACL - loans148,502 100 102,532 100 
ACL - unfunded commitments18,798 10,992 
Total ACL$167,300 $113,524 
ACL - loans as a percentage of total loans1.00 %0.87 %
ACL - loans as a percentage of nonaccrual loans HFI 438 312 

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. The increase in the ACL was also attributable to a more negative economic forecast as of September 30, 2022 as compared to prior periods. See Provision for Credit Losses discussion within this MD&A for further information.

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The following table presents a summary of net charge-offs to average loans for the periods indicated.
Table 11 - Net Charge-offs to Average Loans
(in thousands)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net charge-offs (recoveries)
Owner occupied commercial real estate$(90)$(93)$(1,631)$571
Income producing commercial real estate17645(230)(130)
Commercial & industrial(744)(91)1,883(2,838)
Commercial construction10(123)(507)(394)
Equipment financing1,1215122,2952,324
Residential mortgage(66)51(214)(51)
HELOC(102)(102)(529)(287)
Residential construction(109)(37)(208)(130)
Manufactured housing220—519—
Consumer7183891,665725
Total net charge-offs (recoveries)$1,134$551$3,043$(210)
Average loans
Owner occupied commercial real estate$2,680,906$2,132,744$2,650,505$2,119,457
Income producing commercial real estate3,274,2462,526,7273,291,8092,555,933
Commercial & industrial2,237,0962,041,3442,285,4432,348,130
Commercial construction1,508,481929,7601,487,598945,175
Equipment financing1,241,322985,2711,184,201938,275
Residential mortgage2,065,6621,491,1401,930,7811,411,077
HELOC813,637656,067791,673671,006
Residential construction400,680302,466382,549286,394
Manufactured housing292,648—278,449—
Consumer143,719139,134143,462141,838
Total average loans$14,658,397$11,204,653$14,426,470$11,417,285
Net charge-offs to average loans (1)
Owner occupied commercial real estate(0.01)%(0.02)%(0.08)%0.04 %
Income producing commercial real estate0.02 0.01 (0.01)(0.01)
Commercial & industrial(0.13)(0.02)0.11 (0.16)
Commercial construction— (0.05)(0.05)(0.06)
Equipment financing0.36 0.21 0.26 0.33 
Residential mortgage(0.01)0.01 (0.01)— 
HELOC(0.05)(0.06)(0.09)(0.06)
Residential construction(0.11)(0.05)(0.07)(0.06)
Manufactured housing0.30 — 0.25 — 
Consumer1.98 1.11 1.55 0.68 
Total0.03 0.02 0.03 — 
(1) Annualized.

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Nonperforming Assets

The table below summarizes NPAs for the periods indicated. NPAs include nonaccrual loans, OREO and repossessed assets,

Table 12 - NPAs
(in thousands)
September 30,
2022		December 31,
2021
Nonaccrual loans HFI33,879 32,812 
Nonaccrual loans held for sale316 — 
OREO and repossessed assets1,316 43 
Total NPAs$35,511 $32,855 
Nonaccrual loans HFI as a percentage of total loans HFI0.23 %0.28 %
NPAs as a percentage of total assets0.15 0.16 

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 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.

At September 30, 2022 and December 31, 2021, we had $42.9 million and $52.4 million, respectively, in loans with terms that have been modified in TDRs. Included therein were $5.13 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 $37.8 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 September 30, 2022 and December 31, 2021, we had HTM debt securities with a carrying amount of $2.68 billion and $1.16 billion, respectively, and AFS debt securities totaling $3.86 billion and $4.50 billion, respectively. During the first nine months of 2022, United transferred AFS debt securities to HTM with a fair value on the transfer date of $1.29 billion, which included unrealized losses recorded in AOCI totaling $87.4 million. No securities were transferred from AFS to HTM during the third quarter of 2022. Transfer date unrealized losses are amortized and reclassified out of AOCI as a yield adjustment, which is offset by discount accretion of the transferred HTM securities. Amortization of transfer date unrealized losses and discount accretion are recognized over the remaining life of the securities. During the first half of 2022, we continued to deploy liquidity generated through strong deposit growth by purchasing additional investment securities. In the third quarter of 2022, we slowed our securities purchases as we began to see some deposit attrition, which absorbed much of our surplus liquidity. At September 30, 2022 and December 31, 2021, the securities portfolio represented approximately 28% 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 September 30, 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.
53

