GREENVILLE, S.C., April 21, 2026 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2026 of $84.3 million and pre-tax, pre-provision income of $119.2 million. Diluted earnings per share of $0.69 for the quarter represented an increase of $0.11 from the first quarter of 2025 and a decrease of $0.01 from the fourth quarter of 2025.
On an operating basis, United's diluted earnings per share of $0.70 increased 19% from the year-ago quarter. Strong revenue growth and positive operating leverage drove the year-over-year results.
United's return on assets was 1.22% on both a GAAP and operating basis in the first quarter of 2026, up from 1.02% and 1.04%, GAAP and operating, respectively, for the first quarter of 2025. Return on common equity was 9.4% and return on tangible common equity on an operating basis was 13.1%. On a pre-tax, pre-provision basis, operating return on assets was 1.73% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.9%, equal to the fourth quarter.
Chairman and CEO Lynn Harton stated, "Our first quarter results mark the start of what we expect to be a great year for United. We continue to improve our earning asset mix by growing loans, funded by maturing investment securities and growth in customer deposits. This shift in earning asset composition and our strategic focus on deposit pricing helped to widen our net interest margin by three basis points in the first quarter. In fact, our net interest margin is up 29 basis points when compared to the first quarter of 2025. We entered the year with a small wholesale funding position, but deposit growth allowed that to be completely repaid by the end of the quarter. We took advantage of our strong capital position and repurchased 1.09 million shares of our common stock at an average price of $33.97 per share during the quarter. All our key performance metrics show significant improvement when compared to the first quarter of 2025. With strong capital and liquidity, we notified holders of our remaining $100 million in subordinated debentures of our intent to redeem those securities in the second quarter.
Harton continued, "I'm very proud of our first quarter financial results and also pleased to report that we were notified in March that United had earned its twelfth JD Power award for outstanding customer satisfaction in the Southeast. That is a tremendous accomplishment by our exceptional team of bankers and a testament to the enduring nature and consistency of our strong corporate culture throughout our organization. Congratulations to our entire team for this great recognition of your focus on customer care."
Net charge-offs were $10.4 million or 0.22% annualized of average loans, compared with 0.21% for the first quarter of 2025 and 0.34% for the fourth quarter of 2025. Nonperforming assets were 0.35% of total assets, up slightly from 0.33% for the fourth quarter. Provision for credit losses was $10.9 million for the first quarter, down from $15.4 million a year ago and $13.7 million for the fourth quarter. As of March 31, the allowance for credit losses represents 1.15% of loans, down slightly from 1.16% at December 31, 2025, reflecting more optimism in the economic forecast.
United also announced today the execution of a definitive merger agreement to acquire Peach State Bancshares, Inc. Details of the transaction are described in a separate presentation, filed with the SEC on April 21 and available within the Investor Relations section of United's website.
First Quarter 2026 Financial Highlights:
-- EPS of $0.69 was up $0.11 on a GAAP basis compared to first quarter 2025,
and EPS of $0.70 was up $0.11, or 19%, on an operating basis
-- Net income of $84.3 million and pre-tax, pre-provision income of $119.2
