United Community Banks, Inc. Reports Net Operating Income of $21.7 Million for Third Quarter 2015, Up 23 Percent From a Year Ago


  • Operating earnings per diluted share of 33 cents, up 14 percent from a year ago
  • Operating return on assets of 1.00 percent
  • Operating return on tangible common equity of 10.3 percent
  • Completed merger with Palmetto Bancshares, Inc. and its wholly owned subsidiary, The Palmetto Bank (“Palmetto”), on September 1
  • Loans up $310 million for 2015, or 9 percent annualized, excluding loans acquired in mergers
  • Core transaction deposits up $519 million for 2015, or 19 percent annualized, excluding deposits acquired in the mergers


BLAIRSVILLE, Ga., Oct. 27, 2015 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ:UCBI) (“United”) today reported net operating income of $21.7 million for the third quarter of 2015, up 23 percent from a year ago. Operating earnings per diluted share was 33 cents, up 14 percent from a year ago. The increase reflects strong loan, core deposit and fee revenue growth, and a lower provision for credit losses.

Operating earnings and diluted operating earnings per share exclude the effects of merger-related charges, which are not considered part of ongoing operations. Including those charges, net income was $17.9 million for the third quarter, or 27 cents per diluted share.

For the first nine months of 2015, United reported net income of $53.4 million, or 84 cents per diluted share. Excluding merger-related charges, net operating income was $59.4 million, or 94 cents per diluted share.

“I am very pleased with our third quarter financial performance, which reflects the successful execution of our strategic plans,” said Jimmy Tallent, chairman and chief executive officer. “I’m especially proud that we completed the merger with Palmetto and welcomed their banking team to the United family.

“Total loan production remained strong in the third quarter, though net loan growth tapered off a bit due to a higher level of pay-downs,” Tallent continued. “Year-to-date, excluding loans from mergers, loan growth is $310 million, or 9 percent annualized, which is on track for our 2015 goal of mid-to-upper-single-digit loan growth. These new loans have been funded with solid core transaction deposit growth of $519 million, or 19 percent annualized, excluding mergers.

“Third quarter net loan growth of $53 million, excluding the Palmetto merger, was driven by loan production of $452 million across all United markets,” added Tallent. “Our community banks originated $256 million in loan production while our specialized lending area, which includes corporate, SBA, asset-based, middle market and commercial real estate lending, produced $150 million. Healthcare lending was part of specialized lending and we recently announced the sale of this $190 million corporate healthcare lending unit, which is expected to close by mid-fourth quarter 2015.”

Third quarter taxable-equivalent net interest revenue totaled $65.7 million, up $4.40 million from the second quarter of 2015 and up $8.75 million from the third quarter of 2014. Core deposit growth contributed to net interest revenue with a linked-quarter increase of $204 million, or 19 percent annualized, excluding deposits acquired in the merger. United’s Atlanta and North Georgia markets drove most of the growth.

“The acquisition of Palmetto added approximately $3.30 million to third quarter net interest revenue while loan growth accounted for the balance of the increase, which was offset partially by margin compression,” said Tallent. “The taxable-equivalent net interest margin of 3.26 percent was down four basis points from the second quarter, and down six basis points from a year ago, reflecting higher debt costs for the funding of the Palmetto acquisition, continued competitive loan pricing pressures, and a shift toward more floating rate loans.”

The third quarter provision for credit losses was $700 thousand, down $200 thousand from the second quarter and down $1.3 million from the third quarter of 2014. Third quarter net charge-offs were $1.42 million compared with $978 thousand in the second quarter and $3.16 million a year ago. Strong recoveries of previously charged-off loans drove net charge-offs down in the second and third quarters of 2015 compared with third quarter 2014. Nonperforming assets were .29 percent of total assets at quarter-end, compared with .26 percent in the second quarter and .29 percent a year ago.

Third quarter fee revenue totaled $18.3 million, up $1.03 million from the second quarter and $3.89 million from the third quarter of 2014. Much of the increase resulted from the acquisition of Palmetto, mostly in the form of deposit service charges and mortgage fees. Total service charges and fees were $9.34 million, up $960 thousand from the second quarter and up $1.13 million from a year ago. Mortgage fees of $3.84 million were up $133 thousand from the second quarter and up $1.66 million from a year ago reflecting strong growth in home purchases and an increase in refinancing activities. Closed mortgage loans totaled $141 million in the third quarter of 2015, compared with $128 million in the second quarter and $84 million in the third quarter of 2014. During the third quarter, sales of $17.8 million in SBA loans resulted in net gains of $1.65 million. This compares with $14.7 million in loans sold and net gains of $1.49 million in the second quarter of 2015, and $7.4 million in loans sold and net gains of $945 thousand in the third quarter of 2014.

“We remain committed to diversifying our revenue stream by focusing on fee-generating products and services,” stated Tallent. “Our growing SBA lending business and commitment to expanding our mortgage origination business are key parts of this emphasis.”

Operating expenses, excluding merger-related charges of $5.74 million, were $48.5 million in the third quarter. This compares to $45.2 million in the second quarter of 2015 and $41.4 million in the third quarter of 2014. The September 1 acquisition of Palmetto Bancshares and its wholly owned subsidiary, The Palmetto Bank, added approximately $2.70 million to third quarter operating expenses. The May 1 acquisition of First National Bank added approximately $1.70 million to both third and second quarter operating expenses. Operating expenses from both acquired banks are expected to decline as anticipated cost savings are realized.

Third quarter salaries and employee benefits expense totaled $29.3 million, up $1.38 million from the second quarter and $3.68 million from a year ago. The linked-quarter increase reflects $1.1 million in additional compensation expense for the two acquired companies. The increase from a year ago reflects the acquisitions, investment in new producers and support staff for the specialized lending area, as well as higher commissions and incentives associated with growth in mortgage loans, commercial loans and core deposits.

