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EX - 99.1 2 tm2122601d1_ex99-1.htm EXHIBIT 99.1 U United UNITED COMMUNITY BANKS , INC . For Immediate Release For more information : Jefferson Harralson Chief Financial Officer ( 864 ) 240-6208 Jefferson Harralson@ucbi.com Exhibit 99.1 United Community Banks , Inc. Reports Second Quarter Results EPS of $ 0.78 , Return on Assets of 1.46 % and Return on Common Equity of 14.1 % GREENVILLE , SC - July 20 , 2021 - United Community Banks , Inc. ( NASDAQ : UCBI ) ( United ) today announced that net income for the second quarter was $ 70.3 million and pre - tax , pre - provision income was $ 78.7 million . Diluted earnings per share of $ 0.78 for the quarter represented an increase of $ 0.46 or 144 % , from the second quarter a year ago , and represented a decrease of $ 0.04 or 5 % from the first quarter of 2021. On an operating basis , United's diluted earnings per share of $ 0.79 was up 147 % over the year ago quarter . United's GAAP return on assets ( ROA ) was 1.46 % and its return on common equity was 14.1 % for the quarter . On an operating basis , United's ROA was 1.48 % and its return on tangible common equity was 17.8 % . On a pre - tax , pre - provision basis , operating return on assets was 1.67 % for the quarter . The quarter benefited from an allowance release of $ 13.6 million , reflecting continued improvement in economic conditions and forecasts in United's markets . Chairman and CEO Lynn Harton stated , “ This has been an outstanding quarter for United . Our team once again was recognized by JD Power as having the Best Retail Customer Satisfaction in the Southeast . On July 6 , we closed on the acquisition of FinTrust , accelerating our wealth management strategy . We announced expansion into two of the strongest markets in the Southeast , Charlotte and Nashville , via agreements to acquire outstanding community banks in those markets . In addition to these strategic accomplishments , our bankers continued to deliver strong performance results . Core loan growth , excluding PPP loans , was solid and we continue to be optimistic about the remainder of the year , given the momentum in our markets . Core deposit growth remains very strong . Credit results were excellent as well . I couldn't be more proud of the United team and I congratulate them for delivering these tremendous results . " Total loans decreased by $ 288 million during the quarter - impacted by $ 411 million of Paycheck Protection Program ( PPP ) loan forgiveness . Excluding the effect of PPP loans , core organic loan growth was 5 % annualized . Core transaction deposits grew by $ 432 million during the quarter , or 14 % annualized , and United's cost of deposits decreased by 5 basis points to 0.09 % . The net interest margin decreased by 3 basis points from the first quarter due mainly to a change in the earning asset mix .