GREENVILLE, S.C., July 24, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ:UCBI) (United) today announced that net income for the 2024 second quarter was $66.6 million and pre-tax, pre-provision income was $98.2 million. Diluted earnings per share of $0.54 for the quarter represented an increase of $0.01, or 2%, from the second quarter a year ago and an increase of $0.03, or 6%, from the first quarter of 2024.

On an operating basis, United's diluted earnings per share of $0.58 was up 5% 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 linked-quarter increase in earnings per share was primarily driven by higher net interest income. United's return on assets was 0.97%, or 1.04% on an operating basis. Return on equity was 7.53% and return on tangible common equity was 11.68%. On a pre-tax, pre-provision basis, operating return on assets was 1.54% for the quarter. At quarter end, tangible common equity to tangible assets was 8.78%, up 29 basis points from the first quarter of 2024.

Chairman and CEO Lynn Harton stated, "Our second quarter results showed solid improvement, driven by healthy net interest margin expansion and disciplined expense control. We achieved these results by remaining sharply focused on loan and deposit pricing even if that meant accepting slower growth in the near term. Compared with the first quarter, we saw decreases in both loans and deposits, yet our pricing discipline led to a $9.55 million increase in net interest income. We expect loan growth to be weaker in the near term as customers appear to be taking a conservative approach to economic and election uncertainty." Harton continued, "On the strategic front, after an evaluation of our entire wealth management business, we made the decision to sell our investment in our Registered Investment Advisor, FinTrust Capital Advisors, LLC (FinTrust), while setting a more aggressive growth course for our Private Banking, Retail, and Trust businesses. We view the Private Banking, Retail and Trust as more attractive in the medium to long term, and decided to focus our Wealth resources in these businesses. We expect the FinTrust transaction to close in the third quarter."

United's net interest margin increased by 17 basis points to 3.37% from the first quarter. The average yield on United's interest-earning assets was up 20 basis points to 5.59%, while its cost of deposits increased only three basis points to 2.35%, leading to expansion in the net interest margin. Net charge-offs were $11.6 million or 0.26% of average loans during the quarter, down two basis points compared to the first quarter of 2024, and NPAs were 43 basis points relative to total assets, up four basis points from the previous quarter.

Mr. Harton concluded, "Our second quarter results give me tremendous confidence that 2024 will be a great year for United. We remain focused on being a great partner for our clients and communities; growing our business and remaining disciplined in the face of any challenges that lie ahead. We are steadfast in our commitment to service as well as delivering exceptional value to our shareholders."

Second Quarter 2024 Financial Highlights:

Net income of $66.6 million and pre-tax, pre-provision income of $98.2 million
EPS up 2% compared to second quarter 2023 on a GAAP basis and up 5% on an operating basis; compared to first quarter 2024, EPS up 6% on a GAAP basis and 12% on an operating basis
Return on assets of 0.97%, or 1.04% on an operating basis
Pre-tax, pre-provision return on assets of 1.54% on an operating basis
Return on common equity of 7.53%
Return on tangible common equity of 11.68% on an operating basis
A provision for credit losses of $12.2 million, which increased the allowance for credit losses-loans to 1.17% of loans from 1.15% in the first quarter.
Loan production of $989 million, up from $881 million in the first quarter
Customer deposits were down $339 million for the quarter, as seasonal public funds deposit outflow combined with more conservative public funds deposit pricing
Net interest margin of 3.37% increased by 17 basis points from the first quarter mostly due to focus on pricing discipline on loans and deposits
Mortgage closings of $215 million compared to $263 million a year ago; mortgage rate locks of $295 million compared to $305 million a year ago
Noninterest income was down $3.0 million on a linked quarter basis, primarily driven by the absence of a $2.4 million gain in the first quarter from terminating an office space lease
Noninterest expenses increased by $2.0 million compared to the first quarter on a GAAP basis and were flat on an operating basis
Efficiency ratio of 59.7%, or 57.1% on an operating basis
Net charge-offs of $11.6 million, or 26 basis points as a percent of average loans, down 2 basis points from the net charge-offs level experienced in the first quarter
Nonperforming assets of 0.43% of total assets, up four basis points compared to March 31, 2024
Quarterly common shareholder dividend of $0.23 per share declared during the quarter, unchanged year-over-year
We reached an agreement to sell FinTrust and recognized a $5.1 million loss related to the sale in the form of a goodwill impairment charge. The transaction is expected to close in the third quarter.