million, up $12.9 million and $12.6 million, respectively, from a year
ago
-- Total revenue of $276.5 million improved $28.8 million, or 12%, from a
year ago
-- Net interest margin of 3.65% increased by 29 basis points from a year ago
and 3 basis points from the fourth quarter on a lower cost of funds and
improving asset mix
-- Provision for credit losses was $10.9 million, down $4.6 million from a
year ago and $2.8 million from the fourth quarter; allowance for credit
losses coverage down slightly to 1.15% of total loans; net charge-offs
were $10.4 million, or 0.22% of average loans, annualized
-- Noninterest expense was up $5.3 million compared to the fourth quarter on
a GAAP basis and up $0.2 million on an operating basis
-- Efficiency ratio of 56.7% on a GAAP basis, or 55.7% on an operating basis,
improved from a year ago
-- Strong loan production led to loan growth of $218 million, up 4.5%
annualized, from the fourth quarter
-- Mortgage closings of $251 million compared to $187 million in first
quarter 2025; mortgage rate locks of $408 million compared to $330
million in first quarter 2025
-- Customer deposits were up $237 million from the fourth quarter
-- Return on assets of 1.22% on both a GAAP and operating basis
-- Return on common equity and return on tangible common equity on an
operating basis were 9.4% and 13.1%, respectively
-- Maintained strong capital ratios with preliminary Common Equity Tier 1 of
13.4%
-- Quarterly common dividend of $0.25 per share declared during the quarter,
up 4% year-over-year
-- Repurchased 1.09 million shares of common stock in the first quarter at
an average price of $33.97 per share
Conference Call
United will hold a conference call on Tuesday, April 21, 2026 at 9:00 a.m. EST 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/10207568/103998c8460. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. 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, ucbi.com
UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(in thousands, except per share data)
----------------------------------------------------------------------------------------------------
2026 2025
------- ------------------------------------------------- ---
First
Quarter
2026 --
First Fourth Third Second First 2025
Quarter Quarter Quarter Quarter Quarter Change
------------ ------------ ------------ ------------ ------------ ----------
INCOME SUMMARY
Interest revenue $333,961 $346,367 $353,850 $347,365 $335,357
Interest expense 101,197 108,441 120,221 121,834 123,336
------- ------- ------- ------- -------
Net interest
revenue 232,764 237,926 233,629 225,531 212,021 10%
Noninterest income 43,746 40,462 43,219 34,708 35,656 23
------- ------- ------- ------- -------
Total revenue 276,510 278,388 276,848 260,239 247,677 12
Provision for
credit losses 10,853 13,662 7,907 11,818 15,419 (30)
Noninterest
expense 157,302 152,048 150,868 147,919 141,099 11
------- ------- ------- ------- -------
Income before
income tax
expense 108,355 112,678 118,073 100,502 91,159 19
Income tax expense 24,066 26,223 26,579 21,769 19,746 22
------- ------- ------- ------- -------
Net income 84,289 86,455 91,494 78,733 71,413 18
Non-operating
items 508 606 3,468 4,833 1,297
Income tax benefit
of non-operating
items (113) (133) (751) (1,047) (281)
Net income --
operating (1) $ 84,684 $ 86,928 $ 94,211 $ 82,519 $ 72,429 17
Pre-tax
pre-provision
income (5) $119,208 $126,340 $125,980 $112,320 $106,578 12
PERFORMANCE
MEASURES
Per common share:
Diluted net income
-- GAAP $ 0.69 $ 0.70 $ 0.70 $ 0.63 $ 0.58 19
Diluted net income
-- operating (1) 0.70 0.71 0.75 0.66 0.59 19
Cash dividends
declared 0.25 0.25 0.25 0.24 0.24 4
Book value 30.54 30.17 29.44 28.89 28.42 7
Tangible book
