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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from ___________ to ___________
Commission file number 001-35095
UNITED COMMUNITY BANKS, INC.
(Exact name of registrant as specified in its charter)
Georgia 58-1807304
(State of incorporation) (I.R.S. Employer Identification No.)
125 Highway 515 East 
Blairsville, Georgia
30512
(Address of principal executive offices)(Zip code)
(706) 781-2265
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, par value $1 per shareUCBINasdaq Global Select Market
Depositary shares, each representing 1/1000th interest in a share of
Series I Non-Cumulative Preferred Stock		UCBIONasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes ☐ No ☒

There were 115,154,699 shares of the registrant’s common stock, par value $1 per share, outstanding as of April 30, 2023.


UNITED COMMUNITY BANKS, INC.
FORM 10-Q
INDEX
 Item 1.Financial Statements 
  
    
  
    
  
  
    
    
  
    
 
    
 
    
 
    
    
 
 
 

2

Glossary of Defined Terms

The following terms may be used throughout this report, including the consolidated financial statements and related notes.

TermDefinition
2022 10-K
United’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 24, 2023
ACLAllowance for credit losses
AFSAvailable-for-sale
ALCOAsset/Liability Management Committee
AOCIAccumulated other comprehensive income (loss)
ASUAccounting standards update
BankUnited Community Bank
BoardUnited Community Banks Inc., Board of Directors
BOLIBank-owned life insurance
CECLCurrent expected credit loss
CET1Common equity tier 1
CMEChicago Mercantile Exchange
CompanyUnited Community Banks Inc. (interchangeable with "United" below)
CVACredit valuation adjustment
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FDMModification made to borrowers experiencing financial difficulty
Federal ReserveFederal Reserve System
First MiamiFirst Miami Bancorp, Inc.
FHLBFederal Home Loan Bank
FOMCFederal Reserve’s Federal Open Markets Committee
FTEFully taxable equivalent
GAAPAccounting principles generally accepted in the United States of America
GSEU.S. government-sponsored enterprise
HELOCHome equity lines of credit
HFIHeld for investment
Holding CompanyUnited Community Banks, Inc. on an unconsolidated basis
HTMHeld-to-maturity
LIBORLondon Interbank Offered Rate
LIHTCLow- income housing tax credit
MD&AManagement's Discussion and Analysis of Financial Condition and Results of Operations
MBSMortgage-backed securities
NOWNegotiable order of withdrawal
NPANonperforming asset
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased credit deteriorated
Progress
Progress Financial Corporation and its wholly-owned subsidiary, Progress Bank & Trust
Reliant
Reliant Bancorp, Inc. and its wholly-owned subsidiary, Reliant Bank
Report
Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2023
SBAUnited States Small Business Administration
SECSecurities and Exchange Commission
TDRTroubled debt restructuring
U.S. TreasuryUnited States Department of the Treasury
UnitedUnited Community Banks, Inc. and its direct and indirect subsidiaries
USDAUnited States Department of Agriculture
VIEVariable interest entity
3

Cautionary Note Regarding Forward-looking Statements
 
This Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “projects”, “plans”, “goal”, “targets”, “potential”, “estimates”, “pro forma”, “seeks”, “intends”, or “anticipates”, or similar expressions. Forward-looking statements include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of various transactions or events (including the expected completion date of the First Miami transaction), and statements about our future performance, operations, products and services, and should be viewed with caution.

Because forward-looking statements relate to the future, they are subject to known and unknown risks, uncertainties, assumptions, and changes in circumstances, many of which are beyond our control, and that are difficult to predict as to timing, extent, likelihood and degree of occurrence, and that could cause actual results to differ materially from the results implied or anticipated by the statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to the following:

•negative economic and political conditions that adversely affect the general economy, the banking sector, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the levels of NPAs, charge-offs and provision expense;
•changes in loan underwriting, credit review or loss policies associated with economic conditions, examination conclusions or regulatory developments, either as they currently exist or as they may be affected by conditions associated with the COVID-19 pandemic;
•the continuing effects of the COVID-19 pandemic and the potential effects of other pandemics or public health conditions on the economic and business environments in which we operate;
•strategic, market, operational, liquidity and interest rate risks associated with our business;
•potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Federal Reserve, replacements of LIBOR and replacement or reform of other interest rate benchmarks, as well as cash flow reassessments may reduce net interest margin and/or the volumes and values of loans made or held as well as the value of other financial assets;
•any unanticipated or greater than anticipated adverse conditions in the national or local economies in which we operate;
•our loan concentration in industries or sectors that may experience unanticipated or greater than anticipated adverse conditions than other industries or sectors in the national or local economies in which we operate;
•the risks of expansion into new geographic or product markets;
•risks with respect to our ability to identify and complete future mergers or acquisitions as well as our ability to successfully expand and integrate those businesses and operations that we acquire;
•our ability to attract and retain key employees;
•competition from financial institutions and other financial service providers including non-bank financial technology providers and our ability to attract customers from other financial institutions;
•losses due to fraudulent and negligent conduct of our customers, third party service providers or employees;
•cybersecurity risks and the vulnerability of our network and online banking portals, and the systems or parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect our business and financial performance or reputation;
•our reliance on third parties to provide key components of our business infrastructure and services required to operate our business;
•the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
•the availability of and access to capital;
•legislative, regulatory or accounting changes that may adversely affect us;
•volatility in the ACL resulting from the CECL methodology, either alone or as that may be affected by conditions affecting our business;
•adverse results (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory proceedings, examinations, investigations, or similar matters, or developments related thereto;
•any matter that would cause us to conclude that there was impairment of any asset, including intangible assets, such as goodwill;
•limitations on our ability to declare and pay dividends and other distributions from the Bank to the Holding Company, which could affect Holding Company liquidity, including its ability to pay dividends to shareholders or take other capital actions;
•the potential effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as war or terrorist activities, the Russian invasion of Ukraine, disruptions in our customers’ supply chains, disruptions in transportation, essential utility outages or trade disputes and related tariffs; and
•other risks and uncertainties disclosed in documents filed or furnished by us with or to the SEC, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.

We caution readers that the foregoing list of factors is not exclusive, is not necessarily in order of importance and readers should not place undue reliance on forward-looking statements. Additional factors that may cause actual results to differ materially from those contemplated by any forward-looking statements also may be found in our 2022 10-K (including the “Risk Factor” section of that report), Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available at the SEC’s website at http://www.sec.gov. We do not intend to and, except as required by law, hereby disclaim any obligation to update or revise any forward-looking statement contained in this Report, which speaks only as of the date of its filing with the SEC, whether as a result of new information, future events, or otherwise. The financial statements and information contained herein have not been reviewed, or confirmed for accuracy or relevance, by the FDIC or any other regulator.

4

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
March 31,
2023		December 31,
2022
ASSETS  
Cash and due from banks$275,962 $195,771 
Interest-bearing deposits in banks501,719 316,082 
Federal funds and other short-term investments— 135,000 
Cash and cash equivalents777,681 646,853 
Debt securities available-for-sale3,331,139 3,614,333 
Debt securities held-to-maturity (fair value $2,206,874 and $2,191,073, respectively)
2,584,081 2,613,648 
Loans held for sale 20,390 13,600 
Loans and leases held for investment17,124,703 15,334,627 
Less allowance for credit losses - loans and leases(176,534)(159,357)
Loans and leases, net16,948,169 15,175,270 
Premises and equipment, net336,617 298,456 
Bank owned life insurance341,285 299,297 
Goodwill and other intangible assets, net961,244 779,248 
Other assets571,244 568,179 
Total assets$25,871,850 $24,008,884 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand$7,540,265 $7,643,081 
Interest-bearing deposits14,464,409 12,233,426 
Total deposits22,004,674 19,876,507 
Short-term borrowings7,219 158,933 
Federal Home Loan Bank advances30,000 550,000 
Long-term debt324,729 324,663 
Accrued expenses and other liabilities427,105 398,107 
Total liabilities22,793,727 21,308,210 
Shareholders' equity:
Preferred stock, $1 par value: 10,000,000 shares authorized;
  4,000 shares Series I issued and outstanding; $25,000 per share liquidation preference
96,422 96,422 
Common stock, $1 par value: 200,000,000 shares authorized,
  115,151,566 and 106,222,758 shares issued and outstanding, respectively
115,152 106,223 
Common stock issuable: 579,835 and 607,128 shares, respectively
11,977 12,307 
Capital surplus2,606,403 2,306,366 
Retained earnings542,606 508,844 
Accumulated other comprehensive loss(294,437)(329,488)
Total shareholders' equity3,078,123 2,700,674 
Total liabilities and shareholders' equity$25,871,850 $24,008,884 
 
See accompanying notes to consolidated financial statements (unaudited).
5

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
20232022
Interest revenue:
Loans, including fees$236,431 $146,741 
Investment securities, including tax exempt of $2,110 and $2,655, respectively
39,986 23,665 
Deposits in banks and short-term investments3,070 653 
Total interest revenue279,487 171,059 
Interest expense:
Deposits57,861 3,131 
Short-term borrowings1,148 — 
Federal Home Loan Bank advances5,112 — 
Long-term debt3,896 4,136 
Total interest expense68,017 7,267 
Net interest revenue211,470 163,792 
Provision for credit losses21,783 23,086 
Net interest revenue after provision for credit losses189,687 140,706 
Noninterest income:
Service charges and fees8,699 9,070 
Mortgage loan gains and other related fees4,521 16,152 
Wealth management fees5,724 5,895 
Gains from sales of other loans, net1,916 3,198 
Lending and loan servicing fees4,016 2,986 
Securities losses, net(1,644)(3,734)
Other6,977 5,406 
Total noninterest income30,209 38,973 
Total revenue219,896 179,679 
Noninterest expenses:
Salaries and employee benefits78,698 71,006 
Communications and equipment10,008 9,248 
Occupancy9,889 9,378 
Advertising and public relations2,349 1,488 
Postage, printing and supplies2,537 2,119 
Professional fees6,072 4,447 
Lending and loan servicing expense2,319 2,366 
Outside services - electronic banking3,425 2,523 
FDIC assessments and other regulatory charges4,001 2,173 
Amortization of intangibles3,528 1,793 
Merger-related and other charges8,631 9,016 
Other8,348 3,718 
Total noninterest expenses139,805 119,275 
Income before income taxes80,091 60,404 
Income tax expense17,791 12,385 
Net income$62,300 $48,019 
Net income available to common shareholders$60,242 $46,062 
Net income per common share:
Basic$0.52 $0.43 
Diluted0.52 0.43 
Weighted average common shares outstanding:
Basic115,451 106,550 
Diluted115,715 106,677 

See accompanying notes to consolidated financial statements (unaudited). 
6

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended March 31,
Before-tax
Amount		Tax
(Expense)
Benefit		Net of Tax
Amount
2023
Net income$80,091 $(17,791)$62,300 
Other comprehensive income:
Unrealized gains on available-for-sale securities:
Unrealized holding gains43,279 (10,284)32,995 
Reclassification adjustment for losses included in net income1,644 (374)1,270 
Net unrealized gains44,923 (10,658)34,265 
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale2,968 (720)2,248 
Derivative instruments designated as cash flow hedges:
Unrealized holding losses on derivatives(1,202)307 (895)
Gains on derivative instruments realized in net income(822)210 (612)
Net cash flow hedge activity(2,024)517 (1,507)
Amortization of defined benefit pension plan net periodic pension cost components61 (16)45 
Total other comprehensive income45,928 (10,877)35,051 
Comprehensive income$126,019 $(28,668)$97,351 
2022
Net income$60,404 $(12,385)$48,019 
Other comprehensive loss:
Unrealized losses on available-for-sale securities:
Unrealized holding losses(203,885)47,973 (155,912)
Reclassification of securities from available-for-sale to held-to-maturity57,403 (13,592)43,811 
Reclassification adjustment for losses included in net income3,734 (990)2,744 
Net unrealized losses(142,748)33,391 (109,357)
Reclassification of securities from available-for-sale to held-to-maturity(57,403)13,592 (43,811)
Derivative instruments designated as cash flow hedges:
Unrealized holding gains on derivatives5,468 (1,397)4,071 
Losses on derivative instruments realized in net income141 (36)105 
Net cash flow hedge activity5,609 (1,433)4,176 
Amortization of defined benefit pension plan net periodic pension cost components170 (43)127 
Total other comprehensive loss(194,372)45,507 (148,865)
Comprehensive loss$(133,968)$33,122 $(100,846)
See accompanying notes to consolidated financial statements (unaudited).
7

UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
(in thousands except share data) 
Shares of Common StockPreferred StockCommon StockCommon Stock IssuableCapital SurplusRetained EarningsAccumulated
Other Comprehensive Income (Loss)		Total
December 31, 2022106,222,758 96,422 106,223 12,307 2,306,366 508,844 (329,488)2,700,674 
Net income62,300 62,300 
Other comprehensive income35,051 35,051 
Impact of acquisitions8,770,531 8,771 297,690 306,461 
Preferred stock dividends(1,719)(1,719)
Common stock dividends ($0.23 per share)
(26,819)(26,819)
Impact of equity-based compensation awards121,888 122 498 1,900 2,520 
Impact of other United sponsored equity plans36,389 36 (828)447 (345)
March 31, 2023115,151,566 $96,422 $115,152 $11,977 $2,606,403 $542,606 $(294,437)$3,078,123 
December 31, 202189,349,826 96,422 89,350 11,288 1,721,007 330,654 (26,476)2,222,245 
Net income48,019 48,019 
Other comprehensive loss(148,865)(148,865)
Impact of acquisitions16,571,545 16,571 579,805 596,376 
Preferred stock dividends(1,719)(1,719)
Common stock dividends ($0.21 per share)
(22,545)(22,545)
Impact of equity-based compensation awards42,923 43 1,444 706 2,193 
Impact of other United sponsored equity plans60,916 61 (1,421)671 (689)
March 31, 2022106,025,210 $96,422 $106,025 $11,311 $2,302,189 $354,409 $(175,341)$2,695,015 

See accompanying notes to consolidated financial statements (unaudited).
8

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended March 31,
20232022
Operating activities:  
Net income$62,300 $48,019 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net12,126 11,446 
Provision for credit losses21,783 23,086 
Stock based compensation2,482 2,488 
Deferred income tax expense8,103 2,309 
Securities losses, net1,644 3,734 
Gains from sales of other loans(1,916)(3,198)
Changes in assets and liabilities:
Other assets10,303 18,242 
Accrued expenses and other liabilities(22,029)9,026 
Loans held for sale(4,703)85,324 
Net cash provided by operating activities90,093 200,476 
Investing activities:
Debt securities held-to-maturity:
Proceeds from maturities and calls31,550 17,807 
Purchases— (216,482)
Debt securities available-for-sale:
Proceeds from sales380,661 208,409 
Proceeds from maturities and calls83,794 205,332 
Purchases(25,862)(933,849)
Net increase in loans(345,316)(218,706)
Equity investments, outflows(74,323)(12,554)
Equity investments, inflows93,687 16,091 
Proceeds from sales of premises and equipment2,169 2,978 
Purchases of premises and equipment(22,602)(7,314)
Net cash received in acquisition57,101 35,243 
Proceeds from sale of other real estate and repossessed assets98 680 
Other investing inflows338 — 
Net cash provided by (used in) investing activities181,295 (902,365)
Financing activities:
Net increase in deposits793,162 311,040 
Net decrease in short-term borrowings(292,732)— 
Proceeds from FHLB advances1,580,000 — 
Repayment of FHLB advances(2,195,000)— 
Cash dividends on common stock(23,674)(18,149)
Cash dividends on preferred stock(1,719)(1,719)
Other financing inflows1,058 346 
Other financing outflows(1,655)(1,475)
Net cash (used in) provided by financing activities(140,560)290,043 
Net change in cash and cash equivalents130,828 (411,846)
Cash and cash equivalents, beginning of period646,853 2,318,510 
Cash and cash equivalents, end of period$777,681 $1,906,664 

See accompanying notes to consolidated financial statements (unaudited). 
9
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


Note 1 – Basis of Presentation and Updates to Significant Accounting Policies

Basis of Presentation 
United’s accounting and financial reporting policies conform to GAAP and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its 2022 10-K.
 
