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Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information 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, 2019, 2018 and 2017
(in thousands)
 
2019
 
2018
 
2017
Dividends from bank
$
—

 
$
161,500

 
$
103,200

Dividends from other subsidiaries
4,651

 
850

 
—

Shared service fees from subsidiaries
14,721

 
10,257

 
10,481

Other
1,468

 
133

 
1,078

Total income
20,840

 
172,740

 
114,759

Interest expense
11,573

 
11,868

 
10,258

Other expense
18,965

 
14,456

 
14,960

Total expenses
30,538

 
26,324

 
25,218

Income tax benefit
8,711

 
1,640

 
1,447

Income before equity in undistributed (loss) earnings of subsidiaries
(987
)
 
148,056

 
90,988

Equity in undistributed earnings (loss) of subsidiaries
186,708

 
18,055

 
(23,167
)
Net income
$
185,721

 
$
166,111

 
$
67,821


 
Balance Sheets
As of December 31, 2019 and 2018
(in thousands)
 
2019
 
2018
Assets
 
 
 
Cash
$
32,495

 
$
145,669

Investment in bank
1,814,414

 
1,522,402

Investment in other subsidiaries
752

 
4,549

Other assets
29,308

 
21,881

Total assets
$
1,876,969

 
$
1,694,501

Liabilities and Shareholders’ Equity
 
 
 
Long-term debt
$
212,664

 
$
212,193

Other liabilities
28,613

 
24,754

Total liabilities
241,277

 
236,947

Shareholders’ equity
1,635,692

 
1,457,554

Total liabilities and shareholders’ equity
$
1,876,969

 
$
1,694,501



Statements of Cash Flows
For the Years Ended December 31, 2019, 2018 and 2017
(in thousands)
 
2019
 
2018
 
2017
Operating activities:
 

 
 

 
 

Net income
$
185,721

 
$
166,111

 
$
67,821

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed (earnings) loss of the subsidiaries
(186,708
)
 
(18,055
)
 
23,167

Stock-based compensation
9,360

 
6,057

 
5,827

Change in assets and liabilities:
 
 
 
 
 
Other assets
(3,022
)
 
1,777

 
1,220

Other liabilities
2,080

 
3,124

 
(758
)
Net cash provided by operating activities
7,431

 
159,014

 
97,277

Investing activities:
 
 
 
 
 
Payment for acquisition
(52,093
)
 
(84,499
)
 
(11,034
)
Purchases of premises and equipment
—

 
(364
)
 
(708
)
Purchases of debt securities available-for-sale and equity securities
(3,000
)
 
(2,489
)
 
—

Proceeds from sales and maturities of debt securities available-for-sale and equity securities
83

 
—

 
—

Net cash used in investing activities
(55,010
)
 
(87,352
)
 
(11,742
)
Financing activities:
 
 
 
 
 
Repayment of long-term debt
(250
)
 
(7,424
)
 
(75,000
)
Proceeds from issuance of long-term debt, net of issuance costs
—

 
98,188

 
—

Cash related to shares withheld to cover payroll taxes upon vesting of restricted stock units
(1,686
)
 
(1,998
)
 
(1,701
)
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans
2,193

 
679

 
450

Proceeds from exercise of stock options
212

 
142

 
—

Repurchase of common stock
(13,020
)
 
—

 
—

Cash dividends on common stock
(53,044
)
 
(41,634
)
 
(26,210
)
Net cash (used in) provided by financing activities
(65,595
)
 
47,953

 
(102,461
)
Net change in cash
(113,174
)
 
119,615

 
(16,926
)
Cash at beginning of year
145,669

 
26,054

 
42,980

Cash at end of year
$
32,495

 
$
145,669

 
$
26,054