Further Margin Expansion Drove Revenue Growth

GREENVILLE, S.C., Jan. 14, 2026 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the fourth quarter of 2025 of $86.5 million and pre-tax, pre-provision income of $126.3 million. Diluted earnings per share of $0.70 for the quarter represented an increase of $0.09 from the fourth quarter a year ago and was flat to the third quarter. For the year of 2025, net income was $328 million and pre-tax, pre-provision income was $471 million compared with $252 million and $374 million, respectively, for 2024. Diluted earnings per share of $2.62 for 2025 increased $0.58 from $2.04 for 2024, driven by growth in revenue and the absence of a one-time loss on the sale of United’s manufactured housing loan portfolio.

On an operating basis, United’s diluted earnings per share of $0.71 increased 13% from the year-ago quarter. Strong revenue growth and positive operating leverage drove the year-over-year results. For the full year of 2025, diluted operating earnings per share were $2.71, an increase of $0.41, or 18%, from the $2.30 reported in 2024.

United’s return on assets was 1.21%, or 1.22% on an operating basis, up from 1.06% and 1.08%, respectively for the fourth quarter of 2024. Return on common equity was 9.5% and return on tangible common equity on an operating basis was 13.3%. On a pre-tax, pre-provision basis, operating return on assets was 1.78% for the quarter. At year-end, tangible common equity to tangible assets was 9.92%, up 21 basis points from the third quarter.

Chairman and CEO Lynn Harton stated, “The fourth quarter marks a great ending to a rewarding year. Our teams delivered healthy loan growth for all of 2025, leading to improvement in our earning asset mix. That improvement, combined with our focus on deposit pricing, drove a 36 basis points expansion in our net interest margin year over year, with four basis points of improvement coming in the fourth quarter. All our key performance metrics improved significantly when compared to 2024. Believing this performance will continue, we took the opportunity to repurchase one million common shares at an average price of $29.84 per share and redeem $35 million of senior debt in the fourth quarter.

Harton continued, “United is well-positioned for another great year in 2026. Economic conditions in our markets remain strong and our team continues to execute well in all our lines of business. I want to congratulate and thank them for outstanding results.”

Net charge-offs were $16.4 million or 0.34% annualized of average loans, compared with 0.21% for the fourth quarter of 2024 and 0.16% for the third quarter. Nonperforming assets were 0.33% of total assets, improved slightly from 0.35% for the third quarter. Provision for credit losses was $13.7 million for the fourth quarter, up from $11.4 million a year ago and $7.9 million for the third quarter. As of December 31, the allowance for credit losses represents 1.16% of loans, down slightly from 1.19% at September 30, reflecting the release of the remaining Hurricane Helene reserve.

Fourth Quarter 2025 Financial Highlights:

EPS of $0.70 was up $0.09 on a GAAP basis compared to fourth quarter 2024, and EPS of $0.71 was up $0.08, or 13%, on an operating basis
Net income of $86.5 million and pre-tax, pre-provision income of $126.3 million, up $10.7 million and $18.5 million, respectively, from a year ago
Total revenue of $278.4 million improved $27.5 million, or 11%, from a year ago
Net interest margin of 3.62% increased by 36 basis points from a year ago and 4 basis points from the third quarter on a lower cost of funds and improving asset mix
Provision for credit losses was $13.7 million, up $2.3 million from a year ago and up $5.8 million from the third quarter; allowance for credit losses coverage down slightly to 1.16% of total loans; net charge-offs were $16.4 million, or 0.34% of average loans, annualized
Noninterest expenses were up $1.2 million compared to the third quarter on a GAAP basis and up $4.0 million on an operating basis, primarily driven by performance-based incentives
Efficiency ratio of 54.4% on a GAAP basis, or 54.2% on an operating basis, improved from a year ago
Strong loan production led to loan growth of $209 million, up 4.4% annualized, from the third quarter
Mortgage closings of $261 million compared to $246 million in fourth quarter 2024; mortgage rate locks of $319 million compared to $285 million in fourth quarter 2024
Customer deposits were down $242 million from the third quarter
Return on assets of 1.21%, or 1.22% on an operating basis
Return on common equity and return on tangible common equity on an operating basis were 9.5% and 13.3%, respectively
Maintained strong capital ratios with preliminary Common Equity Tier 1 of 13.4%
Quarterly common dividend of $0.25 per share declared during the quarter, up 4% year-over-year
Repurchased 1.0 million shares of common stock in the fourth quarter at an average price of $29.84 per share