In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in United’s 2022 10-K.

Updates to Significant Accounting Policies
Effective January 1, 2023, United adopted ASU 2022-02, which updated the guidance on modifications to financing receivables by effectively replacing the concept of troubled debt restructurings with a new concept, loan modifications to borrowers experiencing financial difficulty. See Note 2 for further detail. Below summarizes the policy surrounding FDMs.

FDMs: A loan for which the terms have been modified as a result of the borrower experiencing financial difficulty is generally considered to be a FDM. Modified terms that result in a FDM include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the term or amortization period, a more than insignificant payment delay or principal forgiveness. The ACL on FDMs is calculated using the same method as other loans held for investment.

Note 2 – Accounting Standards Updates and Recently Adopted Standards

Recently Adopted Standards
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with Customers. The update requires that an acquiring entity apply the guidance from Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination, rather than fair value. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. The update expands the current last-of-layer method to a portfolio layer method which allows multiple hedged layers of a single closed portfolio and non-prepayable financial assets. In addition, the update specifies that eligible hedging instruments may include spot-starting or forward-starting swaps and that the number of hedged layers corresponds with the number of hedges designated. Finally, the update provides additional guidance on the accounting for and disclosure of hedge basis adjustments. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The update eliminates the previous accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. The update also requires that an entity disclose current-period gross charge-offs by year of origination. United adopted this update using a modified retrospective transition method as of January 1, 2023. The quantitative impact of adoption related to the CECL calculation for FDMs was not material; thus, no corresponding cumulative effect adjustment to retained earnings was recorded.

Recently Issued Standards
In March 2022, the FASB issued ASU No 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The update broadens the application of the proportional amortization method to tax equity investments other than LIHTC, providing certain conditions are met. The election to apply the proportional amortization method must be made on a tax-credit-program by tax-credit-program basis rather than at the reporting entity level or to individual investments. The update also requires certain disclosures related to those investments for which the proportional amortization method has been applied. For public entities, this guidance is effective for fiscal years beginning after December 15, 2023. United does not expect the new guidance to have a material impact on the consolidated financial statements.


10
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 3 – Supplemental Cash Flow Information

The supplemental schedule of significant non-cash investing and financing activities for the three months ended March 31, 2023 and 2022 is as follows (in thousands).
Three Months Ended March 31,
20232022
Significant non-cash investing and financing transactions:
Commitments to fund equity investments $20,000 $— 
Transfers of AFS securities to HTM securities— 1,105,194 
Acquisitions:
  Assets acquired1,903,930 3,254,173 
  Liabilities assumed1,597,022 2,657,173 
  Net assets acquired306,908 597,000 
  Common stock issued and options converted306,461 596,376 

11
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 4 – Acquisitions

Acquisition of Progress
On January 3, 2023, United acquired all of the outstanding common stock of Progress in a stock transaction. Progress operated 13 offices primarily located in Alabama and the Florida Panhandle, which facilitated United’s growth into those markets. United’s operating results for the three months ended March 31, 2023 include the operating results of the acquired business for the period subsequent to the acquisition date of January 3, 2023.
 
The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (dollars in thousands). 
Progress
Fair Value Recorded by United (1)
 January 3, 2023
Assets
Cash and cash equivalents$57,548 
Debt securities111,006 
Loans held for sale2,087 
Loans held for investment1,442,959 
Premises and equipment21,118 
Bank-owned life insurance40,723 
Core deposit intangible39,980 
Other assets42,965 
Total assets acquired1,758,386 
Liabilities
Deposits1,334,476 
Short-term borrowings141,017 
Federal Home Loan Bank advances95,000 
Other liabilities26,529 
Total liabilities assumed1,597,022 
Total identifiable net assets161,364 
Consideration transferred
Cash447 
Common stock issued (8,770,531 shares)
296,444 
Options converted10,017 
Total fair value of consideration transferred306,908 
Goodwill$145,544 

(1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available.

Goodwill represents the intangible value of Progress’ business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Progress core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method.

12
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The following table presents additional information related to the acquired Progress loan portfolio at the acquisition date (in thousands).

January 3, 2023
PCD loans:
Par value$64,913 
ACL at acquisition(2,704)
Non-credit discount(150)
Purchase price$62,059 
Non-PCD loans:
Fair value$1,380,900 
Gross contractual amounts receivable1,626,243 
Estimate of contractual cash flows not expected to be collected9,287 

Pro forma information
 
The following table discloses the impact of the Progress acquisition since the date of acquisition. The table also presents certain pro forma information as if Progress had been acquired on January 1, 2022 and Reliant had been acquired January 1, 2021. These results combine the historical results of the acquired entity with United’s consolidated statement of income. Adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity; however pro forma financial results presented are not necessarily indicative of what would have occurred had the acquisition taken place in earlier years.
 
Merger-related costs from the Progress acquisition of $7.49 million have been excluded from the three months ended March 31, 2023 pro forma information presented below and included in the three months ended March 31, 2022 pro forma information presented below. Merger-related costs from the Reliant acquisition of $8.54 million have been excluded from the three months ended March 31, 2022 pro forma information presented below. The actual results and pro forma information were as follows (in thousands):
 Three Months Ended
March 31,
 RevenueNet Income
2023
Actual Progress results included in statement of income since acquisition date$6,652 $1,810 
Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022229,541 75,209 
2022
Actual Reliant results included in statement of income since acquisition date$13,914 $598 
Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022 and Reliant had been acquired January 1, 2021 $204,869 $57,382 


13
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 5 – Investment Securities

The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows (in thousands).

Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
As of March 31, 2023    
U.S. Treasuries$19,841 $— $2,024 $17,817 
U.S. Government agencies & GSEs99,718 — 15,696 84,022 
State and political subdivisions295,453 274 53,897 241,830 
Residential MBS, Agency & GSEs1,465,433 36 198,072 1,267,397 
Commercial MBS, Agency & GSEs688,636 — 105,665 582,971 
Supranational entities15,000 — 2,163 12,837 
Total$2,584,081 $310 $377,517 $2,206,874 
As of December 31, 2022
U.S. Treasuries$19,834 $— $2,417 $17,417 
U.S. Government agencies & GSEs99,679 — 18,169 81,510 
State and political subdivisions295,945 56 64,340 231,661 
Residential MBS, Agency & GSEs1,488,028 35 223,566 1,264,497 
Commercial MBS, Agency & GSEs695,162 — 111,586 583,576 
Supranational entities$15,000 $— $2,588 $12,412 
Total$2,613,648 $91 $422,666 $2,191,073 

The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below (in thousands).
Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
As of March 31, 2023    
U.S. Treasuries$188,580 $51 $12,372 $176,259 
U.S. Government agencies & GSEs260,447 371 15,175 245,643 
State and political subdivisions183,908 — 20,955 162,953 
Residential MBS, Agency & GSEs1,483,641 9 138,784 1,344,866 
Residential MBS, Non-agency368,028 — 26,272 341,756 
Commercial MBS, Agency & GSEs691,880 — 71,720 620,160 
Commercial MBS, Non-agency31,452 — 924 30,528 
Corporate bonds219,692 37 19,662 200,067 
Asset-backed securities215,580 — 6,673 208,907 
Total$3,643,208 $468 $312,537 $3,331,139 
As of December 31, 2022
U.S. Treasuries$163,972 $— $14,620 $149,352 
U.S. Government agencies & GSEs266,347 463 16,694 250,116 
State and political subdivisions329,723 151 26,126 303,748 
Residential MBS, Agency & GSEs1,609,442 13 160,636 1,448,819 
Residential MBS, Non-agency374,535 — 27,873 346,662 
Commercial MBS, Agency & GSEs720,282 471 79,407 641,346 
Commercial MBS, Non-agency31,624 — 1,058 30,566 
Corporate bonds236,181 34 23,763 212,452 
Asset-backed securities239,220 — 7,948 231,272 
Total$3,971,326 $1,132 $358,125 $3,614,333 
 
14
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Securities with a carrying value of $4.39 billion and $2.53 billion were pledged, primarily to secure public deposits and provide contingent liquidity through the Bank Term Funding Program at the Federal Reserve Bank, at March 31, 2023 and December 31, 2022, respectively.

The following table summarizes HTM debt securities in an unrealized loss position as of the dates indicated (in thousands).
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of March 31, 2023      
U.S. Treasuries$— $— $17,817 $2,024 $17,817 $2,024 
U.S. Government agencies & GSEs— — 84,022 15,696 84,022 15,696 
State and political subdivisions11,082 98 213,432 53,799 224,514 53,897 
Residential MBS, Agency & GSEs59,315 2,458 1,206,039 195,614 1,265,354 198,072 
Commercial MBS, Agency & GSEs40,149 3,937 542,821 101,728 582,970 105,665 
Supranational entities— — 12,837 2,163 12,837 2,163 
Total unrealized loss position$110,546 $6,493 $2,076,968 $371,024 $2,187,514 $377,517 
As of December 31, 2022
U.S. Treasuries$17,417 $2,417 $— $— $17,417 $2,417 
U.S. Government agencies & GSEs$10,687 $1,813 $70,823 $16,356 $81,510 $18,169 
State and political subdivisions104,243 20,639 117,115 43,701 221,358 64,340 
Residential MBS, Agency & GSEs296,673 38,289 965,785 185,277 1,262,458 223,566 
Commercial MBS, Agency & GSEs176,848 24,497 406,728 87,089 583,576 111,586 
Supranational entities$12,412 $2,588 $— $— $12,412 $2,588 
Total unrealized loss position$618,280 $90,243 $1,560,451 $332,423 $2,178,731 $422,666 
 
The following table summarizes AFS debt securities in an unrealized loss position as of the dates indicated (in thousands).
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of March 31, 2023      
U.S. Treasuries$49,418 $429 $102,350 $11,943 $151,768 $12,372 
U.S. Government agencies & GSEs76,626 476 121,539 14,699 198,165 15,175 
State and political subdivisions7,856 350 155,098 20,605 162,954 20,955 
Residential MBS, Agency & GSEs368,872 16,135 970,538 122,649 1,339,410 138,784 
Residential MBS, Non-agency160,894 10,277 180,862 15,995 341,756 26,272 
Commercial MBS, Agency & GSEs160,918 4,592 459,242 67,128 620,160 71,720 
Commercial MBS, Non-agency14,514 634 16,015 290 30,529 924 
Corporate bonds9,344 528 187,129 19,134 196,473 19,662 
Asset-backed securities43,909 497 164,997 6,176 208,906 6,673 
Total unrealized loss position$892,351 $33,918 $2,357,770 $278,619 $3,250,121 $312,537 
As of December 31, 2022
U.S. Treasuries$49,259 $724 $100,093 $13,896 $149,352 $14,620 
U.S. Government agencies & GSEs93,015 2,124 108,093 14,570 201,108 16,694 
State and political subdivisions207,749 9,906 62,606 16,220 270,355 26,126 
Residential MBS, Agency & GSEs1,049,648 102,852 392,288 57,784 1,441,936 160,636 
Residential MBS, Non-agency338,399 27,095 8,263 778 346,662 27,873 
Commercial MBS, Agency & GSEs288,787 17,304 332,088 62,103 620,875 79,407 
Commercial MBS, Non-agency30,566 1,058 — — 30,566 1,058 
Corporate bonds83,010 7,776 127,603 15,987 210,613 23,763 
Asset-backed securities97,705 2,664 133,567 5,284 231,272 7,948 
Total unrealized loss position$2,238,138 $171,503 $1,264,601 $186,622 $3,502,739 $358,125 
 
15
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

At March 31, 2023, there were 682 AFS debt securities and 312 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2023 were primarily attributable to changes in interest rates.

At March 31, 2023 and December 31, 2022, estimated credit losses and, thus, the related ACL on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL was recorded on the HTM portfolio at March 31, 2023 or December 31, 2022. In addition, based on the assessments performed at March 31, 2023 and December 31, 2022, there was no ACL required related to the AFS portfolio.

The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands), which was excluded from the estimate of credit losses.
Accrued Interest Receivable
March 31, 2023December 31, 2022
HTM$5,918 $7,234 
AFS11,136 15,281 

The amortized cost and fair value of AFS and HTM debt securities at March 31, 2023, by contractual maturity, are presented in the following table (in thousands). Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. 
 AFSHTM
 Amortized CostFair ValueAmortized CostFair Value
Within 1 year:
U.S. Treasuries$74,537 $74,153 $— $— 
U.S. Government agencies & GSEs339 329 — — 
State and political subdivisions— — 1,200 1,195 
Corporate bonds5,192 5,006 — — 
80,068 79,488 1,200 1,195 
1 to 5 years:
U.S. Treasuries99,100 88,768 19,841 17,817 
U.S. Government agencies & GSEs39,608 36,460 — — 
State and political subdivisions16,353 15,542 28,634 26,902 
Corporate bonds153,336 140,441 — — 
308,397 281,211 48,475 44,719 
5 to 10 years:
U.S. Treasuries14,943 13,338 — — 
U.S. Government agencies & GSEs72,813 65,089 73,288 62,808 
State and political subdivisions61,364 51,670 27,810 24,931 
Corporate bonds60,365 53,795 — — 
Supranational entities— — 15,000 12,837 
209,485 183,892 116,098 100,576 
More than 10 years:
U.S. Government agencies & GSEs147,687 143,765 26,430 21,214 
State and political subdivisions106,191 95,741 237,809 188,802 
Corporate bonds799 825 — — 
254,677 240,331 264,239 210,016 
Debt securities not due at a single maturity date:
Asset-backed securities215,580 208,907 — — 
Residential MBS1,851,669 1,686,622 1,465,433 1,267,397 
Commercial MBS723,332 650,688 688,636 582,971 
2,790,581 2,546,217 2,154,069 1,850,368 
Total$3,643,208 $3,331,139 $2,584,081 $2,206,874 

16
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes AFS securities sales activity for the three months ended March 31, 2023 and 2022 (in thousands).

