Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 23, 2024

UNITED COMMUNITY BANKS, INC.

(Exact name of registrant as specified in its charter)

Georgia	001-35095	58-1807304
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS Employer Identification No.)

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

Registrant's telephone number, including area code:
(800) 822-2651

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

Item 2.02	Results of Operations and Financial Condition.

	On October 23, 2024, United Community Banks, Inc. (“United”) issued a press release announcing financial results for its third fiscal quarter of 2024. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

	The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under Section 18 of the Exchange Act and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 7.01	Regulation FD Disclosure.

	On October 23, 2024, United will hold an earnings conference call and webcast at 11:00 a.m. (Eastern Time) to discuss financial results for its third fiscal quarter of 2024. The press release referenced above in Item 2.02 contains information about how to access the conference call and webcast. A copy of the slide presentation to be used during the earnings call and webcast is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.ucbi.com, under the “Investor Relations – Events and Presentations” section.

	The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under Section 18 of the Exchange Act and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits

EXHIBIT INDEX

Exhibit No.		Description

99.1		United Community Banks, Inc. Press Release, dated October 23, 2024.

99.2		Slide presentation to be used during October 23, 2024 earnings call.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

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

	UNITED COMMUNITY BANKS, INC.


	By:	/s/ Jefferson L. Harralson
		Jefferson L. Harralson
		Executive Vice President and
		Chief Financial Officer

Date: October 23, 2024

Exhibit 99.1

A blue and white logo

Description automatically generated

For Immediate Release

For more information:

Jefferson Harralson

Chief Financial Officer

(864) 240-6208

Jefferson_Harralson@ucbi.com

United Community Banks, Inc. Reports Third Quarter Results

Strong Customer Deposit Growth Drives Third Quarter Results

GREENVILLE, SC – October 23, 2024 - United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the 2024 third quarter of $47.3 million and pre-tax, pre-provision income of $74.2 million. The result included the previously announced strategic decision to sell $318 million in manufactured housing loans, which negatively impacted the quarter by $21.4 million after-tax, or $0.18 per share. Diluted earnings per share of $0.38 for the quarter represented a decrease of $0.01, or 3%, from the third quarter a year ago and a decrease of $0.16, or 30%, from the second quarter of 2024.

On an operating basis, United’s diluted earnings per share of $0.57 was up 27% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and a lower provision for credit losses. The $0.57 result includes a $9.9 million Hurricane Helene related loan loss provision to increase the reserve on $383 million of loans in nine North Carolina counties impacted by the hurricane to 3.5% of loans.

United’s return on assets was 0.67%, or 1.01% on an operating basis. Return on common equity was 5.20% and return on tangible common equity on an operating basis was 11.17%. On a pre-tax, pre-provision basis, operating return on assets was 1.50% for the quarter. At quarter-end, tangible common equity to tangible assets was 8.93%, up 15 basis points from the second quarter of 2024.

Chairman and CEO Lynn Harton stated, “We continue to focus on growth and the third quarter saw the return of modest loan and strong deposit growth. Excluding the sale of our manufactured housing portfolio, announced in early September, loan balances were up 1.5% annualized. Customer deposits, which exclude brokered deposits, were up $262 million, or 5% annualized. Our balance sheet remains highly liquid and our internal capital generation rate is running well in excess of our current capital needs. We maintained robust capital ratios with our preliminary CET1 moving to 13.1% and we opportunistically redeemed $8 million of relatively expensive Trust Preferred securities. The increase in liquidity and capital place us in a great position to take advantage of growth opportunities as we move into 2025.”

Mr. Harton continued, “We elected to sell our manufactured housing loan book, a business that was part of our Reliant Bancorp, Inc. acquisition in January of 2022, as a natural conclusion of our exit from the business, as we ceased originating loans in the third quarter of 2023. The transaction reduces our risk profile and allows us to allocate capital to other growth opportunities.”

United’s net interest margin decreased four basis points to 3.33% from the second quarter. The average yield on United’s interest-earning assets was down four basis points to 5.55%, while its cost of interest-bearing liabilities decreased two basis points, leading to the four-basis point reduction in net interest margin. Net charge-offs were $23.7 million, or 0.52% of average loans, during the quarter, up 26 basis points compared to the second quarter of 2024 due to transaction-related losses resulting from the sale of our manufactured housing portfolio. NPAs were 42 basis points relative to total assets, down one basis point from the second quarter.

Mr. Harton concluded, “We are pleased with our operating performance this quarter, but we were also reminded this quarter of the importance of community. Many of our employees, customers, and communities have been impacted by the recent hurricanes. We are actively involved in the recovery process through volunteer hours and financial support and will be ready to lead the rebuilding process, when and as needed. Many thanks to our employees throughout the company that have responded, in sometimes heroic ways, to support each other and our customers.”

Third Quarter 2024 Financial Highlights:

•

Net income of $47.3 million and pre-tax, pre-provision income of $74.2 million

•

EPS down 3% compared to third quarter 2023 on a GAAP basis and up 27% on an operating basis; compared to second quarter 2024, EPS down 30% on a GAAP basis and down 2% on an operating basis

•

The GAAP results were impacted by the decision to sell the manufactured housing loan book at a $21.4 million after-tax loss, or $0.18, approximately one year after making the strategic decision to cease originations

•

Return on assets of 0.67%, or 1.01% on an operating basis

•

Pre-tax, pre-provision return on assets of 1.50% on an operating basis

•

Return on common equity of 5.20%

•

Return on tangible common equity of 11.17% on an operating basis

•

A provision for credit losses of $14.4 million, which includes $9.9 million to establish a special reserve for expected credit losses from Hurricane Helene

•

Net charge-offs of $23.7 million, or 52 basis points as a percent of average loans, which included $11.0 million, or 24 basis points, of transaction-related losses from the sale of our manufactured housing portfolio

•

Nonperforming assets of 0.42% of total assets, down one basis point compared to June 30, 2024

•

Loan production of $1.2 billion

•

Customer deposits were up $262 million from the second quarter, with most of the growth in NOW and money market deposits

•

Net interest margin of 3.33% decreased by four basis points from the second quarter mostly due to lower purchased loan accretion, the sale of our manufactured housing portfolio, and changing composition of our earning assets and interest-bearing liabilities

•

Mortgage closings of $239 million compared to $211 million a year ago; mortgage rate locks of $306 million compared to $304 million a year ago

•

Noninterest income was down $28.5 million on a linked quarter basis with $27.2 million due to losses from the sale of manufactured housing loans. The remaining decrease was primarily driven by the mark on our mortgage servicing rights asset.

•

Noninterest expenses decreased by $4.0 million compared to the second quarter on a GAAP basis and were up $0.3 million on an operating basis

•

Efficiency ratio of 65.5%, or 57.4% on an operating basis

•

Maintained robust capital ratios with preliminary CET1 increasing to 13.1% and opportunistically redeemed $8 million of relatively expensive Trust Preferred securities

•

Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

Conference Call

United will hold a conference call on Wednesday, October 23, 2024 at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10193157/fd9f74293a. Those without internet access or unable to pre-register may dial in by calling 1-866-777-2509. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company's website, www.ucbi.com.

UNITED COMMUNITY BANKS, INC.

Selected Financial Information

(in thousands, except per share data)

