425

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 19, 2021

UNITED COMMUNITY BANKS, INC.

(Exact name of registrant as specified in its charter)

Georgia	001-35095	58-1807304
(State or other jurisdiction of  incorporation)	(Commission file number)	(IRS Employer Identification No.)

125 Highway 515 East
Blairsville, Georgia 30512
(Address of principal executive offices)

Registrant's telephone number, including area code:
(706) 781-2265

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, par value $1 per share	UCBI	Nasdaq Global Select Market
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock	UCBIO	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨ 

Item 2.02	Results of Operations and Financial Condition.
	On October 19, 2021, United Community Banks, Inc. (“United”) issued a press release announcing financial results for the third quarter of 2021. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01	Regulation FD Disclosure.
	On October 20, 2021, United will hold an earnings conference call and webcast at 11:00 a.m. (Eastern Time) to discuss financial results for the third quarter of 2021. The press release referenced above in Item 2.02 contains information about how to access the conference call and webcast. A copy of the slide presentation to be used during the earnings call and webcast is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.ucbi.com, under the “Investor Relations – Events and Presentations” section.
Item 9.01	Financial Statements and Exhibits.
(d) Exhibits	The following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K.

EXHIBIT INDEX

Exhibit No.	Description
99.1	United Community Banks, Inc. Press Release, dated October 19, 2021.
99.2	Slide Presentation.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

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 hereunto duly authorized.

	UNITED COMMUNITY BANKS, INC.
	By:	/s/ Jefferson L. Harralson
		Jefferson L. Harralson
		Executive Vice President and
		Chief Financial Officer
Date: October 19, 2021

EX-99.1

Exhibit 99.1

For Immediate Release

For more information:

Jefferson Harralson

Chief Financial Officer

(864) 240-6208

Jefferson_Harralson@ucbi.com

United Community Banks, Inc. Reports Third Quarter Results

EPS of $0.82, Return on Assets of 1.48% and Return on Common Equity of 14.3%

GREENVILLE, SC – October 19, 2021 - United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced that net income for the third quarter was $73.8 million and pre-tax, pre-provision income was $84.4 million. Diluted earnings per share of $0.82 for the quarter represented an increase of $0.30 or 58%, from the third quarter a year ago, and represented an increase of $0.04 or 5% from the second quarter of 2021. On an operating basis, United’s diluted earnings per share of $0.83 was up 51% over the year ago quarter. United’s GAAP return on assets (ROA) was 1.48% and its return on common equity was 14.3% for the quarter. On an operating basis, United’s ROA was 1.50% and its return on tangible common equity was 18.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.73% for the quarter. The quarter benefited from an allowance release of $11.0 million, reflecting continued improvement in economic conditions and forecasts.

Chairman and CEO Lynn Harton stated, “This has been another strong quarter for United as our economies continued to strengthen even in the face of the Delta variant, increasing prices on many goods, and supply chain delays. Both loan and deposit growth were strong and noninterest income benefited from both another excellent mortgage quarter as well as contributions from our expanded wealth management business.” Harton continued, “On the strategic front, on October 1, we completed the acquisition of Aquesta Financial Holdings, Inc. and Aquesta Bank, accelerating our expansion in Charlotte, and adding the Wilmington, North Carolina market, two of the strongest markets in the Southeast. We are proud that this outstanding team of bankers has joined us and we believe that they are a great fit for United. We also continued to strengthen our Board of Directors with the appointment of Jennifer Bazante, Chief Marketing Officer of Humana Inc. (NYSE: HUM). We believe that digital transformation is supported and enabled by strong branding and marketing and we specifically wanted to bring that experience and thought leadership to our board. We are excited to have Jennifer join United as we continue to grow and build the company.”

Total loans decreased by $200 million during the quarter—impacted by $322 million of Paycheck Protection Program (PPP) loan forgiveness. Excluding the effect of PPP loans, core organic loan growth was 4.5% annualized. Core transaction deposits grew by $490 million during the quarter, or 15.3% annualized, and United’s cost of deposits decreased by 2 basis points to 0.07%. The net interest margin decreased by 7 basis points from the second quarter due mainly to a change in the earning asset mix towards liquid assets.

Third Quarter 2021 Financial Highlights:

• Net income of $73.8 million and pre-tax, pre-provision income of $84.4 million

• EPS increased by 58% compared to third quarter 2020 on a GAAP basis and 51% on an operating basis; compared to second quarter 2021, EPS increased by 5% on both a GAAP and operating basis

• Return on assets of 1.48%, or 1.50% on an operating basis

1 

• Pre-tax, pre-provision return on assets of 1.70%, or 1.73% on an operating basis

• Return on common equity of 14.3%

• Return on tangible common equity of 18.2% on an operating basis

• A release of provision for credit losses of $11.0 million, which reduced the allowance for loan losses to 0.89% of loans from 0.98% in the second quarter

• Loan production of $1.2 billion, resulting in core loan growth of 4.5%, annualized for the quarter, excluding the impact of $322 million in PPP loans being forgiven

• Core transaction deposits were up $490 million, which represents a 15.3% annualized growth rate for the quarter

• Net interest margin of 3.12% was down 7 basis points from the second quarter, due to continued strong deposit growth and an earning asset mix change toward securities

• Mortgage closings of $568 million compared to $576 million a year ago; mortgage rate locks of $731 million compared to $910 million a year ago

• Noninterest income was up $4.3 million on a linked quarter basis, primarily driven by strong mortgage volume and the lack of a significant MSR write-down; it also benefitted from $2.0 million in fees generated by our newly acquired FinTrust wealth manager that closed on July 6

• Noninterest expenses increased by $1.2 million compared to the second quarter on a GAAP basis and by $850,000 on an operating basis; excluding the FinTrust transaction, operating noninterest expenses improved by $1 million compared to the second quarter

• Efficiency ratio at historically low levels of 53.1%, or 52.3% on an operating basis

• Net charge-offs of $551,000 or 2 basis points as a percent of average loans, up 4 basis points from the net recoveries experienced in the second quarter

• Nonperforming assets of 0.23% of total assets, down 2 basis points compared to June 30, 2021

• Total loan deferrals of $9 million or 0.1% of the total loan portfolio compared to $18 million or 0.2% in the second quarter

• Quarterly common shareholder dividend of $0.20 per share declared during the quarter, an increase of 11% year-over-year

• Completed the acquisition of FinTrust Capital Partners, LLC and its affiliates and subsidiaries with $2.1 billion in assets under management on July 6, 2021

• Completed the acquisition of Aquesta Financial Holdings, Inc. (“Aquesta”) with $754 million in assets on October 1, 2021; this acquisition is expected to add $0.08 in EPS accretion in 2022 with cost savings fully phased in

• Announced the proposed acquisition of Reliant Bancorp, Inc. (“Reliant”) with $3.1 billion in assets on July 14, 2021; this acquisition is expected to close in the first quarter of 2022 and add $0.15 in EPS accretion in 2022 and $0.22 in 2023 with cost savings fully phased in

Conference Call

United will hold a conference call on Wednesday, October 20, 2021, at 11 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 1388708. The conference call also will be webcast and available for replay for 30 days by selecting “Events & Presentations” within the Investor Relations section of United’s website at www.ucbi.com.

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UNITED COMMUNITY BANKS, INC.