 Three Months Ended
March 31,
 20232022
Proceeds from sales$380,661 $208,409 
Gross realized gains$1,373 $963 
Gross realized losses(3,017)(4,697)
Securities gains (losses), net$(1,644)$(3,734)
Income tax expense (benefit) attributable to sales$(374)$(990)

Note 6 – Loans and Leases and Allowance for Credit Losses
 
Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands).
March 31, 2023December 31, 2022
Owner occupied commercial real estate$3,141,198 $2,734,666 
Income producing commercial real estate3,611,376 3,261,626 
Commercial & industrial2,441,721 2,252,322 
Commercial construction1,805,995 1,597,848 
Equipment financing1,446,766 1,374,251 
Total commercial12,447,056 11,220,713 
Residential mortgage2,755,380 2,355,061 
HELOC930,097 850,269 
Residential construction492,356 442,553 
Manufactured housing326,311 316,741 
Consumer173,503 149,290 
Total loans17,124,703 15,334,627 
Less allowance for credit losses - loans(176,534)(159,357)
Loans, net$16,948,169 $15,175,270 

Accrued interest receivable related to loans totaled $56.1 million and $52.0 million at March 31, 2023 and December 31, 2022, respectively, and was reported in other assets on the consolidated balance sheets. Accrued interest receivable was excluded from the estimate of credit losses.

At March 31, 2023 and December 31, 2022, the loan portfolio was subject to blanket pledges on certain qualifying loan types with the FHLB and FRB to secure contingent funding sources.

The following table presents the amortized cost of loans held for investment that were sold in the periods indicated (in thousands). The gains on these loan sales were included in noninterest income on the consolidated statements of income.
Three Months Ended March 31,
20232022
Guaranteed portion of SBA/USDA loans$21,770 $28,343 
Equipment financing receivables18,703 23,436 
Total$40,473 $51,779 
  
17
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

At March 31, 2023 and December 31, 2022, equipment financing receivables included leases of $54.1 million and $46.0 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands).
 March 31, 2023December 31, 2022
Minimum future lease payments receivable$58,978 $49,723 
Estimated residual value of leased equipment3,167 2,804 
Initial direct costs989 767 
Security deposits(408)(429)
Unearned income(8,596)(6,877)
Net investment in leases$54,130 $45,988 

Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2023 were as follows (in thousands): 
Year 
Remainder of 2023$15,286 
202416,672 
202512,986 
20268,716 
20274,722 
Thereafter596 
Total$58,978 

18
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Nonaccrual and Past Due Loans
The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of the dates indicated (in thousands). Past due status is based on contractual terms of the loan. The accrual of interest is generally discontinued when a loan becomes 90 days past due.
 Accruing
Current LoansLoans Past Due
30 - 59 Days60 - 89 Days> 90 DaysNonaccrual LoansTotal Loans
As of March 31, 2023
Owner occupied commercial real estate$3,136,902 $3,296 $— $— $1,000 $3,141,198 
Income producing commercial real estate3,576,513 936 23,324 10,603 3,611,376 
Commercial & industrial2,405,781 2,406 249 9 33,276 2,441,721 
Commercial construction1,804,958 525 37 — 475 1,805,995 
Equipment financing1,434,193 5,029 2,500 — 5,044 1,446,766 
Total commercial12,358,347 12,192 26,110 9 50,398 12,447,056 
Residential mortgage2,740,975 2,976 149 — 11,280 2,755,380 
HELOC924,436 2,871 413 — 2,377 930,097 
Residential construction492,138 75 — — 143 492,356 
Manufactured housing309,871 6,221 1,677 — 8,542 326,311 
Consumer172,643 486 317 2 55 173,503 
Total loans$16,998,410 $24,821 $28,666 $11 $72,795 $17,124,703 
As of December 31, 2022
Owner occupied commercial real estate$2,731,574 $1,522 $1,047 $— $523 $2,734,666 
Income producing commercial real estate3,257,232 468 41 — 3,885 3,261,626 
Commercial & industrial2,234,284 3,288 274 6 14,470 2,252,322 
Commercial construction1,597,268 447 — — 133 1,597,848 
Equipment financing1,362,622 4,285 1,906 — 5,438 1,374,251 
Total commercial11,182,980 10,010 3,268 6 24,449 11,220,713 
Residential mortgage2,342,196 1,939 7 — 10,919 2,355,061 
HELOC844,888 2,709 784 — 1,888 850,269 
Residential construction441,673 20 455 — 405 442,553 
Manufactured housing302,386 6,913 924 — 6,518 316,741 
Consumer148,943 237 48 9 53 149,290 
Total loans$15,263,066 $21,828 $5,486 $15 $44,232 $15,334,627 


19
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


The following table presents nonaccrual loans held for investment by loan class for the periods indicated (in thousands). 
Nonaccrual Loans
 March 31, 2023December 31, 2022
With no allowanceWith an allowanceTotalWith no allowanceWith an allowanceTotal
Owner occupied commercial real estate$68 $932 $1,000 $276 $247 $523 
Income producing commercial real estate10,512 91 10,603 3,798 87 3,885 
Commercial & industrial32,161 1,115 33,276 13,917 553 14,470 
Commercial construction— 475 475 69 64 133 
Equipment financing39 5,005 5,044 85 5,353 5,438 
Total commercial42,780 7,618 50,398 18,145 6,304 24,449 
Residential mortgage1,040 10,240 11,280 2,159 8,760 10,919 
HELOC252 2,125 2,377 430 1,458 1,888 
Residential construction59 84 143 311 94 405 
Manufactured housing— 8,542 8,542 — 6,518 6,518 
Consumer3 52 55 3 50 53 
Total$44,134 $28,661 $72,795 $21,048 $23,184 $44,232 

Risk Ratings 
United categorizes commercial loans, with the exception of equipment financing receivables, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings:

Pass. Loans in this category are considered to have a low probability of default and do not meet the criteria of the risk categories below.

Special Mention. Loans in this category are presently protected from apparent loss; however, weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable.

Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that United will sustain some loss if deficiencies are not corrected. If possible, immediate corrective action is taken.

Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment.
 
Loss. Loans categorized as Loss have the same characteristics as Doubtful; however, probability of loss is certain. Loans classified as Loss are charged off.
 
Equipment Financing Receivables and Consumer Purpose Loans. United applies a pass / fail grading system to all equipment financing receivables and consumer purpose loans. Under this system, loans that are on nonaccrual status, become past due 90 days, or are in bankruptcy and 30 or more days past due are classified as “fail” and all other loans are classified as “pass”. For reporting purposes, loans in these categories that are classified as “fail” are reported as substandard and all other loans are reported as pass.

20
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The following tables present the risk category of term loans and, for 2023, gross charge-offs by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands).
Term Loans by Origination YearRevolversRevolvers converted to term loansTotal
As of March 31, 202320232022202120202019Prior
Owner occupied commercial real estate:
Pass$181,897 $689,185 $711,249 $624,718 $233,961 $408,712 $185,380 $15,329 $3,050,431 
Special Mention1,575 6,059 4,294 7,797 10,188 7,311 6,910 277 44,411 
Substandard2,510 9,804 12,504 6,360 3,060 9,139 210 2,769 46,356 
Total owner occupied commercial real estate$185,982 $705,048 $728,047 $638,875 $247,209 $425,162 $192,500 $18,375 $3,141,198 
Current period gross charge-offs$— $— $— $— $— $207 $— $— $207 
Income producing commercial real estate:
Pass$156,012 $861,022 $785,978 $759,153 $266,389 $450,664 $62,077 $6,697 $3,347,992 
Special Mention10,992 41,994 21,382 25,837 18,019 27,425 359 160 146,168 
Substandard26,051 33,928 1,026 17,187 17,782 21,183 — 59 117,216 
Total income producing commercial real estate$193,055 $936,944 $808,386 $802,177 $302,190 $499,272 $62,436 $6,916 $3,611,376 
Current period gross charge-offs$— $2,781 $— $— $— $— $— $— $2,781 
Commercial & industrial
Pass$145,494 $579,840 $383,076 $178,455 $137,606 $207,290 $610,517 $21,871 $2,264,149 
Special Mention59 2,054 23,456 917 964 875 6,406 295 35,026 
Substandard4,187 11,286 40,400 14,873 4,315 10,292 51,657 5,535 142,545 
Doubtful/Loss— — — — — 1— — 1
Total commercial & industrial$149,740 $593,180 $446,932 $194,245 $142,885 $218,458 $668,580 $27,701 $2,441,721 
Current period gross charge-offs$— $639 $— $2 $99 $41 $— $117 $898 
Commercial construction
Pass$215,382 $743,077 $392,462 $253,806 $81,157 $33,032 $59,994 $1,336 $1,780,246 
Special Mention29 394 31 55 13,157 — — — 13,666 
Substandard390 264 36 1,563 1 9,586 — 243 12,083 
Total commercial construction$215,801 $743,735 $392,529 $255,424 $94,315 $42,618 $59,994 $1,579 $1,805,995 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Equipment financing:
Pass$226,702 $643,405 $335,672 $139,705 $79,143 $16,118 $— $— $1,440,745 
Substandard— 1,999 2,404 1,100 386 132 — — 6,021 
Total equipment financing$226,702 $645,404 $338,076 $140,805 $79,529 $16,250 $— $— $1,446,766 
Current period gross charge-offs$— $1,222 $1,754 $534 $321 $196 $— $— $4,027 
Residential mortgage:
Pass$229,475 $1,011,313 $775,540 $344,462 $93,823 $283,417 $284 $3,515 $2,741,829 
Substandard188 1,351 1,238 1,203 1,496 7,778 — 297 13,551 
Total residential mortgage$229,663 $1,012,664 $776,778 $345,665 $95,319 $291,195 $284 $3,812 $2,755,380 
Current period gross charge-offs$— $— $— $— $— $19 $— $— $19 
Home equity lines of credit
Pass$— $— $— $— $— $— $901,330 $25,958 $927,288 
Substandard— — — — — — 168 2,641 2,809 
Total home equity lines of credit$— $— $— $— $— $— $901,498 $28,599 $930,097 
Current period gross charge-offs$— $— $— $— $— $— $— $121 $121 
Residential construction
Pass$85,484 $322,159 $65,242 $8,692 $1,577 $8,119 $— $31 $491,304 
Substandard454 — 435 — 19 144 — — 1,052 
Total residential construction$85,938 $322,159 $65,677 $8,692 $1,596 $8,263 $— $31 $492,356 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Manufactured housing
Pass$15,660 $76,558 $53,747 $47,617 $34,198 $88,903 $— $— $316,683 
Substandard152 1,582 1,634 1,828 849 3,583 — — 9,628 
Total consumer$15,812 $78,140 $55,381 $49,445 $35,047 $92,486 $— $— $326,311 
Current period gross charge-offs$3 $266 $95 $99 $65 $126 $— $— $654 
Consumer
Pass$31,666 $62,905 $29,042 $14,025 $3,215 $2,642 $29,723 $127 $173,345 
Substandard— 16 82 30 1 24 5 — 158 
Total consumer$31,666 $62,921 $29,124 $14,055 $3,216 $2,666 $29,728 $127 $173,503 
Current period gross charge-offs$659 $44 $41 $16 $13 $— $1 $43 $817 

21
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Term LoansRevolversRevolvers converted to term loansTotal
As of December 31, 202220222021202020192018Prior
Pass
Owner occupied commercial real estate$669,451 $671,395 $611,900 $204,990 $127,738 $253,890 $114,975 $5,779 $2,660,118 
Income producing commercial real estate812,804 753,936 733,946 248,259 171,108 255,485 50,026 9,953 3,035,517 
Commercial & industrial535,594 388,851 186,292 134,789 119,547 71,503 670,161 15,880 2,122,617 
Commercial construction732,147 391,963 256,087 78,778 11,977 19,973 70,819 1,433 1,563,177 
Equipment financing714,044 374,030 162,463 93,690 22,753 1,214 — — 1,368,194 
Total commercial3,464,040 2,580,175 1,950,688 760,506 453,123 602,065 905,981 33,045 10,749,623 
Residential mortgage894,960 742,821 329,762 91,300 55,785 223,846 8 3,133 2,341,615 
HELOC— — — — — — 824,153 23,948 848,101 
Residential construction344,443 82,289 4,478 1,742 1,545 7,549 — 31 442,077 
Manufactured housing78,097 54,976 48,908 34,836 31,060 61,148 — — 309,025 
Consumer71,899 29,322 15,406 3,987 1,837 588 25,963 126 149,128 
4,853,439 3,489,583 2,349,242 892,371 543,350 895,196 1,756,105 60,283 14,839,569 
Special Mention
Owner occupied commercial real estate4,236 8,036 4,641 10,299 1,232 11,596 3,875 279 44,194 
Income producing commercial real estate41,423 1,137 44,802 32,821 21,647 50 805 — 142,685 
Commercial & industrial1,695 21,745 2,686 1,047 1,244 167 10,449 309 39,342 
Commercial construction850 33 1,640 13,237 4,891 28 — — 20,679 
Equipment financing— — — — — — — — — 
Total commercial48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 
Residential mortgage— — — — — — — — — 
HELOC— — — — — — — — — 
Residential construction— — — — — — — — — 
Manufactured housing— — — — — — — — — 
Consumer— — — — — — — — — 
48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 
Substandard
Owner occupied commercial real estate9,835 77 2,873 4,490 1,204 8,055 209 3,611 30,354 
Income producing commercial real estate52,384 1,357 1,867 4,180 13,209 10,365 — 62 83,424 
Commercial & industrial10,431 19,477 3,880 4,557 11,019 1,189 39,333 477 90,363 
Commercial construction133 — 45 2 3,876 9,693 — 243 13,992 
Equipment financing1,625 2,160 1,303 705 236 28 — — 6,057 
Total commercial74,408 23,071 9,968 13,934 29,544 29,330 39,542 4,393 224,190 
Residential mortgage1,195 964 1,364 1,836 2,589 5,296 — 202 13,446 
HELOC— — — — — — 93 2,075 2,168 
Residential construction32 268 — 20 3 153 — — 476 
Manufactured housing1,130 1,267 1,427 990 1,188 1,714 — — 7,716 
Consumer20 77 34 1 25 4 1 — 162 
76,785 25,647 12,793 16,781 33,349 36,497 39,636 6,670 248,158 
Total$4,978,428 $3,546,181 $2,415,804 $966,556 $605,713 $943,534 $1,810,870 $67,541 $15,334,627 

22
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Modifications to Borrowers Experiencing Financial Difficulty
Loans modified under the terms of a FDM during the three months ended March 31, 2023 are presented in the following table (in thousands).
 New FDMs
 Post-Modification Amortized Cost by Type of Modification
ExtensionPayment DelayRate Reduction & ExtensionTotal% of Total Class of Receivable
Three Months Ended March 31, 2023
Commercial & industrial$— $6,170 $— $6,170 0.3 %
Equipment financing5,211 — — 5,211 0.4 
Residential mortgage— — 57 57 — 
Manufactured housing— — 152 152 — 
Total loans$5,211 $6,170 $209 $11,590 0.1 

Equipment financing FDMs typically consist of one or more three-month extensions beyond the original maturity date.

For the three months ended March 31, 2023, commercial and industrial payment delay modifications consisted of one or more three-month periods during which principal payments were deferred but interest payments continued to be paid.

During the three months ended March 31, 2023, FDMs categorized as rate reduction and extensions in the residential mortgage and manufactured housing categories resulted in a decrease in the weighted average interest rate on these FDMs of 621 bps and extended the weighted average maturity by 6.5 years.

There have been no FDMs modified during 2023 that have subsequently defaulted under modified loan terms.

Allowance for Credit Losses
The ACL for loans represents management’s estimate of life of loan credit losses in the portfolio as of the end of the period. The ACL related to unfunded commitments is included in other liabilities in the consolidated balance sheet.

