United Community Banks, Inc. Announces Third Quarter Earnings

Date26 Oct 2016

CategoriesEarnings Releases And Operating Results

Diluted earnings per share up 33 percent to 36 cents from third quarter 2015
Excluding merger-related charges, diluted operating EPS up 18 percent to 39 cents

Return on assets of 1.00 percent; 1.08 percent, excluding merger-related charges
Loan growth of $133 million from second quarter, or 8 percent annualized
Core transaction deposits up $254 million from second quarter, or 19 percent annualized
Fee revenue of $26.4 million, up $2.9 million from the second quarter
Efficiency ratio of 60.8 percent; 57.8 percent, excluding merger-related charges

BLAIRSVILLE, Ga., Oct. 26, 2016 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NASDAQ:UCBI) (“United”) today announced continued momentum in the third quarter with strong fee revenue and loan growth, as well as sound credit quality and capital management. Net income grew to $25.9 million, or 36 cents per diluted share, compared with $17.9 million, or 27 cents per diluted share, for the third quarter of 2015. Net income for the first nine months of 2016 was $73.4 million, or $1.02 per diluted share. This compares with net income of $53.4 million, or 84 cents per diluted share, for the first nine months of 2015.

On an operating basis, net income rose to $27.8 million for the third quarter of 2016 compared with $21.7 million for the third quarter of 2015. Operating net income excludes pre-tax merger-related charges of $3.15 million in the third quarter of 2016 and $5.74 million in the third quarter of 2015. On a per diluted share basis, operating net income was 39 cents for the third quarter of 2016 compared with 33 cents for the third quarter of 2015. For the first nine months of 2016, operating net income was $77.8 million, or $1.08 per diluted share, compared with $59.3 million, or 94 cents per diluted share, for the first nine months of 2015.

At September 30, 2016, preliminary regulatory capital ratios were as follows: Tier 1 Risk-Based of 11.1 percent; Total Risk-Based of 11.9 percent; Common Equity Tier 1 Risk-Based of 11.1 percent; and, Tier 1 Leverage of 8.4 percent.

“Our third quarter results underscore the positive momentum from our investments in new businesses and markets,” said Jimmy Tallent, chairman and chief executive officer. “Our mortgage banking business continued to produce record quarterly results which, combined with strong performance from our SBA business and solid customer derivative sales, led to a 44 percent increase in fee revenue from a year ago.”

The third quarter’s return on assets was 1.00 percent including the effect of merger-related charges of $3.15 million. Exclusive of these charges, the operating return on assets for the third quarter was 1.08 percent.

Tallent noted the positive impact of the Tidelands Bancshares acquisition, which was completed on July 1, 2016. “As expected, the acquisition was immediately accretive to earnings per share,” he said. “Systems conversions are scheduled to take place in November, after which we expect to achieve the remaining targeted cost savings. The Tidelands acquisition is meeting or exceeding objectives consistent with our coastal South Carolina expansion strategy and I could not be more pleased with the results.

“Third quarter loan production was $641 million,” Tallent added. “Excluding acquired loans from Tidelands, linked-quarter growth of $133 million, or 8 percent annualized, was within our 2016 loan growth target of mid-to-upper single-digit. Our community banks originated $436 million in loans while specialized lending produced $166 million. United’s specialized lending area encompasses commercial real estate, middle market, SBA, builder finance and asset-based lending. Funding these loans was strong linked-quarter core transaction deposit growth of $254 million, or 19 percent annualized, excluding Tidelands. Core deposits comprise 90 percent of total deposits, which is one of the best ratios in the country.”

Third quarter net interest revenue totaled $79.0 million, up $4.1 million from the second quarter and up $13.6 million from the third quarter of 2015. The increase from both periods reflects growth in the loan portfolio as well as net interest revenue from recent acquisitions.

The taxable-equivalent net interest margin of 3.34 percent, while one basis point lower than the second quarter, was up eight basis points from the third quarter of 2015. The decrease from second quarter was expected and resulted mostly from loan pricing competition.

The third quarter provision for credit losses was a recovery of $300,000, equal to the second quarter of 2016. It was down from a provision charge of $700,000 in the third quarter of 2015. Strong recoveries of previously charged-off loans continued to contribute to the low level of net charge-offs. Third quarter net charge-offs totaled $1.4 million, compared with $1.7 million in the second quarter and $1.4 million in the third quarter of 2015. Nonperforming assets were .30 percent of total assets at September 30, 2016, compared with .28 percent at June 30, 2016 and .29 percent at September 30, 2015.

“The recoveries of our provisions reflect continued strong credit quality and a low overall level of net charge-offs,” Tallent commented. “Our credit quality indicators are very favorable and our outlook is for positive credit quality in the fourth quarter and into 2017. This will result in low provision levels that we expect will gradually increase with loan growth through 2017, while slightly decreasing our allowance and the related ratio to total loans.”

Third quarter fee revenue totaled $26.4 million, an increase of $2.86 million from the second quarter and up $8.06 million from a year ago. Mortgage fees were up $1.59 million from the second quarter and $2.20 million from a year ago. Customer derivative fees also contributed to the increase in fee revenue from both prior periods. Gains from sales of SBA loans were up $833,000 from a year ago, but down $322,000 from the second quarter due to slightly lower premiums and loans sold.

“The increase in mortgage fees correlates to our strategic investment in additional mortgage lenders where we see opportunities to gain market share and higher spreads on loan sales,” Tallent said. “Although production of SBA loans remained high, $32 million of loans were sold in the third quarter compared to $33 million during the second quarter, but up from $17.8 million during the third quarter of 2015.”