Selected Financial Information

	2021									2020						Third Quarter			For the Nine Months Ended September 30,						YTD 2021 -
(in thousands, except per share data)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2021 – 2020 Change			2021			2020			2020 Change
INCOME SUMMARY
Interest revenue	$	147,675		$	145,809		$	141,542		$	156,071		$	141,773					$	435,026		$	401,925
Interest expense		6,636			7,433			9,478			10,676			13,319						23,547			45,561
Net interest revenue		141,039			138,376			132,064			145,395			128,454			10	%		411,479			356,364			15	%
(Release of) provision for credit losses		(11,034	)		(13,588	)		(12,281	)		2,907			21,793						(36,903	)		77,527
Noninterest income		40,095			35,841			44,705			41,375			48,682			(18	)		120,641			114,734			5
Total revenue		192,168			187,805			189,050			183,863			155,343			24			569,023			393,571			45
Expenses		96,749			95,540			95,194			106,490			95,981			1			287,483			261,499			10
Income before income tax expense		95,419			92,265			93,856			77,373			59,362			61			281,540			132,072			113
Income tax expense		21,603			22,005			20,150			17,871			11,755			84			63,758			27,485			132
Net income		73,816			70,260			73,706			59,502			47,607			55			217,782			104,587			108
Merger-related and other charges		1,437			1,078			1,543			2,452			3,361						4,058			4,566
Income tax benefit of merger-related and other charges		(328	)		(246	)		(335	)		(552	)		(519	)					(909	)		(788	)
Net income - operating (1)	$	74,925		$	71,092		$	74,914		$	61,402		$	50,449			49		$	220,931		$	108,365			104
Pre-tax pre-provision income (5)	$	84,385		$	78,677		$	81,575		$	80,280		$	81,155			4		$	244,637		$	209,599			17
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.82		$	0.78		$	0.82		$	0.66		$	0.52			58		$	2.42		$	1.25			94
Diluted net income - operating (1)		0.83			0.79			0.83			0.68			0.55			51			2.45			1.29			90
Cash dividends declared		0.20			0.19			0.19			0.18			0.18			11			0.58			0.54			7
Book value		23.25			22.81			22.15			21.90			21.45			8			23.25			21.45			8
Tangible book value (3)		18.68			18.49			17.83			17.56			17.09			9			18.68			17.09			9
Key performance ratios:
Return on common equity - GAAP (2)(4)		14.26	%		14.08	%		15.37	%		12.36	%		10.06	%					14.55	%		8.11	%
Return on common equity - operating (1)(2)(4)		14.48			14.25			15.63			12.77			10.69						14.77			8.40
Return on tangible common equity - operating (1)(2)(3)(4)		18.23			17.81			19.68			16.23			13.52						18.55			10.76
Return on assets - GAAP (4)		1.48			1.46			1.62			1.30			1.07						1.52			0.93
Return on assets - operating (1)(4)		1.50			1.48			1.65			1.34			1.14						1.54			0.97
Return on assets - pre-tax pre-provision (4)(5)		1.70			1.64			1.80			1.77			1.86						1.71			1.89
Return on assets - pre-tax pre-provision, excluding merger- related and other charges (1)(4)(5)		1.73			1.67			1.83			1.82			1.93						1.74			1.93
Net interest margin (fully taxable equivalent) (4)		3.12			3.19			3.22			3.55			3.27						3.17			3.55
Efficiency ratio - GAAP		53.11			54.53			53.55			56.73			54.14						53.72			55.30
Efficiency ratio - operating (1)		52.33			53.92			52.68			55.42			52.24						52.97			54.34
Equity to total assets		10.89			11.04			10.95			11.29			11.47						10.89			11.47
Tangible common equity to tangible assets (3)		8.53			8.71			8.57			8.81			8.89						8.53			8.89
ASSET QUALITY
Nonperforming loans	$	44,923		$	46,123		$	55,900		$	61,599		$	49,084			(8	)	$	44,923		$	49,084			(8	)
Foreclosed properties		412			224			596			647			953						412			953
Total nonperforming assets ("NPAs")		45,335			46,347			56,496			62,246			50,037			(9	)		45,335			50,037			(9	)
Allowance for credit losses - loans		99,620			111,616			126,866			137,010			134,256			(26	)		99,620			134,256			(26	)
Net charge-offs		551			(456	)		(305	)		1,515			2,538						(210	)		16,801
Allowance for credit losses - loans to loans		0.89	%		0.98	%		1.09	%		1.20	%		1.14	%					0.89	%		1.14	%
Net charge-offs to average loans (4)		0.02			(0.02	)		(0.01	)		0.05			0.09						—			0.22
NPAs to loans and foreclosed properties		0.41			0.41			0.48			0.55			0.42						0.41			0.42
NPAs to total assets		0.23			0.25			0.30			0.35			0.29						0.23			0.29
AVERAGE BALANCES ($ in millions)
Loans	$	11,205		$	11,617		$	11,433		$	11,595		$	11,644			(4	)	$	11,417		$	10,088			13
Investment securities		5,122			4,631			3,991			3,326			2,750			86			4,587			2,560			79
Earning assets		18,078			17,540			16,782			16,394			15,715			15			17,473			13,498			29
Total assets		19,322			18,792			18,023			17,698			17,013			14			18,717			14,718			27
Deposits		16,637			16,132			15,366			15,057			14,460			15			16,050			12,490			29
Shareholders’ equity		2,119			2,060			2,025			1,994			1,948			9			2,068			1,763			17
Common shares - basic (thousands)		87,211			87,289			87,322			87,258			87,129			—			87,274			81,815			7
Common shares - diluted (thousands)		87,355			87,421			87,466			87,333			87,205			—			87,413			81,876			7
AT PERIOD END ($ in millions)
Loans	$	11,191		$	11,391		$	11,679		$	11,371		$	11,799			(5	)	$	11,191		$	11,799			(5	)
Investment securities		5,335			4,928			4,332			3,645			3,089			73			5,335			3,089			73
Total assets		19,481			18,896			18,557			17,794			17,153			14			19,481			17,153			14
Deposits		16,865			16,328			15,993			15,232			14,603			15			16,865			14,603			15
Shareholders’ equity		2,122			2,086			2,031			2,008			1,967			8			2,122			1,967			8
Common shares outstanding (thousands)		86,559			86,665			86,777			86,675			86,611			—			86,559			86,611			—

⁽¹⁾ Excludes merger-related and other charges.

⁽²⁾ Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss).

⁽³⁾ Excludes effect of acquisition related intangibles and associated amortization.

⁽⁴⁾ Annualized.

⁽⁵⁾ Excludes income tax expense and provision for credit losses.

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UNITED COMMUNITY BANKS, INC.

Non-GAAP Performance Measures Reconciliation

Selected Financial Information

	2021									2020						For the Nine Months Ended September 30,
(in thousands, except per share data)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			2021			2020
Expense reconciliation
Expenses (GAAP)	$	96,749		$	95,540		$	95,194		$	106,490		$	95,981		$	287,483		$	261,499
Merger-related and other charges		(1,437	)		(1,078	)		(1,543	)		(2,452	)		(3,361	)		(4,058	)		(4,566	)
Expenses - operating	$	95,312		$	94,462		$	93,651		$	104,038		$	92,620		$	283,425		$	256,933
Net income reconciliation
Net income (GAAP)	$	73,816		$	70,260		$	73,706		$	59,502		$	47,607		$	217,782		$	104,587
Merger-related and other charges		1,437			1,078			1,543			2,452			3,361			4,058			4,566
Income tax benefit of merger-related and other charges		(328	)		(246	)		(335	)		(552	)		(519	)		(909	)		(788	)
Net income - operating	$	74,925		$	71,092		$	74,914		$	61,402		$	50,449		$	220,931		$	108,365
Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	73,816		$	70,260		$	73,706		$	59,502		$	47,607		$	217,782		$	104,587
Income tax expense		21,603			22,005			20,150			17,871			11,755			63,758			27,485
(Release of) provision for credit losses		(11,034	)		(13,588	)		(12,281	)		2,907			21,793			(36,903	)		77,527
Pre-tax pre-provision income	$	84,385		$	78,677		$	81,575		$	80,280		$	81,155		$	244,637		$	209,599
Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.82		$	0.78		$	0.82		$	0.66		$	0.52		$	2.42		$	1.25
Merger-related and other charges, net of tax		0.01			0.01			0.01			0.02			0.03			0.03			0.04
Diluted income per common share - operating	$	0.83		$	0.79		$	0.83		$	0.68		$	0.55		$	2.45		$	1.29
Book value per common share reconciliation
Book value per common share (GAAP)	$	23.25		$	22.81		$	22.15		$	21.90		$	21.45		$	23.25		$	21.45
Effect of goodwill and other intangibles		(4.57	)		(4.32	)		(4.32	)		(4.34	)		(4.36	)		(4.57	)		(4.36	)
Tangible book value per common share	$	18.68		$	18.49		$	17.83		$	17.56		$	17.09		$	18.68		$	17.09
Return on tangible common equity reconciliation
Return on common equity (GAAP)		14.26	%		14.08	%		15.37	%		12.36	%		10.06	%		14.55	%		8.11	%
Merger-related and other charges, net of tax		0.22			0.17			0.26			0.41			0.63			0.22			0.29
Return on common equity - operating		14.48			14.25			15.63			12.77			10.69			14.77			8.40
Effect of goodwill and other intangibles		3.75			3.56			4.05			3.46			2.83			3.78			2.36
Return on tangible common equity - operating		18.23	%		17.81	%		19.68	%		16.23	%		13.52	%		18.55	%		10.76	%
Return on assets reconciliation
Return on assets (GAAP)		1.48	%		1.46	%		1.62	%		1.30	%		1.07	%		1.52	%		0.93	%
Merger-related and other charges, net of tax		0.02			0.02			0.03			0.04			0.07			0.02			0.04
Return on assets - operating		1.50	%		1.48	%		1.65	%		1.34	%		1.14	%		1.54	%		0.97	%
Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.48	%		1.46	%		1.62	%		1.30	%		1.07	%		1.52	%		0.93	%
Income tax expense		0.45			0.47			0.46			0.40			0.28			0.45			0.26
(Release of) provision for credit losses		(0.23	)		(0.29	)		(0.28	)		0.07			0.51			(0.26	)		0.70
Return on assets - pre-tax, pre-provision		1.70			1.64			1.80			1.77			1.86			1.71			1.89
Merger-related and other charges		0.03			0.03			0.03			0.05			0.07			0.03			0.04
Return on assets - pre-tax pre-provision, excluding merger-related and other charges		1.73	%		1.67	%		1.83	%		1.82	%		1.93	%		1.74	%		1.93	%
Efficiency ratio reconciliation
Efficiency ratio (GAAP)		53.11	%		54.53	%		53.55	%		56.73	%		54.14	%		53.72	%		55.30	%
Merger-related and other charges		(0.78	)		(0.61	)		(0.87	)		(1.31	)		(1.90	)		(0.75	)		(0.96	)
Efficiency ratio - operating		52.33	%		53.92	%		52.68	%		55.42	%		52.24	%		52.97	%		54.34	%
Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		10.89	%		11.04	%		10.95	%		11.29	%		11.47	%		10.89	%		11.47	%
Effect of goodwill and other intangibles		(1.87	)		(1.82	)		(1.86	)		(1.94	)		(2.02	)		(1.87	)		(2.02	)
Effect of preferred equity		(0.49	)		(0.51	)		(0.52	)		(0.54	)		(0.56	)		(0.49	)		(0.56	)
Tangible common equity to tangible assets		8.53	%		8.71	%		8.57	%		8.81	%		8.89	%		8.53	%		8.89	%
Allowance for credit losses - loans to loans reconciliation
Allowance for credit losses - loans to loans (GAAP)		0.89	%		0.98	%		1.09	%		1.20	%		1.14	%		0.89	%		1.14	%
Effect of PPP loans		0.01			0.04			0.09			0.08			0.14			0.01			0.14
Allowance for credit losses - loans to loans, excluding PPP loans		0.90	%		1.02	%		1.18	%		1.28	%		1.28	%		0.90	%		1.28	%