	2024									2023						Third Quarter			For the Nine Months Ended September 30,						YTD
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2024 - 2023 Change			2024			2023			2024 - 2023 Change
INCOME SUMMARY
Interest revenue	$	349,086		$	346,965		$	336,728		$	338,698		$	323,147					$	1,032,779		$	898,409
Interest expense		139,900			138,265			137,579			135,245			120,591						415,744			284,097
Net interest revenue		209,186			208,700			199,149			203,453			202,556			3	%		617,035			614,312			—	%
Provision for credit losses		14,428			12,235			12,899			14,626			30,268						39,562			74,804
Noninterest income		8,091			36,556			39,587			(23,090	)		31,977			(75	)		84,234			98,573			(15	)
Total revenue		202,849			233,021			225,837			165,737			204,265			(1	)		661,707			638,081			4
Noninterest expenses		143,065			147,044			145,002			154,587			144,474			(1	)		435,111			416,686			4
Income before income tax expense		59,784			85,977			80,835			11,150			59,791			—			226,596			221,395			2
Income tax expense		12,437			19,362			18,204			(2,940	)		11,925			4			50,003			47,941			4
Net income		47,347			66,615			62,631			14,090			47,866			(1	)		176,593			173,454			2
Non-operating items		29,385			6,493			2,187			67,450			9,168						38,065			21,444
Income tax benefit of non-operating items		(6,276	)		(1,462	)		(493	)		(16,714	)		(2,000	)					(8,231	)		(4,775	)
Net income - operating ⁽¹⁾	$	70,456		$	71,646		$	64,325		$	64,826		$	55,034			28		$	206,427		$	190,123			9
Pre-tax pre-provision income ⁽⁵⁾	$	74,212		$	98,212		$	93,734		$	25,776		$	90,059			(18	)	$	266,158		$	296,199			(10	)
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.38		$	0.54		$	0.51		$	0.11		$	0.39			(3	)	$	1.43		$	1.44			(1	)
Diluted net income - operating ⁽¹⁾		0.57			0.58			0.52			0.53			0.45			27			1.67			1.58			6
Cash dividends declared		0.24			0.23			0.23			0.23			0.23			4			0.70			0.69			1
Book value		27.68			27.18			26.83			26.52			25.87			7			27.68			25.87			7
Tangible book value ⁽³⁾		19.66			19.13			18.71			18.39			17.70			11			19.66			17.70			11
Key performance ratios:
Return on common equity - GAAP ⁽²⁾⁽⁴⁾		5.20	%		7.53	%		7.14	%		1.44	%		5.32	%					6.61	%		6.69	%
Return on common equity - operating ^(1)(2)(4)		7.82			8.12			7.34			7.27			6.14						7.76			7.35
Return on tangible common equity - operating ^(1)(2)(3)(4)		11.17			11.68			10.68			10.58			9.03						11.18			10.65
Return on assets - GAAP ⁽⁴⁾		0.67			0.97			0.90			0.18			0.68						0.85			0.86
Return on assets - operating ⁽¹⁾⁽⁴⁾		1.01			1.04			0.93			0.92			0.79						0.99			0.95
Return on assets - pre-tax pre-provision - operating^(1)(4)(5)		1.50			1.54			1.40			1.33			1.44						1.48			1.60
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.33			3.37			3.20			3.19			3.24						3.30			3.41
Efficiency ratio - GAAP		65.51			59.70			60.47			66.33			61.32						61.76			58.06
Efficiency ratio - operating ⁽¹⁾		57.37			57.06			59.15			59.57			57.43						57.84			55.07
Equity to total assets		12.45			12.35			12.06			11.95			11.85						12.45			11.85
Tangible common equity to tangible assets ⁽³⁾		8.93			8.78			8.49			8.36			8.18						8.93			8.18
ASSET QUALITY
Nonperforming assets ("NPAs")	$	114,960		$	116,722		$	107,230		$	92,877		$	90,883			26		$	114,960		$	90,883			26
Allowance for credit losses - loans		205,290			213,022			210,934			208,071			201,557			2			205,290			201,557			2
Allowance for credit losses - total		215,517			224,740			224,119			224,128			219,624			(2	)		215,517			219,624			(2	)
Net charge-offs		23,651			11,614			12,908			10,122			26,638						48,173			42,121
Allowance for credit losses - loans to loans		1.14	%		1.17	%		1.15	%		1.14	%		1.11	%					1.14	%		1.11	%
Allowance for credit losses - total to loans		1.20			1.23			1.22			1.22			1.21						1.20			1.21
Net charge-offs to average loans ⁽⁴⁾		0.52			0.26			0.28			0.22			0.59						0.35			0.32
NPAs to total assets		0.42			0.43			0.39			0.34			0.34						0.42			0.34
AT PERIOD END ($ in millions)
Loans	$	17,964		$	18,211		$	18,375		$	18,319		$	18,203			(1	)	$	17,964		$	18,203			(1	)
Investment securities		6,425			6,038			5,859			5,822			5,701			13			6,425			5,701			13
Total assets		27,373			27,057			27,365			27,297			26,869			2			27,373			26,869			2
Deposits		23,253			22,982			23,332			23,311			22,858			2			23,253			22,858			2
Shareholders’ equity		3,407			3,343			3,300			3,262			3,184			7			3,407			3,184			7
Common shares outstanding (thousands)		119,283			119,175			119,137			119,010			118,976			—			119,283			118,976			—

⁽¹⁾

Excludes 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 accumulated other comprehensive income (loss).

⁽³⁾

Excludes effect of acquisition related intangibles and associated amortization.

⁽⁴⁾

Annualized.

⁽⁵⁾

Excludes income tax expense and provision for credit losses.

UNITED COMMUNITY BANKS, INC.

Non-GAAP Performance Measures Reconciliation

(in thousands, except per share data)

	2024									2023						For the Nine Months Ended September 30,
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2024			2023
Noninterest income reconciliation
Noninterest income (GAAP)	$	8,091		$	36,556		$	39,587		$	(23,090	)	$	31,977		$	84,234		$	98,573
Loss on sale of manufactured housing loans		27,209			—			—			—			—			27,209			—
Gain on lease termination		—			—			(2,400	)		—			—			(2,400	)		—
Bond portfolio restructuring loss		—			—			—			51,689			—			—			—
Noninterest income - operating	$	35,300		$	36,556		$	37,187		$	28,599		$	31,977		$	109,043		$	98,573

Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	143,065		$	147,044		$	145,002		$	154,587		$	144,474		$	435,111		$	416,686
Loss on FinTrust (goodwill impairment)		—			(5,100	)		—			—			—			(5,100	)		—
FDIC special assessment		—			764			(2,500	)		(9,995	)		—			(1,736	)		—
Merger-related and other charges		(2,176	)		(2,157	)		(2,087	)		(5,766	)		(9,168	)		(6,420	)		(21,444	)
Noninterest expenses - operating	$	140,889		$	140,551		$	140,415		$	138,826		$	135,306		$	421,855		$	395,242

Net income to operating income reconciliation
Net income (GAAP)	$	47,347		$	66,615		$	62,631		$	14,090		$	47,866		$	176,593		$	173,454
Loss on sale of manufactured housing loans		27,209			—			—			—			—			27,209			—
Bond portfolio restructuring loss		—			—			—			51,689			—			—			—
Gain on lease termination		—			—			(2,400	)		—			—			(2,400	)		—
Loss on FinTrust (goodwill impairment)		—			5,100			—			—			—			5,100			—
FDIC special assessment		—			(764	)		2,500			9,995			—			1,736			—
Merger-related and other charges		2,176			2,157			2,087			5,766			9,168			6,420			21,444
Income tax benefit of non-operating items		(6,276	)		(1,462	)		(493	)		(16,714	)		(2,000	)		(8,231	)		(4,775	)
Net income - operating	$	70,456		$	71,646		$	64,325		$	64,826		$	55,034		$	206,427		$	190,123

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	47,347		$	66,615		$	62,631		$	14,090		$	47,866		$	176,593		$	173,454
Income tax expense		12,437			19,362			18,204			(2,940	)		11,925			50,003			47,941
Provision for credit losses		14,428			12,235			12,899			14,626			30,268			39,562			74,804
Pre-tax pre-provision income	$	74,212		$	98,212		$	93,734		$	25,776		$	90,059		$	266,158		$	296,199

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.38		$	0.54		$	0.51		$	0.11		$	0.39		$	1.43		$	1.44
Loss on sale of manufactured housing loans		0.18			—			—			—			—			0.18			—
Bond portfolio restructuring loss		—			—			—			0.32			—			—			—
Gain on lease termination		—			—			(0.02	)		—			—			(0.02	)		—
Loss on FinTrust (goodwill impairment)		—			0.03			—			—			—			0.03			—
FDIC special assessment		—			—			0.02			0.06			—			0.01			—
Merger-related and other charges		0.01			0.01			0.01			0.04			0.06			0.04			0.14
Diluted income per common share - operating	$	0.57		$	0.58		$	0.52		$	0.53		$	0.45		$	1.67		$	1.58

Book value per common share reconciliation
Book value per common share (GAAP)	$	27.68		$	27.18		$	26.83		$	26.52		$	25.87		$	27.68		$	25.87
Effect of goodwill and other intangibles		(8.02	)		(8.05	)		(8.12	)		(8.13	)		(8.17	)		(8.02	)		(8.17	)
Tangible book value per common share	$	19.66		$	19.13		$	18.71		$	18.39		$	17.70		$	19.66		$	17.70

Return on tangible common equity reconciliation
Return on common equity (GAAP)		5.20	%		7.53	%		7.14	%		1.44	%		5.32	%		6.61	%		6.69	%
Loss on sale of manufactured housing loans		2.43			—			—			—			—			0.82			—
Bond portfolio restructuring loss		—			—			—			4.47			—			—			—
Gain on lease termination		—			—			(0.22	)		—			—			(0.07	)		—
Loss on FinTrust (goodwill impairment)		—			0.46			—			—			—			0.16			—
FDIC special assessment		—			(0.07	)		0.23			0.86			—			0.05			—
Merger-related and other charges		0.19			0.20			0.19			0.50			0.82			0.19			0.66
Return on common equity - operating		7.82			8.12			7.34			7.27			6.14			7.76			7.35
Effect of goodwill and other intangibles		3.35			3.56			3.34			3.31			2.89			3.42			3.30
Return on tangible common equity - operating		11.17	%		11.68	%		10.68	%		10.58	%		9.03	%		11.18	%		10.65	%

