UNITED COMMUNITY BANKS INC (Form: 8-K, Received: 07/20/2021 16:53:03)

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): July 20, 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 July 20, 2021, United Community Banks, Inc. (“United”) issued a press release announcing financial results for the second 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 July 21, 2021, United will hold an earnings conference call and webcast at 11:00 a.m. (Eastern Time) to discuss financial results for the second 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 July 20, 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: July 20, 2021

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 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.

Second Quarter 2021 Financial Highlights:

•

Net income of $70.3 million and pre-tax, pre-provision income of $78.7 million

•

EPS increased by 144% compared to second quarter 2020 on a GAAP basis and 147% on an operating basis; compared to first quarter 2021, EPS decreased by 5% on both a GAAP and operating basis

•

Return on assets of 1.46%, or 1.48% on an operating basis

•

Pre-tax, pre-provision return on assets of 1.64%, or 1.67% on an operating basis

•

Return on common equity of 14.1%

•

Return on tangible common equity of 17.8% on an operating basis

•

A release of provision for credit losses of $13.6 million, which reduced the allowance for loan losses to 0.98% of loans (1.02%, excluding PPP loans) from 1.09% in the first quarter

•

Loan production of $1.3 billion, resulting in core loan growth of 5%, annualized for the quarter, excluding the impact of $411 million in PPP loans being forgiven

•

Core transaction deposits were up $432 million, which represents a 14% annualized growth rate for the quarter

•

Net interest margin of 3.19% was down 3 basis points from the first quarter, due to continued strong deposit growth and an earning asset mix change toward securities

•

Record mortgage closings of $680 million compared to $563 million a year ago; mortgage rate locks of $702 million compared to $802 million a year ago

•

Noninterest income was down $8.9 million on a linked quarter basis, primarily driven by slowing mortgage rate lock activity

•

Noninterest expenses increased by $346,000 compared to the first quarter on a GAAP basis and by $811,000 on an operating basis mostly due to increased professional fees and mortgage commissions

•

Efficiency ratio of 54.5%, or 53.9% on an operating basis

•

Net recoveries of $456,000 or 2 basis points as a percent of average loans, down 1 basis point from the first quarter

•

Nonperforming assets of 0.25% of total assets, down 5 basis points compared to March 31, 2021

•

Total loan deferrals of $18 million or 0.2% of the total loan portfolio compared to $48 million or 0.4% in the first quarter

•

Quarterly common shareholder dividend of $0.19 per share declared during the quarter, an increase of 6% year-over-year

•

Announced the acquisition of FinTrust Capital Partners, LLC, a registered investment adviser, which closed on July 6, 2021; it added $2.1 billion in assets under management and is expected to add $0.02 in EPS accretion in 2022

•

Announced the acquisition of Aquesta Financial Holdings, Inc. with $752 million in assets on May 27; it is expected to close in the fourth quarter of 2021 and add $0.08 in EPS accretion in 2022 with cost savings fully phased in

•

Announced the acquisition of Reliant Bancorp, Inc. with $3.1 billion in assets on July 14; it 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, July 21, 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 9585551. 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.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
	2021						2020												For the Six Months Ended June 30,
(in thousands, except per share data)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			Second Quarter 2021 - 2020 Change			2021			2020			YTD 2021 - 2020 Change
INCOME SUMMARY
Interest revenue	$	145,809		$	141,542		$	156,071		$	141,773		$	123,605					$	287,351		$	260,152
Interest expense		7,433			9,478			10,676			13,319			14,301						16,911			32,242
Net interest revenue		138,376			132,064			145,395			128,454			109,304			27	%		270,440			227,910			19	%
(Release of) provision for credit losses		(13,588	)		(12,281	)		2,907			21,793			33,543						(25,869	)		55,734
Noninterest income		35,841			44,705			41,375			48,682			40,238			(11	)		80,546			66,052			22
Total revenue		187,805			189,050			183,863			155,343			115,999			62			376,855			238,228			58
Expenses		95,540			95,194			106,490			95,981			83,980			14			190,734			165,518			15
Income before income tax expense		92,265			93,856			77,373			59,362			32,019			188			186,121			72,710			156
Income tax expense		22,005			20,150			17,871			11,755			6,923			218			42,155			15,730			168
Net income		70,260			73,706			59,502			47,607			25,096			180			143,966			56,980			153
Merger-related and other charges		1,078			1,543			2,452			3,361			397						2,621			1,205
Income tax benefit of merger-related and other charges		(246	)		(335	)		(552	)		(519	)		(87	)					(581	)		(269	)
Net income - operating ⁽¹⁾	$	71,092		$	74,914		$	61,402		$	50,449		$	25,406			180		$	146,006		$	57,916			152

Pre-tax pre-provision income ⁽⁵⁾	$	78,677		$	81,575		$	80,280		$	81,155		$	65,562			20		$	160,252		$	128,444			25

PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP	$	0.78		$	0.82		$	0.66		$	0.52		$	0.32			144		$	1.60		$	0.71			125
Diluted net income - operating ⁽¹⁾		0.79			0.83			0.68			0.55			0.32			147			1.62			0.73			122
Cash dividends declared		0.19			0.19			0.18			0.18			0.18			6			0.38			0.36			6
Book value		22.81			22.15			21.90			21.45			21.22			7			22.81			21.22			7
Tangible book value ⁽³⁾		18.49			17.83			17.56			17.09			16.95			9			18.49			16.95			9
Key performance ratios:
Return on common equity - GAAP ⁽²⁾⁽⁴⁾		14.08	%		15.37	%		12.36	%		10.06	%		6.17	%					14.71	%		7.01	%
Return on common equity - operating ^(1)(2)(4)		14.25			15.63			12.77			10.69			6.25						14.92			7.13
Return on tangible common equity - operating ^(1)(2)(3)(4)		17.81			19.68			16.23			13.52			8.09						18.72			9.20
Return on assets - GAAP ⁽⁴⁾		1.46			1.62			1.30			1.07			0.71						1.54			0.85
Return on assets - operating ⁽¹⁾⁽⁴⁾		1.48			1.65			1.34			1.14			0.72						1.56			0.86
Return on assets - pre-tax pre-provision ⁽⁴⁾⁽⁵⁾		1.64			1.80			1.77			1.86			1.86						1.72			1.91
Return on assets - pre-tax pre-provision, excluding merger- related and other charges ^(1)(4)(5)		1.67			1.83			1.82			1.93			1.87						1.75			1.92
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.19			3.22			3.55			3.27			3.42						3.20			3.73
Efficiency ratio - GAAP		54.53			53.55			56.73			54.14			55.86						54.04			56.00
Efficiency ratio - operating ⁽¹⁾		53.92			52.68			55.42			52.24			55.59						53.30			55.59
Equity to total assets		11.04			10.95			11.29			11.47			11.81						11.04			11.81
Tangible common equity to tangible assets ⁽³⁾		8.71			8.57			8.81			8.89			9.12						8.71			9.12

