United Community Banks Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>United Community Banks Inc. has filed its 2023 annual report on Form 10-K.</b>

AI Summary

UNITED COMMUNITY BANKS INC (UCB) filed a Annual Report (10-K) with the SEC on February 23, 2024. Filing is the 2023 annual report (10-K) for United Community Banks Inc. The report covers the fiscal year ending December 31, 2023. Filed on February 23, 2024. Company is incorporated in Georgia (GA). Standard Industrial Classification is Commercial Banks [6022].

Why It Matters

For investors and stakeholders tracking UNITED COMMUNITY BANKS INC, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the bank's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: — UNITED COMMUNITY BANKS INC shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of financial health and operations. Specific risks are detailed within the full report, but the summary data does not indicate immediate high-risk factors.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand United Community Banks Inc.'s performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)

Key Players & Entities

• UNITED COMMUNITY BANKS INC (company) — Filer name
• 0000857855 (company) — Central Index Key
• 20231231 (date) — Fiscal year end
• 20240223 (date) — Filing date
• GA (location) — State of incorporation
• 6022 (industry) — Standard Industrial Classification

FAQ

Industry Context

United Community Banks Inc. operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including the SEC, Federal Reserve, and state banking departments.

What Investors Should Do

1. Analyze the full 10-K for detailed financial performance metrics.
2. Identify specific risk factors outlined in the filing.
3. Compare 2023 results with previous years to assess trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023. Historical data for comparison will be found within the document itself.

Key Financial Figures

• $1 — ich Registered Common stock, par value $1 per share UCBI Nasdaq Global Select Mar
• $24.99 — uted by reference to the closing price ($24.99 per share) of such common equity, as of
• $27.3 billion — 023 we had consolidated total assets of $27.3 billion. As a financial holding company, we c
• $1.90 b — cquisition, we acquired total assets of $1.90 billion, including total loans of $1.44 b
• $1.44 b — $1.90 billion, including total loans of $1.44 billion, and total liabilities of $1.60 b
• $1.60 b — $1.44 billion, and total liabilities of $1.60 billion, including deposits of $1.33 bill
• $1.33 billion — of $1.60 billion, including deposits of $1.33 billion. Acquisition of First Miami On July
• $1.02 b — cquisition, we acquired total assets of $1.02 billion, including total loans of $577 mi
• $577 m — $1.02 billion, including total loans of $577 million, and total liabilities of $931 mi
• $931 m — $577 million, and total liabilities of $931 million, including total deposits of $865
• $865 million — 31 million, including total deposits of $865 million. In addition, the First Miami acquisiti
• $18.3 b — lidated loans at December 31, 2023 were $18.3 billion, or 67% of total consolidated ass
• $903 million — gages. During 2023, the Bank originated $903 million in residential mortgage loans for the p

Filing Documents

• ucbi-20231231.htm (10-K) — 5466KB
• ucbi1231202310kex103prsu.htm (EX-10.3) — 92KB
• ucbi1231202310kex104trsu.htm (EX-10.4) — 77KB
• ucbi1231202310kex21.htm (EX-21) — 15KB
• ucbi1231202310kex23.htm (EX-23) — 3KB
• ucbi1231202310kex311.htm (EX-31.1) — 13KB
• ucbi1231202310kex312.htm (EX-31.2) — 13KB
• ucbi1231202310kex32.htm (EX-32) — 11KB
• ucbi12312023ex97ucbicompen.htm (EX-97) — 17KB
• image_0.jpg (GRAPHIC) — 18KB
• ucbi-20231231_g1.jpg (GRAPHIC) — 209KB
• ucbi-20231231_g2.jpg (GRAPHIC) — 85KB
• ucbi-20231231_g3.jpg (GRAPHIC) — 62KB
• ucbi-20231231_g4.jpg (GRAPHIC) — 70KB
• ucbi-20231231_g5.jpg (GRAPHIC) — 307KB
• ucbi-20231231_g6.jpg (GRAPHIC) — 2KB
• 0000857855-24-000010.txt (&nbsp;) — 30078KB
• ucbi-20231231.xsd (EX-101.SCH) — 118KB
• ucbi-20231231_cal.xml (EX-101.CAL) — 290KB
• ucbi-20231231_def.xml (EX-101.DEF) — 875KB
• ucbi-20231231_lab.xml (EX-101.LAB) — 1749KB
• ucbi-20231231_pre.xml (EX-101.PRE) — 1250KB
• ucbi-20231231_htm.xml (XML) — 6387KB

Forward-looking Statements

Forward-looking Statements 5 PART I Item 1.