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 circumstances where an AFS security would be sold, 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 September 30, 2022 and December 31, 2021, there was no ACL related to the AFS debt securities portfolio. Unrealized losses on fixed income securities at September 30, 2022 and December 31, 2021 primarily reflected the effect of changes in interest rates.
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 September 30, 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 in the first quarter of 2022, 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. More recently, we have seen some anticipated balance attrition, mostly in NOW and money market accounts, as rising interest rates have given customers more attractive returns outside of the banking system. Much of the recent decrease in balances is in public funds deposits.

Table 13 - Deposits
(in thousands)
September 30, 2022December 31, 2021
Noninterest-bearing demand$8,198,129 $6,956,981 
NOW and interest-bearing demand4,208,731 4,252,209 
Money market and savings6,147,066 5,399,133 
Time1,622,608 1,442,498 
Total customer deposits20,176,534 18,050,821 
Brokered deposits144,608 190,358 
Total deposits$20,321,142 $18,241,179 

Borrowing Activities

At September 30, 2022 and December 31, 2021, we had long-term debt outstanding of $325 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.
 
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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 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.

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Table 14 - Interest Sensitivity
(in thousands)
 Increase (Decrease) in Net Interest Revenue from Base Scenario at
 September 30, 2022December 31, 2021
Change in RatesShockRampShockRamp
200 basis point increase8.65 %5.33 %8.02 %4.76 %
100 basis point increase4.45 3.60 3.87 3.07 
100 basis point decrease(5.21)(4.17)(4.45)(3.80)
200 basis point decrease(12.45)(7.46)(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 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
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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 September 30, 2022, we had sufficient qualifying collateral to provide borrowing capacity for FHLB advances of $1.54 billion and Federal Reserve discount window borrowing capacity of $2.44 billion. We also had unpledged investment securities of $4.58 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.
Significant uses and sources of cash during the nine months ended September 30, 2022 are as follows. See the consolidated statement of cash flows for further detail.
•Net cash provided by operating activities of $508 million reflects net income of $196 million adjusted for non-cash transactions, gains and losses on sales of securities and other loans, a decrease in loans held for sale of $136 million and changes in other assets and liabilities. Significant non-cash transactions for the period included a $44.1 million provision for credit losses and net depreciation, amortization, and accretion of $34.7 million.
•Net cash used in investing activities of $1.84 billion primarily consisted of purchases of AFS and HTM debt securities of $1.99 billion and a net increase in loans of $773 million, partially offset by proceeds from securities sales, maturities and calls of $916 million.
•Net cash used in financing activities of $499 million was driven by a net decrease in deposits of $424 million, combined with dividends on common and preferred stock of $68.4 million.
In the opinion of management, our liquidity position at September 30, 2022 was sufficient to meet our expected cash flow requirements for the foreseeable future.
Capital Resources and Dividends
 
Shareholders’ equity at September 30, 2022 was $2.63 billion, an increase of $412 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 September 30, 2022 and December 31, 2021. As of September 30, 2022, capital levels remained characterized as “well-capitalized” under regulatory requirements in effect at the time. Additional information related to capital ratios is provided in Note 14 to the consolidated financial statements.

