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UNITED COMMUNITY BANKS, INC.
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported):
March 15, 2004

United Community Banks, Inc.

(Exact name of registrant as specified in its charter)
         
Georgia   No. 0-21656   No. 58-180-7304
  		 
  		 
 
(State or other jurisdiction of
incorporation) 		  (Commission File Number)   (IRS Employer
Identification No.)

63 Highway 515, P.O. Box 398
Blairsville, Georgia 30512
(Address of principal executive offices)

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

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

 

TABLE OF CONTENTS

SIGNATURES
EX-99.1 PRESS RELEASE
EX-99.2 SCHEDULES SHOWING 3 FOR 2 STOCK SPLIT

Table of Contents

Items 1 – 4.  Not Applicable

Item 5.  On March 15, 2004, United Community Banks, Inc. announced a 3 for 2 split of its common stock effective April 28, 2004 for shareholders of record on April 14, 2004. The press release announcing the split, and schedules showing the effect of the split on previously reported financial information and earnings per share are included as exhibits hereto.

Item 6.  Not Applicable

Item 7.  Exhibits.
     
99.1
  Press release announcing a 3 for 2 split of United Community Banks, Inc.’s common stock effective April 28, 2004 for shareholders of record on April 14, 2004.
   
99.2
  Schedules showing the effect of the 3 for 2 stock split announced March 15, 2004 on previously reported earnings per share, dividends per share and shares outstanding amounts.

Item 8.  Not Applicable

Item 9.  Not Applicable

SIGNATURES

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

         


March 15, 2004		 /s/  Rex S. Schuette                      
Rex S. Schuette
Executive Vice President and
Chief Financial Officer
 		  
     
     
     
 

 

EX-99.1 PRESS RELEASE
 

EXHIBIT 99.1

(UNITED COMMUNITY BANKS LOGO)

For Immediate Release

March 15, 2004

     
For more information:
  Rex S. Schuette
Chief Financial Officer
706-781-2265
rex_schuette@ucbi.com

UNITED COMMUNITY BANKS, INC.
ANNOUNCES A THREE-FOR-TWO STOCK SPLIT

BLAIRSVILLE, GA, March 15, 2004 – United Community Banks, Inc. (Nasdaq: UCBI) today announced that its board of directors approved a three-for-two split of the company’s common stock. The stock split is in the form of a stock dividend and will be distributed on April 28, 2004 to shareholders of record as of April 14, 2004. This represents the second stock split for United Community Banks since listing on the Nasdaq National Market two years ago. In May of 2002, the company completed a two-for-one stock split, also in the form of a stock dividend.

“The price appreciation we’ve experienced since we began trading on Nasdaq in 2002, reflects our focus on growing our franchise and delivering consistent financial performance,” said Jimmy Tallent, President and Chief Executive Officer of United Community Banks. “This stock split reflects the confidence of our board of directors that we are well positioned for continued growth. It is intended to improve our market liquidity over the long-term and to facilitate investment and trading of United Community Banks’ stock.” The split will bring United’s total number of outstanding common shares to approximately 35.3 million.

1

 

About United Community Banks

Headquartered in Blairsville, United Community Banks is the third-largest bank holding company in Georgia. United Community Banks has assets of $4.1 billion and operates 20 community banks with 73 banking offices located throughout north Georgia, metro Atlanta, coastal Georgia, western North Carolina and east Tennessee. The company specializes in providing personalized community banking services to individuals and small to mid-size businesses in its markets. United Community Banks also offers the convenience of 24-hour access to its services through a network of ATMs, telephone and on-line banking. United Community Banks common stock is listed on the Nasdaq National Market under the symbol UCBI. Additional information may be found at the company’s web site, www.ucbi.com.

###

2

EX-99.2 SCHEDULES SHOWING 3 FOR 2 STOCK SPLIT
 

EXHIBIT 99.2

United Community Banks, Inc.

