UCB 10-Q Quarterly Report Sept. 30, 2025

UNITED COMMUNITY BANKS INC

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ucbi-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

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

For the Quarterly Period Ended September 30, 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 121,556,906 shares of the registrant’s common stock, par value $1 per share, outstanding as of October 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 5.	Other Information.	52

	Item 6.	Exhibits	52

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 September 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;

• government shutdowns, the effect of which could delay legislative activities or regulatory approval processes that could be harmful to our customers, business activities and strategic initiatives;

• 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.

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements


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


(in thousands, except share data)	September 30, 2025		December 31, 2024
ASSETS
Cash and due from banks	$	205,007	$	296,161
Interest-bearing deposits in banks	408,424		223,712

Cash and cash equivalents	613,431		519,873
Debt securities available-for-sale	3,889,263		4,436,291
Debt securities held-to-maturity (fair value $ 1,937,053 and $ 1,944,126 , respectively)	2,274,099		2,368,107
Loans held for sale	34,802		57,534
Loans and leases held for investment	19,174,794		18,175,980
Less allowance for credit losses - loans and leases	( 215,791 )		( 206,998 )
Loans and leases, net	18,959,003		17,968,982
Premises and equipment, net	394,536		394,264
Bank owned life insurance	362,608		346,234



Goodwill and other intangible assets, net	971,071		956,643
Other assets (including $ 109,174 and $ 116,020 at fair value, respectively)	644,660		672,330
Total assets	$	28,143,473	$	27,720,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,444,067	$	6,211,182



Interest-bearing deposits	17,576,551		17,249,793


Total deposits	24,020,618		23,460,975
Short-term borrowings	—		195,000

Long-term debt	155,251		254,152

Accrued expense and other liabilities (including $ 72,128 and $ 93,165 at fair value, respectively)	370,753		378,004
Total liabilities	24,546,622		24,288,131
Shareholders' equity:
Preferred stock, $ 1 par value: 10,000,000 shares authorized; 0 and 3,662 shares Series I issued and outstanding, respectively; $ 25,000 per share liquidation preference	—		88,266
Common stock, $ 1 par value: 200,000,000 shares authorized, 121,553,462 and 119,364,110 shares issued and outstanding, respectively	121,553		119,364
Common stock issuable: 608,291 and 600,168 shares, respectively	13,683		12,999
Capital surplus	2,767,143		2,710,279
Retained earnings	858,395		714,138
Accumulated other comprehensive loss	( 163,923 )		( 212,919 )
Total shareholders' equity	3,596,851		3,432,127
Total liabilities and shareholders' equity	$	28,143,473	$	27,720,258

See accompanying notes to consolidated financial statements (unaudited).


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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net interest revenue:
Interest revenue:
Loans, including fees	$	297,929	$	291,574	$	860,269	$	867,152
Investment securities, including tax exempt of $ 1,681 , $ 1,713 , $ 5,030 and $ 5,133 , respectively	53,203		52,997		167,915		149,496
Deposits in banks and short-term investments	2,718		4,515		8,388		16,131
Total interest revenue	353,850		349,086		1,036,572		1,032,779

Interest expense:






Deposits	118,475		136,149		356,545		404,395
Short-term borrowings	25		27		1,215		87
Federal Home Loan Bank advances	—		—		433		—
Long-term debt	1,721		3,724		7,198		11,262
Total interest expense	120,221		139,900		365,391		415,744
Net interest revenue	233,629		209,186		671,181		617,035



Noninterest income:
Service charges and fees	11,400		10,488		31,057		30,372
Mortgage loan gains and other related fees	7,098		3,520		18,590		17,830
Wealth management fees	4,757		6,338		13,622		19,037
Net gains (losses) from sales of other loans	2,385		( 25,700 )		5,776		( 22,867 )
Lending and loan servicing fees	4,235		3,512		12,090		11,050
Securities gains, net	49		—		341		—
Other	13,295		9,933		32,107		28,812
Total noninterest income	43,219		8,091		113,583		84,234
Total revenue	276,848		217,277		784,764		701,269

Provision for credit losses	7,907		14,428		35,144		39,562

Noninterest expense:
Salaries and employee benefits	90,667		83,533		261,931		254,336
Communications and equipment	13,937		12,626		40,968		36,534
Occupancy	11,502		11,311		33,366		33,466
Advertising and public relations	2,053		2,041		6,815		6,401
Postage, printing and supplies	2,735		2,477		7,791		7,376
Professional fees	6,282		6,432		17,822		18,464
Lending and loan servicing expense	2,428		2,227		6,745		6,068
Outside services - electronic banking	3,543		4,433		9,876		10,163
FDIC assessments and other regulatory charges	4,846		5,003		14,233		17,036
Amortization of intangibles	3,313		3,528		9,891		11,209
Merger-related and other charges	3,468		2,176		9,598		6,420
Other	6,094		7,278		20,850		27,638
Total noninterest expense	150,868		143,065		439,886		435,111
Income before income taxes	118,073		59,784		309,734		226,596
Income tax expense	26,579		12,437		68,094		50,003
Net income	$	91,494	$	47,347	$	241,640	$	176,593

Net income available to common shareholders	$	86,139	$	45,502	$	232,290	$	170,886

Net income per common share:
Basic	$	0.71	$	0.38	$	1.92	$	1.43
Diluted	0.70		0.38		1.91		1.43
Weighted average common shares outstanding:
Basic	122,116		119,818		121,186		119,736
Diluted	122,252		119,952		121,303		119,827

See accompanying notes to consolidated financial statements (unaudited).


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


	Three Months Ended September 30,						Nine Months Ended September 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	$	118,073	$	( 26,579 )	$	91,494	$	309,734	$	( 68,094 )	$	241,640
Other comprehensive income:
Unrealized gains on available-for-sale securities:
Unrealized holding gains	16,228		( 3,742 )		12,486		62,875		( 14,671 )		48,204

Reclassification adjustment for gains included in net income	( 49 )		13		( 36 )		( 341 )		83		( 258 )
Net unrealized gains on available-for-sale securities	16,179		( 3,729 )		12,450		62,534		( 14,588 )		47,946


Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale	1,993		( 471 )		1,522		5,918		( 1,400 )		4,518

Derivative instruments designated as cash flow hedges:
Unrealized holding gains (losses) on derivatives	191		( 49 )		142		( 1,195 )		301		( 894 )
Gains on derivative instruments realized in net income	( 1,143 )		289		( 854 )		( 3,393 )		857		( 2,536 )
Net cash flow hedge activity	( 952 )		240		( 712 )		( 4,588 )		1,158		( 3,430 )
Amortization of defined benefit pension plan net periodic pension cost components	( 17 )		4		( 13 )		( 51 )		13		( 38 )


Total other comprehensive income	17,203		( 3,956 )		13,247		63,813		( 14,817 )		48,996
Comprehensive income	$	135,276	$	( 30,535 )	$	104,741	$	373,547	$	( 82,911 )	$	290,636

2024
Net income	$	59,784	$	( 12,437 )	$	47,347	$	226,596	$	( 50,003 )	$	176,593
Other comprehensive income:
Unrealized gains on available-for-sale securities	59,830		( 13,750 )		46,080		61,534		( 14,732 )		46,802






Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale	2,235		( 528 )		1,707		6,772		( 1,723 )		5,049

Derivative instruments designated as cash flow hedges:
Unrealized holding (losses) gains on derivatives	( 2,632 )		665		( 1,967 )		892		( 188 )		704
Gains on derivative instruments realized in net income	( 1,441 )		364		( 1,077 )		( 4,319 )		1,095		( 3,224 )
Net cash flow hedge activity	( 4,073 )		1,029		( 3,044 )		( 3,427 )		907		( 2,520 )
Amortization of defined benefit pension plan net periodic pension cost components	44		( 11 )		33		134		( 34 )		100
Total other comprehensive income	58,036		( 13,260 )		44,776		65,013		( 15,582 )		49,431
Comprehensive income	$	117,820	$	( 25,697 )	$	92,123	$	291,609	$	( 65,585 )	$	226,024

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 September 30,
Balance at June 30, 2024	119,174,803	$	88,266	$	119,175	$	12,145	$	2,705,345	$	652,239	$	( 234,537 )	$	3,342,633
Net income										47,347				47,347
Other comprehensive income												44,776		44,776


Preferred stock dividends										( 1,573 )				( 1,573 )
Common stock dividends ($ 0.24 per share)										( 29,048 )				( 29,048 )

Impact of equity-based compensation awards	104,709			105		375		1,844						2,324
Impact of other United sponsored equity plans	3,250			3		141		77						221

Balance at September 30, 2024	119,282,762	$	88,266	$	119,283	$	12,661	$	2,707,266	$	668,965	$	( 189,761 )	$	3,406,680

Balance at June 30, 2025	121,431,262	$	88,266	$	121,431	$	13,190	$	2,764,617	$	802,590	$	( 177,170 )	$	3,612,924
Net income										91,494				91,494
Other comprehensive income												13,247		13,247


Preferred stock dividends										( 1,573 )				( 1,573 )
Common stock dividends ($ 0.25 per share)										( 30,841 )				( 30,841 )
Redemption of preferred stock		( 88,266 )								( 3,275 )				( 91,541 )
Impact of equity-based compensation awards	119,264			119		350		2,440						2,909
Impact of other United sponsored equity plans	2,936			3		143		86						232
Balance at September 30, 2025	121,553,462	$	—	$	121,553	$	13,683	$	2,767,143	$	858,395	$	( 163,923 )	$	3,596,851

Nine Months Ended September 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										176,593				176,593
Other comprehensive income												49,431		49,431


Preferred stock dividends										( 4,719 )				( 4,719 )
Common stock dividends ($ 0.70 per share)										( 84,128 )				( 84,128 )
Impact of equity-based compensation awards	219,400			219		543		7,250						8,012
Impact of other United sponsored equity plans	53,043			54		( 992 )		904						( 34 )

Balance at September 30, 2024	119,282,762	$	88,266	$	119,283	$	12,661	$	2,707,266	$	668,965	$	( 189,761 )	$	3,406,680

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										241,640				241,640
Other comprehensive income												48,996		48,996
Impact of acquisitions	2,380,952			2,381				63,357						65,738
Redemption of preferred stock		( 88,266 )								( 3,275 )				( 91,541 )
Purchases of common stock	( 506,600 )			( 507 )				( 13,435 )						( 13,942 )
Preferred stock dividends										( 4,719 )				( 4,719 )
Common stock dividends ($ 0.73 per share)										( 89,389 )				( 89,389 )
Impact of equity-based compensation awards	261,486			262		1,413		5,904						7,579
Impact of other United sponsored equity plans	53,514			53		( 729 )		1,038						362

Balance at September 30, 2025	121,553,462	$	—	$	121,553	$	13,683	$	2,767,143	$	858,395	$	( 163,923 )	$	3,596,851

See accompanying notes to consolidated financial statements (unaudited).