ASSET QUALITY
Nonperforming loans	$	46,123		$	55,900		$	61,599		$	49,084		$	48,021			(4	)	$	46,123		$	48,021			(4	)
Foreclosed properties		224			596			647			953			477						224			477
Total nonperforming assets ("NPAs")		46,347			56,496			62,246			50,037			48,498			(4	)		46,347			48,498			(4	)
Allowance for credit losses - loans		111,616			126,866			137,010			134,256			103,669			8			111,616			103,669			8
Net charge-offs		(456	)		(305	)		1,515			2,538			6,149						(761	)		14,263			(105	)
Allowance for credit losses - loans to loans		0.98	%		1.09	%		1.20	%		1.14	%		1.02	%					0.98	%		1.02	%
Net charge-offs to average loans ⁽⁴⁾		(0.02	)		(0.01	)		0.05			0.09			0.25						(0.01	)		0.31
NPAs to loans and foreclosed properties		0.41			0.48			0.55			0.42			0.48						0.41			0.48
NPAs to total assets		0.25			0.30			0.35			0.29			0.32						0.25			0.32

AVERAGE BALANCES ($ in millions)
Loans	$	11,617		$	11,433		$	11,595		$	11,644		$	9,773			19		$	11,525		$	9,301			24
Investment securities		4,631			3,991			3,326			2,750			2,408			92			4,313			2,464			75
Earning assets		17,540			16,782			16,394			15,715			12,958			35			17,163			12,378			39
Total assets		18,792			18,023			17,698			17,013			14,173			33			18,410			13,558			36
Deposits		16,132			15,366			15,057			14,460			12,071			34			15,751			11,493			37
Shareholders’ equity		2,060			2,025			1,994			1,948			1,686			22			2,042			1,670			22
Common shares - basic (thousands)		87,289			87,322			87,258			87,129			78,920			11			87,306			79,130			10
Common shares - diluted (thousands)		87,421			87,466			87,333			87,205			78,924			11			87,443			79,186			10

AT PERIOD END ($ in millions)
Loans	$	11,391		$	11,679		$	11,371		$	11,799		$	10,133			12		$	11,391		$	10,133			12
Investment securities		4,928			4,332			3,645			3,089			2,432			103			4,928			2,432			103
Total assets		18,896			18,557			17,794			17,153			15,005			26			18,896			15,005			26
Deposits		16,328			15,993			15,232			14,603			12,702			29			16,328			12,702			29
Shareholders’ equity		2,086			2,031			2,008			1,967			1,772			18			2,086			1,772			18
Common shares outstanding (thousands)		86,665			86,777			86,675			86,611			78,335			11			86,665			78,335			11

⁽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.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
	2021						2020									For the Six Months Ended June 30,
(in thousands, except per share data)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2021			2020
Expense reconciliation
Expenses (GAAP)	$	95,540		$	95,194		$	106,490		$	95,981		$	83,980		$	190,734		$	165,518
Merger-related and other charges		(1,078	)		(1,543	)		(2,452	)		(3,361	)		(397	)		(2,621	)		(1,205	)
Expenses - operating	$	94,462		$	93,651		$	104,038		$	92,620		$	83,583		$	188,113		$	164,313

Net income reconciliation
Net income (GAAP)	$	70,260		$	73,706		$	59,502		$	47,607		$	25,096		$	143,966		$	56,980
Merger-related and other charges		1,078			1,543			2,452			3,361			397			2,621			1,205
Income tax benefit of merger-related and other charges		(246	)		(335	)		(552	)		(519	)		(87	)		(581	)		(269	)
Net income - operating	$	71,092		$	74,914		$	61,402		$	50,449		$	25,406		$	146,006		$	57,916

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	70,260		$	73,706		$	59,502		$	47,607		$	25,096		$	143,966		$	56,980
Income tax expense		22,005			20,150			17,871			11,755			6,923			42,155			15,730
(Release of) provision for credit losses		(13,588	)		(12,281	)		2,907			21,793			33,543			(25,869	)		55,734
Pre-tax pre-provision income	$	78,677		$	81,575		$	80,280		$	81,155		$	65,562		$	160,252		$	128,444

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.78		$	0.82		$	0.66		$	0.52		$	0.32		$	1.60		$	0.71
Merger-related and other charges, net of tax		0.01			0.01			0.02			0.03			—			0.02			0.02
Diluted income per common share - operating	$	0.79		$	0.83		$	0.68		$	0.55		$	0.32		$	1.62		$	0.73

Book value per common share reconciliation
Book value per common share (GAAP)	$	22.81		$	22.15		$	21.90		$	21.45		$	21.22		$	22.81		$	21.22
Effect of goodwill and other intangibles		(4.32	)		(4.32	)		(4.34	)		(4.36	)		(4.27	)		(4.32	)		(4.27	)
Tangible book value per common share	$	18.49		$	17.83		$	17.56		$	17.09		$	16.95		$	18.49		$	16.95

Return on tangible common equity reconciliation
Return on common equity (GAAP)		14.08	%		15.37	%		12.36	%		10.06	%		6.17	%		14.71	%		7.01	%
Merger-related and other charges, net of tax		0.17			0.26			0.41			0.63			0.08			0.21			0.12
Return on common equity - operating		14.25			15.63			12.77			10.69			6.25			14.92			7.13
Effect of goodwill and other intangibles		3.56			4.05			3.46			2.83			1.84			3.80			2.07
Return on tangible common equity - operating		17.81	%		19.68	%		16.23	%		13.52	%		8.09	%		18.72	%		9.20	%

Return on assets reconciliation
Return on assets (GAAP)		1.46	%		1.62	%		1.30	%		1.07	%		0.71	%		1.54	%		0.85	%
Merger-related and other charges, net of tax		0.02			0.03			0.04			0.07			0.01			0.02			0.01
Return on assets - operating		1.48	%		1.65	%		1.34	%		1.14	%		0.72	%		1.56	%		0.86	%