2025 Financial Highlights:

Net income of $328 million and pre-tax, pre-provision income of $471 million
GAAP diluted earnings per share of $2.62, increased 28% compared to $2.04 for 2024
Operating diluted earnings per share of $2.71, increased 18% compared to $2.30 for 2024
Total revenue of $1.06 billion, increased 12% over $952 million in 2024
Book value per share and tangible book value per share increased 8% and 11% respectively over 2024
Return on assets of 1.17%, or 1.20% on an operating basis
Pre-tax, pre-provision return on assets of 1.72% on an operating basis
Return on common equity of 9.12% compared with 7.07% for 2024
Return on tangible common equity - operating of 13.3% compared with 11.4% for 2024

Conference Call
United will hold a conference call on Wednesday, January 14, 2026 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10205112/1008d91b050. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company's website, ucbi.com.


UNITED COMMUNITY BANKS, INC. Selected Financial Information (in thousands, except per share data)
	2025												2024			Fourth Quarter 2025-2024 Change		For the Twelve Months Ended December 31,						YTD 2025-2024 Change
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Fourth Quarter 2025-2024 Change		2025			2024			YTD 2025-2024 Change
INCOME SUMMARY
Interest revenue	$	346,367		$	353,850		$	347,365		$	335,357		$	344,962				$	1,382,939		$	1,377,741
Interest expense		108,441			120,221			121,834			123,336			134,629					473,832			550,373
Net interest revenue		237,926			233,629			225,531			212,021			210,333		13	%		909,107			827,368		10	%
Noninterest income		40,462			43,219			34,708			35,656			40,522		—			154,045			124,756		23
Total revenue		278,388			276,848			260,239			247,677			250,855		11			1,063,152			952,124		12
Provision for credit losses		13,662			7,907			11,818			15,419			11,389		20			48,806			50,951		(4	)
Noninterest expenses		152,048			150,868			147,919			141,099			143,056		6			591,934			578,167		2
Income before income tax expense		112,678			118,073			100,502			91,159			96,410					422,412			323,006
Income tax expense		26,223			26,579			21,769			19,746			20,606					94,317			70,609
Net income		86,455			91,494			78,733			71,413			75,804		14			328,095			252,397		30
Non-operating items		606			3,468			4,833			1,297			2,203					10,204			40,268
Income tax benefit of non-operating items		(133	)		(751	)		(1,047	)		(281	)		(471	)				(2,212	)		(8,702	)
Net income - operating⁽¹⁾	$	86,928		$	94,211		$	82,519		$	72,429		$	77,536		12		$	336,087		$	283,963		18

