United Community Banks, Inc. (NASDAQ: UCBI) (United) today
announced that net income for the third quarter was $73.8 million
and pre-tax, pre-provision income was $84.4 million. Diluted
earnings per share of $0.82 for the quarter represented an increase
of $0.30 or 58%, from the third quarter a year ago, and represented
an increase of $0.04 or 5% from the second quarter of 2021. On an
operating basis, United’s diluted earnings per share of $0.83 was
up 51% over the year ago quarter. United’s GAAP return on assets
(ROA) was 1.48% and its return on common equity was 14.3% for the
quarter. On an operating basis, United’s ROA was 1.50% and its
return on tangible common equity was 18.2%. On a pre-tax,
pre-provision basis, operating return on assets was 1.73% for the
quarter. The quarter benefited from an allowance release of $11.0
million, reflecting continued improvement in economic conditions
and forecasts.
Chairman and CEO Lynn Harton stated, “This has
been another strong quarter for United as our economies continued
to strengthen even in the face of the Delta variant, increasing
prices on many goods, and supply chain delays. Both loan and
deposit growth were strong and noninterest income benefited from
both another excellent mortgage quarter as well as contributions
from our expanded wealth management business.” Harton continued,
“On the strategic front, on October 1, we completed the acquisition
of Aquesta Financial Holdings, Inc. and Aquesta Bank, accelerating
our expansion in Charlotte, and adding the Wilmington, North
Carolina market, two of the strongest markets in the Southeast. We
are proud that this outstanding team of bankers has joined us and
we believe that they are a great fit for United. We also continued
to strengthen our Board of Directors with the appointment of
Jennifer Bazante, Chief Marketing Officer of Humana Inc. We believe
that digital transformation is supported and enabled by strong
branding and marketing and we specifically wanted to bring that
experience and thought leadership to our board. We are excited to
have Jennifer join United as we continue to grow and build the
company.”
Total loans decreased by $200 million during the
quarter—impacted by $322 million of Paycheck Protection Program
(PPP) loan forgiveness. Excluding the effect of PPP loans, core
organic loan growth was 4.5% annualized. Core transaction deposits
grew by $490 million during the quarter, or 15.3% annualized, and
United’s cost of deposits decreased by 2 basis points to 0.07%. The
net interest margin decreased by 7 basis points from the second
quarter due mainly to a change in the earning asset mix towards
liquid assets.
Third Quarter 2021 Financial
Highlights:
- Net income of
$73.8 million and pre-tax, pre-provision income of $84.4
million
- EPS increased by
58% compared to third quarter 2020 on a GAAP basis and 51% on an
operating basis; compared to second quarter 2021, EPS increased by
5% on both a GAAP and operating basis
- Return on assets
of 1.48%, or 1.50% on an operating basis
- Pre-tax,
pre-provision return on assets of 1.70%, or 1.73% on an operating
basis
- Return on common
equity of 14.3%
- Return on
tangible common equity of 18.2% on an operating basis
- A release of
provision for credit losses of $11.0 million, which reduced the
allowance for loan losses to 0.89% of loans from 0.98% in the
second quarter
- Loan production
of $1.2 billion, resulting in core loan growth of 4.5%, annualized
for the quarter, excluding the impact of $322 million in PPP loans
being forgiven
- Core transaction
deposits were up $490 million, which represents a 15.3% annualized
growth rate for the quarter
- Net interest
margin of 3.12% was down 7 basis points from the second quarter,
due to continued strong deposit growth and an earning asset mix
change toward securities
- Mortgage
closings of $568 million compared to $576 million a year ago;
mortgage rate locks of $731 million compared to $910 million a year
ago
- Noninterest
income was up $4.3 million on a linked quarter basis, primarily
driven by strong mortgage volume and the lack of a significant MSR
write-down; it also benefitted from $2.0 million in fees generated
by our newly acquired FinTrust wealth manager that closed on July
6
- Noninterest
expenses increased by $1.2 million compared to the second quarter
on a GAAP basis and by $850,000 on an operating basis; excluding
the FinTrust transaction, operating noninterest expenses improved
by $1 million compared to the second quarter
- Efficiency ratio
at historically low levels of 53.1%, or 52.3% on an operating
basis
- Net charge-offs
of $551,000 or 2 basis points as a percent of average loans, up 4
basis points from the net recoveries experienced in the second
quarter
- Nonperforming
assets of 0.23% of total assets, down 2 basis points compared to
June 30, 2021
- Total loan
deferrals of $9 million or 0.1% of the total loan portfolio
compared to $18 million or 0.2% in the second quarter
- Quarterly common
shareholder dividend of $0.20 per share declared during the
quarter, an increase of 11% year-over-year
- Completed the
acquisition of FinTrust Capital Partners, LLC and its affiliates
and subsidiaries with $2.1 billion in assets under management on
July 6, 2021
- Completed the
acquisition of Aquesta Financial Holdings, Inc. (“Aquesta”) with
$754 million in assets on October 1, 2021; this acquisition is
expected to add $0.08 in EPS accretion in 2022 with cost savings
fully phased in
- Announced the
proposed acquisition of Reliant Bancorp, Inc. (“Reliant”) with $3.1
billion in assets on July 14, 2021; this acquisition is expected to
close in the first quarter of 2022 and add $0.15 in EPS accretion
in 2022 and $0.22 in 2023 with cost savings fully phased in
Conference Call
United will hold a conference call on Wednesday,
October 20, 2021, at 11 a.m. ET to discuss the contents of this
press release and to share business highlights for the quarter. To
access the call, dial (877) 380-5665 and use the conference number
1388708. 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.
