Diluted earnings per share up six percent, to 38 cents, from third quarter 2016
Excluding merger-related and other non-operating charges,
diluted operating EPS up five percent, to 41 cents

• Net interest revenue of $89.8 million, up $10.8 million or 14 percent from year ago
• Net interest margin of 3.54 percent, up seven basis points from second quarter and up 20 basis points from year ago
• Return on assets of 1.01 percent, or 1.09 percent excluding merger-related and other charges
• Efficiency ratio of 59.3 percent, or 56.2 percent excluding merger-related and other charges
• Completed the acquisition of Horry County State Bank during the quarter

BLAIRSVILLE, Ga., Oct. 24, 2017 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ:UCBI) (“United”) today announced strong third quarter results with meaningful margin expansion, disciplined expense management and sound credit quality.  Net income was $27.9 million, or 38 cents per diluted share, compared with $25.9 million, or 36 cents per diluted share, for the third quarter of 2016.

On an operating basis, net income rose to $30.2 million for the third quarter of 2017 compared with $27.8 million for the third quarter of 2016.  Third quarter 2017 operating net income excludes merger-related and other non-operating charges totaling $2.27 million, net of the associated income tax benefit.  Third quarter 2016 operating net income excludes $1.96 million in merger-related charges, net of the associated income tax benefit.  On a per diluted share basis, operating net income was 41 cents for the third quarter of 2017 compared with 39 cents for the third quarter of 2016.

At September 30, 2017, preliminary regulatory capital ratios were as follows. Tier 1 Risk-Based of 12.3 percent; Total Risk-Based of 13.0 percent; Common Equity Tier 1 Risk-Based of 12.2 percent, and Tier 1 Leverage of 9.3 percent.

“Our third quarter results demonstrate United bankers’ ability to overcome challenges and produce solid financial results,” said Jimmy Tallent, chairman and chief executive officer.  “In the third quarter, we became subject to the Durbin amendment of the Dodd Frank Wall Street Reform and Consumer Protection Act which places a cap on the amount banks can charge merchants for debit card interchange fees.  We also became subject to the large bank deposit insurance assessment model.  The combined effect of these two items reduced our pre-tax earnings by approximately $3.4 million, or three cents per share, in the third quarter.  We had been actively preparing for this for two years and our bankers were able to completely offset the impact through a higher net interest margin and disciplined expense controls.

“Despite these challenges and excluding merger-related and other non-operating charges, our third quarter operating efficiency ratio held steady at 56.2 percent, our best in more than a decade,” Tallent stated.  “Including merger and other non-operating charges, the efficiency ratio was 59.3 percent.  Clearly our bankers delivered solid financial performance by every measure.”

Tallent continued, “We also completed the acquisition of Horry County State Bank on July 31^st, significantly enhancing our presence in the Myrtle Beach area along the South Carolina coast.  The acquisition of Horry County State Bank, which is part of our larger, ongoing expansion strategy in the high-growth South Carolina coast will accelerate our growth in this attractive market.  We are all set for systems conversions in mid-November at which time we expect to achieve all of our cost savings.

“We are scheduled to complete our acquisition of Four Oaks Bank & Trust Company on November 1^st which will extend our footprint farther east in North Carolina to the fast-growing Raleigh MSA.  All regulatory and shareholder approvals for the transaction have been received.  We have long sought to enter this market and are delighted to find an exceptional partner in Four Oaks.  I could not be more pleased with these two partnerships and look forward to them becoming part of United.

“Third quarter loan production was $617 million with $434 million originating from our community banks and $183 million from our Commercial Banking Solutions group,” Tallent added.  “Linked-quarter loans were up $162 million, mostly reflecting the $216 million in net loans received through our acquisition of Horry County State Bank.  Our indirect auto loan portfolio was down $48.7 million from second quarter reflecting our decision to suspend indirect auto loan purchases.  Excluding the reduction in indirect auto loans and the loans acquired through the Horry acquisition, loan growth was essentially flat from second quarter.”

Third quarter net interest revenue totaled $89.8 million, up $10.8 million from the third quarter of 2016 and up $4.6 million from the second quarter.  The increases from both periods reflect business growth and net interest margin expansions of 20 basis points from a year ago and seven basis points from the second quarter, mostly driven by rising short-term interest rates as well as the acquisition of Horry County State Bank which was completed on July 31, 2017.  Horry County State Bank results are included in United’s financial results from the acquisition date.

The third quarter provision for credit losses was $1 million, up from $800,000 for the second quarter.  This compares with a provision recovery of $300,000 in the third quarter of 2016.  Third quarter net charge-offs totaled $1.6 million, equal to the second quarter of 2017 but up slightly from $1.4 million in the third quarter of 2016.  Contributing to the low level of net charge-offs were continued strong recoveries of previously charged-off loans.  Nonperforming assets were .23 percent of total assets at September 30, 2017, compared with .30 percent at September 30, 2016 and .24 percent at June 30, 2017.

“We continue to experience strong, steady credit quality and a low level of net charge-offs which is reflected in our low provision for loan losses,” Tallent commented.  “Our credit quality indicators show no indication of credit deterioration and our outlook is for that to continue.  We also expect our provision levels to gradually increase during the year due to loan growth, while our allowance and the related ratio to total loans will decline slightly.”

Third quarter fee revenue totaled $20.6 million, down $5.79 million from a year ago and down $3.11 million from the second quarter.  The decrease from both prior periods was mostly due to lower debit card interchange fees as a result of the Durbin amendment becoming effective for United on July 1^st.  The Durbin amendment, which places a cap on the amount of interchange banks can charge merchants for use of their debit cards, reduced United’s debit card interchange fees by approximately $2.7 million in the third quarter.  Also contributing to the decrease from both prior periods were lower mortgage fees and lower customer derivative fees reflecting a less favorable interest rate environment.