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UNITED COMMUNITY BANKS, INC.

Financial Highlights

Loan Portfolio Composition at Period-End

	2021						2020				Linked			Year over
(in millions)	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Quarter Change			Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	2,149	$	2,149	$	2,107	$	2,090	$	2,009	$	—		$	140
Income producing commercial RE		2,542		2,550		2,599		2,541		2,493		(8	)		49
Commercial & industrial		1,729		1,762		1,760		1,853		1,788		(33	)		(59	)
Paycheck protection program		150		472		883		646		1,317		(322	)		(1,167	)
Commercial construction		947		927		960		967		987		20			(40	)
Equipment financing		1,017		969		913		864		823		48			194
Total commercial		8,534		8,829		9,222		8,961		9,417		(295	)		(883	)
Residential mortgage		1,533		1,473		1,362		1,285		1,270		60			263
Home equity lines of credit		661		661		679		697		707		—			(46	)
Residential construction		321		289		272		281		257		32			64
Consumer		142		139		144		147		148		3			(6	)
Total loans	$	11,191	$	11,391	$	11,679	$	11,371	$	11,799	$	(200	)	$	(608	)
LOANS BY MARKET (1)
North Georgia	$	961	$	962	$	982	$	955	$	945	$	(1	)	$	16
Atlanta		1,930		1,938		1,953		1,889		1,853		(8	)		77
North Carolina		1,427		1,374		1,326		1,281		1,246		53			181
Coastal Georgia		621		605		597		617		614		16			7
Gainesville		220		224		222		224		229		(4	)		(9	)
East Tennessee		383		394		398		415		420		(11	)		(37	)
South Carolina		2,145		2,107		1,997		1,947		1,870		38			275
Florida		1,113		1,141		1,160		1,435		1,453		(28	)		(340	)
Commercial Banking Solutions		2,391		2,646		3,044		2,608		3,169		(255	)		(778	)
Total loans	$	11,191	$	11,391	$	11,679	$	11,371	$	11,799	$	(200	)	$	(608	)

⁽¹⁾ Certain loans previously included in the Florida geographic market were reclassified to Commercial Banking Solutions following Seaside’s core systems conversion in the first quarter of 2021.

5 

UNITED COMMUNITY BANKS, INC.

Financial Highlights

Credit Quality

	2021
(in thousands)	Third Quarter			Second Quarter			First Quarter
NONACCRUAL LOANS
Owner occupied RE	$	4,945		$	6,128		$	7,908
Income producing RE		13,462			13,100			13,740
Commercial & industrial		8,507			8,563			13,864
Commercial construction		1,202			1,229			1,984
Equipment financing		1,845			1,771			2,171
Total commercial		29,961			30,791			39,667
Residential mortgage		13,222			13,485			14,050
Home equity lines of credit		1,364			1,433			1,707
Residential construction		260			307			322
Consumer		116			107			154
Total	$	44,923		$	46,123		$	55,900
	2021
	Third Quarter						Second Quarter						First Quarter
(in thousands)	Net Charge-Offs			Net Charge-Offs to Average Loans (1)			Net Charge-Offs			Net Charge-Offs to Average Loans (1)			Net Charge-Offs			Net Charge-Offs to Average Loans (1)
NET CHARGE-OFFS BY CATEGORY
Owner occupied RE	$	(93	)		(0.02	)%	$	(103	)		(0.02	)%	$	767			0.15	%
Income producing RE		45			0.01			(213	)		(0.03	)		37			0.01
Commercial & industrial		(91	)		(0.02	)		60			0.01			(2,806	)		(0.45	)
Commercial construction		(123	)		(0.05	)		(293	)		(0.12	)		22			0.01
Equipment financing		512			0.21			301			0.13			1,511			0.70
Total commercial		250			0.01			(248	)		(0.01	)		(469	)		(0.02	)
Residential mortgage		51			0.01			(194	)		(0.05	)		92			0.03
Home equity lines of credit		(102	)		(0.06	)		(112	)		(0.07	)		(73	)		(0.04	)
Residential construction		(37	)		(0.05	)		(33	)		(0.05	)		(60	)		(0.09	)
Consumer		389			1.11			131			0.37			205			0.58
Total	$	551			0.02		$	(456	)		(0.02	)	$	(305	)		(0.01	)

⁽¹⁾ Annualized.

6 

UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	September 30, 2021			December 31, 2020
ASSETS
Cash and due from banks	$	131,785		$	148,896
Interest-bearing deposits in banks		1,686,008			1,459,723
Cash and cash equivalents		1,817,793			1,608,619
Debt securities available-for-sale		4,251,436			3,224,721
Debt securities held-to-maturity (fair value $1,079,925 and $437,193)		1,083,324			420,361
Loans held for sale at fair value		68,424			105,433
Loans and leases held for investment		11,191,037			11,370,815
Less allowance for credit losses - loans and leases		(99,620	)		(137,010	)
Loans and leases, net		11,091,417			11,233,805
Premises and equipment, net		225,350			218,489
Bank owned life insurance		204,282			201,969
Accrued interest receivable		41,561			47,672
Net deferred tax asset		37,617			38,411
Derivative financial instruments		53,296			86,666
Goodwill and other intangible assets, net		400,994			381,823
Other assets		205,663			226,405
Total assets	$	19,481,157		$	17,794,374
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,492,519		$	5,390,291
NOW and interest-bearing demand		3,699,951			3,346,490
Money market		3,904,927			3,550,335
Savings		1,144,065			950,854
Time		1,440,160			1,704,290
Brokered		183,795			290,098
Total deposits		16,865,417			15,232,358
Long-term debt		247,139			326,956
Derivative financial instruments		26,065			29,003
Accrued expenses and other liabilities		220,178			198,527
Total liabilities		17,358,799			15,786,844
Shareholders' equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; Series I, $25,000 per share liquidation preference; 4,000 shares issued and outstanding		96,422			96,422
Common stock, $1 par value; 200,000,000 and 150,000,000 shares authorized, respectively; 86,558,647 and 86,675,279 shares issued and outstanding, respectively		86,559			86,675
Common stock issuable; 588,258 and 600,834 shares		11,098			10,855
Capital surplus		1,631,709			1,638,999
Retained earnings		298,503			136,869
Accumulated other comprehensive (loss)  income		(1,933	)		37,710
Total shareholders' equity		2,122,358			2,007,530
Total liabilities and shareholders' equity	$	19,481,157		$	17,794,374

7 

UNITED COMMUNITY BANKS, INC.