UNITED
COMMUNITY BANKS, INC. |
Selected
Financial Information |
|
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|
2021 |
|
2020 |
|
Third Quarter 2021 - 2020
Change |
|
For the Nine Months Ended September 30, |
|
YTD 2021 - 2020 Change |
(in thousands, except per share data) |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
|
2021 |
2020 |
|
INCOME SUMMARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest revenue |
|
$ |
147,675 |
|
|
$ |
145,809 |
|
|
$ |
141,542 |
|
|
$ |
156,071 |
|
|
$ |
141,773 |
|
|
|
|
$ |
435,026 |
|
|
$ |
401,925 |
|
|
|
Interest expense |
|
6,636 |
|
|
7,433 |
|
|
9,478 |
|
|
10,676 |
|
|
13,319 |
|
|
|
|
23,547 |
|
|
45,561 |
|
|
|
Net interest revenue |
|
141,039 |
|
|
138,376 |
|
|
132,064 |
|
|
145,395 |
|
|
128,454 |
|
|
10 |
% |
|
411,479 |
|
|
356,364 |
|
|
15 |
% |
|
(Release of) provision for
credit losses |
|
(11,034 |
) |
|
(13,588 |
) |
|
(12,281 |
) |
|
2,907 |
|
|
21,793 |
|
|
|
|
(36,903 |
) |
|
77,527 |
|
|
|
Noninterest income |
|
40,095 |
|
|
35,841 |
|
|
44,705 |
|
|
41,375 |
|
|
48,682 |
|
|
(18 |
) |
|
120,641 |
|
|
114,734 |
|
|
5 |
|
|
Total revenue |
|
192,168 |
|
|
187,805 |
|
|
189,050 |
|
|
183,863 |
|
|
155,343 |
|
|
24 |
|
|
569,023 |
|
|
393,571 |
|
|
45 |
|
|
Expenses |
|
96,749 |
|
|
95,540 |
|
|
95,194 |
|
|
106,490 |
|
|
95,981 |
|
|
1 |
|
|
287,483 |
|
|
261,499 |
|
|
10 |
|
|
Income before income tax expense |
|
95,419 |
|
|
92,265 |
|
|
93,856 |
|
|
77,373 |
|
|
59,362 |
|
|
61 |
|
|
281,540 |
|
|
132,072 |
|
|
113 |
|
|
Income tax expense |
|
21,603 |
|
|
22,005 |
|
|
20,150 |
|
|
17,871 |
|
|
11,755 |
|
|
84 |
|
|
63,758 |
|
|
27,485 |
|
|
132 |
|
|
Net income |
|
73,816 |
|
|
70,260 |
|
|
73,706 |
|
|
59,502 |
|
|
47,607 |
|
|
55 |
|
|
217,782 |
|
|
104,587 |
|
|
108 |
|
|
Merger-related and other
charges |
|
1,437 |
|
|
1,078 |
|
|
1,543 |
|
|
2,452 |
|
|
3,361 |
|
|
|
|
4,058 |
|
|
4,566 |
|
|
|
Income tax benefit of
merger-related and other charges |
|
(328 |
) |
|
(246 |
) |
|
(335 |
) |
|
(552 |
) |
|
(519 |
) |
|
|
|
(909 |
) |
|
(788 |
) |
|
|
Net income - operating (1) |
|
$ |
74,925 |
|
|
$ |
71,092 |
|
|
$ |
74,914 |
|
|
$ |
61,402 |
|
|
$ |
50,449 |
|
|
49 |
|
|
$ |
220,931 |
|
|
$ |
108,365 |
|
|
104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision income
(5) |
|
$ |
84,385 |
|
|
$ |
78,677 |
|
|
$ |
81,575 |
|
|
$ |
80,280 |
|
|
$ |
81,155 |
|
|
4 |
|
|
$ |
244,637 |
|
|
$ |
209,599 |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
MEASURES |
|
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|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income - GAAP |
|
$ |
0.82 |
|
|
$ |
0.78 |
|
|
$ |
0.82 |
|
|
$ |
0.66 |
|
|
$ |
0.52 |
|
|
58 |
|
|
$ |
2.42 |
|
|
$ |
1.25 |
|
|
94 |
|
|
Diluted net income - operating (1) |
|
0.83 |
|
|
0.79 |
|
|
0.83 |
|
|
0.68 |
|
|
0.55 |
|
|
51 |
|
|
2.45 |
|
|
1.29 |
|
|
90 |
|
|
Cash dividends declared |
|
0.20 |
|
|
0.19 |
|
|
0.19 |
|
|
0.18 |
|
|
0.18 |
|
|
11 |
|
|
0.58 |
|
|
0.54 |
|
|
7 |
|
|
Book value |
|
23.25 |
|
|
22.81 |
|
|
22.15 |
|
|
21.90 |
|
|
21.45 |
|
|
8 |
|
|
23.25 |
|
|
21.45 |
|
|
8 |
|
|
Tangible book value (3) |
|
18.68 |
|
|
18.49 |
|
|
17.83 |
|
|
17.56 |
|
|
17.09 |
|
|
9 |
|
|
18.68 |
|
|
17.09 |
|
|
9 |
|
|
Key performance ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on common equity - GAAP (2)(4) |
|
14.26 |
% |
|
14.08 |
% |
|
15.37 |
% |
|
12.36 |
% |
|
10.06 |
% |
|
|
|
14.55 |
% |
|
8.11 |
% |
|
|
Return on common equity - operating (1)(2)(4) |
|
14.48 |
|
|
14.25 |
|
|
15.63 |
|
|
12.77 |
|
|
10.69 |
|
|
|
|
14.77 |
|
|
8.40 |
|
|
|
Return on tangible common equity - operating (1)(2)(3)(4) |
|
18.23 |
|
|
17.81 |
|
|
19.68 |
|
|
16.23 |
|
|
13.52 |
|
|
|
|
18.55 |
|
|
10.76 |
|
|
|
Return on assets - GAAP (4) |
|
1.48 |
|
|
1.46 |
|
|
1.62 |
|
|
1.30 |
|
|
1.07 |
|
|
|
|
1.52 |
|
|
0.93 |
|
|
|
Return on assets - operating (1)(4) |
|
1.50 |
|
|
1.48 |
|
|
1.65 |
|
|
1.34 |
|
|
1.14 |
|
|
|
|
1.54 |
|
|
0.97 |
|
|
|
Return on assets - pre-tax pre-provision (4)(5) |
|
1.70 |
|
|
1.64 |
|
|
1.80 |
|
|
1.77 |
|
|
1.86 |
|
|
|
|
1.71 |
|
|
1.89 |
|
|
|
Return on assets - pre-tax pre-provision, excluding merger- related
and other charges (1)(4)(5) |
|
1.73 |
|
|
1.67 |
|
|
1.83 |
|
|
1.82 |
|
|
1.93 |
|
|
|
|
1.74 |
|
|
1.93 |
|
|
|
Net interest margin (fully taxable equivalent) (4) |
|
3.12 |
|
|
3.19 |
|
|
3.22 |
|
|
3.55 |
|
|
3.27 |
|
|
|
|
3.17 |
|
|
3.55 |
|
|
|
Efficiency ratio - GAAP |
|
53.11 |
|
|
54.53 |
|
|
53.55 |
|
|
56.73 |
|
|
54.14 |
|
|
|
|
53.72 |
|
|
55.30 |
|
|
|
Efficiency ratio - operating (1) |
|
52.33 |
|
|
53.92 |
|
|
52.68 |
|
|
55.42 |
|
|
52.24 |
|
|
|
|
52.97 |
|
|
54.34 |
|
|
|
Equity to total assets |
|
10.89 |
|
|
11.04 |
|
|
10.95 |
|
|
11.29 |
|
|
11.47 |
|
|
|
|
10.89 |
|
|
11.47 |
|
|
|
Tangible common equity to tangible assets (3) |
|
8.53 |
|
|
8.71 |
|
|
8.57 |
|
|
8.81 |
|
|
8.89 |
|
|
|
|
8.53 |
|
|
8.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
44,923 |
|
|
$ |
46,123 |
|
|
$ |
55,900 |
|
|
$ |
61,599 |
|
|
$ |
49,084 |
|
|
(8 |
) |
|
$ |
44,923 |
|
|
$ |
49,084 |
|
|
(8 |
) |
|
Foreclosed properties |
|
412 |
|
|
224 |
|
|
596 |
|
|
647 |
|
|
953 |
|
|
|
|
412 |
|
|
953 |
|
|
|
Total nonperforming assets ("NPAs") |
|
45,335 |
|
|
46,347 |
|
|
56,496 |
|
|
62,246 |
|
|
50,037 |
|
|
(9 |
) |
|
45,335 |
|
|
50,037 |
|
|
(9 |
) |
|
Allowance for credit losses - loans |
|
99,620 |
|
|
111,616 |
|
|
126,866 |
|
|
137,010 |
|
|
134,256 |
|
|
(26 |
) |
|
99,620 |
|
|
134,256 |
|
|
(26 |
) |
|
Net charge-offs |
|
551 |
|
|
(456 |
) |
|
(305 |
) |
|
1,515 |
|
|
2,538 |
|
|
|
|
(210 |
) |
|
16,801 |
|
|
|
Allowance for credit losses - loans to loans |
|
0.89 |
% |
|
0.98 |
% |
|
1.09 |
% |
|
1.20 |
% |
|
1.14 |
% |
|
|
|
0.89 |
% |
|
1.14 |
% |
|
|
Net charge-offs to average loans (4) |
|
0.02 |
|
|