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


	Nine Months Ended September 30,
(in thousands)	2025		2024
Operating activities:
Net income	$	241,640	$	176,593
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net	34,110		31,547
Provision for credit losses	35,144		39,562
Stock-based compensation	8,177		7,730
Deferred income tax expense	2,120		3,133
Securities gains, net	( 341 )		—
Net (gains) losses from sales of other loans	( 5,776 )		22,867
FinTrust goodwill write-down	—		5,100
Changes in assets and liabilities:
Other assets	16,874		( 21,152 )
Accrued expense and other liabilities	( 36,117 )		( 46,946 )
Loans held for sale	22,732		( 16,792 )
Net cash provided by operating activities	318,563		201,642

Investing activities:
Debt securities held-to-maturity:
Proceeds from maturities and calls	97,734		93,491

Debt securities available-for-sale:
Proceeds from sales	417,898		647
Proceeds from maturities and calls	555,143		475,742
Purchases	( 292,351 )		( 1,069,559 )
Net (increase) decrease in loans	( 709,641 )		316,837
Payments for other investments	( 29,047 )		( 102,032 )
Proceeds from other investments	7,684		2,417

Purchases of premises and equipment	( 21,820 )		( 41,505 )
Net cash received in acquisition	41,246		—

Other investing inflows	16,734		13,542
Net cash provided by (used in) investing activities	83,580		( 310,420 )

Financing activities:
Net increase (decrease) in deposits	185,069		( 58,291 )
Net decrease in short-term borrowings	( 195,000 )		—
Repayment of long-term debt	( 100,000 )		( 8,557 )
Proceeds from FHLB advances	126,000		1,100
Repayment of FHLB advances	( 126,000 )		( 1,100 )


Redemption of preferred stock	( 91,541 )		—
Repurchase of common stock	( 13,942 )		—
Cash dividends on common stock	( 87,677 )		( 83,269 )
Cash dividends on preferred stock	( 4,719 )		( 4,719 )
Other financing inflows	2,039		1,993
Other financing outflows	( 2,814 )		( 2,215 )
Net cash used in financing activities	( 308,585 )		( 155,058 )

Net change in cash and cash equivalents	93,558		( 263,836 )

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

Cash and cash equivalents, end of period	$	613,431	$	740,039

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 nine months ended September 30, 2025 and 2024 is as follows.


	Nine Months Ended September 30,
(in thousands)	2025		2024


Significant non-cash investing and financing transactions:


Commitments to fund other investments	$	14,597	$	9,214
Unsettled securities purchases	—		22,400

Right-of-use assets obtained in exchange for lease liabilities	3,367		14,351
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 nine months ended September 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

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

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.

For purposes of pro forma net income presented below, merger costs related to the ANB acquisition are included in the three and nine months ended September 30, 2024 and excluded from the respective periods of 2025 to align with the pro forma year of acquisition. Such costs incurred by United and ANB during the three and nine months ended September 30, 2025 totaled $ 3.02 million and $ 12.1 million, respectively. The actual results and pro forma information were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	Revenue		Net Income		Revenue		Net Income
2025
Actual ANB results included in statement of income since acquisition date	$	4,365	$	2,208	$	6,655	$	1,182

Supplemental consolidated pro forma as if ANB had been acquired January 1, 2024	275,888		93,064		789,100		247,582

2024

Supplemental consolidated pro forma as if ANB had been acquired January 1, 2024	$	221,466	$	46,492	$	713,301	$	169,283

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 September 30, 2025
U.S. Treasuries	$	19,919	$	—	$	1,039	$	18,880
U.S. Government Agencies & GSEs	98,783		—		11,713		87,070
State and political subdivisions	285,273		42		46,327		238,988
Residential MBS, Agency & GSEs	1,206,009		16		172,538		1,033,487

Commercial MBS, Agency & GSEs	649,115		—		103,548		545,567

Supranational entities	15,000		—		1,939		13,061
Total	$	2,274,099	$	58	$	337,104	$	1,937,053

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 September 30, 2025
U.S. Treasuries	$	414,510	$	974	$	4,726	$	410,758
U.S. Government Agencies & GSEs	292,171		68		11,318		280,921
State and political subdivisions	166,983		—		11,586		155,397
Residential MBS, Agency & GSEs	1,673,608		5,502		86,836		1,592,274
Residential MBS, Non-Agency	284,563		6		13,803		270,766
Commercial MBS, Agency & GSEs	756,522		4,647		25,990		735,179
Commercial MBS, Non-Agency	7,965		—		116		7,849
Corporate bonds	145,218		13		6,887		138,344
Asset-backed securities	298,532		296		1,053		297,775
Total	$	4,040,072	$	11,506	$	162,315	$	3,889,263

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 September 30, 2025 and December 31, 2024 the carrying value of pledged securities totaled $ 2.50 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 September 30, 2025
U.S. Treasuries	$	—	$	—	$	18,880	$	1,039	$	18,880	$	1,039
U.S. Government Agencies & GSEs	—		—		87,071		11,713		87,071		11,713
State and political subdivisions	5,229		12		222,344		46,315		227,573		46,327
Residential MBS, Agency & GSEs	—		—		1,032,380		172,538		1,032,380		172,538

Commercial MBS, Agency & GSEs	—		—		545,567		103,548		545,567		103,548

Supranational entities	—		—		13,061		1,939		13,061		1,939
Total	$	5,229	$	12	$	1,919,303	$	337,092	$	1,924,532	$	337,104

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 September 30, 2025
U.S. Treasuries	$	50,153	$	19	$	109,886	$	4,707	$	160,039	$	4,726
U.S. Government Agencies & GSEs	80,610		534		192,876		10,784		273,486		11,318
State and political subdivisions	25		1		154,737		11,585		154,762		11,586
Residential MBS, Agency & GSEs	113,191		528		862,218		86,308		975,409		86,836
Residential MBS, Non-Agency	18,158		109		252,188		13,694		270,346		13,803
Commercial MBS, Agency & GSEs	66,263		160		357,944		25,830		424,207		25,990
Commercial MBS, Non-Agency	—		—		7,849		116		7,849		116
Corporate bonds	—		—		136,424		6,887		136,424		6,887
Asset-backed securities	107,191		358		49,406		695		156,597		1,053
Total	$	435,591	$	1,709	$	2,123,528	$	160,606	$	2,559,119	$	162,315

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 September 30, 2025, there were 506 AFS debt securities and 288 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at September 30, 2025 were primarily attributable to changes in interest rates.

At September 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 September 30, 2025 and December 31, 2024. In addition, based on the assessments performed at September 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)	September 30, 2025		December 31, 2024
HTM	$	5,292	$	5,763
AFS	17,122		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 September 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	$	199,084	$	198,742	$	—	$	—
U.S. Government Agencies & GSEs	11,818		11,536		—		—
State and political subdivisions	2,206		2,190		2,500		2,503
Corporate bonds	20,155		19,807		—		—

	233,263		232,275		2,500		2,503
1 to 5 years:
U.S. Treasuries	215,426		212,016		19,919		18,880
U.S. Government Agencies & GSEs	45,691		42,517		—		—
State and political subdivisions	35,809		33,711		35,375		33,543
Corporate bonds	108,250		103,192		—		—

	405,176		391,436		55,294		52,423
5 to 10 years:

U.S. Government Agencies & GSEs	154,423		149,049		75,003		66,898
State and political subdivisions	72,791		65,897		80,289		69,608
Corporate bonds	16,813		15,345		—		—
Supranational entities	—		—		15,000		13,061
	244,027		230,291		170,292		149,567
More than 10 years:
U.S. Government Agencies & GSEs	80,239		77,819		23,780		20,172
State and political subdivisions	56,177		53,599		167,109		133,334


	136,416		131,418		190,889		153,506
Debt securities not due at a single maturity date:
Asset-backed securities	298,532		297,775		—		—
Residential MBS	1,958,171		1,863,040		1,206,009		1,033,487
Commercial MBS	764,487		743,028		649,115		545,567
	3,021,190		2,903,843		1,855,124		1,579,054

Total	$	4,040,072	$	3,889,263	$	2,274,099	$	1,937,053

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 nine months ended September 30, 2025 and 2024 .


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Proceeds from sales	$	158,989	$	—	$	417,898	$	647

Gross realized gains	$	439	$	—	$	960	$	—
Gross realized losses	( 390 )		—		( 619 )		—

Securities gains, net	$	49	$	—	$	341	$	—

Income tax expense attributable to sales	$	13	$	—	$	83	$	—

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)	September 30, 2025		December 31, 2024
Federal Reserve stock	$	89,979	$	88,008
FHLB stock	18,049		18,051
Equity securities with readily determinable fair values	2,328		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 September 30, 2025, r emaining manufactured housing loans of $ 1.33 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)	September 30, 2025		December 31, 2024
Owner occupied CRE	$	3,678,286	$	3,398,217
Income producing CRE	4,534,407		4,360,920
Commercial & industrial	2,592,971		2,428,376
Commercial construction	1,733,473		1,655,710
Equipment financing	1,807,907		1,662,501
Total commercial	14,347,044		13,505,724
Residential mortgage	3,197,857		3,231,479
Home equity	1,252,087		1,064,874
Residential construction	178,468		178,405
Manufactured housing	—		1,723
Consumer	191,509		186,448


Total loans excluding fair value hedge basis adjustment	19,166,965		18,168,653

Fair value hedge basis adjustment	7,829		7,327
Total loans	19,174,794		18,175,980
Less ACL - loans	( 215,791 )		( 206,998 )

Loans, net	$	18,959,003	$	17,968,982

Accrued interest receivable related to loans totaled $ 55.6 million and $ 60.1 million at September 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 September 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 gains or losses on these loan sales were included in noninterest income on the consolidated statements of income.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Manufactured housing loans	$	—	$	302,870	$	—	$	302,870
Guaranteed portion of SBA/USDA loans	16,180		11,385		59,889		39,084
Equipment financing receivables	37,239		21,122		58,288		57,836
Total	$	53,419	$	335,377	$	118,177	$	399,790

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 September 30, 2025
Owner occupied CRE	$	3,662,266	$	2,170	$	3,575	$	—	$	10,275	$	3,678,286
Income producing CRE	4,518,820		4,703		—		—		10,884		4,534,407
Commercial & industrial	2,559,013		6,278		1,926		—		25,754		2,592,971
Commercial construction	1,726,531		3,744		—		—		3,198		1,733,473
Equipment financing	1,789,848		3,813		4,530		—		9,716		1,807,907
Total commercial	14,256,478		20,708		10,031		—		59,827		14,347,044
Residential mortgage	3,161,867		5,769		1,243		—		28,978		3,197,857
Home equity	1,241,771		3,343		1,739		—		5,234		1,252,087
Residential construction	177,145		22		60		—		1,241		178,468

Consumer	189,797		449		100		—		1,163		191,509
Total loans	$	19,027,058	$	30,291	$	13,173	$	—	$	96,443	$	19,166,965

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
	September 30, 2025						December 31, 2024
(in thousands)	With no allowance		With an allowance		Total		With no allowance		With an allowance		Total
Owner occupied CRE	$	7,841	$	2,434	$	10,275	$	9,926	$	1,748	$	11,674
Income producing CRE	7,885		2,999		10,884		24,970		387		25,357
Commercial & industrial	10,305		15,449		25,754		21,570		7,769		29,339
Commercial construction	778		2,420		3,198		6,817		583		7,400
Equipment financing	117		9,599		9,716		33		8,892		8,925
Total commercial	26,926		32,901		59,827		63,316		19,379		82,695
Residential mortgage	4,381		24,597		28,978		6,540		18,075		24,615
Home equity	801		4,433		5,234		231		4,399		4,630
Residential construction	757		484		1,241		—		57		57
Manufactured housing	—		—		—		—		1,444		1,444
Consumer	—		1,163		1,163		36		102		138
Total	$	32,865	$	63,578	$	96,443	$	70,123	$	43,456	$	113,579

At September 30, 2025 and December 31, 2024, United had $ 51.3 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 following table presents the components of the net investment in these lease receivables as of the dates indicated.