Consolidated Statements of Income (Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2021			2020		2021			2020
Interest revenue:
Loans, including fees	$	128,477		$	126,936	$	382,261		$	352,861
Investment securities, including tax exempt of $2,280 and $1,895 and $6,685 and $4,988, respectively		18,540			14,558		51,530			47,567
Deposits in banks and short-term investments		658			279		1,235			1,497
Total interest revenue		147,675			141,773		435,026			401,925
Interest expense:
Deposits:
NOW and interest-bearing demand		1,290			1,634		4,158			6,240
Money market		1,119			3,017		4,278			10,969
Savings		55			47		157			121
Time		678			4,300		3,388			18,014
Deposits		3,142			8,998		11,981			35,344
Short-term borrowings		—			29		2			31
Long-term debt		3,494			4,292		11,564			10,186
Total interest expense		6,636			13,319		23,547			45,561
Net interest revenue		141,039			128,454		411,479			356,364
(Release of) provision for credit losses		(11,034	)		21,793		(36,903	)		77,527
Net interest revenue after provision for credit losses		152,073			106,661		448,382			278,837
Noninterest income:
Service charges and fees		9,350			8,260		25,255			23,893
Mortgage loan gains and other related fees		13,828			25,144		47,536			57,113
Wealth management fees		5,554			3,055		12,881			6,019
Gains from sales of other loans, net		2,353			1,175		7,506			3,889
Securities gains, net		—			746		41			746
Other		9,010			10,302		27,422			23,074
Total noninterest income		40,095			48,682		120,641			114,734
Total revenue		192,168			155,343		569,023			393,571
Noninterest expenses:
Salaries and employee benefits		60,458			59,067		180,457			162,236
Communications and equipment		7,368			6,960		21,979			19,462
Occupancy		7,096			7,050		21,130			18,709
Advertising and public relations		1,458			1,778		4,150			5,312
Postage, printing and supplies		1,731			1,703		5,171			4,986
Professional fees		5,347			5,083		14,509			14,003
Lending and loan servicing expense		2,450			3,043		8,508			8,525
Outside services - electronic banking		2,308			1,888		6,811			5,516
FDIC assessments and other regulatory charges		1,723			1,346		5,520			4,388
Amortization of intangibles		1,028			1,099		2,942			3,126
Merger-related and other charges		1,437			3,361		4,058			4,566
Other		4,345			3,603		12,248			10,670
Total noninterest expenses		96,749			95,981		287,483			261,499
Income before income taxes		95,419			59,362		281,540			132,072
Income tax expense		21,603			11,755		63,758			27,485
Net income		73,816			47,607		217,782			104,587
Preferred stock dividends		1,719			1,814		5,157			1,814
Undistributed earnings allocated to participating securities		448			356		1,342			779
Net income available to common shareholders	$	71,649		$	45,437	$	211,283		$	101,994
Net income per common share:
Basic	$	0.82		$	0.52	$	2.42		$	1.25
Diluted		0.82			0.52		2.42			1.25
Weighted average common shares outstanding:
Basic		87,211			87,129		87,274			81,815
Diluted		87,355			87,205		87,413			81,876

8 

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended September 30,

	2021								2020
(dollars in thousands, fully taxable equivalent (FTE))	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) (1)(2)	$	11,204,653		$	128,185		4.54	%	$	11,644,202		$	126,342		4.32	%
Taxable securities (3)		4,738,860			16,260		1.37			2,499,649			12,663		2.03
Tax-exempt securities (FTE) (1)(3)		383,196			3,061		3.20			249,959			2,544		4.07
Federal funds sold and other interest-earning assets		1,751,222			1,185		0.27			1,321,445			1,132		0.34
Total interest-earning assets (FTE)		18,077,931			148,691		3.27			15,715,255			142,681		3.61
Noninterest-earning assets:
Allowance for credit losses		(111,952	)							(128,581	)
Cash and due from banks		124,360								135,949
Premises and equipment		228,556								216,326
Other assets (3)		1,002,810								1,074,529
Total assets	$	19,321,705							$	17,013,478
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	3,594,670			1,290		0.14		$	2,890,735			1,634		0.22
Money market		4,010,720			1,119		0.11			3,501,781			3,017		0.34
Savings		1,120,843			55		0.02			864,849			47		0.02
Time		1,466,821			609		0.16			1,933,764			4,127		0.85
Brokered time deposits		63,917			69		0.43			96,198			173		0.72
Total interest-bearing deposits		10,256,971			3,142		0.12			9,287,327			8,998		0.39
Federal funds purchased and other borrowings		—			—		—			4,405			2		0.18
Federal Home Loan Bank advances		54			—		—			2,818			27		3.81
Long-term debt		257,139			3,494		5.39			327,017			4,292		5.22
Total borrowed funds		257,193			3,494		5.39			334,240			4,321		5.14
Total interest-bearing liabilities		10,514,164			6,636		0.25			9,621,567			13,319		0.55
Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,379,969								5,172,999
Other liabilities		308,551								270,451
Total liabilities		17,202,684								15,065,017
Shareholders' equity		2,119,021								1,948,461
Total liabilities and shareholders' equity	$	19,321,705							$	17,013,478
Net interest revenue (FTE)				$	142,055							$	129,362
Net interest-rate spread (FTE)							3.02	%							3.06	%
Net interest margin (FTE) (4)							3.12	%							3.27	%

⁽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⁾ Securities available for sale are shown at amortized cost. Pretax unrealized gains of $39.6 million and $77.0 million in 2021 and 2020, 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.

9 

Average Consolidated Balance Sheets and Net Interest Analysis

For the Nine Months Ended September 30,

	2021								2020
(dollars in thousands, fully taxable equivalent (FTE))	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) (1)(2)	$	11,417,285		$	380,765		4.46	%	$	10,087,630		$	351,536		4.65	%
Taxable securities (3)		4,206,099			44,845		1.42			2,362,674			42,579		2.40
Tax-exempt securities (FTE) (1)(3)		381,323			8,979		3.14			197,231			6,699		4.53
Federal funds sold and other interest-earning assets		1,468,487			3,462		0.31			850,722			3,621		0.57
Total interest-earning assets (FTE)		17,473,194			438,051		3.35			13,498,257			404,435		4.00
Non-interest-earning assets:
Allowance for loan losses		(127,793	)							(96,235	)
Cash and due from banks		138,973								134,354
Premises and equipment		225,021								217,551
Other assets (3)		1,007,669								964,511
Total assets	$	18,717,064							$	14,718,438
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	3,452,206			4,158		0.16		$	2,583,911			6,240		0.32
Money market		3,853,907			4,278		0.15			2,797,350			10,969		0.52
Savings		1,064,045			157		0.02			788,681			121		0.02
Time		1,551,934			3,096		0.27			1,860,597			17,435		1.25
Brokered time deposits		67,794			292		0.58			102,502			579		0.75
Total interest-bearing deposits		9,989,886			11,981		0.16			8,133,041			35,344		0.58
Federal funds purchased and other borrowings		41			—		—			1,611			3		0.25
Federal Home Loan Bank advances		1,117			2		0.24			1,001			28		3.74
Long-term debt		286,347			11,564		5.40			256,218			10,186		5.31
Total borrowed funds		287,505			11,566		5.38			258,830			10,217		5.27
Total interest-bearing liabilities		10,277,391			23,547		0.31			8,391,871			45,561		0.73
Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,059,680								4,356,484
Other liabilities		311,749								206,904
Total liabilities		16,648,820								12,955,259
Shareholders' equity		2,068,244								1,763,179
Total liabilities and shareholders' equity	$	18,717,064							$	14,718,438
Net interest revenue (FTE)				$	414,504							$	358,874
Net interest-rate spread (FTE)							3.04	%							3.27	%
Net interest margin (FTE) (4)							3.17	%							3.55	%

⁽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⁾ Securities available for sale are shown at amortized cost. Pretax unrealized gains of $40.3 million and $65.5 million in 2021 and 2020, 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.

10 

About United Community Banks, Inc.

United Community Banks, Inc. (NASDAQGS: UCBI) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. At September 30, 2021, United had $19.5 billion in assets and 171 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. Through its October 1, 2021 acquisition of Aquesta and its wholly-owned banking subsidiary, Aquesta Bank, United added $754 million in assets and nine banking offices in high growth markets in North Carolina. In 2021, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking seven out of the last eight years United earned the coveted award. United was also named one of the "Best Banks to Work For" by American Banker in 2020 for the fourth year in a row based on employee satisfaction. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2021 list of the 100 Best Banks in America for the eighth consecutive year. United also received five Greenwich Excellence Awards in 2020 for excellence in Small Business Banking, including a national award for Overall Satisfaction. Additional information about United can be found at www.ucbi.com.

Non-GAAP Financial Measures

This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets - pre-tax, pre-provision, excluding merger-related and other charges,” “return on assets - pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented 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 with the accompanying financial statement tables.