Third quarter other operating expenses totaled $5.54 million, up $650 thousand from the second quarter and up $1.54 million from the third quarter of 2014. Nearly half of the linked-quarter increase in other expenses was due to higher intangible amortization costs from the two acquisitions. Most of the remaining linked-quarter increase reflected higher ATM network and lending support costs, while the increase from a year ago was due to higher lending support costs and an increase in servicing fees for the growing indirect auto loan portfolio.

“Palmetto merged into United on September 1 and its operating results are included in United’s from that date forward,” noted Tallent. “System conversions are targeted for the first quarter of 2016. First National Bank merged into United on May 1 and, during the third quarter, we successfully converted their operating systems to United and consolidated six of the combined United / FNB banking offices. All FNB banking offices now operate under the name of United Community Bank.”

At September 30, 2015, preliminary capital ratios were as follows: Tier 1 Risk-Based of 11.0 percent; Total Risk-Based of 12.1 percent; Tier 1 Common Risk-Based of 11.0 percent; and, Tier 1 Leverage of 8.2 percent.

“All of our regulatory capital ratios remain strong, though they have declined slightly from the prior quarter due to the acquisition of Palmetto,” commented Tallent. “During mid-August, we financed the cash portion of the Palmetto acquisition with the issuance of $85 million Senior Notes that had an average interest rate of 5.2 percent. Additionally, on September 15, to partially offset these higher funding costs, we redeemed $32 million of trust preferred securities with an average rate of 8.4 percent.

“Our third quarter results put us well on track to complete another remarkable year,” Tallent said. “In the second quarter we achieved our earlier goal of a 1 percent operating return on assets. Our new goal, driven by continued solid mid-to-high single-digit loan growth, is 1.10 percent for the fourth quarter of 2016.

“We are excited about executing our growth strategies to expand the franchise and add value for shareholders,” concluded Tallent. “We warmly and enthusiastically welcome First National and Palmetto to the United team. And, as always, we are dedicated every day to taking care of our customers – both existing and new – with the outstanding service for which our bankers are so very well known.”

Conference Call

United will hold a conference call today, Tuesday, October 27, 2015, at 11 a.m. ET to discuss the contents of this news release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 56009033. The conference call also will be webcast and available for replay for 30 days by selecting “Events & Presentations” within the Investor Relations section of United’s website at www.ucbi.com.

Investor Day Conference – October 8, 2015
On October 8, 2015, United held an Investor Day Conference in Atlanta, Georgia for its analysts and institutional investors. United’s executive and senior management presented the company’s business, growth and market strategies through a series of presentations and panel discussions. The conference was web cast on Events & Presentations from its Investor Relations page of the company’s’ website, www.ucib.com, and will remain available for replay for one year.

About United Community Banks, Inc.
United Community Banks, Inc. (UCBI) is a bank holding company based in Blairsville, Georgia, with $9.4 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast’s largest full-service banks, operating 133 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in personalized community banking services for individuals, small businesses and corporations. United Community Bank offers a full range of consumer and commercial banking services including mortgage, advisory, treasury management and other products. In 2014 and 2015, United Community Bank was ranked first in customer satisfaction in the southeast by J.D. Power and in 2015 was ranked fourteenth on the Forbes list of America’s Best Banks. Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com.

Safe Harbor
This news release contains forward-looking statements, as defined by federal securities laws, including statements about United’s financial outlook and business environment. These statements are based on current expectations and are provided to assist in the understanding of future financial performance. Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United’s filings with the Securities and Exchange Commission including its 2014 Annual Report on Form 10-K under the sections entitled “Forward-Looking Statements” and “Risk Factors.” Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements.