(in thousands)	September 30, 2025		December 31, 2024
Minimum future lease payments receivable	$	111,252	$	97,793
Estimated residual value of leased equipment	6,976		5,749
Initial direct costs	2,199		1,856
Security deposits	( 489 )		( 491 )

Unearned income	( 17,418 )		( 15,412 )
Net investment in leases	$	102,520	$	89,495

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


(in thousands)
Year
Remainder of 2025	$	9,977
2026	37,173
2027	30,254
2028	20,412
2029	10,708
Thereafter	2,728
Total	$	111,252

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, are 90 or more days past due, 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 September 30, 2025	2025		2024		2023		2022		2021		Prior

Owner occupied CRE
Pass	$	580,917	$	432,714	$	479,347	$	596,575	$	498,366	$	780,103	$	130,300	$	23,958	$	3,522,280
Special Mention	1,255		1,001		18,572		13,177		15,985		10,560		4,294		231		65,075
Substandard	2,743		6,790		19,993		32,413		3,852		22,505		2,635		—		90,931

Total owner occupied CRE	$	584,915	$	440,505	$	517,912	$	642,165	$	518,203	$	813,168	$	137,229	$	24,189	$	3,678,286
Current period gross charge-offs	$	—	$	165	$	476	$	2,162	$	—	$	667	$	—	$	—	$	3,470
Income producing CRE
Pass	$	633,398	$	475,452	$	468,950	$	880,469	$	830,978	$	949,790	$	48,842	$	11,460	$	4,299,339
Special Mention	12,085		5,036		2,094		57,305		4,558		6,301		—		—		87,379
Substandard	24,287		26,709		37,589		1,362		4,745		52,997		—		—		147,689

Total income producing CRE	$	669,770	$	507,197	$	508,633	$	939,136	$	840,281	$	1,009,088	$	48,842	$	11,460	$	4,534,407
Current period gross charge-offs	$	—	$	—	$	—	$	1,970	$	—	$	—	$	—	$	—	$	1,970
Commercial & industrial
Pass	$	478,055	$	414,645	$	302,878	$	178,122	$	162,698	$	246,264	$	661,830	$	11,045	$	2,455,537
Special Mention	2,408		9,411		14,860		19,022		2,102		3,854		7,448		49		59,154
Substandard	2,470		2,661		41,360		6,076		4,070		8,502		11,610		1,531		78,280

Total commercial & industrial	$	482,933	$	426,717	$	359,098	$	203,220	$	168,870	$	258,620	$	680,888	$	12,625	$	2,592,971
Current period gross charge-offs	$	22	$	999	$	4,042	$	1,228	$	51	$	225	$	—	$	1,265	$	7,832
Commercial construction
Pass	$	429,425	$	334,502	$	265,152	$	373,184	$	128,245	$	47,592	$	54,110	$	2,064	$	1,634,274
Special Mention	4,355		146		463		70,361		6,607		93		280		109		82,414
Substandard	895		4,507		428		758		5,571		4,626		—		—		16,785

Total commercial construction	$	434,675	$	339,155	$	266,043	$	444,303	$	140,423	$	52,311	$	54,390	$	2,173	$	1,733,473
Current period gross charge-offs	$	—	$	505	$	—	$	—	$	130	$	—	$	—	$	—	$	635
Equipment financing
Pass	$	617,780	$	536,823	$	333,765	$	219,591	$	64,851	$	21,257	$	—	$	—	$	1,794,067
Special Mention	—		—		—		495		1,628		—		—		—		2,123
Substandard	604		2,503		4,404		2,508		901		797		—		—		11,717
Total equipment financing	$	618,384	$	539,326	$	338,169	$	222,594	$	67,380	$	22,054	$	—	$	—	$	1,807,907
Current period gross charge-offs	$	141	$	2,695	$	5,739	$	7,724	$	2,005	$	506	$	—	$	—	$	18,810
Residential mortgage
Pass	$	165,117	$	115,280	$	320,497	$	946,069	$	929,101	$	685,317	$	—	$	2,589	$	3,163,970
Substandard	—		2,704		5,525		10,767		3,937		10,875		—		79		33,887
Total residential mortgage	$	165,117	$	117,984	$	326,022	$	956,836	$	933,038	$	696,192	$	—	$	2,668	$	3,197,857
Current period gross charge-offs	$	—	$	4	$	373	$	76	$	—	$	—	$	—	$	5	$	458
Home equity
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	1,213,079	$	33,048	$	1,246,127
Substandard	—		—		—		—		—		—		—		5,960		5,960
Total home equity	$	—	$	—	$	—	$	—	$	—	$	—	$	1,213,079	$	39,008	$	1,252,087
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	169	$	169
Residential construction
Pass	$	64,643	$	72,871	$	15,611	$	13,039	$	3,786	$	7,189	$	—	$	87	$	177,226
Substandard	—		166		912		72		8		84		—		—		1,242
Total residential construction	$	64,643	$	73,037	$	16,523	$	13,111	$	3,794	$	7,273	$	—	$	87	$	178,468
Current period gross charge-offs	$	—	$	—	$	118	$	124	$	—	$	7	$	—	$	—	$	249
Consumer
Pass	$	76,370	$	48,211	$	26,726	$	14,907	$	3,518	$	1,104	$	19,354	$	126	$	190,316
Substandard	—		239		484		169		84		215		—		2		1,193
Total consumer	$	76,370	$	48,450	$	27,210	$	15,076	$	3,602	$	1,319	$	19,354	$	128	$	191,509
Current period gross charge-offs	$	2,593	$	351	$	184	$	87	$	72	$	16	$	—	$	98	$	3,401

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 nine months ended September 30, 2025 and 2024 are presented in the following tables .


	Nine Months Ended September 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	$	894	—	%	$	—	$	3,425	0.1	%	$	1,781
Income producing CRE	—		—		—		21,471		0.5		—
Commercial & industrial	462		—		107		23,063		1.0		329

Equipment financing	11,953		0.7		83		4,891		0.3		317

Residential mortgage	5,382		0.2		654		2,755		0.1		720
Home equity	568		—		—		—		—		—

Manufactured housing	—		—		—		305		14.0		—
Consumer	96		0.1		—		111		0.1		—
Total loans	$	19,355	0.1		$	844	$	56,021	0.3		$	3,147

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 September 30, 2025.


	Accruing
			Loans Past Due
(in thousands)	Current		30 - 59 Days		60 - 89 Days		> 90 Days		Nonaccrual		Total
As of September 30, 2025
Owner occupied CRE	$	1,185	$	—	$	—	$	—	$	—	$	1,185

Commercial & industrial	1,269		—		293		—		245		1,807

Equipment financing	11,268		114		726		—		969		13,077

Residential mortgage	2,368		—		—		—		4,563		6,931
Home equity	71		—		—		—		497		568


Consumer	—		—		—		—		96		96
Total	$	16,161	$	114	$	1,019	$	—	$	6,370	$	23,664

UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

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


New FDMs
	Nine Months Ended September 30,
	2025			2024
(dollars in thousands)	Amortized Cost		Weighted Average Modification	Amortized Cost		Weighted Average Modification
Extension
Owner occupied CRE	$	—		$	197	6 months
Commercial & industrial	78		2.0 years	19,445		1.1 years
Residential mortgage	242		6 months	225		10.2 years
Consumer	—			111		2.1 years
Total	320			19,978

Payment Delay
Owner occupied CRE (1)	894		8 months	1,631		5 months
Income producing CRE (2)	—			12,976		1.5 years
Commercial & industrial (1)	222		4 months	165		7 months
Residential mortgage	2,589		10 months	139		6 months
HELOC	497		6 months	—
Total	4,202			14,911

Rate Reduction
Commercial & industrial	—			488		50 basis points
Residential mortgage	341		242 basis points	—
Home equity	71		400 basis points	—
Total	412			488







Payment Delay and Extension
Commercial & industrial	162		Payment delay: 6 months; Extension: 2.0 years	403		Payment delay: 4 months; Extension: 2.8 years
Equipment financing	11,953		Extension and payment delay: 8 months	4,891		Extension and payment delay: 8 months
Total	12,115			5,294

Rate Reduction and Extension
Income producing CRE	—			8,495		Rate reduction: 304 basis points; Extension: 4.8 years
Residential mortgage	1,851		Rate reduction: 400 basis points; Extension: 6.3 years	2,391		Rate reduction: 448 basis points; Extension: 3.6 years
Manufactured housing	—			305		Rate reduction: 538 basis points; Extension: 3.6 years
Consumer	96		Rate reduction: 163 basis points; Extension: 7.9 years
Total	1,947			11,191

Rate Reduction and Payment Delay
Owner occupied CRE	—			1,438		Rate reduction: 75 basis points; Payment delay: 6 months
Commercial & industrial	—			106		Rate reduction: 150 basis points; Payment delay: 6 months
Residential mortgage	359		Rate reduction: 50 basis points; Payment delay: 4 months	—
Total	359			1,544

Rate Reduction, Payment Delay & Extension
Owner occupied CRE	—			159		Rate reduction: 75 basis points; Payment delay: 6 months; Extension: 3 years
Commercial & industrial	—			2,456		Rate reduction: 273 basis points; Payment delay: 6 months; Extension: 4.6 years
Total	—			2,615