Return on assets to return on assets- pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.46	%		1.62	%		1.30	%		1.07	%		0.71	%		1.54	%		0.85	%
Income tax expense		0.47			0.46			0.40			0.28			0.20			0.46			0.23
(Release of) provision for credit losses		(0.29	)		(0.28	)		0.07			0.51			0.95			(0.28	)		0.83
Return on assets - pre-tax, pre-provision		1.64			1.80			1.77			1.86			1.86			1.72			1.91
Merger-related and other charges		0.03			0.03			0.05			0.07			0.01			0.03			0.01
Return on assets - pre-tax pre-provision, excluding merger-related and other charges		1.67	%		1.83	%		1.82	%		1.93	%		1.87	%		1.75	%		1.92	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		54.53	%		53.55	%		56.73	%		54.14	%		55.86	%		54.04	%		56.00	%
Merger-related and other charges		(0.61	)		(0.87	)		(1.31	)		(1.90	)		(0.27	)		(0.74	)		(0.41	)
Efficiency ratio - operating		53.92	%		52.68	%		55.42	%		52.24	%		55.59	%		53.30	%		55.59	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		11.04	%		10.95	%		11.29	%		11.47	%		11.81	%		11.04	%		11.81	%
Effect of goodwill and other intangibles		(1.82	)		(1.86	)		(1.94	)		(2.02	)		(2.05	)		(1.82	)		(2.05	)
Effect of preferred equity		(0.51	)		(0.52	)		(0.54	)		(0.56	)		(0.64	)		(0.51	)		(0.64	)
Tangible common equity to tangible assets		8.71	%		8.57	%		8.81	%		8.89	%		9.12	%		8.71	%		9.12	%

Allowance for credit losses - loans to loans reconciliation
Allowance for credit losses - loans to loans (GAAP)		0.98	%		1.09	%		1.20	%		1.14	%		1.02	%		0.98	%		1.02	%
Effect of PPP loans		0.04			0.09			0.08			0.14			0.13			0.04			0.13
Allowance for credit losses - loans to loans, excluding PPP loans		1.02	%		1.18	%		1.28	%		1.28	%		1.15	%		1.02	%		1.15	%

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
	2021				2020
(in millions)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	2,149	$	2,107	$	2,090	$	2,009	$	1,759	$	42		$	390
Income producing commercial RE		2,550		2,599		2,541		2,493		2,178		(49	)		372
Commercial & industrial		1,762		1,760		1,853		1,788		1,219		2			543
Paycheck protection program		472		883		646		1,317		1,095		(411	)		(623	)
Commercial construction		927		960		967		987		946		(33	)		(19	)
Equipment financing		969		913		864		823		779		56			190
Total commercial		8,829		9,222		8,961		9,417		7,976		(393	)		853
Residential mortgage		1,473		1,362		1,285		1,270		1,152		111			321
Home equity lines of credit		661		679		697		707		654		(18	)		7
Residential construction		289		272		281		257		230		17			59
Consumer		139		144		147		148		121		(5	)		18
Total loans	$	11,391	$	11,679	$	11,371	$	11,799	$	10,133	$	(288	)	$	1,258

LOANS BY MARKET ⁽¹⁾
North Georgia	$	962	$	982	$	955	$	945	$	951	$	(20	)	$	11
Atlanta		1,938		1,953		1,889		1,853		1,852		(15	)		86
North Carolina		1,374		1,326		1,281		1,246		1,171		48			203
Coastal Georgia		605		597		617		614		618		8			(13	)
Gainesville		224		222		224		229		233		2			(9	)
East Tennessee		394		398		415		420		433		(4	)		(39	)
South Carolina		2,107		1,997		1,947		1,870		1,778		110			329
Florida		1,141		1,160		1,435		1,453		—		(19	)		1,141
Commercial Banking Solutions		2,646		3,044		2,608		3,169		3,097		(398	)		(451	)
Total loans	$	11,391	$	11,679	$	11,371	$	11,799	$	10,133	$	(288	)	$	1,258

⁽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.

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
	2021				2020
(in thousands)	Second Quarter		First Quarter		Fourth Quarter
NONACCRUAL LOANS
Owner occupied RE	$	6,128	$	7,908	$	8,582
Income producing RE		13,100		13,740		15,149
Commercial & industrial		8,563		13,864		16,634
Commercial construction		1,229		1,984		1,745
Equipment financing		1,771		2,171		3,405
Total commercial		30,791		39,667		45,515
Residential mortgage		13,485		14,050		12,858
Home equity lines of credit		1,433		1,707		2,487
Residential construction		307		322		514
Consumer		107		154		225
Total	$	46,123	$	55,900	$	61,599

	2021												2020
	Second Quarter						First Quarter						Fourth 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	$	(155	)		(0.03	)%	$	(240	)		(0.05	)%	$	(277	)		(0.05	)%
Income producing RE		(161	)		(0.02	)		991			0.16			(1,718	)		(0.27	)
Commercial & industrial		60			0.01			(2,753	)		(0.44	)		2,294			0.33
Commercial construction		(293	)		(0.12	)		22			0.01			(129	)		(0.05	)
Equipment financing		301			0.13			1,511			0.70			1,595			0.75
Total commercial		(248	)		(0.01	)		(469	)		(0.02	)		1,765			0.08
Residential mortgage		(194	)		(0.05	)		92			0.03			(25	)		(0.01	)
Home equity lines of credit		(112	)		(0.07	)		(73	)		(0.04	)		(151	)		(0.09	)
Residential construction		(33	)		(0.05	)		(60	)		(0.09	)		(47	)		(0.07	)
Consumer		131			0.37			205			0.58			(27	)		(0.07	)
Total	$	(456	)		(0.02	)	$	(305	)		(0.01	)	$	1,515			0.05
(1) Annualized.

UNITED COMMUNITY BANKS, INC.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	June 30, 2021			December 31, 2020
ASSETS
Cash and due from banks	$	121,589		$	148,896
Interest-bearing deposits in banks		1,297,808			1,459,723
Cash and cash equivalents		1,419,397			1,608,619
Debt securities available-for-sale		4,075,781			3,224,721
Debt securities held-to-maturity (fair value $861,488 and $437,193)		852,404			420,361
Loans held for sale at fair value		98,194			105,433
Loans and leases held for investment		11,390,746			11,370,815
Less allowance for credit losses - loans and leases		(111,616	)		(137,010	)
Loans and leases, net		11,279,130			11,233,805
Premises and equipment, net		224,980			218,489
Bank owned life insurance		203,449			201,969
Accrued interest receivable		43,521			47,672
Net deferred tax asset		32,918			38,411
Derivative financial instruments		58,489			86,666
Goodwill and other intangible assets, net		379,909			381,823
Other assets		227,551			226,405
Total assets	$	18,895,723		$	17,794,374
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,260,756		$	5,390,291
NOW and interest-bearing demand		3,518,686			3,346,490
Money market		3,766,645			3,550,335
Savings		1,097,663			950,854
Time		1,500,049			1,704,290
Brokered		183,968			290,098
Total deposits		16,327,767			15,232,358
Long-term debt		261,919			326,956
Derivative financial instruments		27,089			29,003
Accrued expenses and other liabilities		192,662			198,527
Total liabilities		16,809,437			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 shares authorized; 86,664,894 and 86,675,279 shares issued and outstanding		86,665			86,675
Common stock issuable; 571,580 and 600,834 shares		10,650			10,855
Capital surplus		1,636,875			1,638,999
Retained earnings		244,006			136,869
Accumulated other comprehensive income		11,668			37,710
Total shareholders' equity		2,086,286			2,007,530
Total liabilities and shareholders' equity	$	18,895,723		$	17,794,374

UNITED COMMUNITY BANKS, INC.