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Selected Financial Information
Third
2015 2014 Quarter
(in thousands, except per share Third Second First Fourth Third 2015-2014
data; taxable equivalent)Quarter Quarter Quarter Quarter Quarter Change
INCOME SUMMARY
Interest revenue$71,120 $66,134 $62,909 $64,353 $63,338
Interest expense 5,402 4,817 5,292 6,021 6,371
Net interest revenue 65,718 61,317 57,617 58,332 56,967 15 %
Provision for credit losses 700 900 1,800 1,800 2,000
Fee revenue 18,297 17,266 15,682 14,823 14,412 27
Total revenue 83,315 77,683 71,499 71,355 69,379 20
Expenses - operating (1) 48,525 45,247 43,061 41,919 41,364 17
Income before income tax expense - operating (1) 34,790 32,436 28,438 29,436 28,015 24
Income tax expense - operating (1) 13,064 12,447 10,768 11,189 10,399 26
Net income - operating (1) 21,726 19,989 17,670 18,247 17,616 23
Preferred dividends and discount accretion 25 17 - - -
Net income available to common shareholders - operating (1) 21,701 19,972 17,670 18,247 17,616 23
Merger-related charges, net of income tax benefit 3,839 2,176 - - -
Net income available to common shareholders - GAAP$17,862 $17,796 $17,670 $18,247 $17,616 1
PERFORMANCE MEASURES
Per common share:
Diluted income - operating (1)$.33 $.32 $.29 $.30 $.29 14
Diluted income - GAAP .27 .28 .29 .30 .29 (7)
Cash dividends declared .06 .05 .05 .05 .03
Book value 13.95 12.95 12.58 12.20 12.15 15
Tangible book value (3) 12.08 12.66 12.53 12.15 12.10 -
Key performance ratios:
Return on tangible common equity - operating (1)(2)(3)(4) 10.29 % 10.20 % 9.46 % 9.74 % 9.55 %
Return on common equity - operating (1)(2)(4) 9.54 9.90 9.34 9.60 9.41
Return on common equity - GAAP (2)(4) 7.85 8.83 9.34 9.60 9.41
Return on assets - operating (1)(4) 1.00 1.00 .94 .96 .95
Return on assets - GAAP (4) .82 .89 .94 .96 .95
Dividend payout ratio - operating (1) 18.18 15.63 17.24 16.67 10.34
Dividend payout ratio - GAAP 22.22 17.86 17.24 16.67 10.34
Net interest margin (4) 3.26 3.30 3.31 3.31 3.32
Efficiency ratio - operating (1) 57.81 57.59 59.15 57.47 57.96
Efficiency ratio - GAAP 64.65 61.63 59.15 57.47 57.96
Average equity to average assets 10.39 10.05 9.86 9.76 9.85
Average tangible equity to average assets (3) 9.88 9.91 9.82 9.72 9.83
Average tangible common equity to average assets (3) 9.77 9.83 9.82 9.72 9.83
Tangible common equity to risk-weighted assets (3)(5)(6) 12.68 13.24 13.53 13.82 14.10
ASSET QUALITY
Nonperforming loans$20,064 $18,805 $19,015 $17,881 $18,745 7
Foreclosed properties 7,669 2,356 1,158 1,726 3,146 144
Total nonperforming assets (NPAs) 27,733 21,161 20,173 19,607 21,891 27
Allowance for loan losses 69,062 70,129 70,007 71,619 71,928
Net charge-offs 1,417 978 2,562 2,509 3,155 (55)
Allowance for loan losses to loans 1.15 % 1.36 % 1.46 % 1.53 % 1.57 %
Allowance for loan losses to loans, excl. acquired loans 1.37 1.42 1.46 1.53 1.57
Net charge-offs to average loans (4) .10 .08 .22 .22 .28
NPAs to loans and foreclosed properties .46 .41 .42 .42 .48
NPAs to total assets .29 .26 .26 .26 .29
AVERAGE BALANCES ($ in millions)
Loans$5,457 $5,017 $4,725 $4,621 $4,446 23
Investment securities 2,396 2,261 2,203 2,222 2,231 7
Earning assets 8,009 7,444 7,070 7,013 6,820 17
Total assets 8,634 8,017 7,617 7,565 7,374 17
Deposits 7,135 6,669 6,369 6,383 6,143 16
Shareholders’ equity 897 806 751 738 726 24
Common shares - basic (thousands) 66,294 62,549 60,905 60,830 60,776 9
Common shares - diluted (thousands) 66,300 62,553 60,909 60,833 60,779 9
AT PERIOD END ($ in millions)
Loans$6,022 $5,174 $4,788 $4,672 $4,569 32
Investment securities 2,457 2,322 2,201 2,198 2,222 11
Total assets 9,414 8,246 7,664 7,567 7,526 25
Deposits 7,905 6,808 6,438 6,327 6,241 27
Shareholders’ equity 1,013 827 764 740 736 38
Common shares outstanding (thousands) 71,472 62,700 60,309 60,259 60,248 19
(1) Excludes merger-related charges. (2) Net income available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) September 30, June 30 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015. (6) Third quarter 2015 ratio is preliminary.

