Condensed Financial Statements of United Community Banks, Inc. (Parent Only)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of United Community Banks, Inc. (Parent Only)

Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only)

Statements of Income

For the Years Ended December 31, 2018, 2017 and 2016

(in thousands)

	2018		2017			2016
Dividends from bank	$	161,500	$	103,200		$	41,500
Dividends from other subsidiaries	850		—			—
Shared service fees from subsidiaries	10,257		10,481			8,476
Other	133		1,078			685
Total income	172,740		114,759			50,661
Interest expense	11,868		10,258			11,209
Other expense	14,456		14,960			11,380
Total expenses	26,324		25,218			22,589
Income tax benefit	1,640		1,447			6,717
Income before equity in undistributed (loss) earnings of subsidiaries	148,056		90,988			34,789
Equity in undistributed earnings (loss) of subsidiaries	18,055		(23,167		)	65,867
Net income	$	166,111	$	67,821		$	100,656

Balance Sheets

As of December 31, 2018 and 2017

(in thousands)

	2018		2017
Assets
Cash	$	145,669	$	26,054
Investment in bank	1,522,402		1,390,490
Investment in other subsidiaries	4,549		4,744
Other assets	21,881		20,578
Total assets	$	1,694,501	$	1,441,866
Liabilities and Shareholders’ Equity
Long-term debt	$	212,193	$	120,545
Other liabilities	24,754		17,987
Total liabilities	236,947		138,532
Shareholders’ equity	1,457,554		1,303,334
Total liabilities and shareholders’ equity	$	1,694,501	$	1,441,866

Statements of Cash Flows

For the Years Ended December 31, 2018, 2017 and 2016

(in thousands)

	2018			2017			2016
Operating activities:
Net income	$	166,111		$	67,821		$	100,656
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) loss of the subsidiaries	(18,055		)	23,167			(65,867		)
Depreciation, amortization and accretion	77			36			23
Stock-based compensation	6,057			5,827			4,496
Change in assets and liabilities:
Other assets	1,700			1,184			14,305
Other liabilities	3,124			(758		)	(8,268		)
Net cash provided by operating activities	159,014			97,277			45,345
Investing activities:
Payment for acquisition	(84,499		)	(11,034		)	(11,209		)
Purchases of premises and equipment	(364		)	(708		)	—
Purchases of debt securities available-for-sale and equity securities	(2,489		)	—			(1,125		)
Net cash used in investing activities	(87,352		)	(11,742		)	(12,334		)
Financing activities:
Repayment of long-term debt	(7,424		)	(75,000		)	—
Proceeds from issuance of long-term debt, net of issuance costs	98,188			—			—
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock	(1,998		)	(1,701		)	(1,189		)
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans	679			450			366
Proceeds from exercise of stock options	142			—			—
Retirement of preferred stock	—			—			(9,992		)
Repurchase of common stock	—			—			(13,659		)
Cash dividends on common stock	(41,634		)	(26,210		)	(15,849		)
Cash dividends on Series H preferred stock	—			—			(46		)
Net cash provided by (used in) financing activities	47,953			(102,461		)	(40,369		)
Net change in cash	119,615			(16,926		)	(7,358		)
Cash at beginning of year	26,054			42,980			50,338
Cash at end of year	$	145,669		$	26,054		$	42,980