value (3) 22.56 22.24 21.59 21.00 20.58 10
Key performance
ratios:
Return on common
equity -- GAAP
(2)(4) 9.35% 9.48% 9.20% 8.45% 7.89%
Return on common
equity --
operating
(1)(2)(4) 9.39 9.53 9.83 8.87 8.01
Return on tangible
common equity -
operating
(1)(2)(3)(4) 13.05 13.31 13.56 12.34 11.21
Return on assets
-- GAAP (4) 1.22 1.21 1.29 1.11 1.02
Return on assets
-- operating
(1)(4) 1.22 1.22 1.33 1.16 1.04
Return on assets
-- pre-tax
pre-provision,
excluding
non-operating
items (1)(4)(5) 1.73 1.78 1.83 1.66 1.55
Net interest
margin (fully
taxable
equivalent) (4) 3.65 3.62 3.58 3.50 3.36
Efficiency ratio
-- GAAP 56.66 54.40 54.30 56.69 56.74
Efficiency ratio
-- operating (1) 55.65 54.19 53.05 54.84 56.22
Equity to total
assets 12.97 12.99 12.78 12.86 12.56
Tangible common
equity to
tangible assets
(3) 9.92 9.92 9.71 9.45 9.18
ASSET QUALITY
Nonperforming
assets ("NPAs") $ 98,623 $ 93,498 $ 97,916 $ 83,959 $ 93,290 6
ACL, loans 208,396 210,429 215,791 216,500 211,974 (2)
ACL, total 225,996 225,520 228,276 228,045 223,201 1
Net charge-offs 10,377 16,418 7,676 8,225 9,607 8
ACL, loans to
loans 1.06% 1.09% 1.13% 1.14% 1.15%
ACL, total to
loans 1.15 1.16 1.19 1.21 1.21
Net charge-offs to
average loans
(4) 0.22 0.34 0.16 0.18 0.21
NPAs to total
assets 0.35 0.33 0.35 0.30 0.33
AT PERIOD END ($
in millions)
Loans $ 19,602 $ 19,384 $ 19,175 $ 18,921 $ 18,425 6
Investment
securities 5,889 5,988 6,163 6,382 6,661 (12)
Total assets 28,177 28,003 28,143 28,086 27,874 1
Deposits 24,025 23,798 24,021 23,963 23,762 1
Shareholders'
equity 3,655 3,639 3,597 3,613 3,501 4
Common shares
outstanding
(thousands) 119,684 120,598 121,553 121,431 119,514 --
(1) Excludes non-operating items as detailed on Non-GAAP
Performance Measures Reconciliation. (2) Net income
less preferred stock dividends, divided by average
common equity. (3) Excludes effect of acquisition
related intangibles and associated amortization. (4)
Annualized. (5) Excludes income tax expense and provision
for credit losses.
UNITED COMMUNITY BANKS, INC.
Loan Portfolio Composition at Period-End
2026 2025
------ ---------------------------------
Linked Year over
First Fourth Third Second First Quarter Year
(in millions) Quarter Quarter Quarter Quarter Quarter Change Change
-------- ------- ------- ------- ------- ---------- -----------
LOANS BY
CATEGORY
Owner occupied
commercial RE $ 4,041 $ 3,950 $ 3,678 $ 3,563 $ 3,419 $ 91 $ 622
Income
producing
commercial RE 4,984 5,032 4,534 4,548 4,416 (48) 568
Commercial &
industrial 2,771 2,696 2,593 2,516 2,506 75 265
Commercial
construction &
land 1,072 998 1,734 1,752 1,681 74 (609)
Equipment
financing 1,897 1,848 1,808 1,778 1,723 49 174
------ ------ ------ ------ ------ --- ---- ----- ---
Total
commercial 14,765 14,524 14,347 14,157 13,745 241 1,020
Residential
mortgage 3,122 3,157 3,198 3,210 3,218 (35) (96)
Home equity 1,344 1,319 1,252 1,180 1,099 25 245
Residential
construction &
land 185 191 178 174 171 (6) 14
Consumer 187 188 192 191 183 (1) 4
Other (1) 5 8 9 9 (6) (10)
------ ------ ------ ------ ------ --- --- -----
Total loans $19,602 $19,384 $19,175 $18,921 $18,425 $218 $1,177
====== ====== ====== ====== ====== === ==== ===== ===
LOANS BY
MARKET
Georgia $ 4,617 $ 4,635 $ 4,584 $ 4,551 $ 4,484 $(18) $ 133
South Carolina 3,037 2,971 2,926 2,872 2,821 66 216
North Carolina 2,722 2,712 2,676 2,626 2,666 10 56
Tennessee 1,895 1,913 1,902 1,881 1,880 (18) 15
Florida 3,229 3,102 3,040 2,966 2,572 127 657
Alabama 1,049 1,050 1,054 1,016 1,009 (1) 40
Commercial
Banking
Solutions 3,053 3,001 2,993 3,009 2,993 52 60
------ ------ ------ ------ ------ --- ---- ----- ---
Total loans $19,602 $19,384 $19,175 $18,921 $18,425 $218 $1,177
====== ====== ====== ====== ====== === ==== ===== ===
UNITED COMMUNITY BANKS, INC.