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Selected Financial Information
For the Nine
Months Ended YTD
(in thousands, except per share September 30, 2015-2014
data; taxable equivalent) 2015 2014 Change
INCOME SUMMARY
Interest revenue $200,163 $185,616
Interest expense 15,511 19,530
Net interest revenue 184,652 166,086 11 %
Provision for credit losses 3,400 6,700
Fee revenue 51,245 40,731 26
Total revenue 232,497 200,117 16
Expenses - operating (1) 136,833 120,946 13
Income before income tax expense - operating (1) 95,664 79,171 21
Income tax expense - operating (1) 36,279 29,798 22
Net income - operating (1) 59,385 49,373 20
Preferred dividends and discount accretion 42 439
Net income available to common shareholders - operating (1) 59,343 48,934 21
Merger-related charges, net of income tax benefit 6,015 -
Net income available to common shareholders - GAAP $53,328 $48,934 9
PERFORMANCE MEASURES
Per common share:
Diluted income - operating (1) $.94 $.81 16
Diluted income - GAAP .84 .81 4
Cash dividends declared .16 .06
Book value 13.95 12.15 15
Tangible book value (3) 12.08 12.10 -
Key performance ratios:
Return on tangible common equity - operating (1)(2)(3)(4) 10.00 % 9.18 %
Return on common equity - operating (1)(2)(4) 9.60 9.02
Return on common equity - GAAP (2)(4) 8.63 9.02
Return on assets - operating (1)(4) .98 .89
Return on assets - GAAP (4) .88 .89
Dividend payout ratio - operating (1) 17.02 7.41
Dividend payout ratio - GAAP 19.05 7.41
Net interest margin (4) 3.29 3.25
Efficiency ratio - operating (1) 58.15 58.54
Efficiency ratio - GAAP 61.94 58.54
Average equity to average assets 10.11 9.66
Average tangible equity to average assets (3) 9.88 9.64
Average tangible common equity to average assets (3) 9.81 9.55
Tangible common equity to risk-weighted assets (3)(5)(6) 12.68 14.10
ASSET QUALITY
Nonperforming loans $20,064 $18,745 7
Foreclosed properties 7,669 3,146 144
Total nonperforming assets (NPAs) 27,733 21,891 27
Allowance for loan losses 69,062 71,928
Net charge-offs 4,957 11,369 (56)
Allowance for loan losses to loans 1.15 % 1.57 %
Allowance for loan losses to loans, excl. acquired loans 1.37 1.57
Net charge-offs to average loans (4) .13 .35
NPAs to loans and foreclosed properties .46 .48
NPAs to total assets .29 .29
AVERAGE BALANCES ($ in millions)
Loans $5,069 $4,393 15
Investment securities 2,288 2,292 -
Earning assets 7,511 6,836 10
Total assets 8,093 7,392 9
Deposits 6,727 6,176 9
Shareholders’ equity 818 714 15
Common shares - basic (thousands) 63,297 60,511 5
Common shares - diluted (thousands) 63,302 60,513 5
AT PERIOD END ($ in millions)
Loans $6,022 $4,569 32
Investment securities 2,457 2,222 11
Total assets 9,414 7,526 25
Deposits 7,905 6,241 27
Shareholders’ equity 1,013 736 38
Common shares outstanding (thousands) 71,472 60,248 19
(1) Excludes merger-related charges. (2) Net income available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) September 30, June 30 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015. (6) Third quarter 2015 ratio is preliminary.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
2015 2014
(in thousands, except per share Third Second First Fourth Third
data; taxable equivalent)Quarter Quarter Quarter Quarter Quarter
Interest revenue reconciliation
Interest revenue - taxable equivalent$71,120 $66,134 $62,909 $64,353 $63,338
Taxable equivalent adjustment (292) (326) (375) (398) (405)
Interest revenue (GAAP)$70,828 $65,808 $62,534 $63,955 $62,933
Net interest revenue reconciliation
Net interest revenue - taxable equivalent$65,718 $61,317 $57,617 $58,332 $56,967
Taxable equivalent adjustment (292) (326) (375) (398) (405)
Net interest revenue (GAAP)$65,426 $60,991 $57,242 $57,934 $56,562
Total revenue reconciliation
Total operating revenue$83,315 $77,683 $71,499 $71,355 $69,379
Taxable equivalent adjustment (292) (326) (375) (398) (405)
Total revenue (GAAP)$83,023 $77,357 $71,124 $70,957 $68,974
Expense reconciliation
Expenses - operating$48,525 $45,247 $43,061 $41,919 $41,364
Merger-related charges 5,744 3,173 - - -
Expenses (GAAP)$54,269 $48,420 $43,061 $41,919 $41,364
Income before taxes reconciliation
Income before taxes - operating$34,790 $32,436 $28,438 $29,436 $28,015
Taxable equivalent adjustment (292) (326) (375) (398) (405)
Merger-related charges (5,744) (3,173) - - -
Income before taxes (GAAP)$28,754 $28,937 $28,063 $29,038 $27,610
Income tax expense reconciliation
Income tax expense - operating$13,064 $12,447 $10,768 $11,189 $10,399
Taxable equivalent adjustment (292) (326) (375) (398) (405)
Merger-related charges, tax benefit (1,905) (997) - - -
Income tax expense (GAAP)$10,867 $11,124 $10,393 $10,791 $9,994
Net income reconciliation
Net income - operating$21,726 $19,989 $17,670 $18,247 $17,616
Merger-related charges, net of income tax benefit (3,839) (2,176) - - -
Net income (GAAP)$17,887 $17,813 $17,670 $18,247 $17,616
Net income available to common shareholders reconciliation
Net income available to common shareholders - operating$21,701 $19,972 $17,670 $18,247 $17,616
Merger-related charges, net of income tax benefit (3,839) (2,176) - - -
Net income available to common shareholders (GAAP)$17,862 $17,796 $17,670 $18,247 $17,616
Diluted income per common share reconciliation
Diluted income per common share - operating$.33 $.32 $.29 $.30 $.29
Merger-related charges (.06) (.04) - - -
Diluted income per common share (GAAP)$.27 $.28 $.29 $.30 $.29
Book value per common share reconciliation
Tangible book value per common share$12.08 $12.66 $12.53 $12.15 $12.10
Effect of goodwill and other intangibles 1.87 .29 .05 .05 .05
Book value per common share (GAAP)$13.95 $12.95 $12.58 $12.20 $12.15
Return on tangible common equity reconciliation
Return on tangible common equity - operating 10.29 % 10.20 % 9.46 % 9.74 % 9.55 %
Effect of goodwill and other intangibles (.75) (.30) (.12) (.14) (.14)
Return on common equity - operating 9.54 9.90 9.34 9.60 9.41
Merger-related charges (1.69) (1.07) - - -
Return on common equity (GAAP) 7.85 % 8.83 % 9.34 % 9.60 % 9.41 %
Return on assets reconciliation
Return on assets - operating 1.00 % 1.00 % .94 % .96 % .95 %
Merger-related charges (.18) (.11) - - -
Return on assets (GAAP) .82 % .89 % .94 % .96 % .95 %
Allowance for loan losses to loans reconciliation
Allowance for loan losses to loans, excl. acquired loans 1.37 % 1.42 % 1.46 % 1.53 % 1.57 %
Effect of removing acquired loans from ratio (.22) (.06) - - -
Allowance for loan losses to loans (GAAP) 1.15 % 1.36 % 1.46 % 1.53 % 1.57 %
Dividend payout ratio reconciliation
Dividend payout ratio - operating 18.18 % 15.63 % 17.24 % 16.67 % 10.34 %
Merger-related charges 4.04 2.23 - - -
Dividend payout ratio (GAAP) 22.22 % 17.86 % 17.24 % 16.67 % 10.34 %
Efficiency ratio reconciliation
Efficiency ratio - operating 57.81 % 57.59 % 59.15 % 57.47 % 57.96 %
Merger-related charges 6.84 4.04 - - -
Efficiency ratio (GAAP) 64.65 % 61.63 % 59.15 % 57.47 % 57.96 %
Average equity to assets reconciliation
Tangible common equity to assets 9.77 % 9.83 % 9.82 % 9.72 % 9.83 %
Effect of preferred equity .11 .08 - - -
Tangible equity to assets 9.88 9.91 9.82 9.72 9.83
Effect of goodwill and other intangibles .51 .14 .04 .04 .02
Equity to assets (GAAP) 10.39 % 10.05 % 9.86 % 9.76 % 9.85 %
Tangible common equity to risk-weighted assets reconciliation (1)
Tangible common equity to risk-weighted assets 12.68 % 13.24 % 13.53 % 13.82 % 14.10 %
Effect of other comprehensive income .22 .28 .19 .35 .34
Effect of deferred tax limitation .08 (2.49) (2.86) (3.11) (3.39)
Effect of trust preferred .15 .63 .67 1.00 1.02
Effect of preferred equity (2.20) .17 - - -
Basel III intangibles transition adjustment .12 .06 .04 - -
Basel III disallowed investments (.02) (.03) (.04) - -
Tier I capital ratio (Regulatory) 11.03 % 11.86 % 11.53 % 12.06 % 12.07 %
(1) September 30, June 30 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015. Third quarter 2015 ratios are preliminary.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
For the Nine Months Ended
September 30,
(in thousands, except per share
data; taxable equivalent) 2015 2014
Interest revenue reconciliation
Interest revenue - taxable equivalent$200,163 $185,616
Taxable equivalent adjustment (993) (1,139)
Interest revenue (GAAP)$199,170 $184,477
Net interest revenue reconciliation
Net interest revenue - taxable equivalent$184,652 $166,086
Taxable equivalent adjustment (993) (1,139)
Net interest revenue (GAAP)$183,659 $164,947
Total revenue reconciliation
Total operating revenue$232,497 $200,117
Taxable equivalent adjustment (993) (1,139)
Total revenue (GAAP)$231,504 $198,978
Expense reconciliation
Expenses - operating$136,833 $120,946
Merger-related charges 8,917 -
Expenses (GAAP)$145,750 $120,946
Income before taxes reconciliation
Income before taxes - operating$95,664 $79,171
Taxable equivalent adjustment (993) (1,139)
Merger-related charges (8,917) -
Income before taxes (GAAP)$85,754 $78,032
Income tax expense reconciliation
Income tax expense - operating$36,279 $29,798
Taxable equivalent adjustment (993) (1,139)
Merger-related charges, tax benefit (2,902) -
Income tax expense (GAAP)$32,384 $28,659
Net income reconciliation
Net income - operating$59,385 $49,373
Merger-related charges, net of income tax benefit (6,015) -
Net income (GAAP)$53,370 $49,373
Net income available to common shareholders reconciliation
Net income available to common shareholders - operating$59,343 $48,934
Merger-related charges, net of income tax benefit (6,015) -
Net income available to common shareholders (GAAP)$53,328 $48,934
Diluted income per common share reconciliation
Diluted income per common share - operating$.94 $.81
Merger-related charges (.10) -
Diluted income per common share (GAAP)$.84 $.81
Book value per common share reconciliation
Tangible book value per common share$12.08 $12.10
Effect of goodwill and other intangibles 1.87 .05
Book value per common share (GAAP)$13.95 $12.15
Return on tangible common equity reconciliation
Return on tangible common equity - operating 10.00 % 9.18 %
Effect of goodwill and other intangibles (.40) (.16)
Return on common equity - operating 9.60 9.02
Merger-related charges (.97) -
Return on common equity (GAAP) 8.63 % 9.02 %
Return on assets reconciliation
Return on assets - operating .98 % .89 %
Merger-related charges (.10) -
Return on assets (GAAP) .88 % .89 %
Allowance for loan losses to loans reconciliation
Allowance for loan losses to loans, excl. acquired loans 1.37 % 1.57 %
Effect of removing acquired loans from ratio (.22) -
Allowance for loan losses to loans (GAAP) 1.15 % 1.57 %
Dividend payout ratio reconciliation
Dividend payout ratio - operating 17.02 % 7.41 %
Merger-related charges 2.03 -
Dividend payout ratio (GAAP) 19.05 % 7.41 %
Efficiency ratio reconciliation
Efficiency ratio - operating 58.15 % 58.54 %
Merger-related charges 3.79 -
Efficiency ratio (GAAP) 61.94 % 58.54 %
Average equity to assets reconciliation
Tangible common equity to assets 9.81 % 9.55 %
Effect of preferred equity .07 .09
Tangible equity to assets 9.88 9.64
Effect of goodwill and other intangibles .23 .02
Equity to assets (GAAP) 10.11 % 9.66 %
Tangible common equity to risk-weighted assets reconciliation (1)
Tangible common equity to risk-weighted assets 12.68 % 14.10 %
Effect of other comprehensive income .22 .34
Effect of deferred tax limitation .08 (3.39)
Effect of trust preferred .15 1.02
Effect of preferred equity (2.20) -
Basel III intangibles transition adjustment .12 -
Basel III disallowed investments (.02) -
Tier I capital ratio (Regulatory) 11.03 % 12.07 %
(1) September 30, June 30 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015. Third quarter 2015 ratios are preliminary.