Operating expenses were $65.7 million for the third quarter, compared with $64.0 million for the third quarter of 2016 and $63.2 million for the second quarter.  Included in the third quarter’s operating expenses are $2.3 million in merger-related expenses and $1.1 million in surplus property impairment charges, totaling $3.4 million.  We also had merger-related charges of $3.15 million in the third quarter of 2016, and merger-related and executive retirement charges totaling $1.83 million in the second quarter of 2017.  Excluding these charges, third quarter operating expenses were $62.3 million compared with $61.4 million for the second quarter and $60.9 million a year ago.  The $855,000 increase from the second quarter was mostly due to higher deposit insurance costs as a result of being assessed under the large bank deposit insurance assessment model effective July 1, and the operating expenses of Horry County State Bank acquired on July 31.  These increases were partially offset by lower communications and equipment and advertising and public relations expense.

Tallent concluded, “Our bankers always meet every challenge with diligence and perseverance.  That was certainly demonstrated with our third quarter financial results.  Their passion and commitment drive our performance and ensure our success.  Every day I become more encouraged about the opportunities that lie ahead knowing that our exceptional team of bankers will find success in everything they do.  With Horry County State Bank and Four Oaks Bank & Trust Company, we have found two outstanding strategic partners in key growth markets that share our passion for banking and our commitment to customer service.  I am excited about the opportunities that these acquisitions create to recruit other talented bankers from within these markets into the United family.”

Conference Call
United will hold a conference call today, Wednesday, October 25, 2017, at 11 a.m. ET to discuss the contents of this earnings release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 90798221.  The conference call also will be webcast and available for replay for 30 days by selecting “Events & Presentations” within the Investor Relations section of United’s website at www.ucbi.com.

About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ:UCBI) is a bank holding company based in Blairsville, Georgia with $11.1 billion in assets.  The company’s banking subsidiary, United Community Bank, is one of the southeast region’s largest full-service banks, operating 142 offices in Georgia, North Carolina, South Carolina and Tennessee.  The bank specializes in personalized community banking services for individuals, small businesses and corporations.  Services include a full range of consumer and commercial banking products including mortgage, advisory, and treasury management.  Respected national research firms consistently recognize United Community Bank for outstanding customer service.  For the last four years, J.D. Power has ranked United Community Bank first in customer satisfaction in the Southeast.  In 2017, for the fourth consecutive year, Forbes magazine included United on its list of the 100 Best Banks in America.  Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com.

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

Safe Harbor
This News Release contains forward-looking statements, as defined by federal securities laws, including statements about United’s financial outlook and business environment.  These statements are based on current expectations and are provided to assist in the understanding of future financial performance.  Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements.  For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United’s filings with the Securities and Exchange Commission, including our 2016 Annual Report on Form 10-K under the sections entitled “Forward-Looking Statements” and “Risk Factors.”  Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements.

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Selected Financial Information
																					Third
	2017												2016								Quarter
	Third				Second				First				Fourth				Third				2017-2016
(in thousands, except per share data)	Quarter				Quarter				Quarter				Quarter				Quarter				Change
INCOME SUMMARY
Interest revenue	$	98,839			$	93,166			$	90,958			$	87,778			$	85,439
Interest expense		9,064				8,018				7,404				6,853				6,450
Net interest revenue		89,775				85,148				83,554				80,925				78,989			14		%
Provision for credit losses		1,000				800				800				-				(300	)
Fee revenue		20,573				23,685				22,074				25,233				26,361			(22	)
Total revenue		109,348				108,033				104,828				106,158				105,650			4
Expenses		65,674				63,229				62,826				61,321				64,023			3
Income before income tax expense		43,674				44,804				42,002				44,837				41,627			5
Income tax expense		15,728				16,537				18,478				17,616				15,753			-
Net income		27,946				28,267				23,524				27,221				25,874			8
Merger-related and other charges		3,420				1,830				2,054				1,141				3,152
Income tax benefit of merger-related and other charges		(1,147	)			(675	)			(758	)			(432	)			(1,193	)
Impairment of deferred tax asset on canceled   non-qualified stock options		-				-				-				976				-
Release of disproportionate tax effects lodged in OCI		-				-				3,400				-				-
Net income - operating (1)	$	30,219			$	29,422			$	28,220			$	28,906			$	27,833			9
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	.38			$	.39			$	.33			$	.38			$	.36			6
Diluted net income - operating  (1)		.41				.41				.39				.40				.39			5
Cash dividends declared		.10				.09				.09				.08				.08
Book value		16.50				15.83				15.40				15.06				15.12			9
Tangible book value (3)		14.11				13.74				13.30				12.95				13.00			9
Key performance ratios:
Return on common equity - GAAP (2)(4)		9.22		%		9.98		%		8.54		%		9.89		%		9.61		%
Return on common equity - operating (1)(2)(4)		9.97				10.39				10.25				10.51				10.34
Return on tangible common equity - operating (1)(2)(3)(4)		11.93				12.19				12.10				12.47				12.45
Return on assets - GAAP (4)		1.01				1.06				.89				1.03				1.00
Return on assets - operating (1)(4)		1.09				1.10				1.07				1.10				1.08
Dividend payout ratio - GAAP		26.32				23.08				27.27				21.05				22.22
Dividend payout ratio - operating (1)		24.39				21.95				23.08				20.00				20.51
Net interest margin (fully taxable equivalent) (4)		3.54				3.47				3.45				3.34				3.34
Efficiency ratio - GAAP		59.27				57.89				59.29				57.65				60.78
Efficiency ratio - operating  (1)		56.18				56.21				57.35				56.58				57.79
Average equity to average assets		10.86				10.49				10.24				10.35				10.38
Average tangible equity to average assets (3)		9.45				9.23				8.96				9.04				8.98
Average tangible common equity to average assets (3)		9.45				9.23				8.96				9.04				8.98
Tangible common equity to risk-weighted assets (3)(5)		12.81				12.44				12.07				11.84				12.22
ASSET QUALITY
Nonperforming loans	$	22,921			$	23,095			$	19,812			$	21,539			$	21,572			6
Foreclosed properties		2,736				2,739				5,060				7,949				9,187			(70	)
Total nonperforming assets (NPAs)		25,657				25,834				24,872				29,488				30,759			(17	)
Allowance for loan losses		58,605				59,500				60,543				61,422				62,961			(7	)
Net charge-offs		1,635				1,623				1,679				1,539				1,359			20
Allowance for loan losses to loans		.81		%		.85		%		.87		%		.89		%		.94		%
Net charge-offs to average loans (4)		.09				.09				.10				.09				.08
NPAs to loans and foreclosed properties		.36				.37				.36				.43				.46
NPAs to total assets		.23				.24				.23				.28				.30
AVERAGE BALANCES ($ in millions)
Loans	$	7,149			$	6,980			$	6,904			$	6,814			$	6,675			7
Investment securities		2,800				2,775				2,822				2,690				2,610			7
Earning assets		10,133				9,899				9,872				9,665				9,443			7
Total assets		10,980				10,704				10,677				10,484				10,281			7
Deposits		8,913				8,659				8,592				8,552				8,307			7
Shareholders’ equity		1,193				1,123				1,093				1,085				1,067			12
Common shares - basic (thousands)		73,151				71,810				71,700				71,641				71,556			2
Common shares - diluted (thousands)		73,162				71,820				71,708				71,648				71,561			2
AT PERIOD END ($ in millions)
Loans	$	7,203			$	7,041			$	6,965			$	6,921			$	6,725			7
Investment securities		2,847				2,787				2,767				2,762				2,560			11
Total assets		11,129				10,837				10,732				10,709				10,298			8
Deposits		9,127				8,736				8,752				8,638				8,442			8
Shareholders’ equity		1,221				1,133				1,102				1,076				1,079			13
Common shares outstanding (thousands)		73,403				70,981				70,973				70,899				70,861			4
(1)  Excludes merger-related and other charges which includes amortization of certain executive change of control benefits, a first quarter 2017 release of disproportionate tax effects lodged in OCI and a fourth quarter 2016 deferred tax asset impairment charge related to cancelled non-qualified stock options.  (2)  Net income available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss).  (3)  Excludes effect of acquisition related intangibles and associated amortization.  (4)  Annualized.  (5)  Third quarter 2017 ratio is preliminary.