Conference Call

United will hold a conference call on Wednesday, July 24, 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/10190532/fcfa86e478. 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								Second Quarter 2024 - 2023 Change		For the Six Months Ended June 30,						YTD 2024 - 2023 Change
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			Second Quarter 2024 - 2023 Change			2024			2023		YTD 2024 - 2023 Change
INCOME SUMMARY
Interest revenue	$	346,965		$	336,728		$	338,698		$	323,147		$	295,775				$	683,693		$	575,262
Interest expense		138,265			137,579			135,245			120,591			95,489					275,844			163,506
Net interest revenue		208,700			199,149			203,453			202,556			200,286		4	%		407,849			411,756		(1	)%
Provision for credit losses		12,235			12,899			14,626			30,268			22,753					25,134			44,536
Noninterest income		36,556			39,587			(23,090	)		31,977			36,387		—			76,143			66,596		14
Total revenue		233,021			225,837			165,737			204,265			213,920		9			458,858			433,816		6
Noninterest expenses		147,044			145,002			154,587			144,474			132,407		11			292,046			272,212		7
Income before income tax expense		85,977			80,835			11,150			59,791			81,513		5			166,812			161,604		3
Income tax expense		19,362			18,204			(2,940	)		11,925			18,225		6			37,566			36,016		4
Net income		66,615			62,631			14,090			47,866			63,288		5			129,246			125,588		3
Non-operating items		6,493			2,187			67,450			9,168			3,645					8,680			12,276
Income tax benefit of non-operating items		(1,462	)		(493	)		(16,714	)		(2,000	)		(820	)				(1,955	)		(2,775	)
Net income - operating⁽¹⁾	$	71,646		$	64,325		$	64,826		$	55,034		$	66,113		8		$	135,971		$	135,089		1
Pre-tax pre-provision income ⁽⁵⁾	$	98,212		$	93,734		$	25,776		$	90,059		$	104,266		(6	)	$	191,946		$	206,140		(7	)
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.54		$	0.51		$	0.11		$	0.39		$	0.53		2		$	1.05		$	1.05		—
Diluted net income - operating ⁽¹⁾		0.58			0.52			0.53			0.45			0.55		5			1.10			1.13		(3	)
Cash dividends declared		0.23			0.23			0.23			0.23			0.23		—			0.46			0.46		—
Book value		27.18			26.83			26.52			25.87			25.98		5			27.18			25.98		5
Tangible book value⁽³⁾		19.13			18.71			18.39			17.70			17.83		7			19.13			17.83		7
Key performance ratios:
Return on common equity - GAAP ⁽²⁾⁽⁴⁾		7.53	%		7.14	%		1.44	%		5.32	%		7.47	%				7.34	%		7.41	%
Return on common equity - operating ^(1)(2)(4)		8.12			7.34			7.27			6.14			7.82					7.73			7.98
Return on tangible common equity - operating ^(1)(2)(3)(4)		11.68			10.68			10.58			9.03			11.35					11.18			11.49
Return on assets - GAAP ⁽⁴⁾		0.97			0.90			0.18			0.68			0.95					0.94			0.95
Return on assets - operating ⁽¹⁾⁽⁴⁾		1.04			0.93			0.92			0.79			1.00					0.99			1.03
Return on assets - pre-tax pre-provision - operating^(1)(4)(5)		1.54			1.40			1.33			1.44			1.65					1.47			1.68
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.37			3.20			3.19			3.24			3.37					3.28			3.49
Efficiency ratio - GAAP		59.70			60.47			66.33			61.32			55.71					60.08			56.46
Efficiency ratio - operating ⁽¹⁾		57.06			59.15			59.57			57.43			54.17					58.08			53.92
Equity to total assets		12.35			12.06			11.95			11.85			11.89					12.35			11.89
Tangible common equity to tangible assets ⁽³⁾		8.78			8.49			8.36			8.18			8.21					8.78			8.21
ASSET QUALITY
Nonperforming assets ("NPAs")	$	116,722		$	107,230		$	92,877		$	90,883		$	103,737		13		$	116,722		$	103,737		13
Allowance for credit losses - loans		213,022			210,934			208,071			201,557			190,705		12			213,022			190,705		12
Allowance for credit losses - total		224,740			224,119			224,128			219,624			212,277		6			224,740			212,277		6
Net charge-offs		11,614			12,908			10,122			26,638			8,399					24,522			15,483
Allowance for credit losses - loans to loans		1.17	%		1.15	%		1.14	%		1.11	%		1.10	%				1.17	%		1.10	%
Allowance for credit losses - total to loans		1.23			1.22			1.22			1.21			1.22					1.23			1.22
Net charge-offs to average loans ⁽⁴⁾		0.26			0.28			0.22			0.59			0.20					0.27			0.18
NPAs to total assets		0.43			0.39			0.34			0.34			0.40					0.43			0.40
AT PERIOD END ($ in millions)
Loans	$	18,211		$	18,375		$	18,319		$	18,203		$	17,395		5		$	18,211		$	17,395		5
Investment securities		6,038			5,859			5,822			5,701			5,914		2			6,038			5,914		2
Total assets		27,057			27,365			27,297			26,869			26,120		4			27,057			26,120		4
Deposits		22,982			23,332			23,311			22,858			22,252		3			22,982			22,252		3
Shareholders' equity		3,343			3,300			3,262			3,184			3,106		8			3,343			3,106		8
Common shares outstanding (thousands)		119,175			119,137			119,010			118,976			115,266		3			119,175			115,266		3

