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

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Balance Sheets

As of December 31, 2021 and 2020

(in thousands)


	2021		2020
Assets
Cash and cash equivalents	$	298,316	$	289,243
Investment in Bank	2,150,683		2,028,965
Investment in other subsidiaries	23,194		752
Other assets	46,432		34,661
Total assets	$	2,518,625	$	2,353,621
Liabilities and Shareholders’ Equity
Long-term debt	$	247,360	$	311,956
Other liabilities	49,020		34,135
Total liabilities	296,380		346,091
Shareholders’ equity	2,222,245		2,007,530
Total liabilities and shareholders’ equity	$	2,518,625	$	2,353,621

Schedule of condensed statements of income

Statements of Income

For the Years Ended December 31, 2021, 2020 and 2019

(in thousands)


	2021		2020		2019
Dividends from Bank	$	217,000	$	150,000	$	—
Dividends from other subsidiaries	—		—		4,651
Shared service fees from subsidiaries	12,402		13,020		14,721
Other	3,167		1,436		1,468
Total income	232,569		164,456		20,840
Interest expense	14,324		13,994		11,573
Other expense	16,417		16,473		18,965
Total expenses	30,741		30,467		30,538
Income tax benefit	6,908		2,681		8,711
Income (loss) before equity in undistributed earnings of subsidiaries	208,736		136,670		(987)
Equity in undistributed earnings of subsidiaries	61,065		27,419		186,708
Net income	$	269,801	$	164,089	$	185,721

Schedule of condensed statements of cash flows

Statements of Cash Flows

For the Years Ended December 31, 2021, 2020 and 2019

(in thousands)


	2021		2020		2019
Operating activities:
Net income	$	269,801	$	164,089	$	185,721
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the subsidiaries	(61,065)		(27,419)		(186,708)


Stock-based compensation	6,554		7,887		9,360
Change in assets and liabilities:
Other assets	(7,800)		(3,662)		(3,022)
Other liabilities	6,353		5,261		2,080
Net cash provided by operating activities	213,843		146,156		7,431
Investing activities:
Net cash (paid) received for acquisition	(47,785)		3,397		(52,093)
Purchases of premises and equipment	(30)		—		—
Purchases of debt securities available-for-sale and equity securities	(1,500)		(2,750)		(3,000)
Proceeds from sales and maturities of debt securities available-for-sale and equity securities	1,253		—		83
Proceeds from sale of premises and equipment	728		—		—
Other investing inflows	132		—		—
Other investing outflows	(600)		—		—

Net cash (used in) provided by investing activities	(47,802)		647		(55,010)
Financing activities:
Repayment of long-term debt	(65,632)		—		(250)
Proceeds from issuance of long-term debt, net of issuance costs	—		98,552		—
Proceeds from issuance of preferred stock, net of issuance costs	—		96,422		—
Cash paid for shares withheld to cover payroll taxes related to equity instruments	(3,182)		(3,119)		(1,686)
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans	506		1,317		2,193
Proceeds from exercise of stock options and warrants	231		—		212

Repurchase of common stock	(15,101)		(20,782)		(13,020)
Cash dividends on preferred stock	(6,876)		(3,533)		—
Cash dividends on common stock	(66,914)		(58,912)		(53,044)

Net cash (used in) provided by financing activities	(156,968)		109,945		(65,595)
Net change in cash	9,073		256,748		(113,174)
Cash at beginning of year	289,243		32,495		145,669
Cash at end of year	$	298,316	$	289,243	$	32,495