Credit Quality
(in thousands)
--------------------------------------------------------------------
2026 2025
------ ------------------
First Fourth Third
Quarter Quarter Quarter
---------- ---------- ------------
NONACCRUAL LOANS
Owner occupied RE $ 18,265 $ 11,165 $ 10,275
Income producing RE 11,037 11,488 10,884
Commercial & industrial 19,890 18,294 25,754
Commercial construction & land 17 18 3,198
Equipment financing 8,024 10,383 9,716
------ ------ ------
Total commercial 57,233 51,348 59,827
Residential mortgage 31,906 32,423 28,978
Home equity 6,209 5,247 5,234
Residential construction &
land 355 1,079 1,241
Consumer 1,009 1,001 1,163
------ ------ ------
Total nonaccrual loans 96,712 91,098 96,443
OREO and repossessed assets 1,911 2,400 1,473
------ ------ ------
Total NPAs $ 98,623 $ 93,498 $ 97,916
====== ====== ======
2026 2025
-------------------- ---- ----------------------------------------------------- ----
First Quarter Fourth Quarter Third Quarter
------------------------------ ------------------------------- ------------------------------
Net Net Net
Charge-Offs Charge-Offs to Charge-Offs
to Average Average Loans to Average
(in thousands) Net Charge-Offs Loans (1) Net Charge-Offs (1) Net Charge-Offs Loans (1)
--------------- ------------- --------------- -------------- --------------- -------------
NET CHARGE-OFFS
(RECOVERIES) BY
CATEGORY
Owner occupied
RE $ 666 0.07% $ 1,610 0.17% $ 2,497 0.28%
Income producing
RE (85) (0.01) (116) (0.01) (106) (0.01)
Commercial &
industrial 3,309 0.50 7,557 1.15 (1,132) (0.18)
Commercial
construction &
land 6 -- 1,484 0.35 491 0.11
Equipment
financing 5,835 1.29 5,092 1.12 5,487 1.23
------- ------- -------
Total
commercial 9,731 0.27 15,627 0.43 7,237 0.20
Residential
mortgage 133 0.02 126 0.02 (259) (0.03)
Home equity (54) (0.02) (94) (0.03) 19 0.01
Residential
construction &
land 12 0.03 16 0.03 12 0.03
Consumer 555 1.21 743 1.55 667 1.39
------- ------- -------
Total $ 10,377 0.22 $ 16,418 0.34 $ 7,676 0.16
======= ======= =======
(1) Annualized.
UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per March 31, December 31,
share data) 2026 2025
------------------------------------- ------------ --------------
ASSETS
Cash and due from banks $ 177,025 $ 202,586
Interest-bearing deposits in banks 316,116 193,168
Cash and cash equivalents 493,141 395,754
Trading securities 103,384 --
Debt securities available-for-sale 3,574,546 3,750,863
Debt securities held-to-maturity
(fair value $1,878,414 and
$1,918,426, respectively) 2,211,523 2,237,356
Loans held for sale 41,357 39,381
Loans and leases held for investment 19,601,641 19,384,317
Less allowance for credit losses
-- loans and leases (208,396) (210,429)
---------- ----------
Loans and leases, net 19,393,245 19,173,888
Premises and equipment, net 391,883 393,714
Bank-owned life insurance 365,492 364,184
Goodwill and other intangible
assets, net 964,819 967,882
Other assets 637,192 679,532
---------- ----------
Total assets $28,176,582 $28,002,554
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand $ 6,473,101 $ 6,252,252
NOW and interest-bearing demand 5,900,748 5,969,864
Money market 6,720,216 6,696,530
Savings 1,101,590 1,085,331
Time 3,664,706 3,619,189
Brokered 164,704 175,264
---------- ----------
Total deposits 24,025,065 23,798,430
Short-term borrowings -- 85,000