At both March 31, 2023 and December 31, 2022, United used a one-year reasonable and supportable forecast period. Expected credit losses were estimated using a regression model for each segment based on historical data from peer banks combined with a third party vendor’s baseline economic forecast to predict the change in credit losses. These estimates were then combined with a starting value that was based on United’s recent default experience to produce an expected default rate, with the results subject to a floor. In the case of residential construction and multifamily loans (included in income producing commercial real estate), the expected default rate was adjusted by a model overlay based on expectations of future performance. For the first quarter of 2023, management applied qualitative factors to the model output for the equipment finance portfolio to account for current economic trends not fully captured in the model.

For periods beyond the reasonable and supportable forecast period of one year, United reverted to historical credit loss information on a straight line basis over two years. For most collateral types, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages and manufactured housing, the peer data was adjusted for changes in lending practices designed to mitigate the magnitude of losses observed during the 2008 mortgage crisis.
23
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands).
Three Months Ended March 31, 2023
Beginning Balance
Initial ACL - PCD loans (1)
Charge-OffsRecoveriesProvisionEnding Balance
Owner occupied commercial real estate$19,834 $181 $(207)$117 $906 $20,831 
Income producing commercial real estate32,082 307 (2,781)475 3,524 33,607 
Commercial & industrial23,504 1,358 (898)673 3,675 28,312 
Commercial construction20,120 39 — 37 1,877 22,073 
Equipment financing23,395 — (4,027)652 6,175 26,195 
Residential mortgage20,809 157 (19)106 3,029 24,082 
HELOC8,707 534 (121)88 1,129 10,337 
Residential construction2,049 124 — 15 (145)2,043 
Manufactured housing8,098 — (654)26 954 8,424 
Consumer759 4 (817)251 433 630 
ACL - loans159,357 2,704 (9,524)2,440 21,557 176,534 
ACL - unfunded commitments21,163 — — — 226 21,389 
Total ACL$180,520 $2,704 $(9,524)$2,440 $21,783 $197,923 
(1) Represents the initial ACL related to PCD loans acquired in the Progress transaction.

Three Months Ended March 31, 2022
Beginning
Balance
Initial ACL - PCD loans (1)
Charge-OffsRecoveriesProvisionEnding
Balance
Owner occupied commercial real estate$14,282 $266 $— $45 $1,352 $15,945 
Income producing commercial real estate24,156 4,366 — 290 4,727 33,539 
Commercial & industrial16,592 2,337 (3,594)665 2,386 18,386 
Commercial construction9,956 2,857 (41)414 596 13,782 
Equipment financing16,290 — (948)681 3,241 19,264 
Residential mortgage12,390 385 (53)150 2,092 14,964 
HELOC6,568 60 (9)90 419 7,128 
Residential construction1,847 1 — 23 58 1,929 
Manufactured housing— 2,438 (173)9 4,809 7,083 
Consumer451 27 (806)279 834 785 
ACL - loans102,532 12,737 (5,624)2,646 20,514 132,805 
ACL - unfunded commitments10,992 — — — 2,572 13,564 
Total ACL$113,524 $12,737 $(5,624)$2,646 $23,086 $146,369 
(1) Represents the initial ACL related to PCD loans acquired in the Reliant transaction.

24
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 7 – Derivatives and Hedging Activities

The table below presents the fair value of derivative financial instruments, which are included in other assets and other liabilities on the consolidated balance sheet, as of the dates indicated (in thousands):
March 31, 2023December 31, 2022
Notional AmountFair ValueNotional AmountFair Value
Derivative AssetDerivative LiabilityDerivative AssetDerivative Liability
Derivatives designated as hedging instruments:
Cash flow hedge of subordinated debt$100,000 $14,503 $— $100,000 $16,191 $— 
Cash flow hedge of trust preferred securities20,000 — — 20,000 — — 
Fair value hedge of brokered time deposits— — — — — — 
Total120,000 14,503 — 120,000 16,191 — 
Derivatives not designated as hedging instruments:
Customer derivative positions1,165,444 2,407 76,901 1,097,578 341 86,358 
Dealer offsets to customer derivative positions1,165,444 23,756 2,303 1,097,578 22,393 274 
Risk participations78,463 4 1 88,586 15 1 
Mortgage banking - loan commitment74,898 1,884 3 19,685 394 — 
Mortgage banking - forward sales commitment140,471 97 684 49,750 198 71 
Bifurcated embedded derivatives51,935 9,460 — 51,935 11,104 — 
Dealer offsets to bifurcated embedded derivatives51,935 — 11,191 51,935 — 12,839 
Total2,728,590 37,608 91,083 2,457,047 34,445 99,543 
Total derivatives$2,848,590 $52,111 $91,083 $2,577,047 $50,636 $99,543 
Total gross derivative instruments$52,111 $91,083 $50,636 $99,543 
Less: Amounts subject to master netting agreements(2,401)(2,401)(346)(346)
Less: Cash collateral received/pledged(38,427)(11,645)(38,386)(13,089)
Net amount$11,283 $77,037 $11,904 $86,108 

United clears certain derivatives centrally through the CME. CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives’ exposure rather than as collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero.

Hedging Derivatives

Cash Flow Hedges of Interest Rate Risk 
United enters into cash flow hedges to mitigate exposure to the variability of future cash flows or other forecasted transactions. As of March 31, 2023 and December 31, 2022, United utilized interest rate caps and swaps to hedge the variability of cash flows due to changes in interest rates on certain of its variable-rate subordinated debt and trust preferred securities. United considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates. Therefore, changes in the fair value of these derivative instruments are recognized in OCI. Gains and losses related to changes in fair value are reclassified into earnings in the periods the hedged forecasted transactions occur. Losses representing amortization of the premium recorded on cash flow hedges, which is a component excluded from the assessment of effectiveness, are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Over the next twelve months, United expects to reclassify $4.82 million of gains from AOCI into earnings related to these agreements.

Fair Value Hedges of Interest Rate Risk 
United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate derivatives to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives.

25
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


The table below presents the effect of derivatives in hedging relationships, all of which are interest rate contracts, on the consolidated statement of income for the periods indicated (in thousands). 
Three Months Ended March 31,
20232022
Total interest expense presented in the consolidated statements of income$(68,017)$(7,267)
Effect of hedging relationships on interest expense:
Net income recognized on fair value hedges— 28 
Net expense recognized on cash flow hedges (1)
822 (141)
 (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $116,000 for both the three months ended March 31, 2023 and 2022.

Derivatives Not Designated as Hedging Instruments 
Customer derivative positions include swaps, caps, and collars between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept or transfer a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members.

United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market-linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day LIBOR and therefore provide an economic hedge.
  
In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. Fair value adjustments on these derivative instruments are recorded within mortgage loan gains and other related fee income in the consolidated statements of income. 

The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands). 
Location of Gain (Loss) Recognized in Income on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended March 31,
 20232022
Customer derivatives and dealer offsets Other noninterest income$367 $769 
Bifurcated embedded derivatives and dealer offsetsOther noninterest income(533)113 
Mortgage banking derivativesMortgage loan revenue1,227 4,634 
Risk participationsOther noninterest income(12)1 
  $1,049 $5,517 
 
Credit-Risk-Related Contingent Features 
United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each non-customer counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty.
 
United’s agreements with each of its derivative counterparties provide that if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that provide that if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements.
26
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Derivatives that are centrally cleared do not have credit-risk-related features that would require additional collateral if United’s credit rating were downgraded.
 
Note 8 – Goodwill and Other Intangible Assets
 
The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands).  
March 31, 2023December 31, 2022
Core deposit intangible$86,880 $46,900 
Less: accumulated amortization(29,442)(26,112)
Net core deposit intangible57,438 20,788 
Customer relationship intangible8,400 8,400 
Less: accumulated amortization(1,312)(1,114)
Net customer relationship intangible7,088 7,286 
Total intangibles subject to amortization, net (1)
64,526 28,074 
Goodwill896,718 751,174 
Total goodwill and other intangible assets, net$961,244 $779,248 
(1) As intangible assets become fully amortized, they are excluded from balances presented.
During the first quarter of 2023, as a result of the Progress acquisition, United recorded a core deposit intangible of $40.0 million. See Note 4 for further detail.

The following is a summary of changes in the carrying amounts of goodwill (in thousands): 
Three Months Ended
March 31,
20232022
Balance, beginning of period (1)
$751,174 $452,007 
Acquisitions145,544 299,167 
Balance, end of period (1)
$896,718 $751,174 
(1) Goodwill balances are shown net of accumulated impairment losses of $306 million incurred prior to 2022.

The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands):
Remainder of 2023$9,942 
202411,791 
202510,031 
20268,491 
20276,950 
Thereafter17,321 
Total$64,526 

Note 9 – Short-term Borrowings and FHLB Advances

At March 31, 2023 and December 31, 2022, short-term borrowings consisted of repurchase agreements, which are borrowings secured by investment securities. The following table presents the remaining contractual maturity of repurchase agreements by collateral pledged as of the date indicated (in thousands).
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 daysTotal
March 31, 2023
State and political subdivisions7,219 — — — 7,219 
Total$7,219 $— $— $— $7,219 
December 31, 2022
U.S. Treasuries$158,933 $— $— $— $158,933 
Total$158,933 $— $— $— $158,933 
27
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)


United is obligated to promptly transfer additional securities if the market value of the pledged securities falls below the repurchase agreement price. United manages this risk by maintaining a portfolio of unpledged securities that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. At March 31, 2023, repurchase agreements were collateralized by securities with a carrying amount of $9.97 million. At December 31, 2022, repurchase agreements were collateralized by securities with a carrying amount of $163 million.

At March 31, 2023 and December 31, 2022, United had FHLB advances totaling $30.0 million and $550 million, respectively. The balance outstanding at March 31, 2023 matures in 2023 and has an interest rate of 4.52%. United’s FHLB advances are collateralized by a blanket lien on owner occupied and income producing commercial real estate and residential mortgage loans.

Note 10 – Assets and Liabilities Measured at Fair Value
Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework.
Fair Value Hierarchy
Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access.
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals.
Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity.
In instances when the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value.

Investment Securities
AFS debt securities and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include MBS issued by GSEs, municipal bonds, corporate debt securities, asset-backed securities and supranational entity securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market, or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable or models which incorporate unobservable inputs.
 
Deferred Compensation Plan Assets and Liabilities
Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet.
 
28
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Mortgage Loans Held for Sale
United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan, and are classified as Level 2. In connection with the Reliant acquisition, United acquired certain mortgage loans held for sale for which the fair value option was not elected; these loans are carried at the lower of aggregate cost or fair value.
 
Derivative Financial Instruments
United uses derivatives to manage interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business.
 
United incorporates CVAs as necessary to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees.
 
Management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. However, the CVAs associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. Generally, management’s assessment of the significance of the CVAs has indicated that they are not a significant input to the overall valuation of the derivatives. In cases where management’s assessment indicates that the CVA is a significant input, the related derivative is disclosed as a Level 3 value.

Other derivatives classified as Level 3 include structured derivatives for which broker quotes, used as a key valuation input, were not observable. Risk participation agreements are classified as Level 3 instruments due to the incorporation of significant Level 3 inputs used to evaluate the probability of funding and the likelihood of customer default. Interest rate lock commitments, which relate to mortgage loan commitments, are categorized as Level 3 instruments as the fair value of these instruments is based on unobservable inputs for commitments that United does not expect to fund.
 
Servicing Rights for Residential and SBA/USDA Loans
United recognizes servicing rights upon the sale of residential and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of these assets, the key valuation inputs are unobservable and management classifies these assets as Level 3.

29
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).
March 31, 2023Level 1Level 2Level 3Total
Assets:    
AFS debt securities:    
U.S. Treasuries$176,259 $— $— $176,259 
U.S. Government agencies & GSEs— 245,643 — 245,643 
State and political subdivisions— 162,953 — 162,953 
Residential MBS— 1,686,622 — 1,686,622 
Commercial MBS— 650,688 — 650,688 
Corporate bonds— 197,840 2,227 200,067 
Asset-backed securities— 208,907 — 208,907 
Equity securities with readily determinable fair values12,403 1,819 — 14,222 
Mortgage loans held for sale— 18,960 — 18,960 
Deferred compensation plan assets11,244 — — 11,244 
Servicing rights for SBA/USDA loans— — 6,289 6,289 
Residential mortgage servicing rights— — 36,081 36,081 
Derivative financial instruments— 40,763 11,348 52,111 
Total assets$199,906 $3,214,195 $55,945 $3,470,046 
Liabilities:
Deferred compensation plan liability$11,280 $— $— $11,280 
Derivative financial instruments— 79,888 11,195 91,083 
Total liabilities$11,280 $79,888 $11,195 $102,363 
December 31, 2022Level 1Level 2Level 3Total
Assets:    
AFS debt securities:    
U.S. Treasuries$149,352 $— $— $149,352 
U.S. Government agencies & GSEs— 250,116 — 250,116 
State and political subdivisions— 303,748 — 303,748 
Residential MBS— 1,795,481 — 1,795,481 
Commercial MBS— 671,912 — 671,912 
Corporate bonds— 210,240 2,212 212,452 
Asset-backed securities— 231,272 — 231,272 
Equity securities with readily determinable fair values12,278 1,359 — 13,637 
Mortgage loans held for sale— 11,794 — 11,794 
Deferred compensation plan assets11,436 — — 11,436 
Servicing rights for SBA/USDA loans— — 5,188 5,188 
Residential mortgage servicing rights— — 36,559 36,559 
Derivative financial instruments— 39,123 11,513 50,636 
Total assets$173,066 $3,515,045 $55,472 $3,743,583 
Liabilities:
Deferred compensation plan liability$11,460 $— $— $11,460 
Derivative financial instruments— 86,703 12,840 99,543 
Total liabilities$11,460 $86,703 $12,840 $111,003 
 
30
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands).
20232022
Derivative
Assets		Derivative
Liabilities		SBA/USDA loan servicing rightsResidential mortgage servicing rightsCorporate BondsDerivative
Assets		Derivative
Liabilities		SBA/USDA loan servicing rightsResidential mortgage servicing rightsCorporate Bonds
Three Months Ended March 31,
Beginning balance$11,513 $12,840 $5,188 $36,559 $2,212 $6,758 $5,048 $6,513 $25,161 $2,395 
Business combinations— — 95 — — — — — — — 
Additions— 3 460 632 — — — 588 2,167 — 
Transfers from Level 3— — — — — (290)— — — — 
Sales and settlements(11)— (220)(452)— — — (229)(676)— 
Fair value adjustments included in OCI— — — — 15 — — — — (63)
Fair value adjustments included in earnings(154)(1,648)766 (658)— 1,434 3,483 90 5,989 — 
Ending balance$11,348 $11,195 $6,289 $36,081 $2,227 $7,902 $8,531 $6,962 $32,641 $2,332 

The following table presents quantitative information about significant Level 3 inputs for fair value on a recurring basis as of the dates indicated. 
Level 3 Assets and LiabilitiesValuation TechniqueSignificant Unobservable InputsMarch 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
SBA/USDA loan servicing rightsDiscounted cash flowDiscount rate
3.1% - 25.0%
12.1 %
11.9% - 25.0%
17.5 %
Prepayment rate
 0.0 - 36.2
16.7 
0.0 - 35.4
16.4 
Residential mortgage servicing rightsDiscounted cash flowDiscount rate
9.5 - 11.5
9.5 
9.5 - 11.5
9.5 
Prepayment rate
7.0 - 27.8
7.6 
7.0 - 31.2
7.5 
Corporate bondsDiscounted cash flowDiscount rate
5.7 - 6.1
5.9 
6.1 - 6.4
6.3 
Derivative assets - mortgageInternal modelPull through rate
64.7 - 100
89.2 
26.5 - 100
90.7 
Derivative assets and liabilities - otherDealer pricedDealer pricedN/AN/AN/AN/A
 
Fair Value Option
United generally records mortgage loans held for sale at fair value under the fair value option. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. In connection with the Reliant acquisition, United acquired mortgage loans held for sale accounted for under the lower of cost or fair value method. These loans are separately disclosed under the heading “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within this footnote. The following tables present the fair value and outstanding principal balance of loans accounted for under the fair value option, as well as the gain or loss recognized from the change in fair value for the periods indicated (in thousands).
Mortgage Loans Held for Sale
March 31, 2023December 31, 2022
Outstanding principal balance$18,408 $11,473 
Fair value18,960 11,794 
Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale
LocationThree Months Ended
March 31,
20232022
 Mortgage loan gains and other related fees$231 $(1,174)

Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.