Total	$	19,355		$	56,021

(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 September 30, 2025, the baseline economic forecast had worsened slightly relative to the forecast at December 31, 2024 as the economy, especially the labor market, has slowed somewhat due to marketplace uncertainty and the forecasted impact of recently implemented tariffs. However, the decrease in United’s net charge-offs lowered the initial expected default rates for some segments and thus contributed to a lower modeled ACL balance. At September 30, 2025, United applied qualitative adjustments to increase the model’s calculated ACL for the income producing CRE and commercial construction portfolios. These qualitative adjustments were applied to better reflect management’s expectations of future performance. In addition, at September 30, 2025, United’s qualitative adjustment to estimate losses for loans to borrowers affected by Hurricane Helene added $ 1.88 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 September 30,
	2025								2024
(in thousands)	Beginning Balance		Charge-Offs		Recoveries		(Release) Provision		Ending Balance		Beginning Balance		Charge-Offs		Recoveries		(Release) Provision		Ending Balance
Owner occupied CRE	$	20,967	$	( 2,638 )	$	141	$	2,189	$	20,659	$	21,787	$	( 127 )	$	311	$	( 736 )	$	21,235
Income producing CRE	49,072		—		106		( 2,967 )		46,211		42,894		( 1,461 )		52		( 2,009 )		39,476
Commercial & industrial	38,693		( 1,702 )		2,834		4,656		44,481		32,101		( 5,999 )		1,422		7,175		34,699
Commercial construction	15,979		( 505 )		14		( 1,647 )		13,841		19,617		( 69 )		33		( 3,548 )		16,033
Equipment financing	47,900		( 6,946 )		1,459		2,691		45,104		45,115		( 6,282 )		1,014		6,019		45,866
Residential mortgage	30,217		( 37 )		296		797		31,273		28,612		( 110 )		78		5,723		34,303
Home equity	10,812		( 98 )		79		563		11,356		9,386		( 88 )		52		1,415		10,765
Residential construction	1,812		( 23 )		11		( 33 )		1,767		1,384		( 139 )		28		213		1,486
Manufactured housing (1)	—		—		—		—		—		11,522		( 11,635 )		79		564		530
Consumer	1,048		( 905 )		238		718		1,099		604		( 1,064 )		254		1,103		897
ACL - loans	216,500		( 12,854 )		5,178		6,967		215,791		213,022		( 26,974 )		3,323		15,919		205,290
ACL - unfunded commitments	11,545		—		—		940		12,485		11,718		—		—		( 1,491 )		10,227
Total ACL	$	228,045	$	( 12,854 )	$	5,178	$	7,907	$	228,276	$	224,740	$	( 26,974 )	$	3,323	$	14,428	$	215,517


	Nine Months Ended September 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	$	( 3,470 )	$	377	$	3,601	$	20,659	$	23,542	$	( 928 )	$	747	$	( 2,126 )	$	21,235
Income producing CRE	41,427		910		( 1,970 )		425		5,419		46,211		47,755		( 4,819 )		237		( 3,697 )		39,476
Commercial & industrial	35,441		23		( 7,832 )		5,490		11,359		44,481		30,890		( 14,069 )		4,305		13,573		34,699
Commercial construction	16,370		39		( 635 )		193		( 2,126 )		13,841		21,741		( 122 )		114		( 5,700 )		16,033
Equipment financing	47,415		—		( 18,810 )		3,318		13,181		45,104		33,383		( 20,175 )		3,043		29,615		45,866
Residential mortgage	32,259		—		( 458 )		405		( 933 )		31,273		28,219		( 132 )		223		5,993		34,303
Home equity	11,247		1		( 169 )		284		( 7 )		11,356		9,647		( 95 )		140		1,073		10,765
Residential construction	1,672		—		( 249 )		27		317		1,767		1,833		( 328 )		72		( 91 )		1,486
Manufactured housing (1)	450		—		—		—		( 450 )		—		10,339		( 14,475 )		200		4,466		530
Consumer	844		—		( 3,401 )		967		2,689		1,099		722		( 2,841 )		730		2,286		897
ACL - loans	206,998		1,251		( 36,994 )		11,486		33,050		215,791		208,071		( 57,984 )		9,811		45,392		205,290
ACL - unfunded commitments	10,391		—		—		—		2,094		12,485		16,057		—		—		( 5,830 )		10,227
Total ACL	$	217,389	$	1,251	$	( 36,994 )	$	11,486	$	35,144	$	228,276	$	224,128	$	( 57,984 )	$	9,811	$	39,562	$	215,517

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


	September 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	$	7,124	$	—	$	100,000	$	11,196	$	—
Cash flow hedges of trust preferred securities	20,000		—		—		20,000		—		—
Fair value hedges of AFS debt securities	793,688		—		—		821,507		—		—
Fair value hedges of loans	2,050,000		—		—		1,650,000		—		—
Total	2,963,688		7,124		—		2,591,507		11,196		—

Derivatives not designated as hedging instruments:
Customer derivative positions	1,422,769		12,604		35,206		1,225,732		1,740		63,703
Dealer offsets to customer derivative positions	1,422,769		10,065		12,456		1,225,732		21,897		1,811
Risk participations	104,493		—		138		81,147		—		12
Mortgage banking - loan commitments	57,836		1,210		—		52,444		822		—
Mortgage banking - forward sales commitment	118,599		226		191		77,401		394		34
Bifurcated embedded derivatives	51,935		7,200		—		51,935		10,834		—
Dealer offsets to bifurcated embedded derivatives	51,935		—		8,568		51,935		—		12,274
Total	3,230,336		31,305		56,559		2,766,326		35,687		77,834

Total derivatives	$	6,194,024	$	38,429	$	56,559	$	5,357,833	$	46,883	$	77,834

Total gross derivative instruments			$	38,429	$	56,559			$	46,883	$	77,834
Less: Amounts subject to master netting agreements			( 8,823 )		( 8,823 )				( 1,900 )		( 1,900 )
Less: Cash collateral received/pledged			( 10,735 )		( 12,053 )				( 33,005 )		( 12,230 )
Net amount			$	18,871	$	35,683			$	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 September 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 $ 3.54 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 September 30,				Nine Months Ended September 30,
(in thousands)		2025		2024		2025		2024



Fair value hedges:





AFS securities:
Amounts related to interest settlements on derivatives		$	1,539	$	3,568	$	4,428	$	9,544
Loss recognized on derivative		( 1,050 )		( 22,144 )		( 14,217 )		( 12,292 )
Gain recognized on hedged items		1,357		22,983		14,665		13,495
Net income recognized on AFS securities fair value hedges	Interest revenue - investment securities	$	1,846	$	4,407	$	4,876	$	10,747



Loans:
Amounts related to interest settlements on derivatives		$	( 112 )	$	3,986	$	( 999 )	$	8,949
Gain (loss) recognized on derivatives		1,098		( 27,305 )		310		( 21,680 )
(Loss) gain recognized on hedged items		( 867 )		27,931		502		22,285
Net income (loss) recognized on loan fair value hedges	Interest revenue - loans, including fees	$	119	$	4,612	$	( 187 )	$	9,554

Cash flow hedges:
Long-term debt (1)	Interest expense- long term debt	$	1,143	$	1,441	$	3,393	$	4,319

(1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $ 119,000 and $ 119,000 for the three months ended September 30, 2025 and 2024, respectively, and $ 353,000 and $ 354,000 for the nine months ended September 30, 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 September 30, 2025 and December 31, 2024 were designated under the portfolio layer method.


(in thousands)	September 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)	$	971,227	$	4,913	$	793,688	$	1,002,511	$	( 9,752 )	$	821,507
Loans and leases held for investment	4,205,598		7,829		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 September 30,				Nine Months Ended September 30,
(in thousands)		2025		2024		2025		2024

Customer derivatives and dealer offsets	Other noninterest income	$	1,331	$	1,165	$	3,333	$	1,371
Bifurcated embedded derivatives and dealer offsets	Other noninterest income	( 21 )		( 72 )		( 25 )		( 263 )


Mortgage banking derivatives	Mortgage loan gains and other related fees	( 666 )		( 1,947 )		( 961 )		( 595 )
Risk participations	Other noninterest income	165		17		340		16
		$	809	$	( 837 )	$	2,687	$	529

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)	September 30, 2025		December 31, 2024
Core deposit intangible	$	106,984	$	100,694
Less: accumulated amortization	( 61,032 )		( 51,141 )
Net core deposit intangible (1)	45,952		49,553




Goodwill	925,119		907,090
Total goodwill and other intangible assets, net	$	971,071	$	956,643

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024

Balance, beginning of period	$	925,119	$	916,153	$	907,090	$	919,914
Acquisition of ANB (1)	—		—		18,029		—
Measurement period adjustment - First Miami	—		—		—		1,339
FinTrust goodwill write-down	—		—		—		( 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	$	3,188
2026	11,501
2027	9,498
2028	7,592
2029	5,835
Thereafter	8,338
Total	$	45,952

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 nine months ended September 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)
September 30, 2025	Level 1		Level 2		Level 3		Total
Assets:
AFS debt securities:
U.S. Treasuries	$	410,758	$	—	$	—	$	410,758
U.S. Government agencies & GSEs	—		280,921		—		280,921
State and political subdivisions	—		155,397		—		155,397
Residential MBS	—		1,863,040		—		1,863,040
Commercial MBS	—		743,028		—		743,028
Corporate bonds	—		137,855		489		138,344
Asset-backed securities	—		297,775		—		297,775
Equity securities	—		2,328		—		2,328
Mortgage loans held for sale	—		34,802		—		34,802
Mutual funds	15,567		—		—		15,567
Servicing rights for SBA/USDA loans	—		—		4,822		4,822
Residential mortgage servicing rights	—		—		40,792		40,792
Contingent consideration receivable	—		—		7,236		7,236
Derivative financial instruments	—		30,019		8,410		38,429
Total assets	$	426,325	$	3,545,165	$	61,749	$	4,033,239

Liabilities:
Deferred compensation plan liability	$	15,569	$	—	$	—	$	15,569
Derivative financial instruments	—		47,853		8,706		56,559

Total liabilities	$	15,569	$	47,853	$	8,706	$	72,128


(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	September 30, 2025		December 31, 2024
			Range	Weighted Average	Range	Weighted Average


Residential mortgage servicing rights	Discounted cash flow	Discount rate	9.5 % - 12.5 %	9.6 %	10.0 % - 14.0 %	10.1 %
		Prepayment rate	6.5 - 25.2	7.6	6.5 - 77.6	7.6



Derivative assets - mortgage	Internal model	Pull through rate	65.0 - 100	91.6	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 September 30,
Beginning balance	$	9,130	$	9,217	$	4,806	$	39,677	$	1,235	$	7,297	$	12,933	$	13,313	$	5,247	$	38,014	$	2,197