Caution About Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, and include statements related to the expected completion date of the Reliant acquisition and the accretive value of each of the Aquesta and Reliant acquisitions to United’s earnings. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the Aquesta and Reliant acquisitions may not be realized or take longer than anticipated to be realized, (2) disruption of customer, supplier, employee or other business partner relationships as a result of the Aquesta and Reliant acquisitions, (3) the occurrence of any event, change or other circumstances that could give rise to a delay in closing the Reliant acquisition or the termination of the merger agreement, (4) the failure to obtain the necessary approval by the shareholders of Reliant, (5) the possibility that the costs, fees, expenses and charges related to the acquisitions of Aquesta and Reliant may be greater than anticipated, (6) the ability of United to obtain required governmental approvals of the Reliant acquisition, (7) reputational risk and the reaction of the companies’ customers, suppliers, employees or other business partners to the acquisitions of Aquesta and Reliant, (8) the failure of the closing conditions in the Reliant merger agreement to be satisfied, or any unexpected delay in closing the acquisition, (9) the risks relating to the integration of Aquesta’s and Reliant’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (10) the risk of potential litigation or regulatory action related to the acquisitions of Aquesta and Reliant, (11) the risks associated with United’s pursuit of future acquisitions, (12) the risk of expansion into new geographic or product markets, (13) the dilution caused by United’s issuance of additional shares of its common stock in the acquisitions of Aquesta and Reliant, and (14) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2020, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

11 

Many of these factors are beyond United’s (and in the case of the prospective acquisition of Reliant, Reliant’s) ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United or Reliant to predict their occurrence or how they will affect United or Reliant.

United qualifies all forward-looking statements by these cautionary statements.

IMPORTANT INFORMATION FOR SHAREHOLDERS AND INVESTORS

In connection with the prospective acquisition of Reliant, United has filed with the SEC a registration statement on Form S-4 that includes a proxy statement of Reliant to be sent to Reliant’s shareholders seeking their approval of the merger agreement and merger with United. The registration statement also will contain the prospectus of United to register the shares of United common stock to be issued in connection with the Reliant acquisition. INVESTORS AND SHAREHOLDERS OF RELIANT ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE A PART OF THE REGISTRATION STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED BY UNITED OR RELIANT WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND THOSE OTHER DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UNITED, RELIANT AND THE MERGER OF RELIANT AND UNITED.

The registration statement and other documents filed with the SEC may be obtained for free at the SEC’s website (www.sec.gov). You will also be able to obtain these documents, free of charge, from United at the “Investor Relations” section of United’s website at www.ucbi.com or from Reliant at the “Investor Relations” section of Reliant’s website at www.reliantbank.com. Copies of the definitive proxy statement/prospectus will also be made available, free of charge, by contacting United Community Banks, Inc., P.O. Box 398, Blairsville, GA 30514, Attn: Jefferson Harralson, Telephone: (864) 240-6208, or Reliant Bancorp, Inc., 6100 Tower Circle, Suite 120, Franklin, TN 37067, Attn: Jerry Cooksey, Telephone: (615) 221-2020.

This communication is for informational purposes only and does not constitute an offer to sell, the solicitation of an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This communication is also not a solicitation of any vote or approval with respect to the proposed merger of Reliant with United or otherwise.

PARTICIPANTS IN THE TRANSACTION

United and Reliant, and certain of their respective directors and executive officers, under the rules of the SEC may be deemed to be participants in the solicitation of proxies from Reliant’s shareholders in favor of the approval of the merger agreement and the merger of Reliant and United. Information about the directors and officers of United and their ownership of United common stock can be found in United’s definitive proxy statement in connection with its 2021 annual meeting of shareholders, as filed with the SEC on March 30, 2021, and other documents subsequently filed by United with the SEC. Information about the directors and executive officers of Reliant and their ownership of Reliant’s common stock can be found in Reliant’s definitive proxy statement for its 2021 annual meeting of shareholders, filed with the SEC on April 8, 2021, and other documents subsequently filed by Reliant with the SEC. Additional information regarding the interests of these participants also will be included in the proxy statement/prospectus pertaining to the transaction that is described above. Free copies of this document may be obtained as described above.

# # #

12 

EX-99.2

Exhibit 99.2

3 Q21 Investor Presentation October 19, 2021

Important Information For Shareholders and Investors This presentation contains information related to a proposed merger of United Community Banks, Inc . ("United") with Reliant Bancorp, Inc . (“Reliant") . In connection with the proposed merger, United has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S - 4 that includes the proxy statement of Reliant to be sent to Reliant’s shareholders seeking their approval of the merger . The registration statement also contains a prospectus of United to register the shares of United common stock to be issued in connection with the mergers . A definitive proxy statement/prospectus will also be provided to Reliant’s shareholders as required by applicable law . INVESTORS AND SHAREHOLDERS OF RELIANT ARE ENCOURAGED TO READ THE APPLICABLE REGISTRATION STATEMENT, INCLUDING THE DEFINITIVE PROXY STATEMENT/PROSPECTUS THAT WILL BE A PART OF THE REGISTRATION STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED BY UNITED WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND THOSE OTHER DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UNITED, RELIANT AND THE PROPOSED TRANSACTION . The registration statement and other documents filed with the SEC may be obtained for free at the SEC’s website (www . sec . gov) . You will also be able to obtain these documents, free of charge, from United at the “Investor Relations” section of United’s website at www . UCBI . com or from Reliant at the “Investors” section of Reliant’s website at www . reliantbank . com . Copies of the definitive proxy statement/prospectus will also be made available, free of charge, by contacting United Community Banks, Inc . , P . O . Box 398 , Blairsville, GA 30514 , Attn : Jefferson Harralson, Telephone : ( 864 ) 240 - 6208 , Reliant Bancorp, Inc . , 1736 Carothers Parkway Suite 100 , Brentwood, TN 37027 , Attn : Jerry Cooksey, Telephone : ( 615 ) 221 - 2020 . This communication does not constitute an offer to sell, the solicitation of an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction . This communication is also not a solicitation of any vote or approval with respect to the proposed transaction or otherwise . PARTICIPANTS IN THE TRANSACTIONS United, Reliant and certain of their respective directors and executive officers, under the rules of the SEC, may be deemed to be participants in the solicitation of proxies from Reliant’s shareholders in favor of the approval of the merger . Information about the directors and officers of United and their ownership of United common stock can also be found in United’s definitive proxy statement in connection with its 2021 annual meeting of shareholders, as filed with the SEC on March 30 , 2021 , and other documents subsequently filed by United with the SEC . Information about the directors and executive officers of Reliant and their ownership of Reliant capital stock, as well as information regarding the interests of other persons who may be deemed participants in the transaction, may be found in Reliant’s definitive proxy statement in connection with its 2021 annual meeting of shareholders, as filed with the SEC on April 8 , 2021 , and other documents subsequently filed by Reliant with the SEC . Free copies of these documents may be obtained as described above . 2

Disclosures CAUTIONARY STATEMENT This communication contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . In general, forward - looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology, and include statements related to the expected timing of the closing of the merger with Reliant (the “ merger”), the expected returns and other benefits of the merger to shareholders, expected improvement in operating efficiency resulting from the merger, estimated expense reductions resulting from the transaction and the timing of achievement of such reductions, the impact on and timing of the recovery of the impact on tangible book value, and the effect of the merger on United’s capital ratios . Forward - looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance . Actual results may prove to be materially different from the results expressed or implied by the forward - looking statements . Forward - looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements . Factors that could cause or contribute to such differences include, but are not limited to ( 1 ) the risk that the cost savings from the merger may not be realized or take longer than anticipated to be realized, ( 2 ) disruption from the merger with customer, supplier, employee or other business partner relationships, ( 3 ) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, ( 4 ) the failure to obtain the necessary approval by the shareholders of Reliant , ( 5 ) the possibility that the costs, fees, expenses and charges related to the merger may be greater than anticipated, ( 6 ) the ability by United to obtain required governmental approvals of the merger, ( 7 ) reputational risk and the reaction of the companies’ customers, suppliers, employees or other business partners to the merger, ( 8 ) the failure of the closing conditions in the merger agreement with Reliant to be satisfied, or any unexpected delay in closing the merger, ( 9 ) the risks relating to the integration of either Aquesta Financial Holdings, Inc . ’s or Reliant’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, ( 10 ) the risk of potential litigation or regulatory action related to mergers , ( 11 ) the risks associated with United’s pursuit of future acquisitions, ( 12 ) the risk of expansion into new geographic or product markets, ( 13 ) the dilution caused by United’s issuance of additional shares of its common stock in mergers, and ( 14 ) general competitive, economic, political and market conditions . Further information regarding additional factors which could affect the forward - looking statements can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward - Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10 - K for the year ended December 31 , 2020 , and other documents subsequently filed by United with the SEC . Many of these factors are beyond United’s and Reliant’s ability to control or predict . If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward - looking statements . Accordingly, shareholders and investors should not place undue reliance on any such forward - looking statements . Any forward - looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law . New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United or Reliant . United qualifies all forward - looking statements by these cautionary statements . 3