Consolidated Statements of Income (Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands, except per share data)	2021			2020		2021			2020
Interest revenue:
Loans, including fees	$	128,058		$	107,862	$	253,784		$	225,925
Investment securities, including tax exempt of $2,255 and $1,570 and $4,405 and $3,093, respectively		17,542			15,615		32,990			33,009
Deposits in banks and short-term investments		209			128		577			1,218
Total interest revenue		145,809			123,605		287,351			260,152

Interest expense:
Deposits:
NOW and interest-bearing demand		1,382			1,628		2,868			4,606
Money market		1,355			3,421		3,159			7,952
Savings		53			39		102			74
Time		830			6,183		2,710			13,714
Deposits		3,620			11,271		8,839			26,346
Short-term borrowings		—			—		—			1
Federal Home Loan Bank advances		—			—		2			1
Long-term debt		3,813			3,030		8,070			5,894
Total interest expense		7,433			14,301		16,911			32,242
Net interest revenue		138,376			109,304		270,440			227,910
(Release of) provision for credit losses		(13,588	)		33,543		(25,869	)		55,734
Net interest revenue after provision for credit losses		151,964			75,761		296,309			172,176

Noninterest income:
Service charges and fees		8,335			6,995		15,905			15,633
Mortgage loan gains and other related fees		11,136			23,659		33,708			31,969
Wealth management fees		3,822			1,324		7,327			2,964
Gains from sales of other loans, net		4,123			1,040		5,153			2,714
Securities gains, net		41			—		41			—
Other		8,384			7,220		18,412			12,772
Total noninterest income		35,841			40,238		80,546			66,052
Total revenue		187,805			115,999		376,855			238,228

Noninterest expenses:
Salaries and employee benefits		59,414			51,811		119,999			103,169
Communications and equipment		7,408			6,556		14,611			12,502
Occupancy		7,078			5,945		14,034			11,659
Advertising and public relations		1,493			2,260		2,692			3,534
Postage, printing and supplies		1,618			1,613		3,440			3,283
Professional fees		4,928			4,823		9,162			8,920
Lending and loan servicing expense		3,181			3,189		6,058			5,482
Outside services - electronic banking		2,285			1,796		4,503			3,628
FDIC assessments and other regulatory charges		1,901			1,558		3,797			3,042
Amortization of intangibles		929			987		1,914			2,027
Merger-related and other charges		1,078			397		2,621			1,205
Other		4,227			3,045		7,903			7,067
Total noninterest expenses		95,540			83,980		190,734			165,518
Net income before income taxes		92,265			32,019		186,121			72,710
Income tax expense		22,005			6,923		42,155			15,730
Net income		70,260			25,096		143,966			56,980
Preferred stock dividends		1,719			—		3,438			—
Undistributed earnings allocated to participating securities		432			183		894			426
Net income available to common shareholders	$	68,109		$	24,913	$	139,634		$	56,554

Net income per common share:
Basic	$	0.78		$	0.32	$	1.60		$	0.71
Diluted		0.78			0.32		1.60			0.71
Weighted average common shares outstanding:
Basic		87,289			78,920		87,306			79,130
Diluted		87,421			78,924		87,443			79,186

Average Consolidated Balance Sheets and Net Interest Analysis

For the Three Months Ended June 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⁾	$	11,616,802		$	127,458			4.40	%	$	9,772,703		$	107,398		4.42	%
Taxable securities ⁽³⁾		4,242,297			15,287			1.44			2,229,371			14,045		2.52
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		388,609			3,030			3.12			178,903			2,110		4.72
Federal funds sold and other interest-earning assets		1,292,026			1,055			0.33			776,776			857		0.44
Total interest-earning assets (FTE)		17,539,734			146,830			3.36			12,957,753			124,410		3.86

Noninterest-earning assets:
Allowance for credit losses		(128,073	)								(89,992	)
Cash and due from banks		152,443									138,842
Premises and equipment		225,017									217,096
Other assets ⁽³⁾		1,002,634									949,201
Total assets	$	18,791,755								$	14,172,900

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	3,428,009			1,382			0.16		$	2,444,895			1,628		0.27
Money market		3,814,960			1,355			0.14			2,541,805			3,421		0.54
Savings		1,080,267			53			0.02			788,247			39		0.02
Time		1,548,487			899			0.23			1,805,671			6,058		1.35
Brokered time deposits		64,332			(69	)		(0.43	)		130,556			125		0.39
Total interest-bearing deposits		9,936,055			3,620			0.15			7,711,174			11,271		0.59
Federal funds purchased and other borrowings		111			—			—			1			—		—
Federal Home Loan Bank advances		—			—			—			—			—		—
Long-term debt		285,389			3,813			5.36			228,096			3,030		5.34
Total borrowed funds		285,500			3,813			5.36			228,097			3,030		5.34
Total interest-bearing liabilities		10,221,555			7,433			0.29			7,939,271			14,301		0.72

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,196,045									4,360,095
Other liabilities		314,130									187,375
Total liabilities		16,731,730									12,486,741
Shareholders' equity		2,060,025									1,686,159
Total liabilities and shareholders' equity	$	18,791,755								$	14,172,900

Net interest revenue (FTE)				$	139,397								$	110,109
Net interest-rate spread (FTE)								3.07	%							3.14	%
Net interest margin (FTE) ⁽⁴⁾								3.19	%							3.42	%

⁽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 $28.6 million and $66.3 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.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Six Months Ended June 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⁾	$	11,525,363		$	252,580		4.42	%	$	9,300,792		$	225,194		4.87	%
Taxable securities ⁽³⁾		3,932,545			28,585		1.45			2,293,502			29,916		2.61
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		380,370			5,918		3.11			170,578			4,155		4.87
Federal funds sold and other interest-earning assets		1,324,776			2,277		0.34			612,776			2,489		0.81
Total interest-earning assets (FTE)		17,163,054			289,360		3.40			12,377,648			261,754		4.25

Non-interest-earning assets:
Allowance for loan losses		(135,845	)							(79,885	)
Cash and due from banks		146,401								133,548
Premises and equipment		223,224								218,170
Other assets ⁽³⁾		1,012,896								908,828
Total assets	$	18,409,730							$	13,558,309