Additions	1,202		—		288		1,439		—		—		1,274		58		235		1,091		—

Sales and settlements	( 1,464 )		—		( 118 )		( 689 )		( 750 )		( 61 )		( 2,064 )		—		( 197 )		( 1,095 )		—
Fair value adjustments included in OCI	—		—		—		—		4		—		—		—		—		—		29
Fair value adjustments included in earnings	( 458 )		( 511 )		( 154 )		365		—		—		( 1,988 )		( 2,814 )		( 348 )		( 2,632 )		—
Ending balance	$	8,410	$	8,706	$	4,822	$	40,792	$	489	$	7,236	$	10,155	$	10,557	$	4,937	$	35,378	$	2,226

Nine Months Ended September 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	4,447		321		1,140		3,931		—		—		4,102		58		750		2,869		—

Transfers from Level 2	—		—		—		—		—		—		484		925		—		—		—
Sales and settlements	( 4,059 )		—		( 476 )		( 1,950 )		( 1,750 )		( 234 )		( 4,381 )		—		( 751 )		( 2,892 )		—
Fair value adjustments included in OCI	—		—		—		—		13		—		—		—		—		—		21
Fair value adjustments included in earnings	( 3,634 )		( 3,901 )		( 539 )		( 483 )		—		—		( 692 )		( 1,598 )		( 506 )		( 496 )		—
Ending balance	$	8,410	$	8,706	$	4,822	$	40,792	$	489	$	7,236	$	10,155	$	10,557	$	4,937	$	35,378	$	2,226

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)	September 30, 2025		December 31, 2024
Outstanding principal balance	$	33,814	$	56,097
Fair value	34,802		57,534


Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale
Location	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Mortgage loan (losses) gains and other related fees	$	( 270 )	$	180	$	( 449 )	$	352

Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of assets that were still held as of September 30, 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
September 30, 2025
Loans held for investment	$	—	$	—	$	23,538	$	23,538


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
September 30, 2025
Assets:
HTM debt securities	$	2,274,099	$	18,880	$	1,918,173	$	—	$	1,937,053
Loans and leases, net	18,959,003		—		—		18,399,997		18,399,997


Liabilities:
Deposits	24,020,618		—		24,014,897		—		24,014,897

Long-term debt	155,251		—		—		152,675		152,675

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 September 30,				Nine Months Ended September 30,				Affected Line Item in the Statement Where Net Income is Presented
	2025		2024		2025		2024
Realized net gains on AFS securities:
	$	49	$	—	$	341	$	—	Securities gains, net
	( 13 )		—		( 83 )		—		Income tax expense
	$	36	$	—	$	258	$	—	Net of tax

Amortization of unrealized losses on HTM securities transferred from AFS:
	$	( 1,993 )	$	( 2,235 )	$	( 5,918 )	$	( 6,772 )	Investment securities interest revenue
	471		528		1,400		1,723		Income tax expense
	$	( 1,522 )	$	( 1,707 )	$	( 4,518 )	$	( 5,049 )	Net of tax

Reclassifications related to derivative instruments accounted for as cash flow hedges:
Interest rate contracts	$	1,143	$	1,441	$	3,393	$	4,319	Long-term debt interest expense

	( 289 )		( 364 )		( 857 )		( 1,095 )		Income tax expense
	$	854	$	1,077	$	2,536	$	3,224	Net of tax




Amortization of defined benefit pension plan net periodic pension cost components:
Prior service cost	$	17	$	( 44 )	$	51	$	( 134 )	Salaries and employee benefits expense


	( 4 )		11		( 13 )		34		Income tax expense
	$	13	$	( 33 )	$	38	$	( 100 )	Net of tax

Total reclassifications for the period	$	( 619 )	$	( 663 )	$	( 1,686 )	$	( 1,925 )	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 September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	91,494	$	47,347	$	241,640	$	176,593
Dividends on preferred stock	( 1,573 )		( 1,573 )		( 4,719 )		( 4,719 )
Deemed dividend on redemption of preferred stock	( 3,275 )		—		( 3,275 )		—
Earnings allocated to participating securities	( 507 )		( 272 )		( 1,356 )		( 988 )
Net income available to common shareholders	$	86,139	$	45,502	$	232,290	$	170,886

Weighted average shares outstanding:
Basic	122,116		119,818		121,186		119,736
Effect of dilutive securities:
Stock options	63		84		69		75
Restricted stock units	73		50		48		16
Diluted	122,252		119,952		121,303		119,827

Net income per common share:
Basic	$	0.71	$	0.38	$	1.92	$	1.43
Diluted	$	0.70	$	0.38	$	1.91	$	1.43

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, except for 1,968 shares for nine months ended September 30, 2024 .

Note 11 – Regulatory Matters

As of September 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 September 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 September 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		September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024
Risk-based ratios:
CET1 capital	4.5	%	6.5	%	13.44		%	13.27		%	12.48		%	13.05		%
Tier 1 capital	6.0		8.0		13.44			13.72			12.48			13.05
Total capital	8.0		10.0		14.79			15.17			13.53			14.08
Leverage ratio	4.0		5.0		10.26			9.96			9.52			9.46

CET1 capital					$	2,791,739		$	2,608,136		$	2,583,132		$	2,555,941
Tier 1 capital					2,791,739			2,696,402			2,583,132			2,555,941
Total capital					3,073,175			2,982,273			2,799,568			2,756,811
Risk-weighted assets					20,774,042			19,655,227			20,696,806			19,582,815
Average total assets for the leverage ratio					27,207,223			27,059,513			27,138,211			27,014,385

(1) As of September 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 – Preferred Stock

On September 15, 2025, United redeemed all outstanding shares of its 6.875 % Series I non-cumulative perpetual preferred stock and corresponding depositary shares, each representing a 1/1000th interest in a preferred stock share (the “Preferred Stock”). The redemption resulted in a cash payment of $ 91.5 million, reflecting an aggregate liquidation preference of $ 25,000 per share. At the time of redemption, the Preferred Stock had a carrying value of $ 88.3 million, which was net of issuance costs of $ 3.27 million. The write-off of the issuance costs associated with the Preferred Stock was considered a deemed dividend to preferred shareholders for purposes of earnings per share.

Note 13 – 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)	September 30, 2025		December 31, 2024
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	4,632,829	$	3,970,991
Letters of credit	50,137		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 September 30, 2025 and December 31, 2024 and our results of operations for the three and nine months ended September 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 199 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 September 30, 2025, we had consolidated total assets of $28.1 billion and 3,058 full-time equivalent employees.

Recent Developments

On September 15, 2025, we redeemed all outstanding shares of our Series I preferred stock, which had a carrying value of $88.3 million. The redemption reflects our ongoing capital management strategy.

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.

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 nine months ended September 30, 2025 include ANB’s operating results for the period subsequent to the acquisition date.

Results of Operations

We reported net income and diluted earnings per common share of $91.5 million and $0.70, respectively, for the third quarter of 2025, compared to $47.3 million and $0.38, respectively, for the same period in 2024. For the nine months ended September 30, 2025, we reported net income and diluted earnings per common share of $242 million and $1.91, respectively, compared to $177 million and $1.43, respectively, in the same periods of 2024. The third quarter and first nine months of 2024 included a $27.2 million loss on the sale of substantially all of our manufactured housing loan portfolio which lowered diluted earnings per common share for those periods by approximately 18 cents, affecting comparability between 2025 and 2024.

Net income - operating and diluted earnings per common share - operating for the third quarter of 2025 were $94.2 million and $0.75, respectively, compared to $70.5 million and $0.57, respectively, for the third quarter of 2024. For the nine months ended September 30, 2025, we reported net income - operating and diluted earnings per common share - operating of $249 million and $2.00, respectively, compared to $206 million and $1.67, respectively, for the same periods of 2024. Net income - operating for the periods of 2025 excludes merger-related and other charges, while the periods of 2024 also exclude additional items, notably the loss on the sale of the manufactured housing loans of $27.2 million discussed above. See Table 1 of MD&A for the Non-GAAP Performance Measures Reconciliation for further detail.

Net interest revenue for the third quarter and first nine months of 2025 was $234 million and $671 million, respectively, compared to $209 million and $617 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 third quarter and first nine months of 2025 increased to 3.58% and 3.48%, respectively, from 3.33% and 3.30%, respectively, for the comparable 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 $7.91 million and $35.1 million for the third quarter and first nine months of 2025, respectively. The nine months ended September 30, 2025 included $2.49 million for the initial ACL for ANB non-PCD loans and unfunded commitments. Provision expense for the comparable periods of 2024 was $14.4 million and $39.6 million, respectively, and included $9.89 million for the Hurricane Helene reserve.

Noninterest income of $43.2 million and $114 million for the third quarter and first nine months of 2025 increased by $35.1 million and $29.3 million, respectively, compared to the same periods of 2024. The periods of 2024 included a $27.2 million loss on the manufactured housing loan portfolio sale. In addition, the third quarter of 2025 included more favorable fair value adjustments to our mortgage servicing asset, which resulted in a $3.00 million increase in mortgage loan gains and related fees compared to the third quarter of 2024.

Noninterest expense of $151 million and $440 million in the third quarter and first nine months of 2025 were up 5% and 1%, respectively, compared to the same periods of 2024. Salaries and employee benefits expense contributed to much of the increase for the three and nine months of 2025, reflecting the acquisition of ANB and annual merit increases as well as higher incentive compensation reflecting improvement in financial performance. The increase for the nine months ended September 30, 2025 was partially offset by a decrease in other noninterest expense as the comparable period of 2024 included a $5.10 million goodwill write-down related to the sale of FinTrust.