Return on assets reconciliation
Return on assets (GAAP)		0.67	%		0.97	%		0.90	%		0.18	%		0.68	%		0.85	%		0.86	%
Loss on sale of manufactured housing loans		0.31			—			—			—			—			0.10			—
Bond portfolio restructuring loss		—			—			—			0.57			—			—			—
Gain on lease termination		—			—			(0.03	)		—			—			(0.01	)		—
Loss on FinTrust (goodwill impairment)		—			0.06			—			—			—			0.02			—
FDIC special assessment		—			(0.01	)		0.03			0.11			—			0.01			—
Merger-related and other charges		0.03			0.02			0.03			0.06			0.11			0.02			0.09
Return on assets - operating		1.01	%		1.04	%		0.93	%		0.92	%		0.79	%		0.99	%		0.95	%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		0.67	%		0.97	%		0.90	%		0.18	%		0.68	%		0.85	%		0.86	%
Income tax (benefit) expense		0.19			0.29			0.27			(0.04	)		0.18			0.25			0.25
Provision for credit losses		0.21			0.18			0.19			0.21			0.45			0.19			0.38
Loss on sale of manufactured housing loans		0.40			—			—			—			—			0.13			—
Bond portfolio restructuring loss		—			—			—			0.75			—			—			—
Gain on lease termination		—			—			(0.04	)		—			—			(0.01	)		—
Loss on FinTrust (goodwill impairment)		—			0.08			—			—			—			0.03			—
FDIC special assessment		—			(0.01	)		0.04			0.15			—			0.01			—
Merger-related and other charges		0.03			0.03			0.04			0.08			0.13			0.03			0.11
Return on assets - pre-tax pre-provision - operating		1.50	%		1.54	%		1.40	%		1.33	%		1.44	%		1.48	%		1.60	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		65.51	%		59.70	%		60.47	%		66.33	%		61.32	%		61.76	%		58.06	%
Loss on sale of manufactured housing loans		(7.15	)		—			—			—			—			(2.25	)		—
Gain on lease termination		—			—			0.60			—			—			0.21			—
Loss on FinTrust (goodwill impairment)		—			(2.07	)		—			—			—			(0.73	)		—
FDIC special assessment		—			0.31			(1.05	)		(4.29	)		—			(0.24	)		—
Merger-related and other charges		(0.99	)		(0.88	)		(0.87	)		(2.47	)		(3.89	)		(0.91	)		(2.99	)
Efficiency ratio - operating		57.37	%		57.06	%		59.15	%		59.57	%		57.43	%		57.84	%		55.07	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		12.45	%		12.35	%		12.06	%		11.95	%		11.85	%		12.45	%		11.85	%
Effect of goodwill and other intangibles		(3.20	)		(3.24	)		(3.25	)		(3.27	)		(3.33	)		(3.20	)		(3.33	)
Effect of preferred equity		(0.32	)		(0.33	)		(0.32	)		(0.32	)		(0.34	)		(0.32	)		(0.34	)
Tangible common equity to tangible assets		8.93	%		8.78	%		8.49	%		8.36	%		8.18	%		8.93	%		8.18	%

UNITED COMMUNITY BANKS, INC.

Loan Portfolio Composition at Period-End

	2024							2023				Linked			Year over
(in millions)	Third Quarter		Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Quarter Change			Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,323	$	3,297		$	3,310	$	3,264	$	3,279	$	26		$	44
Income producing commercial RE		4,259		4,058			4,206		4,264		4,130		201			129
Commercial & industrial		2,313		2,299			2,405		2,411		2,504		14			(191	)
Commercial construction		1,785		2,014			1,936		1,860		1,850		(229	)		(65	)
Equipment financing		1,603		1,581			1,544		1,541		1,534		22			69
Total commercial		13,283		13,249			13,401		13,340		13,297		34			(14	)
Residential mortgage		3,263		3,266			3,240		3,199		3,043		(3	)		220
Home equity		1,015		985			969		959		941		30			74
Residential construction		189		211			257		302		399		(22	)		(210	)
Manufactured housing		2		321			328		336		343		(319	)		(341	)
Consumer		188		183			180		181		180		5			8
Other		24		(4	)		—		2		—		28			24
Total loans	$	17,964	$	18,211		$	18,375	$	18,319	$	18,203	$	(247	)	$	(239	)

LOANS BY MARKET
Georgia	$	4,470	$	4,411		$	4,356	$	4,357	$	4,321	$	59		$	149
South Carolina		2,782		2,779			2,804		2,780		2,801		3			(19	)
North Carolina		2,586		2,591			2,566		2,492		2,445		(5	)		141
Tennessee		1,848		2,144			2,209		2,244		2,314		(296	)		(466	)
Florida		2,423		2,407			2,443		2,442		2,318		16			105
Alabama		996		1,021			1,068		1,082		1,070		(25	)		(74	)
Commercial Banking Solutions		2,859		2,858			2,929		2,922		2,934		1			(75	)
Total loans	$	17,964	$	18,211		$	18,375	$	18,319	$	18,203	$	(247	)	$	(239	)

UNITED COMMUNITY BANKS, INC.

Credit Quality

(in thousands)

	2024
	Third Quarter		Second Quarter		First Quarter
NONACCRUAL LOANS
Owner occupied RE	$	7,783	$	4,820	$	2,310
Income producing RE		31,222		34,285		29,186
Commercial & industrial		28,856		17,335		20,134
Commercial construction		7,356		6,854		1,862
Equipment financing		9,123		8,341		8,829
Total commercial		84,340		71,635		62,321
Residential mortgage		21,851		18,473		16,569
Home equity		4,111		3,779		4,984
Residential construction		118		163		1,244
Manufactured housing		1,808		20,356		19,797
Consumer		152		72		54
Total nonaccrual loans		112,380		114,478		104,969
OREO and repossessed assets		2,580		2,244		2,261
Total NPAs	$	114,960	$	116,722	$	107,230

	2024
	Third Quarter						Second Quarter						First Quarter
(in thousands)	Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾			Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾			Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY
Owner occupied RE	$	(184	)		(0.02	)%	$	163			0.02	%	$	202			0.02	%
Income producing RE		1,409			0.13			2,968			0.29			205			0.02
Commercial & industrial		4,577			0.79			1,281			0.22			3,906			0.65
Commercial construction		36			0.01			(48	)		(0.01	)		20			—
Equipment financing		5,268			1.32			5,502			1.42			6,362			1.66
Total commercial		11,106			0.33			9,866			0.30			10,695			0.32
Residential mortgage		32			—			(107	)		(0.01	)		(16	)		—
Home equity		36			0.01			(27	)		(0.01	)		(54	)		(0.02	)
Residential construction		111			0.22			26			0.04			119			0.17
Manufactured housing		11,556			28.51			1,150			1.43			1,569			1.90
Consumer		810			1.74			706			1.57			595			1.33
Total	$	23,651			0.52		$	11,614			0.26		$	12,908			0.28

⁽¹⁾ Annualized.

UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	September 30, 2024			December 31, 2023
ASSETS
Cash and due from banks	$	202,644		$	200,781
Interest-bearing deposits in banks		537,395			803,094
Cash and cash equivalents		740,039			1,003,875
Debt securities available-for-sale		4,023,455			3,331,084
Debt securities held-to-maturity (fair value $2,060,729 and $2,095,620, respectively)		2,401,877			2,490,848
Loans held for sale		49,800			33,008
Loans and leases held for investment		17,964,099			18,318,755
Allowance for credit losses - loans and leases		(205,290	)		(208,071	)
Loans and leases, net		17,758,809			18,110,684
Premises and equipment, net		396,696			378,421
Bank owned life insurance		345,703			345,371
Goodwill and other intangible assets, net		975,117			990,087
Other assets		681,636			613,873
Total assets	$	27,373,132		$	27,297,251
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,222,518		$	6,534,307
NOW and interest-bearing demand		5,951,900			6,155,193
Money market		6,301,956			5,600,587
Savings		1,113,168			1,207,807
Time		3,490,399			3,649,498
Brokered		173,161			163,219
Total deposits		23,253,102			23,310,611
Long-term debt		316,363			324,823
Accrued expenses and other liabilities		396,987			400,292
Total liabilities		23,966,452			24,035,726
Shareholders' equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference		88,266			88,266
Common stock, $1 par value; 200,000,000 shares authorized, 119,282,762 and 119,010,319 shares issued and outstanding, respectively		119,283			119,010
Common stock issuable; 588,296 and 620,108 shares, respectively		12,661			13,110
Capital surplus		2,707,266			2,699,112
Retained earnings		668,965			581,219
Accumulated other comprehensive loss		(189,761	)		(239,192	)
Total shareholders' equity		3,406,680			3,261,525
Total liabilities and shareholders' equity	$	27,373,132		$	27,297,251

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)	2024			2023		2024			2023
Interest revenue:
Loans, including fees	$	291,574		$	273,781	$	867,152		$	760,696
Investment securities, including tax exempt of $1,713, $1,722, $5,133 and $5,563, respectively		52,997			44,729		149,496			125,775
Deposits in banks and short-term investments		4,515			4,637		16,131			11,938
Total interest revenue		349,086			323,147		1,032,779			898,409

Interest expense:
Deposits:
NOW and interest-bearing demand		43,401			35,613		133,522			80,809
Money market		56,874			46,884		160,883			105,430
Savings		672			868		2,065			2,108
Time		35,202			33,368		107,925			75,464
Deposits		136,149			116,733		404,395			263,811
Short-term borrowings		27			189		87			3,186
Federal Home Loan Bank advances		—			—		—			5,761
Long-term debt		3,724			3,669		11,262			11,339
Total interest expense		139,900			120,591		415,744			284,097
Net interest revenue		209,186			202,556		617,035			614,312
Provision for credit losses		14,428			30,268		39,562			74,804
Net interest revenue after provision for credit losses		194,758			172,288		577,473			539,508

