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United Community Banks, Inc. Reports Third Quarter Earnings

Date: 2026-10-20 07:16:54

(MENAFN- GlobeNewsWire - Nasdaq) Third Quarter Results Reflect Execution of Significant Strategic Initiatives, Strong Core Loan Growth, and Robust Deposit Growth

GREENVILLE, S.C., Oct. 20, 2026 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced financial results for the quarter ended September 30, 2026, which included 9.8% annualized core loan growth, 8.0% annualized core customer deposit growth, and a stable margin following six consecutive quarters of margin expansion.

Chairman and CEO Lynn Harton stated,“Our third quarter results reflect key strategic actions that simplify our balance sheet, reduce risk, and strengthen future operating performance. We completed the acquisition of Peach State Bank on August 1, the sale of our Navitas equipment finance business on September 1, and the restructuring of our investment portfolio in early September. The restructuring shortened duration and significantly improved the yield on our portfolio. At the same time, we achieved high single-digit growth in both core loans and customer deposits in the quarter, reflecting strong momentum resulting from our investment in hiring top talent. New loan production exceeded $1 billion for the second consecutive quarter. The strategies executed in the third quarter position us very well for the future, as demonstrated by improvements in operating return on assets, return on tangible common equity, and operating efficiency ratio.”

In the third quarter, United sold its Navitas equipment finance business for $2.0 billion in cash proceeds, a 7% premium to par. Following the sale, $2.2 billion in held-to-maturity securities were reclassified to available-for-sale designation and long-dated, low yielding securities with an amortized cost basis of $2.5 billion were subsequently sold. The securities repositioning resulted in $2.1 billion of cash proceeds, which, together with the $2.0 billion of Navitas sale proceeds, were redeployed into higher-yielding securities and used to pay down borrowings. Additionally, United completed the acquisition of Peach State Bancshares in the third quarter, increasing density in a dynamic growth market through a complementary, low-risk transaction.

Harton continued,“The actions completed in the third quarter allow us to focus on growing the core banking business within our outstanding Southeast footprint. We believe these actions, including our strong liquidity and capital, position us well for long-term success.”

Third Quarter 2026 Financial Highlights:

EPS of $(1.16) on a GAAP basis and $0.77 on an operating basis, compared to $0.95 and $0.71, respectively, in the second quarter of 2026. GAAP EPS reflects strategic actions executed in the third quarter to improve the long-term company performance, including the completion of the sale of our equipment finance business and repositioning of our investment securities portfolio.
Net loss of $139.7 million reflects strategic actions taken during the third quarter. Adjusting for those items, operating net income was $93.7 million in the third quarter, up 8% from the second quarter.
Total revenue of $(12.0) million resulted from the strategic actions taken in the third quarter. Adjusted for the gain from the sale of Navitas and the loss on the investment portfolio restructuring, which net to $304 million, total operating revenue was $292 million, up from $279 million in the second quarter.
Net interest margin of 3.68% increased by 10 basis points year-over-year and was stable from the second quarter of 2026.
Provision for credit losses totaled $10.0 million, including net charge-offs of $4.0 million, or 0.09% of loans for the third quarter.
- Allowance for credit losses coverage was 1.05% of total loans, up one basis point from June 30, 2026.
Noninterest expense increased $2.3 million on a GAAP basis and decreased $3.3 million on an operating basis, compared to the second quarter.
Third quarter income taxes reflect the specific tax rates applicable to the Navitas sale and investment securities losses, as well as a higher core effective tax rate resulting from higher estimated pre-tax income and certain discrete items recognized in the quarter.
GAAP efficiency ratio is not meaningful due to the securities losses incurred in the third quarter. Operating efficiency ratio improved to 53.1% from 56.7% in the second quarter.
Loan growth of $444 million, or 9.8% annualized, from the second quarter, excluding the impact of Peach State and Navitas.
Customer deposits were up $473 million, or 8.0% annualized, from the second quarter, excluding deposits received from the Peach State acquisition.
Peach State contributed $520 million of loans and $678 million of deposits at the time of the acquisition.
Return on assets was (1.89%) on a GAAP basis and 1.27% on an operating basis. Operating return on assets improved 5 bps from the second quarter.
Return on common equity on a GAAP basis and return on tangible common equity on an operating basis were (14.8%) and 13.9%, respectively.
Repurchased 1.395 million common shares at an average price of $35.81 per share for an aggregate of $50 million in the third quarter. The Board also approved an incremental $100 million share repurchase authorization through the end of 2027, bringing the current outstanding repurchase authorization to $113 million.
Maintained strong capital ratios with preliminary Common Equity Tier 1 of 13.0%.
Quarterly common dividend increased to $0.26 per share declared during the quarter, up 4% year over year.