(0.02 |
) |
|
(0.01 |
) |
|
0.05 |
|
|
0.09 |
|
|
|
|
— |
|
|
0.22 |
|
|
|
NPAs to loans and foreclosed properties |
|
0.41 |
|
|
0.41 |
|
|
0.48 |
|
|
0.55 |
|
|
0.42 |
|
|
|
|
0.41 |
|
|
0.42 |
|
|
|
NPAs to total assets |
|
0.23 |
|
|
0.25 |
|
|
0.30 |
|
|
0.35 |
|
|
0.29 |
|
|
|
|
0.23 |
|
|
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES ($ in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
11,205 |
|
|
$ |
11,617 |
|
|
$ |
11,433 |
|
|
$ |
11,595 |
|
|
$ |
11,644 |
|
|
(4 |
) |
|
$ |
11,417 |
|
|
$ |
10,088 |
|
|
13 |
|
|
Investment securities |
|
5,122 |
|
|
4,631 |
|
|
3,991 |
|
|
3,326 |
|
|
2,750 |
|
|
86 |
|
|
4,587 |
|
|
2,560 |
|
|
79 |
|
|
Earning assets |
|
18,078 |
|
|
17,540 |
|
|
16,782 |
|
|
16,394 |
|
|
15,715 |
|
|
15 |
|
|
17,473 |
|
|
13,498 |
|
|
29 |
|
|
Total assets |
|
19,322 |
|
|
18,792 |
|
|
18,023 |
|
|
17,698 |
|
|
17,013 |
|
|
14 |
|
|
18,717 |
|
|
14,718 |
|
|
27 |
|
|
Deposits |
|
16,637 |
|
|
16,132 |
|
|
15,366 |
|
|
15,057 |
|
|
14,460 |
|
|
15 |
|
|
16,050 |
|
|
12,490 |
|
|
29 |
|
|
Shareholders’ equity |
|
2,119 |
|
|
2,060 |
|
|
2,025 |
|
|
1,994 |
|
|
1,948 |
|
|
9 |
|
|
2,068 |
|
|
1,763 |
|
|
17 |
|
|
Common shares - basic (thousands) |
|
87,211 |
|
|
87,289 |
|
|
87,322 |
|
|
87,258 |
|
|
87,129 |
|
|
— |
|
|
87,274 |
|
|
81,815 |
|
|
7 |
|
|
Common shares - diluted (thousands) |
|
87,355 |
|
|
87,421 |
|
|
87,466 |
|
|
87,333 |
|
|
87,205 |
|
|
— |
|
|
87,413 |
|
|
81,876 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT PERIOD END ($ in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
11,191 |
|
|
$ |
11,391 |
|
|
$ |
11,679 |
|
|
$ |
11,371 |
|
|
$ |
11,799 |
|
|
(5 |
) |
|
$ |
11,191 |
|
|
$ |
11,799 |
|
|
(5 |
) |
|
Investment securities |
|
5,335 |
|
|
4,928 |
|
|
4,332 |
|
|
3,645 |
|
|
3,089 |
|
|
73 |
|
|
5,335 |
|
|
3,089 |
|
|
73 |
|
|
Total assets |
|
19,481 |
|
|
18,896 |
|
|
18,557 |
|
|
17,794 |
|
|
17,153 |
|
|
14 |
|
|
19,481 |
|
|
17,153 |
|
|
14 |
|
|
Deposits |
|
16,865 |
|
|
16,328 |
|
|
15,993 |
|
|
15,232 |
|
|
14,603 |
|
|
15 |
|
|
16,865 |
|
|
14,603 |
|
|
15 |
|
|
Shareholders’ equity |
|
2,122 |
|
|
2,086 |
|
|
2,031 |
|
|
2,008 |
|
|
1,967 |
|
|
8 |
|
|
2,122 |
|
|
1,967 |
|
|
8 |
|
|
Common shares outstanding (thousands) |
|
86,559 |
|
|
86,665 |
|
|
86,777 |
|
|
86,675 |
|
|
86,611 |
|
|
— |
|
|
86,559 |
|
|
86,611 |
|
|
— |
|
|
(1) Excludes merger-related and other charges. (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 |
Selected Financial
Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
For the Nine Months Ended September 30, |
(in thousands, except per share data) |
|
ThirdQuarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses (GAAP) |
|
$ |
96,749 |
|
|
$ |
95,540 |
|
|
$ |
95,194 |
|
|
$ |
106,490 |
|
|
$ |
95,981 |
|
|
$ |
287,483 |
|
|
$ |
261,499 |
|
Merger-related and other
charges |
|
(1,437 |
) |
|
(1,078 |
) |
|
(1,543 |
) |
|
(2,452 |
) |
|
(3,361 |
) |
|
(4,058 |
) |
|
(4,566 |
) |
Expenses - operating |
|
$ |
95,312 |
|
|
$ |
94,462 |
|
|
$ |
93,651 |
|
|
$ |
104,038 |
|
|
$ |
92,620 |
|
|
$ |
283,425 |
|
|
$ |
256,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
73,816 |
|
|
$ |
70,260 |
|
|
$ |
73,706 |
|
|
$ |
59,502 |
|
|
$ |
47,607 |
|
|
$ |
217,782 |
|
|
$ |
104,587 |
|
Merger-related and other
charges |
|
1,437 |
|
|
1,078 |
|
|
1,543 |
|
|
2,452 |
|
|
3,361 |
|
|
4,058 |
|
|
4,566 |
|
Income tax benefit of
merger-related and other charges |
|
(328 |
) |
|
(246 |
) |
|
(335 |
) |
|
(552 |
) |
|
(519 |
) |
|
(909 |
) |
|
(788 |
) |
Net income - operating |
|
$ |
74,925 |
|
|
$ |
71,092 |
|
|
$ |
74,914 |
|
|
$ |
61,402 |
|
|
$ |
50,449 |
|
|
$ |
220,931 |
|
|
$ |
108,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income to pre-tax
pre-provision income reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
73,816 |
|
|
$ |
70,260 |
|
|
$ |
73,706 |
|
|
$ |
59,502 |
|
|
$ |
47,607 |
|
|
$ |
217,782 |
|
|
$ |
104,587 |
|
Income tax expense |
|
21,603 |
|
|
22,005 |
|
|
20,150 |
|
|
17,871 |
|
|
11,755 |
|
|
63,758 |
|
|
27,485 |
|
(Release of) provision for
credit losses |
|
(11,034 |
) |
|
(13,588 |
) |
|
(12,281 |
) |
|
2,907 |
|
|
21,793 |
|
|
(36,903 |
) |
|
77,527 |
|
Pre-tax pre-provision income |
|
$ |
84,385 |
|
|
$ |
78,677 |
|
|
$ |
81,575 |
|
|
$ |
80,280 |
|
|
$ |
81,155 |
|
|
$ |
244,637 |
|
|
$ |
209,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
common share reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per common
share (GAAP) |
|
$ |
0.82 |
|
|
$ |
0.78 |
|
|
$ |
0.82 |
|
|
$ |
0.66 |
|
|
$ |
0.52 |
|
|
$ |
2.42 |
|
|
$ |
1.25 |
|
Merger-related and other
charges, net of tax |
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.03 |
|
|
0.03 |
|
|
0.04 |
|
Diluted income per common share - operating |
|
$ |
0.83 |
|
|
$ |
0.79 |
|
|
$ |
0.83 |
|
|
$ |
0.68 |
|
|
$ |
0.55 |
|
|
$ |
2.45 |
|
|
$ |
1.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
(GAAP) |
|
$ |
23.25 |
|
|
$ |
22.81 |
|
|
$ |
22.15 |
|
|
$ |
21.90 |
|
|
$ |
21.45 |
|
|
$ |
23.25 |
|
|
$ |
21.45 |
|
Effect of goodwill and other
intangibles |
|
(4.57 |
) |
|
(4.32 |
) |
|
(4.32 |
) |
|
(4.34 |
) |
|
(4.36 |
) |
|
(4.57 |
) |
|
(4.36 |
) |
Tangible book value per common share |
|
$ |
18.68 |
|
|
$ |
18.49 |
|
|
$ |
17.83 |
|
|
$ |
17.56 |
|
|
$ |
17.09 |
|
|
$ |
18.68 |
|
|
$ |
17.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible
common equity reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on common equity
(GAAP) |
|
14.26 |
% |
|
14.08 |
% |
|
15.37 |
% |
|
12.36 |
% |
|
10.06 |
% |
|
14.55 |
% |
|
8.11 |
% |
Merger-related and other
charges, net of tax |
|
0.22 |
|
|
0.17 |
|
|
0.26 |
|
|
0.41 |
|
|
0.63 |
|
|
0.22 |
|
|
0.29 |
|
Return on common equity -
operating |
|
14.48 |
|
|
14.25 |
|
|
15.63 |
|
|
12.77 |
|
|
10.69 |
|
|
14.77 |
|
|
8.40 |
|
Effect of goodwill and other