Noninterest income:
Service charges and fees		10,488			10,315		30,372			28,791
Mortgage loan gains and other related fees		3,520			6,159		17,830			17,264
Wealth management fees		6,338			6,451		19,037			17,775
Net (losses) gains from sales of other loans		(25,700	)		2,688		(22,867	)		6,909
Lending and loan servicing fees		3,512			2,985		11,050			9,979
Securities losses, net		—			—		—			(1,644	)
Other		9,933			3,379		28,812			19,499
Total noninterest income		8,091			31,977		84,234			98,573
Total revenue		202,849			204,265		661,707			638,081

Noninterest expenses:
Salaries and employee benefits		83,533			81,173		254,336			236,121
Communications and equipment		12,626			10,902		36,534			31,654
Occupancy		11,311			10,941		33,466			31,024
Advertising and public relations		2,041			2,251		6,401			6,914
Postage, printing and supplies		2,477			2,386		7,376			7,305
Professional fees		6,432			7,006		18,464			19,670
Lending and loan servicing expense		2,227			2,697		6,068			7,546
Outside services - electronic banking		4,433			2,561		10,163			8,646
FDIC assessments and other regulatory charges		5,003			4,314		17,036			12,457
Amortization of intangibles		3,528			4,171		11,209			11,120
Merger-related and other charges		2,176			9,168		6,420			21,444
Other		7,278			6,904		27,638			22,785
Total noninterest expenses		143,065			144,474		435,111			416,686
Income before income taxes		59,784			59,791		226,596			221,395
Income tax expense		12,437			11,925		50,003			47,941
Net income		47,347			47,866		176,593			173,454
Preferred stock dividends, net of discount on repurchases		1,573			832		4,719			4,270
Earnings allocated to participating securities		272			259		988			939
Net income available to common shareholders	$	45,502		$	46,775	$	170,886		$	168,245

Net income per common share:
Basic	$	0.38		$	0.39	$	1.43		$	1.44
Diluted		0.38			0.39		1.43			1.44
Weighted average common shares outstanding:
Basic		119,818			119,506		119,736			116,925
Diluted		119,952			119,624		119,827			117,084

UNITED COMMUNITY BANKS, INC.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended September 30,

	2024								2023
(dollars in thousands, fully taxable equivalent (FTE))	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	18,051,741		$	291,164		6.42	%	$	18,055,402		$	273,800		6.02	%
Taxable securities ⁽³⁾		6,182,164			51,284		3.32			5,933,708			43,007		2.90
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		361,359			2,292		2.54			368,148			2,313		2.51
Federal funds sold and other interest-earning assets		505,792			5,440		4.28			538,039			5,093		3.76
Total interest-earning assets (FTE)		25,101,056			350,180		5.55			24,895,297			324,213		5.17

Noninterest-earning assets:
Allowance for credit losses		(215,008	)							(209,472	)
Cash and due from banks		206,995								225,831
Premises and equipment		399,262								367,217
Other assets ⁽³⁾		1,615,468								1,568,824
Total assets	$	27,107,773							$	26,847,697

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	5,797,845			43,401		2.98		$	5,285,513			35,613		2.67
Money market		6,342,455			56,874		3.57			5,622,355			46,884		3.31
Savings		1,126,774			672		0.24			1,301,047			868		0.26
Time		3,465,980			34,560		3.97			3,473,191			31,072		3.55
Brokered time deposits		50,364			642		5.07			209,119			2,296		4.36
Total interest-bearing deposits		16,783,418			136,149		3.23			15,891,225			116,733		2.91
Federal funds purchased and other borrowings		1,899			27		5.66			44,164			189		1.70
Federal Home Loan Bank advances		11			—		—			—			—		—
Long-term debt		323,544			3,724		4.58			324,770			3,669		4.48
Total borrowed funds		325,454			3,751		4.59			368,934			3,858		4.15
Total interest-bearing liabilities		17,108,872			139,900		3.25			16,260,159			120,591		2.94

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,239,926								6,916,272
Other liabilities		391,574								435,592
Total liabilities		23,740,372								23,612,023
Shareholders' equity		3,367,401								3,235,674
Total liabilities and shareholders' equity	$	27,107,773							$	26,847,697

Net interest revenue (FTE)				$	210,280							$	203,622
Net interest-rate spread (FTE)							2.30	%							2.23	%
Net interest margin (FTE) ⁽⁴⁾							3.33	%							3.24	%

⁽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 $1.09 million and $1.07 million, respectively, for the three months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, 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 $295 million in 2024 and $430 million in 2023 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,

	2024								2023
(dollars in thousands, fully taxable equivalent (FTE))	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	18,187,790		$	866,502		6.36	%	$	17,377,210		$	760,802		5.85	%
Taxable securities ⁽³⁾		5,988,368			144,363		3.21			5,982,615			120,212		2.68
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		363,692			6,876		2.52			386,499			7,470		2.58
Federal funds sold and other interest-earning assets		559,786			18,256		4.36			490,703			13,103		3.57
Total interest-earning assets (FTE)		25,099,636			1,035,997		5.51			24,237,027			901,587		4.97

Non-interest-earning assets:
Allowance for loan losses		(214,372	)							(186,428	)
Cash and due from banks		210,982								249,411
Premises and equipment		392,561								347,514
Other assets ⁽³⁾		1,613,118								1,518,503
Total assets	$	27,101,925							$	26,166,027

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	5,913,566			133,522		3.02		$	4,891,214			80,809		2.21
Money market		6,092,649			160,883		3.53			5,349,265			105,430		2.64
Savings		1,159,982			2,065		0.24			1,341,033			2,108		0.21
Time		3,535,343			106,199		4.01			2,936,873			65,856		3.00
Brokered time deposits		50,343			1,726		4.58			280,293			9,608		4.58
Total interest-bearing deposits		16,751,883			404,395		3.22			14,798,678			263,811		2.38
Federal funds purchased and other borrowings		2,001			87		5.81			98,884			3,186		4.31
Federal Home Loan Bank advances		5			—		—			166,355			5,761		4.63
Long-term debt		324,414			11,262		4.64			324,737			11,339		4.67
Total borrowed funds		326,420			11,349		4.64			589,976			20,286		4.60
Total interest-bearing liabilities		17,078,303			415,744		3.25			15,388,654			284,097		2.47

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,306,919								7,226,096
Other liabilities		394,323								393,048
Total liabilities		23,779,545								23,007,798
Shareholders' equity		3,322,380								3,158,229
Total liabilities and shareholders' equity	$	27,101,925							$	26,166,027

Net interest revenue (FTE)				$	620,253							$	617,490
Net interest-rate spread (FTE)							2.26	%							2.50	%
Net interest margin (FTE) ⁽⁴⁾							3.30	%							3.41	%

⁽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 $3.22 million and $3.18 million, respectively, for the nine months ended September 30, 2024 and 2023. The tax rate used to calculate the adjustment was 25% in 2024 and 26% in 2023, 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 $320 million in 2024 and $413 million in 2023 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.

About United Community Banks, Inc.

United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of September 30, 2024, United Community Banks, Inc. had $27.4 billion in assets, 202 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2023, United was named by American Banker as one of the “Best Banks to Work For” for the seventh consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

Non-GAAP Financial Measures

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

Caution About Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

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

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

# # #

Exhibit 99.2

Disclosures 2 CAUTIONARY STATEMENT This Investor Presentation contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . In general, forward - looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology . Forward - looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance . Actual results may prove to be materially different from the results expressed or implied by the forward - looking statements . Forward - looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements . Factors that could cause or contribute to such differences include, but are not limited to general competitive, economic, political, regulatory and market conditions . Further information regarding additional factors which could affect the forward - looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward - Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10 - K for the year ended December 31 , 2023 , and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”) . Many of these factors are beyond United’s ability to control or predict . If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward - looking statements . Accordingly, shareholders and investors should not place undue reliance on any such forward - looking statements . Any forward - looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law . New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United . United qualifies all forward - looking statements by these cautionary statements . NON - GAAP MEASURES This Investor Presentation includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) . This financial information includes certain operating performance measures, which exclude merger - related and other charges that are not considered part of recurring operations, such as "noninterest income – operating", “ noninterest expense – operating,” “operating net income,” “pre - tax, pre - provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets - pre - tax pre - provision - operating,” “return on assets - pre - tax, pre - provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets . ” These non - GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends . Further, United’s management uses these measures in managing and evaluating United’s business and intends to refer to them in discussions about United’s operations and performance . 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 . JP0

$27.4 BILLION IN TOTAL ASSETS United Community Banks, Inc. Note: See Glossary located at the end of this presentation for reference on certain acronyms (1) Adjusted for the contracted sale of FinTrust Capital Advisors, closed Oct 1 st , 2024 (2) 3Q24 regulatory capital ratio is preliminary 3 UCBI Banking Offices Regional Full - Service Branch Network National Navitas and SBA Markets Company Overview $23.3 BILLION IN TOTAL DEPOSITS $3.1 BILLION IN AUA (1) 13.1% CET1 RBC (2) $18.0 BILLION IN TOTAL LOANS $0.24 QUARTERLY COMMON DIVIDEND 202 BANKING OFFICES ACROSS THE SOUTHEAST J. D. POWER #1 IN CUSTOMER SATISFACTION with Consumer Banking in the Southeast in 2024 MOST TRUSTED RETAIL BANK i n the Southeast Region GREENWICH EXCELLENCE AWARDS 15 awards for outstanding performance in small business and middle market banking in 2023 - Coalition Greenwich BEST BANKS TO WORK FOR in 2023 for the seventh consecutive year - American Banker Premier Southeast Regional Bank – Committed to Service Since 1950 x Metro - focused branch network with locations in the fastest - growing MSAs in the Southeast x 191 branches, 11 LPOs, and 3 MLOs across six Southeast states; Top 10 deposit market share in GA and SC Extended Navitas and SBA Markets x Navitas subsidiary is a technology - enabled, small - ticket, essential - use commercial equipment financing provider x SBA business has both in - footprint and national business (4 specific verticals) EB0 EB1 JP2