Operating expenses were $64.0 million for the third quarter, compared with $58.1 million for the second quarter and $54.3 million for the third quarter of 2015. Included in operating expenses were merger-related charges of $3.15 million for the third quarter, $1.18 million for the second quarter and $5.74 million for the third quarter of 2015. Excluding these charges, third quarter operating expenses were $60.9 million compared with $56.9 million for the second quarter and $48.5 million a year ago. The increases from the second quarter and a year ago reflect additional operating expenses following the acquisitions of Tidelands Bank on July 1, 2016 and The Palmetto Bank on September 1, 2015. The operating expenses of the acquired companies are included in United’s financial results beginning on their respective acquisition dates.

Excluding merger-related charges of $3.15 million in the third quarter, operating expenses were $60.9 million and up $3.99 million from the second quarter. The inclusion of Tidelands’ $2.76 million of operating expense accounted for 70 percent of the linked-quarter increase in operating expenses. The balance of the increase was primarily due to higher salary costs for commissions and incentives related to truing-up the quarter and year-to-date for performance targets.

“Our bankers continue to perform exceptionally well as we build on the successes of investing to grow our franchise and earnings,” Tallent said. “We take tremendous pride that our bankers provide the best in customer service by treating customers the way we would want to be treated. This is at the foundation of our success and the core of everything we do. With strong earnings momentum and a high-quality balance sheet, I am optimistic about our future,” Tallent concluded.

Conference Call
United will hold a conference call today, Wednesday, October 26, 2016, at 11 a.m. ET to discuss the contents of this earnings release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 86742023. 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.

About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ:UCBI) is a registered bank holding company based in Blairsville, Georgia, with $10.3 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast region’s largest full-service banks, operating 140 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in providing personalized community banking services to individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products, including mortgage, advisory, and treasury management. United Community Bank is consistently recognized for its outstanding customer service by respected national research firms. In 2014 and 2015, United Community Bank was ranked first in customer satisfaction in the southeast by J.D. Power and again in 2016 was ranked among the top 100 on the Forbes list of America’s Best Banks. Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com.

Non-GAAP Financial Measures
This News Release 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,” “operating net income per diluted share,” “tangible book value,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “operating dividend payout ratio,” “operating efficiency ratio,” “average tangible equity to average assets,” “average tangible common equity to average assets” and “tangible common equity to risk-weighted 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.

Safe Harbor
This News Release contains forward-looking statements, as defined by federal securities laws, including statements about United’s financial outlook and business environment. These statements are based on current expectations and are provided to assist in the understanding of future financial performance. Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United’s filings with the Securities and Exchange Commission including its 2015 Annual Report on Form 10-K under the sections entitled “Forward-Looking Statements” and “Risk Factors.” Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements.


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Selected Financial Information

																					Third
	2016												2015								Quarter
	Third				Second				First				Fourth				Third				2016-2015
(in thousands, except per share data)	Quarter				Quarter				Quarter				Quarter				Quarter				Change
INCOME SUMMARY
Interest revenue	$	85,439			$	81,082			$	80,721			$	79,362			$	70,828
Interest expense		6,450				6,164				5,769				5,598				5,402
Net interest revenue		78,989				74,918				74,952				73,764				65,426				21		%
Provision for credit losses		(300	)			(300	)			(200	)			300				700
Fee revenue		26,361				23,497				18,606				21,284				18,297				44
Total revenue		105,650				98,715				93,758				94,748				83,023				27
Expenses		64,023				58,060				57,885				65,488				54,269				18
Income before income tax expense		41,627				40,655				35,873				29,260				28,754				45
Income tax expense		15,753				15,389				13,578				11,052				10,867				45
Net income		25,874				25,266				22,295				18,208				17,887				45
Preferred dividends		–				–				21				25				25
Net income available to common shareholders	$	25,874			$	25,266			$	22,274			$	18,183			$	17,862				45
Merger-related and other charges		3,152				1,176				2,653				9,078				5,744
Income tax benefit of merger-related and other charges		(1,193	)			(445	)			(1,004	)			(3,486	)			(1,905	)
Net income available to common shareholders – operating ⁽¹⁾	$	27,833			$	25,997			$	23,923			$	23,775			$	21,701				28

PERFORMANCE MEASURES
Per common share:
Diluted net income – GAAP	$	.36			$	.35			$	.31			$	.25			$	.27				33
Diluted net income – operating ⁽¹⁾		.39				.36				.33				.33				.33				18
Cash dividends declared		.08				.07				.07				.06				.06
Book value		15.12				14.80				14.35				14.02				13.95				8
Tangible book value⁽³⁾		13.00				12.84				12.40				12.06				12.08				8

Key performance ratios:
Return on common equity – GAAP⁽²⁾⁽⁴⁾		9.61		%		9.54		%		8.57		%		7.02		%		7.85		%
Return on common equity – operating^(1)(2)(4)		10.34				9.81				9.20				9.18				9.54
Return on tangible common equity – operating^(1)(2)(³⁾⁽⁴⁾		12.45				11.56				10.91				10.87				10.29
Return on assets – GAAP⁽⁴⁾		1.00				1.04				.93				.76				.82
Return on assets – operating⁽¹⁾⁽⁴⁾		1.08				1.07				1.00				.99				1.00
Dividend payout ratio – GAAP		22.22				20.00				22.58				24.00				22.22
Dividend payout ratio – operating ⁽¹⁾		20.51				19.44				21.21				18.18				18.18
Net interest margin (fully taxable equivalent)⁽⁴⁾		3.34				3.35				3.41				3.34				3.26
Efficiency ratio – GAAP		60.78				59.02				61.94				68.97				64.65
Efficiency ratio – operating ⁽¹⁾		57.79				57.82				59.10				59.41				57.81
Average equity to average assets		10.38				10.72				10.72				10.68				10.39
Average tangible equity to average assets⁽³⁾		8.98				9.43				9.41				9.40				9.88
Average tangible common equity to average assets⁽³⁾		8.98				9.43				9.32				9.29				9.77
Tangible common equity to risk-weighted assets⁽³⁾⁽⁵⁾		12.26				12.87				12.77				12.82				13.08