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Selected Financial Information
	For the Nine
	Months Ended								YTD
	September 30,								2017-2016
(in thousands, except per share data)		2017				2016			Change
INCOME SUMMARY
Interest revenue	$	282,963			$	247,242
Interest expense		24,486				18,383
Net interest revenue		258,477				228,859			13		%
Provision for credit losses		2,600				(800	)
Fee revenue		66,332				68,464			(3	)
Total revenue		322,209				298,123			8
Expenses		191,729				179,968			7
Income before income tax expense		130,480				118,155			10
Income tax expense		50,743				44,720			13
Net income		79,737				73,435			9
Merger-related and other charges		7,304				6,981
Income tax benefit of merger-related and other charges		(2,580	)			(2,642	)
Impairment of deferred tax asset on canceled   non-qualified stock options		-				-
Release of disproportionate tax effects lodged in OCI		3,400				-
Net income - operating (1)	$	87,861			$	77,774			13
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	1.10			$	1.02			8
Diluted net income - operating  (1)		1.21				1.08			12
Cash dividends declared		.28				.22
Book value		16.50				15.12			9
Tangible book value (3)		14.11				13.00			9
Key performance ratios:
Return on common equity - GAAP (2)(4)		9.26		%		9.25		%
Return on common equity - operating (1)(2)(4)		10.20				9.79
Return on tangible common equity - operating (1)(2)(3)(4)		12.07				11.64
Return on assets - GAAP (4)		.99				.99
Return on assets - operating (1)(4)		1.09				1.05
Dividend payout ratio - GAAP		25.45				21.57
Dividend payout ratio - operating (1)		23.14				20.37
Net interest margin (fully taxable equivalent) (4)		3.49				3.36
Efficiency ratio - GAAP		58.81				60.56
Efficiency ratio - operating  (1)		56.57				58.21
Average equity to average assets		10.54				10.60
Average tangible equity to average assets (3)		9.21				9.27
Average tangible common equity to average assets (3)		9.21				9.24
Tangible common equity to risk-weighted assets (3)(5)		12.81				12.22
ASSET QUALITY
Nonperforming loans	$	22,921			$	21,572			6
Foreclosed properties		2,736				9,187			(70	)
Total nonperforming assets (NPAs)		25,657				30,759			(17	)
Allowance for loan losses		58,605				62,961			(7	)
Net charge-offs		4,937				5,227			(6	)
Allowance for loan losses to loans		.81		%		.94		%
Net charge-offs to average loans (4)		.09				.11
NPAs to loans and foreclosed properties		.36				.46
NPAs to total assets		.23				.30
AVERAGE BALANCES ($ in millions)
Loans	$	7,012			$	6,278			12
Investment securities		2,799				2,692			4
Earning assets		9,969				9,120			9
Total assets		10,788				9,909			9
Deposits		8,723				8,051			8
Shareholders’ equity		1,137				1,051			8
Common shares - basic (thousands)		72,060				71,992			-
Common shares - diluted (thousands)		72,071				71,996			-
AT PERIOD END ($ in millions)
Loans	$	7,203			$	6,725			7
Investment securities		2,847				2,560			11
Total assets		11,129				10,298			8
Deposits		9,127				8,442			8
Shareholders’ equity		1,221				1,079			13
Common shares outstanding (thousands)		73,403				70,861			4
(1)  Excludes merger-related and other charges which includes amortization of certain executive change of control benefits, a first quarter 2017 release of disproportionate tax effects lodged in OCI and a fourth quarter 2016 deferred tax asset impairment charge related to cancelled non-qualified stock options.  (2)  Net income available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss).  (3)  Excludes effect of acquisition related intangibles and associated amortization.  (4)  Annualized.  (5)  Third quarter 2017 ratio is preliminary.

