On an operating basis, United's diluted earnings per share of $0.71 increased 13% from the year-ago quarter. Strong revenue growth and positive operating leverage drove the year-over-year results. For the full year of 2025, diluted operating earnings per share were $2.71, an increase of $0.41, or 18%, from the $2.30 reported in 2024.
United's return on assets was 1.21%, or 1.22% on an operating basis, up from 1.06% and 1.08%, respectively for the fourth quarter of 2024. Return on common equity was 9.5% and return on tangible common equity on an operating basis was 13.3%. On a pre-tax, pre-provision basis, operating return on assets was 1.78% for the quarter. At year-end, tangible common equity to tangible assets was 9.92%, up 21 basis points from the third quarter.
Chairman and CEO Lynn Harton stated, "The fourth quarter marks a great ending to a rewarding year. Our teams delivered healthy loan growth for all of 2025, leading to improvement in our earning asset mix. That improvement, combined with our focus on deposit pricing, drove a 36 basis points expansion in our net interest margin year over year, with four basis points of improvement coming in the fourth quarter. All our key performance metrics improved significantly when compared to 2024. Believing this performance will continue, we took the opportunity to repurchase one million common shares at an average price of $29.84 per share and redeem $35 million of senior debt in the fourth quarter.
Harton continued, "United is well-positioned for another great year in 2026. Economic conditions in our markets remain strong and our team continues to execute well in all our lines of business. I want to congratulate and thank them for outstanding results."
Net charge-offs were $16.4 million or 0.34% annualized of average loans, compared with 0.21% for the fourth quarter of 2024 and 0.16% for the third quarter. Nonperforming assets were 0.33% of total assets, improved slightly from 0.35% for the third quarter. Provision for credit losses was $13.7 million for the fourth quarter, up from $11.4 million a year ago and $7.9 million for the third quarter. As of December 31, the allowance for credit losses represents 1.16% of loans, down slightly from 1.19% at September 30, reflecting the release of the remaining Hurricane Helene reserve.
Fourth Quarter 2025 Financial Highlights:
EPS of $0.70 was up $0.09 on a GAAP basis compared to fourth quarter 2024, and EPS of $0.71 was up $0.08, or 13%, on an operating basis
Net income of $86.5 million and pre-tax, pre-provision income of $126.3 million, up $10.7 million and $18.5 million, respectively, from a year ago
Total revenue of $278.4 million improved $27.5 million, or 11%, from a year ago
Net interest margin of 3.62% increased by 36 basis points from a year ago and 4 basis points from the third quarter on a lower cost of funds and improving asset mix
Provision for credit losses was $13.7 million, up $2.3 million from a year ago and up $5.8 million from the third quarter; allowance for credit losses coverage down slightly to 1.16% of total loans; net charge-offs were $16.4 million, or 0.34% of average loans, annualized
Noninterest expenses were up $1.2 million compared to the third quarter on a GAAP basis and up $4.0 million on an operating basis, primarily driven by performance-based incentives
Efficiency ratio of 54.4% on a GAAP basis, or 54.2% on an operating basis, improved from a year ago
Strong loan production led to loan growth of $209 million, up 4.4% annualized, from the third quarter
Mortgage closings of $261 million compared to $246 million in fourth quarter 2024; mortgage rate locks of $319 million compared to $285 million in fourth quarter 2024
Customer deposits were down $242 million from the third quarter
Return on assets of 1.21%, or 1.22% on an operating basis
Return on common equity and return on tangible common equity on an operating basis were 9.5% and 13.3%, respectively
Maintained strong capital ratios with preliminary Common Equity Tier 1 of 13.4%
Quarterly common dividend of $0.25 per share declared during the quarter, up 4% year-over-year
Repurchased 1.0 million shares of common stock in the fourth quarter at an average price of $29.84 per share
2025 Financial Highlights:
Net income of $328 million and pre-tax, pre-provision income of $471 million
GAAP diluted earnings per share of $2.62, increased 28% compared to $2.04 for 2024
Operating diluted earnings per share of $2.71, increased 18% compared to $2.30 for 2024
Total revenue of $1.06 billion, increased 12% over $952 million in 2024
Book value per share and tangible book value per share increased 8% and 11% respectively over 2024
Return on assets of 1.17%, or 1.20% on an operating basis
Pre-tax, pre-provision return on assets of 1.72% on an operating basis
Return on common equity of 9.12% compared with 7.07% for 2024
Return on tangible common equity - operating of 13.3% compared with 11.4% for 2024
Conference CallUnited will hold a conference call on Wednesday, January 14, 2026 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10205112/1008d91b050. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. The conference call also will be webcast and can be accessed by selecting "Events and Presentations" under "News and Events" within the Investor Relations section of the company's website, ucbi.com.