Year to Date 2026 Financial Highlights:

Net income of $60.2 million, lowered by strategic actions taken in the third quarter. Net income – operating of $265 million, compared with $249 million in 2025.
Diluted earnings per share of $0.49, or $2.18 on an operating basis compared with operating earnings per share of $2.00 in 2025.
Total revenue of $544 million, or $843 million on an operating basis, up 7% from 2025.
Return on assets of 0.28%, or 1.24% on an operating basis up from 1.19% operating return on assets for 2025.
Pre-tax, pre-provision return on assets of 1.76% on an operating basis up from 1.70% operating pre-tax, pre-provision return on assets for 2025.
Return on common equity of 2.18%, or 9.58% on an operating basis compared with 8.92% operating return on common equity for 2025.
Operating return on tangible common equity of 13.3%, up from 12.6% for 2025.

Additional details about the previously announced strategic actions taken in the third quarter are available under“Events and Presentations” in the“News and Events” section of the Investor Relations page on the company's website, ucbi.com, or directly at

Conference Call
United will hold a conference call on Tuesday, October 20, 2026 at 8:30 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

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(in thousands, except per share data)
		2026				2025			Third Quarter 2026 - 2025 Change		For the Nine Months Ended September 30,		YTD 2026 - 2025 Change
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter				2026				2025
INCOME SUMMARY
Interest revenue	$	362,560			$	344,371			$	333,961			$	346,367			$	353,850				$	1,040,892			$	1,036,572
Interest expense		111,354				103,471				101,197				108,441				120,221					316,022				365,391
Net interest revenue		251,206				240,900				232,764				237,926				233,629		8	%			724,870				671,181		8	%
Noninterest income		(263,172	)			38,380				43,746				40,462				43,219		n/m			(181,046	)			113,583		n/m
Total revenue		(11,966	)			279,280				276,510				278,388				276,848		n/m			543,824				784,764		(31	)
Provision for credit losses		10,013				(29,803	)			10,853				13,662				7,907		n/m			(8,937	)			35,144		n/m
Noninterest expense		162,241				159,915				157,302				152,048				150,868		8				479,458				439,886		9
Income (loss) before income tax expense		(184,220	)			149,168				108,355				112,678				118,073		n/m			73,303				309,734		(76	)
Income tax (benefit) expense		(44,475	)			33,530				24,066				26,223				26,579		n/m			13,121				68,094		(81	)
Net (loss) income		(139,745	)			115,638				84,289				86,455				91,494		n/m			60,182				241,640		(75	)
Non-operating items		310,380				(37,582	)			508				606				3,468					273,306				9,598
Income tax related to non-operating items		(76,932	)			8,347				(113	)			(133	)			(751	)				(68,698	)			(2,079	)
Net income - operating ⁽¹⁾	$	93,703			$	86,403			$	84,684			$	86,928			$	94,211		(1	)		$	264,790			$	249,159		6
Pre-tax pre-provision income ⁽⁵⁾	$	(174,207	)		$	119,365			$	119,208			$	126,340			$	125,980		n/m		$	64,366			$	344,878		(81	)
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	(1.16	)		$	0.95			$	0.69			$	0.70			$	0.70		n/m		$	0.49			$	1.91		(74	)
Diluted net income - operating ⁽¹⁾		0.77				0.71				0.70				0.71				0.75		3				2.18				2.00		9
Cash dividends declared		0.26				0.25				0.25				0.25				0.25		4				0.76				0.73		4
Book value		29.27				31.27				30.54				30.17				29.44		(1	)			29.27				29.44		(1	)
Tangible book value ⁽³⁾		20.80				23.31				22.56				22.24				21.59		(4	)			20.80				21.59		(4	)
Key performance ratios:
Return on common equity - GAAP ⁽²⁾⁽⁴⁾		(14.85	)%			12.56	%			9.35	%			9.48	%			9.20	%				2.18	%			8.53	%
Return on common equity - operating ^(1)(2)(4)		9.95				9.39				9.39				9.53				9.83					9.58				8.92
Return on tangible common equity - operating ^(1)(2)(3)(4)		13.90				12.98				13.05				13.31				13.56					13.32				12.57
Return on assets - GAAP ⁽⁴⁾		(1.89	)			1.63				1.22				1.21				1.29					0.28				1.16
Return on assets - operating ⁽¹⁾⁽⁴⁾		1.27				1.22				1.22				1.22				1.33					1.24				1.19
Return on assets - pre-tax pre-provision, excluding non-operating items ⁽^1)(4)(5)		1.84				1.70				1.73				1.78				1.83					1.76				1.70
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.68				3.68				3.65				3.62				3.58					3.67				3.48
Efficiency ratio - GAAP	n/m			57.01				56.66				54.40				54.30					87.58				55.86
Efficiency ratio - operating ⁽¹⁾		53.11				56.69				55.65				54.19				53.05					55.12				54.64
Equity to total assets		12.14				12.89				12.97				12.99				12.78					12.14				12.78
Tangible common equity to tangible assets ⁽³⁾		8.95				9.94				9.92				9.92				9.71					8.95				9.71
ASSET QUALITY
Nonperforming assets ("NPAs")	$	81,270			$	103,387			$	98,623			$	93,498			$	97,916		(17	)		$	81,270			$	97,916		(17	)
ACL - funded loans		179,143				168,705				208,396				210,429				215,791		(17	)			179,143				215,791		(17	)
ACL - total		200,237				188,329				225,996				225,520				228,276		(12	)			200,237				228,276		(12	)
Net charge-offs		3,973				7,864				10,377				16,418				7,676		(48	)			22,214				25,508		(13	)
ACL - funded loans to loans		0.94	%			0.94	%			1.06	%			1.09	%			1.13	%				0.94	%			1.13	%
ACL - total to loans		1.05				1.04				1.15				1.16				1.19					1.05				1.19
Net charge-offs to average loans HFI ⁽⁴⁾		0.09				0.16				0.22				0.34				0.16					0.15				0.18
NPAs to total assets		0.28				0.36				0.35				0.33				0.35					0.28				0.35
AT PERIOD END ($ in millions)
Loans held for investment	$	18,988			$	18,024			$	19,602			$	19,384			$	19,175		(1	)		$	18,988			$	19,175		(1	)
Investment securities		6,641				6,377				5,889				5,988				6,163		8				6,641				6,163		8
Total assets		28,882				29,051				28,177				28,003				28,143		3				28,882				28,143		3
Deposits		24,888				23,724				24,025				23,798				24,021		4				24,888				24,021		4
Shareholders' equity		3,507				3,745				3,655				3,639				3,597		(3	)			3,507				3,597		(3	)
Common shares outstanding (thousands)		119,827				119,764				119,684				120,598				121,553		(1	)			119,827				121,553		(1	)
⁽¹⁾ Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation. ⁽²⁾ Net income less preferred stock dividends, divided by average common equity. ⁽³⁾ Excludes effect of acquisition related intangibles and associated amortization. ⁽⁴⁾ Annualized. ⁽⁵⁾ Excludes income tax expense and provision for credit losses.