 

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
		2017												2016
	Third				Second				First				Fourth				Third
(in thousands, except per share data)	Quarter				Quarter				Quarter				Quarter				Quarter
Expense reconciliation
Expenses (GAAP)	$	65,674			$	63,229			$	62,826			$	61,321			$	64,023
Merger-related and other charges		(3,420	)			(1,830	)			(2,054	)			(1,141	)			(3,152	)
Expenses - operating	$	62,254			$	61,399			$	60,772			$	60,180			$	60,871
Net income reconciliation
Net income (GAAP)	$	27,946			$	28,267			$	23,524			$	27,221			$	25,874
Merger-related and other charges		3,420				1,830				2,054				1,141				3,152
Income tax benefit of merger-related and other charges		(1,147	)			(675	)			(758	)			(432	)			(1,193	)
Impairment of deferred tax asset on canceled non-qualified stock options		-				-				-				976				-
Release of disproportionate tax effects lodged in OCI		-				-				3,400				-				-
Net income - operating	$	30,219			$	29,422			$	28,220			$	28,906			$	27,833
Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	.38			$	.39			$	.33			$	.38			$	.36
Merger-related and other charges		.03				.02				.01				.01				.03
Impairment of deferred tax asset on canceled non-qualified stock options		-				-				-				.01				-
Release of disproportionate tax effects lodged in OCI		-				-				.05				-				-
Diluted income per common share - operating	$	.41			$	.41			$	.39			$	.40			$	.39
Book value per common share reconciliation
Book value per common share (GAAP)	$	16.50			$	15.83			$	15.40			$	15.06			$	15.12
Effect of goodwill and other intangibles		(2.39	)			(2.09	)			(2.10	)			(2.11	)			(2.12	)
Tangible book value per common share	$	14.11			$	13.74			$	13.30			$	12.95			$	13.00
Return on tangible common equity reconciliation
Return on common equity (GAAP)		9.22		%		9.98		%		8.54		%		9.89		%		9.61		%
Merger-related and other charges		.75				.41				.47				.26				.73
Impairment of deferred tax asset on canceled non-qualified stock options		-				-				-				.36				-
Release of disproportionate tax effects lodged in OCI		-				-				1.24				-				-
Return on common equity - operating		9.97				10.39				10.25				10.51				10.34
Effect of goodwill and other intangibles		1.96				1.80				1.85				1.96				2.11
Return on tangible common equity - operating		11.93		%		12.19		%		12.10		%		12.47		%		12.45		%
Return on assets reconciliation
Return on assets (GAAP)		1.01		%		1.06		%		.89		%		1.03		%		1.00		%
Merger-related and other charges		.08				.04				.05				.03				.08
Impairment of deferred tax asset on canceled non-qualified stock options		-				-				-				.04				-
Release of disproportionate tax effects lodged in OCI		-				-				.13				-				-
Return on assets - operating		1.09		%		1.10		%		1.07		%		1.10		%		1.08		%
Dividend payout ratio reconciliation
Dividend payout ratio (GAAP)		26.32		%		23.08		%		27.27		%		21.05		%		22.22		%
Merger-related and other charges		(1.93	)			(1.13	)			(.98	)			(.54	)			(1.71	)
Impairment of deferred tax asset on canceled non-qualified stock options		-				-				-				(.51	)			-
Release of disproportionate tax effects lodged in OCI		-				-				(3.21	)			-				-
Dividend payout ratio - operating		24.39		%		21.95		%		23.08		%		20.00		%		20.51		%
Efficiency ratio reconciliation
Efficiency ratio (GAAP)		59.27		%		57.89		%		59.29		%		57.65		%		60.78		%
Merger-related and other charges		(3.09	)			(1.68	)			(1.94	)			(1.07	)			(2.99	)
Efficiency ratio - operating		56.18		%		56.21		%		57.35		%		56.58		%		57.79		%
Average equity to assets reconciliation
Equity to assets (GAAP)		10.86		%		10.49		%		10.24		%		10.35		%		10.38		%
Effect of goodwill and other intangibles		(1.41	)			(1.26	)			(1.28	)			(1.31	)			(1.40	)
Tangible equity to assets		9.45				9.23				8.96				9.04				8.98
Effect of preferred equity		-				-				-				-				-
Tangible common equity to assets		9.45		%		9.23		%		8.96		%		9.04		%		8.98		%
Tangible common equity to risk-weighted assets reconciliation (1)
Tier 1 capital ratio (Regulatory)		12.27		%		11.91		%		11.46		%		11.23		%		11.04		%
Effect of other comprehensive income		(.13	)			(.15	)			(.24	)			(.34	)			-
Effect of deferred tax limitation		.94				.95				1.13				1.26				1.50
Effect of trust preferred		(.24	)			(.25	)			(.25	)			(.25	)			(.26	)
Basel III intangibles transition adjustment		(.03	)			(.02	)			(.03	)			(.06	)			(.06	)
Tangible common equity to risk-weighted assets		12.81		%		12.44		%		12.07		%		11.84		%		12.22		%
(1)  Third quarter 2017 ratios are preliminary.