intangibles |
|
3.75 |
|
|
3.56 |
|
|
4.05 |
|
|
3.46 |
|
|
2.83 |
|
|
3.78 |
|
|
2.36 |
|
Return on tangible common equity - operating |
|
18.23 |
% |
|
17.81 |
% |
|
19.68 |
% |
|
16.23 |
% |
|
13.52 |
% |
|
18.55 |
% |
|
10.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets (GAAP) |
|
1.48 |
% |
|
1.46 |
% |
|
1.62 |
% |
|
1.30 |
% |
|
1.07 |
% |
|
1.52 |
% |
|
0.93 |
% |
Merger-related and other
charges, net of tax |
|
0.02 |
|
|
0.02 |
|
|
0.03 |
|
|
0.04 |
|
|
0.07 |
|
|
0.02 |
|
|
0.04 |
|
Return on assets - operating |
|
1.50 |
% |
|
1.48 |
% |
|
1.65 |
% |
|
1.34 |
% |
|
1.14 |
% |
|
1.54 |
% |
|
0.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets to
return on assets- pre-tax pre-provision
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets (GAAP) |
|
1.48 |
% |
|
1.46 |
% |
|
1.62 |
% |
|
1.30 |
% |
|
1.07 |
% |
|
1.52 |
% |
|
0.93 |
% |
Income tax expense |
|
0.45 |
|
|
0.47 |
|
|
0.46 |
|
|
0.40 |
|
|
0.28 |
|
|
0.45 |
|
|
0.26 |
|
(Release of) provision for
credit losses |
|
(0.23 |
) |
|
(0.29 |
) |
|
(0.28 |
) |
|
0.07 |
|
|
0.51 |
|
|
(0.26 |
) |
|
0.70 |
|
Return on assets - pre-tax, pre-provision |
|
1.70 |
|
|
1.64 |
|
|
1.80 |
|
|
1.77 |
|
|
1.86 |
|
|
1.71 |
|
|
1.89 |
|
Merger-related and other
charges |
|
0.03 |
|
|
0.03 |
|
|
0.03 |
|
|
0.05 |
|
|
0.07 |
|
|
0.03 |
|
|
0.04 |
|
Return on assets - pre-tax pre-provision, excluding merger-related
and other charges |
|
1.73 |
% |
|
1.67 |
% |
|
1.83 |
% |
|
1.82 |
% |
|
1.93 |
% |
|
1.74 |
% |
|
1.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
53.11 |
% |
|
54.53 |
% |
|
53.55 |
% |
|
56.73 |
% |
|
54.14 |
% |
|
53.72 |
% |
|
55.30 |
% |
Merger-related and other
charges |
|
(0.78 |
) |
|
(0.61 |
) |
|
(0.87 |
) |
|
(1.31 |
) |
|
(1.90 |
) |
|
(0.75 |
) |
|
(0.96 |
) |
Efficiency ratio - operating |
|
52.33 |
% |
|
53.92 |
% |
|
52.68 |
% |
|
55.42 |
% |
|
52.24 |
% |
|
52.97 |
% |
|
54.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets
(GAAP) |
|
10.89 |
% |
|
11.04 |
% |
|
10.95 |
% |
|
11.29 |
% |
|
11.47 |
% |
|
10.89 |
% |
|
11.47 |
% |
Effect of goodwill and other
intangibles |
|
(1.87 |
) |
|
(1.82 |
) |
|
(1.86 |
) |
|
(1.94 |
) |
|
(2.02 |
) |
|
(1.87 |
) |
|
(2.02 |
) |
Effect of preferred
equity |
|
(0.49 |
) |
|
(0.51 |
) |
|
(0.52 |
) |
|
(0.54 |
) |
|
(0.56 |
) |
|
(0.49 |
) |
|
(0.56 |
) |
Tangible common equity to tangible assets |
|
8.53 |
% |
|
8.71 |
% |
|
8.57 |
% |
|
8.81 |
% |
|
8.89 |
% |
|
8.53 |
% |
|
8.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses - loans to loans reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses -
loans to loans (GAAP) |
|
0.89 |
% |
|
0.98 |
% |
|
1.09 |
% |
|
1.20 |
% |
|
1.14 |
% |
|
0.89 |
% |
|
1.14 |
% |
Effect of PPP loans |
|
0.01 |
|
|
0.04 |
|
|
0.09 |
|
|
0.08 |
|
|
0.14 |
|
|
0.01 |
|
|
0.14 |
|
Allowance for credit losses - loans to loans, excluding PPP
loans |
|
0.90 |
% |
|
1.02 |
% |
|
1.18 |
% |
|
1.28 |
% |
|
1.28 |
% |
|
0.90 |
% |
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED
COMMUNITY BANKS, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio Composition at Period-End |
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
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 |
$ |
2,149 |
|
|
$ |
2,149 |
|
|
$ |
2,107 |
|
|
$ |
2,090 |
|
|
$ |
2,009 |
|
|
$ |
— |
|
|
|
$ |
140 |
|
|
Income producing commercial
RE |
2,542 |
|
|
2,550 |
|
|
2,599 |
|
|
2,541 |
|
|
2,493 |
|
|
(8 |
) |
|
|
49 |
|
|
Commercial &
industrial |
1,729 |
|
|
1,762 |
|
|
1,760 |
|
|
1,853 |
|
|
1,788 |
|
|
(33 |
) |
|
|
(59 |
) |
|
Paycheck protection
program |
150 |
|
|
472 |
|
|
883 |
|
|
646 |
|
|
1,317 |
|
|
(322 |
) |
|
|
(1,167 |
) |
|
Commercial construction |
947 |
|
|
927 |
|
|
960 |
|
|
967 |
|
|
987 |
|
|
20 |
|
|
|
(40 |
) |
|
Equipment financing |
1,017 |
|
|
969 |
|
|
913 |
|
|
864 |
|
|
823 |
|
|
48 |
|
|
|
194 |
|
|
Total commercial |
8,534 |
|
|
8,829 |
|
|
9,222 |
|
|
8,961 |
|
|
9,417 |
|
|
(295 |
) |
|
|
(883 |
) |
|
Residential mortgage |
1,533 |
|
|
1,473 |
|
|
1,362 |
|
|
1,285 |
|
|
1,270 |
|
|
60 |
|
|
|
263 |
|
|
Home equity lines of
credit |
661 |
|
|
661 |
|
|
679 |
|
|
697 |
|
|
707 |
|
|
— |
|
|
|
(46 |
) |
|
Residential construction |
321 |
|
|
289 |
|
|
272 |
|
|
281 |
|
|
257 |
|
|
32 |
|
|
|
64 |
|
|
Consumer |
142 |
|
|
139 |
|
|
144 |
|
|
147 |
|
|
148 |
|
|
3 |
|
|
|
(6 |
) |
|
Total
loans |
$ |
11,191 |
|
|
$ |
11,391 |
|
|
$ |
11,679 |
|
|
$ |
11,371 |
|
|
$ |
11,799 |
|
|
$ |
(200 |
) |
|
|
$ |
(608 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS BY
MARKET (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
North Georgia |
$ |
961 |
|
|
$ |
962 |
|
|
$ |
982 |
|
|
$ |
955 |
|
|
$ |
945 |
|
|
$ |
(1 |
) |
|
|
$ |
16 |
|
|
Atlanta |
1,930 |
|
|
1,938 |
|
|
1,953 |
|
|
1,889 |
|
|
1,853 |
|
|
(8 |
) |
|
|
77 |
|
|
North Carolina |
1,427 |
|
|
1,374 |
|
|
1,326 |
|
|
1,281 |
|
|
1,246 |
|
|
53 |
|
|
|
181 |
|
|
Coastal Georgia |
621 |
|
|
605 |
|
|
597 |
|
|
617 |
|
|
614 |
|
|
16 |
|
|
|
7 |
|
|
Gainesville |
220 |
|
|
224 |
|
|
222 |
|
|
224 |
|
|
229 |
|
|
(4 |
) |
|
|
(9 |
) |
|
East Tennessee |
383 |
|
|
394 |
|
|
398 |
|
|
415 |
|
|
420 |
|
|
(11 |
) |
|
|
(37 |
) |
|
South Carolina |
2,145 |
|
|
2,107 |
|
|
1,997 |
|
|
1,947 |
|
|
1,870 |
|
|
38 |
|
|
|
275 |
|
|
Florida |
1,113 |
|
|
1,141 |
|
|
1,160 |
|
|
1,435 |
|
|
1,453 |
|
|
(28 |
) |
|
|
(340 |
) |
|
Commercial Banking
Solutions |
2,391 |
|
|
2,646 |
|
|
3,044 |
|
|
2,608 |
|
|
3,169 |
|
|
(255 |
) |
|
|
(778 |
) |
|
Total
loans |
$ |
11,191 |
|
|
$ |
11,391 |
|
|
$ |
11,679 |
|
|
$ |
11,371 |
|
|
$ |
11,799 |
|
|
$ |
(200 |
) |
|
|
$ |
(608 |
) |
|
(1) Certain loans previously included in the Florida geographic
market were reclassified to Commercial Banking Solutions following
Seaside’s core systems conversion in the first quarter of 2021.
