UCB 10-Q Quarterly Report June 30, 2025

UNITED COMMUNITY BANKS INC

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ucbi-20250630

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 June 30, 2025

☐

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.)


200 East Camperdown Way
Greenville , South Carolina						29601
(Address of principal executive offices)						(Zip code)

( 800 ) 822-2651

(Registrant’s telephone number, including area code)


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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, par value $1 per share	UCB	New York Stock Exchange
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock	UCB PRI	New York Stock Exchange

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 121,474,460 shares of the registrant’s common stock, par value $1 per share, outstanding as of July 31, 2025.

UNITED COMMUNITY BANKS, INC.

FORM 10-Q

INDEX


		Glossary of Defined Terms	3

		Cautionary Note Regarding Forward-looking Statements	4

PART I - Financial Information
	Item 1.	Financial Statements

		Consolidated Balance Sheets (unaudited)	5

		Consolidated Statements of Income (unaudited)	6

		Consolidated Statements of Comprehensive Income (unaudited)	7

		Consolidated Statements of Changes in Shareholders’ Equity (unaudited)	8

		Consolidated Statements of Cash Flows (unaudited)	9

		Notes to Consolidated Financial Statements	10

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51

	Item 4.	Controls and Procedures	51

PART II - Other Information





	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	52


	Item 5.	Other Information.	52

	Item 6.	Exhibits	53

Glossary of Defined Terms

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


Term						Definition
2024 10-K						United’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025
ACL						Allowance for credit losses
AFS						Available-for-sale
ANB						ANB Holdings, Inc. and its wholly-owned subsidiary, American National Bank
AOCI						Accumulated other comprehensive income (loss)




Bank						United Community Bank
Board						United Community Banks Inc., Board of Directors
BOLI						Bank-owned life insurance
CECL						Current expected credit losses
CET1						Common equity tier 1
CME						Chicago Mercantile Exchange
CRE						Commercial real estate
Company						United Community Banks Inc. (interchangeable with "United" below)


DTA						Deferred tax asset
DTL						Deferred tax liability
FDIC						Federal Deposit Insurance Corporation
FDM						Modification made to borrowers experiencing financial difficulty
Federal Reserve						Federal Reserve Bank
FinTrust						Collectively, FinTrust Brokerage Services, LLC and FinTrust Capital Advisors, LLC
First Miami						First Miami Bancorp, Inc. and its wholly-owned subsidiary, First National Bank of South Miami
FHLB						Federal Home Loan Bank

FTE						Fully taxable equivalent
GAAP						Accounting principles generally accepted in the United States of America
GSE						U.S. government-sponsored enterprise


Holding Company						United Community Banks, Inc. on an unconsolidated basis
HTM						Held-to-maturity


MD&A						Management's Discussion and Analysis of Financial Condition and Results of Operations
MBS						Mortgage-backed securities
NOW						Negotiable order of withdrawal
NPA						Nonperforming asset
OCI						Other comprehensive income (loss)
OREO						Other real estate owned

PCD						Purchased credit deteriorated

Report						Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2025
SBA						United States Small Business Administration

SEC						United States Securities and Exchange Commission





United						United Community Banks, Inc. and its direct and indirect subsidiaries
USDA						United States Department of Agriculture

Cautionary Note Regarding Forward-looking Statements

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

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

• negative economic and political conditions that adversely affect the general economy, the banking sector, 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 NPAs, charge-offs and provision expense;

• changes in loan underwriting, credit review or loss policies associated with economic conditions, examination conclusions or regulatory developments;

• the potential effects of pandemics or public health conditions on the economic and business environments in which we operate, including the impact of actions taken by governmental authorities to address these conditions;

• strategic, market, operational, liquidity and interest rate risks associated with our business;

• potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Federal Reserve, replacement or reform of other interest rate benchmarks, as well as 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;

• 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 greater than anticipated adverse conditions 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 our ability to identify and complete future mergers or acquisitions as well as our ability to successfully expand and integrate those 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 or 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, particularly if there were to be increased capital requirements or enhanced regulatory supervision;

• legislative, 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 affecting our business;

• adverse results (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future legislation, litigation, regulatory proceedings, examinations, investigations, or similar matters, or developments related thereto;

• any matter 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 its ability to pay dividends to shareholders or take other capital actions;

• the potential effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as inflation or recession, terrorist activities, wars and other foreign conflicts, climate change and weather related events, disruptions in our customers’ supply chains, disruptions in transportation, essential utility outages or trade disputes and tariffs including threats thereof, either imposed by the U.S. or other trading partners in retaliation to U.S. tariffs; 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 2024 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.

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements


UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)


(in thousands, except share data)	June 30, 2025		December 31, 2024
ASSETS
Cash and due from banks	$	201,509	$	296,161
Interest-bearing deposits in banks	359,492		223,712
Federal funds and other short-term investments	13,955		—
Cash and cash equivalents	574,956		519,873
Debt securities available-for-sale	4,075,323		4,436,291
Debt securities held-to-maturity (fair value $ 1,935,748 and $ 1,944,126 , respectively)	2,306,730		2,368,107
Loans held for sale	37,143		57,534
Loans and leases held for investment	18,920,875		18,175,980
Less allowance for credit losses - loans and leases	( 216,500 )		( 206,998 )
Loans and leases, net	18,704,375		17,968,982
Premises and equipment, net	396,479		394,264
Bank owned life insurance	362,201		346,234



Goodwill and other intangible assets, net	974,385		956,643
Other assets (including $ 108,291 and $ 116,020 at fair value, respectively)	653,929		672,330
Total assets	$	28,085,521	$	27,720,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,381,975	$	6,211,182



Interest-bearing deposits	17,581,037		17,249,793


Total deposits	23,963,012		23,460,975
Short-term borrowings	—		195,000

Long-term debt	155,143		254,152

Accrued expense and other liabilities (including $ 75,294 and $ 93,165 at fair value, respectively)	354,442		378,004
Total liabilities	24,472,597		24,288,131
Shareholders' equity:
Preferred stock, $ 1 par value: 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $ 25,000 per share liquidation preference	88,266		88,266
Common stock, $ 1 par value: 200,000,000 shares authorized, 121,431,262 and 119,364,110 shares issued and outstanding, respectively	121,431		119,364
Common stock issuable: 592,256 and 600,168 shares, respectively	13,190		12,999
Capital surplus	2,764,617		2,710,279
Retained earnings	802,590		714,138
Accumulated other comprehensive loss	( 177,170 )		( 212,919 )
Total shareholders' equity	3,612,924		3,432,127
Total liabilities and shareholders' equity	$	28,085,521	$	27,720,258

See accompanying notes to consolidated financial statements (unaudited).


UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net interest revenue:
Interest revenue:
Loans, including fees	$	288,284	$	291,595	$	562,340	$	575,578
Investment securities, including tax exempt of $ 1,671 , $ 1,699 , $ 3,349 and $ 3,420 , respectively	55,862		50,063		114,712		96,499
Deposits in banks and short-term investments	3,219		5,307		5,670		11,616
Total interest revenue	347,365		346,965		682,722		683,693

Interest expense:






Deposits	119,136		134,462		238,070		268,246
Short-term borrowings	83		60		1,190		60
Federal Home Loan Bank advances	—		—		433		—
Long-term debt	2,615		3,743		5,477		7,538
Total interest expense	121,834		138,265		245,170		275,844
Net interest revenue	225,531		208,700		437,552		407,849



Noninterest income:
Service charges and fees	10,122		10,620		19,657		19,884
Mortgage loan gains and other related fees	5,370		6,799		11,492		14,310
Wealth management fees	4,400		6,386		8,865		12,699
Net gains from sales of other loans	1,995		1,296		3,391		2,833
Lending and loan servicing fees	3,690		3,328		7,855		7,538
Securities gains, net	286		—		292		—
Other	8,845		8,127		18,812		18,879
Total noninterest income	34,708		36,556		70,364		76,143
Total revenue	260,239		245,256		507,916		483,992

Provision for credit losses	11,818		12,235		27,237		25,134

Noninterest expense:
Salaries and employee benefits	86,997		85,818		171,264		170,803
Communications and equipment	13,332		11,988		27,031		23,908
Occupancy	10,935		11,056		21,864		22,155
Advertising and public relations	2,881		2,459		4,762		4,360
Postage, printing and supplies	2,495		2,251		5,056		4,899
Professional fees	5,609		6,044		11,540		12,032
Lending and loan servicing expense	2,330		2,014		4,317		3,841
Outside services - electronic banking	3,570		2,812		6,333		5,730
FDIC assessments and other regulatory charges	4,745		4,467		9,387		12,033
Amortization of intangibles	3,292		3,794		6,578		7,681
Merger-related and other charges	4,833		2,157		6,130		4,244
Other	6,900		12,184		14,756		20,360
Total noninterest expense	147,919		147,044		289,018		292,046
Income before income taxes	100,502		85,977		191,661		166,812
Income tax expense	21,769		19,362		41,515		37,566
Net income	$	78,733	$	66,615	$	150,146	$	129,246

Net income available to common shareholders	$	76,722	$	64,674	$	146,150	$	125,387

Net income per common share:
Basic	$	0.63	$	0.54	$	1.21	$	1.05
Diluted	0.63		0.54		1.21		1.05
Weighted average common shares outstanding:
Basic	121,377		119,726		120,714		119,694
Diluted	121,432		119,785		120,820		119,763

See accompanying notes to consolidated financial statements (unaudited).


UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	Before-tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before-tax Amount		Tax (Expense) Benefit		Net of Tax Amount
2025
Net income	$	100,502	$	( 21,769 )	$	78,733	$	191,661	$	( 41,515 )	$	150,146
Other comprehensive income:
Unrealized gains on available-for-sale securities:
Unrealized holding gains	12,023		( 2,759 )		9,264		46,647		( 10,929 )		35,718

Reclassification adjustment for gains included in net income	( 286 )		68		( 218 )		( 292 )		70		( 222 )
Net unrealized gains on available-for-sale securities	11,737		( 2,691 )		9,046		46,355		( 10,859 )		35,496


Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale	1,961		( 465 )		1,496		3,925		( 929 )		2,996

Derivative instruments designated as cash flow hedges:
Unrealized holding losses on derivatives	( 397 )		100		( 297 )		( 1,386 )		350		( 1,036 )
Gains on derivative instruments realized in net income	( 1,129 )		285		( 844 )		( 2,250 )		568		( 1,682 )
Net cash flow hedge activity	( 1,526 )		385		( 1,141 )		( 3,636 )		918		( 2,718 )
Amortization of defined benefit pension plan net periodic pension cost components	( 17 )		5		( 12 )		( 34 )		9		( 25 )


Total other comprehensive income	12,155		( 2,766 )		9,389		46,610		( 10,861 )		35,749
Comprehensive income	$	112,657	$	( 24,535 )	$	88,122	$	238,271	$	( 52,376 )	$	185,895

2024
Net income	$	85,977	$	( 19,362 )	$	66,615	$	166,812	$	( 37,566 )	$	129,246
Other comprehensive income:
Unrealized gains on available-for-sale securities	1,348		( 773 )		575		1,704		( 982 )		722






Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale	2,474		( 702 )		1,772		4,537		( 1,195 )		3,342

Derivative instruments designated as cash flow hedges:
Unrealized holding gains on derivatives	1,000		( 208 )		792		3,524		( 853 )		2,671
Gains on derivative instruments realized in net income	( 1,438 )		363		( 1,075 )		( 2,878 )		731		( 2,147 )
Net cash flow hedge activity	( 438 )		155		( 283 )		646		( 122 )		524
Amortization of defined benefit pension plan net periodic pension cost components	46		( 12 )		34		90		( 23 )		67
Total other comprehensive income	3,430		( 1,332 )		2,098		6,977		( 2,322 )		4,655
Comprehensive income	$	89,407	$	( 20,694 )	$	68,713	$	173,789	$	( 39,888 )	$	133,901

See accompanying notes to consolidated financial statements (unaudited).


UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
(in thousands except share and per share data)


	Shares of Common Stock	Preferred Stock		Common Stock		Common Stock Issuable		Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Total
Three Months Ended June 30,
Balance at March 31, 2024	119,136,518	$	88,266	$	119,137	$	11,923	$	2,702,807	$	614,612	$	( 236,635 )	$	3,300,110
Net income										66,615				66,615
Other comprehensive income												2,098		2,098


Preferred stock dividends										( 1,573 )				( 1,573 )
Common stock dividends ($ 0.23 per share)										( 27,415 )				( 27,415 )

Impact of equity-based compensation awards	34,544			34		92		2,450						2,576
Impact of other United sponsored equity plans	3,741			4		130		88						222

Balance at June 30, 2024	119,174,803	$	88,266	$	119,175	$	12,145	$	2,705,345	$	652,239	$	( 234,537 )	$	3,342,633

Balance at March 31, 2025	119,514,298	$	88,266	$	119,514	$	12,983	$	2,711,721	$	754,971	$	( 186,559 )	$	3,500,896
Net income										78,733				78,733
Other comprehensive income												9,389		9,389
Impact of acquisition	2,380,952			2,381				63,357						65,738
Purchases of common stock	( 506,600 )			( 507 )				( 13,435 )						( 13,942 )
Preferred stock dividends										( 1,573 )				( 1,573 )
Common stock dividends ($ 0.24 per share)										( 29,541 )				( 29,541 )

Impact of equity-based compensation awards	38,441			39		78		2,881						2,998
Impact of other United sponsored equity plans	4,171			4		129		93						226
Balance at June 30, 2025	121,431,262	$	88,266	$	121,431	$	13,190	$	2,764,617	$	802,590	$	( 177,170 )	$	3,612,924

Six Months Ended June 30,
Balance at December 31, 2023	119,010,319	$	88,266	$	119,010	$	13,110	$	2,699,112	$	581,219	$	( 239,192 )	$	3,261,525
Net income										129,246				129,246
Other comprehensive income												4,655		4,655


Preferred stock dividends										( 3,146 )				( 3,146 )
Common stock dividends ($ 0.46 per share)										( 55,080 )				( 55,080 )
Impact of equity-based compensation awards	114,691			114		168		5,406						5,688
Impact of other United sponsored equity plans	49,793			51		( 1,133 )		827						( 255 )

Balance at June 30, 2024	119,174,803	$	88,266	$	119,175	$	12,145	$	2,705,345	$	652,239	$	( 234,537 )	$	3,342,633

Balance at December 31, 2024	119,364,110	$	88,266	$	119,364	$	12,999	$	2,710,279	$	714,138	$	( 212,919 )	$	3,432,127
Net income										150,146				150,146
Other comprehensive income												35,749		35,749
Impact of acquisitions	2,380,952			2,381				63,357						65,738

Purchases of common stock	( 506,600 )			( 507 )				( 13,435 )						( 13,942 )
Preferred stock dividends										( 3,146 )				( 3,146 )
Common stock dividends ($ 0.48 per share)										( 58,548 )				( 58,548 )
Impact of equity-based compensation awards	142,222			143		1,063		3,464						4,670
Impact of other United sponsored equity plans	50,578			50		( 872 )		952						130

Balance at June 30, 2025	121,431,262	$	88,266	$	121,431	$	13,190	$	2,764,617	$	802,590	$	( 177,170 )	$	3,612,924

See accompanying notes to consolidated financial statements (unaudited).


UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended June 30,
(in thousands)	2025		2024
Operating activities:
Net income	$	150,146	$	129,246
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net	23,326		20,616
Provision for credit losses	27,237		25,134
Stock based compensation	5,208		4,989
Deferred income tax expense	3,550		1,808
Securities gains, net	( 292 )		—
Net gains from sales of other loans	( 3,391 )		( 2,833 )
FinTrust goodwill write-down	—		5,100
Changes in assets and liabilities:
Other assets	9,247		4,574
Accrued expense and other liabilities	( 39,954 )		21,574
Loans held for sale	20,391		( 16,307 )
Net cash provided by operating activities	195,468		193,901

Investing activities:
Debt securities held-to-maturity:
Proceeds from maturities and calls	63,865		60,939

Debt securities available-for-sale:
Proceeds from sales	258,909		647
Proceeds from maturities and calls	407,365		356,110
Purchases	( 192,605 )		( 635,039 )
Net (increase) decrease in loans	( 453,439 )		89,127
Payments for other investments	( 21,947 )		( 97,829 )
Proceeds from other investments	7,241		556

Purchases of premises and equipment	( 16,434 )		( 31,568 )
Net cash received in acquisition	41,246		—

Other investing inflows	8,936		9,788
Net cash provided by (used in) investing activities	103,137		( 247,269 )

Financing activities:
Net increase (decrease) in deposits	127,494		( 329,119 )
Net decrease in short-term borrowings	( 195,000 )		—
Repayment of long-term debt	( 100,000 )		—
Proceeds from FHLB advances	126,000		100
Repayment of FHLB advances	( 126,000 )		( 100 )



Repurchase of common stock	( 13,942 )		—
Cash dividends on common stock	( 58,136 )		( 55,494 )
Cash dividends on preferred stock	( 3,146 )		( 3,146 )
Other financing inflows	965		1,328
Other financing outflows	( 1,757 )		( 1,213 )
Net cash used in financing activities	( 243,522 )		( 387,644 )

Net change in cash and cash equivalents	55,083		( 441,012 )

Cash and cash equivalents, beginning of period	519,873		1,003,875

Cash and cash equivalents, end of period	$	574,956	$	562,863

See accompanying notes to consolidated financial statements (unaudited).

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Basis of Presentation

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 2024 10-K.

In management’s opinion, all necessary accounting adjustments have been made to fairly present the financial position and results of operations in the accompanying financial statements. 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 2024 10-K.

Note 2 – Supplemental Cash Flow Information

The supplemental schedule of significant non-cash investing and financing activities for the six months ended June 30, 2025 and 2024 is as follows.


	Six Months Ended June 30,
(in thousands)	2025		2024


Significant non-cash investing and financing transactions:


Commitments to fund other investments	$	8,906	$	9,214



Acquisitions:
Assets acquired	446,504		—
Liabilities assumed	380,766		—

Common stock issued for net assets acquired	65,738		—

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 3 – Acquisitions

Acquisition of ANB

On May 1, 2025, United acquired all of the outstanding common stock of ANB in a stock transaction. ANB operated one banking location in Oakland Park, Florida, which facilitated United’s expansion within that market. United’s operating results for the three and six months ended June 30, 2025 include the operating results of the acquired business for the period subsequent to the acquisition date of May 1, 2025.


ANB
	Fair Value Recorded by United (1)
	(in thousands)	May 1, 2025
	Assets
	Cash and cash equivalents	$	41,246
	Debt securities	56,503

	Loans held for investment	301,303

	Bank-owned life insurance	13,822


	Net deferred tax asset	6,565
	Core deposit intangible	6,290
	Other assets	2,746
	Total assets acquired	428,475
	Liabilities
	Deposits	374,468


	Other liabilities	6,298
	Total liabilities assumed	380,766
	Total identifiable net assets	47,709
	Consideration transferred

	Common stock issued ( 2,380,952 shares)	65,738



	Goodwill	$	18,029

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

The following table presents additional information related to the acquired ANB loan portfolio at the acquisition date.


(in thousands)	May 1, 2025
PCD Loans
Par value	$	42,649
ACL at acquisition	( 1,251 )
Non-credit discount	( 2,998 )
Purchase price	$	38,400

Non- PCD:
Fair value	$	262,903
Gross contractual amounts receivable	325,973
Estimate of contractual cash flows not expected to be collected	3,158

Pro forma information

The following table discloses the impact of the ANB acquisition since the acquisition date. The table also presents certain pro forma information as if ANB had been acquired on January 1, 2024. 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 an earlier year.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

ANB merger-related costs for the three and six months ended June 30, 2025 of $ 8.93 million and $ 9.13 million, respectively, have been excluded from the pro forma information for those periods and included in the three and six months ended June 30, 2024 pro forma information. The actual results and pro forma information were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Revenue		Net Income		Revenue		Net Income
2025
Actual ANB results included in statement of income since acquisition date	$	2,290	$	( 1,026 )	$	2,290	$	( 1,026 )

Supplemental consolidated pro forma as if ANB had been acquired January 1, 2024	261,830		81,944		513,212		154,518

2024

Supplemental consolidated pro forma as if ANB had been acquired January 1, 2024	$	249,217	$	61,135	$	491,835	$	122,791

Note 4 – Investment 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 June 30, 2025
U.S. Treasuries	$	19,911	$	—	$	1,187	$	18,724
U.S. Government Agencies & GSEs	98,968		—		12,721		86,247
State and political subdivisions	286,966		15		53,371		233,610
Residential MBS, Agency & GSEs	1,232,783		13		192,516		1,040,280

Commercial MBS, Agency & GSEs	653,102		—		109,134		543,968

Supranational entities	15,000		—		2,081		12,919
Total	$	2,306,730	$	28	$	371,010	$	1,935,748

As of December 31, 2024
U.S. Treasuries	$	19,896	$	—	$	1,734	$	18,162
U.S. Government Agencies & GSEs	99,154		—		16,291		82,863
State and political subdivisions	289,492		10		55,206		234,296
Residential MBS, Agency & GSEs	1,282,174		1		223,671		1,058,504

Commercial MBS, Agency & GSEs	662,391		—		124,409		537,982

Supranational entities	15,000		—		2,681		12,319
Total	$	2,368,107	$	11	$	423,992	$	1,944,126

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 June 30, 2025
U.S. Treasuries	$	339,348	$	839	$	5,695	$	334,492
U.S. Government Agencies & GSEs	307,198		128		11,635		295,691
State and political subdivisions	171,226		1		13,805		157,422
Residential MBS, Agency & GSEs	1,893,872		5,825		95,721		1,803,976
Residential MBS, Non-Agency	290,616		6		14,786		275,836
Commercial MBS, Agency & GSEs	784,869		4,123		27,856		761,136
Commercial MBS, Non-Agency	8,069		—		149		7,920
Corporate bonds	146,082		14		8,266		137,830
Asset-backed securities	302,387		252		1,619		301,020
Total	$	4,243,667	$	11,188	$	179,532	$	4,075,323

As of December 31, 2024
U.S. Treasuries	$	511,994	$	874	$	9,199	$	503,669
U.S. Government Agencies & GSEs	334,147		100		13,980		320,267
State and political subdivisions	175,041		—		16,809		158,232
Residential MBS, Agency & GSEs	2,070,433		1,431		125,833		1,946,031
Residential MBS, Non-Agency	302,318		—		18,390		283,928
Commercial MBS, Agency & GSEs	844,302		851		35,243		809,910
Commercial MBS, Non-Agency	13,323		—		336		12,987
Corporate bonds	164,069		130		11,579		152,620
Asset-backed securities	248,673		501		527		248,647
Total	$	4,664,300	$	3,887	$	231,896	$	4,436,291

As of June 30, 2025 and December 31, 2024 the carrying value of pledged securities totaled $ 2.81 billion and $ 3.20 billion, respectively. Securities were pledged primarily to secure public deposits.

The following table summarizes the fair values and gross unrealized losses of HTM debt securities as of the dates indicated based on the length of time that individual securities have been in a continuous unrealized loss position.


	Length of Time in Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
As of June 30, 2025
U.S. Treasuries	$	—	$	—	$	18,724	$	1,187	$	18,724	$	1,187
U.S. Government Agencies & GSEs	—		—		86,247		12,721		86,247		12,721
State and political subdivisions	7,563		126		216,852		53,245		224,415		53,371
Residential MBS, Agency & GSEs	5,635		1,590		1,033,507		190,926		1,039,142		192,516

Commercial MBS, Agency & GSEs	—		—		543,968		109,134		543,968		109,134

Supranational entities	—		—		12,919		2,081		12,919		2,081
Total	$	13,198	$	1,716	$	1,912,217	$	369,294	$	1,925,415	$	371,010

As of December 31, 2024
U.S. Treasuries	$	—	$	—	$	18,162	$	1,734	$	18,162	$	1,734
U.S. Government Agencies & GSEs	—		—		82,863		16,291		82,863		16,291
State and political subdivisions	18,729		305		212,356		54,901		231,085		55,206
Residential MBS, Agency & GSEs	6,778		1,822		1,051,455		221,849		1,058,233		223,671

Commercial MBS, Agency & GSEs	—		—		537,981		124,409		537,981		124,409

Supranational entities	—		—		12,319		2,681		12,319		2,681
Total	$	25,507	$	2,127	$	1,915,136	$	421,865	$	1,940,643	$	423,992

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following table summarizes the fair values and gross unrealized losses of AFS debt securities as of the dates indicated based on the length of time that individual securities have been in a continuous unrealized loss position.


	Length of Time in Unrealized Loss Position
	Less than 12 Months				12 Months or More				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
As of June 30, 2025
U.S. Treasuries	$	—	$	—	$	108,842	$	5,695	$	108,842	$	5,695
U.S. Government Agencies & GSEs	63,519		342		189,422		11,293		252,941		11,635
State and political subdivisions	—		—		155,427		13,805		155,427		13,805
Residential MBS, Agency & GSEs	312,651		1,454		864,320		94,267		1,176,971		95,721
Residential MBS, Non-Agency	2,289		63		273,108		14,723		275,397		14,786
Commercial MBS, Agency & GSEs	78,620		225		347,768		27,631		426,388		27,856
Commercial MBS, Non-Agency	—		—		7,919		149		7,919		149
Corporate bonds	—		—		136,814		8,266		136,814		8,266
Asset-backed securities	156,826		897		38,077		722		194,903		1,619
Total	$	613,905	$	2,981	$	2,121,697	$	176,551	$	2,735,602	$	179,532

As of December 31, 2024
U.S. Treasuries	$	75,183	$	808	$	106,036	$	8,391	$	181,219	$	9,199
U.S. Government Agencies & GSEs	101,964		388		190,525		13,592		292,489		13,980
State and political subdivisions	—		—		157,479		16,809		157,479		16,809
Residential MBS, Agency & GSEs	773,257		7,593		896,691		118,240		1,669,948		125,833
Residential MBS, Non-Agency	2,788		98		281,140		18,292		283,928		18,390
Commercial MBS, Agency & GSEs	226,363		1,733		355,852		33,510		582,215		35,243
Commercial MBS, Non-Agency	—		—		12,987		336		12,987		336
Corporate bonds	—		—		150,666		11,579		150,666		11,579
Asset-backed securities	46,870		98		64,271		429		111,141		527
Total	$	1,226,425	$	10,718	$	2,215,647	$	221,178	$	3,442,072	$	231,896

At June 30, 2025, there were 519 AFS debt securities and 300 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 June 30, 2025 were primarily attributable to changes in interest rates.

At June 30, 2025 and December 31, 2024, the majority of HTM securities were considered to have a zero loss assumption for ACL purposes. For the remaining HTM securities, primarily those issued by state and political subdivisions, calculated credit losses, and, thus, the related ACL were de minimis due to the high credit quality of the portfolio. As a result, no ACL was recorded on the HTM portfolio at June 30, 2025 and December 31, 2024. In addition, based on the assessments performed at June 30, 2025 and December 31, 2024, there was no ACL required related to the AFS portfolio.

The following table presents accrued interest receivable on HTM and AFS debt securities, which was excluded from the estimate of credit losses, for the periods indicated.



	Accrued Interest Receivable
(in thousands)	June 30, 2025		December 31, 2024
HTM	$	5,633	$	5,763
AFS	17,113		18,201

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 June 30, 2025, by contractual maturity, are presented in the following table.


	AFS				HTM
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within 1 year:
U.S. Treasuries	$	124,053	$	124,328	$	—	$	—
U.S. Government Agencies & GSEs	458		452		—		—
State and political subdivisions	2,182		2,154		3,700		3,703
Corporate bonds	6,549		6,407		—		—

	133,242		133,341		3,700		3,703
1 to 5 years:
U.S. Treasuries	215,295		210,164		19,911		18,724
U.S. Government Agencies & GSEs	42,689		40,568		—		—
State and political subdivisions	34,552		32,337		35,466		33,356
Corporate bonds	118,028		112,119		—		—

	410,564		395,188		55,377		52,080
5 to 10 years:

U.S. Government Agencies & GSEs	176,519		169,321		75,193		66,446
State and political subdivisions	70,767		62,951		80,336		67,886
Corporate bonds	21,505		19,304		—		—
Supranational entities	—		—		15,000		12,919
	268,791		251,576		170,529		147,251
More than 10 years:
U.S. Government Agencies & GSEs	87,532		85,350		23,775		19,801
State and political subdivisions	63,725		59,980		167,464		128,665
Corporate bonds	—		—		—		—

	151,257		145,330		191,239		148,466
Debt securities not due at a single maturity date:
Asset-backed securities	302,387		301,020		—		—
Residential MBS	2,184,488		2,079,812		1,232,783		1,040,280
Commercial MBS	792,938		769,056		653,102		543,968
	3,279,813		3,149,888		1,885,885		1,584,248

Total	$	4,243,667	$	4,075,323	$	2,306,730	$	1,935,748

Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations.

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 six months ended June 30, 2025 and 2024 .


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Proceeds from sales	$	205,433	$	—	$	258,909	$	647

Gross realized gains	$	515	$	—	$	521	$	—
Gross realized losses	( 229 )		—		( 229 )		—

Securities gains, net	$	286	$	—	$	292	$	—

Income tax expense attributable to sales	$	68	$	—	$	70	$	—

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Equity Investments

The table below reflects the carrying value of certain equity investments, which are included in other assets on the consolidated balance sheet, as of the dates indicated.


(in thousands)	June 30, 2025		December 31, 2024
Federal Reserve stock	$	90,422	$	88,008
FHLB stock	18,049		18,051
Equity securities with readily determinable fair values	2,272		2,341

Note 5 – 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. At June 30, 2025, r emaining manufactured housing loans of $ 1.38 million are classified as consumer because manufactured housing is no longer a significant component of loans following the sale of substantially all of that portfolio in 2024.


(in thousands)	June 30, 2025		December 31, 2024
Owner occupied CRE	$	3,563,126	$	3,398,217
Income producing CRE	4,548,235		4,360,920
Commercial & industrial	2,515,360		2,428,376
Commercial construction	1,751,850		1,655,710
Equipment financing	1,777,936		1,662,501
Total commercial	14,156,507		13,505,724
Residential mortgage	3,210,430		3,231,479
Home equity	1,180,455		1,064,874
Residential construction	173,829		178,405
Manufactured housing	—		1,723
Consumer	190,958		186,448


Total loans excluding fair value hedge basis adjustment	18,912,179		18,168,653

Fair value hedge basis adjustment	8,696		7,327
Total loans	18,920,875		18,175,980
Less ACL - loans	( 216,500 )		( 206,998 )

Loans, net	$	18,704,375	$	17,968,982

Accrued interest receivable related to loans totaled $ 58.6 million and $ 60.1 million at June 30, 2025 and December 31, 2024, respectively, and was reported in other assets on the consolidated balance sheets. Accrued interest receivable was excluded from the estimate of credit losses.