 

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
	For the Nine Months Ended June 30,
(in thousands, except per share data)		2017				2016
Expense reconciliation
Expenses (GAAP)	$	191,729			$	179,968
Merger-related and other charges		(7,304	)			(6,981	)
Expenses - operating	$	184,425			$	172,987
Net income reconciliation
Net income (GAAP)	$	79,737			$	73,435
Merger-related and other charges		7,304				6,981
Income tax benefit of merger-related and other charges		(2,580	)			(2,642	)
Impairment of deferred tax asset on canceled non-qualified stock options		-				-
Release of disproportionate tax effects lodged in OCI		3,400				-
Net income - operating	$	87,861			$	77,774
Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	1.10			$	1.02
Merger-related and other charges		.06				-
Impairment of deferred tax asset on canceled non-qualified stock options		-				-
Release of disproportionate tax effects lodged in OCI		.05				-
Diluted income per common share - operating	$	1.21			$	1.02
Book value per common share reconciliation
Book value per common share (GAAP)	$	16.50			$	15.12
Effect of goodwill and other intangibles		(2.39	)			(2.12	)
Tangible book value per common share	$	14.11			$	13.00
Return on tangible common equity reconciliation
Return on common equity (GAAP)		9.26		%		9.25		%
Merger-related and other charges		.55				.54
Impairment of deferred tax asset on canceled non-qualified stock options		-				-
Release of disproportionate tax effects lodged in OCI		.39				-
Return on common equity - operating		10.20				9.79
Effect of goodwill and other intangibles		1.87				1.85
Return on tangible common equity - operating		12.07		%		11.64		%
Return on assets reconciliation
Return on assets (GAAP)		.99		%		.99		%
Merger-related and other charges		.06				.06
Impairment of deferred tax asset on canceled non-qualified stock options		-				-
Release of disproportionate tax effects lodged in OCI		.04				-
Return on assets - operating		1.09		%		1.05		%
Dividend payout ratio reconciliation
Dividend payout ratio (GAAP)		25.45		%		21.57		%
Merger-related and other charges		(1.31	)			(1.20	)
Impairment of deferred tax asset on canceled non-qualified stock options		-				-
Release of disproportionate tax effects lodged in OCI		(1.00	)			-
Dividend payout ratio - operating		23.14		%		20.37		%
Efficiency ratio reconciliation
Efficiency ratio (GAAP)		58.81		%		60.56		%
Merger-related and other charges		(2.24	)			(2.35	)
Efficiency ratio - operating		56.57		%		58.21		%
Average equity to assets reconciliation
Equity to assets (GAAP)		10.54		%		10.60		%
Effect of goodwill and other intangibles		(1.33	)			(1.33	)
Tangible equity to assets		9.21				9.27
Effect of preferred equity		-				(.03	)
Tangible common equity to assets		9.21		%		9.24		%
Tangible common equity to risk-weighted assets reconciliation (1)
Tier 1 capital ratio (Regulatory)		12.27		%		11.04		%
Effect of other comprehensive income		(.13	)			-
Effect of deferred tax limitation		.94				1.50
Effect of trust preferred		(.24	)			(.26	)
Basel III intangibles transition adjustment		(.03	)			(.06	)
Tangible common equity to risk-weighted assets		12.81		%		12.22		%
(1)  Third quarter 2017 ratios are preliminary.

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
		2017									2016
		Third			Second			First			Fourth			Third
(in millions)		Quarter			Quarter			Quarter			Quarter			Quarter
LOANS BY CATEGORY
Owner occupied commercial RE		$	1,792		$	1,723		$	1,633		$	1,650		$	1,587
Income producing commercial RE			1,413			1,342			1,297			1,282			1,277
Commercial & industrial			1,084			1,088			1,080			1,070			994
Commercial construction			583			587			667			634			567
Total commercial			4,872			4,740			4,677			4,636			4,425
Residential mortgage			933			881			860			857			814
Home equity lines of credit			689			665			659			655			693
Residential construction			190			193			197			190			200
Consumer installment			519			562			572			583			593
Total loans		$	7,203		$	7,041		$	6,965		$	6,921		$	6,725
LOANS BY MARKET
North Georgia		$	1,047		$	1,065		$	1,076		$	1,097		$	1,110
Atlanta MSA			1,477			1,445			1,408			1,399			1,332
North Carolina			542			541			541			545			548
Coastal Georgia			634			623			591			581			565
Gainesville MSA			242			246			252			248			236
East Tennessee			471			486			483			504			506
South Carolina			1,470			1,260			1,243			1,233			1,199
Commercial Banking Solutions			920			926			911			855			763
Indirect auto			400			449			460			459			466
Total loans		$	7,203		$	7,041		$	6,965		$	6,921		$	6,725

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
		2017						2016			Linked Quarter Change				Year over Year Change
		Third			Second			Third
(in millions)		Quarter			Quarter			Quarter
LOANS BY CATEGORY
Owner occupied commercial RE		$	1,792		$	1,723		$	1,587		$	69			$	205
Income producing commercial RE			1,413			1,342			1,277			71				136
Commercial & industrial			1,084			1,088			994			(4	)			90
Commercial construction			583			587			567			(4	)			16
Total commercial			4,872			4,740			4,425			132				447
Residential mortgage			933			881			814			52				119
Home equity lines of credit			689			665			693			24				(4	)
Residential construction			190			193			200			(3	)			(10	)
Consumer installment			519			562			593			(43	)			(74	)
Total loans		$	7,203		$	7,041		$	6,725			162				478
LOANS BY MARKET
North Georgia		$	1,047		$	1,065		$	1,110			(18	)			(63	)
Atlanta MSA			1,477			1,445			1,332			32				145
North Carolina			542			541			548			1				(6	)
Coastal Georgia			634			623			565			11				69
Gainesville MSA			242			246			236			(4	)			6
East Tennessee			471			486			506			(15	)			(35	)
South Carolina			1,470			1,260			1,199			210				271
Commercial Banking Solutions			920			926			763			(6	)			157
Indirect auto			400			449			466			(49	)			(66	)
Total loans		$	7,203		$	7,041		$	6,725			162				478