31
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of assets that were still held as of March 31, 2023 and December 31, 2022, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands).
 Level 1Level 2Level 3Total
March 31, 2023    
Loans held for investment$— $— $11,582 $11,582 
Mortgage loans held for sale— — 1,430 1,430 
December 31, 2022
Loans held for investment$— $— $7,808 $7,808 
Mortgage loans held for sale— — 1,806 1,806 

Mortgage loans held for sale that were acquired from Reliant were subject to a nonrecurring fair value adjustment resulting from the application of the lower of the amortized cost or fair value accounting. As of March 31, 2023, these loans were classified as nonrecurring Level 3 because the valuation of these loans was based on indicative bids provided by a broker, not corroborated by market transactions.

Loans held for investment that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual loans that are collateral dependent are generally written down to net realizable value, which reflects fair value less the estimated costs to sell. Specific reserves that are established based on appraised value of collateral are considered nonrecurring fair value adjustments as well. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3.

Assets and Liabilities Not Measured at Fair Value  
For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts.
 
Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value.
 
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates.
 
Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
 
Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial.

32
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands).
 Fair Value Level
Carrying AmountLevel 1Level 2Level 3Total
March 31, 2023     
Assets:     
HTM debt securities$2,584,081 $17,817 $2,189,057 $— $2,206,874 
Loans and leases, net16,948,169 — — 16,291,834 16,291,834 
Liabilities:
Deposits22,004,674 — 22,010,264 — 22,010,264 
FHLB advances30,000 — 29,998 — 29,998 
Long-term debt324,729 — — 315,202 315,202 
December 31, 2022
Assets:
HTM debt securities$2,613,648 $17,417 $2,173,656 $— $2,191,073 
Loans and leases, net15,175,270 — — 14,609,239 14,609,239 
Liabilities:
Deposits19,876,507 — 19,863,380 — 19,863,380 
FHLB advances550,000 — — 549,913 549,913 
Long-term debt324,663 — — 313,380 313,380 
 
Note 11 – Stock-Based Compensation
 
United has an equity compensation plan that allows for grants of various share-based compensation. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan document). As of March 31, 2023, 2.57 million additional awards could be granted under the plan.
 
The table below presents restricted stock unit and option activity for the three months ended March 31, 2023.
Restricted Stock Unit AwardsOptions
SharesWeighted-
Average Grant-
Date Fair Value		Aggregate
Intrinsic
Value ($000)		SharesWeighted-
Average Exercise Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value ($000)
Outstanding at December 31, 2022778,686 $28.28 40,338 $11.88 
Granted229,226 32.61 643,298 20.91 
Released / Exercised(104,300)26.00 $3,487 (64,956)15.12 $966 
Cancelled(10,633)27.41 — — 
Outstanding at March 31, 2023892,979 29.67 25,111 618,680 20.93 5.74,452 
Vested / Exercisable at March 31, 2023— — 618,680 20.93 5.74,452 
Options granted in 2023 reflect fully vested options assumed in the Progress acquisition, with the weighted average exercise price of Progress’ fully vested converted options determined pursuant to the purchase agreement. The value of the Progress options was determined using a Black-Scholes model and was included in the purchase price for the acquisition. No compensation expense relating to options was included in earnings for the three months ended March 31, 2023 and 2022.
 
Compensation expense for restricted stock units and performance stock units without market conditions is based on the market value of United’s common stock on the date of grant. Compensation expense for performance stock units with market conditions is based on
33
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

the grant date per share fair value, which was estimated using the Monte Carlo Simulation valuation model. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit and performance stock unit awards is amortized into expense over the service period.

For the three months ended March 31, 2023 and 2022, expense of $2.36 million and $2.39 million, respectively, was recognized related to restricted stock unit and performance stock unit awards granted to United employees, which was included in salaries and employee benefits expense. In addition, for the three months ended March 31, 2023 and 2022, $122,000 and $100,000, respectively, was recognized in other expense for restricted stock unit awards granted to members of United’s Board of Directors.

A deferred income tax benefit related to stock-based compensation expense of $634,000 and $636,000 was included in the determination of income tax expense for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, there was $21.6 million of unrecognized expense related to non-vested restricted stock unit and performance stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.6 years.


Note 12 – Reclassifications Out of AOCI

The following table presents the details regarding amounts reclassified out of AOCI for the periods indicated (in thousands). Amounts shown in parentheses reduce earnings.
Details about AOCI ComponentsThree Months Ended
March 31,		Affected Line Item in the Statement Where Net Income is Presented
20232022
Realized losses on AFS securities:
$(1,644)$(3,734)Securities losses, net
 374 990 Income tax (expense) benefit
 $(1,270)$(2,744)Net of tax
Amortization of unrealized losses on HTM securities transferred from AFS:
 $(2,968)$— Investment securities interest revenue
 720 — Income tax benefit
 $(2,248)$— Net of tax
Reclassifications related to derivative instruments accounted for as cash flow hedges:
Interest rate contracts$822 $(141)Long-term debt interest expense
 (210)36 Income tax benefit
 $612 $(105)Net of tax
Amortization of defined benefit pension plan net periodic pension cost components:
Prior service cost$(61)$(78)Salaries and employee benefits expense
Actuarial losses— (92)Other expense
 (61)(170)Total before tax
 16 43 Income tax benefit
 $(45)$(127)Net of tax
Total reclassifications for the period$(2,951)$(2,976)Net of tax

34
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 13 – Earnings Per Share
 
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data).
Three Months Ended
March 31,
 20232022
Net income$62,300 $48,019 
Dividends on preferred stock(1,719)(1,719)
Earnings allocated to participating securities(339)(238)
Net income available to common shareholders$60,242 $46,062 
Weighted average shares outstanding:
Basic115,451 106,550 
Effect of dilutive securities:
Stock options233 46 
Restricted stock units31 81 
Diluted115,715 106,677 
Net income per common share:
Basic$0.52 $0.43 
Diluted$0.52 $0.43 
 
At March 31, 2023 and 2022, United had no potentially dilutive instruments outstanding that were not included in the above analysis.

Note 14 – Regulatory Matters

As of March 31, 2023, United and the Bank were categorized as well-capitalized under the regulatory requirements in effect at that time. To be categorized as well-capitalized, United and the Bank must have exceeded the well-capitalized guideline ratios in effect at the time, as set forth in the table below, and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at March 31, 2023, and there have been no conditions or events since quarter-end that would change the status of well-capitalized.

Regulatory capital ratios at March 31, 2023 and December 31, 2022, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under regulatory requirements in effect at such times, are presented below for United and the Bank (dollars in thousands):
United Community Banks, Inc.
(Consolidated)		United Community Bank
Minimum (1)
Well-
Capitalized		March 31,
2023		December 31,
2022		March 31,
2023		December 31,
2022
Risk-based ratios:
CET1 capital4.5 %6.5 %12.08 %12.26 %12.43 %12.83 %
Tier 1 capital6.0 8.0 12.58 12.81 12.43 12.83 
Total capital8.0 10.0 14.40 14.79 13.34 13.70 
Leverage ratio4.0 5.0 9.65 9.69 9.54 9.69 
CET1 capital$2,323,412 $2,164,211 $2,380,709 $2,255,337 
Tier 1 capital2,419,834 2,260,633 2,380,709 2,255,337 
Total capital2,768,855 2,610,216 2,553,799 2,408,895 
Risk-weighted assets19,231,410 17,648,573 19,148,302 17,583,347 
Average total assets for the leverage ratio25,086,615 23,322,018 24,946,089 23,285,253 
(1) As of March 31, 2023 and December 31, 2022 the additional capital conservation buffer in effect was 2.50%

35
UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

Note 15 – Commitments and Contingencies
 
United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk.
 
The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands).
March 31, 2023December 31, 2022
Financial instruments whose contract amounts represent credit risk:  
Commitments to extend credit$4,881,934 $4,683,790 
Letters of credit58,947 46,896 

United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations.

Tax Credit and Certain Equity Investments
United invests in certain LIHTC partnerships throughout its market area as a means of supporting local communities, as well as in entities that promote renewable energy sources. United receives tax credits related to these investments. For certain of the investments, United provides financing during the construction and development phase of the related projects and/or permanent financing upon completion of the project. United has concluded that these partnerships are VIEs of which it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs' financial performance and, therefore, is not required to consolidate these VIEs. United's maximum potential exposure to losses relative to investments in these VIEs is generally limited to the sum of the outstanding investment balance, any future funding commitments and the balance of any related loans to the entity. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured.

United also has investments in and future funding commitments related to fintech fund limited partnerships, other community development entities and certain other equity method investments. United has concluded that these partnerships are VIEs of which it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs' financial performance and, therefore, is not required to consolidate these VIEs. The risk exposure relating to such commitments is generally limited to the amount invested by United and any future funding commitments.

The following table summarizes, as of the dates indicated, tax credit and certain equity method investments (in thousands):

Balance Sheet LocationMarch 31, 2023December 31, 2022
Investments in LIHTC:
Carrying amountOther assets$53,867 $50,054 
Amount of future funding commitments included in carrying amountOther liabilities17,366 18,090 
Renewable energy investments:
Carrying amountOther assets39,221 19,617 
Amount of future funding commitments included in carrying amountOther liabilities37,406 18,781 
Fintech funds and certain other equity method investments:
Carrying amountOther assets30,184 27,569 
Amount of future funding commitments included in carrying amountOther liabilities470 470 
Amount of future funding commitments not included in carrying amountN/A22,811 23,690 
 
36

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our financial condition at March 31, 2023 and December 31, 2022 and our results of operations for the three months ended March 31, 2023 and 2022. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. The following discussion and analysis should be read along with our consolidated financial statements and related notes included in Part I - Item 1 of this Report, “Cautionary Note Regarding Forward-Looking Statements” and the risk factors discussed in our 2022 10-K, and the other reports we have filed with the SEC after we filed the 2022 10-K.

Unless the context otherwise requires, the terms “we,” “our,” “us” refer to United on a consolidated basis.
 
Overview
 
We offer a wide array of commercial and consumer banking services and investment advisory services through a 207 branch network throughout Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama. We have grown organically as well as through strategic acquisitions. At March 31, 2023, we had consolidated total assets of $25.9 billion and 3,052 full-time equivalent employees.

Recent Developments
Mergers and Acquisitions
On January 3, 2023, we completed the acquisition of Progress, which operated 13 offices primarily located in Alabama and the Florida Panhandle. We acquired $1.90 billion of assets and assumed $1.60 billion of liabilities in the acquisition, which included $1.44 billion in loans and $1.33 billion in deposits.
On February 13, 2023, we announced an agreement to acquire First Miami, which we plan to complete in the third quarter of 2023. First Miami is headquartered in South Miami, Florida, and operates 3 offices in the Miami metropolitan area. As of March 31, 2023, First Miami had total assets of $986 million, total loans of $606 million, and total deposits of $822 million. In addition to traditional banking products, First Miami offers private banking, trust and wealth management with approximately $320 million in assets under administration.

Results of Operations
We reported net income and diluted earnings per common share of $62.3 million and $0.52, respectively, for the first quarter of 2023. This compared to net income and diluted earnings per common share of $48.0 million and $0.43, respectively, for the same period in 2022.

We reported net income - operating (non-GAAP) of $69.0 million for the first quarter of 2023, compared to $55.1 million for the same period in 2022. For the first quarters of 2023 and 2022, net income - operating (non-GAAP) excludes merger-related and other charges, which net of tax, totaled $6.68 million and $7.05 million, respectively.

Net interest revenue increased to $211 million for the first quarter of 2023, compared to $164 million for the first quarter of 2022. The increase was due to several factors including loan growth, both organic and from the acquisition of Progress, and higher interest rates earned on our average loan and securities portfolios. The increase in interest revenue was partially offset by higher rates paid on deposits, a less favorable deposit mix and utilization of wholesale borrowings, which are more costly than customer deposits. The net interest margin increased to 3.61% for the three months ended March 31, 2023 from 2.97% for the same period in 2022 primarily due to the effect of the rising interest rate environment on our asset sensitive balance sheet.
 
We recorded a provision for credit losses of $21.8 million and $23.1 million for the first quarters of 2023 and 2022, respectively. Provision expense for the first quarters of 2023 and 2022 included initial provisions for credit losses on non-PCD loans and unfunded commitments acquired from Progress and Reliant of $10.4 million and $18.3 million, respectively. We recognized higher net charge-offs for the first quarter of 2023 of $7.08 million compared to $2.98 million for the same period in 2022, which partially offset the decrease in acquisition-related provision for credit losses for the first quarter of 2023.

Noninterest income of $30.2 million for the first quarter of 2023 was down $8.76 million, or 22%, from the first quarter of 2022, primarily driven by the $11.6 million decrease in mortgage loan gains and related fees due to lower mortgage production in the current rising interest rate environment. The decrease in mortgage income was partially offset by an increase in lending and loan servicing fees, lower securities losses and gains on other investments compared to losses in the same period of 2022.
37


For the first quarter of 2023, noninterest expenses of $140 million increased $20.5 million, or 17%, compared to the same period of 2022. The increase was primarily attributable to a $7.69 million increase in salaries and employee benefits, mostly driven by the addition of Progress employees. Other contributors to the increase included increases in FDIC assessment expense and amortization of intangibles, which was driven by the addition of the Progress core deposit intangible.

Critical Accounting Estimates
 
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Our accounting and reporting estimates are in accordance with GAAP and conform to general practices within the banking industry. Estimates that are susceptible to significant changes include accounting for the ACL and fair value measurements, both of which require significant judgments by management. Actual results could differ significantly from those estimates. Also, different assumptions in the application of these accounting estimates could result in material changes in our consolidated financial position or consolidated results of operations. Our critical accounting estimates are discussed in MD&A in our 2022 10-K.