UNITED COMMUNITY BANKS, INC.

Loan Portfolio Composition at Period-End

2026 2025 Linked Quarter Change
Year over Year Change

(in millions) Third Quarter Second Quarter First Quarter Fourth Quarter
Third Quarter

LOANS BY CATEGORY

Owner occupied commercial RE $ 4,336 $ 4,117 $ 4,041 $ 3,950 $ 3,678 $ 219 $ 658

Income producing commercial RE 5,217 5,018 4,984 5,032 4,534 199 683

Commercial & industrial ⁽¹⁾ 2,976 2,859 2,771 2,696 2,593 117 383

Commercial construction & land 1,360 1,143 1,072 998 1,734 217 (374 )

Equipment financing ⁽¹⁾ - - 1,897 1,848 1,808 - (1,808 )

Total commercial 13,889 13,137 14,765 14,524 14,347 752 (458 )

Residential mortgage 3,198 3,101 3,122 3,157 3,198 97 -

Home equity 1,504 1,403 1,344 1,319 1,252 101 252

Residential construction & land 211 195 185 191 178 16 33

Consumer 195 193 187 188 192 2 3

Other (9 ) (5 ) (1 ) 5 8 (4 ) (17 )

Total loans held for investment $ 18,988 $ 18,024 $ 19,602 $ 19,384 $ 19,175 $ 964 $ (187 )

LOANS BY MARKET

Georgia $ 5,336 $ 4,662 $ 4,617 $ 4,635 $ 4,584 $ 674 $ 752

South Carolina 3,180 3,130 3,037 2,971 2,926 50 254

North Carolina 2,786 2,706 2,722 2,712 2,676 80 110

Tennessee 1,979 1,962 1,895 1,913 1,902 17 77

Florida 3,398 3,283 3,229 3,102 3,040 115 358

Alabama 1,114 1,082 1,049 1,050 1,054 32 60

Commercial Banking Solutions ⁽²⁾ 1,195 1,199 3,053 3,001 2,993 (4 ) (1,798 )

Total loans held for investment $ 18,988 $ 18,024 $ 19,602 $ 19,384 $ 19,175 $ 964 $ (187 )

⁽¹⁾ Substantially all equipment financing loans were transferred to held for sale in the second quarter of 2026 as a result of the then-pending sale of Navitas Credit Corp, which subsequently closed on September 1, 2026. Retained equipment financing loans were reclassified to the commercial & industrial line.
⁽²⁾ Reduction in the second quarter of 2026 reflects the transfer of substantially all equipment financing loans to held for sale.