Results for the third quarter and first nine 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						Third Quarter 2025 - 2024 Change		For the Nine Months Ended September 30,						YTD Change
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter					2025			2024
INCOME SUMMARY
Interest revenue	$	353,850		$	347,365		$	335,357		$	344,962		$	349,086				$	1,036,572		$	1,032,779
Interest expense	120,221			121,834			123,336			134,629			139,900					365,391			415,744
Net interest revenue	233,629			225,531			212,021			210,333			209,186			12	%	671,181			617,035			9	%
Noninterest income	43,219			34,708			35,656			40,522			8,091			n/m		113,583			84,234			35
Total revenue	276,848			260,239			247,677			250,855			217,277			27		784,764			701,269			12
Provision for credit losses	7,907			11,818			15,419			11,389			14,428			(45)		35,144			39,562			(11)
Noninterest expense	150,868			147,919			141,099			143,056			143,065			5		439,886			435,111			1
Income before income tax expense	118,073			100,502			91,159			96,410			59,784			97		309,734			226,596			37
Income tax expense	26,579			21,769			19,746			20,606			12,437			114		68,094			50,003			36
Net income	91,494			78,733			71,413			75,804			47,347			93		241,640			176,593			37
Non-operating items	3,468			4,833			1,297			2,203			29,385			n/m		9,598			38,065			n/m
Income tax benefit of non-operating items	(751)			(1,047)			(281)			(471)			(6,276)			n/m		(2,079)			(8,231)			n/m


Net income - operating (1)	$	94,211		$	82,519		$	72,429		$	77,536		$	70,456		34		$	249,159		$	206,427		21

PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.70		$	0.63		$	0.58		$	0.61		$	0.38		84		$	1.91		$	1.43		34
Diluted net income - operating (1)	0.75			0.66			0.59			0.63			0.57			32		2.00			1.67			20
Cash dividends declared	0.25			0.24			0.24			0.24			0.24			4		0.73			0.70			4
Book value	29.44			28.89			28.42			27.87			27.68			6		29.44			27.68			6
Tangible book value (3)	21.59			21.00			20.58			20.00			19.66			10		21.59			19.66			10
Key performance ratios:
Return on common equity - GAAP (2)(4)	9.20		%	8.45		%	7.89		%	8.40		%	5.20		%			8.53		%	6.61		%
Return on common equity - operating (1)(2)(4)	9.83			8.87			8.01			8.60			7.82					8.92			7.76
Return on tangible common equity - operating (1)(2)(3)(4)	13.56			12.34			11.21			12.12			11.17					12.57			11.18
Return on assets - GAAP (4)	1.29			1.11			1.02			1.06			0.67					1.16			0.85
Return on assets - operating (1)(4)	1.33			1.16			1.04			1.08			1.01					1.19			0.99
Net interest margin (FTE) (4)	3.58			3.50			3.36			3.26			3.33					3.48			3.30
Efficiency ratio - GAAP	54.30			56.69			56.74			56.05			65.51					55.86			61.76
Efficiency ratio - operating (1)	53.05			54.84			56.22			55.18			57.37					54.64			57.84
Equity to total assets	12.78			12.86			12.56			12.38			12.45					12.78			12.45

Tangible common equity to tangible assets (3)	9.71			9.45			9.18			8.97			8.93					9.71			8.93


ASSET QUALITY


NPAs	$	97,916		$	83,959		$	93,290		$	115,635		$	114,960		(15)		$	97,916		$	114,960		(15)
ACL - loans	215,791			216,500			211,974			206,998			205,290			5		215,791			205,290			5

Net charge-offs	7,676			8,225			9,607			9,517			23,651			n/m		25,508			48,173			n/m
ACL - loans to loans	1.13		%	1.14		%	1.15		%	1.14		%	1.14		%			1.13		%	1.14		%

Net charge-offs to average loans (4)	0.16			0.18			0.21			0.21			0.52					0.18			0.35
NPAs to total assets	0.35			0.30			0.33			0.42			0.42					0.35			0.42











AT PERIOD END ($ in millions)
Loans	$	19,175		$	18,921		$	18,425		$	18,176		$	17,964		7		$	19,175		$	17,964		7
Investment securities	6,163			6,382			6,661			6,804			6,425			(4)		6,163			6,425			(4)
Total assets	28,143			28,086			27,874			27,720			27,373			3		28,143			27,373			3
Deposits	24,021			23,963			23,762			23,461			23,253			3		24,021			23,253			3
Shareholders’ equity	3,597			3,613			3,501			3,432			3,407			6		3,597			3,407			6
Common shares outstanding (thousands)	121,553			121,431			119,514			119,364			119,283			2		121,553			119,283			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 Nine Months Ended September 30,
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2025			2024
Noninterest income reconciliation
Noninterest income (GAAP)	$	43,219		$	34,708		$	35,656		$	40,522		$	8,091		$	113,583		$	84,234
Loss on sale of manufactured housing loans	—			—			—			—			27,209			—			27,209
Gain on lease termination	—			—			—			—			—			—			(2,400)

Noninterest income - operating	$	43,219		$	34,708		$	35,656		$	40,522		$	35,300		$	113,583		$	109,043

Noninterest expense reconciliation
Noninterest expense (GAAP)	$	150,868		$	147,919		$	141,099		$	143,056		$	143,065		$	439,886		$	435,111
Loss on sale of FinTrust, including goodwill impairment	—			—			—			—			—			—			(5,100)
FDIC special assessment	—			—			—			—			—			—			(1,736)
Merger-related and other charges	(3,468)			(4,833)			(1,297)			(2,203)			(2,176)			(9,598)			(6,420)
Noninterest expense - operating	$	147,400		$	143,086		$	139,802		$	140,853		$	140,889		$	430,288		$	421,855

Net income to operating income reconciliation
Net income (GAAP)	$	91,494		$	78,733		$	71,413		$	75,804		$	47,347		$	241,640		$	176,593
Loss on sale of manufactured housing loans	—			—			—			—			27,209			—			27,209

Gain on lease termination	—			—			—			—			—			—			(2,400)
Loss on sale of FinTrust, including goodwill impairment	—			—			—			—			—			—			5,100
FDIC special assessment	—			—			—			—			—			—			1,736
Merger-related and other charges	3,468			4,833			1,297			2,203			2,176			9,598			6,420
Income tax benefit of non-operating items	(751)			(1,047)			(281)			(471)			(6,276)			(2,079)			(8,231)
Net income - operating	$	94,211		$	82,519		$	72,429		$	77,536		$	70,456		$	249,159		$	206,427

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.70		$	0.63		$	0.58		$	0.61		$	0.38		$	1.91		$	1.43
Loss on sale of manufactured housing loans	—			—			—			—			0.18			—			0.18

Gain on lease termination	—			—			—			—			—			—			(0.02)
Loss on sale of FinTrust, including goodwill impairment	—			—			—			—			—			—			0.03
FDIC special assessment	—			—			—			—			—			—			0.01
Merger-related and other charges	0.02			0.03			0.01			0.02			0.01			0.06			0.04
Deemed dividend on preferred stock redemption	0.03			—			—			—			—			0.03			—
Diluted income per common share - operating	$	0.75		$	0.66		$	0.59		$	0.63		$	0.57		$	2.00		$	1.67

Book value per common share reconciliation
Book value per common share (GAAP)	$	29.44		$	28.89		$	28.42		$	27.87		$	27.68		$	29.44		$	27.68
Effect of goodwill and other intangibles	(7.85)			(7.89)			(7.84)			(7.87)			(8.02)			(7.85)			(8.02)
Tangible book value per common share	$	21.59		$	21.00		$	20.58		$	20.00		$	19.66		$	21.59		$	19.66

Return on tangible common equity reconciliation
Return on common equity (GAAP)	9.20		%	8.45		%	7.89		%	8.40		%	5.20		%	8.53		%	6.61		%
Loss on sale of manufactured housing loans	—			—			—			—			2.43			—			0.82

Gain on lease termination	—			—			—			—			—			—			(0.07)
Loss on sale of FinTrust, including goodwill impairment	—			—			—			—			—			—			0.16
FDIC special assessment	—			—			—			—			—			—			0.05
Merger-related and other charges	0.29			0.42			0.12			0.20			0.19			0.27			0.19
Deemed dividend on preferred stock redemption	0.34			—			—			—			—			0.12			—
Return on common equity - operating	9.83			8.87			8.01			8.60			7.82			8.92			7.76
Effect of goodwill and other intangibles	3.73			3.47			3.20			3.52			3.35			3.65			3.42
Return on tangible common equity - operating	13.56		%	12.34		%	11.21		%	12.12		%	11.17		%	12.57		%	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 Nine Months Ended September 30,
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter		2025		2024
Return on assets reconciliation
Return on assets (GAAP)	1.29	%	1.11	%	1.02	%	1.06	%	0.67	%	1.16	%	0.85	%
Loss on sale of manufactured housing loans	—		—		—		—		0.31		—		0.10

Gain on lease termination	—		—		—		—		—		—		(0.01)
Loss on sale of FinTrust, including goodwill impairment	—		—		—		—		—		—		0.02
FDIC special assessment	—		—		—		—		—		—		0.01
Merger-related and other charges	0.04		0.05		0.02		0.02		0.03		0.03		0.02
Return on assets - operating	1.33	%	1.16	%	1.04	%	1.08	%	1.01	%	1.19	%	0.99	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)	54.30	%	56.69	%	56.74	%	56.05	%	65.51	%	55.86	%	61.76	%
Loss on sale of manufactured housing loans	—		—		—		—		(7.15)		—		(2.25)
Gain on lease termination	—		—		—		—		—		—		0.21
Loss on sale of FinTrust, including goodwill impairment	—		—		—		—		—		—		(0.73)
FDIC special assessment	—		—		—		—		—		—		(0.24)
Merger-related and other charges	(1.25)		(1.85)		(0.52)		(0.87)		(0.99)		(1.22)		(0.91)
Efficiency ratio - operating	53.05	%	54.84	%	56.22	%	55.18	%	57.37	%	54.64	%	57.84	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)	12.78	%	12.86	%	12.56	%	12.38	%	12.45	%	12.78	%	12.45	%
Effect of goodwill and other intangibles	(3.07)		(3.10)		(3.06)		(3.09)		(3.20)		(3.07)		(3.20)

Effect of preferred equity	—		(0.31)		(0.32)		(0.32)		(0.32)		—		(0.32)
Tangible common equity to tangible assets	9.71	%	9.45	%	9.18	%	8.97	%	8.93	%	9.71	%	8.93	%

Net Interest Revenue

For the quarter:

FTE net interest revenue for the third quarter of 2025 was $235 million, an increase of $24.4 million from the same period in 2024. Net interest spread and net interest margin were 2.73% and 3.58%, respectively, which were up 43 basis points and 25 basis points, respectively, compared to the third quarter of 2024. Improvement in the net interest spread and net interest margin resulted from cuts of 125 basis points in the federal funds rate beginning in September of 2024, which drove decreases in funding costs, and to a lesser extent, loan yields.