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
2015
2014
Third Second First Fourth Third
(in millions) Quarter Quarter Quarter Quarter Quarter
LOANS BY CATEGORY
Owner occupied commercial RE $1,479 $1,266 $1,167 $1,163 $1,153
Income producing commercial RE 818 689 636 599 605
Commercial & industrial 890 793 716 710 650
Commercial construction 319 238 230 196 181
Total commercial 3,506 2,986 2,749 2,668 2,589
Residential mortgage 1,060 935 864 866 866
Home equity lines of credit 585 491 465 466 459
Residential construction 334 299 291 299 307
Consumer installment 537 463 419 373 348
Total loans $6,022 $5,174 $4,788 $4,672 $4,569
LOANS BY MARKET
North Georgia $1,128 $1,155 $1,150 $1,163 $1,168
Atlanta MSA 1,266 1,275 1,254 1,243 1,245
North Carolina 546 533 539 553 553
Coastal Georgia 506 499 476 456 444
Gainesville MSA 252 257 255 257 254
East Tennessee 511 525 281 280 281
South Carolina 783 35 30 30 21
Specialized Lending 609 538 487 421 360
Indirect auto 421 357 316 269 243
Total loans $6,022 $5,174 $4,788 $4,672 $4,569

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
2015
2014 Linked Year over
Third Second Third Quarter Year
(in millions) Quarter Quarter Quarter Change Change
LOANS BY CATEGORY
Owner occupied commercial RE $ 1,479 $ 1,266 $ 1,153 $ 213 $ 326
Income producing commercial RE 818 689 605 129 213
Commercial & industrial 890 793 650 97 240
Commercial construction 319 238 181 81 138
Total commercial 3,506 2,986 2,589 520 917
Residential mortgage 1,060 935 866 125 194
Home equity lines of credit 585 491 459 94 126
Residential construction 334 299 307 35 27
Consumer installment 537 463 348 74 189
Total loans $ 6,022 $ 5,174 $ 4,569 848 1,453
LOANS BY MARKET
North Georgia $ 1,128 $ 1,155 $ 1,168 (27) (40)
Atlanta MSA 1,266 1,275 1,245 (9) 21
North Carolina 546 533 553 13 (7)
Coastal Georgia 506 499 444 7 62
Gainesville MSA 252 257 254 (5) (2)
East Tennessee 511 525 281 (14) 230
South Carolina 783 35 21 748 762
Specialized Lending 609 538 360 71 249
Indirect auto 421 357 243 64 178
Total loans $ 6,022 $ 5,174 $ 4,569 848 1,453