Disclosures NON - GAAP MEASURES This Investor Presentation includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) . This financial information includes certain operating performance measures, which exclude merger - related and other charges that are not considered part of recurring operations . Such measures include : “Earnings per share – operating,” “Diluted earnings per share – operating,” “Tangible book value per share,” “Return on common equity – operating,” “Return on tangible common equity – operating,” “Return on assets – operating ,” “Return on assets – pre - tax pre - provision, excluding merger - related and other charges,” “ Efficiency ratio – operating,” “Expenses – operating,” and “Tangible common equity to tangible assets . ” Management has included these non - GAAP measures because it believes these measures may provide useful supplemental information for evaluating United’s underlying performance trends . Further, management uses these measures in managing and evaluating United’s business and intends to refer to them in discussions about our operations and performance . Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non - GAAP measures that may be presented by other companies . To the extent applicable, reconciliations of these non - GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non - GAAP Reconciliation Tables’ included in the exhibits to this Presentation . 4

#2 Highest Net Promoter Score a mong all banks nationwide – J.D. Power 2020 TOP WORKPLACES i n S.C. & Atlanta – Greenville Business Magazine & Atlanta Journal Constitution 171 BANKING OFFICES ACROSS THE SOUTHEAST #1 IN CUSTOMER SATISFACTION i n 2021 with Retail Banking in the Southeast – J.D. Power United Community Banks, Inc. $19.5 BILLION IN TOTAL ASSETS $4.5 BILLION IN AUA $ 16.9 BILLION IN TOTAL DEPOSITS BEST BANKS TO WORK FOR i n 2020 for the fourth consecutive year – American Banker $0.20 QUARTERLY DIVIDEND – UP 11% Y OY 5 Regional Full Service Branch Network National Navitas and SBA Markets Premier Southeast Regional Bank x Metro - focused branch network with locations in the fastest growing MSAs in the Southeast x 162 branches, 9 LPOs, and 4 mortgage loan offices across six Southeast states x Top 10 market share in GA, SC and TN* x Proven ability to integrate – 11 transactions completed over the past 10 years x Closed the Aquesta acquisition October 1, adding $754 million in total assets with locations in Charlotte and Wilmington Committed to Service Since 1950 Extended Navitas and SBA Markets $11.2 BILLION IN TOTAL LOANS Company Overview 13.4 % TIER 1 RBC 100 BEST BANKS IN AMERICA i n 2021 f or the eighth consecutive year - Forbes x Offered in 48 states across the continental U.S. x SBA business has both in - footprint and national business (4 specific verticals) x Navitas subsidiary is a technology enabled small - ticket, essential - use commercial equipment finance provider Banking Offices Note: See glossary located at the end of this presentation for reference on certain acronyms *Pro forma for Reliant close expected in 1Q22

$21.45 $22.81 $23.25 $17.09 $18.49 $18.68 3Q20 2Q21 3Q21 Book Value Per Share GAAP Tangible $0.82 Diluted earnings per share - GAAP $0.83 Diluted earnings per share - operating 1.48% Return on average assets - GAAP 1.50% Return on average assets - operating 1.73% PTPP return on average assets - operating 0.07% Cost of deposits 38% DDA / Total Deposits 14.3% Return on common equity - GAAP 18.2% Return on tangible common equity - operating 66% Loan to Deposit ratio Other 3Q notable items: $12.9 mm of PPP fee income ($0.11 EPS) $11.0 mm provision release due to improved economic forecast ($0.10 EPS) 3 Q21 Highlights (1) See non - GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performance $0.52 $0.78 $0.82 $0.55 $0.79 $0.83 3Q20 2Q21 3Q21 Diluted Earnings Per Share GAAP Operating (1) 1.07% 1.46% 1.48% 0 1.14% 1.48% 1.50% 3Q20 2Q21 3Q21 Return on Average Assets GAAP Operating 1.86% 1.64% 1.70% 1.93% 1.67% 1.73% 3Q20 2Q21 3Q21 PTPP Return on Average Assets PTPP Operating PTPP (1) (1) (1) 6 (1) (1) (1) 4.5% Annualized 3Q EOP core loan growth (excluding PPP loans) 15.3% Annualized 3Q EOP core transaction deposit growth (1)

0.98% 1.06% 1.09% 1.40% 1.51% 1.07% 1.65% 1.48% 1.50% 2015 2016 2017 2018 2019 2020 1Q21 2Q21 3Q21 ROA - Operating UCBI KRX Long - Term Financial Performance & Shareholder Return 7 (1) See non - GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performance (1) 10.24% 11.86% 12.02% 15.69% 15.81% 12.24% 19.68% 17.81% 18.23% 2015 2016 2017 2018 2019 2020 1Q21 2Q21 3Q21 ROTCE - Operating UCBI KRX (1) $502 $344 $0 $100 $200 $300 $400 $500 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total Shareholder Return $ UCBI Outperformance Performance for the period ended October 15, 2021 United Community Banks, Inc. KBW Nasdaq Regional Bank Index (KRX) 1 - YEAR 84% 78% 3 - YEAR 42% 31% 5 - YEAR 80% 65% 10 - YEAR 402% 244%

$62.1 $67.8 11.4% 9.0% 5.7% 2.9% (1) Includes MSAs with a population of greater than 1,000,000 (2) Data by MSA shown on a weighted average basis by deposits (3) Includes pending acquisitions United Now Operates in 8 of the Top 10 Growth Markets United MSA Presence Projected Population Growth (2 ) 2021 – 2026 (%) Projected Household Income Growth (2) 2021 – 2026 (%) Median Household Income (2) ($ in thousands) High - Growth MSAs in the Southeast UCBI Focused on High - Growth MSAs in Southeast National Avg. National Avg. National Avg. 8 Pending acquisitions Fastest Growing ‘21 – ’26 Proj. ’21 ‘26 Proj. Median Southeast MSAs (1) Pop. Growth % Population Household Income 1.Raleigh, NC 7.30 1,420,576 $91,380 2.Orlando, FL 7.09 2,685,903 $72,412 3.Charlotte, NC 6.61 2,696,789 $77,692 4.Jacksonville, FL 6.17 1,602,120 $73,563 5.Tampa, FL 6.06 3,257,479 $67,300 6.Nashville, TN 5.91 1,980,990 $80,404 7.Atlanta, GA 5.73 6,137,994 $85,730 8.Miami, FL 5.43 6,280,334 $69,746 9.Washington, D.C. 4.05 6,348,569 $117,647 10.Richmond, VA 3.73 1,303,952 $80,375 Added through acquisitions in 2020 / 2021 (3)

$10.5 $14.6 $10.8 $15.2 $10.8 $16.0 $10.9 $16.3 $11.0 $16.9 $1.3 $0.6 $0.9 $0.5 $0.2 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 Loans Deposits Loans Deposits Loans Deposits Loans Deposits Loans Deposits 3Q20 4Q20 1Q21 2Q21 3Q21 Loans excluding PPP PPP Loans 81% 75% 73% 70% 66% 60% 65% 70% 75% 80% 85% 90% 95% 100% Liquidity Build Presents Opportunity Loans and Deposits 9 $ in billions Note: Core loan growth excludes PPP loans and adjusts for the Three Shores acquisition that closed July 1, 2020 3Q20 4Q20 1Q21 2Q21 3Q21 Annualized Core Loan Growth % 7.9% 8.2% 3.3% 4.6% 4.5% Annualized Deposit Growth % 59.9% 17.2% 20.0% 8.4% 13.2% Deposit Cost % 0.25% 0.17% 0.14% 0.09% 0.07% Loans / Deposits %

44% 8% 23% 1% 14% 6% 3% 1% Residential Mortgage Diversified Loan Portfolio 3 Q21 Total Loans $11.2 billion Note: C&I includes commercial and industrial loans, owner - occupied CRE loans and Navitas (equipment finance) loans Quarter Highlights x Loans, excluding PPP, increased $122 million, or 4.5% annualized x Sold $19.3 million of Navitas loans x Sold $13.5 million of SBA loans Granular Loan Portfolio x Construction & CRE ratio as a percentage of total RBC = 66%/195% x Top 25 relationships total $608 million, or 5.4% of total loans x SNCs outstanding of $254 million, or 2.3% of total loans x Navitas 9% of total loans x Project lending limit of $25 million x Relationship lending limit of $40 million 10 C&I Commercial Construction CRE Other Consumer PPP Home Equity Residential Construction

38% 22% 24% 7% 9% DDA MMDA Savings Time NOW Valuable Deposit Mix 11 Note: Core transaction accounts include demand deposits, interest - bearing demand, money market and savings accounts, excluding public funds deposits Quarter Highlights x Total deposits were up $537 million, or 13.2% annualized from 2Q21 and up $2.3 billion, or 15.5% YOY x Core transaction deposits were up $490 million, or 15.3% annualized from 2Q21 and up $2.2 billion, or 20.2% YOY x Cost of deposits was down 2 bps to 0.07% in 3 Q21, driven by continued noninterest bearing deposit growth, CD maturities and deposit rate cuts 3Q21 Total Deposits 16.9 billion Cost of Deposits Trend 0.61% 0.56% 0.38% 0.25% 0.17% 0.14% 0.09% 0.07% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21