_{⁽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 Six Months Ended June 30,
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter				2024			2023

Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	147,044		$	145,002		$	154,587		$	144,474		$	132,407		$	292,046		$	272,212
Loss on FinTrust (goodwill impairment)		(5,100	)		—			—			—			—			(5,100	)		—
FDIC special assessment		764			(2,500	)		(9,995	)		—			—			(1,736	)		—
Merger-related and other charges		(2,157	)		(2,087	)		(5,766	)		(9,168	)		(3,645	)		(4,244	)		(12,276	)
Noninterest expenses - operating	$	140,551		$	140,415		$	138,826		$	135,306		$	128,762		$	280,966		$	259,936

Net income to operating income reconciliation
Net income (GAAP)	$	66,615		$	62,631		$	14,090		$	47,866		$	63,288		$	129,246		$	125,588
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		2,157			2,087			5,766			9,168			3,645			4,244			12,276
Income tax benefit of non-operating items		(1,462	)		(493	)		(16,714	)		(2,000	)		(820	)		(1,955	)		(2,775	)
Net income - operating	$	71,646		$	64,325		$	64,826		$	55,034		$	66,113		$	135,971		$	135,089

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	66,615		$	62,631		$	14,090		$	47,866		$	63,288		$	129,246		$	125,588
Income tax expense		19,362			18,204			(2,940	)		11,925			18,225			37,566			36,016
Provision for credit losses		12,235			12,899			14,626			30,268			22,753			25,134			44,536
Pre-tax pre-provision income	$	98,212		$	93,734		$	25,776		$	90,059		$	104,266		$	191,946		$	206,140

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.54		$	0.51		$	0.11		$	0.39		$	0.53		$	1.05		$	1.05
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			—			—			0.02			—
Merger-related and other charges		0.01			0.01			0.04			0.06			0.02			0.02			0.08
Diluted income per common share - operating	$	0.58		$	0.52		$	0.53		$	0.45		$	0.55		$	1.10		$	1.13

Book value per common share reconciliation
Book value per common share (GAAP)	$	27.18		$	26.83		$	26.52		$	25.87		$	25.98		$	27.18		$	25.98
Effect of goodwill and other intangibles		(8.05	)		(8.12	)		(8.13	)		(8.17	)		(8.15	)		(8.05	)		(8.15	)
Tangible book value per common share	$	19.13		$	18.71		$	18.39		$	17.70		$	17.83		$	19.13		$	17.83

Return on tangible common equity reconciliation
Return on common equity (GAAP)		7.53	%		7.14	%		1.44	%		5.32	%		7.47	%		7.34	%		7.41	%
Bond portfolio restructuring loss		—			—			4.47			—			—			—			—
Gain on lease termination		—			(0.22	)		—			—			—			(0.11	)		—
Loss on FinTrust (goodwill impairment)		0.46			—			—			—			—			0.23			—
FDIC special assessment		(0.07	)		0.23			0.86			—			—			0.08			—
Merger-related and other charges		0.20			0.19			0.50			0.82			0.35			0.19			0.57
Return on common equity - operating		8.12			7.34			7.27			6.14			7.82			7.73			7.98
Effect of goodwill and other intangibles		3.56			3.34			3.31			2.89			3.53			3.45			3.51
Return on tangible common equity - operating		11.68	%		10.68	%		10.58	%		9.03	%		11.35	%		11.18	%		11.49	%