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	3,379,794			2,868		0.17		$	2,428,815			4,606		0.38
Money market		3,774,201			3,159		0.17			2,441,264			7,952		0.66
Savings		1,035,176			102		0.02			750,179			74		0.02
Time		1,595,196			2,487		0.31			1,823,612			13,308		1.47
Brokered time deposits		69,765			223		0.64			105,689			406		0.77
Total interest-bearing deposits		9,854,132			8,839		0.18			7,549,559			26,346		0.70
Federal funds purchased and other borrowings		62			—		—			199			1		1.01
Federal Home Loan Bank advances		1,657			2		0.24			83			1		2.42
Long-term debt		301,193			8,070		5.40			220,429			5,894		5.38
Total borrowed funds		302,912			8,072		5.37			220,711			5,896		5.37
Total interest-bearing liabilities		10,157,044			16,911		0.34			7,770,270			32,242		0.83

Noninterest-bearing liabilities:
Noninterest-bearing deposits		5,896,882								3,943,740
Other liabilities		313,374								174,781
Total liabilities		16,367,300								11,888,791
Shareholders' equity		2,042,430								1,669,518
Total liabilities and shareholders' equity	$	18,409,730							$	13,558,309

Net interest revenue (FTE)				$	272,449							$	229,512
Net interest-rate spread (FTE)							3.06	%							3.42	%
Net interest margin (FTE) ⁽⁴⁾							3.20	%							3.73	%

⁽¹⁾

⁽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 $43.4 million and $59.6 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.

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. United has $18.9 billion in assets and 162 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. 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.

# # #

Exhibit 99.2

2 Q21 Investor Presentation July 20, 2021

Important Information For Stockholders and Investors This presentation contains information related to a proposed mergers of United Community Banks, Inc ..(" with Aquesta Financial Holdings, Inc Aquesta and Reliant Bancorp, Inc ..(" In connection with the proposed mergers, United intends to file with the Securities and Exchange Commission (" registration statements on Form S 4 that will include proxy statements of Aquesta and Reliant to be sent to Aquesta's and Reliant's stockholders, respectively, seeking their approval of the respective mergers Each of the registration statements also will contain 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 Aquesta's and Reliant's stockholders as required by applicable law INVESTORS AND STOCKHOLDERS OF AQUESTA AND RELIANT ARE ENCOURAGED TO READ THE APPLICABLE 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 WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THE REGISTRATION STATEMENT AND THOSE OTHER DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UNITED, AQUESTA, RELIANT AND THE PROPOSED TRANSACTIONS 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 from Aquesta at the "Investor Relations” section of Aquesta's website at www aquesta com or from Reliant at the " 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 Aquesta Financial Holdings, Inc 19510 Jetton Road, Cornelius, North Carolina 28031 Attn Kristin Couch, Telephone 704 439 4325 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 transactions or otherwise PARTICIPANTS IN THE TRANSACTIONS United, Aquesta 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 Aquesta's or Reliant's stockholders in favor of the approval of the respective mergers 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 Aquesta and their ownership of Aquesta's capital stock, as well as information regarding the interests of other persons who may be deemed participants in the transaction, may be obtained by reading the Proxy Statement/Prospectus regarding the Merger when it becomes available 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 document 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,”" " expect,”" anticipate,”" intend,”" will,”" should,”" plan,”" estimate,”" predict,”" and " or the negative of these terms or other comparable terminology, and include statements related to the expected timing of the closing of the mergers with Aquesta and Reliant (collectively the " the expected returns and other benefits of the mergers to stockholders, expected improvement in operating efficiency resulting from the mergers, estimated expense reductions resulting from the transactions 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 mergers 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 mergers may not be realized or take longer than anticipated to be realized, 2 disruption from the mergers 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 either of the merger agreements, 4 the failure to obtain the necessary approval by the stockholders of Aquesta and/or Reliant, 5 the possibility that the costs, fees, expenses and charges related to the mergers may be greater than anticipated, 6 the ability by United to obtain required governmental approvals of the mergers, 7 reputational risk and the reaction of each of the companies' customers, suppliers, employees or other business partners to the mergers, 8 the failure of the closing conditions in the agreements related to the mergers to be satisfied, or any unexpected delay in closing the mergers, 9 the risks relating to the integration of either Aquesta'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 the 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 the 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, Aquesta'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, stockholders 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, Aquesta or Reliant United qualifies all forward looking statements by these cautionary statements

Disclosures NON GAAP MEASURES This Investor Presentation includes financial information determined by methods other than in accordance with generally accepted accounting principles (" 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,”operating,”"Diluted earnings per share operating,”operating,”"Tangible book value per share,”share,”"Return on common equity operating,”operating,”"Return on tangible common equity operating,”operating,”"Return on assets operating ,”,”"Return on assets pre tax pre provision, excluding merger related and other charges,” Efficiency ratio operating,”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 162 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. $18.9 BILLION IN TOTAL ASSETS $4.5* BILLION IN AUA $ 16.3 BILLION IN TOTAL DEPOSITS BEST BANKS TO WORK FOR i n 2020 for the fourth consecutive year American Banker $0.19 QUARTERLY DIVIDEND UP 6% Y OY 5 Regional Full Service Branch Network National Navitas and SBA Markets Premier Southeast Regional Bank „Ï Metro focused branch network with locations in the fastest growing MSAs in the Southeast „Ï 153 branches, 9 LPOs, and 4 mortgage loan offices across six Southeast states „Ï Top 10 market share in GA and SC „Ï Proven ability to integrate bank transactions 8 transactions completed over the past 10 years „Ï Closed the FinTrust acquisition July 6, adding $2.1 billion in AUA with locations in Greenville, Anderson, Athens and Macon Committed to Service Since 1950 Extended Navitas and SBA Markets $11.4 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 „Ï Offered in 48 states across the continental U.S. „Ï SBA business has both in footprint and national business (4 specific verticals) „Ï Navitas subsidiary is a 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 FinTrust close on July 6, 2021

$21.22 $22.15 $22.81 $16.95 $17.83 $18.49 2Q20 1Q21 2Q21 Book Value Per Share GAAP Tangible $0.78 Diluted earnings per share GAAP $0.79 Diluted earnings per share operating 1.46% Return on average assets GAAP 1.48% Return on average assets operating 1.67% PTPP return on average assets operating 0.09% Cost of deposits 38% DDA / Total Deposits 14.1% Return on common equity GAAP 17.8% Return on tangible common equity operating 70% Loan to Deposit ratio Other 2Q notable items: $11.0 mm of PPP fee income ($0.10 $13.6 mm provision release due to improved economic forecast ($0.12 2 Q21 Highlights (1) See non GAAP reconciliation table slides in the Appendix for a reconciliation of operating performance measures to GAAP performance $0.32 $0.82 $0.78 $0.32 $0.83 $0.79 2Q20 1Q21 2Q21 Diluted Earnings Per Share GAAP Operating (1) 0.71% 1.62% 1.46% 0 1.65% 1.48% 2Q20 1Q21 2Q21 Return on Average Assets GAAP Operating 1.86% 1.80% 1.64% 1.87% 1.83% 1.67% 2Q20 1Q21 2Q21 PTPP Return on Average Assets PTPP Operating PTPP (1) (1) (1) 6 (1) (1) (1) 5% Annualized 2Q EOP core loan growth (excluding PPP loans) 14% Annualized 2Q EOP core transaction deposit growth