Pre-tax pre-provision income⁽⁵⁾	$	126,340		$	125,980		$	112,320		$	106,578		$	107,799		17		$	471,218		$	373,957		26
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.70		$	0.70		$	0.63		$	0.58		$	0.61		15		$	2.62		$	2.04		28
Diluted net income - operating⁽¹⁾		0.71			0.75			0.66			0.59			0.63		13			2.71			2.30		18
Common stock cash dividends declared		0.25			0.25			0.24			0.24			0.24		4			0.98			0.94		4
Book value		30.17			29.44			28.89			28.42			27.87		8			30.17			27.87		8
Tangible book value⁽³⁾		22.24			21.59			21.00			20.58			20.00		11			22.24			20.00		11
Key performance ratios:
Return on common equity - GAAP⁽²⁾⁽⁴⁾		9.48	%		9.20	%		8.45	%		7.89	%		8.40	%				9.12	%		7.07	%
Return on common equity - operating^(1)(2)(4)		9.53			9.83			8.87			8.01			8.60					9.44			7.97
Return on tangible common equity - operating^(1)(2)(3)(4)		13.31			13.56			12.34			11.21			12.12					13.34			11.42
Return on assets - GAAP⁽⁴⁾		1.21			1.29			1.11			1.02			1.06					1.17			0.90
Return on assets - operating⁽¹⁾⁽⁴⁾		1.22			1.33			1.16			1.04			1.08					1.20			1.02
Return on assets -pre-tax pre-provision, excluding non-operating items^(1)(4)(5)		1.78			1.83			1.66			1.55			1.55					1.72			1.49
Net interest margin (fully taxable equivalent)⁽⁴⁾		3.62			3.58			3.50			3.36			3.26					3.52			3.29
Efficiency ratio - GAAP		54.40			54.30			56.69			56.74			56.05					55.46			60.24
Efficiency ratio - operating⁽¹⁾		54.19			53.05			54.84			56.22			55.18					54.51			57.15
Equity to total assets		12.99			12.78			12.86			12.56			12.38					12.99			12.38
Tangible common equity to tangible assets⁽³⁾		9.92			9.71			9.45			9.18			8.97					9.92			8.97
ASSET QUALITY
Nonperforming assets (“NPAs”)	$	93,498		$	97,916		$	83,959		$	93,290		$	115,635		(19	)	$	93,498		$	115,635		(19	)
ACL, loans		210,429			215,791			216,500			211,974			206,998		2			210,429			206,998		2
ACL, total		225,520			228,276			228,045			223,201			217,389		4			225,520			217,389		4
Net charge-offs		16,418			7,676			8,225			9,607			9,517					41,926			57,690
ACL, loans to loans		1.09	%		1.13	%		1.14	%		1.15	%		1.14	%				1.09	%		1.14	%
ACL, total to loans		1.16			1.19			1.21			1.21			1.20					1.16			1.20
Net charge-offs to average loans⁽⁴⁾		0.34			0.16			0.18			0.21			0.21					0.22			0.32
NPAs to total assets		0.33			0.35			0.30			0.33			0.42					0.33			0.42
AT PERIOD END ($ in millions)
Loans	$	19,384		$	19,175		$	18,921		$	18,425		$	18,176		7		$	19,384		$	18,176		7
Investment securities		5,988			6,163			6,382			6,661			6,804		(12	)		5,988			6,804		(12	)
Total assets		28,003			28,143			28,086			27,874			27,720		1			28,003			27,720		1
Deposits		23,798			24,021			23,963			23,762			23,461		1			23,798			23,461		1
Shareholders’ equity		3,639			3,597			3,613			3,501			3,432		6			3,639			3,432		6
Common shares outstanding (thousands)		120,598			121,553			121,431			119,514			119,364		1			120,598			119,364		1

⁽¹⁾ Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation. ⁽²⁾ Net income less preferred stock dividends, divided by average common equity. ⁽³⁾ Excludes effect of acquisition related intangibles and associated amortization. ⁽⁴⁾Annualized. ⁽⁵⁾ Excludes income tax expense and provision for credit losses.


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
(in millions)
	2025								2024		Linked Quarter Change			Year over Year Change
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,852	$	3,678	$	3,563	$	3,419	$	3,398	$	174		$	454
Income producing commercial RE		4,883		4,534		4,548		4,416		4,361		349			522
Commercial & industrial		2,696		2,593		2,516		2,506		2,428		103			268
Commercial construction and land		1,245		1,734		1,752		1,681		1,656		(489	)		(411	)
Equipment financing		1,848		1,808		1,778		1,723		1,663		40			185
Total commercial		14,524		14,347		14,157		13,745		13,506		177			1,018
Residential mortgage		3,157		3,198		3,210		3,218		3,232		(41	)		(75	)
Home equity lines of credit		1,319		1,252		1,180		1,099		1,065		67			254
Residential construction and land		191		178		174		171		178		13			13
Consumer		188		192		191		183		188		(4	)		—
Other		5		8		9		9		7		(3	)		(2	)
Total loans	$	19,384	$	19,175	$	18,921	$	18,425	$	18,176	$	209		$	1,208

LOANS BY STATE
Georgia	$	4,635	$	4,584	$	4,551	$	4,484	$	4,447	$	51		$	188
South Carolina		2,971		2,926		2,872		2,821		2,815		45			156
North Carolina		2,712		2,676		2,626		2,666		2,644		36			68
Tennessee		1,913		1,902		1,881		1,880		1,799		11			114
Florida		3,102		3,040		2,966		2,572		2,527		62			575
Alabama		1,050		1,054		1,016		1,009		996		(4	)		54
Commercial Banking Solutions		3,001		2,993		3,009		2,993		2,948		8			53
Total loans	$	19,384	$	19,175	$	18,921	$	18,425	$	18,176	$	209		$	1,208