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
Third Quarter 2015
Nonperforming Foreclosed Total
(in thousands) Loans Properties NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE $5,918 $882 $6,800
Income producing CRE 1,238 4,084 5,322
Commercial & industrial 1,068 - 1,068
Commercial construction 256 657 913
Total commercial 8,480 5,623 14,103
Residential mortgage 8,847 1,454 10,301
Home equity lines of credit 890 87 977
Residential construction 929 505 1,434
Consumer installment 918 - 918
Total NPAs $20,064 $7,669 $27,733
Balance as a % of
Unpaid Principal 70.3% 45.8% 61.2%
NONPERFORMING ASSETS BY MARKET
North Georgia $6,403 $1,263 $7,666
Atlanta MSA 1,750 1,122 2,872
North Carolina 4,564 9 4,573
Coastal Georgia 338 66 404
Gainesville MSA 325 3 328
East Tennessee 2,886 231 3,117
South Carolina 267 4,975 5,242
Specialized Lending 2,809 - 2,809
Indirect auto 722 - 722
Total NPAs $20,064 $7,669 $27,733
NONPERFORMING ASSETS ACTIVITY
Beginning Balance $18,805 $2,356 $21,161
Acquisitions - 4,848 4,848
Loans placed on non-accrual 8,923 - 8,923
Payments received (4,233) - (4,233)
Loan charge-offs (1,531) - (1,531)
Foreclosures (1,900) 1,900 -
Capitalized costs - 256 256
Property sales - (1,916) (1,916)
Write downs - (79) (79)
Net gains (losses) on sales - 304 304
Ending Balance $20,064 $7,669 $27,733

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
Second Quarter 2015
Nonperforming Foreclosed Total
(in thousands) Loans Properties NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE $ 4,878 $ 360 $ 5,238
Income producing CRE 883 - 883
Commercial & industrial 1,389 - 1,389
Commercial construction 59 382 441
Total commercial 7,209 742 7,951
Residential mortgage 8,599 1,373 9,972
Home equity lines of credit 940 54 994
Residential construction 1,358 187 1,545
Consumer installment 699 - 699
Total NPAs $ 18,805 $ 2,356 $ 21,161
Balance as a % of
Unpaid Principal 64.9% 46.6% 62.2%
NONPERFORMING ASSETS BY MARKET
North Georgia $ 6,157 $ 657 $ 6,814
Atlanta MSA 2,361 135 2,496
North Carolina 4,746 690 5,436
Coastal Georgia 659 - 659
Gainesville MSA 864 22 886
East Tennessee 1,885 852 2,737
South Carolina - - -
Specialized Lending 1,565 - 1,565
Indirect auto 568 - 568
Total NPAs $ 18,805 $ 2,356 $ 21,161
NONPERFORMING ASSETS ACTIVITY
Beginning Balance $ 19,015 $ 1,158 $ 20,173
Acquisitions - 962 962
Loans placed on non-accrual 6,552 - 6,552
Payments received (3,839) - (3,839)
Loan charge-offs (1,854) - (1,854)
Foreclosures (1,069) 1,069 -
Capitalized costs - - -
Property sales - (895) (895)
Write downs - (9) (9)
Net gains (losses) on sales - 71 71
Ending Balance $ 18,805 $ 2,356 $ 21,161

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
First Quarter 2015
Nonperforming Foreclosed Total
(in thousands) Loans Properties NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE $ 4,360 $ 173 $ 4,533
Income producing CRE 835 - 835
Commercial & industrial 1,629 - 1,629
Commercial construction 60 - 60
Total commercial 6,884 173 7,057
Residential mortgage 8,669 796 9,465
Home equity lines of credit 693 50 743
Residential construction 2,127 139 2,266
Consumer installment 642 - 642
Total NPAs $ 19,015 $ 1,158 $ 20,173
Balance as a % of
Unpaid Principal 72.0% 56.6% 70.9%
NONPERFORMING ASSETS BY MARKET
North Georgia $ 6,101 $ 662 $ 6,763
Atlanta MSA 1,903 227 2,130
North Carolina 5,321 159 5,480
Coastal Georgia 901 - 901
Gainesville MSA 781 22 803
East Tennessee 1,808 30 1,838
South Carolina - 36 36
Specialized Lending 1,700 22 1,722
Indirect auto 500 - 500
Total NPAs $ 19,015 $ 1,158 $ 20,173
NONPERFORMING ASSETS ACTIVITY
Beginning Balance $ 17,881 $ 1,726 $ 19,607
Acquisitions - - -
Loans placed on non-accrual 5,944 - 5,944
Payments received (1,513) - (1,513)
Loan charge-offs (2,838) - (2,838)
Foreclosures (459) 459 -
Capitalized costs - - -
Property sales - (1,108) (1,108)
Write downs - (166) (166)
Net gains (losses) on sales - 247 247
Ending Balance $ 19,015 $ 1,158 $ 20,173