ASSET QUALITY
Nonperforming loans	$	21,572			$	21,348			$	22,419			$	22,653			$	20,064				8
Foreclosed properties		9,187				6,176				5,163				4,883				7,669				20
Total nonperforming assets (NPAs)		30,759				27,524				27,582				27,536				27,733				11
Allowance for loan losses		62,961				64,253				66,310				68,448				69,062				(9	)
Net charge-offs		1,359				1,730				2,138				1,302				1,417				(4	)
Allowance for loan losses to loans		0.94		%		1.02		%		1.09		%		1.14		%		1.15		%
Net charge-offs to average loans⁽⁴⁾		.08				.11				.14				.09				.10
NPAs to loans and foreclosed properties		.46				.44				.45				.46				.46
NPAs to total assets		.30				.28				.28				.29				.29

AVERAGE BALANCES ($ in millions)
Loans	$	6,675			$	6,151			$	6,004			$	5,975			$	5,457				22
Investment securities		2,610				2,747				2,718				2,607				2,396				9
Earning assets		9,443				9,037				8,876				8,792				8,009				18
Total assets		10,281				9,809				9,634				9,558				8,634				19
Deposits		8,307				7,897				7,947				8,028				7,135				16
Shareholders’ equity		1,067				1,051				1,033				1,021				897				19
Common shares – basic (thousands)		71,556				72,202				72,162				72,135				66,294				8
Common shares – diluted (thousands)		71,561				72,207				72,166				72,140				66,300				8

AT PERIOD END ($ in millions)
Loans	$	6,725			$	6,287			$	6,106			$	5,995			$	6,024				12
Investment securities		2,560				2,677				2,757				2,656				2,457				4
Total assets		10,298				9,928				9,781				9,616				9,404				10
Deposits		8,442				7,857				7,960				7,873				7,897				7
Shareholders’ equity		1,079				1,060				1,034				1,018				1,013				7
Common shares outstanding (thousands)		70,861				71,122				71,544				71,484				71,472				(1	)

⁽¹⁾ Excludes merger-related charges and fourth quarter impairment losses on surplus bank property. ⁽²⁾ Net income available to common shareholders, which is net of 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⁾ Third quarter 2016 ratio is preliminary.


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Selected Financial Information

	For the Nine
	Months Ended								YTD
	September 30,								2016-2015
(in thousands, except per share data)		2016				2015			Change
INCOME SUMMARY
Interest revenue	$	247,242			$	199,170
Interest expense		18,383				15,511
Net interest revenue		228,859				183,659				25		%
Provision for credit losses		(800	)			3,400
Fee revenue		68,464				51,245				34
Total revenue		298,123				231,504				29
Expenses		179,968				145,750				23
Income before income tax expense		118,155				85,754				38
Income tax expense		44,720				32,384				38
Net income		73,435				53,370				38
Preferred dividends		21				42
Net income available to common shareholders	$	73,414			$	53,328				38
Merger-related and other charges		6,981				8,917
Income tax benefit of merger-related and other charges		(2,642	)			(2,902	)
Net income available to common shareholders – operating ⁽¹⁾	$	77,753			$	59,343				31

PERFORMANCE MEASURES
Per common share:
Diluted net income – GAAP	$	1.02			$	.84				21
Diluted net income – operating ⁽¹⁾		1.08				.94				15
Cash dividends declared		.22				.16
Book value		15.12				13.95				8
Tangible book value⁽³⁾		13.00				12.08				8
Key performance ratios:
Return on common equity – GAAP⁽²⁾⁽⁴⁾		9.25		%		8.63		%
Return on common equity – operating^(1)(2)(4)		9.79				9.60
Return on tangible common equity – operating^(1)(2)(³⁾⁽⁴⁾		11.64				10.00
Return on assets – GAAP⁽⁴⁾		.99				.88
Return on assets – operating⁽¹⁾⁽⁴⁾		1.05				.98
Dividend payout ratio – GAAP		21.57				19.05
Dividend payout ratio – operating ⁽¹⁾		20.37				17.02
Net interest margin (fully taxable equivalent)⁽⁴⁾		3.36				3.29
Efficiency ratio – GAAP		60.56				61.94
Efficiency ratio – operating ⁽¹⁾		58.21				58.15
Average equity to average assets		10.60				10.11
Average tangible equity to average assets⁽³⁾		9.27				9.88
Average tangible common equity to average assets⁽³⁾		9.24				9.81
Tangible common equity to risk-weighted assets⁽³⁾⁽⁵⁾		12.26				13.08

ASSET QUALITY
Nonperforming loans	$	21,572			$	20,064				8
Foreclosed properties		9,187				7,669				20
Total nonperforming assets (NPAs)		30,759				27,733				11
Allowance for loan losses		62,961				69,062				(9	)
Net charge-offs		5,227				4,957				5
Allowance for loan losses to loans		0.94		%		1.15		%
Net charge-offs to average loans⁽⁴⁾		.11				.13
NPAs to loans and foreclosed properties		.46				.46
NPAs to total assets		.30				.29

AVERAGE BALANCES ($ in millions)
Loans	$	6,278			$	5,069				24
Investment securities		2,692				2,288				18
Earning assets		9,120				7,511				21
Total assets		9,909				8,093				22
Deposits		8,051				6,727				20
Shareholders’ equity		1,051				818				28
Common shares – basic (thousands)		71,992				63,297				14
Common shares – diluted (thousands)		71,996				63,302				14

AT PERIOD END ($ in millions)
Loans	$	6,725			$	6,024				12
Investment securities		2,560				2,457				4
Total assets		10,298				9,404				10
Deposits		8,442				7,897				7
Shareholders’ equity		1,079				1,013				7
Common shares outstanding (thousands)		70,861				71,472				(1	)

⁽¹⁾ Excludes merger-related charges and fourth quarter impairment losses on surplus bank property. ⁽²⁾ Net income available to common shareholders, which is net of 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⁾ Third quarter 2016 ratio is preliminary.


UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information


	2016												2015
	Third				Second				First				Fourth				Third
(in thousands, except per share data)	Quarter				Quarter				Quarter				Quarter				Quarter

Expense reconciliation
Expenses (GAAP)	$	64,023			$	58,060			$	57,885			$	65,488			$	54,269
Merger-related and other charges		(3,152	)			(1,176	)			(2,653	)			(9,078	)			(5,744	)
Expenses – operating	$	60,871			$	56,884			$	55,232			$	56,410			$	48,525

Net income reconciliation
Net income (GAAP)	$	25,874			$	25,266			$	22,295			$	18,208			$	17,887
Merger-related and other charges		3,152				1,176				2,653				9,078				5,744
Income tax benefit of merger-related and other charges		(1,193	)			(445	)			(1,004	)			(3,486	)			(1,905	)
Net income – operating	$	27,833			$	25,997			$	23,944			$	23,800			$	21,726

Net income available to common shareholders reconciliation
Net income available to common shareholders (GAAP)	$	25,874			$	25,266			$	22,274			$	18,183			$	17,862
Merger-related and other charges		3,152				1,176				2,653				9,078				5,744
Income tax benefit of merger-related and other charges		(1,193	)			(445	)			(1,004	)			(3,486	)			(1,905	)
Net income available to common shareholders – operating	$	27,833			$	25,997			$	23,923			$	23,775			$	21,701

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	.36			$	.35			$	.31			$	.25			$	.27
Merger-related and other charges		.03				.01				.02				.08				.06
Diluted income per common share – operating	$	.39			$	.36			$	.33			$	.33			$	.33

Book value per common share reconciliation
Book value per common share (GAAP)	$	15.12			$	14.80			$	14.35			$	14.02			$	13.95
Effect of goodwill and other intangibles		(2.12	)			(1.96	)			(1.95	)			(1.96	)			(1.87	)
Tangible book value per common share	$	13.00			$	12.84			$	12.40			$	12.06			$	12.08

Return on tangible common equity reconciliation
Return on common equity (GAAP)		9.61		%		9.54		%		8.57		%		7.02		%		7.85		%
Merger-related and other charges		.73				.27				.63				2.16				1.69
Return on common equity – operating		10.34				9.81				9.20				9.18				9.54
Effect of goodwill and other intangibles		2.11				1.75				1.71				1.69				.75
Return on tangible common equity – operating		12.45		%		11.56		%		10.91		%		10.87		%		10.29		%

Return on assets reconciliation
Return on assets (GAAP)		1.00		%		1.04		%		.93		%		.76		%		.82		%
Merger-related and other charges		.08				.03				.07				.23				.18
Return on assets – operating		1.08		%		1.07		%		1.00		%		.99		%		1.00		%

Dividend payout ratio reconciliation
Dividend payout ratio (GAAP)		22.22		%		20.00		%		22.58		%		24.00		%		22.22		%
Merger-related and other charges		(1.71	)			(.56)				(1.37	)			(5.82	)			(4.04	)
Dividend payout ratio – operating		20.51		%		19.44		%		21.21		%		18.18		%		18.18		%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		60.78		%		59.02		%		61.94		%		68.97		%		64.65		%
Merger-related and other charges		(2.99	)			(1.20	)			(2.84	)			(9.56	)			(6.84	)
Efficiency ratio – operating		57.79		%		57.82		%		59.10		%		59.41		%		57.81		%

Average equity to assets reconciliation
Equity to assets (GAAP)		10.38		%		10.72		%		10.72		%		10.68		%		10.39		%
Effect of goodwill and other intangibles		(1.40	)			(1.29	)			(1.31	)			(1.28	)			(.51	)
Tangible equity to assets		8.98				9.43				9.41				9.40				9.88
Effect of preferred equity		-				-				(.09	)			(.11	)			(.11	)
Tangible common equity to assets		8.98		%		9.43		%		9.32		%		9.29		%		9.77		%

Tangible common equity to risk-weighted assets reconciliation ⁽¹⁾
Tier 1 capital ratio (Regulatory)		11.08		%		11.44		%		11.32		%		11.45		%		11.40		%
Effect of other comprehensive income		-				(.06	)			(.25	)			(.38	)			(.23	)
Effect of deferred tax limitation		1.50				1.63				1.85				2.05				2.24
Effect of trust preferred		(.26	)			(.08	)			(.08	)			(.08	)			(.08	)
Effect of preferred equity		-				-				-				(.15	)			(.15	)
Basel III intangibles transition adjustment		(.06	)			(.06	)			(.07	)			(.10	)			(.13	)
Basel III disallowed investments		-				-				-				.03				.03
Tangible common equity to risk-weighted assets		12.26		%		12.87		%		12.77		%		12.82		%		13.08		%

⁽¹⁾ Third quarter 2016 ratios are preliminary.


UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information


	For the Nine Months Ended September 30,
	For the Nine Months Ended September 30,
(in thousands, except per share data)		2016				2015

Expense reconciliation
Expenses (GAAP)	$	179,968			$	145,750
Merger-related and other charges		(6,981	)			(8,917	)
Expenses – operating	$	172,987			$	136,833

Net income reconciliation
Net income (GAAP)	$	73,435			$	53,370
Merger-related and other charges		6,981				8,917
Income tax benefit of merger-related and other charges		(2,642	)			(2,902	)
Net income – operating	$	77,774			$	59,385

Net income available to common shareholders reconciliation
Net income available to common shareholders (GAAP)	$	73,414			$	53,328
Merger-related and other charges		6,981				8,917
Income tax benefit of merger-related and other charges		(2,642	)			(2,902	)
Net income available to common shareholders – operating	$	77,753			$	59,343

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	1.02			$	.84
Merger-related and other charges		-				.10
Diluted income per common share – operating	$	1.02			$	.94

Book value per common share reconciliation
Book value per common share (GAAP)	$	15.12			$	13.95
Effect of goodwill and other intangibles		(2.12	)			(1.87	)
Tangible book value per common share	$	13.00			$	12.08

Return on tangible common equity reconciliation
Return on common equity (GAAP)		9.25		%		8.63		%
Merger-related and other charges		.54				.97
Return on common equity – operating		9.79				9.60
Effect of goodwill and other intangibles		1.85				.40
Return on tangible common equity – operating		11.64		%		10.00		%

Return on assets reconciliation
Return on assets (GAAP)		.99		%		.88		%
Merger-related and other charges		.06				.10
Return on assets – operating		1.05		%		.98		%

Dividend payout ratio reconciliation
Dividend payout ratio (GAAP)		21.57		%		19.05		%
Merger-related and other charges		(1.20	)			(2.03	)
Dividend payout ratio – operating		20.37		%		17.02		%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		60.56		%		61.94		%
Merger-related and other charges		(2.35	)			(3.79	)
Efficiency ratio – operating		58.21		%		58.15		%

Average equity to assets reconciliation
Equity to assets (GAAP)		10.60		%		10.11		%
Effect of goodwill and other intangibles		(1.33	)			(.23	)
Tangible equity to assets		9.27				9.88
Effect of preferred equity		(.03)				(.07	)
Tangible common equity to assets		9.24		%		9.81		%

Tangible common equity to risk-weighted assets reconciliation ⁽¹⁾
Tier 1 capital ratio (Regulatory)		11.08		%		11.40		%
Effect of other comprehensive income		-				(.23	)
Effect of deferred tax limitation		1.50				2.24
Effect of trust preferred		(.26	)			(.08	)
Effect of preferred equity		-				(.15	)
Basel III intangibles transition adjustment		(.06	)			(.13	)
Basel III disallowed investments		-				.03
Tangible common equity to risk-weighted assets		12.26		%		13.08		%

⁽¹⁾ Third quarter 2016 ratios are preliminary.


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End


		2016						2015
	Third		Second		First		Fourth		Third
(in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
LOANS BY CATEGORY
Owner occupied commercial RE	$	1,512	$	1,450	$	1,434	$	1,494	$	1,479
Income producing commercial RE		1,105		919		880		824		818
Commercial & industrial		994		926		855		785		890
Commercial construction		389		384		354		342		319
Total commercial		4,000		3,679		3,523		3,445		3,506
Residential mortgage		1,056		1,035		1,032		1,029		1,062
Home equity lines of credit		698		623		604		598		585
Residential construction		378		351		348		352		334
Consumer installment		593		599		599		571		537
Total loans	$	6,725	$	6,287	$	6,106	$	5,995	$	6,024

LOANS BY MARKET
North Georgia	$	1,110	$	1,097	$	1,097	$	1,125	$	1,130
Atlanta MSA		1,332		1,314		1,257		1,259		1,266
North Carolina		548		543		543		549		546
Coastal Georgia		565		541		543		537		506
Gainesville MSA		236		240		248		254		252
East Tennessee		506		509		495		504		511
South Carolina		1,199		862		821		819		783
Specialized Lending		763		706		628		492		609
Indirect auto		466		475		474		456		421
Total loans	$	6,725	$	6,287	$	6,106	$	5,995	$	6,024

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End


	2016				2015		Linked			Year over
	Third		Second		Third		Quarter			Year
(in millions)	Quarter		Quarter		Quarter		Change			Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	1,512	$	1,450	$	1,479	$	62		$	33
Income producing commercial RE		1,105		919		818		186			287
Commercial & industrial		994		926		890		68			104
Commercial construction		389		384		319		5			70
Total commercial		4,000		3,679		3,506		321			494
Residential mortgage		1,056		1,035		1,062		21			(6	)
Home equity lines of credit		698		623		585		75			113
Residential construction		378		351		334		27			44
Consumer installment		593		599		537		(6	)		56
Total loans	$	6,725	$	6,287	$	6,024		438			701

LOANS BY MARKET
North Georgia	$	1,110	$	1,097	$	1,130		13			(20	)
Atlanta MSA		1,332		1,314		1,266		18			66
North Carolina		548		543		546		5			2
Coastal Georgia		565		541		506		24			59
Gainesville MSA		236		240		252		(4	)		(16	)
East Tennessee		506		509		511		(3	)		(5	)
South Carolina		1,199		862		783		337			416
Specialized Lending		763		706		609		57			154
Indirect auto		466		475		421		(9	)		45
Total loans	$	6,725	$	6,287	$	6,024		438			701


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality


	Third Quarter 2016
	Nonperforming			Foreclosed			Total
(in thousands)	Loans			Properties			NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE	$	6,454		$	3,188		$	9,642
Income producing CRE		949			765			1,714
Commercial & industrial		1,079			-			1,079
Commercial construction		98			1,274			1,372
Total commercial		8,580			5,227			13,807
Residential mortgage		8,152			1,211			9,363
Home equity lines of credit		1,194			514			1,708
Residential construction		2,248			2,235			4,483
Consumer installment		1,398			-			1,398
Total NPAs	$	21,572		$	9,187		$	30,759