Proforma Earnings per share (operating)(1)
Restated for 3 for 2 stock split (Record date — April 14, 2004/Distribution date — April 28, 2004)
(in thousands, except per share data)

                                         
    December 31,   September 30,   June 30,   March 31,   December 31,
For the quarter ended
   2003
   2003
   2003
   2003
   2002
Basic earnings per share:
                                        
Weighted average shares outstanding
     35,260       35,112       34,280       31,827       31,940  
Net income available to common shareholders
   $ 10,580     $ 10,352     $ 9,869     $ 8,593     $ 8,534  
Basic earnings per share
   $ .30     $ .29     $ .29     $ .27     $ .27  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                        
Weighted average shares outstanding
     35,260       35,112       34,280       31,827       31,940  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     759       670       687       689       757  
Effect of conversion of subordinated debt
     372       402       420       420       420  
 
    
 		      
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     36,391       36,185       35,387       32,936       33,117  
 
    
 		      
 		      
 		      
 		      
 		  
Net income available to common shareholders
     10,580       10,352       9,869       8,593       8,534  
Income effect of conversion of subordinated debt, net of tax
     23       23       24       25       27  
 
    
 		      
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     10,603       10,375       9,893       8,618       8,561  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .29     $ .29     $ .28     $ .26     $ .26  
 
    
 		      
 		      
 		      
 		      
 		  
Period-end shares outstanding
     35,289       35,232       34,967       33,055       31,895  
Cash dividends declared per share
   $ .0500     $ .0500     $ .0500     $ .0500     $ .0417  
Book value per share
   $ 8.47     $ 8.20     $ 8.15     $ 7.39     $ 6.89  
 
    
 		      
 		      
 		      
 		      
 		  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                 
    September 30,   June 30,   March 31,   December 31,
For the quarter ended
   2002
   2002
   2002
   2001
Basic earnings per share:
                                
Weighted average shares outstanding
     32,089       32,111       32,110       31,914  
Net income available to common shareholders
   $ 8,375     $ 8,073     $ 7,694     $ 7,679  
Basic earnings per share
   $ .26     $ .25     $ .24     $ .24  
 
    
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                
Weighted average shares outstanding
     32,089       32,111       32,110       31,914  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     841       1,043       564       506  
Effect of conversion of subordinated debt
     420       420       420       420  
 
    
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     33,349       33,574       33,094       32,840  
 
    
 		      
 		      
 		      
 		  
Net income available to common shareholders
     8,375       8,073       7,694       7,679  
Income effect of conversion of subordinated debt, net of tax
     29       29       28       32  
 
    
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     8,404       8,102       7,722       7,711  
 
    
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .25     $ .24     $ .23     $ .23  
 
    
 		      
 		      
 		      
 		  
Period-end shares outstanding
     32,017       32,121       32,101       32,267  
Cash dividends declared per share
   $ .0417     $ .0417     $ .0417     $ .0333  
Book value per share
   $ 6.67     $ 6.47     $ 6.07     $ 5.98  
 
    
 		      
 		      
 		      
 		  
                                         
    Six Months Ended
   Nine Months Ended
   Years Ended
    June 30,   June 30,   September 30,   September 30,   December 31,
    2003
   2002
   2003
   2002
   2003
Basic earnings per share:
                                        
Weighted average shares outstanding
     33,060           32,111       33,752       32,103       34,132  
Net income available to common shareholders
   $ 18,462     $ 15,767     $ 28,814     $ 24,142     $ 39,409  
Basic earnings per share
   $ .56     $ .49     $ .85     $ .75     $ 1.15  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                        
Weighted average shares outstanding
     33,060       32,111       33,752       32,103       34,132  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     686       805       688       817       715  
Effect of conversion of subordinated debt
     420       420       410       420       405  
 
    
 		      
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     34,166       33,335       34,849       33,340       35,252  
 
    
 		      
 		      
 		      
 		      
 		  
Net income available to common shareholders
     18,462       15,767       28,814       24,142       39,409  
Income effect of conversion of subordinated debt, net of tax
     49       57       72       86       95  
 
    
 		      
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     18,511       15,824       28,886       24,228       39,504  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .54     $ .47     $ .83     $ .73     $ 1.12  
 
    
 		      
 		      
 		      
 		      
 		  
Period-end shares outstanding
     34,967       32,121       35,232       32,017       35,289  
Cash dividends declared per share
   $ .1000     $ .0833     $ .1500     $ .1250     $ .2000  
Book value per share
   $ 8.15     $ 6.47     $ 8.20     $ 6.67     $ 8.47  
 
    
 		      
 		      
 		      