UNITED COMMUNITY
BANKS, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
(in
thousands) |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
|
|
|
|
|
NONACCRUAL LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied RE |
|
$ |
4,945 |
|
|
$ |
6,128 |
|
|
$ |
7,908 |
|
|
|
|
|
|
|
Income producing RE |
|
13,462 |
|
|
13,100 |
|
|
13,740 |
|
|
|
|
|
|
|
Commercial &
industrial |
|
8,507 |
|
|
8,563 |
|
|
13,864 |
|
|
|
|
|
|
|
Commercial construction |
|
1,202 |
|
|
1,229 |
|
|
1,984 |
|
|
|
|
|
|
|
Equipment financing |
|
1,845 |
|
|
1,771 |
|
|
2,171 |
|
|
|
|
|
|
|
Total commercial |
|
29,961 |
|
|
30,791 |
|
|
39,667 |
|
|
|
|
|
|
|
Residential mortgage |
|
13,222 |
|
|
13,485 |
|
|
14,050 |
|
|
|
|
|
|
|
Home equity lines of
credit |
|
1,364 |
|
|
1,433 |
|
|
1,707 |
|
|
|
|
|
|
|
Residential construction |
|
260 |
|
|
307 |
|
|
322 |
|
|
|
|
|
|
|
Consumer |
|
116 |
|
|
107 |
|
|
154 |
|
|
|
|
|
|
|
Total |
|
$ |
44,923 |
|
|
$ |
46,123 |
|
|
$ |
55,900 |
|
|
|
|
|
|
|
|
|
2021 |
|
|
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 BY
CATEGORY |
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied RE |
|
$ |
(93 |
) |
|
(0.02 |
)% |
|
$ |
(103 |
) |
|
(0.02 |
)% |
|
$ |
767 |
|
|
0.15 |
% |
Income producing RE |
|
45 |
|
|
0.01 |
|
|
(213 |
) |
|
(0.03 |
) |
|
37 |
|
|
0.01 |
|
Commercial &
industrial |
|
(91 |
) |
|
(0.02 |
) |
|
60 |
|
|
0.01 |
|
|
(2,806 |
) |
|
(0.45 |
) |
Commercial construction |
|
(123 |
) |
|
(0.05 |
) |
|
(293 |
) |
|
(0.12 |
) |
|
22 |
|
|
0.01 |
|
Equipment financing |
|
512 |
|
|
0.21 |
|
|
301 |
|
|
0.13 |
|
|
1,511 |
|
|
0.70 |
|
Total commercial |
|
250 |
|
|
0.01 |
|
|
(248 |
) |
|
(0.01 |
) |
|
(469 |
) |
|
(0.02 |
) |
Residential mortgage |
|
51 |
|
|
0.01 |
|
|
(194 |
) |
|
(0.05 |
) |
|
92 |
|
|
0.03 |
|
Home equity lines of
credit |
|
(102 |
) |
|
(0.06 |
) |
|
(112 |
) |
|
(0.07 |
) |
|
(73 |
) |
|
(0.04 |
) |
Residential construction |
|
(37 |
) |
|
(0.05 |
) |
|
(33 |
) |
|
(0.05 |
) |
|
(60 |
) |
|
(0.09 |
) |
Consumer |
|
389 |
|
|
1.11 |
|
|
131 |
|
|
0.37 |
|
|
205 |
|
|
0.58 |
|
Total |
|
$ |
551 |
|
|
0.02 |
|
|
$ |
(456 |
) |
|
(0.02 |
) |
|
$ |
(305 |
) |
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
UNITED COMMUNITY
BANKS, INC. |
|
|
|
|
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
(in thousands, except share and per share data) |
|
September 30, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
|
Cash and due from banks |
|
$ |
131,785 |
|
|
$ |
148,896 |
|
Interest-bearing deposits in banks |
|
1,686,008 |
|
|
1,459,723 |
|
Cash and cash equivalents |
|
1,817,793 |
|
|
1,608,619 |
|
Debt securities available-for-sale |
|
4,251,436 |
|
|
3,224,721 |
|
Debt securities held-to-maturity (fair value $1,079,925 and
$437,193) |
|
1,083,324 |
|
|
420,361 |
|
Loans held for sale at fair value |
|
68,424 |
|
|
105,433 |
|
Loans and leases held for investment |
|
11,191,037 |
|
|
11,370,815 |
|
Less allowance for credit losses - loans and leases |
|
(99,620 |
) |
|
(137,010 |
) |
Loans and leases, net |
|
11,091,417 |
|
|
11,233,805 |
|
Premises and equipment, net |
|
225,350 |
|
|
218,489 |
|
Bank owned life insurance |
|
204,282 |
|
|
201,969 |
|
Accrued interest receivable |
|
41,561 |
|
|
47,672 |
|
Net deferred tax asset |
|
37,617 |
|
|
38,411 |
|
Derivative financial instruments |
|
53,296 |
|
|
86,666 |
|
Goodwill and other intangible assets, net |
|
400,994 |
|
|
381,823 |
|
Other assets |
|
205,663 |
|
|
226,405 |
|
Total assets |
|
$ |
19,481,157 |
|
|
$ |
17,794,374 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
Liabilities: |
|
|
|
|
Deposits: |
|
|
|
|
Noninterest-bearing demand |
|
$ |
6,492,519 |
|
|
$ |
5,390,291 |
|
NOW and interest-bearing demand |
|
3,699,951 |
|
|
3,346,490 |
|
Money market |
|
3,904,927 |
|
|
3,550,335 |
|
Savings |
|
1,144,065 |
|
|
950,854 |
|
Time |
|
1,440,160 |
|
|
1,704,290 |
|
Brokered |
|
183,795 |
|
|
290,098 |
|
Total deposits |
|
16,865,417 |
|
|
15,232,358 |
|
Long-term debt |
|
247,139 |
|
|
326,956 |
|
Derivative financial instruments |
|
26,065 |
|
|
29,003 |
|
Accrued expenses and other liabilities |
|
220,178 |
|
|
198,527 |
|
Total liabilities |
|
17,358,799 |
|
|
15,786,844 |
|
Shareholders' equity: |
|
|
|
|
Preferred stock; $1 par value; 10,000,000 shares authorized; Series
I, $25,000 per share liquidation preference; 4,000 shares issued
and outstanding |
|
96,422 |
|
|
96,422 |
|
Common stock, $1 par value; 200,000,000 and 150,000,000 shares
authorized, respectively; 86,558,647 and 86,675,279 shares issued
and outstanding, respectively |
|
86,559 |
|
|
86,675 |
|
Common stock issuable; 588,258 and 600,834 shares |
|
11,098 |
|
|
10,855 |
|
Capital surplus |
|
1,631,709 |
|
|
1,638,999 |
|
Retained earnings |
|
298,503 |
|
|
136,869 |
|
Accumulated other comprehensive (loss) income |
|
(1,933 |
) |
|
37,710 |
|
Total shareholders' equity |
|
2,122,358 |
|
|
2,007,530 |
|
Total liabilities and shareholders' equity |
|
$ |
19,481,157 |
|
|
$ |
17,794,374 |
|
UNITED COMMUNITY
BANKS, INC. |
|
|
|
|
Consolidated
Statements of Income (Unaudited) |
|
|
|
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
(in thousands, except per
share data) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Interest revenue: |
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