NONPERFORMING ASSETS BY MARKET
North Georgia	$	5,356		$	653		$	6,009
Atlanta MSA		979			1,530			2,509
North Carolina		5,216			543			5,759
Coastal Georgia		1,606			47			1,653
Gainesville MSA		222			-			222
East Tennessee		3,281			160			3,441
South Carolina		2,015			6,254			8,269
Specialized Lending		1,597			-			1,597
Indirect auto		1,300			-			1,300
Total NPAs	$	21,572		$	9,187		$	30,759


NONPERFORMING ASSETS ACTIVITY
Beginning Balance	$	21,348		$	6,176		$	27,524
Acquisitions		-			7,495			7,495
Loans placed on non-accrual		6,680			-			6,680
Payments received		(3,938	)		-			(3,938	)
Loan charge-offs		(1,236	)		-			(1,236	)
Foreclosures		(1,282	)		2,335			1,053
Capitalized costs		-			3			3
Property sales		-			(6,553	)		(6,553	)
Write downs		-			(53	)		(53	)
Net gains (losses) on sales		-			(216	)		(216	)
Ending Balance	$	21,572		$	9,187		$	30,759

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality


	Second Quarter 2016
	Nonperforming			Foreclosed			Total
(in thousands)	Loans			Properties			NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE	$	6,681		$	3,096		$	9,777
Income producing CRE		1,017			1,554			2,571
Commercial & industrial		949			-			949
Commercial construction		199			-			199
Total commercial		8,846			4,650			13,496
Residential mortgage		8,667			1,160			9,827
Home equity lines of credit		1,308			83			1,391
Residential construction		1,578			283			1,861
Consumer installment		949			-			949
Total NPAs	$	21,348		$	6,176		$	27,524

NONPERFORMING ASSETS BY MARKET
North Georgia	$	6,219		$	1,086		$	7,305
Atlanta MSA		1,140			2,041			3,181
North Carolina		4,762			224			4,986
Coastal Georgia		1,186			168			1,354
Gainesville MSA		234			-			234
East Tennessee		3,616			247			3,863
South Carolina		1,271			2,410			3,681
Specialized Lending		2,108			-			2,108
Indirect auto		812			-			812
Total NPAs	$	21,348		$	6,176		$	27,524


NONPERFORMING ASSETS ACTIVITY
Beginning Balance	$	22,419		$	5,163		$	27,582
Acquisitions		-			(497	)		(497	)
Loans placed on non-accrual		6,786			-			6,786
Payments received		(4,201	)		-			(4,201	)
Loan charge-offs		(1,803	)		-			(1,803	)
Foreclosures		(1,853	)		2,722			869
Capitalized costs		-			98			98
Property sales		-			(1,424	)		(1,424	)
Write downs		-			(73	)		(73	)
Net gains (losses) on sales		-			187			187
Ending Balance	$	21,348		$	6,176		$	27,524


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality


	First Quarter 2016
	Nonperforming			Foreclosed			Total
(in thousands)	Loans			Properties			NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE	$	6,775		$	2,864		$	9,639
Income producing CRE		2,959			-			2,959
Commercial & industrial		978			-			978
Commercial construction		266			152			418
Total commercial		10,978			3,016			13,994
Residential mortgage		8,037			1,587			9,624
Home equity lines of credit		1,198			125			1,323
Residential construction		1,122			435			1,557
Consumer installment		1,084			-			1,084
Total NPAs	$	22,419		$	5,163		$	27,582

NONPERFORMING ASSETS BY MARKET
North Georgia	$	5,353		$	1,233		$	6,586
Atlanta MSA		2,796			902			3,698
North Carolina		4,860			559			5,419
Coastal Georgia		1,696			121			1,817
Gainesville MSA		250			-			250
East Tennessee		3,470			351			3,821
South Carolina		935			1,997			2,932
Specialized Lending		2,186			-			2,186
Indirect auto		873			-			873
Total NPAs	$	22,419		$	5,163		$	27,582


NONPERFORMING ASSETS ACTIVITY
Beginning Balance	$	22,653		$	4,883		$	27,536
Acquisitions		-			-			-
Loans placed on non-accrual		4,771			-			4,771
Payments received		(1,812	)		-			(1,812	)
Loan charge-offs		(1,679	)		-			(1,679	)
Foreclosures		(1,514	)		1,590			76
Capitalized costs		-			-			-
Property sales		-			(1,524	)		(1,524	)
Write downs		-			(7	)		(7	)
Net gains (losses) on sales		-			221			221
Ending Balance	$	22,419		$	5,163		$	27,582


UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality


	Third Quarter 2016					Second Quarter 2016					First Quarter 2016
				Net Charge-					Net Charge-					Net Charge-
				Offs to					Offs to					Offs to
	Net			Average		Net			Average		Net			Average
(in thousands)	Charge-Offs			Loans⁽¹⁾		Charge-Offs			Loans⁽¹⁾		Charge-Offs			Loans⁽¹⁾

NET CHARGE-OFFS BY CATEGORY
Owner occupied CRE	$	168		.04	%	$	564		.16	%	$	304		.08	%
Income producing CRE		157		.06			(23	)	(.01	)		211		.10
Commercial & industrial		453		.18			(392	)	(.18	)		283		.14
Commercial construction		(86	)	(.09	)		22		.02			286		.33
Total commercial		692		.07			171		.02			1,084		.13
Residential mortgage		(256	)	(.09)			829		.32			50		.02
Home equity lines of credit		267		.16			253		.17			632		.43
Residential construction		134		.14			(8	)	(.01	)		(103	)	(.12	)
Consumer installment		522		.34			485		.33			475		.33
Total	$	1,359		.08		$	1,730		.11		$	2,138		.14