 		      
 		  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                         
    Years Ended
    December 31,   December 31,   December 31,   December 31,   December 31,
    2002
   2001
   2000
   1999
   1998
Basic earnings per share:
                                        
Weighted average shares outstanding
     32,062       31,691       30,900       30,237       29,997  
Net income available to common shareholders
   $ 32,676     $ 28,194     $ 21,704     $ 17,253     $ 15,650  
Basic earnings per share
   $ 1.02     $ .89     $ .70     $ .57     $ .52  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                        
Weighted average shares outstanding
     32,062       31,691       30,900       30,237       29,997  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     759       513       471       606       498  
Effect of conversion of subordinated debt
     420       420       420       420       420  
 
    
 		      
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     33,241       32,624       31,791       31,263       30,915  
 
    
 		      
 		      
 		      
 		      
 		  
Net income available to common shareholders
     32,676       28,194       21,704       17,253       15,650  
Income effect of conversion of subordinated debt, net of tax
     113       169       220       191       206  
 
    
 		      
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     32,789       28,363       21,924       17,444       15,856  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .99     $ .87     $ .69     $ .56     $ .51  
 
    
 		      
 		      
 		      
 		      
 		  
Period-end shares outstanding
     31,895       32,266       31,542       30,281       29,508  
Cash dividends declared per share
   $ .1667     $ .1333     $ .1000     $ .0667     $ .0500  
Book value per share
   $ 6.89     $ 5.98     $ 4.97     $ 3.85     $ 3.91  
 
    
 		      
 		      
 		      
 		      
 		  

(1)   The financial information above is presented on an operating basis which excludes after-tax merger-related charges totaling $580 thousand or $.01 per diluted share occurring in the 4th quarter of 2003, $668 thousand or $.01 per diluted share occurring in the 2nd quarter of 2003, $840 thousand or $.01 per diluted share occurring in the 1st quarter of 2003, $1.1 million or $.03 per diluted share occurring in the 4th quarter of 2001, $7.2 million or $.23 per diluted share occurring in the 3rd quarter of 2000, and $1.2 million or $.04 per diluted share occurring in 1999.

 

 

United Community Banks, Inc.
Proforma Earnings per share (GAAP)
Restated for 3 for 2 stock split (Record date — April 14, 2004 / Distribution date — April 28, 2004)
 (in thousands, except per share data)

                                         
    December 31,   September 30,   June 30,   March 31,   December 31,
For the quarter ended
   2003
   2003
   2003
   2003
   2002
Basic earnings per share:
                                        
Weighted average shares outstanding
     35,260       35,112       34,280       31,827       31,940  
Net income available to common shareholders
   $ 10,197     $ 10,352     $ 9,441     $ 8,047     $ 8,534  
Basic earnings per share
   $ .29     $ .29     $ .28     $ .25     $ .27  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                        
Weighted average shares outstanding
     35,260       35,112       34,280       31,827       31,940  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     759       670       687       689       757  
Effect of conversion of subordinated debt
     372       402       420       420       420  
 
    
 		      
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     36,391       36,185       35,387       32,936       33,117  
 
    
 		      
 		      
 		      
 		      
 		  
Net income available to common shareholders
     10,197       10,352       9,441       8,047       8,534  
Income effect of conversion of subordinated debt, net of tax
     23       23       24       25       27  
 
    
 		      
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     10,220       10,375       9,465       8,072       8,561  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .28     $ .29     $ .27     $ .25     $ .26  
 
    
 		      
 		      
 		      
 		      
 		  
Period-end shares outstanding
     35,289       35,232       34,967       33,055       31,895  
Cash dividends declared per share
   $ .0500     $ .0500     $ .0500     $ .0500     $ .0417  
Book value per share
   $ 8.47     $ 8.20     $ 8.15     $ 7.39     $ 6.89  
 
    
 		      
 		      
 		      
 		      
 		  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                 
    September 30,   June 30,   March 31,   December 31,
For the quarter ended
   2002
   2002
   2002
   2001
Basic earnings per share:
                                
Weighted average shares outstanding
     32,089       32,111       32,110       31,914  
Net income available to common shareholders
   $ 8,375     $ 8,073     $ 7,694     $ 6,595  
Basic earnings per share
   $ .26     $ .25     $ .24     $ .21  
 