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
		Third Quarter 2017
		Nonperforming					Foreclosed					Total
(in thousands)		Loans					Properties					NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE		$	5,027				$	764				$	5,791
Income producing CRE			2,042					121					2,163
Commercial & industrial			2,378					-					2,378
Commercial construction			1,376					923					2,299
Total commercial			10,823					1,808					12,631
Residential mortgage			8,559					392					8,951
Home equity lines of credit			1,898					195					2,093
Residential construction			178					341					519
Consumer installment			1,463					-					1,463
Total NPAs		$	22,921				$	2,736				$	25,657
NONPERFORMING ASSETS BY MARKET
North Georgia		$	6,707				$	404				$	7,111
Atlanta MSA			1,098					338					1,436
North Carolina			4,376					318					4,694
Coastal Georgia			2,532					-					2,532
Gainesville MSA			763					-					763
East Tennessee			1,734					67					1,801
South Carolina			1,903					1,609					3,512
Commercial Banking Solutions			2,429					-					2,429
Indirect auto			1,379					-					1,379
Total NPAs		$	22,921				$	2,736				$	25,657
NONPERFORMING ASSETS ACTIVITY
Beginning Balance		$	23,095				$	2,739				$	25,834
Acquisitions			20					805					825
Loans placed on non-accrual			7,964					-					7,964
Payments received			(5,192		)			-					(5,192		)
Loan charge-offs			(2,159		)			-					(2,159		)
Foreclosures			(807		)			683					(124		)
Property sales			-					(1,295		)			(1,295		)
Write downs			-					(236		)			(236		)
Net gains (losses) on sales			-					40					40
Ending Balance		$	22,921				$	2,736				$	25,657

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
		Second Quarter 2017
		Nonperforming					Foreclosed					Total
(in thousands)		Loans					Properties					NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE		$	5,248				$	580				$	5,828
Income producing CRE			2,587					-					2,587
Commercial & industrial			1,010					-					1,010
Commercial construction			2,530					611					3,141
Total commercial			11,375					1,191					12,566
Residential mortgage			7,886					457					8,343
Home equity lines of credit			2,152					201					2,353
Residential construction			287					890					1,177
Consumer installment			1,395					-					1,395
Total NPAs		$	23,095				$	2,739				$	25,834
NONPERFORMING ASSETS BY MARKET
North Georgia		$	5,449				$	225				$	5,674
Atlanta MSA			906					423					1,329
North Carolina			4,700					472					5,172
Coastal Georgia			2,542					-					2,542
Gainesville MSA			622					-					622
East Tennessee			2,216					103					2,319
South Carolina			3,472					1,516					4,988
Commercial Banking Solutions			1,914					-					1,914
Indirect auto			1,274					-					1,274
Total NPAs		$	23,095				$	2,739				$	25,834
NONPERFORMING ASSETS ACTIVITY
Beginning Balance		$	19,812				$	5,060				$	24,872
Acquisitions			-					-					-
Loans placed on non-accrual			8,110					-					8,110
Payments received			(2,955		)			-					(2,955		)
Loan charge-offs			(1,564		)			-					(1,564		)
Foreclosures			(308		)			481					173
Property sales			-					(2,704		)			(2,704		)
Write downs			-					(294		)			(294		)
Net gains (losses) on sales			-					196					196
Ending Balance		$	23,095				$	2,739				$	25,834

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
		First Quarter 2017
		Nonperforming					Foreclosed					Total
(in thousands)		Loans					Properties					NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE		$	6,135				$	1,238				$	7,373
Income producing CRE			1,540					21					1,561
Commercial & industrial			929					-					929
Commercial construction			1,069					2,825					3,894
Total commercial			9,673					4,084					13,757
Residential mortgage			6,455					660					7,115
Home equity lines of credit			1,848					261					2,109
Residential construction			417					55					472
Consumer installment			1,419					-					1,419
Total NPAs		$	19,812				$	5,060				$	24,872
NONPERFORMING ASSETS BY MARKET
North Georgia		$	5,344				$	570				$	5,914
Atlanta MSA			715					645					1,360
North Carolina			4,897					355					5,252
Coastal Georgia			942					-					942
Gainesville MSA			728					-					728
East Tennessee			2,112					633					2,745
South Carolina			1,725					2,857					4,582
Commercial Banking Solutions			2,032					-					2,032
Indirect auto			1,317					-					1,317
Total NPAs		$	19,812				$	5,060				$	24,872
NONPERFORMING ASSETS ACTIVITY
Beginning Balance		$	21,539				$	7,949				$	29,488
Acquisitions			-					-					-
Loans placed on non-accrual			3,172					-					3,172
Payments received			(3,046		)			-					(3,046		)
Loan charge-offs			(1,292		)			-					(1,292		)
Foreclosures			(561		)			561					-
Property sales			-					(3,077		)			(3,077		)
Write downs			-					(480		)			(480		)
Net gains (losses) on sales			-					107					107
Ending Balance		$	19,812				$	5,060				$	24,872

 