For the nine months ended:

FTE net interest revenue for the first nine months of 2025 and 2024 was $674 million and $620 million, respectively. During the first nine months of 2025, our net interest spread increased 35 basis points and our net interest margin increased by 18 basis points compared to the same period of 2024. Changes in net interest revenue and related metrics for the nine 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 September 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)	$	19,010,663	$	297,725	6.21	%	$	18,051,741	$	291,164	6.42	%
Taxable securities (3)	6,217,693		51,522		3.31		6,182,164		51,284		3.32
Tax-exempt securities (FTE) (1)(3)	351,528		2,249		2.56		361,359		2,292		2.54
Federal funds sold and other interest-earning assets	413,678		3,389		3.25		505,792		5,440		4.28
Total interest-earning assets (FTE)	25,993,562		354,885		5.42		25,101,056		350,180		5.55

Noninterest-earning assets:
Allowance for credit losses	(220,805)						(215,008)
Cash and due from banks	206,772						206,995
Premises and equipment	397,490						399,262
Other assets (3)	1,664,648						1,615,468
Total assets	$	28,041,667					$	27,107,773

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	5,825,997	35,050		2.39		$	5,797,845	43,401		2.98
Money market	6,907,894		50,661		2.91		6,342,455		56,874		3.57
Savings	1,107,509		641		0.23		1,126,774		672		0.24
Time	3,656,172		31,602		3.43		3,465,980		34,560		3.97
Brokered time deposits	50,529		521		4.09		50,364		642		5.07
Total interest-bearing deposits	17,548,101		118,475		2.68		16,783,418		136,149		3.23

Federal funds purchased and other borrowings	2,284		25		4.34		1,899		27		5.66
Federal Home Loan Bank advances	—		—		—		11		—		—
Long-term debt	155,197		1,721		4.40		323,544		3,724		4.58
Total borrowed funds	157,481		1,746		4.40		325,454		3,751		4.59
Total interest-bearing liabilities	17,705,582		120,221		2.69		17,108,872		139,900		3.25

Noninterest-bearing liabilities:
Noninterest-bearing deposits	6,366,723						6,239,926
Other liabilities	334,443						391,574
Total liabilities	24,406,748						23,740,372
Shareholders' equity	3,634,919						3,367,401
Total liabilities and shareholders' equity	$	28,041,667					$	27,107,773

Net interest revenue (FTE)			$	234,664					$	210,280
Net interest-rate spread (FTE)					2.73	%					2.30	%
Net interest margin (FTE) (4)					3.58	%					3.33	%

(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 $1.04 million and $1.09 million, respectively, for the three months ended September 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 $223 million in 2025 and $295 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 Nine Months Ended September 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)	$	18,632,384	$	859,678	6.17	%	$	18,187,790	$	866,502	6.36	%
Taxable securities (3)	6,480,641		162,885		3.35		5,988,368		144,363		3.21
Tax-exempt securities (FTE) (1)(3)	354,115		6,730		2.53		363,692		6,876		2.52
Federal funds sold and other interest-earning assets	422,123		10,288		3.26		559,786		18,256		4.36
Total interest-earning assets (FTE)	25,889,263		1,039,581		5.37		25,099,636		1,035,997		5.51

Non-interest-earning assets:
Allowance for loan losses	(217,050)						(214,372)
Cash and due from banks	210,027						210,982
Premises and equipment	397,395						392,561
Other assets (3)	1,637,493						1,613,118
Total assets	$	27,917,128					$	27,101,925

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	6,002,702	109,396		2.44		$	5,913,566	133,522		3.02
Money market	6,713,585		149,805		2.98		6,092,649		160,883		3.53
Savings	1,133,078		2,722		0.32		1,159,982		2,065		0.24
Time	3,545,792		93,029		3.51		3,535,343		106,199		4.01
Brokered time deposits	50,488		1,593		4.22		50,343		1,726		4.58
Total interest-bearing deposits	17,445,645		356,545		2.73		16,751,883		404,395		3.22
Federal funds purchased and other borrowings	29,865		1,215		5.44		2,001		87		5.81
Federal Home Loan Bank advances	12,824		433		4.51		5		—		—
Long-term debt	215,440		7,198		4.47		324,414		11,262		4.64
Total borrowed funds	258,129		8,846		4.58		326,420		11,349		4.64
Total interest-bearing liabilities	17,703,774		365,391		2.76		17,078,303		415,744		3.25

Noninterest-bearing liabilities:
Noninterest-bearing deposits	6,304,792						6,306,919
Other liabilities	350,211						394,323
Total liabilities	24,358,777						23,779,545
Shareholders' equity	3,558,351						3,322,380
Total liabilities and shareholders' equity	$	27,917,128					$	27,101,925

Net interest revenue (FTE)			$	674,190					$	620,253
Net interest-rate spread (FTE)					2.61	%					2.26	%
Net interest margin (FTE) (4)					3.48	%					3.30	%

(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 $3.01 million and $3.22 million, respectively, for the nine months ended September 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 $244 million and $320 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 September 30,				Change				Nine Months Ended September 30,				Change
	2025		2024		Amount		Percent		2025		2024		Amount		Percent
Service charges and fees:
Overdraft fees	$	3,573	$	3,603	$	(30)	(1)	%	$	9,894	$	9,977	$	(83)	(1)	%
ATM and debit card fees	4,232		3,833		399		10		11,987		11,277		710		6
Other service charges and fees	3,595		3,052		543		18		9,176		9,118		58		1
Total service charges and fees	11,400		10,488		912		9		31,057		30,372		685		2
Mortgage loan gains and related fees	7,098		3,520		3,578		n/m		18,590		17,830		760		4
Wealth management fees	4,757		6,338		(1,581)		(25)		13,622		19,037		(5,415)		(28)
Net gains (losses) on sales of other loans	2,385		(25,700)		28,085		n/m		5,776		(22,867)		28,643		n/m
Lending and loan servicing fees	4,235		3,512		723		21		12,090		11,050		1,040		9
Securities gains, net	49		—		49		n/m		341		—		341		n/m
Other noninterest income:
Customer derivative fees	1,454		1,139		315		28		3,611		1,577		2,034		n/m
Other investment income	2,233		1,182		1,051		n/m		2,304		4,130		(1,826)		n/m
BOLI	3,557		2,571		986		38		7,692		7,375		317		4
Treasury management income	2,197		1,755		442		25		6,155		4,943		1,212		25
Other	3,854		3,286		568		17		12,345		10,787		1,558		14
Total other noninterest income	13,295		9,933		3,362		34		32,107		28,812		3,295		11
Total noninterest income	$	43,219	$	8,091	$	35,128	n/m		$	113,583	$	84,234	$	29,349	35

The increase in mortgage loan gains and related fees for the three months ended September 30, 2025 compared to the same period of 2024 was primarily a result of more favorable fair value adjustments to our mortgage servicing asset which provided an increase of $3.00 million compared to 2024. The following table provides an overview of mortgage metrics for the periods presented.


Table 5 - Mortgage Loan Metrics
(dollars in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		% Change		2025		2024		% Change
Mortgage rate locks	$	377,494	$	306,281	23	%	$	1,066,455	$	860,793	24	%


Mortgage loans sold	$	174,859	$	171,692	2		$	491,020	$	442,282	11


Mortgage loans originated:
Purchases	$	241,159	$	212,470	14		$	656,026	$	551,755	19
Refinances	41,497		26,186		58		98,892		72,737		36
Total	$	282,656	$	238,656	18		$	754,918	$	624,492	21

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 $3.46 billion and $5.59 billion at September 30, 2025 and 2024, respectively.

The change in gains on sales of other loans for the three and nine months ended September 30, 2025 was primarily driven by the periods of 2024 including a $27.2 million loss on the sale of substantially all of our manufactured housing portfolio.

Customer derivative fees for the three and nine months ended September 30, 2025 were up due to stronger loan growth and increased product demand, attributable to the lower interest rate environment compared to the same periods of 2024.

During the third quarter of 2025, other investment income increased, due to stronger investment performance, particularly our limited partnership and mutual fund investments, compared to the same period of 2024. The decrease for the nine months ended September 30, 2025 was driven by weaker market conditions during the first six months of 2025, particularly related to our mutual fund and other equity investments. Our other investment portfolio includes mutual funds, equity securities, fintech and other limited partnership investments. Gains and losses from these investments are generally unrealized.

The increase in BOLI earnings during the third quarter of 2025 was driven by higher death benefits received during the period compared to the third quarter of 2024.

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 provisions for credit losses of $7.91 million and $35.1 million for the three and nine months ended September 30, 2025, compared to $14.4 million and $39.6 million for the same periods of 2024. The provision expense for the three and nine months ended September 30, 2025 reflected the partial release of the 2024 Hurricane Helene reserve of $2.54 million and $7.92 million, respectively. In addition, provision expense for the nine months ended September 30, 2025 included $2.49 million for ANB’s non-PCD loans and unfunded commitments. The three and nine months ended September 30, 2024 included $9.89 million of provision expense related to the establishment of the Hurricane Helene reserve.

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 September 30,				Change				Nine Months Ended September 30,				Change
	2025		2024		Amount		Percent		2025		2024		Amount		Percent
Salaries and employee benefits	$	90,667	$	83,533	$	7,134	9	%	$	261,931	$	254,336	$	7,595	3	%
Communications and equipment	13,937		12,626		1,311		10		40,968		36,534		4,434		12
Occupancy	11,502		11,311		191		2		33,366		33,466		(100)		—
Advertising and public relations	2,053		2,041		12		1		6,815		6,401		414		6
Postage, printing and supplies	2,735		2,477		258		10		7,791		7,376		415		6
Professional fees	6,282		6,432		(150)		(2)		17,822		18,464		(642)		(3)
Lending and loan servicing expense	2,428		2,227		201		9		6,745		6,068		677		11
Outside services - electronic banking	3,543		4,433		(890)		(20)		9,876		10,163		(287)		(3)
FDIC assessments and other regulatory charges	4,846		5,003		(157)		(3)		14,233		17,036		(2,803)		(16)
Amortization of intangibles	3,313		3,528		(215)		(6)		9,891		11,209		(1,318)		(12)
Merger-related and other charges	3,468		2,176		1,292		n/m		9,598		6,420		3,178		n/m
Other	6,094		7,278		(1,184)		(16)		20,850		27,638		(6,788)		(25)
Total noninterest expense	$	150,868	$	143,065	$	7,803	5		$	439,886	$	435,111	$	4,775	1

The increase in salaries and employee benefits for the third quarter and first nine months of 2025 compared to the same periods of 2024 was mostly driven by annual merit increases that went into effect on April 1, 2025, higher performance-related incentive compensation and the addition of ANB employees on May 1, 2025.

Communications and equipment expense for the third quarter and first nine months 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.

FDIC assessments and other regulatory charges decreased for the first nine 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 third quarter and first nine months of 2025 was primarily driven by ANB merger-related costs.

Other noninterest expense for the nine months ended 2025 decreased compared to the same period of last year as 2024 included a goodwill write-down of $5.10 million related to the sale of FinTrust. In addition, for the three and nine months ended September 30, 2025, fraud losses declined compared to the same periods of 2024.