3.33% Net interest margin $0.39 $0.54 $0.38 $0.45 $0.58 $0.57 3Q23 2Q24 3Q24 Diluted Earnings Per Share GAAP Operating $19.66 TBV per share $25.87 $27.18 $27.68 $17.70 $19.13 $19.66 3Q23 2Q24 3Q24 Book Value Per Share GAAP Tangible 5.20% Return on common equity – GAAP 11.17% Return on tangible common equity – operating (1) Other 3Q notable items: $2.7 mm MSR write - down $0.9 mm Unrealized equity gains $0.7 mm BOLI gains 1.01% Return on assets – operating (1) 1.50% Return on assets – PTPP – operating (1) 2.35% Cost of deposits 27% DDA / Total Deposits $0.38 Diluted earnings per share – GAAP $0.57 Diluted earnings per share – operating ( 1) 0.67% Return on assets – GAAP 3Q24 Highlights (1) See non - GAAP reconciliation table slides in the exhibits to this Presentation for a reconciliation of operating performance measures to GAAP performance 0.68% 0.97% 0.67% 0.79% 1.04% 1.01% 3Q23 2Q24 3Q24 Return on Average Assets GAAP Operating 1.31% 1.44% 1.07% 1.44% 1.54% 1.50% 3Q23 2Q24 3Q24 PTPP Return on Average Assets PTPP Operating 4 65.5% Efficiency ratio – GAAP 57.4% Efficiency ratio – operating (1) (1) (1) (1)JH0JH1JH2 EB3 EB4 EB5

5 1 Branch Locations Community Support x 170 employees in Western NC across 19 branches x All branches are now open x $350 thousand UCB Foundation donation toward community relief efforts Financial Impact x $9.9 million reserve increase for Hurricane Helene related losses on $383 million of loans in nine affected counties x Reserve in affected counties increased from 0.93% in 2Q24 to 3.50% in 3Q24 x Loans in affected counties are comprised of $219 million 1 - 4 family, $49 million HELOC, and $114 million commercial and other Outstanding Loans Deposits County $117 $171 Henderson 87 Buncombe 56 158 Transylvania 50 85 Avery 31 94 Yancey 22 305 Mitchell 9 McDowell 8 Polk 4 Rutherford $383 $813 Total Special Reserve Counties Exposure ($ millions) Special Reserve Counties in light blue Hurricane Helene Impact – Flooding in Western NCKB0 EB1 PB2

Manufactured Housing (“MH”) Loan Portfolio Sale Impact 6 3Q24 Financial Impact x The loss on sale results in a $21.4 million after - tax loss in fee income ($0.18) x Includes the impact of an $11.0 million net charge - off due to the estimated credit losses in the MH transaction, which was equal to the 2Q24 reserve for MH loans x The $11.0 million transaction - related net charge - off for MH loans adds 0.24% to our quarterly net charge - offs, taking the total to 0.52% of loans x Slightly accretive to risk - based capital ratios (CET1 increased by 6 bps) x 8 bps reduction in TCE x Approximately neutral to projected earnings after reinvestment of proceeds Transaction Rationale x Exiting the business enables management to focus on core operations and to allocate capital to other growth opportunities x Conclusion of 3Q23 strategic decision to cease originations x Reduces United’s risk profile as these loans represent less than 2% of United’s total loans outstanding but account for 11% of United’s YTD net charge - offs and 17.4% of nonaccrual loans x Eliminates the need for dedicated MH overhead, including a specialized servicing function x Creates additional liquidity and balance sheet flexibility Portfolio Sale Impact $ in millions, except per share Transaction Description x On August 30, 2024, we closed on the divestiture of approximately $318 million of manufactured housing (“MH”) loans, a business acquired in the acquisition of Reliant Bancorp, Inc. x Buyer is 21 st Mortgage Corporation, the leading manufactured housing lender in the country backed by Berkshire Hathaway and a trusted platform with the ability to maintain continuity of service to the former United Community customers (1) Includes net impact of reversals and write - offs of accrued interest, deferred fees, and certain receivables as well as trans action related expenses After Tax Per Share Total Loss on Sale (24.4)$ (19.2)$ (0.16)$ Other Transaction Adjustments, Net (1) (2.8) (2.2) (0.02) Total Impact (27.2)$ (21.4)$ (0.18)$ Pre-Tax After Tax JH0 EB1 EB2

0.07% 3.65% 5.25% 5.25% 5.18% 0.06% 0.49% 2.24% 2.35% 2.35% 4Q21 4Q22 4Q23 2Q24 3Q24 Fed Target Average UCBI Cost of Deposits Outstanding Deposit Franchise Deposit Costs Reached Inflection Point in 3Q24 7 Customer Deposit Growth x Total deposits were up $271 million, or 4.7% annualized, from 2Q24 x Core transaction deposits up $244 million, or 5.9% annualized, from 2Q24 x Public funds of $2.8 billion were up seasonally $42 million from 2Q24 x DDA% remained unchanged from 2Q24 at 27% of total deposits 3Q24 Change in Customer Deposits $23,080 $22,818 2Q24 Total Customer Deposits Noninterest- bearing NOW Savings MMA Time 3Q24 Total Customer Deposits ($69) $158 ($32) $225 ($21) $ in millions Continued Stabilization of Deposit Costs x Cost of deposits flat in 3Q24 with a reduction in interest - bearing deposits offset by continued mix change toward promotional money market accounts x ~75% of time deposits mature within 6 months Time MMA Savings NOW Noninterest - bearing 3Q24 Public Funds Δ $4.0 $8.5 ($0.0) $52.2 ($22.7) KB0 EB1 EB2 EB3

Deposit Trends x Deposits are granular with a $34,000 average account size and are diverse by industry and geography x Business deposits of $8.9 billion and personal deposits of $11.3 billion in 3Q24 x The remaining $3.1 billion of deposits are predominantly comprised of public funds Time Deposit Maturities Customer Deposit Granularity $19,956 $20,594 $20,304 $20,006 $20,033 $75,865 $76,419 $77,546 $74,568 $75,977 3Q23 4Q23 1Q24 2Q24 3Q24 Personal Deposits Avg Acct Size Business Deposits Avg Acct Size $16.1 $16.8 $16.9 $16.7 $17.0 $6.8 $6.5 $6.4 $6.3 $6.2 $22.9 $23.3 $23.3 $23.0 $23.3 30% 28% 27% 27% 27% 3Q23 4Q23 1Q24 2Q24 3Q24 Interest-Bearing Deposits Noninterest-Bearing Deposits % Noninterest-Bearing Deposits 8 Total Deposit Mix Trend $ in billions $ in actual $ in millions $1,096 $1,498 $487 $237 $148 $52 - - - - 4.05% 4.22% 3.77% 3.68% 1.72% - 200 400 600 800 1,000 1,200 1,400 1,600 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 4Q24 1Q25 2Q25 3Q25 Beyond Core Brokered Weighted Avg Rate EB0

3Q24 Loan Portfolio Growth, Ex. MH Sale Well - Diversified Loan Portfolio Quarter Highlights x Loan shrinkage primarily driven by $318 million sale of the MH portfolio x Senior Care portfolio down $38 million, or 11%, from 2Q24 x Excluding the MH sale, loan growth of 1.5% annualized x Construction and CRE ratios as a percentage of total RBC were 67% and 203%, respectively x Top 25 relationships totaled $912 million, or 5.1% of total loans x SNCs outstanding of $242 million, or 1.3% of total loans x Project lending limit of $35 million x Conservative relationship lending limits driven by risk grades 9 6% 1% 1% 40% 24% 18% 10% 3Q24 Total Loans $18.0 Billion C&I Commercial Construction CRE Other Consumer Residential Mortgage Home Equity Residential Construction $ in millions Note: C&I includes Commercial & Industrial, Owner Occupied CRE, and Equipment Financing $17,964 $18,211 ( $319 ) $62 $201 ( $251 ) $32 $28 2Q24 Total Loans Manufactured Housing C&I CRE Construction Mortgage / Consumer Other 3Q24 Total Loans Largely Commercial Construction to CRE CA0 KB1 EB2 EB3