At June 30, 2025 and December 31, 2024, the loan portfolio included certain loans specifically pledged to the Federal Reserve as well as loans covered by a blanket lien on qualifying loan types with the FHLB to secure contingent funding sources.

The following table presents the amortized cost of certain loans held for investment that were sold in the periods indicated. The net gain on these loan sales were included in noninterest income on the consolidated statements of income.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024

Guaranteed portion of SBA/USDA loans	$	21,760	$	18,311	$	43,709	$	27,699
Equipment financing receivables	16,887		8,391		21,049		36,714
Total	$	38,647	$	26,702	$	64,758	$	64,413

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Past Due and Nonaccrual Loans

The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of the dates indicated. 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 Loans		Loans Past Due
(in thousands)			30 - 59 Days		60 - 89 Days		> 90 Days		Nonaccrual Loans		Total Loans
As of June 30, 2025
Owner occupied CRE	$	3,553,328	$	1,591	$	—	$	—	$	8,207	$	3,563,126
Income producing CRE	4,532,716		895		—		—		14,624		4,548,235
Commercial & industrial	2,495,943		3,415		580		—		15,422		2,515,360
Commercial construction	1,750,058		424		—		—		1,368		1,751,850
Equipment financing	1,758,884		3,709		3,612		—		11,731		1,777,936
Total commercial	14,090,929		10,034		4,192		—		51,352		14,156,507
Residential mortgage	3,179,352		6,512		1,969		—		22,597		3,210,430
Home equity	1,173,748		1,607		1,007		—		4,093		1,180,455
Residential construction	172,533		90		3		—		1,203		173,829

Consumer	189,250		340		161		—		1,207		190,958
Total loans	$	18,805,812	$	18,583	$	7,332	$	—	$	80,452	$	18,912,179

As of December 31, 2024
Owner occupied CRE	$	3,381,622	$	4,402	$	519	$	—	$	11,674	$	3,398,217
Income producing CRE	4,333,651		1,705		207		—		25,357		4,360,920
Commercial & industrial	2,395,889		2,665		483		—		29,339		2,428,376
Commercial construction	1,646,175		1,693		442		—		7,400		1,655,710
Equipment financing	1,644,721		5,939		2,916		—		8,925		1,662,501
Total commercial	13,402,058		16,404		4,567		—		82,695		13,505,724
Residential mortgage	3,199,956		4,808		2,100		—		24,615		3,231,479
Home equity	1,059,010		986		248		—		4,630		1,064,874
Residential construction	177,371		133		844		—		57		178,405
Manufactured housing	155		124		—		—		1,444		1,723
Consumer	185,545		636		129		—		138		186,448
Total loans	$	18,024,095	$	23,091	$	7,888	$	—	$	113,579	$	18,168,653

The following table presents nonaccrual loans held for investment by loan class for the periods indicated.


	Nonaccrual Loans
	June 30, 2025						December 31, 2024
(in thousands)	With no allowance		With an allowance		Total		With no allowance		With an allowance		Total
Owner occupied CRE	$	2,625	$	5,582	$	8,207	$	9,926	$	1,748	$	11,674
Income producing CRE	10,749		3,875		14,624		24,970		387		25,357
Commercial & industrial	7,689		7,733		15,422		21,570		7,769		29,339
Commercial construction	836		532		1,368		6,817		583		7,400
Equipment financing	24		11,707		11,731		33		8,892		8,925
Total commercial	21,923		29,429		51,352		63,316		19,379		82,695
Residential mortgage	2,716		19,881		22,597		6,540		18,075		24,615
Home equity	708		3,385		4,093		231		4,399		4,630
Residential construction	773		430		1,203		—		57		57
Manufactured housing	—		—		—		—		1,444		1,444
Consumer	1		1,206		1,207		36		102		138
Total	$	26,121	$	54,331	$	80,452	$	70,123	$	43,456	$	113,579

At June 30, 2025 and December 31, 2024, United had $ 36.0 million and $ 75.1 million, respectively, in loans for which repayment is expected to be provided substantially through the operation or sale of the collateral. Estimated credit losses for these loans are based on the net realizable value of the collateral relative to the amortized cost of the loan. The majority of these loans are income producing CRE and commercial and industrial loans.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Lease Receivables

The equipment financing portfolio includes sales-type and direct financing lease receivables. The components of the net investment in these lease receivables as of June 30, 2025 and December 31, 2024 are provided in the table below.


(in thousands)	June 30, 2025		December 31, 2024
Minimum future lease payments receivable	$	106,362	$	97,793
Estimated residual value of leased equipment	6,737		5,749
Initial direct costs	2,071		1,856
Security deposits	( 485 )		( 491 )

Unearned income	( 16,669 )		( 15,412 )
Net investment in leases	$	98,016	$	89,495

Minimum future lease payments expected to be received from equipment financing lease contracts as of June 30, 2025 were as follows:


(in thousands)
Year
Remainder of 2025	$	19,125
2026	33,831
2027	26,955
2028	17,182
2029	7,959
Thereafter	1,310
Total	$	106,362

Credit Quality Indicators

United utilizes internal risk ratings as the primary credit quality indicator as outlined below:

Commercial Purpose Loans. United analyzes commercial loans individually on an ongoing basis 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. Commercial loans are categorized by the credit risk ratings of Pass, Special Mention, Substandard and Doubtful. Special Mention, Substandard and Doubtful ratings are defined by regulatory authorities and represent an elevated level of risk due to weaknesses identified related to the credit and/or borrower. Ratings within these categories are based on the severity of the weakness and the likelihood of repayment. Pass loans are considered to have a low probability of default and do not meet the criteria of the other ratings.

Consumer Purpose Loans. United applies a pass/fail grading system to all consumer purpose loans. Under this system, loans generally classified as “fail” are those that are on nonaccrual status, become past due 90 days, or meet certain bankruptcy status criteria. 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.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following tables present the risk category of term loans and gross charge-offs by vintage year, which is the year of origination or most recent renewal, as of the date indicated.



(in thousands)	Term Loans by Origination Year												Revolvers		Revolvers converted to term loans		Total
As of June 30, 2025	2025		2024		2023		2022		2021		Prior

Owner occupied CRE
Pass	$	338,649	$	435,661	$	507,581	$	618,033	$	502,481	$	856,402	$	128,598	$	24,352	$	3,411,757
Special Mention	—		3,436		23,464		12,001		18,616		15,601		4,800		233		78,151
Substandard	1,083		2,950		4,137		32,581		7,796		22,193		2,346		132		73,218

Total owner occupied CRE	$	339,732	$	442,047	$	535,182	$	662,615	$	528,893	$	894,196	$	135,744	$	24,717	$	3,563,126
Current period gross charge-offs	$	—	$	165	$	—	$	—	$	—	$	667	$	—	$	—	$	832
Income producing CRE
Pass	$	403,211	$	473,221	$	496,550	$	906,116	$	891,169	$	1,064,513	$	49,931	$	13,550	$	4,298,261
Special Mention	11,989		5,342		3,070		36,924		2,609		8,702		—		—		68,636
Substandard	20,038		40,187		38,391		7,831		3,830		71,061		—		—		181,338

Total income producing CRE	$	435,238	$	518,750	$	538,011	$	950,871	$	897,608	$	1,144,276	$	49,931	$	13,550	$	4,548,235
Current period gross charge-offs	$	—	$	—	$	—	$	1,970	$	—	$	—	$	—	$	—	$	1,970
Commercial & industrial
Pass	$	283,935	$	442,728	$	361,686	$	213,279	$	185,955	$	270,360	$	628,197	$	15,165	$	2,401,305
Special Mention	59		2,313		9,430		17,862		1,757		3,980		7,589		1,564		44,554
Substandard	2,565		3,239		21,638		5,563		5,061		9,043		15,663		6,729		69,501

Total commercial & industrial	$	286,559	$	448,280	$	392,754	$	236,704	$	192,773	$	283,383	$	651,449	$	23,458	$	2,515,360
Current period gross charge-offs	$	—	$	676	$	3,896	$	736	$	—	$	225	$	—	$	597	$	6,130
Commercial construction
Pass	$	271,120	$	374,217	$	318,612	$	446,901	$	126,786	$	59,949	$	43,352	$	2,724	$	1,643,661
Special Mention	5,896		7,062		462		41,989		5,253		464		6,333		110		67,569
Substandard	—		458		543		29,998		5,604		4,017		—		—		40,620

Total commercial construction	$	277,016	$	381,737	$	319,617	$	518,888	$	137,643	$	64,430	$	49,685	$	2,834	$	1,751,850
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	130	$	—	$	—	$	—	$	130
Equipment financing
Pass	$	442,271	$	583,426	$	372,142	$	254,493	$	82,532	$	27,948	$	—	$	—	$	1,762,812
Special Mention	—		—		—		550		417		—		—		—		967
Substandard	499		2,091		4,196		4,229		2,344		798		—		—		14,157
Total equipment financing	$	442,770	$	585,517	$	376,338	$	259,272	$	85,293	$	28,746	$	—	$	—	$	1,777,936
Current period gross charge-offs	$	—	$	1,083	$	4,001	$	4,734	$	1,677	$	369	$	—	$	—	$	11,864
Residential mortgage
Pass	$	106,569	$	112,636	$	326,486	$	976,419	$	952,065	$	706,930	$	—	$	2,731	$	3,183,836
Substandard	—		1,736		3,334		7,531		3,204		10,646		—		143		26,594
Total residential mortgage	$	106,569	$	114,372	$	329,820	$	983,950	$	955,269	$	717,576	$	—	$	2,874	$	3,210,430
Current period gross charge-offs	$	—	$	—	$	373	$	48	$	—	$	—	$	—	$	—	$	421
Home equity
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	1,143,215	$	32,360	$	1,175,575
Substandard	—		—		—		—		—		—		—		4,880		4,880
Total home equity	$	—	$	—	$	—	$	—	$	—	$	—	$	1,143,215	$	37,240	$	1,180,455
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	71	$	71
Residential construction
Pass	$	33,404	$	90,141	$	20,315	$	14,483	$	6,474	$	7,688	$	—	$	88	$	172,593
Substandard	—		80		944		72		9		131		—		—		1,236
Total residential construction	$	33,404	$	90,221	$	21,259	$	14,555	$	6,483	$	7,819	$	—	$	88	$	173,829
Current period gross charge-offs	$	—	$	—	$	102	$	124	$	—	$	—	$	—	$	—	$	226





Consumer
Pass	$	58,563	$	56,385	$	31,570	$	17,592	$	4,380	$	2,300	$	18,794	$	109	$	189,693
Substandard	—		220		486		176		137		246		—		—		1,265
Total consumer	$	58,563	$	56,605	$	32,056	$	17,768	$	4,517	$	2,546	$	18,794	$	109	$	190,958
Current period gross charge-offs	$	1,956	$	234	$	131	$	80	$	35	$	13	$	—	$	47	$	2,496

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)


(in thousands)	Term Loans												Revolvers		Revolvers converted to term loans		Total
As of December 31, 2024	2024		2023		2022		2021		2020		Prior
Owner occupied CRE
Pass	$	455,248	$	540,913	$	621,020	$	555,846	$	507,121	$	425,932	$	120,574	$	21,867	$	3,248,521
Special Mention	1,093		13,414		13,653		14,735		6,520		6,496		4,995		393		61,299
Substandard	3,285		5,365		37,791		9,647		8,519		22,319		1,471		—		88,397

Total owner occupied CRE	$	459,626	$	559,692	$	672,464	$	580,228	$	522,160	$	454,747	$	127,040	$	22,260	$	3,398,217
Current period gross charge-offs	$	—	$	—	$	221	$	—	$	—	$	707	$	—	$	—	$	928
Income producing CRE
Pass	$	468,247	$	477,887	$	977,090	$	896,096	$	614,584	$	606,395	$	50,955	$	15,025	$	4,106,279
Special Mention	16,852		2,145		21,007		2,724		3,538		10,465		50		—		56,781
Substandard	59,437		36,259		16,758		3,411		39,085		42,910		—		—		197,860

Total income producing CRE	$	544,536	$	516,291	$	1,014,855	$	902,231	$	657,207	$	659,770	$	51,005	$	15,025	$	4,360,920
Current period gross charge-offs	$	—	$	3,128	$	—	$	—	$	—	$	1,691	$	—	$	—	$	4,819
Commercial & industrial
Pass	$	464,843	$	440,557	$	270,459	$	198,320	$	125,964	$	180,262	$	583,147	$	8,480	$	2,272,032
Special Mention	8,630		12,438		18,832		2,794		1,238		3,794		24,286		1,806		73,818
Substandard	2,428		22,877		9,773		12,133		3,986		7,081		16,078		8,170		82,526

Total commercial & industrial	$	475,901	$	475,872	$	299,064	$	213,247	$	131,188	$	191,137	$	623,511	$	18,456	$	2,428,376
Current period gross charge-offs	$	842	$	2,908	$	6,826	$	1,994	$	2,282	$	1,236	$	—	$	3,270	$	19,358
Commercial construction
Pass	$	448,497	$	348,179	$	495,712	$	153,303	$	40,254	$	40,004	$	46,863	$	1,196	$	1,574,008
Special Mention	5,005		462		44,152		5,253		—		100		6,040		—		61,012
Substandard	1,900		3,956		1,491		6,549		6,621		173		—		—		20,690

Total commercial construction	$	455,402	$	352,597	$	541,355	$	165,105	$	46,875	$	40,277	$	52,903	$	1,196	$	1,655,710
Current period gross charge-offs	$	—	$	69	$	53	$	—	$	—	$	23	$	—	$	—	$	145
Equipment financing
Pass	$	693,205	$	454,501	$	328,490	$	122,920	$	33,870	$	15,788	$	—	$	—	$	1,648,774
Special Mention	—		—		659		1,989		708		496		—		—		3,852
Substandard	653		2,784		3,453		1,828		527		630		—		—		9,875

Total equipment financing	$	693,858	$	457,285	$	332,602	$	126,737	$	35,105	$	16,914	$	—	$	—	$	1,662,501
Current period gross charge-offs	$	261	$	5,489	$	13,359	$	6,418	$	1,033	$	309	$	—	$	—	$	26,869
Residential mortgage
Pass	$	121,145	$	321,804	$	1,015,693	$	989,673	$	402,894	$	347,249	$	—	$	2,971	$	3,201,429
Substandard	2,291		3,841		8,922		2,410		1,748		10,618		—		220		30,050
Total residential mortgage	$	123,436	$	325,645	$	1,024,615	$	992,083	$	404,642	$	357,867	$	—	$	3,191	$	3,231,479
Current period gross charge-offs	$	87	$	124	$	71	$	3	$	—	$	10	$	—	$	—	$	295
Home equity
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	1,028,340	$	31,291	$	1,059,631
Substandard	—		—		—		—		—		—		—		5,243		5,243
Total home equity	$	—	$	—	$	—	$	—	$	—	$	—	$	1,028,340	$	36,534	$	1,064,874
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	95	$	95
Residential construction
Pass	$	74,854	$	55,164	$	30,216	$	8,539	$	4,528	$	4,872	$	—	$	90	$	178,263
Substandard	—		—		49		—		3		90		—		—		142
Total residential construction	$	74,854	$	55,164	$	30,265	$	8,539	$	4,531	$	4,962	$	—	$	90	$	178,405
Current period gross charge-offs	$	—	$	221	$	73	$	48	$	—	$	—	$	—	$	—	$	342
Manufactured housing
Pass	$	124	$	—	$	—	$	—	$	—	$	150	$	—	$	—	$	274
Substandard	285		506		178		112		169		199		—		—		1,449
Total manufactured housing	$	409	$	506	$	178	$	112	$	169	$	349	$	—	$	—	$	1,723
Current period gross charge-offs	$	—	$	1,679	$	3,570	$	2,518	$	2,518	$	4,304	$	—	$	—	$	14,589
Consumer
Pass	$	84,100	$	43,889	$	20,332	$	7,103	$	7,625	$	563	$	22,508	$	100	$	186,220
Substandard	1		118		42		36		30		1		—		—		228
Total consumer	$	84,101	$	44,007	$	20,374	$	7,139	$	7,655	$	564	$	22,508	$	100	$	186,448
Current period gross charge-offs	$	3,082	$	281	$	162	$	34	$	11	$	8	$	—	$	152	$	3,730

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Modifications to Borrowers Experiencing Financial Difficulty

The period-end amortized cost and additional information regarding loans modified under the terms of a FDM during the six months ended June 30, 2025 and 2024 are presented in the following tables .