Long-term debt 120,500 120,400
Accrued expense and other
liabilities 376,351 360,038
---------- ----------
Total liabilities 24,521,916 24,363,868
---------- ----------
Shareholders' equity:
Common stock, $1 par value;
200,000,000 shares authorized,
119,684,031 and 120,598,266 shares
issued and outstanding,
respectively 119,684 120,598
Capital surplus 2,721,132 2,754,399
Retained earnings 968,188 914,261
Accumulated other comprehensive loss (154,338) (150,572)
---------- ----------
Total shareholders' equity 3,654,666 3,638,686
---------- ----------
Total liabilities and
shareholders' equity $28,176,582 $28,002,554
========== ==========
UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)
Three Months Ended
March 31,
------------------------
(in thousands, except per share data) 2026 2025
Interest revenue:
Loans, including fees $ 286,599 $274,056
Investment securities, including tax
exempt of $1,646 and $1,678,
respectively 45,344 58,850
Trading securities 785 --
Deposits in banks and short-term
investments 1,233 2,451
-------- -------
Total interest revenue 333,961 335,357
-------- -------
Interest expense:
Deposits:
NOW and interest-bearing demand 28,129 37,390
Money market 40,709 49,541
Savings 480 624
Time 28,711 31,379
-------- -------
Deposits 98,029 118,934
Short-term borrowings 998 1,107
Federal Home Loan Bank advances 969 433
Long-term debt 1,201 2,862
-------- -------
Total interest expense 101,197 123,336
-------- -------
Net interest revenue 232,764 212,021
Noninterest income:
Service charges and fees 9,545 9,535
Mortgage loan gains and other related fees 8,029 6,122
Wealth management fees 4,629 4,465
Net gains from sales of other loans 1,893 1,396
Lending and loan servicing fees 3,971 4,165
Securities gains, net 133 6
Other 15,546 9,967
-------- -------
Total noninterest income 43,746 35,656
-------- -------
Total revenue 276,510 247,677
Provision for credit losses 10,853 15,419
Noninterest expense:
Salaries and employee benefits 101,249 84,267
Communications and equipment 14,102 13,699
Occupancy 11,725 10,929
Advertising and public relations 2,397 1,881
Postage, printing and supplies 2,757 2,561
Professional fees 5,576 5,931
Lending and loan servicing expense 2,582 1,987
Outside services -- electronic banking 3,559 2,763
FDIC assessments and other regulatory
charges 2,269 4,642
Amortization of intangibles 3,063 3,286
Merger-related and other charges 873 1,297
Other 7,150 7,856
-------- -------
Total noninterest expense 157,302 141,099
-------- -------
Income before income taxes 108,355 91,159
Income tax expense 24,066 19,746
-------- -------
Net income 84,289 71,413
-------- -------
Preferred stock dividends -- 1,573
Earnings allocated to participating
securities 552 411
-------- -------
Net income available to common
shareholders $ 83,737 $ 69,429
======== =======
Net income per common share:
Basic $ 0.69 $ 0.58
Diluted 0.69 0.58
Weighted average common shares outstanding:
Basic 120,498 120,043
Diluted 120,723 120,201
UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest
Analysis
For the Three Months Ended March 31,
-----------------------------------------------------------------------------------------------
2026 2025
---------------------------- --------------------------- ----
(dollars in thousands,
fully taxable Average Average Average Average
equivalent (FTE)) Balance Interest Rate Balance Interest Rate