UNITED COMMUNITY BANKS, INC.

Credit Quality

(in thousands)

2026

Third
Quarter
Second
Quarter
First
Quarter

NONACCRUAL LOANS

Owner occupied RE $ 12,002 $ 20,027 $ 18,265

Income producing RE 10,880 11,655 11,037

Commercial & industrial 16,585 21,147 19,890

Commercial construction & land 106 916 17

Equipment financing⁽¹⁾ - - 8,024

Total commercial 39,573 53,745 57,233

Residential mortgage 31,444 30,506 31,906

Home equity 6,060 6,435 6,209

Residential construction & land 281 338 355

Consumer 962 977 1,009

Total nonaccrual loans held for investment 78,320 92,001 96,712

Equipment finance nonaccrual loans held for sale ⁽¹⁾ - 9,392 -

OREO and repossessed assets 2,950 1,994 1,911

Total NPAs $ 81,270 $ 103,387 $ 98,623

⁽¹⁾ Substantially all equipment financing loans were transferred to held for sale in the second quarter of 2026 and were subsequently sold in the sale of Navitas Credit Corp. on September 1, 2026. Retained equipment financing loans were reclassified to the commercial & industrial loan category, as equipment financing is no longer an individually significant loan category.

2026

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 $ 837 0.08 % $ (3,447 ) (0.34 )% $ 666 0.07 %

Income producing RE (17 ) - 57 - (85 ) (0.01 )

Commercial & industrial 2,281 0.32 6,859 0.97 3,309 0.50

Commercial construction & land (23 ) (0.01 ) (22 ) (0.01 ) 6 -

Equipment financing ⁽²⁾ - n/m 3,697 0.78 5,835 1.29

Total commercial 3,078 0.09 7,144 0.19 9,731 0.27

Residential mortgage 84 0.01 57 0.01 133 0.02

Home equity (141 ) (0.04 ) (24 ) (0.01 ) (54 ) (0.02 )

Residential construction & land 107 0.20 (6 ) (0.01 ) 12 0.03

Consumer 845 1.73 693 1.47 555 1.21

Total $ 3,973 0.09 $ 7,864 0.16 $ 10,377 0.22

⁽¹⁾ Annualized.
⁽²⁾ Retained equipment financing loans and related charge-offs were reclassified to the commercial & industrial loan category, as equipment financing is no longer an individually significant loan category.

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

(in thousands, except share and per share data) September 30,
2026 December 31,
2025

ASSETS

Cash and due from banks $ 125,069 $ 202,586

Interest-bearing deposits in banks 656,536 193,168

Cash and cash equivalents 781,605 395,754

Trading securities 93,760 -

Debt securities available-for-sale 6,546,796 3,750,863

Debt securities held-to-maturity (fair value $1,918,426 at December 31, 2025) - 2,237,356

Mortgage loans held for sale 34,493 39,381

Loans held for investment 18,988,195 19,384,317

Less allowance for credit losses - loans (179,143 ) (210,429 )

Loans, net 18,809,052 19,173,888

Premises and equipment, net 409,533 393,714

Bank-owned life insurance 376,000 364,184

Goodwill and other intangible assets, net 1,026,915 967,882

Other assets 803,883 679,532

Total assets $ 28,882,037 $ 28,002,554

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Deposits:

Noninterest-bearing demand $ 6,751,068 $ 6,252,252

NOW and interest-bearing demand 5,762,468 5,969,864

Money market 7,376,074 6,696,530

Savings 1,093,655 1,085,331

Time 3,733,490 3,619,189

Brokered 171,102 175,264

Total deposits 24,887,857 23,798,430

Short-term borrowings - 85,000

Long-term debt 39,686 120,400

Accrued expense and other liabilities 447,187 360,038

Total liabilities 25,374,730 24,363,868

Shareholders' equity:

Common stock, $1 par value; 200,000,000 shares authorized, 119,827,028 and 120,598,266 shares issued and outstanding, respectively 119,827 120,598

Capital surplus 2,724,987 2,754,399

Retained earnings 882,021 914,261

Accumulated other comprehensive loss (219,528 ) (150,572 )

Total shareholders' equity 3,507,307 3,638,686

Total liabilities and shareholders' equity $ 28,882,037 $ 28,002,554

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) 2026 2025 2026 2025

Interest revenue:

Loans, including fees $ 301,420 $ 297,929 $ 883,109 $ 860,269

Securities:

Taxable 52,839 51,522 141,969 162,885

Tax-exempt 1,540 1,681 4,857 5,030

Other 6,761 2,718 10,957 8,388

Total interest revenue 362,560 353,850 1,040,892 1,036,572

Interest expense:

Deposits:

NOW and interest-bearing demand 27,877 35,050 84,124 109,396

Money market 45,747 50,661 127,596 149,805

Savings 489 641 1,452 2,722

Time 29,485 32,123 86,558 94,622

Deposits 103,598 118,475 299,730 356,545

Short-term borrowings 2,546 25 5,097 1,215

Federal Home Loan Bank advances 4,684 - 8,667 433

Long-term debt 526 1,721 2,528 7,198

Total interest expense 111,354 120,221 316,022 365,391

Net interest revenue 251,206 233,629 724,870 671,181

Noninterest income:

Service charges and fees 11,640 11,400 31,560 31,057

Mortgage loan gains and other related fees 10,714 7,098 25,523 18,590

Wealth management fees 4,897 4,757 14,458 13,622

Net gains from sales of other loans 63,222 2,385 66,062 5,776

Lending and loan servicing fees 3,332 4,235 11,401 12,090

Securities (losses) gains, net (366,101 ) 49 (365,970 ) 341

Other 9,124 13,295 35,920 32,107

Total noninterest income (263,172 ) 43,219 (181,046 ) 113,583

Total revenue (11,966 ) 276,848 543,824 784,764

Provision for credit losses 10,013 7,907 (8,937 ) 35,144

Noninterest expense:

Salaries and employee benefits 96,443 90,667 293,934 261,931

Communications and equipment 14,127 13,937 41,972 40,968

Occupancy 11,184 11,502 34,141 33,366

Advertising and public relations 2,485 2,053 7,590 6,815

Postage, printing and supplies 2,515 2,735 8,016 7,791

Professional fees 7,420 6,282 19,864 17,822

Lending and loan servicing expense 2,231 2,428 7,918 6,745

Outside services - electronic banking 3,849 3,543 10,963 9,876

FDIC assessments and other regulatory charges 4,900 4,846 11,496 14,233

Amortization of intangibles 3,348 3,313 9,349 9,891

Merger-related and other charges 6,509 3,468 8,277 9,598

Other 7,230 6,094 25,938 20,850

Total noninterest expense 162,241 150,868 479,458 439,886

(Loss) income before income taxes (184,220 ) 118,073 73,303 309,734

Income tax (benefit) expense (44,475 ) 26,579 13,121 68,094

Net (loss) income (139,745 ) 91,494 60,182 241,640

Preferred stock dividends and deemed dividend at redemption - 4,848 - 7,994

Earnings and dividends allocated to participating securities 243 507 639 1,356

Net (loss) income available to common shareholders $ (139,988 ) $ 86,139 $ 59,543 $ 232,290

Net (loss) income per common share:

Basic $ (1.16 ) $ 0.71 $ 0.49 $ 1.92

Diluted (1.16 ) 0.70 0.49 1.91

Weighted average common shares outstanding:

Basic 120,456 122,116 120,419 121,186

Diluted 120,456 122,252 120,654 121,303

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,

2026 2025

(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⁾ $ 19,797,609 $ 302,229 6.06 % $ 19,010,663 $ 297,725 6.21 %

Taxable securities ⁽³⁾ 6,318,792 52,839 3.34 6,217,693 51,522 3.31

Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾ 259,744 2,052 3.16 351,528 2,249 2.56

Other interest-earning assets 814,949 6,761 3.29 413,678 3,389 3.25

Total interest-earning assets (FTE) 27,191,094 363,881 5.32 25,993,562 354,885 5.42

Noninterest-earning assets:

Allowance for credit losses (174,371 ) (220,805 )

Cash and due from banks 141,941 206,772

Premises and equipment 409,860 397,490

Other assets ⁽³⁾ 1,773,946 1,664,648

Total assets $ 29,342,470 $ 28,041,667

Liabilities and Shareholders' Equity:

Interest-bearing liabilities:

Interest-bearing deposits:

NOW and interest-bearing demand $ 5,673,191 27,877 1.95 $ 5,825,997 35,050 2.39

Money market 7,252,005 45,747 2.50 6,907,894 50,661 2.91

Savings 1,096,916 489 0.18 1,107,509 641 0.23

Time 3,717,565 29,060 3.10 3,656,172 31,602 3.43

Brokered time deposits 50,699 425 3.33 50,529 521 4.09

Total interest-bearing deposits 17,790,376 103,598 2.31 17,548,101 118,475 2.68

Federal funds purchased and other borrowings 270,956 2,546 3.73 2,284 25 4.34

Federal Home Loan Bank advances 479,674 4,684 3.87 - - -

Long-term debt 33,414 526 6.25 155,197 1,721 4.40

Total borrowed funds 784,044 7,756 3.92 157,481 1,746 4.40

Total interest-bearing liabilities 18,574,420 111,354 2.38 17,705,582 120,221 2.69

Noninterest-bearing liabilities:

Noninterest-bearing deposits 6,594,562 6,366,723

Other liabilities 439,078 334,443

Total liabilities 25,608,060 24,406,748

Shareholders' equity 3,734,410 3,634,919

Total liabilities and shareholders' equity $ 29,342,470 $ 28,041,667

Net interest revenue (FTE) $ 252,527 $ 234,664

Net interest-rate spread (FTE) 2.94 % 2.73 %

Net interest margin (FTE) ⁽⁴⁾ 3.68 % 3.58 %

⁽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 $1.32 million and $1.04 million, respectively, for the three months ended September 30, 2026 and 2025. The tax rate used to calculate the adjustment was 25%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
⁽²⁾ Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued.
⁽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 $207 million in 2026 and $223 million in 2025 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,

2026 2025

(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⁾ $ 19,641,031 $ 885,136 6.03 % $ 18,632,384 $ 859,678 6.17 %

Taxable securities ⁽³⁾ 6,077,529 141,969 3.11 6,480,641 162,885 3.35

Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾ 315,238 6,480 2.74 354,115 6,730 2.53

Other interest-earning assets 495,951 10,957 2.95 422,123 10,288 3.26

Total interest-earning assets (FTE) 26,529,749 1,044,542 5.26 25,889,263 1,039,581 5.37

Non-interest-earning assets:

Allowance for loan losses (200,588 ) (217,050 )

Cash and due from banks 163,633 210,027

Premises and equipment 399,958 397,395

Other assets ⁽³⁾ 1,720,642 1,637,493

Total assets $ 28,613,394 $ 27,917,128

Liabilities and Shareholders' Equity:

Interest-bearing liabilities:

Interest-bearing deposits:

NOW and interest-bearing demand $ 5,759,773 84,124 1.95 $ 6,002,702 109,396 2.44

Money market 6,956,477 127,596 2.45 6,713,585 149,805 2.98

Savings 1,093,764 1,452 0.18 1,133,078 2,722 0.32

Time 3,677,005 85,198 3.10 3,545,792 93,029 3.51

Brokered time deposits 53,843 1,360 3.38 50,488 1,593 4.22

Total interest-bearing deposits 17,540,862 299,730 2.28 17,445,645 356,545 2.73

Federal funds purchased and other borrowings 182,712 5,097 3.73 29,865 1,215 5.44

Federal Home Loan Bank advances 299,963 8,667 3.86 12,824 433 4.51

Long-term debt 68,443 2,528 4.94 215,440 7,198 4.47

Total borrowed funds 551,118 16,292 3.95 258,129 8,846 4.58

Total interest-bearing liabilities 18,091,980 316,022 2.34 17,703,774 365,391 2.76

Noninterest-bearing liabilities:

Noninterest-bearing deposits 6,428,647 6,304,792

Other liabilities 397,842 350,211

Total liabilities 24,918,469 24,358,777

Shareholders' equity 3,694,925 3,558,351

Total liabilities and shareholders' equity $ 28,613,394 $ 27,917,128

Net interest revenue (FTE) $ 728,520 $ 674,190

Net interest-rate spread (FTE) 2.92 % 2.61 %

Net interest margin (FTE) ⁽⁴⁾ 3.67 % 3.48 %

⁽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 $3.65 million and $3.01 million, respectively, for the nine months ended September 30, 2026 and 2025. The tax rate used to calculate the adjustment was 25%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
⁽²⁾ Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
⁽³⁾ Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM have been reclassified to other assets. Pretax unrealized losses of $192 million in 2026 and $244 million in 2025 are included in other assets for purposes of this presentation.
⁽⁴⁾ Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.

UNITED COMMUNITY BANKS, INC.

Non-GAAP Performance Measures Reconciliation

Selected Financial Information

(in thousands, except per share data)

2026 2025 For the Nine Months Ended September 30,

Third
Quarter Second
Quarter First
Quarter Fourth
Quarter Third
Quarter 2026 2025

Noninterest income reconciliation

Noninterest income (GAAP) $ (263,172 ) $ 38,380 $ 43,746 $ 40,462 $ 43,219 $ (181,046 ) $ 113,583

Loss on securities portfolio repositioning 366,101 - - - - 366,101 -

Gain on sale on Navitas (62,230 ) - - - - (62,230 ) -

Gain on terminated cash flow hedge - - (5,184 ) - - (5,184 ) -

Noninterest income - operating $ 40,699 $ 38,380 $ 38,562 $ 40,462 $ 43,219 $ 117,641 $ 113,583

Total revenue reconciliation

Total revenue (GAAP) $ (11,966 ) $ 279,280 $ 276,510 $ 278,388 $ 276,848 $ 543,824 $ 784,764

Loss on securities portfolio repositioning 366,101 - - - - 366,101 -

Gain on sale on Navitas (62,230 ) - - - - (62,230 ) -

Gain on terminated cash flow hedge - - (5,184 ) - - (5,184 ) -

Total revenue - operating $ 291,905 $ 279,280 $ 271,326 $ 278,388 $ 276,848 $ 842,511 $ 784,764