	Six Months Ended June 30,
	2025						2024
	New FDMs				Defaults within 12 months of modification		New FDMs				Defaults within 12 months of modification
(dollars in thousands)	Amortized Cost		% of Total Class of Receivable				Amortized Cost		% of Total Class of Receivable
Owner occupied CRE	$	2,364	0.1	%	$	—	$	2,697	0.1	%	$	—
Income producing CRE	—		—		—		28,553		0.7		—
Commercial & industrial	—		—		—		27,603		1.2		—

Equipment financing	7,683		0.4		378		4,290		0.3		284

Residential mortgage	5,304		0.2		282		1,994		0.1		—
Home equity	72		—		—		—		—		—

Manufactured housing	—		—		—		126		—		—

Total loans	$	15,423	0.1		$	660	$	65,263	0.4		$	284

The following table presents the aging category and accrual status of loans modified under the terms of a FDM during the previous 12 months on an amortized cost basis as of June 30, 2025.


	Accruing
			Loans Past Due
(in thousands)	Current		30 - 59 Days		60 - 89 Days		> 90 Days		Nonaccrual		Total
As of June 30, 2025
Owner occupied CRE	$	2,654	$	—	$	—	$	—	$	—	$	2,654
Income producing CRE	—		—		—		—		7,983		7,983
Commercial & industrial	2,693		306		—		—		130		3,129

Equipment financing	11,640		17		141		—		1,352		13,150

Residential mortgage	5,387		—		—		—		1,889		7,276
Home equity	—		—		—		—		72		72


Consumer	—		—		—		—		80		80
Total	$	22,374	$	323	$	141	$	—	$	11,506	$	34,344

The following table presents the amortized cost by type of FDM and the applicable weighted-average impact of the modifications for the periods indicated.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)


New FDMs
	Six Months Ended June 30,
	2025			2024
(dollars in thousands)	Amortized Cost		Weighted Average Modification	Amortized Cost		Weighted Average Modification
Extension
Owner occupied CRE	$	—		$	198	6 months
Commercial & industrial	—			23,284		11 months
Residential mortgage	538		7.1 years	25		1 year

Total	538			23,507

Payment Delay
Owner occupied CRE (1)	2,364		7 months	896		4 months
Income producing CRE (2)	—			28,553		1 year
Commercial & industrial (1)	—			155		6 months
Residential mortgage	2,602		9 months	—

Total	4,966			29,604

Rate Reduction
Commercial & industrial	—			891		50 basis points
Residential mortgage	348		240 basis points	—
Home equity	72		400 basis points	—
Total	420			891







Payment Delay and Extension
Commercial & industrial	—			573		Payment delay: 4 months; Extension: 3 years
Equipment financing	7,683		Extension and payment delay: 8 months	4,290		Extension and payment delay: 8 months
Total	7,683			4,863

Rate Reduction and Extension

Residential mortgage	1,816		Rate reduction: 393 basis points; Extension: 5.8 years	1,969		Rate reduction: 471 basis points; Extension: 2.6 years
Manufactured housing	—			126		Rate reduction: 624 basis points; Extension: 6 years
Total	1,816			2,095

Rate Reduction and Payment Delay
Owner occupied CRE	—			1,439		Rate reduction: 75 basis points; Payment delay: 6 months
Commercial & industrial	—			115		Rate reduction: 150 basis points; Payment delay: 6 months
Total	—			1,554

Rate Reduction, Payment Delay & Extension
Owner occupied CRE	—			164		Rate reduction: 75 basis points; Payment delay: 6 months; Extension: 3 years
Commercial & industrial	—			2,585		Rate reduction: 267 basis points; Payment delay: 6 months; Extension: 4.5 years
Total	—			2,749

Total	$	15,423		$	65,263

(1) Payment delay FDMs in bankruptcy are excluded from the weighted average payment delay calculation.

(2) Payment delays in this category reflect principal payment delays, while interest payments continue in accordance with loan terms.

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.

For all periods presented, 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 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 charge-off experience to produce an expected default rate, with the results subject to a floor.

At June 30, 2025, the baseline economic forecast had worsened slightly relative to the forecasts at March 31, 2025 and December 31, 2024 as the implemented tariffs were larger than anticipated, which negatively affected forecasted unemployment and GDP. However, the decrease in United’s charge-offs lowered the initial expected default rates for some segments and thus contributed to a lower modeled ACL balance. At June 30, 2025, United applied a qualitative adjustment to increase the model’s calculated ACL for the income producing CRE portfolio, partially offset by qualitative adjustments to decrease the model’s calculated ACL for the residential mortgage and commercial and industrial portfolios. These qualitative adjustments were applied to better reflect management’s expectations of future performance as indicated by internal credit performance measures. In addition, at June 30, 2025, United’s qualitative adjustment to estimate losses for loans to borrowers affected by Hurricane Helene added $ 4.42 million to the ACL balance, compared to $ 9.80 million at December 31, 2024.

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 most collateral types, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages, the peer data was adjusted for changes in lending practices designed to mitigate the magnitude of losses observed during the 2008 mortgage crisis.

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.


	Three Months Ended June 30,
	2025												2024
(in thousands)	Beginning Balance		Initial ACL -PCD loans (2)		Charge-Offs		Recoveries		(Release) Provision		Ending Balance		Beginning Balance		Charge-Offs		Recoveries		(Release) Provision		Ending Balance
Owner occupied CRE	$	21,505	$	278	$	( 561 )	$	91	$	( 346 )	$	20,967	$	19,658	$	( 373 )	$	210	$	2,292	$	21,787
Income producing CRE	45,817		910		( 950 )		17		3,278		49,072		46,798		( 3,129 )		161		( 936 )		42,894
Commercial & industrial	37,704		23		( 2,768 )		1,741		1,993		38,693		31,858		( 3,284 )		2,003		1,524		32,101
Commercial construction	16,725		39		( 130 )		41		( 696 )		15,979		20,023		—		48		( 454 )		19,617
Equipment financing	47,600		—		( 5,927 )		964		5,263		47,900		39,982		( 6,604 )		1,102		10,635		45,115
Residential mortgage	29,679		—		( 372 )		59		851		30,217		28,636		( 6 )		113		( 131 )		28,612
Home equity	10,297		1		( 71 )		143		442		10,812		9,715		—		27		( 356 )		9,386
Residential construction	1,622		—		—		9		181		1,812		1,529		( 56 )		30		( 119 )		1,384
Manufactured housing (1)	—		—		—		—		—		—		12,044		( 1,233 )		83		628		11,522
Consumer	1,025		—		( 982 )		471		534		1,048		691		( 916 )		210		619		604
ACL - loans	211,974		1,251		( 11,761 )		3,536		11,500		216,500		210,934		( 15,601 )		3,987		13,702		213,022
ACL - unfunded commitments	11,227		—		—		—		318		11,545		13,185		—		—		( 1,467 )		11,718
Total ACL	$	223,201	$	1,251	$	( 11,761 )	$	3,536	$	11,818	$	228,045	$	224,119	$	( 15,601 )	$	3,987	$	12,235	$	224,740


	Six Months Ended June 30,
	2025												2024
(in thousands)	Beginning Balance		Initial ACL - PCD loans (2)		Charge-Offs		Recoveries		(Release) Provision		Ending Balance		Beginning Balance		Charge- Offs		Recoveries		(Release) Provision		Ending Balance
Owner occupied CRE	$	19,873	$	278	$	( 832 )	$	236	$	1,412	$	20,967	$	23,542	$	( 801 )	$	436	$	( 1,390 )	$	21,787
Income producing CRE	41,427		910		( 1,970 )		319		8,386		49,072		47,755		( 3,358 )		185		( 1,688 )		42,894
Commercial & industrial	35,441		23		( 6,130 )		2,656		6,703		38,693		30,890		( 8,070 )		2,883		6,398		32,101
Commercial construction	16,370		39		( 130 )		179		( 479 )		15,979		21,741		( 53 )		81		( 2,152 )		19,617
Equipment financing	47,415		—		( 11,864 )		1,859		10,490		47,900		33,383		( 13,893 )		2,029		23,596		45,115
Residential mortgage	32,259		—		( 421 )		109		( 1,730 )		30,217		28,219		( 22 )		145		270		28,612
Home equity	11,247		1		( 71 )		205		( 570 )		10,812		9,647		( 7 )		88		( 342 )		9,386
Residential construction	1,672		—		( 226 )		16		350		1,812		1,833		( 189 )		44		( 304 )		1,384
Manufactured housing (1)	450		—		—		—		( 450 )		—		10,339		( 2,840 )		121		3,902		11,522
Consumer	844		—		( 2,496 )		729		1,971		1,048		722		( 1,777 )		476		1,183		604
ACL - loans	206,998		1,251		( 24,140 )		6,308		26,083		216,500		208,071		( 31,010 )		6,488		29,473		213,022
ACL - unfunded commitments	10,391		—		—		—		1,154		11,545		16,057		—		—		( 4,339 )		11,718
Total ACL	$	217,389	$	1,251	$	( 24,140 )	$	6,308	$	27,237	$	228,045	$	224,128	$	( 31,010 )	$	6,488	$	25,134	$	224,740

(1) The release of ACL presented for manufactured housing loans for the six months ended June 30, 2025 represents a reclassification of the allowance to the consumer line where these loan balances are reflected as of June 30, 2025.

(2) Represents the initial ACL related to PCD loans acquired in the ANB transaction.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 6 – 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.


	June 30, 2025						December 31, 2024
	Notional Amount		Fair Value				Notional Amount		Fair Value
(in thousands)			Derivative Asset		Derivative Liability				Derivative Asset		Derivative Liability
Derivatives designated as hedging instruments:
Cash flow hedge of subordinated debt	$	100,000	$	8,027	$	—	$	100,000	$	11,196	$	—
Cash flow hedges of trust preferred securities	20,000		—		—		20,000		—		—
Fair value hedges of AFS debt securities	802,731		—		—		821,507		—		—
Fair value hedges of loans	2,050,000		—		—		1,650,000		—		—
Total	2,972,731		8,027		—		2,591,507		11,196		—

Derivatives not designated as hedging instruments:
Customer derivative positions	1,359,362		10,356		40,944		1,225,732		1,740		63,703
Dealer offsets to customer derivative positions	1,359,362		12,311		10,155		1,225,732		21,897		1,811
Risk participations	121,073		—		157		81,147		—		12
Mortgage banking - loan commitments	60,875		1,472		—		52,444		822		—
Mortgage banking - forward sales commitment	81,388		—		561		77,401		394		34
Bifurcated embedded derivatives	51,935		7,658		—		51,935		10,834		—
Dealer offsets to bifurcated embedded derivatives	51,935		—		9,060		51,935		—		12,274
Total	3,085,930		31,797		60,877		2,766,326		35,687		77,834

Total derivatives	$	6,058,661	$	39,824	$	60,877	$	5,357,833	$	46,883	$	77,834

Total gross derivative instruments			$	39,824	$	60,877			$	46,883	$	77,834
Less: Amounts subject to master netting agreements			( 7,872 )		( 7,872 )				( 1,900 )		( 1,900 )
Less: Cash collateral received/pledged			( 14,945 )		( 11,445 )				( 33,005 )		( 12,230 )
Net amount			$	17,007	$	41,560			$	11,978	$	63,704

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

As of June 30, 2025 and December 31, 2024, 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. Gains and losses related to changes in fair value are reclassified into earnings in the periods the hedged forecasted transactions occur. Over the next twelve months, United expects to reclassify $ 4.03 million of gains from AOCI into earnings related to these agreements.

Fair Value Hedges of Interest Rate Risk

United uses interest rate derivatives to manage its exposure to changes in fair value attributable to changes in interest rates on certain of its fixed-rate financial instruments.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The table below presents the effect of derivatives in hedging relationships, all of which are interest rate contracts, on net interest income for the periods indicated.


	Affected Income Statement Line Item Increase/(Decrease) to Earnings	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2025		2024		2025		2024



Fair value hedges:





AFS securities:
Amounts related to interest settlements on derivatives		$	1,548	$	3,120	$	2,889	$	5,976
(Loss) gain recognized on derivative		( 4,863 )		390		( 13,167 )		9,852
Gain (loss) recognized on hedged items		4,901		310		13,308		( 9,488 )
Net income recognized on AFS securities fair value hedges	Interest revenue - investment securities	$	1,586	$	3,820	$	3,030	$	6,340



Loans:
Amounts related to interest settlements on derivatives		$	( 327 )	$	3,665	$	( 887 )	$	4,963
Gain (loss) recognized on derivatives		1,220		3,467		( 788 )		5,625
(Loss) gain recognized on hedged items		( 826 )		( 3,351 )		1,369		( 5,646 )
Net income (loss) recognized on loan fair value hedges	Interest revenue - loans, including fees	$	67	$	3,781	$	( 306 )	$	4,942

Cash flow hedges:
Long-term debt (1)	Interest expense- long term debt	$	1,129	$	1,438	$	2,250	$	2,878

(1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $ 234,000 and $ 235,000 for the six months ended 2025 and 2024, respectively.

The table below presents the carrying amount of hedged items and cumulative fair value hedging basis adjustments for the periods presented. All fair value hedges of AFS debt securities and loans at June 30, 2025 and December 31, 2024 were designated under the portfolio layer method.


(in thousands)	June 30, 2025						December 31, 2024
Balance Sheet Location	Carrying Amount		Hedge Accounting Basis Adjustment		Hedged Portfolio Layer		Carrying Amount		Hedge Accounting Basis Adjustment		Hedged Portfolio Layer
Debt securities AFS (1)	$	983,772	$	3,556	$	802,731	$	1,002,511	$	( 9,752 )	$	821,507
Loans and leases held for investment	4,289,904		8,696		2,050,000		4,628,030		7,327		1,650,000

(1) Carrying amount for AFS debt securities reflects amortized cost, which excludes the hedge accounting basis adjustment.

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.

United also has three interest rate swap contracts that are economic hedges of market-linked brokered certificates of deposit, which contain embedded derivatives that are bifurcated from the host instruments. The fair value marks on the swaps and the bifurcated embedded derivatives tend to move in opposite directions and therefore provide an economic hedge.