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
(in thousands)
	2025
	Fourth Quarter		Third Quarter		Second Quarter
NONACCRUAL LOANS
Owner occupied RE	$	10,199	$	10,275	$	8,207
Income producing RE		11,488		10,884		14,624
Commercial & industrial		18,294		25,754		15,422
Commercial construction and land		984		3,198		1,368
Equipment financing		10,383		9,716		11,731
Total commercial		51,348		59,827		51,352
Residential mortgage		32,423		28,978		22,597
Home equity		5,247		5,234		4,093
Residential construction and land		1,079		1,241		1,203
Consumer		1,001		1,163		1,207
Total nonaccrual loans		91,098		96,443		80,452
OREO and repossessed assets		2,400		1,473		3,507
Total NPAs	$	93,498	$	97,916	$	83,959

	2025
	Fourth Quarter					Third Quarter					Second Quarter
(in thousands)	Net Charge-Offs			Net Charge-Offs to Average Loans⁽¹⁾		Net Charge-Offs			Net Charge-Offs to Average Loans⁽¹⁾		Net Charge-Offs			Net Charge-Offs to Average Loans⁽¹⁾
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY
Owner occupied RE	$	1,610		0.17	%	$	2,497		0.28	%	$	470		0.05	%
Income producing RE		(116	)	(0.01	)		(106	)	(0.01	)		933		0.08
Commercial & industrial		7,557		1.15			(1,132	)	(0.18	)		1,027		0.16
Commercial construction and land		1,484		0.35			491		0.11			89		0.02
Equipment financing		5,092		1.12			5,487		1.23			4,963		1.16
Total commercial		15,627		0.43			7,237		0.20			7,482		0.22
Residential mortgage		126		0.02			(259	)	(0.03	)		313		0.04
Home equity		(94	)	(0.03	)		19		0.01			(72	)	(0.03	)
Residential construction and land		16		0.03			12		0.03			(9	)	(0.02	)
Consumer		743		1.55			667		1.39			511		1.11
Total	$	16,418		0.34		$	7,676		0.16		$	8,225		0.18

⁽¹⁾Annualized.

UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

	December 31, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	202,586		$	296,161
Interest-bearing deposits in banks		193,168			223,712
Cash and cash equivalents		395,754			519,873
Debt securities available-for-sale		3,750,863			4,436,291
Debt securities held-to-maturity (fair value $1,918,426 and $1,944,126, respectively)		2,237,356			2,368,107
Loans held for sale		39,381			57,534
Loans and leases held for investment		19,384,317			18,175,980
Less allowance for credit losses - loans and leases		(210,429	)		(206,998	)
Loans and leases, net		19,173,888			17,968,982
Premises and equipment, net		393,714			394,264
Bank owned life insurance		364,184			346,234
Accrued interest receivable		83,557			85,616
Net deferred tax asset		75,861			96,982
Derivative financial instruments		35,313			46,883
Goodwill and other intangible assets, net		967,882			956,643
Other assets		484,801			442,849
Total assets	$	28,002,554		$	27,720,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,252,252		$	6,211,182
NOW and interest-bearing demand		5,969,864			6,141,342
Money market		6,696,530			6,398,144
Savings		1,085,331			1,100,591
Time		3,619,189			3,441,424
Brokered		175,264			168,292
Total deposits		23,798,430			23,460,975
Short-term borrowings		85,000			195,000
Long-term debt		120,400			254,152
Derivative financial instruments		52,997			77,834
Accrued expenses and other liabilities		307,041			300,170
Total liabilities		24,363,868			24,288,131
Shareholders' equity:
Preferred stock, $1 par value: 10,000,000 shares authorized; 0 and 3,662 shares Series I issued and outstanding, respectively; $25,000 per share liquidation preference		—			88,266
Common stock, $1 par value; 200,000,000 shares authorized; 120,598,266 and 119,364,110 shares issued and outstanding, respectively		120,598			119,364
Capital surplus		2,754,399			2,723,278
Retained earnings		914,261			714,138
Accumulated other comprehensive loss		(150,572	)		(212,919	)
Total shareholders’ equity		3,638,686			3,432,127
Total liabilities and shareholders’ equity	$	28,002,554		$	27,720,258

UNITED COMMUNITY BANKS, INC.