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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Income before income taxes	$	118,073		$	59,784		$	309,734		$	226,596
Income tax expense	26,579			12,437			68,094			50,003
Effective tax rate	22.5		%	20.8		%	22.0		%	22.1		%

Balance Sheet Review

Total assets at September 30, 2025 and December 31, 2024 were $28.1 billion and $27.7 billion, respectively. Total liabilities at September 30, 2025 and December 31, 2024 were $24.5 billion and $24.3 billion, respectively. Shareholders’ equity totaled $3.60 billion and $3.43 billion at September 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)


	September 30, 2025								December 31, 2024
	Loans		% of portfolio		ACL		ACL to Loans		Loans		% of portfolio		ACL		ACL to Loans
Owner occupied CRE	$	3,678,286	19	%	$	20,659	0.56	%	$	3,398,217	19	%	$	19,873	0.58	%
Income producing CRE	4,534,407		24		46,211		1.02		4,360,920		24		41,427		0.95
Commercial & industrial	2,592,971		14		44,481		1.72		2,428,376		13		35,441		1.46
Commercial construction	1,733,473		9		13,841		0.80		1,655,710		9		16,370		0.99
Equipment financing	1,807,907		9		45,104		2.49		1,662,501		9		47,415		2.85
Total commercial	14,347,044		75		170,296		1.19		13,505,724		74		160,526		1.19
Residential mortgage	3,197,857		17		31,273		0.98		3,231,479		18		32,259		1.00
Home equity	1,252,087		6		11,356		0.91		1,064,874		6		11,247		1.06
Residential construction	178,468		1		1,767		0.99		178,405		1		1,672		0.94
Manufactured housing (2)	—		—		—		—		1,723		—		450		26.12
Consumer	191,509		1		1,099		0.57		186,448		1		844		0.45
Total (1)	$	19,166,965			$	215,791	1.13		$	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 industry concentrations of our non-owner occupied CRE loans, which include the income producing CRE portfolio and non-owner occupied commercial construction loans as of the dates indicated.

Table 9 - Industry Concentrations of Non-Owner Occupied CRE Loans

(dollars in thousands)


	September 30, 2025				December 31, 2024
	Total		% of loans in category		Total		% of loans in category
Retail	$	1,380,779	23	%	$	1,221,168	21	%
Office	897,582		15		836,419		15
Multifamily	895,952		15		973,065		17
Warehouse and industrial	636,075		11		584,659		10
Hotel	516,336		9		485,093		9
Builder finance	374,514		6		329,349		6
Rental 1-4 family	326,078		5		325,189		6
Self storage	287,780		5		257,770		5
Other	241,409		4		250,261		4
Senior care	239,578		4		311,112		5
Land	168,932		3		140,527		2
Total	$	5,965,015	100	%	$	5,714,612	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 September 30, 2025 totaled $216 million compared to $207 million at December 31, 2024 and the ACL for loans as a percentage of total loans decreased slightly to 1.13% from 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 $1.88 million and $9.80 million at September 30, 2025 and December 31, 2024, respectively. Our ACL for unfunded commitments, which totaled $12.5 million, increased $2.09 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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024



Net charge-offs (recoveries)
Owner occupied CRE	$	2,497		$	(184)		$	3,093		$	181
Income producing CRE	(106)			1,409			1,545			4,582
Commercial & industrial	(1,132)			4,577			2,342			9,764
Commercial construction	491			36			442			8
Equipment financing	5,487			5,268			15,492			17,132
Residential mortgage	(259)			32			53			(91)
Home equity	19			36			(115)			(45)
Residential construction	12			111			222			256
Manufactured housing	—			11,556			—			14,275
Consumer	667			810			2,434			2,111
Total net charge-offs	$	7,676		$	23,651		$	25,508		$	48,173





Average loans
Owner occupied CRE	$	3,596,119		$	3,305,391		$	3,465,214		$	3,290,993
Income producing CRE	4,558,960			4,152,421			4,518,396			4,163,423
Commercial & industrial	2,547,228			2,302,556			2,502,676			2,348,293
Commercial construction	1,759,235			1,896,616			1,712,303			1,918,449
Equipment financing	1,771,095			1,590,140			1,716,466			1,561,859
Residential mortgage	3,203,555			3,260,024			3,218,995			3,236,507
Home equity	1,206,131			998,335			1,135,693			977,571
Residential construction	178,286			199,850			176,550			237,167
Manufactured housing	—			161,246			—			271,492
Consumer	190,054			185,162			186,091			182,036
Total average loans	$	19,010,663		$	18,051,741		$	18,632,384		$	18,187,790

Net charge-offs to average loans (1)
Owner occupied CRE	0.28		%	(0.02)		%	0.12		%	0.01		%
Income producing CRE	(0.01)			0.13			0.05			0.15
Commercial & industrial	(0.18)			0.79			0.13			0.56
Commercial construction	0.11			0.01			0.03			—
Equipment financing	1.23			1.32			1.21			1.47
Residential mortgage	(0.03)			—			—			—
Home equity	0.01			0.01			(0.01)			(0.01)
Residential construction	0.03			0.22			0.17			0.14
Manufactured housing	—			28.51			—			7.02
Consumer	1.39			1.74			1.75			1.55
Total	0.16			0.52			0.18			0.35

(1) Annualized.

We completed the sale of substantially all of our manufactured housing loan portfolio in the third quarter of 2024. In connection with the sale, we recorded an $11.0 million charge-off in the third quarter and first nine months of 2024. For the third quarter and first nine

months of 2025, the average balance and net charge-offs related to the remaining manufactured housing loans are reflected in consumer loans.

Nonperforming Assets

The table below summarizes NPAs for the periods indicated. NPAs include nonaccrual loans, OREO and repossessed assets. Notably, we had two payoffs of senior care loans (included in income producing CRE) totaling $14.6 million.


Table 11 - NPAs
(dollars in thousands)


	September 30, 2025			December 31, 2024			$ Change

Nonaccrual loans:
Owner occupied CRE	$	10,275		$	11,674		$	(1,399)
Income producing CRE	10,884			25,357			(14,473)
Commercial & industrial	25,754			29,339			(3,585)
Commercial construction	3,198			7,400			(4,202)
Equipment financing	9,716			8,925			791
Total commercial	59,827			82,695			(22,868)
Residential mortgage	28,978			24,615			4,363
Home equity	5,234			4,630			604
Residential construction	1,241			57			1,184
Manufactured housing (1)	—			1,444			(1,444)
Consumer	1,163			138			1,025
Total	96,443			113,579			(17,136)
OREO and repossessed assets	1,473			2,056			(583)
Total NPAs	$	97,916		$	115,635		$	(17,719)

Nonaccrual loans as a percentage of total loans	0.50		%	0.62		%

NPAs as a percentage of total assets	0.35			0.42

ACL - loans to nonaccrual loans coverage ratio	2.24			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)


	September 30, 2025					December 31, 2024
	Carrying Value			% of portfolio		Carrying Value			% of portfolio		$ Change
AFS	$	3,889,263		63	%	$	4,436,291		65	%	$	(547,028)
HTM	2,274,099			37		2,368,107			35		(94,008)
Total investment securities	$	6,163,362				$	6,804,398				$	(641,036)

Investment securities as a % of total assets	22		%			25		%
Weighted average life	5.4 years					5.7 years
Swap adjusted effective duration	3.6		%			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 September 30, 2025, HTM debt securities had a fair value of $1.94 billion, indicating net unrealized losses of $337 million (pre-tax). Additional unrealized losses on HTM debt securities of $53.5 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 September 30, 2025 and December 31, 2024, goodwill and other intangibles totaled $971 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 $572 million, which includes deposits of $374 million acquired in the ANB transaction as of the acquisition date. As of September 30, 2025, we had approximately $9.85 billion of uninsured deposits, of which $2.73 billion was collateralized by investment securities.


Table 13 - Deposits
(dollars in thousands)


	September 30, 2025				December 31, 2024
	Balance		% of Total		Balance		% of Total
Noninterest-bearing demand	$	6,444,067	27	%	$	6,211,182	26	%
NOW and interest-bearing demand	5,860,653		24		6,141,342		26
Money market and savings	7,886,624		33		7,498,735		32
Time	3,673,718		15		3,441,424		15
Total customer deposits	23,865,062		99		23,292,683		99
Brokered deposits	155,556		1		168,292		1
Total deposits	$	24,020,618			$	23,460,975

Borrowing Activities

At September 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. On September 30, 2025, holders of our $35.0 million senior debt were notified that the debt would be redeemed on November 14, 2025. At September 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
	September 30, 2025				December 31, 2024
Change in Rates	Shock		Ramp		Shock		Ramp
200 basis point increase	3.32	%	1.61	%	2.01	%	0.92	%
100 basis point increase	1.83		1.15		1.19		0.66
100 basis point decrease	(3.02)		(2.00)		(2.27)		(1.46)
200 basis point decrease	(7.24)		(3.17)		(6.00)		(2.38)

The change in results from December 31, 2024 to September 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 September 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 September 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)
		September 30, 2025		December 31, 2024
	Available liquid funds:
	Cash and cash equivalents	$	613,431	$	519,873

	Availability of borrowings (1) :
	FHLB	1,951,358		1,917,905
	Federal Reserve - Discount Window	2,425,183		2,267,139


	Unpledged securities available as collateral for additional borrowings	3,661,185		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 September 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 September 30, 2025 was $3.60 billion, an increase of $165 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 the redemption of our preferred stock and dividends declared on common and preferred stock.

The following table shows capital ratios, as calculated under applicable regulatory guidelines, at September 30, 2025 and December 31, 2024. As of September 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		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Risk-based ratios:
CET1 capital	4.5	%	6.5	%	7.0	%	13.44	%	13.27	%	12.48	%	13.05	%
Tier 1 capital	6.0		8.0		8.5		13.44		13.72		12.48		13.05
Total capital	8.0		10.0		10.5		14.79		15.17		13.53		14.08
Leverage ratio	4.0		5.0		N/A		10.26		9.96		9.52		9.46

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

Table 17 - Capital Composition under Basel III

(in thousands)


	United Community Banks, Inc. (Consolidated)				United Community Bank
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Total common shareholders' equity	$	3,596,851	$	3,343,861	$	3,381,511	$	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	(39,474)		(42,334)		(39,474)		(42,334)
DTAs arising from net operating loss and tax credit carryforwards	(4,441)		(2,554)		(3,248)		(1,988)
Net unrealized losses on AFS securities	129,697		177,645		128,961		176,777
Accumulated net gains on cash flow hedges	(6,276)		(9,705)		—		—
Net unrealized losses on HTM securities that are included in AOCI	40,612		45,129		40,612		45,129
Other	(111)		(150)		(111)		(150)
CET1 capital	2,791,739		2,608,136		2,583,132		2,555,941
Preferred stock, net of issuance cost	—		88,266		—		—
Tier 1 capital	2,791,739		2,696,402		2,583,132		2,555,941
Tier 2 capital instruments	65,000		85,000		—		—
Qualifying ACL	216,436		200,871		216,436		200,870

Total capital	$	3,073,175	$	2,982,273	$	2,799,568	$	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 September 30, 2025 from that presented in our 2024 10-K. Our interest rate sensitivity position at September 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 September 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 September 30, 2025 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II. OTHER INFORMATION

Item 5. Other Information

During the quarter ended September 30, 2025, no 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 September 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 September 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: November 7, 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 Preferred Stock Note 13 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 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 Sept. 30, 2025

Exhibits