80% 79% 79% 80% 78% 97% 3Q23 4Q23 1Q24 2Q24 3Q24 United KRX Peer Median x Substantial balance sheet liquidity and above - peer capital ratios x $6.4 billion securities portfolio offers significant near - and medium - term cash flow opportunities x FHLB borrowings remained at zero in 3Q24 x 0.7% of total deposits are brokered in 3Q24, compared to 3.4% for the KRX peer median 8.2% 8.4% 8.5% 8.8% 8.9% 7.8% 3Q23 4Q23 1Q24 2Q24 3Q24 United KRX Peer Median Loans / Core Deposits % Tangible Common Equity / Tangible Assets % Common Equity Tier 1 RBC %* 12.2% 12.2% 12.4% 12.8% 13.1% 11.7% 3Q23 4Q23 1Q24 2Q24 3Q24 United KRX Peer Median Balance Sheet Strength – Liquidity and Capital 10 *3Q24 regulatory capital ratio is preliminary EB0 KB1

Risk - Based Capital Ratios Tangible Book Value Per Share x 3Q24 regulatory risk - based capital ratios increased from 2Q24 and remained above peers x The leverage ratio increased 6 bps to 9.99%, as compared to 2Q24 x Quarterly common dividend increased to $0.24 per share during the quarter, up 4% vs. prior quarter x Redeemed $8 million in Trust Preferred securities in 3Q24 with an ~8.50% blended rate x Net unrealized securities losses in AOCI improved by $47.8 million to $197 million in 3Q24 x AFS securities portfolio of $4.0 billion with a 2.1 year duration x TCE of 8.93% increased 15 bps from 3Q24 x MH loan sale decreased TCE by 8 bps in 3Q24 x FinTrust sale is expected to increase TCE by 5 bps in 4Q24 12.2% 12.2% 12.4% 12.8% 11.7% 13.1% 0.5% 0.4% 0.4% 0.5% 0.6% 0.5% 1.9% 1.9% 1.8% 1.8% 1.9% 1.8% 14.5% 14.5% 14.6% 15.1% 14.2% 15.3% 3Q23 4Q23 1Q24 2Q24 2Q24 KRX Peer Median 3Q24* CET1 Additional Tier 1 Tier 2 Capital $19.66 $19.13 $0.38 ( $0.25 ) $0.37 $0.03 2Q24 TBV GAAP Earnings Dividends Change in AOCI Other 3Q24 TBV 11 *3Q24 regulatory capital ratios are preliminary (1) Dividends include both common and preferred dividends (1)JH0JH1 EB2 JH3KB4

$202.6 $208.7 $209.2 3.24% 3.37% 3.33% 3.15% 3.28% 3.26% $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 2.00% 2.50% 3.00% 3.50% 4.00% 3Q23 2Q24 3Q24 Net Interest Revenue Net Interest Margin Core Net Interest Margin 3.33% 3.37% 2Q24 NIM Mix / Rate Loan Accretion Manufactured Housing 3Q24 NIM Net Interest Revenue & Net Interest Margin 3Q24 NIM Down 4 bps x Net interest revenue increased $0.5 million from 2Q24 x Core net interest margin, excluding purchase loan accretion, was down 2 bps to 3.26% x MH sale decreased NIM by 1 bp from 2Q24, but these economics were generally offset in provision and expenses x Purchased loan accretion totaled $4.4 million and contributed 7 bps to the margin, down 2 bps from 9 bps in 2Q24 x In 3Q24, purchased $457 million in securities with an average yield of 5.35%, while $155 million in securities ran off at an average yield of 2.70% x Approximately $7.8 billion , or 44%, of total loans and $2.0 billion, or 30%, of total securities, including hedging activities, are variable rate and reprice or mature within one year Net Interest Revenue / Margin (1) Yields & Costs 6.02% 6.15% 6.24% 6.43% 6.42% 3.24% 3.19% 3.20% 3.37% 3.33% 2.88% 2.91% 3.04% 3.21% 3.28% 2.94% 3.16% 3.23% 3.27% 3.25% 3Q23 4Q23 1Q24 2Q24 3Q24 Loan Yield NIM Securities Yield Cost of IBL (1) Net interest margin is calculated on a fully - taxable equivalent basis (2) Core net interest margin excludes purchased loan accretion (2) (1) 12 $ in millions (0.01%) (0.02%) (0.01%) EB0 EB1 EB2 EB3

$10.3 $9.6 $9.3 $10.6 $10.5 $6.2 $2.0 $7.5 $6.8 $3.5 $6.5 $6.0 $6.3 $6.4 $6.3 $2.7 $2.2 $1.5 $1.3 $1.5 $6.3 $8.8 $12.6 $11.5 $13.4 3Q23 4Q23 1Q24 2Q24 3Q24 Service Charges Mortgage Brokerage / Wealth Mgmt Loan sale gains Other $37.2 $36.6 Linked Quarter x GAAP noninterest income was down $28.5 million to $8.1 million, primarily due to the loss on the sale of our MH loan portfolio x On an operating basis, noninterest income decreased $1.3 million from 2Q24 x Mortgage volume increased seasonally x Mortgage fees decreased primarily due to a $3.3 million negative swing in the MSR mark x Other noninterest income was up $1.9 million, due to a $1.0 million increase in customer swap fees and $0.7 million of BOLI gains x Sold $11.4 million of SBA loans and $21.1 million of Navitas loans, resulting in $1.5 million of loan sale gains in the quarter Year - over - Year x Noninterest income increased $3.3 million from 3Q23 x Mortgage rate locks of $306 million in 3Q24 compared to $304 million in 3Q23 x Mortgage income down due to a negative MSR mark of $2.7 million in 3Q24 vs. a positive $1.1 million in 3Q23 x Other income increased $7.1 million, including $2.9 million of investment gains and $1.2 million higher customer swap fees $28.6 $35.3 13 Noninterest Income - Operating (1) See non - GAAP reconciliation table slides in the exhibits to this Presentation for a reconciliation of operating performance meas ures to GAAP performance $32.0 $ in millions (1) (1) (1)JH0 CA1 EB2

$144.5 $154.6 $145.0 $147.0 $143.1 $135.3 $138.8 $140.4 $140.6 $140.9 3Q23 4Q23 1Q24 2Q24 3Q24 GAAP Operating Noninterest Expense x The GAAP efficiency ratio was unfavorably impacted by the one - time sale of the MH portfolio x The operating efficiency ratio was relatively flat from the prior quarter and prior year Efficiency Ratio Noninterest Expense 61.3% 66.3% 60.5% 59.7% 65.5% 57.4% 59.6% 59.2% 57.1% 57.4% 58.1% 3Q23 4Q23 1Q24 2Q24 3Q24 GAAP Operating KRX Peer Median x GAAP noninterest expense improved $3.9 million compared to 2Q24, mostly due to unusual items in 2Q24 x Operating noninterest expense was relatively flat quarter - over - quarter x Lower compensation expense due to higher group medical insurance costs in the prior quarter and expense initiatives resulting in lower headcount, offset by digital banking and card services expense timing 14 (1) See non - GAAP reconciliation table slides in the exhibits to this Presentation for a reconciliation of operating performance meas ures to GAAP performance (1) $ in millions (1)KB0 EB1

x 3Q24 net charge - offs of $23.7 million, or 0.52% of loans annualized x The MH transaction necessitated an estimate of lifetime expected losses, which translated into $11.0 million, or 0.24% of the 0.52% total. MH charge - offs not related to the transaction contributed 0.01% to the 0.52% total. x The $11.0 million was equal to the reserve that had previously been set aside for losses x Navitas losses improved and contributed 0.12% of the 0.52% x Bank net charge - offs, excluding MH and Navitas, were flat to 2Q24 x Nonperforming assets improved $1.8 million during the quarter and were 0.64% of total loans, flat from 2Q24 x Past due loans improved $14.1 million during the quarter and were 0.19% of total loans, a decrease of 7 bps from 2Q24 x Higher risk loans, defined as special mention plus substandard accruing, increased 0.2% from 2Q24 to 3.0% Credit Quality Net Charge - Offs as % of Average Loans Nonperforming Assets & Past Due Loans as a % of Total Loans 0.55% 0.29% 0.43% 0.60% 0.50% 0.51% 0.58% 0.64% 0.64% 0.18% 0.06% 0.18% 0.31% 0.18% 0.21% 0.29% 0.28% 0.26% 0.19% 2020 2021 2022 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 NPAs (%) Past Dues (%) 2.6% 2.6% 1.6% 1.4% 1.2% 1.4% 1.1% 1.6% 1.3% 1.3% 1.5% 1.4% 1.3% 1.6% 1.5% 1.5% 1.6% 1.3% 1.5% 1.7% 2020 2021 2022 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Special Mention (%) Substandard Accruing (%) Special Mention & Substandard Accruing Loans as a % of Total Loans 15 0.17% 0.00% 0.07% 0.17% 0.20% 0.59% 0.22% 0.28% 0.26% 0.52% 0.12% - 0.03% 0.04% 0.10% 0.15% 0.49% 0.05% 0.16% 0.15% 0.45% 2020 2021 2022 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 United United Excl. Navitas 0.28% JH0JH1 EB2