Consolidated Statements of Income (Unaudited)

(in thousands, except per share data)

	Three Months Ended December 31,					Twelve Months Ended December 31,
	2025		2024			2025		2024
Interest revenue:
Loans, including fees	$	293,008	$	280,325		$	1,153,277	$	1,147,477
Investment securities, including tax exempt of $1,660, $1,701, $6,690 and $6,834		48,585		57,127			216,500		206,623
Deposits in banks and short-term investments		4,774		7,510			13,162		23,641
Total interest revenue		346,367		344,962			1,382,939		1,377,741
Interest expense:
Deposits:
NOW and interest-bearing demand		31,871		42,012			141,267		175,534
Money market		44,103		53,859			193,908		214,742
Savings		486		652			3,208		2,717
Time		30,747		34,601			125,369		142,526
Deposits		107,207		131,124			463,752		535,519
Short-term borrowings		18		44			1,233		131
Federal Home Loan Bank advances		—		—			433		—
Long-term debt		1,216		3,461			8,414		14,723
Total interest expense		108,441		134,629			473,832		550,373
Net interest revenue		237,926		210,333			909,107		827,368
Noninterest income:
Service charges and fees		10,674		10,622			41,731		40,994
Mortgage loan gains and related fees		6,483		9,737			25,073		27,567
Wealth management fees		5,248		4,658			18,870		23,695
Net (losses) gains from sale of other loans		2,147		1,583			7,923		(21,284	)
Other lending and loan servicing fees		4,322		3,346			16,412		14,396
Securities gains (losses), net		11		(3,316	)		352		(3,316	)
Other		11,577		13,892			43,684		42,704
Total noninterest income		40,462		40,522			154,045		124,756
Total revenue		278,388		250,855			1,063,152		952,124
Provision for credit losses		13,662		11,389			48,806		50,951
Noninterest expenses:
Salaries and employee benefits		92,520		85,707			354,451		340,043
Occupancy		11,602		10,840			44,968		44,306
Communications and equipment		14,276		12,715			55,244		49,249
FDIC assessments and other regulatory charges		4,754		3,942			18,987		20,978
Professional fees		6,773		6,268			24,595		24,732
Lending and loan servicing expense		2,014		2,311			8,759		8,379
Outside services - electronic banking		3,565		3,540			13,441		13,703
Postage, printing and supplies		2,859		2,491			10,650		9,867
Advertising and public relations		2,790		2,145			9,605		8,546
Amortization of intangibles		3,188		3,387			13,079		14,596
Merger-related and other charges		606		2,203			10,204		8,623
Other		7,101		7,507			27,951		35,145
Total noninterest expenses		152,048		143,056			591,934		578,167
Net income before income taxes		112,678		96,410			422,412		323,006
Income tax expense		26,223		20,606			94,317		70,609
Net income	$	86,455	$	75,804		$	328,095	$	252,397
Preferred stock dividends and deemed dividend at redemption		—		1,574			7,994		6,293
Earnings allocated to participating securities		565		503			1,918		1,478
Net income available to common shareholders	$	85,890	$	73,727		$	318,183	$	244,626
Net income per common share:
Basic	$	0.71	$	0.61		$	2.62	$	2.04
Diluted		0.70		0.61			2.62		2.04
Weighted average common shares outstanding:
Basic		121,672		119,924			121,309		119,783
Diluted		121,831		120,111			121,437		119,900

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended December 31,

(dollars in thousands, fully taxable equivalent (FTE))

	2025							2024
	Average Balance			Interest		Average Rate		Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)⁽¹⁾⁽²⁾	$	19,203,306		$	292,907	6.05	%	$	17,934,730		$	279,938	6.21	%
Taxable securities⁽³⁾		5,979,298			46,925	3.14			6,722,655			55,426	3.30
Tax-exempt securities (FTE)⁽¹⁾⁽³⁾		349,292			2,221	2.54			359,569			2,276	2.53
Federal funds sold and other interest-earning assets		657,723			5,413	3.27			812,962			8,396	4.11
Total interest-earning assets (FTE)		26,189,619			347,466	5.27			25,829,916			346,036	5.33