Capital Ratios 12 x Quarterly dividend of $ 0.20 per share x Repurchased a total of 342,744 shares at an average price of $29.17 for a total of $10.0 million repurchased in 3Q21 x Capital levels expect to remain at peer levels or better pro forma for announced transactions *3Q21 regulatory capital ratios are preliminary Holding Company 3Q20 4Q20 1Q21 2Q21 2Q21 KRX Peer Median UCBI 3Q21* vs. KRX Common Equity Tier 1 Capital 12.3 % 12.3 % 12.3 % 12.6 % 12.0 % + 0.6 % 12.6 % Tier 1 Risk - Based Capital 13.1 13.1 13.1 13.3 12.5 + 0.8 13.4 Total Risk - Based Capital 15.3 15.2 14.9 15.1 14.5 + 0.6 14.9 Leverage 9.4 9.3 9.4 9.3 9.1 + 0.2 9.2 Tangible Common Equity to Tangible Assets 8.9 8.8 8.6 8.7 8.6 + 0.1 8.5 Tangible Book Value per share $ 17.09 $ 17.56 $ 17.83 $ 18.49 $ 18.68

$128.5 $138.4 $141.0 3Q20 2Q21 3Q21 Net Interest Revenue / Margin (1) $ in millions x Net interest margin decreased 7 bps from 2Q21, driven by increased surplus liquidity x L oan accretion totaled $5.6 million and contributed 12 bps to the margin, flat from 2Q21 x PPP fees of $12.9 million in 3Q21 compared to $11.0 million in 2 Q21 x Variable rate loans currently priced at their floors increased $83 million from 2Q21 to $1.3 billion 3.27% 3.19% 3.12% 3.00% 2.81% 2.71% Net Interest Revenue ($ in millions) Net Interest Margin Core Net Interest Margin (1) Net interest margin is calculated on a fully - taxable equivalent basis (2) Core net interest margin excludes PPP fees and loan accretion (1) 13 3 Q21 NIM Compression (2) 3.12% 3.19% ( 0.10% ) 0.00% 0.00% 0.03% 2Q NIM Surplus Liquidity Low Interest Rates / Other Loan Accretion PPP Fees 3Q NIM (%)

Noninterest Income $ in millions $8.3 $8.5 $7.6 $8.3 $9.4 $11.0 $9.2 $10.0 $8.5 $9.0 $3.1 $3.2 $3.5 $3.8 $5.5 $25.1 $19.0 $22.6 $11.1 $13.8 $1.2 $1.5 $1.0 $4.1 $2.4 3Q20 4Q20 1Q21 2Q21 3Q21 Service Charges Other Brokerage / Wealth Mgmt Mortgage Loan sale gains $44.7 Linked Quarter x Fees up $4.3 million • FinTrust closed July 6 and contributed $2.0 million of the increase from 2Q21 • Mortgage fees up $2.7 million from 2Q21 primarily due to strong volume and a less significant MSR write - down • Rate locks were up with $731 million compared to $702 million in 2Q21 • M ortgage closings of $568 million compared to $680 million in 2Q21 • 3 Q21 mortgage production purchase/refi mix was 57%/43% • 3 Q21 mortgage results included a $1.3 million MSR write - down compared to a $3.0 million write - down in 2 Q21 • Gain on sale of SBA loans was $1.5 million on $13.5 million of loan sales • Gain on sale of equipment finance loans was $861 thousand on $19.3 million of loan sales Year - over - Year x Fees down $8.6 million • Mortgage rate locks down 20% compared to last year ($731 million in 3Q21 compared to $910 million in 3Q20) 14 $41.4 $48.7 $35.8 $40.1

$96.0 $106.5 $95.2 $95.5 $96.7 $92.6 $104.0 $93.7 $94.5 $95.3 3Q20 4Q20 1Q21 2Q21 3Q21 54.1% 56.7% 53.6% 54.5% 53.1% 52.2% 55.4% 52.7% 53.9% 52.3% Efficiency Ratio Expenses Disciplined Expense Management $ in millions Linked Quarter x Annualized GAAP and operating expenses increased 5.0% and 3.6%, respectively • FinTrust GAAP and operating expenses of $2.1 million and $1.9 million, respectively • Excluding FinTrust , annualized GAAP and operating expenses were down 3.6% and 4.2%, respectively Year - over - Year x GAAP and operating expenses increased 0.8% and 2.9%, respectively • The majority of the increase is driven by the FinTrust acquisition, which closed on July 6, 2021 • Excluding FinTrust , GAAP expenses were down 1.4% while operating expenses were up 0.9% (1) See non - GAAP reconciliation table slides at the end of the exhibits for a reconciliation of operating performance measures to GAAP p erformance measures 15 GAAP Operating (1) GAAP Operating (1)

x As of September 30, approximately 92% of our PPP loans, representing $1.7 billion in loans, have been forgiven by the SBA x In 3Q21, we recognized $12.9 million in PPP fees x We have $5.8 million of PPP fees remaining to recognize x Average loan amount fully forgiven of $110 thousand 16 PPP Update $150 $1,715 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 PPP Totals ($ in millions) Not Forgiven Forgiven

Credit Quality 17 x 3 Q21 net charge - offs of $551 thousand, or 0.02% of average loans, annualized x The provision for credit losses was negative $11.0 million, reflecting continuing improvement in economic forecasts and observable credit trends x 2020 included $80.4 m illion of provisioning due to economic uncertainty caused by the pandemic Net Charge - Offs as % of Average Loans Provision for Credit Losses & NCOs ($ in millions) $22.2 $33.5 $21.8 $2.9 - $12.3 - $13.6 - $11.0 $8.1 $6.1 $2.5 $1.5 - $0.3 - $0.5 $0.6 -$14.0 -$9.0 -$4.0 $1.0 $6.0 $11.0 $16.0 $21.0 $26.0 $31.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Provision for Credit Losses $ Net Charge-Offs $ 0.37% 0.25% 0.09% 0.05% - 0.01% - 0.02% 0.02% -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21

x Special mention loans dropped by 0.76% (from $370 million in 2Q21 to $278 million in 3Q21, a decline of $92 million) x Substandard, but still accruing loans, declined 0.11% quarter over quarter as a % of total loans x Non - performing assets improved by $1.0 million during the quarter, but remained flat as a % of total loans Higher - Risk Loan Trends 18 Loan Deferrals Special Mention & Substandard Accruing Loans as a % of Total Loans Non - Performing Assets as a % of Total Loans $365 $71 $48 $18 $9 3.1% 0.6% 0.4% 0.2% 0.1% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% $0 $50 $100 $150 $200 $250 $300 $350 $400 3Q20 4Q20 1Q21 2Q21 3Q21 Loan Deferrals ($ in millions) 1.2% 2.6% 3.2% 3.2% 2.5% 1.1% 1.5% 1.5% 1.7% 1.6% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 3Q20 4Q20 1Q21 2Q21 3Q21 Special Mention (%) Substandard Accruing(%) 0.42% 0.55% 0.48% 0.41% 0.41% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 3Q20 4Q20 1Q21 2Q21 3Q21

19 ACL Walkforward $122,460 $110,875 $1,116 $411 ( $551 ) $604 ( $13,165 ) 2Q21 ACL Loan Growth Reserve for Unfunded Commitments NCOs Specific Reserve Model / Forecast Changes 3Q21 ACL ($000) ACL / Loans: 1.08% ACL / Loans excl. PPP: 1.12% 0.99% 1.00% Note: ACL includes the reserve for unfunded commitments

Total Assets $18,557 $7 $752 $3,057 $22,374 Total Gross Loans $11,844 $- $576 $2,444 $14,864 Total Deposits $15,993 $- $636 $2,613 $19,243 Enhancing Our Franchise Through Strategic M&A EXPANSION RATIONALE 1. Includes MSAs with a population greater than 300,000 2 . Does not include merger adjustments 3. FinTrust has approximately $2 billion assets under management 4. Aquesta has 3 LPOs in Raleigh, NC; Greenville, SC and Charleston, SC; Reliant has an LPO in Knoxville, TN Note: Dollar values in millions, except per share values Source : S&P Global Market Intelligence, public filings Pro Forma Branch Map Reliant (25) (4) 20 Estimated EPS Accretion Pro Forma Balance Sheet (2) Pro Forma Enhancing United’s High - Growth Southeast Footprint Aquesta (9) United (162) ▪ 7 / 6 / 2021 – Closed the FinTrust Capital Partners, LLC acquisition ▪ 10 / 1 / 2021 – Closed the Aquesta Financial Holdings, Inc . acquisition ▪ 1 Q 22 – Expected to close the Reliant Bancorp, Inc . acquisition ▪ Expanding into the attractive Nashville, TN ; Charlotte, NC ; and Wilmington, NC markets, 3 of the top 20 fastest growing MSAs in the Southeast ( 1 ) (As of 3/31/2021) Well - Capitalized at Close 8.7% TCE / TCA 9.5% Leverage Ratio 12.1% CET - 1 Ratio 12.7% Tier 1 Ratio 14.5% Total Capital Ratio (3) (Pro Forma as of 12/31/2021) $0.02 $0.02 $0.08 $0.09 $0.15 $0.22 Est. 2022E EPS Accretion Est. 2023E EPS Accretion FinTrust Aquesta Reliant ( 4)