NET CHARGE-OFFS BY MARKET
North Georgia	$	68		.02	%	$	428		.16	%	$	913		.33	%
Atlanta MSA		398		.12			1		-			(25	)	(.01)
North Carolina		329		.24			575		.43			382		.28
Coastal Georgia		432		.31			177		.13			196		.15
Gainesville MSA		15		.03			(87	)	(.14	)		98		.16
East Tennessee		(69	)	(.05	)		346		.28			378		.31
South Carolina		(66	)	(.02	)		49		.02			(16	)	(.01	)
Specialized Lending		69		.04			(18	)	(.01	)		4		-
Indirect auto		183		.15			259		.22			208		.19
Total	$	1,359		.08		$	1,730		.11		$	2,138		.14

⁽¹⁾ Annualized.


UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Income (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands, except per share data)		2016			2015			2016			2015

Interest revenue:
Loans, including fees	$	69,440		$	57,174		$	196,888		$	159,814
Investment securities, including tax exempt of $134, $177, $449 and $516		15,418			12,801			48,039			36,896
Deposits in banks and short-term investments		581			853			2,315			2,460
Total interest revenue		85,439			70,828			247,242			199,170

Interest expense:
Deposits:
NOW		452			337			1,381			1,079
Money market		1,347			981			3,661			2,460
Savings		43			25			102			71
Time		667			830			2,052			2,834
Total deposit interest expense		2,509			2,173			7,196			6,444
Short-term borrowings		98			99			278			279
Federal Home Loan Bank advances		1,015			461			2,731			1,307
Long-term debt		2,828			2,669			8,178			7,481
Total interest expense		6,450			5,402			18,383			15,511
Net interest revenue		78,989			65,426			228,859			183,659
Provision for credit losses		(300	)		700			(800	)		3,400
Net interest revenue after provision for credit losses		79,289			64,726			229,659			180,259

Fee revenue:
Service charges and fees		10,819			9,335			31,460			25,325
Mortgage loan and other related fees		6,039			3,840			13,776			10,302
Brokerage fees		1,199			1,200			3,369			3,983
Gains from sales of government guaranteed loans		2,479			1,646			6,517			4,281
Securities gains, net		261			325			922			1,877
Loss from prepayment of debt		–			(256	)		–			(1,294	)
Other		5,564			2,207			12,420			6,771
Total fee revenue		26,361			18,297			68,464			51,245
Total revenue		105,650			83,023			298,123			231,504

Operating expenses:
Salaries and employee benefits		36,478			29,342			103,112			83,749
Communications and equipment		4,919			3,963			13,602			10,538
Occupancy		5,132			4,013			14,393			10,706
Advertising and public relations		1,088			812			3,275			2,689
Postage, printing and supplies		1,451			1,049			4,029			2,980
Professional fees		3,160			2,668			9,049			6,844
FDIC assessments and other regulatory charges		1,412			1,136			4,453			3,643
Amortization of intangibles		1,119			714			3,116			1,403
Merger-related and other charges		3,152			5,744			6,981			8,917
Other		6,112			4,828			17,958			14,281
Total operating expenses		64,023			54,269			179,968			145,750
Net income before income taxes		41,627			28,754			118,155			85,754
Income tax expense		15,753			10,867			44,720			32,384
Net income		25,874			17,887			73,435			53,370
Preferred stock dividends and discount accretion		–			25			21			42
Net income available to common shareholders	$	25,874		$	17,862		$	73,414		$	53,328

Earnings per common share:
Basic	$	.36		$	.27		$	1.02		$	.84
Diluted		.36			.27			1.02			.84
Weighted average common shares outstanding:
Basic		71,556			66,294			71,992			63,297
Diluted		71,561			66,300			71,996			63,302


UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheet (Unaudited)

	September 30,			December 31,
(in thousands, except share and per share data)		2016			2015

ASSETS
Cash and due from banks	$	94,744		$	86,912
Interest-bearing deposits in banks		131,415			153,451
Cash and cash equivalents		226,159			240,363
Securities available for sale		2,215,113			2,291,511
Securities held to maturity (fair value $357,550 and $371,658)		344,917			364,696
Mortgage loans held for sale (includes $279 and $0 at fair value)		30,814			24,231
Loans, net of unearned income		6,725,110			5,995,441
Less allowance for loan losses		(62,961	)		(68,448	)
Loans, net		6,662,149			5,926,993
Premises and equipment, net		189,302			178,165
Bank owned life insurance		123,129			105,493
Accrued interest receivable		26,494			25,786
Net deferred tax asset		156,408			197,613
Derivative financial instruments		25,463			20,082
Goodwill and other intangible assets		157,288			147,420
Other assets		140,379			94,075
Total assets	$	10,297,615		$	9,616,428
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand	$	2,568,756		$	2,204,755
NOW		1,821,353			1,975,884
Money market		1,798,548			1,599,637
Savings		544,029			471,129
Time		1,349,543			1,282,803
Brokered		359,370			338,985
Total deposits		8,441,599			7,873,193
Short-term borrowings		35,050			16,640
Federal Home Loan Bank advances		449,407			430,125
Long-term debt		174,959			163,836
Derivative financial instruments		32,548			28,825
Accrued expenses and other liabilities		84,759			85,524
Total liabilities		9,218,322			8,598,143
Shareholders’ equity:
Preferred stock, $1 par value; 10,000,000 shares authorized;
Series H; $1,000 stated value; 0 and 9,992 shares issued and outstanding		–			9,992
Common stock, $1 par value; 150,000,000 shares authorized;
70,861,025 and 66,198,477 shares issued and outstanding		70,861			66,198
Common stock, non-voting, $1 par value; 26,000,000 shares authorized;
0 and 5,285,516 shares issued and outstanding		–			5,286
Common stock issuable; 520,014 and 458,953 shares		7,179			6,779
Capital surplus		1,274,909			1,286,361
Accumulated deficit		(273,314	)		(330,879	)
Accumulated other comprehensive loss		(342	)		(25,452	)
Total shareholders’ equity		1,079,293			1,018,285
Total liabilities and shareholders’ equity	$	10,297,615		$	9,616,428


UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended September 30,

					2016								2015
	Average						Avg.		Average						Avg.
(dollars in thousands, fully taxable equivalent (FTE))	Balance			Interest			Rate		Balance			Interest			Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	6,675,328		$	69,427		4.14	%	$	5,457,158		$	57,258		4.16	%
Taxable securities ⁽³⁾		2,588,037			15,284		2.36			2,367,417			12,624		2.13
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		22,113			219		3.96			28,889			290		4.02
Federal funds sold and other interest-earning assets		157,972			754		1.91			155,957			948		2.43

Total interest-earning assets (FTE)		9,443,450			85,684		3.61			8,009,421			71,120		3.53
Non-interest-earning assets:
Allowance for loan losses		(63,874	)							(71,090	)
Cash and due from banks		100,775								80,678
Premises and equipment		198,234								179,463
Other assets ⁽³⁾		602,690								435,060
Total assets	$	10,281,275							$	8,633,532

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,744,473			452		.10		$	1,491,801			337		.09
Money market		1,997,165			1,347		.27			1,737,740			981		.22
Savings		537,447			43		.03			386,254			25		.03
Time		1,375,706			833		.24			1,277,829			1,155		.36
Brokered time deposits		162,255			(166	)	(.41)			268,716			(325	)	(.48)
Total interest-bearing deposits		5,817,046			2,509		.17			5,162,340			2,173		.17

Federal funds purchased and other borrowings		42,234			98		.92			72,909			99		.54
Federal Home Loan Bank advances		583,312			1,015		.69			281,429			461		.65
Long-term debt		177,333			2,828		6.34			152,105			2,669		6.96
Total borrowed funds		802,879			3,941		1.95			506,443			3,229		2.53

Total interest-bearing liabilities		6,619,925			6,450		.39			5,668,783			5,402		.38
Non-interest-bearing liabilities:
Non-interest-bearing deposits		2,490,019								1,972,291
Other liabilities		103,859								95,342
Total liabilities		9,213,803								7,736,416
Shareholders’ equity		1,067,472								897,116
Total liabilities and shareholders’ equity	$	10,281,275							$	8,633,532

Net interest revenue (FTE)				$	79,234							$	65,718
Net interest-rate spread (FTE)							3.22	%							3.15	%

Net interest margin (FTE) ⁽⁴⁾							3.34	%							3.26	%

⁽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 39%, 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 where 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 $30.4 million in 2016 and $8.56 million
in 2015 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.


UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Nine Months Ended September 30,

					2016								2015
	Average						Avg.		Average						Avg.
(dollars in thousands, fully taxable equivalent (FTE))	Balance			Interest			Rate		Balance			Interest			Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	6,277,972		$	196,956		4.19	%	$	5,069,270		$	160,204		4.23	%
Taxable securities ⁽³⁾		2,665,272			47,590		2.38			2,263,907			36,380		2.14
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		26,415			735		3.71			23,649			845		4.76
Federal funds sold and other interest-earning assets		150,146			2,719		2.41			154,392			2,734		2.36

Total interest-earning assets (FTE)		9,119,805			248,000		3.63			7,511,218			200,163		3.56
Non-interest-earning assets:
Allowance for loan losses		(66,142	)							(71,425	)
Cash and due from banks		93,802								78,948
Premises and equipment		187,019								169,037
Other assets ⁽³⁾		574,870								405,101
Total assets	$	9,909,354							$	8,092,879

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,795,372			1,381		.10		$	1,462,344			1,079		.10
Money market		1,901,903			3,661		.26			1,605,098			2,460		.20
Savings		505,337			102		.03			340,878			71		.03
Time		1,280,503			2,325		.24			1,253,047			3,816		.41
Brokered time deposits		194,199			(273	)	(.19)			272,688			(982	)	(.48)
Total interest-bearing deposits		5,677,314			7,196		.17			4,934,055			6,444		.17

Federal funds purchased and other borrowings		29,427			278		1.26			52,385			279		.71
Federal Home Loan Bank advances		506,524			2,731		.72			270,260			1,307		.65
Long-term debt		168,955			8,178		6.47			131,338			7,481		7.62
Total borrowed funds		704,906			11,187		2.12			453,983			9,067		2.67

Total interest-bearing liabilities		6,382,220			18,383		.38			5,388,038			15,511		.38
Non-interest-bearing liabilities:
Non-interest-bearing deposits		2,374,076								1,793,181
Other liabilities		102,421								93,218
Total liabilities		8,858,717								7,274,437
Shareholders’ equity		1,050,637								818,442
Total liabilities and shareholders’ equity	$	9,909,354							$	8,092,879

Net interest revenue (FTE)				$	229,617							$	184,652
Net interest-rate spread (FTE)							3.25	%							3.18	%

Net interest margin (FTE) ⁽⁴⁾							3.36	%							3.29	%

⁽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 39%, 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 where 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 $15.1 million in 2016 and $12.7 million
in 2015 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.

For more information: Rex S. Schuette Chief Financial Officer (706) 781-2266 [email protected]

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