Noninterest-earning assets:
Allowance for loan losses		(217,185	)						(208,788	)
Cash and due from banks		205,643							228,601
Premises and equipment		395,523							398,794
Other assets⁽³⁾		1,743,478							1,606,297
Total assets	$	28,317,078						$	27,854,820

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	6,086,189			31,871	2.08		$	6,313,325			42,012	2.65
Money market		6,957,989			44,103	2.51			6,474,284			53,859	3.31
Savings		1,084,178			486	0.18			1,105,572			652	0.23
Time		3,653,500			30,272	3.29			3,472,161			34,030	3.90
Brokered time deposits		50,571			475	3.73			50,406			571	4.51
Total interest-bearing deposits		17,832,427			107,207	2.39			17,415,748			131,124	3.00
Federal funds purchased and other borrowings		1,413			18	5.05			3,859			44	4.54
Long-term debt		137,067			1,216	3.52			303,523			3,461	4.54
Total borrowed funds		138,480			1,234	3.54			307,382			3,505	4.54
Total interest-bearing liabilities		17,970,907			108,441	2.39			17,723,130			134,629	3.02

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,393,693							6,275,493
Other liabilities		332,836							454,891
Total liabilities		24,697,436							24,453,514
Shareholders’ equity		3,619,642							3,401,306
Total liabilities and shareholders’ equity	$	28,317,078						$	27,854,820

Net interest revenue (FTE)				$	239,025						$	211,407
Net interest-rate spread (FTE)						2.88	%						2.31	%
Net interest margin (FTE)⁽⁴⁾						3.62	%						3.26	%

⁽¹⁾Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $1.10 million and $1.07 million, respectively, for the three months ended December 31, 2025 and 2024. The tax rate used to calculate the adjustment was 25%, 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 AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $195 million in 2025 and $261 million in 2024 are included in other assets for purposes of this presentation.
⁽⁴⁾Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Twelve Months Ended December 31,

(dollars in thousands, fully taxable equivalent (FTE))

	2025							2024
	Average Balance			Interest		Average Rate		Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE)⁽¹⁾⁽²⁾	$	18,776,288		$	1,152,585	6.14	%	$	18,124,179		$	1,146,440	6.33	%
Taxable securities⁽³⁾		6,354,276			209,810	3.30			6,172,942			199,789	3.24
Tax-exempt securities (FTE)⁽¹⁾⁽³⁾		352,899			8,951	2.54			362,655			9,152	2.52
Federal funds sold and other interest-earning assets		481,507			15,701	3.26			623,426			26,652	4.28
Total interest-earning assets (FTE)		25,964,970			1,387,047	5.34			25,283,202			1,382,033	5.47

Non-interest-earning assets:
Allowance for loan losses		(217,084	)						(212,968	)
Cash and due from banks		208,922							215,411
Premises and equipment		396,923							394,127
Other assets⁽³⁾		1,664,206							1,611,405
Total assets	$	28,017,937						$	27,291,177

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	6,023,746			141,267	2.35		$	6,014,052			175,534	2.92
Money market		6,775,187			193,908	2.86			6,188,579			214,742	3.47
Savings		1,120,753			3,208	0.29			1,146,305			2,717	0.24
Time		3,572,941			123,301	3.45			3,519,461			140,229	3.98
Brokered time deposits		50,509			2,068	4.09			50,359			2,297	4.56
Total interest-bearing deposits		17,543,136			463,752	2.64			16,918,756			535,519	3.17
Federal funds purchased and other borrowings		22,693			1,233	5.43			2,468			131	5.31
Federal Home Loan Bank advances		9,592			433	4.51			4			—	—
Long-term debt		195,686			8,414	4.30			319,163			14,723	4.61
Total borrowed funds		227,971			10,080	4.42			321,635			14,854	4.62
Total interest-bearing liabilities		17,771,107			473,832	2.67			17,240,391			550,373	3.19