128,477 |
|
|
$ |
126,936 |
|
|
$ |
382,261 |
|
|
$ |
352,861 |
|
Investment securities, including tax exempt of $2,280 and $1,895
and $6,685 and $4,988, respectively |
|
18,540 |
|
|
14,558 |
|
|
51,530 |
|
|
47,567 |
|
Deposits in banks and short-term investments |
|
658 |
|
|
279 |
|
|
1,235 |
|
|
1,497 |
|
Total interest revenue |
|
147,675 |
|
|
141,773 |
|
|
435,026 |
|
|
401,925 |
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
NOW and interest-bearing demand |
|
1,290 |
|
|
1,634 |
|
|
4,158 |
|
|
6,240 |
|
Money market |
|
1,119 |
|
|
3,017 |
|
|
4,278 |
|
|
10,969 |
|
Savings |
|
55 |
|
|
47 |
|
|
157 |
|
|
121 |
|
Time |
|
678 |
|
|
4,300 |
|
|
3,388 |
|
|
18,014 |
|
Deposits |
|
3,142 |
|
|
8,998 |
|
|
11,981 |
|
|
35,344 |
|
Short-term borrowings |
|
— |
|
|
29 |
|
|
2 |
|
|
31 |
|
Long-term debt |
|
3,494 |
|
|
4,292 |
|
|
11,564 |
|
|
10,186 |
|
Total interest expense |
|
6,636 |
|
|
13,319 |
|
|
23,547 |
|
|
45,561 |
|
Net interest revenue |
|
141,039 |
|
|
128,454 |
|
|
411,479 |
|
|
356,364 |
|
(Release of) provision for credit losses |
|
(11,034 |
) |
|
21,793 |
|
|
(36,903 |
) |
|
77,527 |
|
Net interest revenue after provision for credit losses |
|
152,073 |
|
|
106,661 |
|
|
448,382 |
|
|
278,837 |
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
Service charges and fees |
|
9,350 |
|
|
8,260 |
|
|
25,255 |
|
|
23,893 |
|
Mortgage loan gains and other related fees |
|
13,828 |
|
|
25,144 |
|
|
47,536 |
|
|
57,113 |
|
Wealth management fees |
|
5,554 |
|
|
3,055 |
|
|
12,881 |
|
|
6,019 |
|
Gains from sales of other loans, net |
|
2,353 |
|
|
1,175 |
|
|
7,506 |
|
|
3,889 |
|
Securities gains, net |
|
— |
|
|
746 |
|
|
41 |
|
|
746 |
|
Other |
|
9,010 |
|
|
10,302 |
|
|
27,422 |
|
|
23,074 |
|
Total noninterest income |
|
40,095 |
|
|
48,682 |
|
|
120,641 |
|
|
114,734 |
|
Total revenue |
|
192,168 |
|
|
155,343 |
|
|
569,023 |
|
|
393,571 |
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
60,458 |
|
|
59,067 |
|
|
180,457 |
|
|
162,236 |
|
Communications and equipment |
|
7,368 |
|
|
6,960 |
|
|
21,979 |
|
|
19,462 |
|
Occupancy |
|
7,096 |
|
|
7,050 |
|
|
21,130 |
|
|
18,709 |
|
Advertising and public relations |
|
1,458 |
|
|
1,778 |
|
|
4,150 |
|
|
5,312 |
|
Postage, printing and supplies |
|
1,731 |
|
|
1,703 |
|
|
5,171 |
|
|
4,986 |
|
Professional fees |
|
5,347 |
|
|
5,083 |
|
|
14,509 |
|
|
14,003 |
|
Lending and loan servicing expense |
|
2,450 |
|
|
3,043 |
|
|
8,508 |
|
|
8,525 |
|
Outside services - electronic banking |
|
2,308 |
|
|
1,888 |
|
|
6,811 |
|
|
5,516 |
|
FDIC assessments and other regulatory charges |
|
1,723 |
|
|
1,346 |
|
|
5,520 |
|
|
4,388 |
|
Amortization of intangibles |
|
1,028 |
|
|
1,099 |
|
|
2,942 |
|
|
3,126 |
|
Merger-related and other charges |
|
1,437 |
|
|
3,361 |
|
|
4,058 |
|
|
4,566 |
|
Other |
|
4,345 |
|
|
3,603 |
|
|
12,248 |
|
|
10,670 |
|
Total noninterest expenses |
|
96,749 |
|
|
95,981 |
|
|
287,483 |
|
|
261,499 |
|
Income before income taxes |
|
95,419 |
|
|
59,362 |
|
|
281,540 |
|
|
132,072 |
|
Income tax expense |
|
21,603 |
|
|
11,755 |
|
|
63,758 |
|
|
27,485 |
|
Net income |
|
73,816 |
|
|
47,607 |
|
|
217,782 |
|
|
104,587 |
|
Preferred stock dividends |
|
1,719 |
|
|
1,814 |
|
|
5,157 |
|
|
1,814 |
|
Undistributed earnings
allocated to participating securities |
|
448 |
|
|
356 |
|
|
1,342 |
|
|
779 |
|
Net income available to common shareholders |
|
$ |
71,649 |
|
|
$ |
45,437 |
|
|
$ |
211,283 |
|
|
$ |
101,994 |
|
|
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.82 |
|
|
$ |
0.52 |
|
|
$ |
2.42 |
|
|
$ |
1.25 |
|
Diluted |
|
0.82 |
|
|
0.52 |
|
|
2.42 |
|
|
1.25 |
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
87,211 |
|
|
87,129 |
|
|
87,274 |
|
|
81,815 |
|
Diluted |
|
87,355 |
|
|
87,205 |
|
|
87,413 |
|
|
81,876 |
|
Average
Consolidated Balance Sheets and Net Interest Analysis |
For the
Three Months Ended September 30, |
|
|
2021 |
|
2020 |
(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) |
|
$ |
11,204,653 |
|
|
$ |
128,185 |
|
|
4.54 |
% |
|
$ |
11,644,202 |
|
|
$ |
126,342 |
|
|
4.32 |
% |
Taxable securities (3) |
|
4,738,860 |
|
|
16,260 |
|
|
1.37 |
|
|
2,499,649 |
|
|
12,663 |
|
|
2.03 |
|
Tax-exempt securities (FTE) (1)(3) |
|
383,196 |
|
|
3,061 |
|
|
3.20 |
|
|
249,959 |
|
|
2,544 |
|
|
4.07 |
|
Federal funds sold and other interest-earning assets |
|
1,751,222 |
|
|
1,185 |
|
|
0.27 |
|
|
1,321,445 |
|
|
1,132 |
|
|
0.34 |
|
Total interest-earning assets (FTE) |
|
18,077,931 |
|
|
148,691 |
|
|
3.27 |
|
|
15,715,255 |
|
|
142,681 |
|
|
3.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(111,952 |
) |
|
|
|
|
|
(128,581 |
) |
|
|
|
|
Cash and due from banks |
|
124,360 |
|
|
|
|
|
|
135,949 |
|
|
|
|
|
Premises and equipment |
|
228,556 |
|
|
|
|
|
|
216,326 |
|
|
|
|
|
Other assets (3) |
|
1,002,810 |
|
|
|
|
|
|
1,074,529 |
|
|
|
|
|
Total assets |
|
$ |
19,321,705 |
|
|
|
|
|
|
$ |
17,013,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW and interest-bearing demand |
|
$ |
3,594,670 |
|
|
1,290 |
|
|
0.14 |
|
|
$ |
2,890,735 |
|
|
1,634 |
|
|
0.22 |
|
Money market |
|
4,010,720 |
|
|
1,119 |
|
|
0.11 |
|
|
3,501,781 |
|
|
3,017 |
|
|
0.34 |
|
Savings |
|
1,120,843 |
|
|
55 |
|
|
0.02 |
|
|
864,849 |
|
|
47 |
|
|
0.02 |
|
Time |
|
1,466,821 |