0.91% 0.98% 1.06% 1.09% 1.40% 1.51% 1.07% 1.65% 1.48% 2014 2015 2016 2017 2018 2019 2020 1Q21 2Q21 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) 9.32% 10.24% 11.86% 12.02% 15.69% 15.81% 12.24% 19.68% 17.81% 2014 2015 2016 2017 2018 2019 2020 1Q21 2Q21 ROTCE operating UCBI KRX (1) $347 $272 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total Shareholder Return $ UCBI Outperformance Performance for the period ended June 30, 2021 United Community Banks, Inc. KBW Nasdaq Regional Bank Index (KRX) 1 YEAR 64% 69% 3 YEAR 13% 14% 5 YEAR 96% 67% 10 YEAR 247% 172%

$62.1 $67.8 11.4% 9.0% 5.7% 2.9% (1) Includes MSAs with a population of greater than 300,000 (2) Data by MSA shown on a weighted average basis by deposits Located in Most of the Top 20 Markets in the Region United MSA Presence Projected Population Growth (2) 2021 – 2026 (%) Projected Household Income Growth (2) 2021 – 2026 (%) Median Household Income (2) ($ in thousands) High-Growth MSAs in the Southeast UCBI Focused on High-Growth MSAs in Southeast National Avg. National Avg. National Avg. 8 Fastest Growing ‘21 – '26 Proj. '21 ‘26 Proj. Me dian Southeast MSAs (1) Pop. Growth % Population Household Income 1. Myrtle Beach, SC 8.49 518,050 $62,042 2. Cape Coral, FL 7.42 785,277 $68,827 3. Raleigh, NC 7.30 1,420,576 $91,380 4. Charleston, SC 7.30 823,428 $78,951 5. Orlando, FL 7.09 2,685,903 $72,412 6. Lakeland, FL 6.98 738,482 $62,730 7. Naples, FL 6.96 393,750 $84,332 8. Spartanburg, SC 6.81 327,475 $66,443 9. Sarasota, FL 6.79 855,242 $73,471 10. Charlotte, NC 6.61 2,696,789 $77,692 11. Wilmington, NC 6.57 304,661 $60,070 12. Jacksonville, FL 6.17 1,602,120 $73,563 13. Port St. Lucie, FL 6.10 495,076 $68,635 14. Greenville, SC 6.08 937,813 $68,413 15. Tampa, FL 6.06 3,257,479 $67,300 16. Durham-Chapel Hill, NC 5.93 655,218 $74,713 17. Nashville, TN 5.91 1,980,990 $80,404 18. Fayetteville, AR 5.88 550,113 $71,570 19. Daytona Beach, FL 5.81 678,826 $65,579 20. Atlanta, GA 5.73 6,137,994 $85,730 Pending acquisitions

Increasing Liquidity Trend Loans and Deposits 9 9 $ in billions $10.1 $11.8 $11.4 $11.7 $11.4 $12.7 $14.6 $15.2 $16.0 $16.3 80% 81% 75% 73% 70% 65% 70% 75% 80% 85% 90% 95% 100% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 2Q20 3Q20 4Q20 1Q21 2Q21 Loans Deposits Loans / Deposits % Note: Core loan growth excludes PPP loans and adjusts for the Three Shores acquisition that closed July 1, 2020 2Q20 3Q20 4Q20 1Q21 2Q21 Annualized Core Loan Growth % 5% 8% 8% 3% 5% Annualized Deposit Growth % 60% 60% 17% 20% 8% Deposit Cost % 0.37% 0.25% 0.17% 0.14% 0.09%

43% 8% 22% 1% 13% 6% 3% 4% Residential Mortgage Diversified Loan Portfolio 2 Q21 Total Loans $11.4 billion Note: C&I includes commercial and industrial loans, owner occupied CRE loans and Navitas (equipment finance) loans 10 Quarter Highlights „Ï Loans, excluding PPP, increased $123 million, or 5% annualized „Ï Sold $18.9 million of Navitas loans „Ï Sold $26.7 million of SBA loans Granular Loan Portfolio „Ï Construction & CRE ratio as a percentage of total RBC = 64%/195% „Ï Top 25 relationships total $637 million, or 6% of total loans „Ï SNC¡s outstanding of $229 million, or 2% of total loans „Ï Navitas 9% of total loans „Ï Project lending limit of $20 million „Ï Relationship lending limit of $35 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 „Ï Total deposits were up $335 million, or 8% annualized from 1Q21 and up $3.6 billion, or 29% YOY ¡E Excluding Seaside, total deposits were up $1.8 billion, or 14% YOY „Ï Core transaction deposits were up $432 million, or 14% annualized from 1Q21 and up $3.4 billion, or 37% YOY ¡E Excluding Seaside, core transaction deposits were up $2.1 billion, or 23% YOY „Ï Cost of deposits was down 5 bps to 0.09% in 2Q21, driven by continued noninterest bearing deposit growth, CD maturities and deposit rate cuts 2 Q21 Total Deposits $16.3 billion

Capital Ratios 12 „Ï Quarterly dividend of $ 0.19 per share „Ï Repurchased a total of 150,000 shares at an average price of $33.98 for a total of $5.1 million repurchased „Ï Capital levels expect to remain at peer levels pro forma for announced transactions *2Q21 regulatory capital ratios are preliminary Holding Company 1Q20 4Q20 1Q21 1Q21 KRX Peer Median UCBI 2Q21* vs. KRX Common Equity Tier 1 Capital 12.9 % 12.3 % 12.3 % 12.0 % + 0.3 % 12.6 % Tier 1 Risk Based Capital 13.1 13.1 13.1 12.5 + 0.6 13.4 Total Risk Based Capital 14.9 15.2 14.9 14.4 + 0.5 15.1 Leverage 10.4 9.3 9.4 9.0 + 0.4 9.3 Tangible Common Equity to Tangible Assets 10.2 8.8 8.6 8.3 + 0.3 8.7