Allowance for Credit Losses Allowance for Credit Losses (ACL) Walk - Forward Allowance for Credit Losses (ACL) Note: ACL includes the reserve for unfunded commitments x The GAAP loan loss provision of $14.4 million included a $9.9 million provision increase for the $383 million in loans in the nine NC counties that experienced significant flooding due to Hurricane Helene x An $11.0 million portion of the MH transaction loss flowed through net charge - offs x Equal to the reserve that had previously been set aside for losses x Favorable changes in the economic forecast resulted in the provision, excluding the impact of the Hurricane Helene special reserve, being less than net charge - offs $220 $224 $224 $225 $216 1.21% 1.22% 1.22% 1.23% 1.20% 0.65% 0.75% 0.85% 0.95% 1.05% 1.15% 1.25% 1.35% 1.45% 1.55% $30 $50 $70 $90 $110 $130 $150 $170 $190 $210 3Q23 4Q23 1Q24 2Q24 3Q24 ACL - Allowance for Credit Losses $ ACL - Allowance for Credit Losses / Loans % $224,740 $215,518 2Q24 ACL Loan Growth/ Mix Changes Unfunded Commitments MH Transaction NCOs Other NCOs Specific Reserve Model Impact/ NCO Re-fill Hurricane Helene 3Q24 ACL 16 $ in millions $ in thousands ($960) ($1,491) ($12,658) $973 $6,016 $9,892 ($10,993)JH0 EB1 JH2 EB3 JH4 EB5 EB6

Average Deposit Costs 18 3Q24 2Q24 1Q24 4Q23 3Q23 $ in billions; rates annualized Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance Average Rate Average Balance N/A $6.2 N/A $6.3 N/A $6.4 N/A $6.7 N/A $6.9 DDA 2.98% $5.8 3.01% $5.9 3.06% $6.1 2.96% $6.0 2.67% $5.3 NOW 3.57% $6.3 3.55% $6.1 3.46% $5.9 3.49% $5.8 3.31% $5.6 MMDA 0.24% $1.1 0.24% $1.2 0.24% $1.2 0.24% $1.2 0.26% $1.3 Savings 3.97% $3.5 4.05% $3.5 4.02% $3.6 3.86% $3.6 3.55% $3.5 Time 3.23% $16.8 3.24% $16.7 3.21% $16.8 3.14% $16.7 2.91% $15.9 Total Interest - bearing 2.35% $23.0 2.35% $23.0 2.32% $23.2 2.24% $23.2 2.03% $22.8 Total deposits

Navitas Portfolio Net Charge - Offs & Weighted Average FICO Scores x Navitas represents 9% of total loans x Navitas ACL / Loans of 2.86% x Navitas 3Q24 NCOs of 1.34% annualized, or $5.3 million x Of the $5.3 million of losses, $1.5 million came from the Long Haul Trucking segment as the book shrank to just $29 million x Excluding Long Haul Trucking losses, Navitas losses were slightly improved at 0.97% of total Navitas loans, down 5 bps from 2Q24 Navitas Performance $1,148 $1,211 $1,281 $1,374 $1,447 $1,510 $1,534 $1,543 $1,544 $1,581 $1,603 8.85% 8.80% 8.79% 8.88% 8.99% 9.12% 9.25% 9.30% 9.43% 9.58% 9.64% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Navitas Loans $ Portfolio Yield % 19 0.74% 0.85% 0.32% 0.10% 0.31% 0.36% 0.50% 0.93% 0.69% 1.62% 2.05% 1.66% 1.42% 1.34% 745 748 750 750 751 751 752 752 754 755 756 757 758 759 1 101 201 301 401 501 601 701 801 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 2019 2020 2021 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 NCOs % - Navitas Weighted Average FICO - Total Portfolio $ in millions Navitas Portfolio Concentrations by State 11% 10% 10% 6% 4% 61% CA TX FL NY GA Other StatesJH0CA1

1% 20% 25% 49% 6% Selected Portfolios – Office 20 3Q24 Portfolio Characteristics Top 10 MSAs by Note Current Balance + Unfunded Commitment – Weighted Avg. LTV 61.7% $ in millions $ in millions $19.8 $25.4 $32.6 $39.2 $42.4 $48.6 $58.5 $68.5 $98.9 $122.4 Ft. Lauderdale, FL Charlotte, NC Nashville, TN Chattanooga, TN Greenville, SC Orlando, FL Raleigh, NC Miami, FL Charleston, SC Atlanta, GA LTV 61.9% LTV 62.8% LTV 44.1% LTV 65.9% LTV 66.3% LTV 65.7% LTV 70.6% LTV 74.1% LTV 59.0% Collateral Type – Top 100 Outstanding Location Segment – Top 100 Outstanding Maturity Schedule – Total Portfolio Outstanding $810.0 million Outstanding 4.5% % of Total Loans $1.4 million Average Loan Size $0.6 million Median Loan Size $16.0 million Largest Loan Size $481.6 million Top 100 $173 thousand 30 + Days Past Due $12.3 million Special Mention $23.2 million Substandard Accruing $0 Nonaccruals LTV 60.6% 37% 63% Medical Office Non-Medical Office 7% 12% 2% 79% CBD - Class A CBD - Class B CBD - Class C Non-CBD $35 $104 $121 $86 $97 $367 2024 2025 2026 2027 2028 2029 + Fixed Floating 17% matures in 2024 - 2025 $ in millions Top 100 Loans Outstanding of $481 million, or 59% of the total Office portfolioCA0 EB1 EB2 EB3 EB4

23% 52% 24% Construction Lease-Up Stabilized $31.7 $37.2 $39.6 $52.7 $53.5 $66.9 $91.8 $107.0 $111.3 $115.3 Cape Coral, FL Birmingham, AL Tampa, FL Charlotte, NC Jacksonville, FL Greenville, SC Charleston, SC Nashville, TN Raleigh, NC Atlanta, GA 1% 20% 25% 49% 6% Selected Portfolios – Multi - Family 21 3Q24 Portfolio Characteristics $ in millions LTV 42.4% LTV 39.9% LTV 45.5% LTV 52.6% LTV 38.1% LTV 47.3% LTV 49.7% LTV 68.9% Project Status – Top 100 Commitments Maturity Schedule – Total Portfolio Outstanding $906.0 million Outstanding 5.0% % of Total Loans $2.6 million Average Loan Size $0.4 million Median Loan Size $31.5 million Largest Loan Size $822.0 million Top 100 $0 30 + Days Past Due $16.7 million Special Mention $2.5 million Substandard Accruing $0 Nonaccruals LTV 34.6% $62 $256 $211 $221 $49 $107 2024 2025 2026 2027 2028 2029 + Fixed Floating 35% matures in 2024 - 2025 $ in millions Top 10 MSAs by Note Current Balance + Unfunded Commitment – Weighted Avg. LTV 50.3% Top 100 Loans Outstanding of $822 million, or 91% of the total Multi - Family portfolio LTV 52.5% CA0EB1 EB2 EB3

1% 20% 25% 49% 6% Selected Portfolios – Senior Care $73 $65 $60 $79 $106 $106 $102 $113 $105 $148 $146 $144 $135 $124 $111 $91 $108 $102 $87 $97 $32 $11 $518 $465 $442 $408 $410 $394 $388 $382 $369 $355 $317 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Substandard $ Special Mention $ Pass $ 22 $ in millions Investment CRE – Senior Care Outstanding Maturity Schedule – Total Portfolio Outstanding 3Q24 Portfolio Characteristics $317.0 million Outstanding 1.8% % of Total Loans $7.2 million Average Loan Size $5.7 million Median Loan Size $30.4 million Largest Loan Size $0 30 + Days Past Due $11.0 million Special Mention $115.2 million Substandard Accruing $30.8 million Nonaccruals $ in millions $62 $121 $64 $17 $12 $41 2024 2025 2026 2027 2028 2029 + Fixed Floating 58% matures in 2024 - 2025 CA0EB1

x Rate locks were $306 million compared to $295 million in 2Q24, driven primarily by seasonality x 89% of locked loans were fixed rate mortgages, which were either sold in 3Q24 or are contemplated to be sold once closed x Sold $172 million in 3Q24, up $27 million from $145 million sold in 2Q24 x Potential headwind in 4Q24 related to Hurricane Helene impact within our footprint x Property inspections required ahead of loan sales x Gain on sale down slightly in 3Q24 due to product mix Mortgage Locks & Sales Mortgage Locks - Purchase vs. Refinance Mortgage Activity Trends $304 $223 $260 $295 $306 $108 $114 $126 $145 $172 2.9% 2.4% 2.9% 3.0% 2.8% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% $0 $50 $100 $150 $200 $250 $300 $350 3Q23 4Q23 1Q24 2Q24 3Q24 Mortgage locks $ Loans sold $ Gain on sale % 87% 87% 80% 84% 79% 13% 13% 20% 16% 21% 3Q23 4Q23 1Q24 2Q24 3Q24 Purchase Refinance 23 x Purchase volume remained the primary driver of originations at 79% of the total x Pickup in refi volume due to rate environment $ in millions