|
|
609 |
|
|
0.16 |
|
|
1,933,764 |
|
|
4,127 |
|
|
0.85 |
|
Brokered time deposits |
|
63,917 |
|
|
69 |
|
|
0.43 |
|
|
96,198 |
|
|
173 |
|
|
0.72 |
|
Total interest-bearing deposits |
|
10,256,971 |
|
|
3,142 |
|
|
0.12 |
|
|
9,287,327 |
|
|
8,998 |
|
|
0.39 |
|
Federal funds purchased and other borrowings |
|
— |
|
|
— |
|
|
— |
|
|
4,405 |
|
|
2 |
|
|
0.18 |
|
Federal Home Loan Bank advances |
|
54 |
|
|
— |
|
|
— |
|
|
2,818 |
|
|
27 |
|
|
3.81 |
|
Long-term debt |
|
257,139 |
|
|
3,494 |
|
|
5.39 |
|
|
327,017 |
|
|
4,292 |
|
|
5.22 |
|
Total borrowed funds |
|
257,193 |
|
|
3,494 |
|
|
5.39 |
|
|
334,240 |
|
|
4,321 |
|
|
5.14 |
|
Total interest-bearing liabilities |
|
10,514,164 |
|
|
6,636 |
|
|
0.25 |
|
|
9,621,567 |
|
|
13,319 |
|
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
6,379,969 |
|
|
|
|
|
|
5,172,999 |
|
|
|
|
|
Other liabilities |
|
308,551 |
|
|
|
|
|
|
270,451 |
|
|
|
|
|
Total liabilities |
|
17,202,684 |
|
|
|
|
|
|
15,065,017 |
|
|
|
|
|
Shareholders' equity |
|
2,119,021 |
|
|
|
|
|
|
1,948,461 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
19,321,705 |
|
|
|
|
|
|
$ |
17,013,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest revenue
(FTE) |
|
|
|
$ |
142,055 |
|
|
|
|
|
|
$ |
129,362 |
|
|
|
Net interest-rate spread
(FTE) |
|
|
|
|
|
3.02 |
% |
|
|
|
|
|
3.06 |
% |
Net interest margin (FTE)
(4) |
|
|
|
|
|
3.12 |
% |
|
|
|
|
|
3.27 |
% |
(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 26%, 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) Securities available for sale are shown
at amortized cost. Pretax unrealized gains of $39.6 million and
$77.0 million in 2021 and 2020, respectively, 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.
Average Consolidated
Balance Sheets and Net Interest Analysis |
|
|
|
|
For the
Nine Months Ended September 30, |
|
|
|
|
|
|
2021 |
|
2020 |
(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) |
|
$ |
11,417,285 |
|
|
$ |
380,765 |
|
|
4.46 |
% |
|
$ |
10,087,630 |
|
|
$ |
351,536 |
|
|
4.65 |
% |
Taxable securities (3) |
|
4,206,099 |
|
|
44,845 |
|
|
1.42 |
|
|
2,362,674 |
|
|
42,579 |
|
|
2.40 |
|
Tax-exempt securities (FTE) (1)(3) |
|
381,323 |
|
|
8,979 |
|
|
3.14 |
|
|
197,231 |
|
|
6,699 |
|
|
4.53 |
|
Federal funds sold and other interest-earning assets |
|
1,468,487 |
|
|
3,462 |
|
|
0.31 |
|
|
850,722 |
|
|
3,621 |
|
|
0.57 |
|
Total interest-earning assets (FTE) |
|
17,473,194 |
|
|
438,051 |
|
|
3.35 |
|
|
13,498,257 |
|
|
404,435 |
|
|
4.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
(127,793 |
) |
|
|
|
|
|
(96,235 |
) |
|
|
|
|
Cash and due from banks |
|
138,973 |
|
|
|
|
|
|
134,354 |
|
|
|
|
|
Premises and equipment |
|
225,021 |
|
|
|
|
|
|
217,551 |
|
|
|
|
|
Other assets (3) |
|
1,007,669 |
|
|
|
|
|
|
964,511 |
|
|
|
|
|
Total assets |
|
$ |
18,717,064 |
|
|
|
|
|
|
$ |
14,718,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW and interest-bearing demand |
|
$ |
3,452,206 |
|
|
4,158 |
|
|
0.16 |
|
|
$ |
2,583,911 |
|
|
6,240 |
|
|
0.32 |
|
Money market |
|
3,853,907 |
|
|
4,278 |
|
|
0.15 |
|
|
2,797,350 |
|
|
10,969 |
|
|
0.52 |
|
Savings |
|
1,064,045 |
|
|
157 |
|
|
0.02 |
|
|
788,681 |
|
|
121 |
|
|
0.02 |
|
Time |
|
1,551,934 |
|
|
3,096 |
|
|
0.27 |
|
|
1,860,597 |
|
|
17,435 |
|
|
1.25 |
|
Brokered time deposits |
|
67,794 |
|
|
292 |
|
|
0.58 |
|
|
102,502 |
|
|
579 |
|
|
0.75 |
|
Total interest-bearing deposits |
|
9,989,886 |
|
|
11,981 |
|
|
0.16 |
|
|
8,133,041 |
|
|
35,344 |
|
|
0.58 |
|
Federal funds purchased and other borrowings |
|
41 |
|
|
— |
|
|
— |
|
|
1,611 |
|
|
3 |
|
|
0.25 |
|
Federal Home Loan Bank advances |
|
1,117 |
|
|
2 |
|
|
0.24 |
|
|
1,001 |
|
|
28 |
|
|
3.74 |
|
Long-term debt |
|
286,347 |
|
|
11,564 |
|
|
5.40 |
|
|
256,218 |
|
|
10,186 |
|
|
5.31 |
|
Total borrowed funds |
|
287,505 |
|
|
11,566 |
|
|
5.38 |
|
|
258,830 |
|
|
10,217 |
|
|
5.27 |
|
Total interest-bearing liabilities |
|
10,277,391 |
|
|
23,547 |
|
|
0.31 |
|
|
8,391,871 |
|
|
45,561 |
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
6,059,680 |
|
|
|
|
|
|
4,356,484 |
|
|
|
|
|
Other liabilities |
|
311,749 |
|
|
|
|
|
|
206,904 |
|
|
|
|
|
Total liabilities |
|
16,648,820 |
|
|
|
|
|
|
12,955,259 |
|
|
|
|
|
Shareholders' equity |
|
2,068,244 |
|
|
|
|
|
|
1,763,179 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
18,717,064 |
|
|
|
|
|
|
$ |
14,718,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest revenue
(FTE) |
|
|
|
$ |
414,504 |
|
|
|
|
|
|
$ |
358,874 |
|
|
|
Net interest-rate spread
(FTE) |
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
3.27 |
% |
Net interest margin (FTE)
(4) |
|
|
|
|
|
3.17 |
% |
|
|
|
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 26%, 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) Securities available for sale are shown
at amortized cost. Pretax unrealized gains of $40.3 million and
$65.5 million in 2021 and 2020, respectively, are included in other
assets for purposes of this presentation.(4) Net
interest margin is taxable equivalent net-interest revenue divided
by average interest-earning assets.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQGS: UCBI)
provides a full range of banking, wealth management and mortgage
services for relationship-oriented consumers and business owners.