$109.3 $132.1 $138.4 2Q20 1Q21 2Q21 Net Interest Revenue / Margin (1) $ in millions „Ï Net interest margin decreased 3 bps from 1Q21, mainly driven by a change in the earning asset mix; larger securities portfolio „Ï L oan accretion totaled $5.5 million and contributed 12 bps to the margin, flat from 1Q21 „Ï PPP fees of $11.0 million in 2 Q21 compared to $9.8 million in 1Q21 „Ï The 4 bps of core margin pressure resulted from surplus liquidity as strong deposit growth continued to move average cash and securities balances higher „Ï Variable rate loans currently priced at their floors increased $34 million from 1Q21 to $1.19 billion 3.42% 3.22% 3.19% 3.23% 2.85% 2.81% Net Interest Revenue ($ 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 2 Q21 NIM Compression (2) 3.19% 3.22% ( 0.04% 0.00% 0.00% 0.01% 1Q NIM Surplus Liquidity Low Interest Rates / Other Loan Accretion PPP Fees 2Q NIM (%)

Noninterest Income $ in millions $7.0 $7.6 $8.3 $7.2 $10.0 $8.5 $1.3 $3.5 $3.8 $23.7 $22.6 $11.1 $1.0 $1.0 $4.1 2Q20 1Q21 2Q21 Service Charges Other Brokerage / Wealth Mgmt Mortgage Loan sale gains $35.8 Linked Quarter „Ï Fees down $8.9 million ¡E Mortgage fees down $11.5 million from 1Q21 primarily due to slower mortgage lock activity, lower gain on sale and a MSR write down ¡E Rate locks were down with $702 million compared to $993 million in 1Q21 ¡E Record mortgage closings of $680 million compared to $666 million in 1Q21 ¡E 2 Q21 mortgage production purchase/refi mix was 63%/37% ¡E 2 Q21 mortgage results included a $3.0 million MSR write down compared to a $1.3 million write up in 1Q21 ¡E Gain on sale of SBA and USDA loans was $3.3 million on $32.3 million of loan sales ¡E Gain on sale of equipment finance loans was $803 thousand on $18.9 million of loan sales Year over Year „Ï Fees down $4.4 million ¡E Mortgage rate locks down 12% compared to last year ($702 million in 2 Q21 compared to $802 million in 14 $44.7 $40.2

$84.0 $95.2 $95.5 $83.6 $93.7 $94.5 2Q20 1Q21 2Q21 55.9% 53.6% 54.5% 55.6% 52.7% 53.9% GAAP Operating ( Efficiency Ratio Expenses Operating ( GAAP Disciplined Expense Management $ in millions Linked Quarter „Ï GAAP and operating expenses increased 0.4% and 0.9%, respectively Year over Year „Ï GAAP and operating expenses increased 14% and 13%, respectively ¡E The majority of the increase is driven by the Seaside acquisition on July 1, 2020 (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

„Ï As of June 30 th , approximately 75% of our PPP loans, representing $1.4 billion in loans, have been forgiven by the SBA „Ï In 2Q21, we recognized $11.0 million in PPP fees „Ï We have $19 million of PPP fees remaining to recognize „Ï Average loan amount fully forgiven of $109 thousand 16 PPP Update $472 $1,393 $- $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 „Ï 2 Q21 net recoveries of $456 thousand, or 0.02% of average loans, annualized ¡E The quarter benefited from unusually strong Navitas NCOs of 0.13% ¡E The quarter also benefited from $326 thousand of C&D recoveries „Ï 2020 NCOs of $18.3 million, or 0.17% of average loans „Ï The provision for credit losses was negative $13.6 million, reflecting a more favorable economic forecast and credit trends „Ï 2020 included $80.4 m illion of provisioning due to economic uncertainty caused by the pandemic Net Charge Offs as % of Average Loans Provision for Credit Losses ($ in millions) $33.5 $21.8 $2.9 - -$12.3 - -$13.6 -$23.0 -$13.0 -$3.0 $7.0 $17.0 $27.0 $37.0 2Q20 3Q20 4Q20 1Q21 2Q21 0.25% 0.09% 0.05% - 0.01% - 0.02% -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 2Q20 3Q20 4Q20 1Q21 2Q21

„Ï Special mention loans decreased $6.3 million from 1Q21, but remained flat as a % of total loans „Ï Substandard, but still accruing loans, increased 0.19% quarter over quarter as a % of total loans „Ï Non performing assets improved by $10.1 million during the quarter and represent 0.41% 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 0.48% 0.42% 0.55% 0.48% 0.41% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 2Q20 3Q20 4Q20 1Q21 2Q21 $1,850 $365 $71 $48 $18 15.9% 3.1% 0.6% 0.4% 0.2% -5.0% 0.0% 5.0% 10.0% 15.0% $0 $500 $1,000 $1,500 $2,000 2Q20 3Q20 4Q20 1Q21 2Q21 Loan Deferrals ($ in millions) % of Total Loans 1.1% 1.2% 2.6% 3.2% 3.2% 1.1% 1.1% 1.5% 1.5% 1.7% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 2Q20 3Q20 4Q20 1Q21 2Q21 Special Mention (%) Substandard Accruing(%)

19 ACL Walkforward $135,592 $122,460 $1,096 $2,118 $456 ($2,321) ($14,481) 1Q21 ACL Loan Growth Reserve for Unfunded Commitments Net Recoveries Specific Reserve Model / Forecast Changes 2Q21 ACL ($000) ACL / Loans: 1.16% ACL / Loans excl. PPP: 1.26% 1.08% 1.12% 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 E X P A N S I O N R A T I O N A L E 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 High-Growth Southeast Footprint Aquesta (9) United (162) . 7/14/2021 . Announced acquisition of Reliant Bancorp, Inc, . 5/27/2021 . Announced acquisition of Aquesta Financial Holdings, Inc. . 5/13/2021 . Announced acquisition of FinTrust Capital Partners, LLC . 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 TCE / TCA 8.7% Leverage Ratio 9.5% CET-1 Ratio 12.1% Tier 1 Ratio 12.7% Total Capital Ratio 14.5% (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)

2 Q21 INVESTOR PRESENTATION Exhibits

9.2% 3.1% 10.5% 33.2% 28.6% 15.4% Top 50 Hotels by Sector Selected Segments Hotels 22 Extended Stay Interstate, Limited Service Conference Center Urban, Limited Service „Ï Top 50 hotel loans outstanding totaled $296 million as of 2Q21, or 3% of total loans „Ï Original loan to value low at 60% on average for UCBI portfolio „Ï Construction comprises 4% of top 50 hotel outstanding balances „Ï Weighted average occupancy increased 13% from 1Q21 to 73% in top 50 hotel portfolio „Ï Nonaccrual hotel loans of $4.7 million as of 2Q21 Airport Leisure $172 $194 $77 $60 $43 $42 1Q21 2Q21 Top 50 Hotel Risk Rating $ in millions Pass Special Mention Classified