In addition, in connection with residential mortgage loans that are originated with the intention of selling them, United enters into commitments to originate residential mortgage loans and forward loan sales commitments.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated.


	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2025		2024		2025		2024

Customer derivatives and dealer offsets	Other noninterest income	$	1,058	$	451	$	2,002	$	206
Bifurcated embedded derivatives and dealer offsets	Other noninterest income	( 10 )		1		( 4 )		( 191 )


Mortgage banking derivatives	Mortgage loan gains and other related fees	( 705 )		451		( 295 )		1,352
Risk participations	Other noninterest income	( 19 )		( 3 )		175		( 1 )
		$	324	$	900	$	1,878	$	1,366

Credit-Risk-Related Contingent Features

United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each non-customer counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty.

United’s agreements with each of its derivative counterparties provide that if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that 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 7 – Goodwill and Other Intangible Assets

The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below .


(in thousands)	June 30, 2025		December 31, 2024
Core deposit intangible	$	106,984	$	100,694
Less: accumulated amortization	( 57,718 )		( 51,141 )
Net core deposit intangible (1)	49,266		49,553




Goodwill	925,119		907,090
Total goodwill and other intangible assets, net	$	974,385	$	956,643

(1) As intangible assets become fully amortized, they are excluded from balances presented.

During the second quarter of 2025, in connection with the ANB acquisition, United recorded a core deposit intangible of $ 6.29 million.

The following table summarizes the changes in the carrying amount of goodwill for the periods indicated.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024

Balance, beginning of period	$	907,090	$	921,253	$	907,090	$	919,914
Acquisition of ANB (1)	18,029		—		18,029		—
Measurement period adjustment - First Miami	—		—		—		1,339
FinTrust goodwill write-down	—		( 5,100 )		—		( 5,100 )
Balance, end of period	$	925,119	$	916,153	$	925,119	$	916,153

(1) See Note 3 for further details.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The estimated aggregate amortization expense for future periods for finite-lived intangibles is as follows:


(in thousands)
Year
Remainder of 2025	$	6,502
2026	11,501
2027	9,498
2028	7,592
2029	5,835
Thereafter	8,338
Total	$	49,266

Note 8 – Assets and Liabilities Measured at Fair Value

Accounting standards define fair value as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date. Fair values are categorized within a three-level measurement 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.

United has processes in place to review the significant valuation inputs and to assesses on a quarterly basis how instruments are classified within the valuation framework. Transfers into or out of fair value hierarchy levels are made as the observability of input assumptions change. During the six months ended June 30, 2025, there were no changes to valuation approaches or techniques that warranted a hierarchy level change.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

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)
June 30, 2025	Level 1		Level 2		Level 3		Total
Assets:
AFS debt securities:
U.S. Treasuries	$	334,492	$	—	$	—	$	334,492
U.S. Government agencies & GSEs	—		295,691		—		295,691
State and political subdivisions	—		157,422		—		157,422
Residential MBS	—		2,079,812		—		2,079,812
Commercial MBS	—		769,056		—		769,056
Corporate bonds	—		136,595		1,235		137,830
Asset-backed securities	—		301,020		—		301,020
Equity securities	—		2,272		—		2,272
Mortgage loans held for sale	—		37,143		—		37,143
Mutual funds	14,415		—		—		14,415
Servicing rights for SBA/USDA loans	—		—		4,806		4,806
Residential mortgage servicing rights	—		—		39,677		39,677
Contingent consideration receivable	—		—		7,297		7,297
Derivative financial instruments	—		30,694		9,130		39,824
Total assets	$	348,907	$	3,809,705	$	62,145	$	4,220,757

Liabilities:
Deferred compensation plan liability	$	14,417	$	—	$	—	$	14,417
Derivative financial instruments	—		51,660		9,217		60,877

Total liabilities	$	14,417	$	51,660	$	9,217	$	75,294


(in thousands)
December 31, 2024	Level 1		Level 2		Level 3		Total
Assets:
AFS debt securities:
U.S. Treasuries	$	503,669	$	—	$	—	$	503,669
U.S. Government agencies & GSEs	—		320,267		—		320,267
State and political subdivisions	—		158,232		—		158,232
Residential MBS	—		2,229,959		—		2,229,959
Commercial MBS	—		822,897		—		822,897
Corporate bonds	—		150,394		2,226		152,620
Asset-backed securities	—		248,647		—		248,647
Equity securities	—		2,341		—		2,341
Mortgage loans held for sale	—		57,534		—		57,534
Mutual funds	15,335		—		—		15,335
Servicing rights for SBA/USDA loans	—		—		4,697		4,697
Residential mortgage servicing rights	—		—		39,294		39,294
Contingent consideration receivable	—		—		7,470		7,470
Derivative financial instruments	—		35,227		11,656		46,883
Total assets	$	519,004	$	4,025,498	$	65,343	$	4,609,845

Liabilities:
Deferred compensation plan liability	$	15,331	$	—	$	—	$	15,331
Derivative financial instruments	—		65,548		12,286		77,834
Total liabilities	$	15,331	$	65,548	$	12,286	$	93,165

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Level 3 Fair Value Measurements

The following table presents quantitative information about significant unobservable inputs related to United’s material categories of Level 3 financial instruments measured at fair value on a recurring basis as of the dates indicated.


Level 3 Assets and Liabilities	Valuation Technique	Significant Unobservable Inputs	June 30, 2025		December 31, 2024
			Range	Weighted Average	Range	Weighted Average


Residential mortgage servicing rights	Discounted cash flow	Discount rate	10.0 - 12.5	10.1	10.0 - 14.0	10.1
		Prepayment rate	6.5 - 25.8	7.5	6.5 - 77.6	7.6



Derivative assets - mortgage	Internal model	Pull through rate	73.0 - 100	90.2	70.4 - 100	91.6
Derivative assets and liabilities - other	Dealer priced	Dealer priced	N/A	N/A	N/A	N/A
Contingent consideration receivable	Discounted cash flow	Discount rate	0.0 - 7.1	6.4	0.0 - 7.1	6.4
		Probability of achievement	89.3 - 100	92.6	89.3 - 100	92.6

The table below presents a reconciliation of the beginning and ending balances of Level 3 assets and liabilities measured at fair value on a recurring basis for the periods indicated.


	2025												2024
(in thousands)	Derivative Assets		Derivative Liabilities		SBA/USDA Loan Servicing Rights		Residential Mortgage Servicing Rights		Corporate Bonds		Contingent Consideration Receivable		Derivative Assets		Derivative Liabilities		SBA/USDA Loan Servicing Rights		Residential Mortgage Servicing Rights		Corporate Bonds
Three Months Ended June 30,
Beginning balance	$	11,319	$	10,825	$	4,920	$	39,660	$	2,230	$	7,390	$	12,811	$	13,185	$	5,507	$	37,358	$	2,160

Additions	1,403		—		410		1,440		—		—		1,362		—		345		1,060		—

Sales and settlements	( 1,990 )		—		( 221 )		( 653 )		( 1,000 )		( 93 )		( 1,394 )		—		( 313 )		( 1,037 )		—
Fair value adjustments included in OCI	—		—		—		—		5		—		—		—		—		—		37
Fair value adjustments included in earnings	( 1,602 )		( 1,608 )		( 303 )		( 770 )		—		—		154		128		( 292 )		633		—
Ending balance	$	9,130	$	9,217	$	4,806	$	39,677	$	1,235	$	7,297	$	12,933	$	13,313	$	5,247	$	38,014	$	2,197

Six Months Ended June 30,
Beginning balance	$	11,656	$	12,286	$	4,697	$	39,294	$	2,226	$	7,470	$	10,642	$	11,172	$	5,444	$	35,897	$	2,205

Additions	3,245		321		852		2,492		—		—		2,828		—		515		1,778		—

Transfers from Level 2	—		—		—		—		—		—		484		925		—		—		—
Sales and settlements	( 2,595 )		—		( 358 )		( 1,261 )		( 1,000 )		( 173 )		( 2,317 )		—		( 554 )		( 1,797 )		—
Fair value adjustments included in OCI	—		—		—		—		9		—		—		—		—		—		( 8 )
Fair value adjustments included in earnings	( 3,176 )		( 3,390 )		( 385 )		( 848 )		—		—		1,296		1,216		( 158 )		2,136		—
Ending balance	$	9,130	$	9,217	$	4,806	$	39,677	$	1,235	$	7,297	$	12,933	$	13,313	$	5,247	$	38,014	$	2,197

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. 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.


Mortgage Loans Held for Sale
(in thousands)	June 30, 2025		December 31, 2024
Outstanding principal balance	$	35,885	$	56,097
Fair value	37,143		57,534


Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale
Location	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Mortgage loan gains (losses) and other related fees	$	—	$	204	$	( 179 )	$	172

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 June 30, 2025 and December 31, 2024, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented.


(in thousands)	Level 1		Level 2		Level 3		Total
June 30, 2025
Loans held for investment	$	—	$	—	$	8,213	$	8,213


December 31, 2024
Loans held for investment	$	—	$	—	$	27,313	$	27,313

Loans held for investment that are reported above are generally impaired loans that have either been partially charged off or have specific reserves assigned to them.

Assets and Liabilities Not Measured at Fair Value

The following disclosure provides estimated fair values for financial instruments not carried at fair value on the Consolidated Balance Sheets. 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.

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)


			Fair Value Level
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
June 30, 2025
Assets:
HTM debt securities	$	2,306,730	$	18,724	$	1,917,024	$	—	$	1,935,748
Loans and leases, net	18,704,375		—		—		18,082,340		18,082,340


Liabilities:
Deposits	23,963,012		—		23,959,284		—		23,959,284

Long-term debt	155,143		—		—		151,070		151,070

December 31, 2024
Assets:
HTM debt securities	$	2,368,107	$	18,162	$	1,925,964	$	—	$	1,944,126
Loans and leases, net	17,968,982		—		—		17,325,630		17,325,630

Liabilities:
Deposits	23,460,975		—		23,453,487		—		23,453,487

Long-term debt	254,152		—		—		248,657		248,657

Note 9 – Reclassifications Out of AOCI

The following table presents the details regarding amounts reclassified out of AOCI for the periods indicated. Amounts shown in parentheses reduce earnings.



(in thousands)
Details about AOCI Components	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item in the Statement Where Net Income is Presented
	2025		2024		2025		2024
Realized net gains on AFS securities:
	$	286	$	—	$	292	$	—	Securities gains, net
	( 68 )		—		( 70 )		—		Income tax expense
	$	218	$	—	$	222	$	—	Net of tax

Amortization of unrealized losses on HTM securities transferred from AFS:
	$	( 1,961 )	$	( 2,474 )	$	( 3,925 )	$	( 4,537 )	Investment securities interest revenue
	465		702		929		1,195		Income tax expense
	$	( 1,496 )	$	( 1,772 )	$	( 2,996 )	$	( 3,342 )	Net of tax

Reclassifications related to derivative instruments accounted for as cash flow hedges:
Interest rate contracts	$	1,129	$	1,438	$	2,250	$	2,878	Long-term debt interest expense

	( 285 )		( 363 )		( 568 )		( 731 )		Income tax expense
	$	844	$	1,075	$	1,682	$	2,147	Net of tax




Amortization of defined benefit pension plan net periodic pension cost components:
Prior service cost	$	17	$	( 46 )	$	34	$	( 90 )	Salaries and employee benefits expense


	( 5 )		12		( 9 )		23		Income tax expense
	$	12	$	( 34 )	$	25	$	( 67 )	Net of tax

Total reclassifications for the period	$	( 422 )	$	( 731 )	$	( 1,067 )	$	( 1,262 )	Net of tax

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 10 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	78,733	$	66,615	$	150,146	$	129,246
Dividends on preferred stock	( 1,573 )		( 1,573 )		( 3,146 )		( 3,146 )

Earnings allocated to participating securities	( 438 )		( 368 )		( 850 )		( 713 )
Net income available to common shareholders	$	76,722	$	64,674	$	146,150	$	125,387

Weighted average shares outstanding:
Basic	121,377		119,726		120,714		119,694
Effect of dilutive securities:
Stock options	55		59		71		69
Restricted stock units	—		—		35		—
Diluted	121,432		119,785		120,820		119,763

Net income per common share:
Basic	$	0.63	$	0.54	$	1.21	$	1.05
Diluted	$	0.63	$	0.54	$	1.21	$	1.05

For the three and six months ended June 30, 2025, no potentially dilutive shares of common stock issuable upon exercise of stock options were excluded from the computation of earnings per share because of their antidilutive effect. For the three and six months ended June 30, 2024, respectively, 58,734 and 984 potentially dilutive shares of common stock issuable upon exercise of stock options were excluded from the computation of earnings per share because of their antidilutive effect.

Note 11 – Regulatory Matters

As of June 30, 2025, 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 June 30, 2025, and there have been no conditions or events since quarter-end that would change the status of well-capitalized.

Regulatory capital ratios at June 30, 2025 and December 31, 2024, 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:


					United Community Banks, Inc. (Consolidated)						United Community Bank
(dollars in thousands)	Minimum (1)		Well- Capitalized		June 30, 2025			December 31, 2024			June 30, 2025			December 31, 2024
Risk-based ratios:
CET1 capital	4.5	%	6.5	%	13.34		%	13.27		%	12.60		%	13.05		%
Tier 1 capital	6.0		8.0		13.77			13.72			12.60			13.05
Total capital	8.0		10.0		15.14			15.17			13.66			14.08
Leverage ratio	4.0		5.0		10.37			9.96			9.48			9.46

CET1 capital					$	2,728,423		$	2,608,136		$	2,569,206		$	2,555,941
Tier 1 capital					2,816,689			2,696,402			2,569,206			2,555,941
Total capital					3,096,192			2,982,273			2,783,709			2,756,811
Risk-weighted assets					20,456,677			19,655,227			20,385,881			19,582,815
Average total assets for the leverage ratio					27,153,560			27,059,513			27,104,174			27,014,385

(1) As of June 30, 2025 and December 31, 2024, the minimum ratios as presented were subject to an additional capital conservation buffer of 2.50%

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 12 – 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. 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 significant off-balance sheet instruments as of the dates indicated.


(in thousands)	June 30, 2025		December 31, 2024
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	4,335,416	$	3,970,991
Letters of credit	55,752		57,983

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.

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

The following is a discussion of our financial condition at June 30, 2025 and December 31, 2024 and our results of operations for the three and six months ended June 30, 2025 and 2024. 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 2024 10-K and the other reports we have filed with the SEC after we filed the 2024 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 solutions through a network of 200 banking offices in Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama. Our equipment finance and SBA/USDA lending businesses operate throughout the United States. At June 30, 2025, we had consolidated total assets of $28.1 billion and 3,050 full-time equivalent employees.

Recent Developments

On May 1, 2025, we completed the acquisition of ANB, which was headquartered in Oakland Park, Florida where it operated one banking location. We acquired $447 million of assets, including goodwill, and assumed $381 million of liabilities in the acquisition, which included $301 million in loans and $374 million in deposits. Our operating results for the three and six months ended June 30, 2025 include ANB’s operating results for the period subsequent to the acquisition date.

On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act, which includes a broad range of tax reform provisions affecting businesses. Of note, the 21% corporate tax rate provided by the Tax Cuts and Jobs Act of 2017, which was scheduled to sunset on December 31, 2025, was made permanent with the passing of this law.