The company, known as “The Bank That SERVICE Built,” has been
recognized nationally for delivering award-winning service. At
September 30, 2021, United had $19.5 billion in assets and 171
offices in Florida, Georgia, North Carolina, South Carolina and
Tennessee along with a national SBA lending franchise and a
national equipment lending subsidiary. Through its October 1, 2021
acquisition of Aquesta and its wholly-owned banking subsidiary,
Aquesta Bank, United added $754 million in assets and nine banking
offices in high growth markets in North Carolina. In 2021, J.D.
Power ranked United highest in customer satisfaction with retail
banking in the Southeast, marking seven out of the last eight years
United earned the coveted award. United was also named one of the
"Best Banks to Work For" by American Banker in 2020 for the fourth
year in a row based on employee satisfaction. Forbes included
United in its inaugural list of the World’s Best Banks in 2019 and
again in 2020. Forbes also recognized United on its 2021 list of
the 100 Best Banks in America for the eighth consecutive year.
United also received five Greenwich Excellence Awards in 2020 for
excellence in Small Business Banking, including a national award
for Overall Satisfaction. Additional information about United can
be found at www.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 “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, excluding
merger-related and other charges,” “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, and include
statements related to the expected completion date of the Reliant
acquisition and the accretive value of each of the Aquesta and
Reliant acquisitions to United’s earnings. 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 (1)
the risk that the cost savings and any revenue synergies from the
Aquesta and Reliant acquisitions may not be realized or take longer
than anticipated to be realized, (2) disruption of customer,
supplier, employee or other business partner relationships as a
result of the Aquesta and Reliant acquisitions, (3) the occurrence
of any event, change or other circumstances that could give rise to
a delay in closing the Reliant acquisition or the termination of
the merger agreement, (4) the failure to obtain the necessary
approval by the shareholders of Reliant, (5) the possibility that
the costs, fees, expenses and charges related to the acquisitions
of Aquesta and Reliant may be greater than anticipated, (6) the
ability of United to obtain required governmental approvals of the
Reliant acquisition, (7) reputational risk and the reaction of the
companies’ customers, suppliers, employees or other business
partners to the acquisitions of Aquesta and Reliant, (8) the
failure of the closing conditions in the Reliant merger agreement
to be satisfied, or any unexpected delay in closing the
acquisition, (9) the risks relating to the integration of Aquesta’s
and Reliant’s operations into the operations of United, including
the risk that such integration will be materially delayed or will
be more costly or difficult than expected, (10) the risk of
potential litigation or regulatory action related to the
acquisitions of Aquesta and Reliant, (11) the risks associated
with United’s pursuit of future acquisitions, (12) the risk of
expansion into new geographic or product markets, (13) the
dilution caused by United’s issuance of additional shares of its
common stock in the acquisitions of Aquesta and Reliant, and (14)
general competitive, economic, political and market conditions.
Further information regarding additional factors which could affect
the forward-looking statements contained in this press release can
be found in the cautionary language included under the headings
“Cautionary Note Regarding Forward-Looking Statements” and “Risk
Factors” in United’s Annual Report on Form 10-K for the year ended
December 31, 2020, and other documents subsequently filed by United
with the United States Securities and Exchange Commission
(“SEC”).
Many of these factors are beyond United’s (and
in the case of the prospective acquisition of Reliant, Reliant’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 or Reliant to predict their occurrence or how they will
affect United or Reliant.
United qualifies all forward-looking statements
by these cautionary statements.
IMPORTANT INFORMATION FOR
SHAREHOLDERS AND INVESTORS
In connection with the prospective acquisition
of Reliant, United has filed with the SEC a registration statement
on Form S-4 that includes a proxy statement of Reliant to be sent
to Reliant’s shareholders seeking their approval of the merger
agreement and merger with United. The registration statement also
will contain the prospectus of United to register the shares of
United common stock to be issued in connection with the Reliant
acquisition. INVESTORS AND SHAREHOLDERS OF RELIANT ARE ENCOURAGED
TO READ THE REGISTRATION STATEMENT, INCLUDING THE PROXY
STATEMENT/PROSPECTUS THAT WILL BE A PART OF THE REGISTRATION
STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT
DOCUMENTS FILED BY UNITED OR RELIANT WITH THE SEC, INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND THOSE
OTHER DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT UNITED, RELIANT AND THE MERGER OF RELIANT AND UNITED.
The registration statement and other documents
filed with the SEC may be obtained for free at the SEC’s website
(www.sec.gov). You will also be able to obtain these documents,
free of charge, from United at the “Investor Relations” section of
United’s website at www.ucbi.com or from Reliant at the
“Investor Relations” section of Reliant’s website at
www.reliantbank.com. Copies of the definitive proxy
statement/prospectus will also be made available, free of charge,
by contacting United Community Banks, Inc., P.O. Box 398,
Blairsville, GA 30514, Attn: Jefferson Harralson, Telephone: (864)
240-6208, or Reliant Bancorp, Inc., 6100 Tower Circle, Suite 120,
Franklin, TN 37067, Attn: Jerry Cooksey, Telephone: (615)
221-2020.
This communication is for informational purposes
only and does not constitute an offer to sell, the solicitation of
an offer to sell or the solicitation of an offer to buy securities,
nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction. This communication is also not a solicitation of any
vote or approval with respect to the proposed merger of Reliant
with United or otherwise.
PARTICIPANTS IN THE
TRANSACTION
United and Reliant, and certain of their
respective directors and executive officers, under the rules of the
SEC may be deemed to be participants in the solicitation of proxies
from Reliant’s shareholders in favor of the approval of the merger
agreement and the merger of Reliant and United. Information about
the directors and officers of United and their ownership of United
common stock can be found in United’s definitive proxy statement in
connection with its 2021 annual meeting of shareholders, as filed
with the SEC on March 30, 2021, and other documents subsequently
filed by United with the SEC. Information about the directors and
executive officers of Reliant and their ownership of Reliant’s
common stock can be found in Reliant’s definitive proxy statement
for its 2021 annual meeting of shareholders, filed with the SEC on
April 8, 2021, and other documents subsequently filed by Reliant
with the SEC. Additional information regarding the interests of
these participants also will be included in the proxy
statement/prospectus pertaining to the transaction that is
described above. Free copies of this document may be obtained as
described above.
For more information:
Jefferson HarralsonChief Financial Officer(864)
240-6208Jefferson_Harralson@ucbi.com
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Humana (NYSE:HUM)
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