----------------------- ------------ -------- --------- ------------ -------- ----------
Assets:
Interest-earning
assets:
Loans, net of unearned
income (FTE) (1)(2) $19,403,795 $286,629 5.99% $18,213,501 $273,930 6.10%
AFS & HTM taxable
securities (3) 5,845,672 43,698 2.99 6,737,658 57,172 3.39
AFS & HTM tax-exempt
securities (FTE)
(1)(3) 346,420 2,202 2.54 356,712 2,245 2.52
Other interest-earning
assets 389,637 2,540 2.64 400,592 3,001 3.04
---------- ------- ---------- -------
Total
interest-earning
assets (FTE) 25,985,524 335,069 5.22 25,708,463 336,348 5.29
---------- ------- ---------- -------
Noninterest-earning
assets:
Allowance for credit
losses (212,867) (210,169)
Cash and due from
banks 200,085 219,540
Premises and equipment 393,853 396,443
Other assets (3) 1,705,566 1,610,104
---------- ----------
Total assets $28,072,161 $27,724,381
========== ==========
Liabilities and
Shareholders' Equity:
Interest-bearing
liabilities:
Interest-bearing
deposits:
NOW and
interest-bearing
demand $ 5,853,104 28,129 1.95 $ 6,134,004 37,390 2.47
Money market 6,826,707 40,709 2.42 6,583,963 49,541 3.05
Savings 1,089,856 480 0.18 1,096,308 624 0.23
Time 3,651,034 28,183 3.13 3,446,048 30,831 3.63
Brokered time
deposits 60,279 528 3.55 50,447 548 4.41
---------- ------- ---------- -------
Total
interest-bearing
deposits 17,480,980 98,029 2.27 17,310,770 118,934 2.79
Federal funds
purchased and other
borrowings 107,668 998 3.76 80,760 1,107 5.56
Federal Home Loan Bank
advances 102,278 969 3.84 38,900 433 4.51
Long-term debt 120,450 1,201 4.04 254,220 2,862 4.57
---------- ------- ---------- -------
Total borrowed funds 330,396 3,168 3.89 373,880 4,402 4.77
---------- ------- ---------- -------
Total
interest-bearing
liabilities 17,811,376 101,197 2.30 17,684,650 123,336 2.83
---------- ------- ---------- -------
Noninterest-bearing
liabilities:
Noninterest-bearing
deposits 6,265,370 6,194,217
Other liabilities 337,611 369,939
---------- ----------
Total liabilities 24,414,357 24,248,806
Shareholders' equity 3,657,804 3,475,575
---------- ----------
Total liabilities and
shareholders' equity $28,072,161 $27,724,381
========== ==========
Net interest revenue
(FTE) $233,872 $213,012
======= =======
Net interest-rate spread
(FTE) 2.92% 2.46%
===== ==== ===
Net interest margin
(FTE) (4) 3.65% 3.36%
===== ==== ===
(1) Interest revenue on tax-exempt securities and
loans includes a taxable-equivalent adjustment to
reflect comparable interest on taxable securities
and loans. The FTE adjustment totaled $1.11 million
and $991,000, respectively, for the three months ended
March 31, 2026 and 2025. The tax rate used to calculate
the adjustment was 25%, reflecting the statutory federal
income tax rate and the federal tax adjusted state
income tax rate.
(2) Included in the average balance of loans outstanding
are loans on which the accrual of interest has been
discontinued and loans that are held for sale.
(3) Unrealized gains and losses on AFS securities,
including those related to the transfer from AFS to
HTM, have been reclassified to other assets. Pretax
unrealized losses of $176 million in 2026 and $269
million in 2025 are included in other assets for purposes
of this presentation.
(4) Net interest margin is taxable equivalent net
interest revenue divided by average interest-earning
assets.
UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
(in thousands, except per share data)
----------------------------------------------------------------------------------------
2026 2025
------- -------------------------------------------------
First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter
------------ ------------ ------------ ------------ ------------
Noninterest
income
reconciliation
Noninterest income
(GAAP) $ 43,746 $ 40,462 $ 43,219 $ 34,708 $ 35,656
Gain on terminated
cash flow hedge (5,184) -- -- -- --
Noninterest
income --
operating $ 38,562 $ 40,462 $ 43,219 $ 34,708 $ 35,656
======= ======= ======= ======= =======
Noninterest
expense
reconciliation
Noninterest
expense (GAAP) $157,302 $152,048 $150,868 $147,919 $141,099
Payroll transition
bonus (6,704) -- -- -- --
FDIC special
assessment
accrual reversal 1,885 -- -- -- --
Merger-related and
other charges (873) (606) (3,468) (4,833) (1,297)
------- ------- ------- ------- -------
Noninterest
expense --
operating $151,610 $151,442 $147,400 $143,086 $139,802
======= ======= ======= ======= =======
Net income to
operating income
reconciliation
Net income (GAAP) $ 84,289 $ 86,455 $ 91,494 $ 78,733 $ 71,413
Gain on terminated
cash flow hedge (5,184) -- -- -- --
Payroll
transition bonus 6,704 -- -- -- --
FDIC special
assessment
accrual reversal (1,885) -- -- -- --
Merger-related and
other charges 873 606 3,468 4,833 1,297
Income tax benefit
of non-operating
items (113) (133) (751) (1,047) (281)
------- ------- ------- ------- -------
Net income --
operating $ 84,684 $ 86,928 $ 94,211 $ 82,519 $ 72,429
======= ======= ======= ======= =======
Net income to
pre-tax
pre-provision
income
reconciliation
Net income (GAAP) $ 84,289 $ 86,455 $ 91,494 $ 78,733 $ 71,413
Income tax expense 24,066 26,223 26,579 21,769 19,746
Provision for
credit losses 10,853 13,662 7,907 11,818 15,419
------- ------- ------- ------- -------
Pre-tax
pre-provision
income $119,208 $126,340 $125,980 $112,320 $106,578
======= ======= ======= ======= =======
Diluted income
per common share
reconciliation
Diluted income per
common share
(GAAP) $ 0.69 $ 0.70 $ 0.70 $ 0.63 $ 0.58
Gain on terminated
cash flow hedge (0.03) -- -- -- --
Payroll
transition bonus 0.04 -- -- -- --
FDIC special
assessment
accrual reversal (0.01) -- -- -- --
Merger-related and
other charges 0.01 0.01 0.02 0.03 0.01
Deemed dividend
on preferred
stock redemption -- -- 0.03 -- --
------- ------- ------- ------- -------
Diluted income
per common
share --
operating $ 0.70 $ 0.71 $ 0.75 $ 0.66 $ 0.59
======= ======= ======= ======= =======
Book value per
common share
reconciliation
Book value per
common share
(GAAP) $ 30.54 $ 30.17 $ 29.44 $ 28.89 $ 28.42
Effect of goodwill
and other
intangibles (7.98) (7.93) (7.85) (7.89) (7.84)
------- ------- ------- ------- -------
Tangible book
value per
common share $ 22.56 $ 22.24 $ 21.59 $ 21.00 $ 20.58
======= ======= ======= ======= =======
Return on
tangible common
equity
reconciliation
Return on common
equity (GAAP) 9.35% 9.48% 9.20% 8.45% 7.89%
Gain on terminated
cash flow hedge (0.45) -- -- -- --
Payroll
transition bonus 0.58 -- -- -- --
FDIC special
assessment
accrual reversal (0.16) -- -- -- --
Merger-related and
other charges 0.07 0.05 0.29 0.42 0.12
Deemed dividend
on preferred
stock redemption -- -- 0.34 -- --
------- ------- ------- ------- -------
Return on common
equity --
operating 9.39 9.53 9.83 8.87 8.01
Effect of goodwill
and other
intangibles 3.66 3.78 3.73 3.47 3.20
------- ------- ------- ------- -------
Return on
tangible
common equity
-- operating 13.05% 13.31% 13.56% 12.34% 11.21%
======= ======= ======= ======= =======
Return on assets
reconciliation
Return on assets
(GAAP) 1.22% 1.21% 1.29% 1.11% 1.02%
Gain on terminated
cash flow hedge (0.06) -- -- -- --
Payroll
transition bonus 0.07 -- -- -- --
FDIC special
assessment
accrual reversal (0.02) -- -- -- --
Merger-related and
other charges 0.01 0.01 0.04 0.05 0.02
Return on
assets --
operating 1.22% 1.22% 1.33% 1.16% 1.04%
Return on assets
to return on
assets -- pre-tax
pre-provision
reconciliation
Return on assets
(GAAP) 1.22% 1.21% 1.29% 1.11% 1.02%
Income tax expense 0.35 0.37 0.38 0.31 0.29
Provision for
credit losses 0.16 0.19 0.11 0.17 0.23
Gain on terminated
cash flow hedge (0.08) -- -- -- --
Payroll
transition bonus 0.10 -- -- -- --
FDIC special
assessment
accrual reversal (0.03) -- -- -- --
Merger-related and
other charges 0.01 0.01 0.05 0.07 0.01
Return on
assets --
pre-tax
pre-provision
-- operating 1.73% 1.78% 1.83% 1.66% 1.55%