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
Third Quarter 2015 Second Quarter 2015 First Quarter 2015
Net Charge- Net Charge- Net Charge-
Offs to Offs to Offs to
Net Average Net Average Net Average
(in thousands) Charge-Offs Loans (1) Charge-Offs Loans (1) Charge-Offs Loans (1)
NET CHARGE-OFFS BY CATEGORY
Owner occupied CRE $236 .07 % $285 .09 % $357 .12 %
Income producing CRE (106) (.06) (276) (.17) 241 .16
Commercial & industrial 190 .09 (627) (.33) 341 .19
Commercial construction 59 .09 96 .16 22 .04
Total commercial 379 .05 (522) (.07) 961 .14
Residential mortgage 433 .18 787 .35 416 .20
Home equity lines of credit 293 .22 322 .27 59 .05
Residential construction (124) (.16) 107 .14 1,061 1.46
Consumer installment 436 .35 284 .26 65 .07
Total $1,417 .10 $978 .08 $2,562 .22
NET CHARGE-OFFS BY MARKET
North Georgia $1,352 .47 % $911 .32 % $1,053 .37 %
Atlanta MSA 74 .02 138 .04 204 .07
North Carolina 183 .13 176 .13 666 .49
Coastal Georgia 19 .02 (40) (.03) 134 .12
Gainesville MSA (236) (.36) (233) (.36) (65) (.10)
East Tennessee 153 .12 127 .11 471 .68
South Carolina (247) (.34) - - - -
Specialized Lending (42) (.03) (224) (.17) (16) (.01)
Indirect auto 161 .17 123 .14 115 .16
Total $1,417 .10 $978 .08 $2,562 .22
(1) Annualized.

UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Income (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in thousands, except per share data) 2015 2014 2015 2014
Interest revenue:
Loans, including fees $57,174 $49,653 $159,814 $145,602
Investment securities, including tax exempt of $177, $177, $516 and $558 12,801 12,346 36,896 36,118
Deposits in banks and short-term investments 853 934 2,460 2,757
Total interest revenue 70,828 62,933 199,170 184,477
Interest expense:
Deposits:
NOW 337 365 1,079 1,216
Money market 981 872 2,460 2,192
Savings 25 20 71 61
Time 830 1,721 2,834 5,510
Total deposit interest expense 2,173 2,978 6,444 8,979
Short-term borrowings 99 316 279 2,064
Federal Home Loan Bank advances 461 435 1,307 573
Long-term debt 2,669 2,642 7,481 7,914
Total interest expense 5,402 6,371 15,511 19,530
Net interest revenue 65,426 56,562 183,659 164,947
Provision for credit losses 700 2,000 3,400 6,700
Net interest revenue after provision for credit losses 64,726 54,562 180,259 158,247
Fee revenue:
Service charges and fees 9,335 8,202 25,325 24,627
Mortgage loan and other related fees 3,840 2,178 10,302 5,409
Brokerage fees 1,200 1,209 3,983 3,631
Gains from sales of SBA loans 1,646 945 4,281 1,689
Securities gains, net 325 11 1,877 4,663
Loss from prepayment of debt (256) - (1,294) (4,446)
Other 2,207 1,867 6,771 5,158
Total fee revenue 18,297 14,412 51,245 40,731
Total revenue 83,023 68,974 231,504 198,978
Operating expenses:
Salaries and employee benefits 29,342 25,666 83,749 74,349
Communications and equipment 3,963 3,094 10,538 9,370
Occupancy 4,013 3,425 10,706 10,065
Advertising and public relations 812 894 2,689 2,659
Postage, printing and supplies 1,049 876 2,980 2,456
Professional fees 2,668 2,274 6,844 5,873
FDIC assessments and other regulatory charges 1,136 1,131 3,643 3,909
Merger-related charges 5,744 - 8,917 -
Other 5,542 4,004 15,684 12,265
Total operating expenses 54,269 41,364 145,750 120,946
Net income before income taxes 28,754 27,610 85,754 78,032
Income tax expense 10,867 9,994 32,384 28,659
Net income 17,887 17,616 53,370 49,373
Preferred stock dividends and discount accretion 25 - 42 439
Net income available to common shareholders $17,862 $17,616 $53,328 $48,934
Earnings per common share:
Basic $.27 $.29 $.84 $.81
Diluted .27 .29 .84 .81
Weighted average common shares outstanding:
Basic 66,294 60,776 63,297 60,511
Diluted 66,300 60,779 63,302 60,513

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheet (Unaudited)
September 30, December 31, September 30,
(in thousands, except share and per share data) 2015 2014 2014
ASSETS
Cash and due from banks $93,975 $77,180 $75,268
Interest-bearing deposits in banks 112,964 89,074 117,399
Short-term investments - 26,401 23,397
Cash and cash equivalents 206,939 192,655 216,064
Securities available for sale 2,099,868 1,782,734 1,789,667
Securities held to maturity (fair value $368,096, $425,233 and $440,311) 357,549 415,267 432,418
Mortgage loans held for sale 24,279 13,737 20,004
Loans, net of unearned income 6,022,394 4,672,119 4,568,886
Less allowance for loan losses (69,062) (71,619) (71,928)
Loans, net 5,953,332 4,600,500 4,496,958
Premises and equipment, net 192,992 159,390 160,454
Bank owned life insurance 105,368 81,294 81,101
Accrued interest receivable 24,563 20,103 19,908
Net deferred tax asset 197,116 215,503 224,734
Derivative financial instruments 19,906 20,599 22,221
Goodwill and other intangible assets 141,415 3,641 3,910
Other assets 90,669 61,563 58,450
Total assets $9,413,996 $7,566,986 $7,525,889
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Demand $2,174,799 $1,574,317 $1,561,020
NOW 1,754,614 1,504,887 1,399,449
Money market 1,651,592 1,273,283 1,281,526
Savings 459,323 292,308 287,797
Time:
Less than $100,000 865,369 748,478 774,201
Greater than $100,000 482,567 508,228 531,428
Brokered 516,748 425,011 405,308
Total deposits 7,905,012 6,326,512 6,240,729
Short-term borrowings 18,839 6,000 6,001
Federal Home Loan Bank advances 200,125 270,125 330,125
Long-term debt 165,620 129,865 129,865
Derivative financial instruments 27,401 31,997 36,171
Unsettled securities purchases - 5,425 -
Accrued expenses and other liabilities 83,862 57,485 46,573
Total liabilities 8,400,859 6,827,409 6,789,464
Shareholders' equity:
Preferred stock, $1 par value; 10,000,000 shares authorized;
Series H; $1,000 stated value; 9,992 shares issued and outstanding 9,992 - -
Common stock, $1 par value; 100,000,000 shares authorized;
63,186,437, 50,178,605 and 50,167,191 shares issued and outstanding 63,186 50,178 50,167
Common stock, non-voting, $1 par value; 26,000,000 shares authorized;
8,285,516, 10,080,787 and 10,080,787 shares issued and outstanding 8,286 10,081 10,081
Common stock issuable; 454,870, 357,983 and 354,961 shares 6,670 5,168 5,116
Capital surplus 1,284,877 1,080,508 1,091,555
Accumulated deficit (344,746) (387,568) (402,773)
Accumulated other comprehensive loss (15,128) (18,790) (17,721)
Total shareholders' equity 1,013,137 739,577 736,425
Total liabilities and shareholders' equity $9,413,996 $7,566,986 $7,525,889