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,327,200							6,299,019
Other liabilities		345,832							409,547
Total liabilities		24,444,139							23,948,957
Shareholders’ equity		3,573,798							3,342,220
Total liabilities and shareholders’ equity	$	28,017,937						$	27,291,177

Net interest revenue (FTE)				$	913,215						$	831,660
Net interest-rate spread (FTE)						2.68	%						2.27	%
Net interest margin (FTE)⁽⁴⁾						3.52	%						3.29	%

⁽¹⁾Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $4.11 million and $4.29 million, respectively, for 2025 and 2024. The tax rate used to calculate the adjustment was 25%, 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 AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $232 million in 2025 and $306 million in 2024 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.


UNITED COMMUNITY BANKS, INC. Non-GAAP Performance Measures Reconciliation Selected Financial Information (in thousands, except per share data)
	2025												2024			Twelve Months Ended December 31,
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			2025			2024
Noninterest income reconciliation
Noninterest income (GAAP)	$	40,462		$	43,219		$	34,708		$	35,656		$	40,522		$	154,045		$	124,756
Loss on sale of manufactured housing loans		—			—			—			—			—			—			27,209
Gain on lease termination		—			—			—			—			—			—			(2,400	)
Noninterest income - operating	$	40,462		$	43,219		$	34,708		$	35,656		$	40,522		$	154,045		$	149,565

Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	152,048		$	150,868		$	147,919		$	141,099		$	143,056		$	591,934		$	578,167
Loss on sale of FinTrust, including goodwill impairment		—			—			—			—			—			—			(5,100	)
FDIC special assessment		—			—			—			—			—			—			(1,736	)
Merger-related and other charges		(606	)		(3,468	)		(4,833	)		(1,297	)		(2,203	)		(10,204	)		(8,623	)
Noninterest expenses - operating	$	151,442		$	147,400		$	143,086		$	139,802		$	140,853		$	581,730		$	562,708

Net income to operating income reconciliation
Net income (GAAP)	$	86,455		$	91,494		$	78,733		$	71,413		$	75,804		$	328,095		$	252,397
Loss on sale of manufactured housing loans		—			—			—			—			—			—			27,209
Gain on lease termination		—			—			—			—			—			—			(2,400	)
Loss on sale of FinTrust, including goodwill impairment		—			—			—			—			—			—			5,100
FDIC special assessment		—			—			—			—			—			—			1,736
Merger-related and other charges		606			3,468			4,833			1,297			2,203			10,204			8,623
Income tax benefit of non-operating items		(133	)		(751	)		(1,047	)		(281	)		(471	)		(2,212	)		(8,702	)
Net income - operating	$	86,928		$	94,211		$	82,519		$	72,429		$	77,536		$	336,087		$	283,963

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	86,455		$	91,494		$	78,733		$	71,413		$	75,804		$	328,095		$	252,397
Income tax expense		26,223			26,579			21,769			19,746			20,606			94,317			70,609
Provision for credit losses		13,662			7,907			11,818			15,419			11,389			48,806			50,951
Pre-tax pre-provision income	$	126,340		$	125,980		$	112,320		$	106,578		$	107,799		$	471,218		$	373,957

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.70		$	0.70		$	0.63		$	0.58		$	0.61		$	2.62		$	2.04
Loss on sale of manufactured housing loans		—			—			—			—			—			—			0.18
Gain on lease termination		—			—			—			—			—			—			(0.02	)
Loss on sale of FinTrust, including goodwill impairment		—			—			—			—			—			—			0.03
FDIC special assessment		—			—			—			—			—			—			0.01
Merger-related and other charges		0.01			0.02			0.03			0.01			0.02			0.06			0.06
Deemed dividend on preferred stock redemption		—			0.03			—			—			—			0.03			—
Diluted income per common share - operating	$	0.71		$	0.75		$	0.66		$	0.59		$	0.63		$	2.71		$	2.30

Book value per common share reconciliation
Book value per common share (GAAP)	$	30.17		$	29.44		$	28.89		$	28.42		$	27.87		$	30.17		$	27.87
Effect of goodwill and other intangibles		(7.93	)		(7.85	)		(7.89	)		(7.84	)		(7.87	)		(7.93	)		(7.87	)
Tangible book value per common share	$	22.24		$	21.59		$	21.00		$	20.58		$	20.00		$	22.24		$	20.00