Results of Operations

We reported net income and diluted earnings per common share of $78.7 million and $0.63, respectively, for the second quarter of 2025, compared to $66.6 million and $0.54, respectively, for the same period in 2024. For the six months ended June 30, 2025 and 2024, we reported net income of $150 million and $129 million, respectively, and diluted earnings per common share of $1.21 and $1.05, respectively.

Net interest revenue for the second quarter and first half of 2025 was $226 million and $438 million, respectively, compared to $209 million and $408 million, respectively, for the same periods of 2024. The increase in net interest revenue was mostly driven by lower deposit interest expense.

Net interest margin for the second quarter and first half of 2025 increased to 3.50% and 3.43%, respectively, from 3.37% and 3.28%, respectively, for the comparative 2024 periods. The increases in net interest margin were primarily due to the larger decrease in interest rates paid on deposits compared to the decrease in interest rates earned on loans.

We recorded a provision for credit losses of $11.8 million and $27.2 million for the second quarter and first half of 2025, respectively, which included $2.49 million for the initial ACL for ANB non-PCD loans and unfunded commitments. Provision expense for the comparative periods of 2024 was $12.2 million and $25.1 million.

Noninterest income of $34.7 million and $70.4 million for the second quarter and first half of 2025 decreased by $1.85 million and $5.78 million, respectively, compared to the same periods of 2024. The decrease was mostly driven by negative fair value adjustments to our mortgage servicing asset and a decrease in wealth management fees. The decrease in wealth management fees is reflective of the decrease in assets under management following the sale of FinTrust in the fourth quarter of 2024.

Noninterest expense of $148 million and $289 million in the second quarter and first six months of 2025 were relatively consistent with the expense reported for the comparative periods of 2024. The three and six months of 2025 included ANB merger-related expense and higher communications and equipment expense, while the comparative periods of 2024 included a $5.10 million goodwill write-down related to the sale of FinTrust.

Results for the second quarter and first six months of 2025 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 customary 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 2024 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 “noninterest income - operating,” “noninterest expense - operating,” “net income – operating,” “diluted income per common share – operating,” “tangible book value per common share,” “return on common equity – operating,” “return on tangible common equity – operating,” “return on assets – operating,” “efficiency ratio – operating” and “tangible common equity to tangible assets” 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.


UNITED COMMUNITY BANKS, INC.
Table 1 - Financial Highlights


(dollars in thousands, except per share data)	2025						2024									Second Quarter 2025 - 2024 Change		For the Six Months Ended June 30,						YTD Change
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter					2025			2024
INCOME SUMMARY
Interest revenue	$	347,365		$	335,357		$	344,962		$	349,086		$	346,965				$	682,722		$	683,693
Interest expense	121,834			123,336			134,629			139,900			138,265					245,170			275,844
Net interest revenue	225,531			212,021			210,333			209,186			208,700			8	%	437,552			407,849			7	%
Noninterest income	34,708			35,656			40,522			8,091			36,556			(5)		70,364			76,143			(8)
Total revenue	260,239			247,677			250,855			217,277			245,256			6		507,916			483,992			5
Provision for credit losses	11,818			15,419			11,389			14,428			12,235			(3)		27,237			25,134			8
Noninterest expense	147,919			141,099			143,056			143,065			147,044			1		289,018			292,046			(1)
Income before income tax expense	100,502			91,159			96,410			59,784			85,977			17		191,661			166,812			15
Income tax expense	21,769			19,746			20,606			12,437			19,362			12		41,515			37,566			11
Net income	78,733			71,413			75,804			47,347			66,615			18		150,146			129,246			16
Non-operating items	4,833			1,297			2,203			29,385			6,493			n/m		6,130			8,680			n/m
Income tax benefit of non-operating items	(1,047)			(281)			(471)			(6,276)			(1,462)			n/m		(1,328)			(1,955)			n/m


Net income - operating (1)	$	82,519		$	72,429		$	77,536		$	70,456		$	71,646		15		$	154,948		$	135,971		14

PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.63		$	0.58		$	0.61		$	0.38		$	0.54		17		$	1.21		$	1.05		15
Diluted net income - operating (1)	0.66			0.59			0.63			0.57			0.58			14		1.25			1.10			14
Cash dividends declared	0.24			0.24			0.24			0.24			0.23			4		0.48			0.46			4
Book value	28.89			28.42			27.87			27.68			27.18			6		28.89			27.18			6
Tangible book value (3)	21.00			20.58			20.00			19.66			19.13			10		21.00			19.13			10
Key performance ratios:
Return on common equity - GAAP (2)(4)	8.45		%	7.89		%	8.40		%	5.20		%	7.53		%			8.18		%	7.34		%
Return on common equity - operating (1)(2)(4)	8.87			8.01			8.60			7.82			8.12					8.45			7.73
Return on tangible common equity - operating (1)(2)(3)(4)	12.34			11.21			12.12			11.17			11.68					11.78			11.18
Return on assets - GAAP (4)	1.11			1.02			1.06			0.67			0.97					1.06			0.94
Return on assets - operating (1)(4)	1.16			1.04			1.08			1.01			1.04					1.10			0.99
Net interest margin (FTE) (4)	3.50			3.36			3.26			3.33			3.37					3.43			3.28
Efficiency ratio - GAAP	56.69			56.74			56.05			65.51			59.70					56.71			60.08
Efficiency ratio - operating (1)	54.84			56.22			55.18			57.37			57.06					55.51			58.08
Equity to total assets	12.86			12.56			12.38			12.45			12.35					12.86			12.35

Tangible common equity to tangible assets (3)	9.45			9.18			8.97			8.93			8.78					9.45			8.78


ASSET QUALITY


NPAs	$	83,959		$	93,290		$	115,635		$	114,960		$	116,722		(28)		$	83,959		$	116,722		(28)
ACL - loans	216,500			211,974			206,998			205,290			213,022			2		216,500			213,022			2

Net charge-offs	8,225			9,607			9,517			23,651			11,614			n/m		17,832			24,522			n/m
ACL - loans to loans	1.14		%	1.15		%	1.14		%	1.14		%	1.17		%			1.14		%	1.17		%

Net charge-offs to average loans (4)	0.18			0.21			0.21			0.52			0.26					0.20			0.27
NPAs to total assets	0.30			0.33			0.42			0.42			0.43					0.30			0.43











AT PERIOD END ($ in millions)
Loans	$	18,921		$	18,425		$	18,176		$	17,964		$	18,211		4		$	18,921		$	18,211		4
Investment securities	6,382			6,661			6,804			6,425			6,038			6		6,382			6,038			6
Total assets	28,086			27,874			27,720			27,373			27,057			4		28,086			27,057			4
Deposits	23,963			23,762			23,461			23,253			22,982			4		23,963			22,982			4
Shareholders’ equity	3,613			3,501			3,432			3,407			3,343			8		3,613			3,343			8
Common shares outstanding (thousands)	121,431			119,514			119,364			119,283			119,175			2		121,431			119,175			2

(1) E xcludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page . (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.


UNITED COMMUNITY BANKS, INC.
Table 1 (Continued) - Financial Highlights
Non-GAAP Performance Measures Reconciliation
(dollars in thousands, except per share data)
	2025						2024									For the Six Months Ended June 30,
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2025			2024
Noninterest income reconciliation
Noninterest income (GAAP)	$	34,708		$	35,656		$	40,522		$	8,091		$	36,556		$	70,364		$	76,143
Loss on sale of manufactured housing loans	—			—			—			27,209			—			—			—
Gain on lease termination	—			—			—			—			—			—			(2,400)

Noninterest income - operating	$	34,708		$	35,656		$	40,522		$	35,300		$	36,556		$	70,364		$	73,743

Noninterest expense reconciliation
Noninterest expense (GAAP)	$	147,919		$	141,099		$	143,056		$	143,065		$	147,044		$	289,018		$	292,046
Loss on FinTrust (goodwill impairment)	—			—			—			—			(5,100)			—			(5,100)
FDIC special assessment	—			—			—			—			764			—			(1,736)
Merger-related and other charges	(4,833)			(1,297)			(2,203)			(2,176)			(2,157)			(6,130)			(4,244)
Noninterest expense - operating	$	143,086		$	139,802		$	140,853		$	140,889		$	140,551		$	282,888		$	280,966

Net income to operating income reconciliation
Net income (GAAP)	$	78,733		$	71,413		$	75,804		$	47,347		$	66,615		$	150,146		$	129,246
Loss on sale of manufactured housing loans	—			—			—			27,209			—			—			—

Gain on lease termination	—			—			—			—			—			—			(2,400)
Loss on FinTrust (goodwill impairment)	—			—			—			—			5,100			—			5,100
FDIC special assessment	—			—			—			—			(764)			—			1,736
Merger-related and other charges	4,833			1,297			2,203			2,176			2,157			6,130			4,244
Income tax benefit of non-operating items	(1,047)			(281)			(471)			(6,276)			(1,462)			(1,328)			(1,955)
Net income - operating	$	82,519		$	72,429		$	77,536		$	70,456		$	71,646		$	154,948		$	135,971

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.63		$	0.58		$	0.61		$	0.38		$	0.54		$	1.21		$	1.05
Loss on sale of manufactured housing loans	—			—			—			0.18			—			—			—

Gain on lease termination	—			—			—			—			—			—			(0.02)
Loss on FinTrust (goodwill impairment)	—			—			—			—			0.03			—			0.03
FDIC special assessment	—			—			—			—			—			—			0.02
Merger-related and other charges	0.03			0.01			0.02			0.01			0.01			0.04			0.02
Diluted income per common share - operating	$	0.66		$	0.59		$	0.63		$	0.57		$	0.58		$	1.25		$	1.10

Book value per common share reconciliation
Book value per common share (GAAP)	$	28.89		$	28.42		$	27.87		$	27.68		$	27.18		$	28.89		$	27.18
Effect of goodwill and other intangibles	(7.89)			(7.84)			(7.87)			(8.02)			(8.05)			(7.89)			(8.05)
Tangible book value per common share	$	21.00		$	20.58		$	20.00		$	19.66		$	19.13		$	21.00		$	19.13

Return on tangible common equity reconciliation
Return on common equity (GAAP)	8.45		%	7.89		%	8.40		%	5.20		%	7.53		%	8.18		%	7.34		%
Loss on sale of manufactured housing loans	—			—			—			2.43			—			—			—

Gain on lease termination	—			—			—			—			—			—			(0.11)
Loss on FinTrust (goodwill impairment)	—			—			—			—			0.46			—			0.23
FDIC special assessment	—			—			—			—			(0.07)			—			0.08
Merger-related and other charges	0.42			0.12			0.20			0.19			0.20			0.27			0.19
Return on common equity - operating	8.87			8.01			8.60			7.82			8.12			8.45			7.73
Effect of goodwill and other intangibles	3.47			3.20			3.52			3.35			3.56			3.33			3.45
Return on tangible common equity - operating	12.34		%	11.21		%	12.12		%	11.17		%	11.68		%	11.78		%	11.18		%


UNITED COMMUNITY BANKS, INC.
Table 1 (Continued) - Financial Highlights
Non-GAAP Performance Measures Reconciliation
(dollars in thousands, except per share data)
	2025				2024						For the Six Months Ended June 30,
	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter		2025		2024
Return on assets reconciliation
Return on assets (GAAP)	1.11	%	1.02	%	1.06	%	0.67	%	0.97	%	1.06	%	0.94	%
Loss on sale of manufactured housing loans	—		—		—		0.31		—		—		—

Gain on lease termination	—		—		—		—		—		—		(0.01)
Loss on FinTrust (goodwill impairment)	—		—		—		—		0.06		—		0.03
FDIC special assessment	—		—		—		—		(0.01)		—		0.01
Merger-related and other charges	0.05		0.02		0.02		0.03		0.02		0.04		0.02
Return on assets - operating	1.16	%	1.04	%	1.08	%	1.01	%	1.04	%	1.10	%	0.99	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)	56.69	%	56.74	%	56.05	%	65.51	%	59.70	%	56.71	%	60.08	%
Loss on sale of manufactured housing loans	—		—		—		(7.15)		—		—		—
Gain on lease termination	—		—		—		—		—		—		0.29
Loss on FinTrust (goodwill impairment)	—		—		—		—		(2.07)		—		(1.05)
FDIC special assessment	—		—		—		—		0.31		—		(0.36)
Merger-related and other charges	(1.85)		(0.52)		(0.87)		(0.99)		(0.88)		(1.20)		(0.88)
Efficiency ratio - operating	54.84	%	56.22	%	55.18	%	57.37	%	57.06	%	55.51	%	58.08	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)	12.86	%	12.56	%	12.38	%	12.45	%	12.35	%	12.86	%	12.35	%
Effect of goodwill and other intangibles	(3.10)		(3.06)		(3.09)		(3.20)		(3.24)		(3.10)		(3.24)

Effect of preferred equity	(0.31)		(0.32)		(0.32)		(0.32)		(0.33)		(0.31)		(0.33)
Tangible common equity to tangible assets	9.45	%	9.18	%	8.97	%	8.93	%	8.78	%	9.45	%	8.78	%

Net Interest Revenue

For the quarter:

FTE net interest revenue for the second quarter of 2025 was $227 million, an increase of $16.8 million from the same period in 2024. Net interest-rate spread and net interest margin were 2.62% and 3.50%, respectively, which were up 30 basis points and 13 basis points, respectively, compared to the second quarter of 2024. The interest rate changes during the past year included cuts of 100 basis points in the federal funds rate, which drove decreases in funding costs, and to a lesser extent, loan yields.

For the six months ended:

FTE net interest revenue for the first six months of 2025 and 2024 was $440 million and $410 million, respectively. During the first six months of 2025, our net interest spread increased 31 basis points and our net interest margin increased by 15 basis points compared to the same period of 2024. Changes in net interest revenue and related metrics for the six months ended 2025 were a result of the same factors affecting the quarter.


Table 2 - Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended June 30,
(dollars in thousands, (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)	$	18,664,228	$	288,023	6.19	%	$	18,213,384	$	291,378	6.43	%
Taxable securities (3)	6,492,288		54,191		3.34		5,952,414		48,364		3.25
Tax-exempt securities (FTE) (1)(3)	354,162		2,236		2.53		363,393		2,273		2.50
Federal funds sold and other interest-earning assets	451,953		3,898		3.46		499,565		6,011		4.84
Total interest-earning assets (FTE)	25,962,631		348,348		5.38		25,028,756		348,026		5.59

Noninterest-earning assets:
Allowance for credit losses	(220,059)						(215,104)
Cash and due from banks	203,909						204,792
Premises and equipment	398,241						392,325
Other assets (3)	1,637,125						1,605,558
Total assets	$	27,981,847					$	27,016,327

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	6,051,489	36,956		2.45		$	5,866,038	43,910		3.01
Money market	6,645,336		49,603		2.99		6,068,530		53,531		3.55
Savings	1,195,295		1,457		0.49		1,160,708		687		0.24
Time	3,532,848		30,596		3.47		3,544,327		35,695		4.05
Brokered time deposits	50,488		524		4.16		50,323		639		5.11
Total interest-bearing deposits	17,475,456		119,136		2.73		16,689,926		134,462		3.24

Federal funds purchased and other borrowings	7,412		83		4.49		4,093		60		5.90
Federal Home Loan Bank advances	—		—		—		—		—		—
Long-term debt	237,992		2,615		4.41		324,870		3,743		4.63
Total borrowed funds	245,404		2,698		4.41		328,963		3,803		4.65
Total interest-bearing liabilities	17,720,860		121,834		2.76		17,018,889		138,265		3.27

Noninterest-bearing liabilities:
Noninterest-bearing deposits	6,351,540						6,283,487
Other liabilities	346,643						400,974
Total liabilities	24,419,043						23,703,350
Shareholders' equity	3,562,804						3,312,977
Total liabilities and shareholders' equity	$	27,981,847					$	27,016,327

Net interest revenue (FTE)			$	226,514					$	209,761
Net interest-rate spread (FTE)					2.62	%					2.32	%
Net interest margin (FTE) (4)					3.50	%					3.37	%

(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 $983,000 and $1.06 million, respectively, for the three months ended June 30, 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 losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $240 million in 2025 and $344 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.