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
		Third Quarter 2017								Second Quarter 2017								First Quarter 2017
							Net Charge-								Net Charge-								Net Charge-
							Offs to								Offs to								Offs to
		Net					Average			Net					Average			Net					Average
(in thousands)		Charge-Offs					Loans (1)			Charge-Offs					Loans (1)			Charge-Offs					Loans (1)
NET CHARGE-OFFS BY CATEGORY
Owner occupied CRE		$	(44		)		(.01)	%		$	37				.01	%		$	(212		)		(.05)	%
Income producing CRE			1,159				.33				184				.06				870				.28
Commercial & industrial			(200		)		(.08)				354				.13				(152		)		(.06)
Commercial construction			(114		)		(.07)				341				.22				(370		)		(.23)
Total commercial			801				.07				916				.08				136				.01
Residential mortgage			313				.14				26				.01				530				.25
Home equity lines of credit			56				.03				253				.15				422				.26
Residential construction			36				.07				(53		)		(.11)				(9		)		(.02)
Consumer installment			429				.31				481				.34				600				.42
Total		$	1,635				.09			$	1,623				.09			$	1,679				.10
NET CHARGE-OFFS BY MARKET
North Georgia		$	516				.19	%		$	681				.26	%		$	15				.01	%
Atlanta MSA			150				.04				(10		)		-				(46		)		(.01)
North Carolina			221				.16				131				.10				601				.45
Coastal Georgia			(39		)		(.02)				120				.08				(223		)		(.15)
Gainesville MSA			(50		)		(.08)				(54		)		(.09)				358				.58
East Tennessee			55				.05				27				.02				55				.05
South Carolina			528				.15				526				.17				425				.14
Commercial Banking Solutions			(7		)		-				(17		)		(.01)				195				.09
Indirect auto			261				.24				219				.19				299				.27
Total		$	1,635				.09			$	1,623				.09			$	1,679				.10
(1)  Annualized.

 

UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Income (Unaudited)
		Three Months Ended							Nine Months Ended
		September 30,							September 30,
(in thousands, except per share data)			2017			2016				2017			2016
Interest revenue:
Loans, including fees		$	80,264		$	69,440			$	227,816		$	196,888
Investment securities, including tax exempt of $671, $134, $1,307, and $449			17,875			15,418				53,365			48,039
Deposits in banks and short-term investments			700			581				1,782			2,315
Total interest revenue			98,839			85,439				282,963			247,242
Interest expense:
Deposits:
NOW			700			452				1,932			1,381
Money market			1,953			1,347				4,938			3,661
Savings			34			43				89			102
Time			1,870			667				4,257			2,052
Total deposit interest expense			4,557			2,509				11,216			7,196
Short-term borrowings			36			98				177			278
Federal Home Loan Bank advances			1,709			1,015				4,603			2,731
Long-term debt			2,762			2,828				8,490			8,178
Total interest expense			9,064			6,450				24,486			18,383
Net interest revenue			89,775			78,989				258,477			228,859
(Release of) provision for credit losses			1,000			(300	)			2,600			(800	)
Net interest revenue after provision for credit losses			88,775			79,289				255,877			229,659
Fee revenue:
Service charges and fees			8,220			10,819				29,525			31,460
Mortgage loan and other related fees			4,200			6,039				13,435			13,776
Brokerage fees			1,009			1,199				3,565			3,369
Gains from sales of SBA/USDA loans			2,806			2,479				7,391			6,517
Securities gains, net			188			261				190			922
Other			4,150			5,564				12,226			12,420
Total fee revenue			20,573			26,361				66,332			68,464
Total revenue			109,348			105,650				322,209			298,123
Operating expenses:
Salaries and employee benefits			38,027			36,478				112,056			103,112
Communications and equipment			4,547			4,919				14,443			13,602
Occupancy			4,945			5,132				14,802			14,393
Advertising and public relations			1,026			1,088				3,347			3,275
Postage, printing and supplies			1,411			1,451				4,127			4,029
Professional fees			2,976			3,160				8,391			9,049
FDIC assessments and other regulatory charges			2,127			1,412				4,758			4,453
Amortization of intangibles			1,212			1,119				3,085			3,116
Merger-related and other charges			3,176			3,152				7,060			6,981
Other			6,227			6,112				19,660			17,958
Total operating expenses			65,674			64,023				191,729			179,968
Net income before income taxes			43,674			41,627				130,480			118,155
Income tax expense			15,728			15,753				50,743			44,720
Net income		$	27,946		$	25,874			$	79,737		$	73,435
Net income available to common shareholders		$	27,719		$	25,874			$	79,078		$	73,414
Earnings per common share:
Basic		$	.38		$	.36			$	1.10		$	1.02
Diluted			.38			.36				1.10			1.02
Weighted average common shares outstanding:
Basic			73,151			71,556				72,060			71,992
Diluted			73,162			71,561				72,071			71,996

 

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheet (Unaudited)
		September 30,				December 31,
(in thousands, except share and per share data)			2017				2016
ASSETS
Cash and due from banks		$	98,396			$	99,489
Interest-bearing deposits in banks			148,449				117,859
Cash and cash equivalents			246,845				217,348
Securities available for sale			2,540,470				2,432,438
Securities held to maturity (fair value $310,446 and $333,170)			306,741				329,843
Mortgage loans held for sale (includes $30,093 and $27,891 at fair value)			30,292				29,878
Loans, net of unearned income			7,202,937				6,920,636
Less allowance for loan losses			(58,605	)			(61,422	)
Loans, net			7,144,332				6,859,214
Premises and equipment, net			193,915				189,938
Bank owned life insurance			167,680				143,543
Accrued interest receivable			29,573				28,018
Net deferred tax asset			128,731				154,336
Derivative financial instruments			20,972				23,688
Goodwill and other intangible assets			182,716				156,222
Other assets			136,760				144,189
Total assets		$	11,129,027			$	10,708,655
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Demand		$	2,918,428			$	2,637,004
NOW			1,938,352				1,989,763
Money market			1,934,169				1,846,440
Savings			605,230				549,713
Time			1,363,949				1,287,142
Brokered			367,256				327,496
Total deposits			9,127,384				8,637,558
Short-term borrowings			16,005				5,000
Federal Home Loan Bank advances			494,484				709,209
Long-term debt			135,707				175,078
Derivative financial instruments			22,926				27,648
Accrued expenses and other liabilities			111,881				78,427
Total liabilities			9,908,387				9,632,920
Shareholders' equity:
Common stock, $1 par value; 150,000,000 shares authorized;
73,403,453 and 70,899,114 shares issued and outstanding			73,403				70,899
Common stock issuable; 588,445 and 519,874 shares			8,703				7,327
Capital surplus			1,341,346				1,275,849
Accumulated deficit			(192,128	)			(251,857	)
Accumulated other comprehensive loss			(10,684	)			(26,483	)
Total shareholders' equity			1,220,640				1,075,735
Total liabilities and shareholders' equity		$	11,129,027			$	10,708,655