    
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                
Weighted average shares outstanding
     32,089       32,111       32,110       31,914  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     841       1,043       564       506  
Effect of conversion of subordinated debt
     420       420       420       420  
 
    
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     33,349       33,574       33,094       32,840  
 
    
 		      
 		      
 		      
 		  
Net income available to common shareholders
     8,375       8,073       7,694       6,595  
Income effect of conversion of subordinated debt, net of tax
     29       29       28       32  
 
    
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     8,404       8,102       7,722       6,627  
 
    
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .25     $ .24     $ .23     $ .20  
 
    
 		      
 		      
 		      
 		  
Period-end shares outstanding
     32,017       32,121       32,101       32,267  
Cash dividends declared per share
   $ .0417     $ .0417     $ .0417     $ .0333  
Book value per share
   $ 6.67     $ 6.47     $ 6.07     $ 5.98  
 
    
 		      
 		      
 		      
 		  
                                         
    Six Months Ended
   Nine Months Ended
   Years Ended
    June 30,   June 30,   September 30,   September 30,   December 31,
    2003
   2002
   2003
   2002
   2003
Basic earnings per share:
                                        
Weighted average shares outstanding
     33,060             32,111       33,752       32,103       34,132  
Net income available to common shareholders
   $ 17,488     $ 15,767     $ 27,840     $ 24,142     $ 38,052  
Basic earnings per share
   $ .53     $ .49     $ .82     $ .75     $ 1.11  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                        
Weighted average shares outstanding
     33,060       32,111       33,752       32,103       34,132  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     686       805       688       817       715  
Effect of conversion of subordinated debt
     420       420       410       420       405  
 
    
 		      
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     34,166       33,335       34,849       33,340       35,252  
 
    
 		      
 		      
 		      
 		      
 		  
Net income available to common shareholders
     17,488       15,767       27,840       24,142       38,052  
Income effect of conversion of subordinated debt, net of tax
     49       57       72       86       95  
 
    
 		      
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     17,537       15,824       27,912       24,228       38,147  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .51     $ .47     $ .80     $ .73     $ 1.08  
 
    
 		      
 		      
 		      
 		      
 		  
Period-end shares outstanding
     34,967       32,121       35,232       32,017       35,289  
Cash dividends declared per share
   $ .1000     $ .0833     $ .1500     $ .1250     $ .2000  
Book value per share
   $ 8.15     $ 6.47     $ 8.20     $ 6.67     $ 8.47  
 
    
 		      
 		      
 		      
 		      
 		  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                         
    Years Ended
    December 31,   December 31,   December 31,   December 31,   December 31,
    2002
   2001
   2000
   1999
   1998
Basic earnings per share:
                                        
Weighted average shares outstanding
     32,062       31,691       30,900       30,237       29,997  
Net income available to common shareholders
   $ 32,676     $ 27,110     $ 14,474     $ 16,098     $ 15,650  
Basic earnings per share
   $ 1.02     $ .86     $ .47     $ .53     $ .52  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share:
                                        
Weighted average shares outstanding
     32,062       31,691       30,900       30,237       29,997  
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period
     759       513       471       606       498  
Effect of conversion of subordinated debt
     420       420       420       420       420  
 
    
 		      
 		      
 		      
 		      
 		  
Total weighted average shares and common stock equivalents outstanding
     33,241       32,624       31,791       31,263       30,915  
 
    
 		      
 		      
 		      
 		      
 		  
Net income available to common shareholders
     32,676       27,110       14,474       16,098       15,650  
Income effect of conversion of subordinated debt, net of tax
     113       169       220       191       206  
 
    
 		      
 		      
 		      
 		      
 		  
Net income, adjusted for effect of conversion of subordinated debt, net of tax
     32,789       27,279       14,694       16,289       15,856  
 
    
 		      
 		      
 		      
 		      
 		  
Diluted earnings per share
   $ .99     $ .84     $ .46     $ .52     $ .51  
 
    
 		      
 		      
 		      
 		      
 		  
Period-end shares outstanding
     31,895       32,266       31,542       30,281       29,508  
Cash dividends declared per share
   $ .1667     $ .1333     $ .1000     $ .0667     $ .0500  
Book value per share
   $ 6.89     $ 5.98     $ 4.97     $ 3.85     $ 3.91