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 35 I tem 1C. C ybersecurity 36 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. Reserved 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 65 Management's Report on Internal Control Over Financial Reporting 66 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 67 Consolidated Financial Statements and Accompanying Notes 68 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 127 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accounting Fees and Services 128 PART IV Item 15. Exhibits and Financial Statement Schedules 129 Item 16. Form 10-K Summary 131

SIGNATURES

SIGNATURES 132 2 Glossary of Defined Terms The following terms may be used throughout this report, including the consolidated financial statements and related notes. Term Definition ACL Allowance for credit losses Affected Benchmarks LIBOR and other benchmark rates dependent on the availability of LIBOR AFS Available-for-sale ALCO Asset/Liability Management Committee AOCI Accumulated other comprehensive income (loss) Aquesta Aquesta Financial Holdings, Inc. and its wholly-owned subsidiary, Aquesta Bank ARR Alternative reference rate ASC Accounting Standards Codification ASC 326 ASC Topic 326, Financial Instruments - Credit Losses ASU Accounting standards update BHC Act Bank Holding Company Act of 1956, as amended Bank United Community Bank Board United Community Banks, Inc., Board of Directors BOLI Bank owned life insurance BSBY Bloomberg Short-Term Bank Yield Index CECL Current expected credit loss model CET1 Common equity tier 1 CFPB Consumer Financial Protection Bureau CME Chicago Mercantile Exchange Company United Community Banks, Inc. (interchangeable with "United" below) CRA Community Reinvestment Act CVA Credit valuation adjustment Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act DRIP Dividend Reinvestment and Stock Purchase Plan DTA Deferred tax asset DTL Deferred tax liability Fannie Mae Federal National Mortgage Association FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FDM Modification made to borrowers experiencing financial difficulty Federal Reserve Federal Reserve System FHLB Federal Home Loan Bank FinCEN Financial Crimes Enforcement Network FINRA Financial Industry Regulatory Authority FinTrust FinTrust Capital Partners, LLC, and its operating subsidiaries, FinTrust Capital Advisors, LLC, FinTrust Capital Benefits Group, LLC and FinTrust Brokerage Services, LLC First Miami First Miami Bancorp, Inc. and its wholly-owned subsidiary, First

BUSINESS

ITEM 1. BUSINESS Overview United Community Banks, Inc. is a Georgia corporation incorporated in 1987 and headquartered in Blairsville, Georgia. We are a bank holding company under the BHC Act and a financial holding company under the GLB Act. We provide diversified financial services primarily through our principal subsidiary, United Community Bank. The Bank was founded in 1950 as a Georgia state-chartered bank and converted to a South Carolina state-chartered bank effective on July 1, 2021. We have grown through a combination of acquisitions and strategic growth throughout Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama as well as nationally through our SBA/USDA lending and equipment finance businesses. As of December 31, 2023 we had consolidated total assets of $27.3 billion. As a financial holding company, we coordinate the financial resources of the consolidated enterprise and maintain systems of financial, operational, and administrative control intended to coordinate selected policies and activities, including as described in Item 9A of Part II. Recent Developments Acquisition of Progress On January 3, 2023, we completed the acquisition of Progress, a bank headquartered in Huntsville, Alabama. Progress operated 13 branches in Alabama and the Florida Panhandle. In this acquisition, we acquired total assets of $1.90 billion, including total loans of $1.44 billion, and total liabilities of $1.60 billion, including deposits of $1.33 billion. Acquisition of First Miami On July 1, 2023, we completed the acquisition of First Miami, a bank headquartered in South Miami, Florida. First Miami operated 3 offices in the Miami metropolitan area. In this acquisition, we acquired total assets of $1.02 billion, including total loans of $577 million, and total liabilities of $931 million, including total deposits of $865 million. In addition, the First Miami acquisition enhanced our offerings of non-traditional bank products - private ban

View Full Filing

View this 10-K filing on SEC EDGAR