Return on assets reconciliation
Return on assets (GAAP)		0.97	%		0.90	%		0.18	%		0.68	%		0.95	%		0.94	%		0.95	%
Bond portfolio restructuring loss		—			—			0.57			—			—			—			—
Gain on lease termination		—			(0.03	)		—			—			—			(0.01	)		—
Loss on FinTrust (goodwill impairment)		0.06			—			—			—			—			0.03			—
FDIC special assessment		(0.01	)		0.03			0.11			—			—			0.01			—
Merger-related and other charges		0.02			0.03			0.06			0.11			0.05			0.02			0.08
Return on assets - operating		1.04	%		0.93	%		0.92	%		0.79	%		1.00	%		0.99	%		1.03	%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		0.97	%		0.90	%		0.18	%		0.68	%		0.95	%		0.94	%		0.95	%
Income tax (benefit) expense		0.29			0.27			(0.04	)		0.18			0.29			0.28			0.28
Provision for credit losses		0.18			0.19			0.21			0.45			0.35			0.19			0.35
Bond portfolio restructuring loss		—			—			0.75			—			—			—			—
Gain on lease termination		—			(0.04	)		—			—			—			(0.02	)		—
Loss on FinTrust (goodwill impairment)		0.08			—			—			—			—			0.04			—
FDIC special assessment		(0.01	)		0.04			0.15			—			—			0.01			—
Merger-related and other charges		0.03			0.04			0.08			0.13			0.06			0.03			0.10
Return on assets - pre-tax pre-provision - operating		1.54	%		1.40	%		1.33	%		1.44	%		1.65	%		1.47	%		1.68	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		59.70	%		60.47	%		66.33	%		61.32	%		55.71	%		60.08	%		56.46	%
Gain on lease termination		—			0.60			—			—			—			0.29			—
Loss on FinTrust (goodwill impairment)		(2.07	)		—			—			—			—			(1.05	)		—
FDIC special assessment		0.31			(1.05	)		(4.29	)		—			—			(0.36	)		—
Merger-related and other charges		(0.88	)		(0.87	)		(2.47	)		(3.89	)		(1.54	)		(0.88	)		(2.54	)
Efficiency ratio - operating		57.06	%		59.15	%		59.57	%		57.43	%		54.17	%		58.08	%		53.92	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		12.35	%		12.06	%		11.95	%		11.85	%		11.89	%		12.35	%		11.89	%
Effect of goodwill and other intangibles		(3.24	)		(3.25	)		(3.27	)		(3.33	)		(3.31	)		(3.24	)		(3.31	)
Effect of preferred equity		(0.33	)		(0.32	)		(0.32	)		(0.34	)		(0.37	)		(0.33	)		(0.37	)
Tangible common equity to tangible assets		8.78	%		8.49	%		8.36	%		8.18	%		8.21	%		8.78	%		8.21	%

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
		2024					2023					Linked Quarter Change			Year over Year Change
(in millions)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,297		$	3,310	$	3,264	$	3,279	$	3,111	$	(13	)	$	186
Income producing commercial RE		4,058			4,206		4,264		4,130		3,670		(148	)		388
Commercial & industrial		2,299			2,405		2,411		2,504		2,550		(106	)		(251	)
Commercial construction		2,014			1,936		1,860		1,850		1,739		78			275
Equipment financing		1,581			1,544		1,541		1,534		1,510		37			71
Total commercial		13,249			13,401		13,340		13,297		12,580		(152	)		669
Residential mortgage		3,266			3,240		3,199		3,043		2,905		26			361
Home equity		985			969		959		941		927		16			58
Residential construction		211			257		302		399		463		(46	)		(252	)
Manufactured housing		321			328		336		343		340		(7	)		(19	)
Consumer		183			180		181		180		180		3			3
Fair value hedge basis adjustment		(4	)		—		2		—		—		(4	)		(4	)
Total loans	$	18,211		$	18,375	$	18,319	$	18,203	$	17,395	$	(164	)	$	816

LOANS BY MARKET
Georgia	$	4,411		$	4,356	$	4,357	$	4,321	$	4,281	$	55		$	130
South Carolina		2,779			2,804		2,780		2,801		2,750		(25	)		29
North Carolina		2,591			2,566		2,492		2,445		2,355		25			236
Tennessee		2,144			2,209		2,244		2,314		2,387		(65	)		(243	)
Florida		2,407			2,443		2,442		2,318		1,708		(36	)		699
Alabama		1,021			1,068		1,082		1,070		1,062		(47	)		(41	)
Commercial Banking Solutions		2,858			2,929		2,922		2,934		2,852		(71	)		6
Total loans	$	18,211		$	18,375	$	18,319	$	18,203	$	17,395	$	(164	)	$	816