Provision for credit losses reconciliation

Provision for credit losses (GAAP) $ 10,013 $ (29,803 ) $ 10,853 $ 13,662 $ 7,907 $ (8,937 ) $ 35,144

Release of ACL on equipment finance loans - 38,477 - - - 38,477 -

Provision for credit losses - operating $ 10,013 $ 8,674 $ 10,853 $ 13,662 $ 7,907 $ 29,540 $ 35,144

Noninterest expense reconciliation

Noninterest expense (GAAP) $ 162,241 $ 159,915 $ 157,302 $ 152,048 $ 150,868 $ 479,458 $ 439,886

Payroll transition bonus - - (6,704 ) - - (6,704 ) -

FDIC special assessment accrual reversal - - 1,885 - - 1,885 -

Merger-related and other charges (6,509 ) (895 ) (873 ) (606 ) (3,468 ) (8,277 ) (9,598 )

Noninterest expense - operating $ 155,732 $ 159,020 $ 151,610 $ 151,442 $ 147,400 $ 466,362 $ 430,288

Net income to operating income reconciliation

Net income (GAAP) $ (139,745 ) $ 115,638 $ 84,289 $ 86,455 $ 91,494 $ 60,182 $ 241,640

Loss on securities portfolio repositioning 366,101 - - - - 366,101 -

Gain on sale on Navitas (62,230 ) - - - - (62,230 ) -

Gain on terminated cash flow hedge - - (5,184 ) - - (5,184 ) -

Release of ACL on equipment finance loans - (38,477 ) - - - (38,477 ) -

Payroll transition bonus - - 6,704 - - 6,704 -

FDIC special assessment accrual reversal - - (1,885 ) - - (1,885 ) -

Merger-related and other charges 6,509 895 873 606 3,468 8,277 9,598

Income tax benefit of non-operating items (76,932 ) 8,347 (113 ) (133 ) (751 ) (68,698 ) (2,079 )

Net income - operating $ 93,703 $ 86,403 $ 84,684 $ 86,928 $ 94,211 $ 264,790 $ 249,159

Net income to pre-tax pre-provision income reconciliation

Net income (GAAP) $ (139,745 ) $ 115,638 $ 84,289 $ 86,455 $ 91,494 $ 60,182 $ 241,640

Income tax (benefit) expense (44,475 ) 33,530 24,066 26,223 26,579 13,121 68,094

Provision for credit losses 10,013 (29,803 ) 10,853 13,662 7,907 (8,937 ) 35,144

Pre-tax pre-provision income $ (174,207 ) $ 119,365 $ 119,208 $ 126,340 $ 125,980 $ 64,366 $ 344,878

Diluted income per common share reconciliation

Diluted income per common share (GAAP) $ (1.16 ) $ 0.95 $ 0.69 $ 0.70 $ 0.70 $ 0.49 $ 1.91

Loss on securities portfolio repositioning 2.28 - - - - 2.27 -

Gain on sale on Navitas (0.39 ) - - - - (0.39 ) -

Gain on terminated cash flow hedge - - (0.03 ) - - (0.03 ) -

Release of ACL on equipment finance loans - (0.25 ) - - - (0.25 ) -

Payroll transition bonus - - 0.04 - - 0.04 -

FDIC special assessment accrual reversal - - (0.01 ) - - (0.01 ) -

Merger-related and other charges 0.04 0.01 0.01 0.01 0.02 0.06 0.06

Deemed dividend on preferred stock redemption - - - - 0.03 - 0.03

Diluted income per common share - operating $ 0.77 $ 0.71 $ 0.70 $ 0.71 $ 0.75 $ 2.18 $ 2.00

Book value per common share reconciliation

Book value per common share (GAAP) $ 29.27 $ 31.27 $ 30.54 $ 30.17 $ 29.44 $ 29.27 $ 29.44

Effect of goodwill and other intangibles (8.47 ) (7.96 ) (7.98 ) (7.93 ) (7.85 ) (8.47 ) (7.85 )

Tangible book value per common share $ 20.80 $ 23.31 $ 22.56 $ 22.24 $ 21.59 $ 20.80 $ 21.59

Return on tangible common equity reconciliation

Return on common equity (GAAP) (14.85 )% 12.56 % 9.35 % 9.48 % 9.20 % 2.18 % 8.53 %