Table 15 - Capital Ratios
United Community Banks, Inc.
(Consolidated)		United Community Bank
MinimumWell-
Capitalized		Minimum Capital Plus Capital Conservation BufferSeptember 30,
2022		December 31,
2021		September 30,
2022		December 31,
2021
Risk-based ratios:
CET1 capital4.5 %6.5 %7.0 %12.13 %12.46 %12.94 %12.87 %
Tier 1 capital6.0 8.0 8.5 12.68 13.17 12.94 12.87 
Total capital8.0 10.0 10.5 14.62 14.65 13.75 13.46 
Leverage ratio4.0 5.0 N/A9.41 8.75 9.58 8.53 

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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 September 30, 2022 from that presented in our 2021 10-K. Our interest rate sensitivity position at September 30, 2022 is set forth in Table 14 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 September 30, 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 September 30, 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

Except with respect to the additional risk factors related to the proposed Progress acquisition, which are set forth in the final prospectus filed with the SEC pursuant to Rule 424(b)(3) on July 12, 2022 (and incorporated herein by this reference), there have been no material changes to the risk factors previously disclosed in the 2021 10-K.

Item 5. Other Information

On November 1, 2022, the Talent and Compensation Committee of the Board (the “Committee”) approved the termination of the change in control severance agreements between the Holding Company and its executive officers, including H. Lynn Harton, Jefferson L. Harralson, Richard W. Bradshaw, Robert A. Edwards and Melinda Davis Lux after a review process that determined the agreements were outdated in several respects. The current form of the Holding Company’s change in control agreements, which was originally adopted for the Holding Company’s executive officers in March of 2015, provided severance benefits to the Holding Company’s executive officers in the event of a termination of employment for specified reasons in connection with a change in control of the Holding Company. The review of the agreements was undertaken by the Committee in the ordinary course of reviewing compensation arrangements applicable to the Holding Company’s executive officers. The Committee is in the process of considering the development of new change in control agreements for the Holding Company’s executive officers, which the Committee would anticipate implementing in the coming months. In connection with the termination of the change in control agreements, each of the executive officers entered into a letter agreement agreeing thereto.

The foregoing description of the change in control agreement termination letter agreement is qualified in its entirety by the terms of such letter, the form of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

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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 September 30, 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 September 30, 2022 (formatted in Inline XBRL and included in Exhibit 101)


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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: November 4, 2022
 

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Document
Exhibit 10.1


    November 1, 2022

By Hand

[Name of Executive
Title of Executive]1
2 W. Washington St. Suite 700 
Greenville, South Carolina 29601

    Re: Termination of Change in Control Severance Agreement

Dear [Name of Executive]:

United Community Banks, Inc. (the “Company”) is undergoing a review of its executive compensation arrangements. In connection therewith, the Company desires to terminate the United Community Banks, Inc. Change in Control Severance Agreement, dated [•]2 (the “CIC Agreement”) by and between you and the Company. Accordingly, pursuant to Section 1 of the CIC Agreement, you and the Company agree that the CIC Agreement shall be terminated effective as of November 1, 2022. You acknowledge and further agree that the termination of the CIC Agreement does not constitute a termination of your employment or serve as the basis for a claim for termination by you for “good reason” (or any similar term) under any employment or compensation arrangement with the Company, including the CIC Agreement, any equity award (including any restricted stock unit award, performance-based restricted stock award or stock option award) or any other employment or compensation arrangement.

Please read this letter agreement carefully. If you are in agreement with the terms of this letter agreement, please then sign and return this letter agreement to [•].

Sincerely,



[Melinda Davis Lux
                            Executive Vice President, General Counsel and
Corporate Secretary]3

Executive Acceptance

I agree to the termination of the CIC Agreement and the other terms of this letter agreement.


_________________________
[Name of Executive]
1 H. Lynn Harton, President & Chief Executive Officer; Jefferson L. Harralson, Chief Financial Officer; Richard W. Bradshaw, Executive Vice President & Chief Banking Officer; Robert A. Edwards, Executive Vice President & Chief Risk Officer; Melinda Davis Lux, Executive Vice President, General Counsel and Corporate Secretary; Mark A. Terry, Chief Information Officer; and Holly N. Berry, Chief Human Resources Officer
2 Insert date of CIC Agreement
3 Signature by H. Lynn Harton for letter to Melinda Davis Lux

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: November 4, 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: November 4, 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 September 30, 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:November 4, 2022
  
 /s/ Jefferson L. Harralson
 Name: Jefferson L. Harralson
 Title:Executive Vice President and Chief Financial Officer
 Date:November 4, 2022