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

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Balance Sheets

As of December 31, 2022 and 2021

(in thousands)


	2022		2021
Assets
Cash and cash equivalents	$	322,353	$	298,316
Investment in Bank	2,661,884		2,150,683
Investment in other subsidiaries	37,325		23,194
Other assets	76,898		46,432
Total assets	$	3,098,460	$	2,518,625
Liabilities and Shareholders’ Equity
Long-term debt	$	334,663	$	247,360
Other liabilities	63,123		49,020
Total liabilities	397,786		296,380
Shareholders’ equity	2,700,674		2,222,245
Total liabilities and shareholders’ equity	$	3,098,460	$	2,518,625

Schedule of condensed statements of income

Statements of Income

For the Years Ended December 31, 2022, 2021 and 2020

(in thousands)


	2022		2021		2020
Dividends from Bank	$	132,688	$	217,000	$	150,000
Dividends from other subsidiaries	2,788		—		—
Shared service fees from subsidiaries	16,335		12,402		13,020
Other	566		3,167		1,436
Total income	152,377		232,569		164,456
Interest expense	17,250		14,324		13,994
Other expense	18,058		16,417		16,473
Total expenses	35,308		30,741		30,467
Income tax benefit	3,251		6,908		2,681
Income before equity in undistributed earnings of subsidiaries	120,320		208,736		136,670
Equity in undistributed earnings of subsidiaries	157,152		61,065		27,419
Net income	$	277,472	$	269,801	$	164,089

Schedule of condensed statements of cash flows

Statements of Cash Flows

For the Years Ended December 31, 2022, 2021 and 2020

(in thousands)


	2022		2021		2020
Operating activities:
Net income	$	277,472	$	269,801	$	164,089
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the subsidiaries	(157,152)		(61,065)		(27,419)


Stock-based compensation	8,705		6,554		7,887
Change in assets and liabilities:
Other assets	6,094		(7,800)		(3,662)
Other liabilities	7,736		6,353		5,261
Net cash provided by operating activities	142,855		213,843		146,156
Investing activities:
Net cash (paid) received for acquisition	(47)		(47,785)		3,397

Purchases of debt securities available-for-sale and equity securities with readily determinable fair values	(19,060)		(1,500)		(2,750)

Proceeds from sales and maturities of debt securities available-for-sale and equity securities with readily determinable fair values	4,473		1,253		—

Other investing inflows	19		860		—
Other investing outflows	(3,676)		(630)		—

Net cash (used in) provided by investing activities	(18,291)		(47,802)		647
Financing activities:
Repayment of long-term debt	—		(65,632)		—
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	(3,494)		(3,182)		(3,119)
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans	301		506		1,317
Proceeds from exercise of stock options and warrants	824		231		—

Repurchase of common stock	—		(15,101)		(20,782)
Cash dividends on preferred stock	(6,875)		(6,876)		(3,533)
Cash dividends on common stock	(86,883)		(66,914)		(58,912)
Other financing outflows	(4,400)		—		—
Net cash (used in) provided by financing activities	(100,527)		(156,968)		109,945
Net change in cash	24,037		9,073		256,748
Cash at beginning of year	298,316		289,243		32,495
Cash at end of year	$	322,353	$	298,316	$	289,243