Loss on securities portfolio repositioning 29.30 - - - - 9.98 -

Gain on sale on Navitas (5.03 ) - - - - (1.71 ) -

Gain on terminated cash flow hedge - - (0.45 ) - - (0.15 ) -

Release of ACL on equipment finance loans - (3.25 ) - - - (1.08 ) -

Payroll transition bonus - - 0.58 - - 0.19 -

FDIC special assessment accrual reversal - - (0.16 ) - - (0.05 ) -

Merger-related and other charges 0.53 0.08 0.07 0.05 0.29 0.22 0.27

Deemed dividend on preferred stock redemption - - - - 0.34 - 0.12

Return on common equity - operating 9.95 9.39 9.39 9.53 9.83 9.58 8.92

Effect of goodwill and other intangibles 3.95 3.59 3.66 3.78 3.73 3.74 3.65

Return on tangible common equity - operating 13.90 % 12.98 % 13.05 % 13.31 % 13.56 % 13.32 % 12.57 %

Return on assets reconciliation

Return on assets (GAAP) (1.89 )% 1.63 % 1.22 % 1.21 % 1.29 % 0.28 % 1.16 %

Loss on securities portfolio repositioning 3.73 - - - - 1.29 -

Gain on sale on Navitas (0.64 ) - - - - (0.22 ) -

Gain on terminated cash flow hedge - - (0.06 ) - - (0.02 ) -

Release of ACL on equipment finance loans - (0.42 ) - - - (0.14 ) -

Payroll transition bonus - - 0.07 - - 0.02 -

FDIC special assessment accrual reversal - - (0.02 ) - - (0.01 ) -

Merger-related and other charges 0.07 0.01 0.01 0.01 0.04 0.04 0.03

Return on assets - operating 1.27 % 1.22 % 1.22 % 1.22 % 1.33 % 1.24 % 1.19 %

Return on assets to return on assets- pre-tax pre-provision reconciliation

Return on assets (GAAP) (1.89 )% 1.63 % 1.22 % 1.21 % 1.29 % 0.28 % 1.16 %

Income tax expense (0.60 ) 0.47 0.35 0.37 0.38 0.06 0.33

Provision for credit losses 0.14 (0.42 ) 0.16 0.19 0.11 (0.04 ) 0.17

Loss on securities portfolio repositioning 4.95 - - - - 1.71 -

Gain on sale on Navitas (0.84 ) - - - - (0.29 ) -

Gain on terminated cash flow hedge - - (0.08 ) - - (0.02 ) -

Payroll transition bonus - - 0.10 - - 0.03 -

FDIC special assessment accrual reversal - - (0.03 ) - - (0.01 ) -

Merger-related and other charges 0.08 0.02 0.01 0.01 0.05 0.04 0.04

Return on assets - pre-tax pre-provision - operating 1.84 % 1.70 % 1.73 % 1.78 % 1.83 % 1.76 % 1.70 %

Efficiency ratio reconciliation

Efficiency ratio (GAAP) n/m 57.01 % 56.66 % 54.40 % 54.30 % 87.58 % 55.86 %

Loss on securities portfolio repositioning n/m - - - - (35.09 ) -

Gain on sale on Navitas n/m - - - - 3.84 -

Gain on terminated cash flow hedge - - 1.03 - - 0.35 -

Payroll transition bonus - - (2.41 ) - - (0.79 ) -

FDIC special assessment accrual reversal - - 0.68 - - 0.22 -

Merger-related and other charges (2.22 ) (0.32 ) (0.31 ) (0.21 ) (1.25 ) (0.99 ) (1.22 )

Efficiency ratio - operating 53.11 % 56.69 % 55.65 % 54.19 % 53.05 % 55.12 % 54.64 %

Tangible common equity to tangible assets reconciliation

Equity to total assets (GAAP) 12.14 % 12.89 % 12.97 % 12.99 % 12.78 % 12.14 % 12.78 %

Effect of goodwill and other intangibles (3.19 ) (2.95 ) (3.05 ) (3.07 ) (3.07 ) (3.19 ) (3.07 )

Tangible common equity to tangible assets 8.95 % 9.94 % 9.92 % 9.92 % 9.71 % 8.95 % 9.71 %

About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community Bank (United Community), a top-100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of September 30, 2026, United had $28.9 billion in assets and operated 202 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise, extending its reach to businesses across the country. United Community is the most awarded bank in the Southeast for Retail Banking Customer Satisfaction by J.D. Power, earning more awards than any other bank in the region, including recognition in 12 of the last 17 years. The company has also been named one of the“Best Banks to Work For” by American Banker for nine consecutive years. In commercial banking, United Community earned multiple 2026 Greenwich Best Bank awards for Small Business Banking. Forbes has consistently named United Community among the World's Best and America's Best Banks. Learn more at ucbi.com.

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

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

Factors that could cause or contribute to such differences include, but are not limited to general competitive, economic, political, regulatory and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings“Cautionary Note Regarding Forward-Looking Statements” and“Risk Factors” in United's Annual Report on Form 10-K for the year ended December 31, 2025, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

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

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

For more information:
Tom Speir
Chief Financial Officer
(864) 240-6208
...

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