Table 3 - Average Consolidated Balance Sheets and Net Interest Analysis
For the Six Months Ended June 30,
(dollars in thousands, (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)	$	18,440,110	$	561,953	6.15	%	$	18,256,562	$	575,338	6.34	%
Taxable securities (3)	6,614,294		111,363		3.37		5,890,408		93,079		3.16
Tax-exempt securities (FTE) (1)(3)	355,430		4,481		2.52		364,873		4,584		2.51
Federal funds sold and other interest-earning assets	426,415		6,899		3.26		587,080		12,816		4.39
Total interest-earning assets (FTE)	25,836,249		684,696		5.34		25,098,923		685,817		5.49

Non-interest-earning assets:
Allowance for loan losses	(215,141)						(214,050)
Cash and due from banks	211,681						212,998
Premises and equipment	397,347						389,173
Other assets (3)	1,623,689						1,611,928
Total assets	$	27,853,825					$	27,098,972

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	6,092,519	74,346		2.46		$	5,972,065	90,121		3.03
Money market	6,614,819		99,144		3.02		5,966,374		104,009		3.51
Savings	1,146,075		2,081		0.37		1,176,768		1,393		0.24
Time	3,489,687		61,427		3.55		3,570,407		71,639		4.03
Brokered time deposits	50,468		1,072		4.28		50,333		1,084		4.33
Total interest-bearing deposits	17,393,568		238,070		2.76		16,735,947		268,246		3.22
Federal funds purchased and other borrowings	43,883		1,190		5.47		2,054		60		5.87
Federal Home Loan Bank advances	19,343		433		4.51		2		—		—
Long-term debt	246,061		5,477		4.49		324,854		7,538		4.67
Total borrowed funds	309,287		7,100		4.63		326,910		7,598		4.67
Total interest-bearing liabilities	17,702,855		245,170		2.79		17,062,857		275,844		3.25

Noninterest-bearing liabilities:
Noninterest-bearing deposits	6,273,313						6,340,783
Other liabilities	358,227						395,713
Total liabilities	24,334,395						23,799,353
Shareholders' equity	3,519,430						3,299,619
Total liabilities and shareholders' equity	$	27,853,825					$	27,098,972

Net interest revenue (FTE)			$	439,526					$	409,973
Net interest-rate spread (FTE)					2.55	%					2.24	%
Net interest margin (FTE) (4)					3.43	%					3.28	%

(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 $1.97 million and $2.12 million, respectively, for the six months ended June 30, 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 $254 million and $333 million in 2025 and 2024, 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.

Noninterest Income

The following table presents the components of noninterest income for the periods indicated.


Table 4 - Noninterest Income
(dollars in thousands)


	Three Months Ended June 30,				Change				Six Months Ended June 30,				Change
	2025		2024		Amount		Percent		2025		2024		Amount		Percent
Service charges and fees:
Overdraft fees	$	3,294	$	3,374	$	(80)	(2)	%	$	6,321	$	6,374	$	(53)	(1)	%
ATM and debit card fees	3,979		3,939		40		1		7,755		7,444		311		4
Other service charges and fees	2,849		3,307		(458)		(14)		5,581		6,066		(485)		(8)
Total service charges and fees	10,122		10,620		(498)		(5)		19,657		19,884		(227)		(1)
Mortgage loan gains and related fees	5,370		6,799		(1,429)		(21)		11,492		14,310		(2,818)		(20)
Wealth management fees	4,400		6,386		(1,986)		(31)		8,865		12,699		(3,834)		(30)
Gains on sales of other loans	1,995		1,296		699		54		3,391		2,833		558		20
Lending and loan servicing fees	3,690		3,328		362		11		7,855		7,538		317		4
Securities gains, net	286		—		286		n/m		292		—		292		n/m
Other noninterest income:
Customer derivative fees	905		199		706		n/m		2,157		438		1,719		n/m
Other investment income	(333)		1,845		(2,178)		n/m		71		2,948		(2,877)		n/m
BOLI	2,026		1,909		117		6		4,135		4,804		(669)		(14)
Treasury management income	1,975		1,691		284		17		3,958		3,188		770		24
Other	4,272		2,483		1,789		72		8,491		7,501		990		13
Total other noninterest income	8,845		8,127		718		9		18,812		18,879		(67)		—
Total noninterest income	$	34,708	$	36,556	$	(1,848)	(5)		$	70,364	$	76,143	$	(5,779)	(8)

The decrease in mortgage loan gains and related fees for the three and six months ended June 30, 2025 compared to the same periods of 2024 was primarily a result of negative fair value adjustments to our mortgage servicing asset which were less favorable by $1.40 million and $2.98 million, respectively, compared to the fair value adjustments for the comparable periods of 2024. This decrease was partially offset by higher gains on mortgage sales and rate lock volume. The following table provides additional mortgage metrics for the periods indicated.


Table 5 - Mortgage Loan Metrics
(dollars in thousands)
	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		% Change		2025		2024		% Change
Mortgage rate locks	$	359,348	$	294,935	22	%	$	689,838	$	554,512	24	%


Mortgage loans sold	$	175,256	$	144,651	21		$	316,161	$	270,590	17


Mortgage loans originated:
Purchases	$	251,504	$	191,060	32		$	414,867	$	339,285	22
Refinances	33,526		23,791		41		57,395		46,551		23
Total	$	285,030	$	214,851	33		$	472,262	$	385,836	22

The decrease in wealth management fees reflects the decrease in assets under management and advisement as a result of the FinTrust sale in the fourth quarter of 2024. Assets under management and advisement totaled $3.29 billion and $5.30 billion at June 30, 2025 and 2024, respectively.

Customer derivative fees for the three and six months ended June 30, 2025 were up due to stronger loan growth and increased product demand, attributable to the lower rates compared to the same periods of 2024.

The decrease in other investment income was primarily driven by weaker market conditions for the 2025 reporting periods, particularly related to our mutual fund and fintech investments.

The increase in other noninterest income was largely driven by a positive change in collateral charges related to derivative positions.

Provision for Credit Losses

We recorded a provision for credit losses of $11.8 million and $27.2 million for the three and six months ended June 30, 2025, compared to $12.2 million and $25.1 million for the same periods of 2024. For the three and six months ended June 30, 2025, the provision for credit losses included the initial provision for ANB’s non-PCD loans and unfunded commitments of $2.49 million. Additional discussion on credit quality and the ACL is included in the “Asset Quality and Risk Elements” section of MD&A in this Report.

Noninterest Expense

The following table presents the components of noninterest expense for the periods indicated.


Table 6 - Noninterest Expense
(dollars in thousands)



	Three Months Ended June 30,				Change				Six Months Ended June 30,				Change
	2025		2024		Amount		Percent		2025		2024		Amount		Percent
Salaries and employee benefits	$	86,997	$	85,818	$	1,179	1	%	$	171,264	$	170,803	$	461	—	%
Communications and equipment	13,332		11,988		1,344		11		27,031		23,908		3,123		13
Occupancy	10,935		11,056		(121)		(1)		21,864		22,155		(291)		(1)
Advertising and public relations	2,881		2,459		422		17		4,762		4,360		402		9
Postage, printing and supplies	2,495		2,251		244		11		5,056		4,899		157		3
Professional fees	5,609		6,044		(435)		(7)		11,540		12,032		(492)		(4)
Lending and loan servicing expense	2,330		2,014		316		16		4,317		3,841		476		12
Outside services - electronic banking	3,570		2,812		758		27		6,333		5,730		603		11
FDIC assessments and other regulatory charges	4,745		4,467		278		6		9,387		12,033		(2,646)		(22)
Amortization of intangibles	3,292		3,794		(502)		(13)		6,578		7,681		(1,103)		(14)
Merger-related and other charges	4,833		2,157		2,676		n/m		6,130		4,244		1,886		n/m
Other	6,900		12,184		(5,284)		(43)		14,756		20,360		(5,604)		(28)
Total noninterest expense	$	147,919	$	147,044	$	875	1		$	289,018	$	292,046	$	(3,028)	(1)

Communications and equipment expense for the second quarter and first half of 2025 compared to the same periods of 2024 increased primarily due to new software contracts and incremental software contract costs on existing contracts, including volume based increases.

The increase in outside services - electronic banking reflects both volume-based cost increases and enhancements to our digital banking solutions.

FDIC assessments and other regulatory charges decreased for the first six months of 2025 as the comparative period of 2024 included $1.74 million of FDIC special assessment accrued expense.

The decrease in amortization of intangibles was primarily driven by the natural decline in amortization expense of our core deposit intangibles over time. This decrease was partially offset by ANB core deposit intangible amortization expense starting in May 2025.

The increase in merger-related and other charges for the second quarter and first half of 2025 was primarily driven by ANB merger-related costs.

Other noninterest expense for the three and six months ended 2025 was down compared to the same periods of last year as 2024 included a goodwill write-down of $5.10 million related to the sale of FinTrust.

Income Tax Expense

The following table presents income tax expense and the effective tax rate for the periods indicated.

Table 7 - Income Tax Expense

(dollars in thousands)


	Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Income before income taxes	$	100,502		$	85,977		$	191,661		$	166,812
Income tax expense	21,769			19,362			41,515			37,566
Effective tax rate	21.7		%	22.5		%	21.7		%	22.5		%

Balance Sheet Review

Total assets at June 30, 2025 and December 31, 2024 were $28.1 billion and $27.7 billion, respectively. Total liabilities at June 30, 2025 and December 31, 2024 were $24.5 billion and $24.3 billion, respectively. Shareholders’ equity totaled $3.61 billion and $3.43 billion at June 30, 2025 and December 31, 2024, respectively.

Loans

Our loan portfolio is our largest category of interest-earning assets. The following table presents the loan portfolio and the allocation of the ACL by loan type for the periods indicated.

Table 8 - Loan Portfolio Composition and ACL Allocation

(dollars in thousands)


	June 30, 2025								December 31, 2024
	Loans		% of portfolio		ACL		ACL to Loans		Loans		% of portfolio		ACL		ACL to Loans
Owner occupied CRE	$	3,563,126	19	%	$	20,967	0.59	%	$	3,398,217	19	%	$	19,873	0.58	%
Income producing CRE	4,548,235		24		49,072		1.08		4,360,920		24		41,427		0.95
Commercial & industrial	2,515,360		13		38,693		1.54		2,428,376		13		35,441		1.46
Commercial construction	1,751,850		10		15,979		0.91		1,655,710		9		16,370		0.99
Equipment financing	1,777,936		9		47,900		2.69		1,662,501		9		47,415		2.85
Total commercial	14,156,507		75		172,611		1.22		13,505,724		74		160,526		1.19
Residential mortgage	3,210,430		17		30,217		0.94		3,231,479		18		32,259		1.00
Home equity	1,180,455		6		10,812		0.92		1,064,874		6		11,247		1.06
Residential construction	173,829		1		1,812		1.04		178,405		1		1,672		0.94
Manufactured housing (2)	—		—		—		—		1,723		—		450		26.12
Consumer	190,958		1		1,048		0.55		186,448		1		844		0.45
Total (1)	$	18,912,179			$	216,500	1.14		$	18,168,653			$	206,998	1.14

(1) Loans presented exclude fair value hedge basis adjustments.

(2) In 2025, manufactured housing loans were included in consumer loans.

The following table provides a disaggregation of our income producing CRE portfolio as of June 30, 2025 and December 31, 2024.

Table 9 - CRE - Income Producing Portfolio Composition

(dollars in thousands)


	June 30, 2025				December 31, 2024
	Total		% of loans in category		Total		% of loans in category
Retail	$	865,274	19	%	$	765,987	18	%
Office	823,711		18		792,449		18
Multifamily	590,291		13		633,296		15
Warehouse	544,620		12		502,586		11
Other	517,332		11		475,898		11
Hotel	501,473		11		467,139		11
Rental 1-4 Family	327,484		7		326,286		7
Senior Care	219,986		5		259,056		6
Self Storage	158,064		4		138,223		3
Total	$	4,548,235	100	%	$	4,360,920	100	%

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.

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. See the Critical Accounting Estimates section of MD&A in our 2024 10-K for additional information on the ACL.

The ACL for loans at June 30, 2025 totaled $217 million compared to $207 million at December 31, 2024. The ACL for loans as a percentage of total loans remained flat at 1.14%. The increase in the ACL was primarily attributable to loan growth and the initial allowance established for ANB, partially offset by a reduction in the Hurricane Helene related allowance based on our latest assessment of potential storm related-loan losses. The initial ACL for ANB loans totaled $3.65 million, $1.25 million of which was reclassified from the fair value of PCD loans with no impact to earnings. The Hurricane Helene related reserve totaled $4.42 million and $9.80 million at June 30, 2025 and December 31, 2024, respectively. Our ACL for unfunded commitments, which totaled $11.5 million, increased $1.15 million compared to December 31, 2024 mostly due to an increase in our construction commitments.

The following table provides a summary of net charge-offs to average loans for the periods indicated.


Table 10 - Net Charge-offs to Average Loans
(dollars in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024



Net charge-offs (recoveries)
Owner occupied CRE	$	470		$	163		$	596		$	365
Income producing CRE	933			2,968			1,651			3,173
Commercial & industrial	1,027			1,281			3,474			5,187
Commercial construction	89			(48)			(49)			(28)
Equipment financing	4,963			5,502			10,005			11,864
Residential mortgage	313			(107)			312			(123)
Home equity	(72)			(27)			(134)			(81)
Residential construction	(9)			26			210			145
Manufactured housing	—			1,150			—			2,719
Consumer	511			706			1,767			1,301
Total net charge-offs	$	8,225		$	11,614		$	17,832		$	24,522





Average loans
Owner occupied CRE	$	3,492,599		$	3,288,757		$	3,438,970		$	3,283,715
Income producing CRE	4,488,186			4,113,743			4,451,373			4,168,985
Commercial & industrial	2,507,891			2,341,253			2,479,055			2,371,413
Commercial construction	1,744,511			1,966,053			1,701,888			1,929,485
Equipment financing	1,723,360			1,555,641			1,689,191			1,547,562
Residential mortgage	3,214,776			3,238,225			3,219,652			3,224,620
Home equity	1,134,274			972,630			1,100,224			967,075
Residential construction	174,030			233,317			175,716			256,031
Manufactured housing	—			322,998			—			327,220
Consumer	184,601			180,767			184,041			180,456
Total average loans	$	18,664,228		$	18,213,384		$	18,440,110		$	18,256,562

Net charge-offs to average loans (1)
Owner occupied CRE	0.05		%	0.02		%	0.03		%	0.02		%
Income producing CRE	0.08			0.29			0.07			0.15
Commercial & industrial	0.16			0.22			0.28			0.44
Commercial construction	0.02			(0.01)			(0.01)			—
Equipment financing	1.16			1.42			1.19			1.54
Residential mortgage	0.04			(0.01)			0.02			(0.01)
Home equity	(0.03)			(0.01)			(0.02)			(0.02)
Residential construction	(0.02)			0.04			0.24			0.11
Manufactured housing	—			1.43			—			1.67
Consumer	1.11			1.57			1.94			1.45
Total	0.18			0.26			0.20			0.27

(1) Annualized.