Non-GAAP Reconciliation and Explanation

This Report contains financial information determined by methods other than in accordance with GAAP. Such non-GAAP financial information includes the following measures: “tangible book value per common share,” and “tangible common equity to tangible assets.” In addition, management presents non-GAAP operating performance measures, which exclude merger-related and other items that are not part of our ongoing business operations. Operating performance measures include “expenses – operating,” “net income – operating,” “diluted income per common share – operating,” “return on common equity – operating,” “return on tangible common equity – operating,” “return on assets – operating” and “efficiency ratio – operating.” We have developed internal policies and procedures to accurately capture and account for merger-related and other charges and those charges are reviewed with the Audit Committee of our Board each quarter. We use these non-GAAP measures because we believe they provide useful supplemental information for evaluating our operations and performance over periods of time, as well as in managing and evaluating our business and in discussions about our operations and performance. We believe these non-GAAP measures may also provide users of our financial information with a meaningful measure for assessing our financial results and credit trends, as well as a comparison to financial results for prior periods. Nevertheless, non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. These non-GAAP measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP. In addition, because non-GAAP measures are not standardized, it may not be possible to compare our non-GAAP measures to similarly titled measures used 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 in Table 1 of MD&A.
38

UNITED COMMUNITY BANKS, INC.
Table 1 - Financial Highlights
 (in thousands, except per share data)
20232022
First Quarter
2023 - 2022 Change
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
INCOME SUMMARY 
Interest revenue$279,487 $240,831 $213,887 $187,378 $171,059 
Interest expense68,017 30,943 14,113 8,475 7,267 
Net interest revenue211,470 209,888 199,774 178,903 163,792 29 %
Provision for credit losses21,783 19,831 15,392 5,604 23,086 
Noninterest income30,209 33,354 31,922 33,458 38,973 (22)
Total revenue219,896 223,411 216,304 206,757 179,679 22 
Noninterest expenses139,805 117,329 112,755 120,790 119,275 17 
Income before income tax expense80,091 106,082 103,549 85,967 60,404 33 
Income tax expense17,791 24,632 22,388 19,125 12,385 44 
Net income62,300 81,450 81,161 66,842 48,019 30 
Merger-related and other charges8,631 1,470 1,746 7,143 9,016 
Income tax benefit of merger-related and other charges(1,955)(323)(385)(1,575)(1,963)
Net income - operating (1)
$68,976 $82,597 $82,522 $72,410 $55,072 25 
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP$0.52 $0.74 $0.74 $0.61 $0.43 21 
Diluted net income - operating (1)
0.58 0.75 0.75 0.66 0.50 16 
Cash dividends declared0.23 0.22 0.22 0.21 0.21 10 
Book value25.76 24.38 23.78 23.96 24.38 6 
Tangible book value (3)
17.59 17.13 16.52 16.68 17.08 3 
Key performance ratios:
Return on common equity - GAAP (2)(4)
7.34 %10.86 %11.02 %9.31 %6.80 %
Return on common equity - operating (1)(2)(4)
8.15 11.01 11.21 10.10 7.83 
Return on tangible common equity - operating (1)(2)(3)(4)
11.63 15.20 15.60 14.20 11.00 
Return on assets - GAAP (4)
0.95 1.33 1.32 1.08 0.78 
Return on assets - operating (1)(4)
1.06 1.35 1.34 1.17 0.89 
Net interest margin (FTE) (4)
3.61 3.76 3.57 3.19 2.97 
Efficiency ratio - GAAP57.20 47.95 48.41 56.58 57.43 
Efficiency ratio - operating (1)
53.67 47.35 47.66 53.23 53.09 
Equity to total assets11.90 11.25 11.12 10.95 11.06 
Tangible common equity to tangible assets (3)
8.17 7.88 7.70 7.59 7.72 
ASSET QUALITY
NPAs$73,403 $44,281 $35,511 $34,428 $40,816 80 
ACL - loans176,534 159,357 148,502 136,925 132,805 33 
Net charge-offs (recoveries)7,084 6,611 1,134 (1,069)2,978 
ACL - loans to loans1.03 %1.04 %1.00 %0.94 %0.93 %
Net charge-offs to average loans (4)
0.17 0.17 0.03 (0.03)0.08 
NPAs to total assets0.28 0.18 0.15 0.14 0.17 
AT PERIOD END ($ in millions)
Loans$17,125 $15,335 $14,882 $14,541 $14,316 20 
Investment securities5,915 6,228 6,539 6,683 6,410 (8)
Total assets25,872 24,009 23,688 24,213 24,374 6 
Deposits22,005 19,877 20,321 20,873 21,056 5 
Shareholders’ equity3,078 2,701 2,635 2,651 2,695 14 
Common shares outstanding (thousands)115,152 106,223 106,163 106,034 106,025 9 
(1) Excludes merger-related and other charges. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes AOCI. (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized.

39

UNITED COMMUNITY BANKS, INC.
Table 1 (Continued) - Financial Highlights
Non-GAAP Performance Measures Reconciliation
(in thousands, except per share data)
 20232022
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Noninterest expense reconciliation     
Noninterest expenses (GAAP)$139,805 $117,329 $112,755 $120,790 $119,275 
Merger-related and other charges(8,631)(1,470)(1,746)(7,143)(9,016)
Noninterest expenses - operating$131,174 $115,859 $111,009 $113,647 $110,259 
Net income reconciliation
Net income (GAAP)$62,300 $81,450 $81,161 $66,842 $48,019 
Merger-related and other charges8,631 1,470 1,746 7,143 9,016 
Income tax benefit of merger-related and other charges(1,955)(323)(385)(1,575)(1,963)
Net income - operating$68,976 $82,597 $82,522 $72,410 $55,072 
Diluted income per common share reconciliation
Diluted income per common share (GAAP)$0.52 $0.74 $0.74 $0.61 $0.43 
Merger-related and other charges, net of tax0.06 0.01 0.01 0.05 0.07 
Diluted income per common share - operating$0.58 $0.75 $0.75 $0.66 $0.50 
Book value per common share reconciliation
Book value per common share (GAAP)$25.76 $24.38 $23.78 $23.96 $24.38 
Effect of goodwill and other intangibles(8.17)(7.25)(7.26)(7.28)(7.30)
Tangible book value per common share$17.59 $17.13 $16.52 $16.68 $17.08 
Return on tangible common equity reconciliation
Return on common equity (GAAP)7.34 %10.86 %11.02 %9.31 %6.80 %
Merger-related and other charges, net of tax0.81 0.15 0.19 0.79 1.03 
Return on common equity - operating8.15 11.01 11.21 10.10 7.83 
Effect of goodwill and other intangibles3.48 4.19 4.39 4.10 3.17 
Return on tangible common equity - operating11.63 %15.20 %15.60 %14.20 %11.00 %
Return on assets reconciliation
Return on assets (GAAP)0.95 %1.33 %1.32 %1.08 %0.78 %
Merger-related and other charges, net of tax0.11 0.02 0.02 0.09 0.11 
Return on assets - operating1.06 %1.35 %1.34 %1.17 %0.89 %
Efficiency ratio reconciliation
Efficiency ratio (GAAP)57.20 %47.95 %48.41 %56.58 %57.43 %
Merger-related and other charges(3.53)(0.60)(0.75)(3.35)(4.34)
Efficiency ratio - operating53.67 %47.35 %47.66 %53.23 %53.09 %
Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)11.90 %11.25 %11.12 %10.95 %11.06 %
Effect of goodwill and other intangibles(3.36)(2.97)(3.01)(2.96)(2.94)
Effect of preferred equity(0.37)(0.40)(0.41)(0.40)(0.40)
Tangible common equity to tangible assets8.17 %7.88 %7.70 %7.59 %7.72 %
40

Net Interest Revenue

Net interest revenue, which is the difference between the interest earned on assets and the interest paid on deposits and borrowed funds, is the single largest component of total revenue. Management seeks to optimize this revenue while balancing interest rate, credit and liquidity risks.

The banking industry generally uses two ratios to measure the relative profitability of net interest revenue. The net interest spread measures the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities. The interest rate spread eliminates the effect of noninterest-bearing deposits and shareholders’ equity and gives a direct perspective on the effect of market interest rate movements. The net interest margin is an indication of the profitability of a company’s balance sheet and is defined as net interest revenue as a percent of average total interest-earning assets, which includes the positive effect of funding a portion of interest-earning assets with noninterest-bearing deposits and shareholders’ equity.

Net interest revenue for the first quarters of 2023 and 2022 was $211 million and $164 million, respectively. FTE net interest revenue for the first quarter of 2023 was $213 million, representing an increase of $47.6 million, or 29%, from the same period in 2022. The net interest spreads for the first quarters of 2023 and 2022 were 2.87% and 2.88%, respectively. The net interest margins for the first quarters of 2023 and 2022 were 3.61% and 2.97%, respectively. Table 2 shows the relationship between interest revenue and expense and the average amounts of assets and liabilities, which provides further insight into net interest spread and net interest margin for the periods indicated. The following discussion provides additional detail on the average balances and net interest revenue for the first quarters of 2023 and 2022.

The increase in FTE net interest revenue was primarily driven by the $2.66 billion increase in average loans provided by the addition of the Progress loan portfolio as well as organic growth since the first quarter of 2022. As a result, loan interest revenue increased $89.9 million compared to the first quarter of 2022, which included a $1.75 million increase in purchased loan accretion. The increase in loan interest reflects interest revenue on approximately $1.44 billion in loans from the Progress acquisition and higher interest rates. The FOMC raised the targeted federal funds rate a total of 475 basis points beginning March 17, 2022 through the first quarter of 2023. Rising interest rates lifted the yield on the loan portfolio by 150 basis points to 5.68% in the first quarter of 2023 compared with the same period a year ago. Additionally, the $122 million increase in the daily average balance of securities and the 97 basis point increase in the average portfolio yield provided $16.1 million more in FTE interest revenue compared to the same period of last year.

The daily average balance of interest-bearing deposits increased by $644 million, which includes approximately $907 million of interest-bearing deposits received in the acquisition of Progress, partially offset by attrition of excess customer deposit balances that had built up during the COVID 19 pandemic. This decline in the daily average balance of deposits led us to use wholesale funding sources to fund loan growth. In the first quarter of 2023, we had FHLB advances and repurchase agreements outstanding with a total daily average balance of $561 million resulting in additional interest expense of $6.26 million compared with $611,000 of daily average balances outstanding in the first quarter of 2022. This change in funding mix toward more costly wholesale borrowings, combined with higher rates offered on customer deposits, led to a $60.8 million increase in interest expense from the first quarter of 2022. We also saw attrition in our noninterest-bearing deposit balances as rising interest rates offered customers more attractive alternatives. Although the daily average balance of our noninterest-bearing deposits was up $31.2 million from the first quarter of 2022, the acquisition of Progress added approximately $427 million in noninterest-bearing deposits. The attrition of deposit balances, which began soon after the the FOMC began increasing the targeted Federal Funds rate at the end of the first quarter of 2022, appears to have ceased in the first quarter of 2023 with March 31, 2023 customer deposit balances up at an annualized rate of 10% from December 31, 2022, excluding Progress.

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Table 2 - Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended March 31,
(dollars in thousands, FTE)
 20232022
Average BalanceInterestAverage RateAverage BalanceInterestAverage Rate
Assets:      
Interest-earning assets:      
Loans, net of unearned income (FTE) (1)(2)
$16,897,372 $236,530 5.68 %$14,234,026 $146,637 4.18 %
Taxable securities (3)
6,059,323 37,876 2.50 5,848,976 21,010 1.44 
Tax-exempt securities (FTE) (1)(3)
422,583 2,834 2.68 510,954 3,566 2.79 
Federal funds sold and other interest-earning assets472,325 3,352 2.88 1,910,411 1,020 0.22 
Total interest-earning assets (FTE)23,851,603 280,592 4.76 22,504,367 172,233 3.10 
Noninterest-earning assets:
Allowance for credit losses(167,584)(113,254)
Cash and due from banks271,210 166,005 
Premises and equipment329,135 277,216 
Other assets (3)
1,484,936 1,369,301 
Total assets$25,769,300 $24,203,635 
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand$4,499,907 17,599 1.59 $4,667,098 1,469 0.13 
Money market5,223,267 25,066 1.95 5,110,817 1,012 0.08 
Savings1,416,931 538 0.15 1,436,881 72 0.02 
Time2,348,588 12,313 2.13 1,758,895 534 0.12 
Brokered time deposits208,215 2,345 4.57 79,092 44 0.23 
Total interest-bearing deposits13,696,908 57,861 1.71 13,052,783 3,131 0.10 
Federal funds purchased and other borrowings107,955 1,148 4.31 611 — — 
Federal Home Loan Bank advances453,056 5,112 4.58 — — — 
Long-term debt324,701 3,896 4.87 318,995 4,136 5.26 
Total borrowed funds885,712 10,156 4.65 319,606 4,136 5.25 
Total interest-bearing liabilities14,582,620 68,017 1.89 13,372,389 7,267 0.22 
Noninterest-bearing liabilities:
Noninterest-bearing deposits7,697,844 7,666,635 
Other liabilities357,367 378,327 
Total liabilities22,637,831 21,417,351 
Shareholders' equity3,131,469 2,786,284 
Total liabilities and shareholders' equity$25,769,300 $24,203,635 
Net interest revenue (FTE) $212,575 $164,966 
Net interest-rate spread (FTE)  2.87 %2.88 %
Net interest margin (FTE) (4)
  3.61 %2.97 %
 
(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)Unrealized losses on securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $419 million and $81.2 million in 2023 and 2022, 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.


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The following table shows the relative effect on net interest revenue for changes in the average outstanding amounts (volume) of interest-earning assets and interest-bearing liabilities and the rates earned and paid on such assets and liabilities (rate). Variances resulting from a combination of changes in rate and volume are allocated in proportion to the absolute dollar amounts of the change in each category.
 
Table 3 - Change in Interest Revenue and Expense on a Taxable Equivalent Basis
(in thousands)
Three Months Ended March 31, 2023
Compared to 2022 Increase (Decrease) Due to Changes in
 VolumeRateTotal
Interest-earning assets:
Loans (FTE)$30,812 $59,081 $89,893 
Taxable securities781 16,085 16,866 
Tax-exempt securities (FTE)(597)(135)(732)
Federal funds sold and other interest-earning assets(1,333)3,665 2,332 
Total interest-earning assets (FTE)29,663 78,696 108,359 
Interest-bearing liabilities:
NOW and interest-bearing demand accounts(55)16,185 16,130 
Money market accounts23 24,031 24,054 
Savings deposits(1)467 466 
Time deposits238 11,541 11,779 
Brokered deposits180 2,121 2,301 
Total interest-bearing deposits385 54,345 54,730 
Federal funds purchased & other borrowings1,148 — 1,148 
FHLB advances5,112 — 5,112 
Long-term debt73 (313)(240)
Total borrowed funds6,333 (313)6,020 
Total interest-bearing liabilities6,718 54,032 60,750 
Increase in net interest revenue (FTE)$22,945 $24,664 $47,609 


Provision for Credit Losses

The ACL represents management’s estimate of life of loan credit losses in the loan portfolio and unfunded loan commitments. Management’s estimate of credit losses under CECL is determined using a model that relies on reasonable and supportable forecasts and historical loss information to determine the balance of the ACL and resulting provision for credit losses.