 

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,
					2017									2016
	Average						Avg.			Average							Avg.
(dollars in thousands, fully taxable equivalent (FTE))	Balance				Interest		Rate			Balance				Interest			Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) (1)(2)	$	7,149,348			$	80,301	4.46	%		$	6,675,328			$	69,427		4.14	%
Taxable securities (3)		2,695,162				17,204	2.55				2,588,037				15,284		2.36
Tax-exempt securities (FTE) (1)(3)		105,151				1,098	4.18				22,113				219		3.96
Federal funds sold and other interest-earning assets		183,170				883	1.93				157,972				754		1.91
Total interest-earning assets (FTE)		10,132,831				99,486	3.90				9,443,450				85,684		3.61
Non-interest-earning assets:
Allowance for loan losses		(60,098	)								(63,874	)
Cash and due from banks		103,477									100,775
Premises and equipment		203,579									198,234
Other assets (3)		599,725									602,690
Total assets	$	10,979,514								$	10,281,275
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,863,160				700	.15			$	1,744,473				452		.10
Money market		2,170,148				1,953	.36				1,997,165				1,347		.27
Savings		593,823				34	.02				537,447				43		.03
Time		1,338,786				1,548	.46				1,375,706				833		.24
Brokered time deposits		109,811				322	1.16				162,255				(166	)	(.41)
Total interest-bearing deposits		6,075,728				4,557	.30				5,817,046				2,509		.17
Federal funds purchased and other borrowings		11,313				36	1.26				42,234				98		.92
Federal Home Loan Bank advances		574,404				1,709	1.18				583,312				1,015		.69
Long-term debt		154,616				2,762	7.09				177,333				2,828		6.34
Total borrowed funds		740,333				4,507	2.42				802,879				3,941		1.95
Total interest-bearing liabilities		6,816,061				9,064	.53				6,619,925				6,450		.39
Non-interest-bearing liabilities:
Non-interest-bearing deposits		2,837,378									2,490,019
Other liabilities		133,212									103,859
Total liabilities		9,786,651									9,213,803
Shareholders' equity		1,192,863									1,067,472
Total liabilities and shareholders' equity	$	10,979,514								$	10,281,275
Net interest revenue (FTE)					$	90,422								$	79,234
Net interest-rate spread (FTE)							3.37	%									3.22	%
Net interest margin (FTE) (4)							3.54	%									3.34	%
(1)  Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans.  The rate
used was 39%, 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 where the accrual of interest has been discontinued and loans that are held for sale.
(3)  Securities available for sale are shown at amortized cost.  Pretax unrealized gains of $12.6 million in 2017 and $30.4 million in 2016 are
included in other assets for purposes of this presentation.
(4)  Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.

 

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Nine Months Ended September 30,
					2017									2016
	Average						Avg.			Average							Avg.
(dollars in thousands, fully taxable equivalent (FTE))	Balance				Interest		Rate			Balance				Interest			Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) (1)(2)	$	7,011,962			$	227,853	4.34	%		$	6,277,972			$	196,956		4.19	%
Taxable securities (3)		2,731,081				52,058	2.54				2,665,272				47,590		2.38
Tax-exempt securities (FTE) (1)(3)		68,005				2,139	4.19				26,415				735		3.71
Federal funds sold and other interest-earning assets		157,582				2,290	1.94				150,146				2,719		2.41
Total interest-earning assets (FTE)		9,968,630				284,340	3.81				9,119,805				248,000		3.63
Non-interest-earning assets:
Allowance for loan losses		(60,971	)								(66,142	)
Cash and due from banks		102,529									93,802
Premises and equipment		195,576									187,019
Other assets (3)		582,194									574,870
Total assets	$	10,787,958								$	9,909,354
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,907,889				1,932	.14			$	1,795,372				1,381		.10
Money market		2,100,296				4,938	.31				1,901,903				3,661		.26
Savings		576,927				89	.02				505,337				102		.03
Time		1,292,521				3,499	.36				1,280,503				2,325		.24
Brokered time deposits		106,753				758	.95				194,199				(273	)	(.19)
Total interest-bearing deposits		5,984,386				11,216	.25				5,677,314				7,196		.17
Federal funds purchased and other borrowings		22,525				177	1.05				29,427				278		1.26
Federal Home Loan Bank advances		616,388				4,603	1.00				506,524				2,731		.72
Long-term debt		168,271				8,490	6.75				168,955				8,178		6.47
Total borrowed funds		807,184				13,270	2.20				704,906				11,187		2.12
Total interest-bearing liabilities		6,791,570				24,486	.48				6,382,220				18,383		.38
Non-interest-bearing liabilities:
Non-interest-bearing deposits		2,738,118									2,374,076
Other liabilities		121,672									102,421
Total liabilities		9,651,360									8,858,717
Shareholders' equity		1,136,598									1,050,637
Total liabilities and shareholders' equity	$	10,787,958								$	9,909,354
Net interest revenue (FTE)					$	259,854								$	229,617
Net interest-rate spread (FTE)							3.33	%									3.25	%
Net interest margin (FTE) (4)							3.49	%									3.36	%
(1)  Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans.  The rate
used was 39%, 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 where the accrual of interest has been discontinued and loans that are held for sale.
(3)  Securities available for sale are shown at amortized cost.  Pretax unrealized gains of $4.67 million in 2017 and $15.1 million in 2016 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.

For more information:
Jefferson Harralson
Chief Financial Officer
(706) 781-2265
Jefferson_Harralson@ucbi.com

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