======= ======= ======= ======= =======
Efficiency ratio
reconciliation
Efficiency ratio
(GAAP) 56.66% 54.40% 54.30% 56.69% 56.74%
Gain on
terminated cash
flow hedge 1.03 -- -- -- --
Payroll transition
bonus (2.41) -- -- -- --
FDIC special
assessment
accrual reversal 0.68 -- -- -- --
Merger-related and
other charges (0.31) (0.21) (1.25) (1.85) (0.52)
------- ------- ------- ------- -------
Efficiency
ratio --
operating 55.65% 54.19% 53.05% 54.84% 56.22%
======= ======= ======= ======= =======
Tangible common
equity to
tangible assets
reconciliation
Equity to total
assets (GAAP) 12.97% 12.99% 12.78% 12.86% 12.56%
Effect of goodwill
and other
intangibles (3.05) (3.07) (3.07) (3.10) (3.06)
Effect of
preferred equity -- -- -- (0.31) (0.32)
------- ------- ------- ------- -------
Tangible common
equity to
tangible
assets 9.92% 9.92% 9.71% 9.45% 9.18%
======= ======= ======= ======= =======
About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top-100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2026, United Community Banks, Inc. had $28.2 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and an equipment finance subsidiary, extending its reach to businesses across the country. United Community is the most awarded bank in the Southeast for Retail Banking Customer Satisfaction by J.D. Power, earning more awards than any other bank in the region, including recognition in 12 of the last 17 years. The company has also been named one of the "Best Banks to Work For" by American Banker for nine consecutive years. In commercial banking, United Community earned multiple 2026 Greenwich Best Bank awards for Small Business Banking. Forbes has consistently named United Community among the World's Best and America's Best Banks. Learn more at ucbi.com.
Non-GAAP Financial Measures
This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as "noninterest income -- operating", "noninterest expense -- operating", "operating net income," "pre-tax, pre-provision income," "operating net income per diluted common share," "operating earnings per share," "tangible book value per common share," "operating return on common equity," "operating return on tangible common equity," "operating return on assets," "return on assets -- pre-tax, pre-provision -- operating," "return on assets - pre-tax, pre-provision," "operating efficiency ratio," and "tangible common equity to tangible assets." These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United's underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.
Caution About Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. Forward-looking statements are not historical facts and represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.
Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the merger with Peach State Bancshares, Inc. (the "Merger") may not be realized or take longer than anticipated to be realized, (2) disruption from the Merger of customer, supplier, employee or other business partner relationships, (3) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (4) the failure to obtain the necessary approval by the shareholders of Peach State, (5) the possibility that the costs, fees, expenses and charges related to the Merger may be greater than anticipated, (6) the ability of United to obtain required governmental approvals of the Merger on the anticipated timeframe and without the imposition of adverse conditions, (7) reputational risk and the reaction of each of the companies' customers, suppliers, employees or other business partners to the Merger, (8) the failure of the closing conditions in the Merger Agreement to be satisfied, or any unexpected delay in closing the Merger, (9) the risks relating to the integration of Peach State'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 Merger, (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 Merger, and (14) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements can be found in the cautionary language included under the headings "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in United's Annual Report on Form 10-K for the year ended December 31, 2025, and other documents subsequently filed by United with the U.S. Securities and Exchange Commission ("SEC").
Many of these factors are beyond United's ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.
United qualifies all forward-looking statements by these cautionary statements.
For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com
(END) Dow Jones Newswires
April 21, 2026 07:30 ET (11:30 GMT)