Selected Segments Senior Care 23 „Ï Senior Care lending team are dedicated specialists with significant experience in the space „Ï Senior Care funded exposure for UCBI totaled $537 million as of 2 Q21, or 5% of total loans „Ï Senior Care borrowers provide significant equity up front with an average LTV of 57% at origination „Ï As of June 30 th , $7.0 million of Senior Care loans were in nonaccrual „Ï As of June 30 th , $169 million of Senior Care loans were special mention and $57 million were substandard accruing 1 20% 25% 49% 6% 8.7% 10.6% 7.6% 3.0% 70.0% Senior Care by Project Type Skilled Nursing Facility Memory Care Independent Living Assisted Living 6.4% 67.8% 25.8% Senior Care by Project Stage Construction Lease Up Stabilized Independent / Assisted Living, Memory Care Hybrid

„Ï Navitas 2 Q21 NCOs = 0.13% „Ï Economic recovery and government intervention driving historically low loss rates „Ï Navitas ¡¦ cumulative net loss rates have approximated 2 % for the last 10 years „Ï Navitas ACL Loans equated to 1.87% as of 2Q21 „Ï Rating agencies have historically assigned Navitas originations with expected through the cycle loss rates of 3.1% to 3.8 „Ï Total Navitas deferrals are 0.6% of the total Navitas loan portfolio at 2 Q21 Credit Quality Navitas 24 0.58% 0.67% 0.84% 0.81% 0.87% 0.93% 0.75% 0.70% 0.13% 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Net Charge Offs as % of Average Loans

Expanding Mortgage Throughout the Footprint „Ï Gain on sale has declined, but remains above pre pandemic levels „Ï Mortgage production per originator, per quarter decreased $96 thousand in 2Q21 to $7.6 million, or 11% above 2Q20 „Ï Purchase / Refi mix has shifted from 43% / 57% in 2Q20 to 63% / 37% in 2Q21 „Ï Technology investments have also paid off as we have been able to market to our existing customers and also have enabled us to cut processing costs and process times 25 $390 $508 $411 $801 $802 $910 $792 $993 $702 13 15 15 17 25 25 24 25 22 0 5 10 15 20 25 30 $0 $500 $1,000 $1,500 $2,000 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Funded Locks / MLO Mortgage Locks ($) Mortgage Locks Mortgage Locks ($ millions) Funded Locks / MLO 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Loans Sold ($ millions) $153 $220 $226 $259 $397 $402 $409 $337 $407 Gain on Sale % 3.70% 3.40% 3.70% 2.90% 4.50% 5.40% 5.10% 4.50% 3.90%

Non GAAP Reconciliation Tables $ in thousands, except per share data 26 26 2Q203Q204Q201Q212Q21Expenses Expenses - GAAP83,980$ 95,981$ 106,490$ 95,194$ 95,540$ Merger-related and other charges(397) (3,361) (2,452) (1,543) (1,078) Expenses - Operating83,583$ 92,620$ 104,038$ 93,651$ 94,462$ Diluted Earnings per share Diluted earnings per share - GAAP0.32$ 0.52$ 0.66$ 0.82$ 0.78$ Merger-related and other charges- 0.03 0.02 0.01 0.01 Diluted earnings per share - Operating0.32 0.55 0.68 0.83 0.79 Book Value per shareBook Value per share - GAAP21.22$ 21.45$ 21.90$ 22.15$ 22.81$ Effect of goodwill and other intangibles(4.27) (4.36) (4.34) (4.32) (4.32) Tangible book value per share16.95$ 17.09$ 17.56$ 17.83$ 18.49$ Return on Tangible Common EquityReturn on common equity - GAAP6.17 % 10.06 % 12.36 % 15.37 % 14.08 % Effect of merger-related and other charges0.08 0.63 0.41 0.26 0.17 Return on common equity - Operating6.25 10.69 12.77 15.63 14.25 Effect of goodwill and intangibles1.84 2.83 3.46 4.05 3.56 Return on tangible common equity - Operating8.09 % 13.52 % 16.23 % 19.68 % 17.81 %

Non GAAP Reconciliation Tables $ in thousands, except per share data 27 27 2Q203Q204Q201Q212Q21Return on Assets Return on assets - GAAP0.71 % 1.07 % 1.30 % 1.62 % 1.46 % Merger-related and other charges0.01 0.07 0.04 0.03 0.02 Return on assets - Operating0.72 % 1.14 % 1.34 % 1.65 % 1.48 % Return on Assets to return on assets- pre-tax pre-provisionReturn on assets - GAAP0.71 % 1.07 % 1.30 % 1.62 % 1.46 % Income tax expense0.20 0.28 0.40 0.46 0.47 Provision for credit losses0.95 0.51 0.07 (0.28) (0.29) Return on assets - pre-tax, pre-provision1.86 1.86 1.77 1.80 1.64 Merger-related and other charges0.01 0.07 0.05 0.03 0.03 Return on assets - pre-tax, pre-provision, excluding merger-related and other charges1.87 % 1.93 % 1.82 % 1.83 % 1.67 % Efficiency RatioEfficiency Ratio - GAAP55.86 % 54.14 % 56.73 % 53.55 % 54.53 % Merger-related and other charges(0.27) (1.90) (1.31) (0.87) (0.61) Efficiency Ratio - Operating55.59 % 52.24 % 55.42 % 52.68 % 53.92 % Tangible common equity to tangible assetsEquity to assets ratio - GAAP11.81 % 11.47 % 11.29 % 10.95 % 11.04 % Effect of goodwill and other intangibles(2.05) (2.02) (1.94) (1.86) (1.82) Effect of preferred equity(0.64) (0.56) (0.54) (0.52) (0.51) Tangible common equity to tangible assets ratio9.12 % 8.89 % 8.81 % 8.57 % 8.71 %

Glossary 28 28 ACL – Allowance for Credit LossesMTM – Marked-to-marketALLL – Allowance for Loan LossesMSA – Metropolitan Statistical AreaAUA – Assets Under AdministrationMSR – Mortgage Servicing Rights AssetBPS – Basis PointsNCO – Net Charge-OffsC&I – Commercial and IndustrialNIM – Net Interest MarginC&D – Construction and DevelopmentNPA – Non-Performing AssetCECL – Current Expected Credit LossesNSF – Non-sufficient FundsCET1 – Common Equity Tier 1 CapitalOO RE – Owner Occupied Commercial Real EstateCRE – Commercial Real EstatePCD – Loans Purchased with Credit DeteriorationCSP – Customer Service ProfilesPPP – Paycheck Protection ProgramDDA – Demand Deposit AccountPTPP – Pre-Tax, Pre-Provision EarningsEOP – End of PeriodRBC – Risk Based CapitalFTE – Fully-taxable equivalentROA – Return on AssetsGAAP – Accounting Principles Generally Accepted in the USASBA – United States Small Business AdministrationKRX – KBW Nasdaq Regional Banking IndexTCE – Tangible Common EquityLPO – Loan Production OfficeUSDA – United States Department of AgricultureMLO – Mortgage Loan OfficerYOY – Year over Year