(1) Includes MSAs with a population greater than 1,000,000 (2) Includes MSAs with a population between 500,000 and 1,000,000 Footprint Focused on High - Growth Southeast MSAs 24 21.9% 8.8% 5.4% 5.3% 3.7% 3.2% 2.8% 2.3% 2.1% 2.0% Atlanta, GA Greenville, SC Nashville, TN Miami, FL Raleigh, NC Gainesville, GA Knoxville, TN Orlando, FL Charlotte, NC Myrtle Beach, SC Top 10 MSAs - % of Total Deposits UCBI's % of Total Deposits ’23 – ’28 Proj. Pop. Growth % ’23 – ’28 Proj. HHI. Growth % 1) Raleigh, NC 3.73% 7.40 11.77 2) Jacksonville, FL 0.52% 6.89 14.35 3) Orlando, FL 2.31% 6.35 10.63 4) Nashville, TN 5.43% 6.12 12.44 5) Charlotte, NC 2.07% 5.80 14.66 6) Tampa, FL 0.12% 5.19 11.68 7) Atlanta, GA 21.85% 4.68 14.16 8) Richmond, VA -- 3.88 12.78 9) Washington, DC -- 2.72 11.66 10) Virginia Beach, VA -- 2.25 14.75 11) Miami, FL 5.30% 1.95 10.76 12) Birmingham, AL 0.73% 1.60 10.87 Fastest Growing Major Southeast MSAs (1) UCBI's % of Total Deposits ’23 – ’28 Proj. Pop. Growth % ’23 – ’28 Proj. HHI. Growth % 1) Myrtle Beach, SC 2.04% 9.38 12.44 2) Winter Haven, FL -- 9.37 9.14 3) Fort Myers, FL -- 8.93 11.31 4) Sarasota, FL 0.18% 7.73 12.11 5) Port St. Lucie, FL 0.12% 7.53 11.74 6) Fayetteville, AR -- 6.99 10.18 7) Daytona Beach, FL -- 6.56 10.27 8) Charleston, SC 1.10% 6.32 14.65 9) Huntsville, AL 1.71% 5.93 16.50 10) Melbourne, FL 0.11% 5.29 11.06 11) Greenville, SC 8.81% 4.74 12.63 12) Pensacola, FL -- 4.62 9.92 13) Durham, NC -- 4.52 13.77 14) Knoxville, TN 2.75% 4.10 11.62 15) Columbia, SC 0.21% 3.59 13.59 Fastest Growing Mid-Sized Southeast MSAs (2) UCBI MSA Presence CA0 EB1

Non - GAAP Reconciliation Tables 25 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest Income Noninterest income - GAAP 31,977$ (23,090)$ 39,587$ 36,556$ 8,091$ Loss on sale of manufactured housing loans - - - - 27,209 Gain on lease termination - - (2,400) - - Bond portfolio restructuring loss - 51,689 - - - Noninterest income - operating 31,977$ 28,599$ 37,187$ 36,556$ 35,300$ Expenses Expenses - GAAP 144,474$ 154,587$ 145,002$ 147,044$ 143,065$ Merger-related and other charges (9,168) (5,766) (2,087) (2,157) (2,176) FDIC special assessment - (9,995) (2,500) 764 - Loss on FinTrust (goodwill impairment) - - - (5,100) - Expenses - operating 135,306$ 138,826$ 140,415$ 140,551$ 140,889$ Diluted Earnings Per Share Diluted earnings per share - GAAP 0.39$ 0.11$ 0.51$ 0.54$ 0.38$ Loss on sale of manufactured housing loans -$ -$ -$ -$ 0.18$ Merger-related and other charges 0.06 0.04 0.01 0.01 0.01 Bond portfolio restructuring loss - 0.32 - - - FDIC special assessment - 0.06 0.02 - - Gain on lease termination - - (0.02) - - Loss on FinTrust (goodwill impairment) - - - 0.03 - Diluted earnings per share - operating 0.45$ 0.53$ 0.52$ 0.58$ 0.57$ Book Value Per Share Book Value per share - GAAP 25.87$ 26.52$ 26.83$ 27.18$ 27.68$ Effect of goodwill and other intangibles (8.17) (8.13) (8.12) (8.05) (8.02) Tangible book value per share 17.70$ 18.39$ 18.71$ 19.13$ 19.66$ Return on Tangible Common Equity Return on common equity - GAAP 5.32 % 1.44 % 7.14 % 7.53 % 5.20 % Loss on sale of manufactured housing loans - - - - 2.43 Merger-related and other charges 0.82 0.50 0.19 0.20 0.19 Bond portfolio restructuring loss - 4.47 - - - FDIC special assessment - 0.86 0.23 (0.07) - Lease termination gain - - (0.22) - - Loss on FinTrust (goodwill impairment) - - - 0.46 - Return on common equity - operating 6.14 7.27 7.34 8.12 7.82 Effect of goodwill and intangibles 2.89 3.31 3.34 3.56 3.35 Return on tangible common equity - operating 9.03 % 10.58 % 10.68 % 11.68 % 11.17 % $ in thousands, except per share data EB0

Non - GAAP Reconciliation Tables 26 3Q23 4Q23 1Q24 2Q24 3Q24 Return on Assets Return on assets - GAAP 0.68 % 0.18 % 0.90 % 0.97 % 0.67 % Loss on sale of manufactured housing loans - - - - 0.31 Merger-related and other charges - 0.06 0.03 0.01 0.03 Bond portfolio restructuring loss - 0.57 - - - FDIC special assessment 0.11 0.11 0.03 - - Lease termination gain - - (0.03) - - Loss on FinTrust (goodwill impairment) - - - 0.06 - Return on assets - operating 0.79 % 0.92 % 0.93 % 1.04 % 1.01 % Return on Assets to Return on Assets - Pre-tax Pre-provision Return on assets - GAAP 0.68 % 0.18 % 0.90 % 0.97 % 0.67 % Income tax expense (benefit) 0.18 (0.04) 0.27 0.29 0.19 (Release of) provision for credit losses 0.45 0.21 0.19 0.18 0.21 Return on assets - pre-tax, pre-provision 1.31 0.35 1.36 1.44 1.07 Loss on sale of manufactured housing loans - - - - 0.40 Merger-related and other charges 0.13 0.08 0.04 0.03 0.03 Bond portfolio restructuring loss - 0.75 - - - FDIC special assessment - 0.15 0.04 (0.01) - Lease termination gain - - (0.04) - - Loss on FinTrust (goodwill impairment) - - - 0.08 - Return on assets - pre-tax pre-provision - operating 1.44 % 1.33 % 1.40 % 1.54 % 1.50 % Efficiency Ratio Efficiency ratio - GAAP 61.32 % 66.33 % 60.47 % 59.70 % 65.51 % Loss on sale of manufactured housing loans - - - - (7.15) Merger-related and other charges (3.89) (2.47) (0.87) (0.88) (0.99) FDIC special assessment - (4.29) (1.05) 0.31 - Lease termination gain - - 0.60 - - Loss on FinTrust (goodwill impairment) - - - (2.07) - Efficiency ratio - operating 57.43 % 59.57 % 59.15 % 57.06 % 57.37 % Tangible Common Equity to Tangible Assets Equity to assets ratio - GAAP 11.85 % 11.95 % 12.06 % 12.35 % 12.45 % Effect of goodwill and intangibles (3.33) (3.27) (3.25) (3.24) (3.20) Effect of preferred equity (0.34) (0.32) (0.32) (0.33) (0.32) Tangible common equity to tangible assets 8.18 % 8.36 % 8.49 % 8.78 % 8.93 % $ in thousands, except per share data

Glossary ACL – Allowance for Credit Losses MLO – Mortgage Loan Office ALLL – Allowance for Loan Losses MMDA – Money Market Deposit Account AOCI – Accumulated Other Comprehensive Income (Loss) MTM – Marked-to-Market AUA – Assets Under Administration MSA – Metropolitan Statistical Area BPS – Basis Points MSR – Mortgage Servicing Rights Asset C&I – Commercial and Industrial NCO – Net Charge-Offs C&D – Construction and Development NIM – Net Interest Margin CECL – Current Expected Credit Losses NOW – Negotiable Order of Withdrawal CET1 – Common Equity Tier 1 Capital NPA – Non-Performing Asset CRE – Commercial Real Estate NSF – Non-Sufficient Funds CSP – Customer Service Profiles OO CRE – Owner Occupied Commercial Real Estate DDA – Demand Deposit Account PCD – Loans Purchased with Credit Deterioration EOP – End of Period PPP – Paycheck Protection Program EPS – Earnings Per Share PTPP – Pre-Tax, Pre-Provision Earnings FHA – Federal Housing Administration RBC – Risk Based Capital FTE – Fully-Taxable Equivalent ROA – Return on Assets GAAP – Accounting Principles Generally Accepted in the USA SBA – United States Small Business Administration IBL – Interest-Bearing Liabilities TCE – Tangible Common Equity ICS – Insured Cash Sweep USDA – United States Department of Agriculture KRX – KBW Nasdaq Regional Banking Index VA – Veterans Affairs LPO – Loan Production Office YOY – Year over Year MH – Manufactured Housing 27

Cover	Oct. 23, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 23, 2024
Entity File Number	001-35095
Entity Registrant Name	UNITED COMMUNITY BANKS, INC.
Entity Central Index Key	0000857855
Entity Tax Identification Number	58-1807304
Entity Incorporation, State or Country Code	GA
Entity Address, Address Line One	200 East Camperdown Way
Entity Address, City or Town	Greenville
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29601
City Area Code	800
Local Phone Number	822-2651
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $1 per share
Trading Symbol	UCB
Security Exchange Name	NYSE
Depositary Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock
Trading Symbol	UCB PRI
Security Exchange Name	NYSE

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