UNITED COMMUNITY BANKS, INC.Selected Financial Information(in thousands, except per share data)
2025
2024
Fourth Quarter 2025-2024 Change
For the Twelve Months Ended December 31,
YTD 2025-2024 Change
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
2025
2024
INCOME SUMMARY
Interest revenue
$
346,367
$
353,850
$
347,365
$
335,357
$
344,962
$
1,382,939
$
1,377,741
Interest expense
108,441
120,221
121,834
123,336
134,629
473,832
550,373
Net interest revenue
237,926
233,629
225,531
212,021
210,333
13
%
909,107
827,368
10
%
Noninterest income
40,462
43,219
34,708
35,656
40,522
—
154,045
124,756
23
Total revenue
278,388
276,848
260,239
247,677
250,855
11
1,063,152
952,124
12
Provision for credit losses
13,662
7,907
11,818
15,419
11,389
20
48,806
50,951
(4
)
Noninterest expenses
152,048
150,868
147,919
141,099
143,056
6
591,934
578,167
2
Income before income tax expense
112,678
118,073
100,502
91,159
96,410
422,412
323,006
Income tax expense
26,223
26,579
21,769
19,746
20,606
94,317
70,609
Net income
86,455
91,494
78,733
71,413
75,804
14
328,095
252,397
30
Non-operating items
606
3,468
4,833
1,297
2,203
10,204
40,268
Income tax benefit of non-operating items
(133
)
(751
)
(1,047
)
(281
)
(471
)
(2,212
)
(8,702
)
Net income - operating(1)
$
86,928
$
94,211
$
82,519
$
72,429
$
77,536
12
$
336,087
$
283,963
18
Pre-tax pre-provision income(5)
$
126,340
$
125,980
$
112,320
$
106,578
$
107,799
17
$
471,218
$
373,957
26
PERFORMANCE MEASURES
Per common share:
Diluted net income - GAAP
$
0.70
$
0.70
$
0.63
$
0.58
$
0.61
15
$
2.62
$
2.04
28
Diluted net income - operating(1)
0.71
0.75
0.66
0.59
0.63
13
2.71
2.30
18
Common stock cash dividends declared
0.25
0.25
0.24
0.24
0.24
4
0.98
0.94
4
Book value
30.17
29.44
28.89
28.42
27.87
8
30.17
27.87
8
Tangible book value(3)
22.24
21.59
21.00
20.58
20.00
11
22.24
20.00
11
Key performance ratios:
Return on common equity - GAAP(2)(4)
9.48
%
9.20
%
8.45
%
7.89
%
8.40
%
9.12
%
7.07
%
Return on common equity - operating(1)(2)(4)
9.53
9.83
8.87
8.01
8.60
9.44
7.97
Return on tangible common equity - operating(1)(2)(3)(4)
13.31
13.56
12.34
11.21
12.12
13.34
11.42
Return on assets - GAAP(4)
1.21
1.29
1.11
1.02
1.06
1.17
0.90
Return on assets - operating(1)(4)
1.22
1.33
1.16
1.04
1.08
1.20
1.02
Return on assets -pre-tax pre-provision, excluding non-operating items(1)(4)(5)
1.78
1.83
1.66
1.55
1.55
1.72
1.49
Net interest margin (fully taxable equivalent)(4)
3.62
3.58
3.50
3.36
3.26
3.52
3.29
Efficiency ratio - GAAP
54.40
54.30
56.69
56.74
56.05
55.46
60.24
Efficiency ratio - operating(1)
54.19
53.05
54.84
56.22
55.18
54.51
57.15
Equity to total assets
12.99
12.78
12.86
12.56
12.38
12.99
12.38
Tangible common equity to tangible assets(3)
9.92
9.71
9.45
9.18
8.97
9.92
8.97
ASSET QUALITY
Nonperforming assets ("NPAs")
$
93,498
$
97,916
$
83,959
$
93,290
$
115,635
(19
)
$
93,498
$
115,635
(19
)
ACL, loans
210,429