Return on tangible common equity reconciliation
Return on common equity (GAAP)		9.48	%		9.20	%		8.45	%		7.89	%		8.40	%		9.12	%		7.07	%
Loss on sale of manufactured housing loans		—			—			—			—			—			—			0.61
Gain on lease termination		—			—			—			—			—			—			(0.05	)
Loss on sale of FinTrust, including goodwill impairment		—			—			—			—			—			—			0.11
FDIC special assessment		—			—			—			—			—			—			0.04
Merger-related and other charges		0.05			0.29			0.42			0.12			0.20			0.23			0.19
Deemed dividend on preferred stock redemption		—			0.34			—			—			—			0.09			—
Return on common equity - operating		9.53			9.83			8.87			8.01			8.60			9.44			7.97
Effect of goodwill and other intangibles		3.78			3.73			3.47			3.20			3.52			3.90			3.45
Return on tangible common equity - operating		13.31	%		13.56	%		12.34	%		11.21	%		12.12	%		13.34	%		11.42	%

Return on assets reconciliation
Return on assets (GAAP)		1.21	%		1.29	%		1.11	%		1.02	%		1.06	%		1.17	%		0.90	%
Loss on sale of manufactured housing loans		—			—			—			—			—			—			0.08
Gain on lease termination		—			—			—			—			—			—			(0.01	)
Loss on sale of FinTrust, including goodwill impairment		—			—			—			—			—			—			0.02
FDIC special assessment		—			—			—			—			—			—			0.01
Merger-related and other charges		0.01			0.04			0.05			0.02			0.02			0.03			0.02
Return on assets - operating		1.22	%		1.33	%		1.16	%		1.04	%		1.08	%		1.20	%		1.02	%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.21	%		1.29	%		1.11	%		1.02	%		1.06	%		1.17	%		0.90	%
Income tax expense		0.37			0.38			0.31			0.29			0.30			0.34			0.26
Provision for credit losses		0.19			0.11			0.17			0.23			0.16			0.17			0.19
Loss on sale of manufactured housing loans		—			—			—			—			—			—			0.09
Gain on lease termination		—			—			—			—			—			—			(0.01	)
Loss on sale of FinTrust, including goodwill impairment		—			—			—			—			—			—			0.02
FDIC special assessment		—			—			—			—			—			—			0.01
Merger-related and other charges		0.01			0.05			0.07			0.01			0.03			0.04			0.03
Return on assets - pre-tax pre-provision, excluding non-operating items		1.78	%		1.83	%		1.66	%		1.55	%		1.55	%		1.72	%		1.49	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		54.40	%		54.30	%		56.69	%		56.74	%		56.05	%		55.46	%		60.24	%
Loss on sale of manufactured housing loans		—			—			—			—			—			—			(1.63	)
Gain on lease termination		—			—			—			—			—			—			0.15
Loss on sale of FinTrust, including goodwill impairment		—			—			—			—			—			—			(0.53	)
FDIC special assessment		—			—			—			—			—			—			(0.18	)
Merger-related and other charges		(0.21	)		(1.25	)		(1.85	)		(0.52	)		(0.87	)		(0.95	)		(0.90	)
Efficiency ratio - operating		54.19	%		53.05	%		54.84	%		56.22	%		55.18	%		54.51	%		57.15	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		12.99	%		12.78	%		12.86	%		12.56	%		12.38	%		12.99	%		12.38	%
Effect of goodwill and other intangibles		(3.07	)		(3.07	)		(3.10	)		(3.06	)		(3.09	)		(3.07	)		(3.09	)
Effect of preferred equity		—			—			(0.31	)		(0.32	)		(0.32	)		—			(0.32	)
Tangible common equity to tangible assets		9.92	%		9.71	%		9.45	%		9.18	%		8.97	%		9.92	%		8.97	%

About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of December 31, 2025, United Community Banks, Inc. had $28.0 billion in assets and operated 199 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United Community is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. United Community has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United Community earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United Community among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

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

Caution About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to general competitive, economic, political, regulatory and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

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

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

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com