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,
2015 2014
Average Avg. Average Avg.
(dollars in thousands, taxable equivalent) Balance Interest Rate Balance Interest Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)(2)$ 5,457,158 $ 57,258 4.16 % $ 4,445,947 $ 49,853 4.45%
Taxable securities (3) 2,367,417 12,624 2.13 2,212,116 12,169 2.20
Tax-exempt securities (1)(3) 28,889 290 4.02 18,794 290 6.17
Federal funds sold and other interest-earning assets 155,957 948 2.43 143,169 1,026 2.87
Total interest-earning assets 8,009,421 71,120 3.53 6,820,026 63,338 3.69
Non-interest-earning assets:
Allowance for loan losses (71,090) (74,146)
Cash and due from banks 80,678 71,224
Premises and equipment 179,463 161,315
Other assets (3) 435,060 395,184
Total assets$ 8,633,532 $ 7,373,603
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW$ 1,491,801 337 .09 $ 1,331,806 365 .11
Money market 1,737,740 981 .22 1,387,042 872 .25
Savings 386,254 25 .03 282,746 20 .03
Time less than $100,000 793,755 708 .35 791,289 876 .44
Time greater than $100,000 484,074 447 .37 542,216 827 .61
Brokered time deposits 268,716 (325)(.48) 278,330 18 .03
Total interest-bearing deposits 5,162,340 2,173 .17 4,613,429 2,978 .26
Federal funds purchased and other borrowings 72,909 99 .54 53,713 316 2.33
Federal Home Loan Bank advances 281,429 461 .65 227,190 435 .76
Long-term debt 152,105 2,669 6.96 129,865 2,642 8.07
Total borrowed funds 506,443 3,229 2.53 410,768 3,393 3.28
Total interest-bearing liabilities 5,668,783 5,402 .38 5,024,197 6,371 .50
Non-interest-bearing liabilities:
Non-interest-bearing deposits 1,972,291 1,530,011
Other liabilities 95,342 92,986
Total liabilities 7,736,416 6,647,194
Shareholders' equity 897,116 726,409
Total liabilities and shareholders' equity$ 8,633,532 $ 7,373,603
Net interest revenue $ 65,718 $ 56,967
Net interest-rate spread 3.15 % 3.19%
Net interest margin (4) 3.26 % 3.32%
(1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
(2) Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued and loans that are held for sale.
(3) Securities available for sale are shown at amortized cost. Pretax unrealized gains of $8.56 million in 2015 and pretax unrealized gains of $7.42 million in 2014 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,
2015 2014
Average Avg. Average Avg.
(dollars in thousands, taxable equivalent) Balance Interest Rate Balance Interest Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)(2)$ 5,069,270 $ 160,204 4.23 % $ 4,392,895 $ 146,156 4.45%
Taxable securities (3) 2,263,907 36,380 2.14 2,272,639 35,560 2.09
Tax-exempt securities (1)(3) 23,649 845 4.76 19,515 914 6.24
Federal funds sold and other interest-earning assets 154,392 2,734 2.36 150,782 2,986 2.64
Total interest-earning assets 7,511,218 200,163 3.56 6,835,831 185,616 3.63
Non-interest-earning assets:
Allowance for loan losses (71,425) (76,148)
Cash and due from banks 78,948 65,744
Premises and equipment 169,037 161,843
Other assets (3) 405,101 404,654
Total assets$ 8,092,879 $ 7,391,924
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW$ 1,462,344 1,079 .10 $ 1,367,713 1,216 .12
Money market 1,605,098 2,460 .20 1,375,064 2,192 .21
Savings 340,878 71 .03 272,696 61 .03
Time less than $100,000 768,608 2,223 .39 828,694 2,822 .46
Time greater than $100,000 484,439 1,593 .44 561,167 2,610 .62
Brokered time deposits 272,688 (982)(.48) 300,374 78 .03
Total interest-bearing deposits 4,934,055 6,444 .17 4,705,708 8,979 .26
Federal funds purchased and other borrowings 52,385 279 .71 91,320 2,064 3.02
Federal Home Loan Bank advances 270,260 1,307 .65 169,392 573 .45
Long-term debt 131,338 7,481 7.62 129,865 7,914 8.15
Total borrowed funds 453,983 9,067 2.67 390,577 10,551 3.61
Total interest-bearing liabilities 5,388,038 15,511 .38 5,096,285 19,530 .51
Non-interest-bearing liabilities:
Non-interest-bearing deposits 1,793,181 1,469,967
Other liabilities 93,218 111,522
Total liabilities 7,274,437 6,677,774
Shareholders' equity 818,442 714,150
Total liabilities and shareholders' equity$ 8,092,879 $ 7,391,924
Net interest revenue $ 184,652 $ 166,086
Net interest-rate spread 3.18 % 3.12%
Net interest margin (4) 3.29 % 3.25%
(1) Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
(2) Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued and loans that are held for sale.
(3) Securities available for sale are shown at amortized cost. Pretax unrealized gains of $12.7 million in 2015 and pretax unrealized gains of $1.59 million in 2014 are included in other assets for purposes of this presentation.
(4) Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.


For more information: Rex S. Schuette Chief Financial Officer (706) 781-2266 Rex_Schuette@ucbi.com

Source:United Community Banks, Inc.