215,791
216,500
211,974
206,998
2
210,429
206,998
2
ACL, total
225,520
228,276
228,045
223,201
217,389
4
225,520
217,389
4
Net charge-offs
16,418
7,676
8,225
9,607
9,517
41,926
57,690
ACL, loans to loans
1.09
%
1.13
%
1.14
%
1.15
%
1.14
%
1.09
%
1.14
%
ACL, total to loans
1.16
1.19
1.21
1.21
1.20
1.16
1.20
Net charge-offs to average loans(4)
0.34
0.16
0.18
0.21
0.21
0.22
0.32
NPAs to total assets
0.33
0.35
0.30
0.33
0.42
0.33
0.42
AT PERIOD END ($ in millions)
Loans
$
19,384
$
19,175
$
18,921
$
18,425
$
18,176
7
$
19,384
$
18,176
7
Investment securities
5,988
6,163
6,382
6,661
6,804
(12
)
5,988
6,804
(12
)
Total assets
28,003
28,143
28,086
27,874
27,720
1
28,003
27,720
1
Deposits
23,798
24,021
23,963
23,762
23,461
1
23,798
23,461
1
Shareholders' equity
3,639
3,597
3,613
3,501
3,432
6
3,639
3,432
6
Common shares outstanding (thousands)
120,598
121,553
121,431
119,514
119,364
1
120,598
119,364
1
(1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation. (2) Net income less preferred stock dividends, divided by average common equity. (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.
Financial Highlights
Loan Portfolio Composition at Period-End
(in millions)
2025
2024
Linked Quarter Change
Year over Year Change
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
LOANS BY CATEGORY
Owner occupied commercial RE
$
3,852
$
3,678
$
3,563
$
3,419
$
3,398
$
174
$
454
Income producing commercial RE
4,883
4,534
4,548
4,416
4,361
349
522
Commercial & industrial
2,696
2,593
2,516
2,506
2,428
103
268
Commercial construction and land
1,245
1,734
1,752
1,681
1,656
(489
)
(411
)
Equipment financing
1,848
1,808
1,778
1,723
1,663
40
185
Total commercial
14,524
14,347
14,157
13,745
13,506
177
1,018
Residential mortgage
3,157
3,198
3,210
3,218
3,232
(41
)
(75
)
Home equity lines of credit
1,319
1,252
1,180
1,099
1,065
67
254
Residential construction and land
191
178
174
171
178
13
13
Consumer
188
192
191
183
188
(4
)
—
Other
5
8
9
9
7
(3
)
(2
)
Total loans
$
19,384
$
19,175
$
18,921
$
18,425
$
18,176
$
209
$
1,208
LOANS BY STATE
Georgia
$
4,635
$
4,584
$
4,551
$
4,484
$
4,447
$
51
$
188
South Carolina
2,971
2,926
2,872
2,821
2,815
45
156
North Carolina
2,712
2,676
2,626
2,666
2,644
36
68
Tennessee
1,913
1,902
1,881
1,880
1,799
11
114
Florida
3,102
3,040
2,966
2,572
2,527
62
575
Alabama
1,050
1,054
1,016
1,009
996
(4
)
54
Commercial Banking Solutions
3,001
2,993
3,009
2,993
2,948
8
53
Total loans
$
19,384
$
19,175
$
18,921
$
18,425
$
18,176
$
209
$
1,208
UNITED COMMUNITY BANKS, INC.
Financial Highlights
Credit Quality
(in thousands)
2025
Fourth Quarter
Third Quarter
Second Quarter
NONACCRUAL LOANS
Owner occupied RE
$
10,199
$
10,275
$
8,207
Income producing RE
11,488
10,884
14,624
Commercial & industrial
18,294
25,754
15,422
Commercial construction and land
984
3,198
1,368
Equipment financing
10,383
9,716
11,731
Total commercial
51,348
59,827