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
(in thousands)
		2024				2023
	Second Quarter		First Quarter		Fourth Quarter
NONACCRUAL LOANS
Owner occupied RE	$	4,820	$	2,310	$	3,094
Income producing RE		34,285		29,186		30,128
Commercial & industrial		17,335		20,134		13,467
Commercial construction		6,854		1,862		1,878
Equipment financing		8,341		8,829		8,505
Total commercial		71,635		62,321		57,072
Residential mortgage		18,473		16,569		13,944
Home equity		3,779		4,984		3,772
Residential construction		163		1,244		944
Manufactured housing		20,356		19,797		15,861
Consumer		72		54		94
Total nonaccrual loans		114,478		104,969		91,687
OREO and repossessed assets		2,244		2,261		1,190
Total NPAs	$	116,722	$	107,230	$	92,877

		2024										2023
	Second Quarter					First Quarter					Fourth 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	$	163		0.02	%	$	202		0.02	%	$	35		—	%
Income producing RE		2,968		0.29			205		0.02			(562	)	(0.05	)
Commercial & industrial		1,281		0.22			3,906		0.65			547		0.09
Commercial construction		(48	)	(0.01	)		20		—			33		0.01
Equipment financing		5,502		1.42			6,362		1.66			7,926		2.05
Total commercial		9,866		0.30			10,695		0.32			7,979		0.24
Residential mortgage		(107	)	(0.01	)		(16	)	—			12		—
Home equity		(27	)	(0.01	)		(54	)	(0.02	)		(68	)	(0.03	)
Residential construction		26		0.04			119		0.17			(13	)	(0.01	)
Manufactured housing		1,150		1.43			1,569		1.90			1,444		1.69
Consumer		706		1.57			595		1.33			768		1.70
Total	$	11,614		0.26		$	12,908		0.28		$	10,122		0.22

⁽¹⁾ Annualized.


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

(in thousands, except share and per share data)	June 30, 2024			December 31, 2023
ASSETS
Cash and due from banks	$	198,234		$	200,781
Interest-bearing deposits in banks		364,629			803,094
Cash and cash equivalents		562,863			1,003,875
Debt securities available-for-sale		3,604,769			3,331,084
Debt securities held-to-maturity (fair value $2,004,427 and $2,095,620, respectively)		2,432,941			2,490,848
Loans held for sale		49,315			33,008
Loans and leases held for investment		18,211,193			18,318,755
Allowance for credit losses - loans and leases		(213,022	)		(208,071	)
Loans and leases, net		17,998,171			18,110,684
Premises and equipment, net		395,202			378,421
Bank owned life insurance		344,162			345,371
Goodwill and other intangible assets, net		978,645			990,087
Other assets		691,133			613,873
Total assets	$	27,057,201		$	27,297,251
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,291,124		$	6,534,307
NOW and interest-bearing demand		5,794,085			6,155,193
Money market		6,077,129			5,600,587
Savings		1,144,696			1,207,807
Time		3,510,917			3,649,498
Brokered		164,171			163,219
Total deposits		22,982,122			23,310,611
Long-term debt		324,887			324,823
Accrued expenses and other liabilities		407,559			400,292
Total liabilities		23,714,568			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, 119,174,803 and 119,010,319 shares issued and outstanding, respectively		119,175			119,010
Common stock issuable; 568,985 and 620,108 shares, respectively		12,145			13,110
Capital surplus		2,705,345			2,699,112
Retained earnings		652,239			581,219
Accumulated other comprehensive loss		(234,537	)		(239,192	)
Total shareholders' equity		3,342,633			3,261,525
Total liabilities and shareholders' equity	$	27,057,201		$	27,297,251


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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)		2024		2023		2024		2023
Interest revenue:
Loans, including fees	$	291,595	$	250,484	$	575,578	$	486,915
Investment securities, including tax exempt of $1,699, $1,731, $3,420 and $3,841, respectively		50,063		41,060		96,499		81,046
Deposits in banks and short-term investments		5,307		4,231		11,616		7,301
Total interest revenue		346,965		295,775		683,693		575,262

Interest expense:
Deposits:
NOW and interest-bearing demand

United Community Banks, Inc. Reports Second Quarter Results