We recorded a provision for credit losses of $21.8 million for the three months ended March 31, 2023, compared to $23.1 million for the same period of 2022. The amount of provision recorded in each period was the amount required such that the total ACL reflected the appropriate balance as determined by management reflecting expected life of loan losses. The provision recorded for the first quarter of 2023 included the initial provision for credit losses on Progress non-PCD loans and unfunded commitments of $8.80 million and $1.65 million, respectively. The provision for credit losses for the first quarter of 2022 included the initial provision for credit losses on Reliant non-PCD loans and unfunded commitments of $15.2 million and $3.12 million, respectively. The decrease in acquisition-related provision in the first quarter of 2023 was partially offset by provision expense related to organic loan growth and higher net charge-offs relative to the first quarter of 2022.

Additional discussion on credit quality and the ACL is included in the “Asset Quality and Risk Elements” section of MD&A in this Report.

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Noninterest Income
 
The following table presents the components of noninterest income for the periods indicated.
Table 4 - Noninterest Income
(in thousands)
 Three Months Ended
March 31,		Change
 20232022AmountPercent
Service charges and fees:
Overdraft fees$2,492 $2,416 $76 3 %
ATM and debit card fees3,775 3,991 (216)(5)
Other service charges and fees2,432 2,663 (231)(9)
Total service charges and fees8,699 9,070 (371)(4)
Mortgage loan gains and related fees4,521 16,152 (11,631)(72)
Wealth management fees5,724 5,895 (171)(3)
Gains on sales of other loans1,916 3,198 (1,282)(40)
Lending and loan servicing fees4,016 2,986 1,030 34 
Securities gains (losses), net(1,644)(3,734)2,090 
Other noninterest income:
Customer derivatives355 786 (431)(55)
Other investment gains (losses)1,064 (499)1,563 
BOLI1,615 1,337 278 21 
Treasury management income1,104 818 286 35 
Other2,839 2,964 (125)(4)
Total other noninterest income6,977 5,406 1,571 29 
Total noninterest income$30,209 $38,973 $(8,764)(22)

Mortgage loan gains and related fees consist primarily of fees earned on mortgage originations, gains on the sale of mortgages in the secondary market, mortgage derivative hedging gains and losses and fair value adjustments to our mortgage servicing asset. The change in mortgage income is strongly tied to the interest rate environment and industry conditions. We recognize the majority of fees on mortgages when customers enter into mortgage rate lock commitments, making our mortgage rate lock volume a significant driver of mortgage gains in any given period.

The decrease in mortgage loan gains and related fees was primarily a result of the decrease in mortgage refinance and mortgage rate lock demand compared to the first quarter of 2022, as shown in the following table. In addition, during the first quarter of 2023, we recorded a $1.10 million negative fair value adjustment, including decay, to the mortgage servicing rights asset, compared to a $5.31 million positive fair value adjustment, including decay, during the first quarter of 2022.

Table 5 - Mortgage Loan Metrics (1)
(dollars in thousands)
Three Months Ended
March 31,
20232022% Change
Mortgage rate locks$334,697 $757,348 (56)%
# of mortgage rate locks923 1,923 (52)
Mortgage loans sold$79,279 $207,152 (62)
# of mortgage loans sold295 788 (63)
Mortgage loans originated:
Purchases$192,693 $313,512 (39)
Refinances31,852 148,445 (79)
Total$224,545 $461,957 (51)
# of mortgage loans originated617 1,202 (49)


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Our SBA/USDA lending strategy includes selling a portion of the loan production each quarter. The amount of loans sold depends on several variables including the current lending environment, balance sheet management activities and market pricing. From time to time, we also sell certain equipment financing receivables. The following table presents loans sold and the corresponding gains recognized on the sales for the periods indicated.

Table 6 - Other Loan Sales
(in thousands)
Three Months Ended March 31,
20232022
Loans SoldGainLoans SoldGain
Guaranteed portion of SBA/USDA loans$21,770 $1,523 $28,343 $2,466 
Equipment financing receivables18,703 393 23,436 732 
Total$40,473 $1,916 $51,779 $3,198 

Lending and loan servicing fees increased mostly due to a positive fair value adjustment on our SBA loan servicing asset and volume-driven fee income from our equipment finance business.

During the first quarters of 2023 and 2022, we sold certain securities, which resulted in net securities losses. During 2023, proceeds from sales were used to fund loan growth and repay FHLB advances. During 2022, we strategically reinvested in higher-yielding securities.

Our other investments include deferred compensation plan assets, CRA investments, other equity securities and limited partnership investments. During the first quarter of 2023,we recorded net unrealized gains on these investments, primarily driven by unrealized gains on equity securities compared to net losses during the first quarter of 2022 and equity method income from limited partnership investments.

Noninterest Expenses 

The following table presents the components of noninterest expenses for the periods indicated. 
Table 7 - Noninterest Expenses
(in thousands)
 Three Months Ended
March 31,		Change
 20232022AmountPercent
Salaries and employee benefits$78,698 $71,006 $7,692 11 %
Communications and equipment10,008 9,248 760 8 
Occupancy9,889 9,378 511 5 
Advertising and public relations2,349 1,488 861 58 
Postage, printing and supplies2,537 2,119 418 20 
Professional fees6,072 4,447 1,625 37 
Lending and loan servicing expense2,319 2,366 (47)(2)
Outside services - electronic banking3,425 2,523 902 36 
FDIC assessments and other regulatory charges4,001 2,173 1,828 84 
Amortization of intangibles3,528 1,793 1,735 97 
Other8,348 3,718 4,630 125 
Total excluding merger-related and other charges131,174 110,259 20,915 19 
Merger-related and other charges8,631 9,016 (385)
Total noninterest expenses$139,805 $119,275 $20,530 17 

Approximately half of the year over year increase in operating expenses is due to the acquisition of Progress on January 3, 2023.

The increase in salaries and employee benefits for the first quarter of 2023 compared to the same period of 2022 was primarily driven by the addition of Progress employees. Merit increases, which included annual increases that went into effect for all employees on April 1, 2022 as well as a targeted mid-year 2022 increase in the third quarter, also contributed to the rise in salaries and employee
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benefits expense. Although mortgage commissions were down from a year ago, the decrease was mostly offset by lower deferred direct loan origination costs and higher production incentives in other lending areas. Full time equivalent headcount totaled 3,052 at March 31, 2023, up from 2,893 at March 31, 2022.

Communications and equipment expense increased primarily driven by incremental software contract costs and the growth in our network with the addition of recent acquisitions. The increase in occupancy costs for the first quarter of 2023 compared to the same period of 2022 was mostly attributable to the additional operating lease costs associated with the acquisition of Progress. The decrease in lending and loan servicing expense was driven by lower mortgage loan production compared to that of the first quarter of 2022. The increase in FDIC assessments and other regulatory charges was primarily attributable to the 2 basis point assessment rate increase that went into effect for all banks on January 1, 2023, as well as an increased assessment base driven by higher average total assets partly resulting from the Progress acquisition. Amortization of intangibles increased with the additional customer deposit intangibles recorded as a result of the Progress acquisition. Merger-related charges for the first quarter of 2023 were primarily related to the acquisition of Progress.

Balance Sheet Review
 
Total assets at March 31, 2023 and December 31, 2022 were $25.9 billion and $24.0 billion, respectively. Total liabilities at March 31, 2023 and December 31, 2022 were $22.8 billion and $21.3 billion, respectively. Shareholders’ equity totaled $3.08 billion and $2.70 billion at March 31, 2023 and December 31, 2022, respectively.

Loans

Our loan portfolio is our largest category of interest-earning assets. The following table presents a summary of the loan portfolio by loan type as of March 31, 2023, of which approximately 74% was secured by real estate.

Table 8 - Loan Portfolio Composition
As of March 31, 2023
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Asset Quality and Risk Elements
 
We manage asset quality and control credit risk through review and oversight of the loan portfolio as well as adherence to policies designed to promote sound underwriting and loan monitoring practices. Our credit risk management function is responsible for monitoring asset quality and Board approved portfolio concentration limits, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures.
 
We conduct reviews of special mention and substandard performing and non-performing loans, past due loans and portfolio concentrations on a regular basis to identify risk migration and potential charges to the ACL. These items are discussed in a series of
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meetings attended by credit risk management leadership and leadership from various lending groups. In addition to the reviews mentioned above, an independent loan review team reviews the portfolio to ensure consistent application of risk rating policies and procedures.

The ACL reflects our assessment of the life of loan expected credit losses in the loan portfolio and unfunded loan commitments. This assessment involves uncertainty and judgment and is subject to change in future periods. The amount of any changes could be significant if our assessment of loan quality or collateral values changes substantially with respect to one or more loan relationships or portfolios. The allocation of the ACL is based on reasonable and supportable forecasts, historical data, subjective judgment and estimates and therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. See the Critical Accounting Estimates section of MD&A in our 2022 10-K for additional information on the allowance for credit losses.

Table 9 - Allocation of ACL
(in thousands)
March 31, 2023December 31, 2022
ACL% of loans in each category to total loansACL% of loans in each category to total loans
Owner occupied commercial real estate$20,831 18 $19,834 18 
Income producing commercial real estate33,607 21 32,082 21 
Commercial & industrial28,312 14 23,504 15 
Commercial construction22,073 11 20,120 10 
Equipment financing26,195 9 23,395 9 
Total commercial131,018 73 118,935 73 
Residential mortgage24,082 16 20,809 15 
HELOC10,337 5 8,707 6 
Residential construction2,043 3 2,049 3 
Manufactured housing8,424 2 8,098 2 
Consumer630 1 759 1 
Total ACL - loans176,534 100 159,357 100 
ACL - unfunded commitments21,389 21,163 
Total ACL$197,923 $180,520 
ACL - loans as a percentage of total loans1.03 %1.04 %
ACL - loans as a percentage of nonaccrual loans243 360 

The increase in the ACL since December 31, 2022 was primarily driven by the acquisition of Progress, which added $13.2 million to the ACL as of the acquisition date. Of this amount, $2.70 million was reclassified from the amortized cost basis of PCD loans, $8.80 million was recorded as provision for loan losses on acquired non-PCD loan balances and $1.65 million was recorded as provision for unfunded commitments on the acquired balance of unfunded commitments. See Provision for Credit Losses discussion within this MD&A for further information.

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The following table presents a summary of net charge-offs to average loans for the periods indicated.
Table 10 - Net Charge-offs to Average Loans
(in thousands)
 Three Months Ended
March 31,
 20232022
Net charge-offs (recoveries)
Owner occupied commercial real estate$90$(45)
Income producing commercial real estate2,306(290)
Commercial & industrial2252,929
Commercial construction(37)(373)
Equipment financing3,375267
Residential mortgage(87)(97)
HELOC33(81)
Residential construction(15)(23)
Manufactured housing628164
Consumer566527
Total net charge-offs (recoveries)$7,084$2,978
Average loans
Owner occupied commercial real estate$3,058,802$2,618,981
Income producing commercial real estate3,577,8833,311,373
Commercial & industrial2,443,5812,333,079
Commercial construction1,771,9401,460,433
Equipment financing1,468,5381,134,584
Residential mortgage2,660,3451,818,838
HELOC926,806774,081
Residential construction486,686372,930
Manufactured housing334,754265,481
Consumer168,037144,246
Total average loans$16,897,372$14,234,026
Net charge-offs to average loans (1)
Owner occupied commercial real estate0.01 %(0.01)%
Income producing commercial real estate0.26 (0.04)
Commercial & industrial0.04 0.51 
Commercial construction(0.01)(0.10)
Equipment financing0.93 0.10 
Residential mortgage(0.01)(0.02)
HELOC0.01 (0.04)
Residential construction(0.01)(0.03)
Manufactured housing0.76 0.25 
Consumer1.37 1.48 
Total0.17 0.08 
(1) Annualized.

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Nonperforming Assets

The table below summarizes NPAs for the periods indicated. NPAs include nonaccrual loans, OREO and repossessed assets. The increase in nonaccrual loans since December 31, 2022 is primarily driven by a small number of large loans that moved to nonaccrual status during the first quarter of 2023.

Table 11 - NPAs
(in thousands)
March 31,
2023		December 31,
2022
Nonaccrual loans72,795 44,232 
OREO and repossessed assets608 49 
Total NPAs$73,403 $44,281 
Nonaccrual loans as a percentage of total loans0.43 %0.29 %
NPAs as a percentage of total assets0.28 0.18 

Our policy is to place loans on nonaccrual status when, in the opinion of management, the full principal and interest on a loan is not likely to be collected or when the loan becomes 90 days past due. A loan may continue on accrual after 90 days, however, if it is well collateralized and in the process of collection. When a loan is placed on nonaccrual status, interest previously accrued but not collected is reversed against current interest revenue. Interest payments received on nonaccrual loans are applied to reduce the loan’s amortized cost. Loans are generally returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured.
 
Generally, we do not commit to lend additional funds to customers whose loans are on nonaccrual status, although in certain isolated cases, we execute forbearance agreements whereby we agree to continue to fund construction loans to completion or other lines of credit as long as the borrower meets the conditions of the forbearance agreement. We may also fund other amounts necessary to protect collateral such as amounts to pay past due property taxes and insurance coverage.

Investment Securities

The composition of the investment securities portfolio reflects our investment strategy of maintaining an appropriate level of liquidity while providing a relatively stable source of revenue. The investment securities portfolio also provides a balance to interest rate risk and credit risk in other categories of the balance sheet while providing a vehicle for the investment of available funds, furnishing liquidity, and supplying securities to pledge as required collateral for certain deposits and borrowings.
At March 31, 2023 and December 31, 2022, we had HTM debt securities with a carrying amount of $2.58 billion and $2.61 billion, respectively, and AFS debt securities totaling $3.33 billion and $3.61 billion, respectively. In the first quarter of 2023, we sold $381 million in AFS securities, including approximately $111 million in securities received through the Progress acquisition, primarily for the purpose of providing liquidity to fund loan growth. At March 31, 2023 and December 31, 2022, the securities portfolio represented approximately 23% and 26%, respectively, of total assets.
At March 31, 2023, HTM debt securities had a fair value of $2.21 billion, indicating net unrealized losses of $377 million. Additional unrealized losses on HTM debt securities of $75.4 million (pre-tax) were included in AOCI as a result of the transfer of AFS debt securities to HTM in 2022. Unrealized losses were primarily attributable to changes in interest rates.
In accordance with CECL, our HTM debt securities portfolio is evaluated quarterly to assess whether an ACL is required. We measure expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. At March 31, 2023 and December 31, 2022, calculated credit losses on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL for HTM debt securities was recorded.
For AFS debt securities in an unrealized loss position, if we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security's amortized cost basis is written down to fair value through income. Absent circumstances when an AFS security would be sold, we evaluate whether the decline in fair value has resulted from credit losses or other factors. The evaluation considers factors such as the extent to which fair value is less than amortized cost, changes to the security’s rating, and adverse conditions specific to the security. If the evaluation indicates a credit loss exists, an ACL
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may be recorded, with such allowance limited to the amount by which fair value is below amortized cost. Any impairment unrelated to credit factors is recognized in OCI. At March 31, 2023 and December 31, 2022, there was no ACL related to the AFS debt securities portfolio. Unrealized losses at March 31, 2023 and December 31, 2022 primarily reflected the effect of changes in interest rates.
Goodwill and Other Intangible Assets

Goodwill represents the premium paid for acquired companies above the net fair value of the assets acquired and liabilities assumed, including separately identifiable intangible assets. Management evaluates goodwill annually, or more frequently if necessary, to determine if any impairment exists. At March 31, 2023 and December 31, 2022, the net carrying amount of goodwill was $897 million and $751 million, respectively.