3 Q21 INVESTOR PRESENTATION Exhibits

Increasing Liquidity Trend Cash and Securities 22 $ in billions $2.6 $2.5 $2.4 $3.1 $3.6 $4.3 $4.9 $5.3 $0.4 $0.4 $1.2 $0.9 $1.5 $1.2 $1.3 $1.7 1.80% 1.38% 0.69% 0.65% 0.86% 1.31% 1.58% 1.32% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Investments ($) Fed Funds & Interest Earning Cash ($) Avg. 10-Yr Treasury 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Securities Yield % 2.77% 2.84% 2.68% 2.21% 1.83% 1.62% 1.58% 1.51% Blended Yield % 2.56% 2.63% 2.14% 1.61% 1.36% 1.30% 1.31% 1.19%

x Navitas 3Q21 NCOs = 0.21% x Economic recovery and government intervention driving historically low loss rates x Navitas ’ cumulative net loss rates have approximated 2 % for the last 10 years x Navitas ACL - Loans equated to 1.70% as of 3Q21 x Total Navitas deferrals are down 0.04% from 2Q21 to 0.2% of the total Navitas loan portfolio Navitas Performance 23 $ in millions $125 $126 $94 $134 $145 $148 $181 $186 8.2% 8.9% 9.4% 22.6% 19.7% 22.9% 24.7% 19.7% 9.30% 9.45% 9.39% 9.19% 9.12% 9.08% 9.08% 9.01% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $0 $50 $100 $150 $200 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Originations $ Loan Growth % (ann.) Portfolio Yield %

Expanding Mortgage Throughout the Footprint x Gain on sale % has declined, but remains above pre - pandemic levels x Purchase / Refi mix has slightly shifted from 55% / 45% in 3Q20 to 57% / 43% in 3Q21 x Technology investments have also paid off as we have been able to better market to our existing customers and also have enabled us to cut processing costs and process times 24 $ in millions $411 $801 $802 $910 $792 $993 $702 $731 $225 $259 $395 $402 $410 $336 $407 $320 3.3% 2.8% 4.3% 5.4% 5.1% 4.4% 3.9% 4.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% $0 $200 $400 $600 $800 $1,000 $1,200 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Mortgage locks $ Loans sold $ Gain on sale %

Selected Segments – Hotels 25 x Total hotel loans outstanding totaled $309 million as of 3Q21, or 3% of total loans x Original loan to value low at 59% on average for UCBI portfolio x As of September 30, $4.7 million of hotel loans were in nonaccrual x As of September 30, $25 million of hotel loans were special mention and $28 million were substandard accruing $267 $293 $299 $303 $301 $324 $328 $309 $0 $50 $100 $150 $200 $250 $300 $350 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Outstanding Balance $ Active COVID Deferral $ Special Mention $ Accruing Substandard $ Nonaccruals $ $ in millions

Selected Segments – Senior Care 26 x S enior Care lending team are dedicated specialists with significant experience in the space x Senior Care portfolio outstanding for UCBI totaled $549 million as of 3Q21, or 5 % of total loans x As of September 30, $6.9 million of Senior Care loans were in nonaccrual x As of September 30, $170 million of Senior Care loans were special mention and $73 million were substandard accruing 1 % 20% 25% 49% 6% $456 $463 $486 $503 $511 $535 $537 $549 $0 $100 $200 $300 $400 $500 $600 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Outstanding Balance $ Active COVID Deferral $ Special Mention $ Accruing Substandard $ Nonaccruals $ $ in millions

Non - GAAP Reconciliation Tables $ in thousands, except per share data 27 3Q20 4Q20 1Q21 2Q21 3Q21 Expenses Expenses - GAAP 95,981$ 106,490$ 95,194$ 95,540$ 96,749$ Merger-related and other charges (3,361) (2,452) (1,543) (1,078) (1,437) Expenses - Operating 92,620$ 104,038$ 93,651$ 94,462$ 95,312$ Diluted Earnings per share Diluted earnings per share - GAAP 0.52$ 0.66$ 0.82$ 0.78$ 0.82$ Merger-related and other charges 0.03 0.02 0.01 0.01 0.01 Diluted earnings per share - Operating 0.55 0.68 0.83 0.79 0.83 Book Value per share Book Value per share - GAAP 21.45$ 21.90$ 22.15$ 22.81$ 23.25$ Effect of goodwill and other intangibles (4.36) (4.34) (4.32) (4.32) (4.57) Tangible book value per share 17.09$ 17.56$ 17.83$ 18.49$ 18.68$ Return on Tangible Common Equity Return on common equity - GAAP 10.06 % 12.36 % 15.37 % 14.08 % 14.26 % Effect of merger-related and other charges 0.63 0.41 0.26 0.17 0.22 Return on common equity - Operating 10.69 12.77 15.63 14.25 14.48 Effect of goodwill and intangibles 2.83 3.46 4.05 3.56 3.75 Return on tangible common equity - Operating 13.52 % 16.23 % 19.68 % 17.81 % 18.23 %

Non - GAAP Reconciliation Tables $ in thousands, except per share data 28 3Q20 4Q20 1Q21 2Q21 3Q21 Return on Assets Return on assets - GAAP 1.07 % 1.30 % 1.62 % 1.46 % 1.48 % Merger-related and other charges 0.07 0.04 0.03 0.02 0.02 Return on assets - Operating 1.14 % 1.34 % 1.65 % 1.48 % 1.50 % Return on Assets to return on assets- pre-tax pre-provision Return on assets - GAAP 1.07 % 1.30 % 1.62 % 1.46 % 1.48 % Income tax expense 0.28 0.40 0.46 0.47 0.45 Provision for credit losses 0.51 0.07 (0.28) (0.29) (0.23) Return on assets - pre-tax, pre-provision 1.86 1.77 1.80 1.64 1.70 Merger-related and other charges 0.07 0.05 0.03 0.03 0.03 Return on assets - pre-tax, pre-provision, excluding merger-related and other charges 1.93 % 1.82 % 1.83 % 1.67 % 1.73 % Efficiency Ratio Efficiency Ratio - GAAP 54.14 % 56.73 % 53.55 % 54.53 % 53.11 % Merger-related and other charges (1.90) (1.31) (0.87) (0.61) (0.78) Efficiency Ratio - Operating 52.24 % 55.42 % 52.68 % 53.92 % 52.33 % Tangible common equity to tangible assets Equity to assets ratio - GAAP 11.47 % 11.29 % 10.95 % 11.04 % 10.89 % Effect of goodwill and other intangibles (2.02) (1.94) (1.86) (1.82) (1.87) Effect of preferred equity (0.56) (0.54) (0.52) (0.51) (0.49) Tangible common equity to tangible assets ratio 8.89 % 8.81 % 8.57 % 8.71 % 8.53 %

Glossary 29 ACL – Allowance for Credit Losses MTM – Marked-to-market ALLL – Allowance for Loan Losses MSA – Metropolitan Statistical Area AUA – Assets Under Administration MSR – Mortgage Servicing Rights Asset BPS – Basis Points NCO – Net Charge-Offs C&I – Commercial and Industrial NIM – Net Interest Margin C&D – Construction and Development NPA – Non-Performing Asset CECL – Current Expected Credit Losses NSF – Non-sufficient Funds CET1 – Common Equity Tier 1 Capital OO RE – Owner Occupied Commercial Real Estate CRE – Commercial Real Estate PCD – Loans Purchased with Credit Deterioration CSP – Customer Service Profiles PPP – Paycheck Protection Program DDA – Demand Deposit Account PTPP – Pre-Tax, Pre-Provision Earnings EOP – End of Period RBC – Risk Based Capital FTE – Fully-taxable equivalent ROA – Return on Assets GAAP – Accounting Principles Generally Accepted in the USA SBA – United States Small Business Administration KRX – KBW Nasdaq Regional Banking Index TCE – Tangible Common Equity LPO – Loan Production Office USDA – United States Department of Agriculture MLO – Mortgage Loan Officer YOY – Year over Year