We completed the sale of substantially all of our manufactured housing loan portfolio in the third quarter of 2024. For the second quarter and first six months of 2025, the average balance and net charge-offs related to the remaining manufactured housing loans are reflected in consumer loans. Equipment finance charge-offs for the three months ended June 30, 2025 decreased compared to the same period in 2024 due to lower long-haul trucking related losses.

Nonperforming Assets

The table below summarizes NPAs for the periods indicated. NPAs include nonaccrual loans, OREO and repossessed assets. The decrease in NPAs since December 31, 2024 was primarily driven by $49.6 million in payoffs and paydowns of nonaccrual loans. Notably, we had two payoffs of senior care loans (included in income producing CRE) totaling $14.6 million and significant paydowns and payoffs for three larger relationships totaling $17.8 million included in commercial and industrial and owner occupied CRE loans.


Table 11 - NPAs
(dollars in thousands)


	June 30, 2025			December 31, 2024			$ Change

Nonaccrual loans:
Owner occupied CRE	$	8,207		$	11,674		$	(3,467)
Income producing CRE	14,624			25,357			(10,733)
Commercial & industrial	15,422			29,339			(13,917)
Commercial construction	1,368			7,400			(6,032)
Equipment financing	11,731			8,925			2,806
Total commercial	51,352			82,695			(31,343)
Residential mortgage	22,597			24,615			(2,018)
Home equity	4,093			4,630			(537)
Residential construction	1,203			57			1,146
Manufactured housing (1)	—			1,444			(1,444)
Consumer	1,207			138			1,069
Total	80,452			113,579			(33,127)
OREO and repossessed assets	3,507			2,056			1,451
Total NPAs	$	83,959		$	115,635		$	(31,676)

Nonaccrual loans as a percentage of total loans	0.43		%	0.62		%

NPAs as a percentage of total assets	0.30			0.42

ACL - loans to nonaccrual loans coverage ratio	2.69			1.82

(1) In 2025, manufactured housing loans were included in consumer loans.

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. The table below summarizes the carrying value of our securities portfolio and other relevant portfolio metrics including weighted-average life and effective duration as of the dates presented. Effective duration represents the expected change in the price of a security when rates change by 100 basis points.

Table 12 - Investment Securities

(dollars in thousands)


	June 30, 2025					December 31, 2024
	Carrying Value			% of portfolio		Carrying Value			% of portfolio		$ Change
AFS	$	4,075,323		64	%	$	4,436,291		65	%	$	(360,968)
HTM	2,306,730			36		2,368,107			35		(61,377)
Total investment securities	$	6,382,053				$	6,804,398				$	(422,345)

Investment securities as a % of total assets	23		%			25		%
Weighted average life	5.7 years					5.7 years
Swap adjusted effective duration	3.7		%			3.5		%
Effective duration	4.0					3.9

We utilize fair value hedges on a portion of our AFS securities portfolio in order to mitigate the impact of potential future unrealized losses on our tangible common equity. Gains and losses related to the hedge and hedged item are reflected in investment securities interest income. The changes in the fair value of the hedge and the hedged item substantially offset each other. See Note 6 to the financial statements for further detail.

At June 30, 2025, HTM debt securities had a fair value of $1.94 billion, indicating net unrealized losses of $371 million (pre-tax). Additional unrealized losses on HTM debt securities of $55.5 million (pre-tax) were included in AOCI as a result of the transfer of AFS debt securities to HTM in 2022. Unrealized losses were primarily attributable to changes in interest rates.

See Note 4 to the consolidated financial statements for additional detail.

Goodwill and Other Intangible Assets

As of June 30, 2025 and December 31, 2024, goodwill and other intangibles totaled $974 million and $957 million, respectively. In connection with the acquisition of ANB in the second quarter of 2025, we recorded goodwill and a core deposit intangible of $18.0 million and $6.29 million, respectively. See Notes 3 and 7 to the financial statements for further information.

Deposits

Customer deposits are the primary source of funds for the continued growth of our earning assets. We believe our high level of service, as evidenced by our strong customer satisfaction scores, is instrumental in attracting and retaining customer deposit accounts, which has continued to contribute to our organic deposit growth. Since December 31, 2024, customer deposits increased $514 million, which includes deposits of $374 million acquired in the ANB transaction as of the acquisition date. As of June 30, 2025, we had approximately $9.64 billion of uninsured deposits, of which $2.81 billion was collateralized by investment securities.


Table 13 - Deposits
(dollars in thousands)


	June 30, 2025				December 31, 2024
	Balance		% of Total		Balance		% of Total
Noninterest-bearing demand	$	6,381,975	26	%	$	6,211,182	26	%
NOW and interest-bearing demand	5,986,049		25		6,141,342		26
Money market and savings	7,832,527		33		7,498,735		32
Time	3,606,511		15		3,441,424		15
Total customer deposits	23,807,062		99		23,292,683		99
Brokered deposits	155,950		1		168,292		1
Total deposits	$	23,963,012			$	23,460,975

Borrowing Activities

At June 30, 2025 and December 31, 2024, we had long-term debt outstanding of $155 million and $254 million, respectively, which includes senior debentures, subordinated debentures, and trust preferred securities. During the second quarter of 2025, we redeemed our $100 million 2030 senior debentures. At June 30, 2025 there were no short-term borrowings outstanding. At December 31, 2024, there were $195 million in short-term borrowings outstanding. The need to utilize wholesale funding sources has decreased because our liquidity needs have been met by our deposit and cash balances.

Contractual Obligations and Off-Balance Sheet Arrangements

There have not been any material changes to our contractual obligations and off-balance sheet arrangements since December 31, 2024.

Interest Rate Sensitivity Management

Interest rate sensitivity is a function of the repricing characteristics of the portfolio of assets and liabilities. Repricing characteristics are the time frames within which the interest rates on interest-earning assets and interest-bearing liabilities are subject to change either at replacement, repricing or maturity.

Management uses an asset/liability simulation model to measure the potential change in net interest revenue over time using multiple interest rate scenarios. Our modeling is based on the 12-month impact on net interest revenue simulations with various interest rate shocks and ramps, which are compared to a base scenario that assumes rates remain unchanged. 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 until they reach the predetermined levels.

The following table presents our interest sensitivity position at the dates indicated. The scenario results presented assume parallel movements in the yield curve, which may differ from actual future curve behavior. Other than an assumption for the runoff of estimated surge deposits, which is assumed to be replaced with higher cost wholesale funding, this presentation generally assumes no change in deposit portfolio size or composition.


Table 14 - Interest Sensitivity


	Increase (Decrease) in Net Interest Revenue from Base Scenario at
	June 30, 2025				December 31, 2024
Change in Rates	Shock		Ramp		Shock		Ramp
200 basis point increase	3.59	%	1.62	%	2.01	%	0.92	%
100 basis point increase	1.97		1.18		1.19		0.66
100 basis point decrease	(3.02)		(1.94)		(2.27)		(1.46)
200 basis point decrease	(7.22)		(3.08)		(6.00)		(2.38)

The change in results from December 31, 2024 to June 30, 2025 reflects more floating interest rate loans and a slight shortening of asset duration to address rising interest rate risk concerns. In addition, the balance sheet became slightly more asset sensitive at June 30, 2025 due to higher cash balances on hand at quarter-end.

Liquidity Management

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 repurchase agreements, Federal funds purchased, FHLB advances, and brokered deposits. These sources of liquidity are generally short-term in nature and are used as necessary to fund asset growth and meet other short-term liquidity needs. As part of our liquidity management, we focus on maximizing the amount of securities and loans available as collateral for contingent liquidity sources and calibrating our assumptions in our liquidity stress test on an ongoing basis, particularly as it relates to deposit duration. At June 30, 2025 and December 31, 2024, we had sufficient liquid funds and qualifying collateral to support additional borrowings, which are detailed in the table below.


Table 15 - Liquid Funds and Unused Borrowing Capacity
(in thousands)
		June 30, 2025		December 31, 2024
	Available liquid funds:
	Cash and cash equivalents	$	574,956	$	519,873

	Availability of borrowings (1) :
	FHLB	1,921,234		1,917,905
	Federal Reserve - Discount Window	2,395,442		2,267,139


	Unpledged securities available as collateral for additional borrowings	3,571,790		3,603,885

(1) Based on collateral pledged.

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 sufficient liquid assets to meet these obligations. Holding Company liquidity is maintained at a level of at least 125% of the next 12 months of forecasted cash obligations.

In the opinion of management, our liquidity position at June 30, 2025 was sufficient to meet our expected cash flow requirements for the foreseeable future. See the consolidated statement of cash flows for further detail.

Capital Resources and Dividends

Shareholders’ equity at June 30, 2025 was $3.61 billion, an increase of $181 million from December 31, 2024 primarily due to year-to-date earnings, other comprehensive income and the issuance of stock for the ANB acquisition, partially offset by dividends declared on common and preferred stock.

The following table shows capital ratios, as calculated under applicable regulatory guidelines, at June 30, 2025 and December 31, 2024. As of June 30, 2025, 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 11 to the consolidated financial statements.


Table 16 - Capital Ratios


							United Community Banks, Inc. (Consolidated)				United Community Bank
	Minimum		Well- Capitalized		Minimum Capital Plus Capital Conservation Buffer		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Risk-based ratios:
CET1 capital	4.5	%	6.5	%	7.0	%	13.34	%	13.27	%	12.60	%	13.05	%
Tier 1 capital	6.0		8.0		8.5		13.77		13.72		12.60		13.05
Total capital	8.0		10.0		10.5		15.14		15.17		13.66		14.08
Leverage ratio	4.0		5.0		N/A		10.37		9.96		9.48		9.46

The following table shows capital composition as of June 30, 2025 and December 31, 2024.

Table 17 - Capital Composition under Basel III

(in thousands)


	United Community Banks, Inc. (Consolidated)				United Community Bank
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Total common shareholders' equity	$	3,524,658	$	3,343,861	$	3,358,442	$	3,282,263
CECL transitional amount	—		3,334		—		3,334
Goodwill	(925,119)		(907,090)		(925,119)		(907,090)
Intangibles, other than goodwill and mortgage servicing rights, net of associated DTLs	(41,937)		(42,334)		(41,937)		(42,334)
DTAs arising from net operating loss and tax credit carryforwards	(6,349)		(2,554)		(5,422)		(1,988)
Net unrealized losses on AFS securities	142,149		177,645		141,233		176,777
Accumulated net gains on cash flow hedges	(6,988)		(9,705)		—		—
Net unrealized losses on HTM securities that are included in AOCI	42,133		45,129		42,133		45,129
Other	(124)		(150)		(124)		(150)
CET1 capital	2,728,423		2,608,136		2,569,206		2,555,941
Preferred stock, net of issuance cost	88,266		88,266		—		—
Tier 1 capital	2,816,689		2,696,402		2,569,206		2,555,941
Tier 2 capital instruments	65,000		85,000		—		—
Qualifying ACL	214,503		200,871		214,503		200,870

Total capital	$	3,096,192	$	2,982,273	$	2,783,709	$	2,756,811

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. 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.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

There have been no material changes in our market risk as of June 30, 2025 from that presented in our 2024 10-K. Our interest rate sensitivity position at June 30, 2025 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 June 30, 2025. 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 June 30, 2025 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table contains information regarding purchases of our common stock made during the quarter ended June 30, 2025 by or on behalf of United or any “affiliated purchaser,” as defined by Rule 10b-18(a)(3) of the Exchange Act:


Common Stock Repurchases
(Dollars in thousands, except for per share amounts)	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)



April 1, 2025 - April 30, 2025	343,338	$	27.31	343,338	$	90,622
May 1, 2025 - May 31, 2025	163,262	27.96		163,262	86,058
June 1, 2025 - June 30, 2025	—	—		—	86,058



Total	506,600	$	27.52	506,600

(1) Under United’s common stock repurchase program, management is authorized to repurchase up to $100 million of its common stock. The program is scheduled to expire on the earlier of the repurchase of our common stock having an aggregate purchase price of $100 million or December 31, 2025. A more detailed description of United’s common stock repurchase plan is included in its 2024 10-K.

Item 5. Other Information

(c) On June 10, 2025 , Lynn Harton , our President and Chief Executive Officer , entered into a ”Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K), providing for the sale of 25,000 shares of United common stock beginning February 15, 2026 and continuing until March 16, 2026 , or such earlier time as all shares covered by the trading arrangement are sold.

During the quarter ended June 30, 2025, no other director or officer of the Company adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

(d) Exhibits. See Exhibit Index below.


EXHIBIT INDEX

Exhibit No.						Description



3.1						Restated Articles of Incorporation of United Community Banks, Inc. as amended through August 13, 2021 (incorporated herein by reference to Exhibit 3.1 to United Community Bank Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2021, filed on November 5, 2021).

3.2						Amended and Restated Bylaws of United Community Banks, Inc., as amended (incorporated herein by reference to Exhibit 3.2 to United Community Banks, Inc.’s Quarterly Report on Form 10-Q for the period ended March 31, 2015, filed with the SEC on May 11, 2015).



31.1						Certification by H. Lynn Harton, President and Chief Executive Officer of United Community Banks, Inc., pursuant to Exchange Act Rule 13a-14(a).

31.2						Certification by Jefferson L. Harralson, Executive Vice President and Chief Financial Officer of United Community Banks, Inc., pursuant to Exchange Act Rule 13a-14(a).

32						Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350.

101						Interactive data files for United Community Bank, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, 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 of Changes 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 June 30, 2025 (formatted in Inline XBRL and included in Exhibit 101)

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: August 8, 2025

TABLE OF CONTENTS

Part I. Financial Information Item 1. Financial Statements Note 1 Basis Of Presentation Note 2 Supplemental Cash Flow Information Note 3 Acquisitions Note 4 Investment Securities Note 5 Loans and Leases and Allowance For Credit Losses Note 6 Derivatives and Hedging Activities Note 7 Goodwill and Other Intangible Assets Note 8 Assets and Liabilities Measured At Fair Value Note 9 Reclassifications Out Of Aoci Note 10 Earnings Per Share Note 11 Regulatory Matters Note 12 Commitments and Contingencies Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosure About Market Risk Item 4. Controls and Procedures Part II. Other Information Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 5. Other Information Item 6. Exhibits

Exhibits

3.1 Restated Articles of Incorporation of United Community Banks, Inc. as amended through August 13, 2021 (incorporated herein by reference to Exhibit 3.1 to United Community Bank Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2021, filed on November 5, 2021). 3.2 Amended and Restated Bylaws of United Community Banks, Inc., as amended (incorporated herein by reference to Exhibit 3.2 to United Community Banks, Inc.s Quarterly Report on Form 10-Q for the period ended March 31, 2015, filed with the SEC on May 11, 2015). 31.1 Certification by H. Lynn Harton, President and Chief Executive Officer of United Community Banks, Inc., pursuant to Exchange Act Rule 13a-14(a). 31.2 Certification by Jefferson L. Harralson, Executive Vice President and Chief Financial Officer of United Community Banks, Inc., pursuant to Exchange Act Rule 13a-14(a). 32 Certification of CEO and CFO pursuant to 18 U.S.C. Section1350.

UCB 10-Q Quarter ended June 30, 2025

Exhibits