We also have core deposit and customer relationship intangible assets, representing the value of acquired deposit and customer relationships, respectively, which are amortizing intangible assets. Amortizing intangible assets are required to be tested for impairment only when events or circumstances indicate that impairment may exist.

In connection with the acquisition of Progress in the first quarter of 2023, we recorded goodwill and a core deposit intangible of $146 million and $40.0 million, respectively.

Deposits

Customer deposits are the primary source of funds for the continued growth of our earning assets. Our high level of service, as evidenced by our strong customer satisfaction scores, has been instrumental in attracting and retaining customer deposit accounts. The increase in deposits since December 31, 2022 was mostly driven by the deposits assumed in the Progress transaction, although we also generated organic growth by increasing the rates offered on deposits. As of March 31, 2023, we had approximately $8.00 billion of uninsured deposits, of which $2.39 billion was collateralized by investment securities.

Table 12 - Deposits
(in thousands)
March 31, 2023December 31, 2022
Noninterest-bearing demand$7,540,265 $7,643,081 
NOW and interest-bearing demand4,769,663 4,350,878 
Money market and savings6,503,422 5,967,017 
Time2,703,568 1,781,482 
Total customer deposits21,516,918 19,742,458 
Brokered deposits487,756 134,049 
Total deposits$22,004,674 $19,876,507 

Borrowing Activities

At both March 31, 2023 and December 31, 2022, we had long-term debt outstanding of $325 million, which includes senior debentures, subordinated debentures, and trust preferred securities. Also at March 31, 2023 and December 31, 2022, we had short-term borrowings outstanding of $7.22 million and $159 million, respectively, which was mostly comprised of repurchase agreements, and we had $30.0 million and $550 million, respectively, of FHLB advances outstanding. We began using these short-term funding sources in mid 2022 due to balance attrition in our deposit accounts and our need to fund loan growth. The decrease since December 31, 2022 is a result of the sale of investment securities noted above and growth in customer and brokered deposits which allowed us to fund first quarter loan growth and repay short-term borrowings.

Contractual Obligations
 
There have not been any material changes to our contractual obligations since December 31, 2022.
 
Off-Balance Sheet Arrangements
 
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of customers. These financial instruments include commitments to extend credit, letters of credit and financial guarantees.
 
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A commitment to extend credit is an agreement to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Letters of credit and financial guarantees are conditional commitments issued to guarantee a customer’s performance to a third party and have essentially the same credit risk as extending loan facilities to customers. Those commitments are primarily issued to local businesses.
 
The exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit, letters of credit and financial guarantees is represented by the contractual amount of these instruments. We use the same credit underwriting procedures for making commitments, letters of credit and financial guarantees, as we use for underwriting on-balance sheet instruments. Management evaluates each customer’s creditworthiness on a case-by-case basis and the amount of the collateral, if deemed necessary, is based on the credit evaluation. Collateral held varies, but may include unimproved and improved real estate, certificates of deposit, personal property or other acceptable collateral.
 
All of these instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The total amount of these instruments does not necessarily represent future cash requirements because a significant portion of these instruments expire without being used. We are not involved in off-balance sheet contractual relationships, other than those disclosed in this report, that could result in liquidity needs or other commitments, or that could significantly affect earnings. See Note 23 to the consolidated financial statements included in our 2022 10-K and Note 15 to the consolidated financial statements in this Report for additional information on off-balance sheet arrangements.

Interest Rate Sensitivity Management

The absolute level and volatility of interest rates can have a significant effect on profitability. The objective of interest rate risk management is to identify and manage the sensitivity of net interest revenue to changing interest rates, consistent with our overall financial goals. Based on economic conditions, asset quality and various other considerations, management establishes tolerance ranges for interest rate sensitivity and manages within these ranges. 

Net interest revenue and the fair value of financial instruments are influenced by changes in the level of interest rates. We limit our exposure to fluctuations in interest rates through policies established by our ALCO and approved by the Board. The ALCO meets periodically and has responsibility for formulating and recommending asset/liability management policies to the Board, formulating and implementing strategies to improve balance sheet positioning and/or earnings, and reviewing interest rate sensitivity. 

One of the tools management uses to estimate and manage the sensitivity of net interest revenue to changes in interest rates is an asset/liability simulation model. Resulting estimates are based upon multiple assumptions for each scenario, including loan and deposit re-pricing characteristics and the rate of prepayments. The ALCO periodically reviews the assumptions for reasonableness based on historical data and future expectations; however, actual net interest revenue may differ from model results. The primary objective of the simulation model is to measure the potential change in net interest revenue over time using multiple interest rate scenarios. The base scenario assumes rates remain flat and is the scenario to which all others are compared, in order to measure the change in net interest revenue. Policy limits are based on immediate rate shock scenarios, as well as gradually rising and falling rate scenarios, which are all compared to the base scenario. Our assumptions include floors such that market rates and discount rates do not go below zero. Other scenarios analyzed may include delayed rate shocks, yield curve steepening or flattening, or other variations in rate movements. While the primary policy scenarios focus on a 12-month time frame, longer time horizons are also modeled. 

Our policy is based on the 12-month impact on net interest revenue of interest rate shocks and ramps that increase from 100 to 400 basis points or decrease 100 to 200 basis points from the base scenario. In the shock scenarios, rates immediately change the full amount at the scenario onset. In the ramp scenarios, rates change by 25 basis points per month. Our policy limits the projected change in net interest revenue over the first 12 months to an 8% decrease for each 100 basis point change in the increasing and decreasing rate ramp and shock scenarios. The following table presents our interest sensitivity position at the dates indicated.

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Table 13 - Interest Sensitivity
(in thousands)
 Increase (Decrease) in Net Interest Revenue from Base Scenario at
 March 31, 2023December 31, 2022
Change in RatesShockRampShockRamp
200 basis point increase5.69 %3.19 %6.97 %4.33 %
100 basis point increase2.90 2.25 3.53 2.85 
100 basis point decrease(2.98)(2.38)(3.78)(3.12)
200 basis point decrease(7.02)(3.88)(8.39)(5.07)
 
Our interest sensitivity model includes significant key assumptions, including an assumption of no change in deposit portfolio size or composition. Additionally, in rising rate environments, we use a deposit beta assumption that is consistent with our experience in the last upward rate cycle from November 2015 to July 2019. The modeled deposit beta, which is measured as the change in our overall non-maturity deposit rate as a percentage of the change in the targeted federal funds rate, was 19%. A higher deposit beta assumption would indicate a less asset sensitive balance sheet and would lower the expected increase in net interest revenue in the increasing rate scenarios.

The current environment is marked by the most rapid rate increases in decades, which, in part, is making non-bank products, such as U.S. Treasuries and institutional money market funds, more attractive to our deposit customers. For this and other reasons, the banking industry’s deposit base has been shrinking since the first half of 2022. This industry-wide outflow of deposits has increased price competition for bank deposits. As such, industry deposit betas, including ours, have been increasing at a faster pace relative to the last rising rate cycle. Our cumulative deposit beta for the current rising rate cycle, while favorable to peer averages, increased to 22% in the first quarter.

Liquidity Management 
Liquidity is defined as the ability to convert assets into cash or cash equivalents without significant loss and to raise additional funds by increasing liabilities. Liquidity management involves maintaining the ability to meet the daily cash flow requirements of customers, both depositors and borrowers. The primary objective is to ensure that sufficient funding is available, at a reasonable cost, to meet ongoing operational cash needs and to take advantage of revenue producing opportunities as they arise. While the desired level of liquidity will vary depending upon a variety of factors, our primary goal is to maintain a sufficient level of liquidity in all expected economic environments. To assist in determining the adequacy of our liquidity, we perform a variety of liquidity stress tests. We maintain an unencumbered liquid asset reserve to help ensure our ability to meet our obligations under normal conditions for at least a 12-month period and under severely adverse liquidity conditions for a minimum of 30 days.
An important part of the Bank’s liquidity resides in the asset portion of the balance sheet, which provides liquidity primarily through loan interest and principal repayments and the maturities and sales of securities, as well as the ability to use these assets as collateral for borrowings on a secured basis.
The Bank’s main source of liquidity is customer interest-bearing and noninterest-bearing deposit accounts. Liquidity is also available from wholesale funding sources consisting primarily of repurchase agreements, Federal funds purchased, FHLB advances, and brokered deposits. These sources of liquidity are generally short-term in nature and are used as necessary to fund asset growth and meet other short-term liquidity needs. 
At March 31, 2023, we had sufficient qualifying collateral to provide borrowing capacity for FHLB advances of $1.53 billion, Federal Reserve discount window borrowing capacity of $2.54 billion and Federal Reserve bank term funding program capacity of $1.88 billion. We also had unpledged investment securities of $1.52 billion that could be used as collateral for additional borrowings. In addition, we have the ability to attract retail deposits by competing more aggressively on pricing.
In addition, because the Holding Company is a separate entity and apart from the Bank, it must provide for its own liquidity. The Holding Company is responsible for the payment of dividends declared for its common and preferred shareholders, and interest and principal on any outstanding debt or trust preferred securities. The Holding Company currently has internal capital resources to meet these obligations. While the Holding Company has access to the capital markets and maintains a line of credit as a contingent funding source, the ultimate sources of its liquidity are subsidiary service fees and dividends from the Bank, which are limited by applicable law and regulations. A South Carolina state-chartered bank is permitted to pay a dividend of up to 100% of its current year earnings without requesting approval of the South Carolina Board of Financial Institutions, provided certain conditions are met. Holding
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Company liquidity is managed to a minimum of 15-months of anticipated cash expenditures after considering all of its liquidity needs over this period.
Significant uses and sources of cash during the three months ended March 31, 2023 are as follows. See the consolidated statement of cash flows for further detail.
•Net cash provided by operating activities of $90.1 million reflects net income of $62.3 million adjusted for non-cash transactions, gains and losses on sales of securities and other loans, an increase in loans held for sale of $4.70 million and changes in other assets and liabilities. Significant non-cash transactions for the period included a $21.8 million provision for credit losses and net depreciation, amortization, and accretion of $12.1 million.
•Net cash provided by investing activities of $181 million primarily consisted of proceeds from securities sales, maturities and calls of $496 million partially offset by a net increase in loans of $345 million.
•Net cash used in financing activities of $141 million was driven by net repayments of FHLB advances of $615 million and a net decrease in short-term borrowings of $293 million, combined with dividends on common and preferred stock of $25.4 million, partially offset by an increase in deposits of $793 million.
In the opinion of management, our liquidity position at March 31, 2023 was sufficient to meet our expected cash flow requirements for the foreseeable future.

Capital Resources and Dividends
 
Shareholders’ equity at March 31, 2023 was $3.08 billion, an increase of $377 million from December 31, 2022 primarily due to equity issued in the Progress acquisition, year-to-date earnings and unrealized gains on AFS securities, partially offset by dividends declared on common and preferred stock.

The following table shows capital ratios, as calculated under applicable regulatory guidelines, at March 31, 2023 and December 31, 2022. As of March 31, 2023, capital levels remained characterized as “well-capitalized” under regulatory requirements in effect at the time. Additional information related to capital ratios is provided in Note 14 to the consolidated financial statements.

Table 14 - Capital Ratios
United Community Banks, Inc.
(Consolidated)		United Community Bank
MinimumWell-
Capitalized		Minimum Capital Plus Capital Conservation BufferMarch 31,
2023		December 31,
2022		March 31,
2023		December 31,
2022
Risk-based ratios:
CET1 capital4.5 %6.5 %7.0 %12.08 %12.26 %12.43 %12.83 %
Tier 1 capital6.0 8.0 8.5 12.58 12.81 12.43 12.83 
Total capital8.0 10.0 10.5 14.40 14.79 13.34 13.70 
Leverage ratio4.0 5.0 N/A9.65 9.69 9.54 9.69 

Effect of Inflation and Changing Prices
 
A bank’s asset and liability structure is substantially different from that of an industrial firm in that primarily all assets and liabilities of a bank are monetary in nature with relatively little investment in fixed assets or inventories. Inflation has an important effect on the growth of total assets and the resulting need to increase equity capital at higher than normal rates in order to maintain an appropriate equity to assets ratio.
 
Management believes the effect of inflation on financial results depends on our ability to react to changes in interest rates, and by such reaction, reduce the inflationary effect on performance. We have an asset/liability management program to manage interest rate sensitivity. In addition, periodic reviews of banking services and products are conducted to adjust pricing in view of current and expected costs.

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Item 3.    Quantitative and Qualitative Disclosure About Market Risk
 
There have been no material changes in our market risk as of March 31, 2023 from that presented in our 2022 10-K. Our interest rate sensitivity position at March 31, 2023 is set forth in Table 13 in MD&A of this Report and incorporated herein by this reference.
 
Item 4.    Controls and Procedures

    (a) Disclosure Controls and Procedures. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures (as such term is defined in Exchange Act Rule 13a-15(e)) as of March 31, 2023. Based on that evaluation, our principal executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

    (b) Changes in Internal Control Over Financial Reporting. No change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) occurred during the fiscal quarter ended March 31, 2023 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Part II. OTHER INFORMATION 

Item 1. Legal Proceedings
 
In the ordinary course of business, the Holding Company and the Bank are parties to various legal proceedings. Additionally, in the ordinary course of business, the Holding Company and the Bank are subject to regulatory examinations and investigations. Based on our current knowledge and advice of counsel, in the opinion of management there is no such pending or threatened legal matter which would result in a material adverse effect upon our consolidated financial condition or results of operations.

Items 1A. Risk Factors

Except with respect to the additional risk factors related to the proposed First Miami acquisition, which are set forth on pages 20 through 26 of the prospectus filed with the SEC on April 24, 2023 pursuant to Securities Act Rule 424(b)(3) (and incorporated herein by this reference), there have been no material changes to the risk factors previously disclosed in the 2022 10-K.

Item 6. Exhibits

(d)     Exhibits. See Exhibit Index below.

EXHIBIT INDEX
Exhibit No. Description
 
 
 
101
Interactive data files for United Community Bank, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline XBRL: (i) the Consolidated Balance Sheets (unaudited); (ii) the Consolidated Statements of Income (unaudited); (iii) the Consolidated Statements of Comprehensive Income (unaudited); (iv) the Consolidated Statements in Shareholders’ Equity (unaudited); (v) the Consolidated Statements of Cash Flows (unaudited); and (vi) the Notes to Consolidated Financial Statements (unaudited).
104
The cover page from United Community Bank’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (formatted in Inline XBRL and included in Exhibit 101)


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Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 UNITED COMMUNITY BANKS, INC.
  
 /s/ H. Lynn Harton
 H. Lynn Harton
 President and Chief Executive Officer
 (Principal Executive Officer)
  
 /s/ Jefferson L. Harralson
 Jefferson L. Harralson
 Executive Vice President and Chief Financial Officer
 (Principal Financial Officer)
  
 /s/ Alan H. Kumler
 Alan H. Kumler
 Senior Vice President and Chief Accounting Officer
 (Principal Accounting Officer)
  
 Date: May 5, 2023
 

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