EXHIBIT 99.2

United Community Banks, Inc.

Proforma Earnings per share (operating)⁽¹⁾
Restated for 3 for 2 stock split (Record date — April 14, 2004/Distribution date — April 28, 2004)
(in thousands, except per share data)

	December 31,		September 30,		June 30,		March 31,		December 31,
For the quarter ended	2003		2003		2003		2003		2002
Basic earnings per share:
Weighted average shares outstanding		35,260		35,112		34,280		31,827		31,940
Net income available to common shareholders	$	10,580	$	10,352	$	9,869	$	8,593	$	8,534
Basic earnings per share	$	.30	$	.29	$	.29	$	.27	$	.27
Diluted earnings per share:
Weighted average shares outstanding		35,260		35,112		34,280		31,827		31,940
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		759		670		687		689		757
Effect of conversion of subordinated debt		372		402		420		420		420
Total weighted average shares and common stock equivalents outstanding		36,391		36,185		35,387		32,936		33,117
Net income available to common shareholders		10,580		10,352		9,869		8,593		8,534
Income effect of conversion of subordinated debt, net of tax		23		23		24		25		27
Net income, adjusted for effect of conversion of subordinated debt, net of tax		10,603		10,375		9,893		8,618		8,561
Diluted earnings per share	$	.29	$	.29	$	.28	$	.26	$	.26
Period-end shares outstanding		35,289		35,232		34,967		33,055		31,895
Cash dividends declared per share	$	.0500	$	.0500	$	.0500	$	.0500	$	.0417
Book value per share	$	8.47	$	8.20	$	8.15	$	7.39	$	6.89

[Additional columns below]

[Continued from above table, first column(s) repeated]

	September 30,		June 30,		March 31,		December 31,
For the quarter ended	2002		2002		2002		2001
Basic earnings per share:
Weighted average shares outstanding		32,089		32,111		32,110		31,914
Net income available to common shareholders	$	8,375	$	8,073	$	7,694	$	7,679
Basic earnings per share	$	.26	$	.25	$	.24	$	.24
Diluted earnings per share:
Weighted average shares outstanding		32,089		32,111		32,110		31,914
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		841		1,043		564		506
Effect of conversion of subordinated debt		420		420		420		420
Total weighted average shares and common stock equivalents outstanding		33,349		33,574		33,094		32,840
Net income available to common shareholders		8,375		8,073		7,694		7,679
Income effect of conversion of subordinated debt, net of tax		29		29		28		32
Net income, adjusted for effect of conversion of subordinated debt, net of tax		8,404		8,102		7,722		7,711
Diluted earnings per share	$	.25	$	.24	$	.23	$	.23
Period-end shares outstanding		32,017		32,121		32,101		32,267
Cash dividends declared per share	$	.0417	$	.0417	$	.0417	$	.0333
Book value per share	$	6.67	$	6.47	$	6.07	$	5.98

	Six Months Ended				Nine Months Ended				Years Ended
	June 30,		June 30,		September 30,		September 30,		December 31,
	2003		2002		2003		2002		2003
Basic earnings per share:
Weighted average shares outstanding		33,060		32,111		33,752		32,103		34,132
Net income available to common shareholders	$	18,462	$	15,767	$	28,814	$	24,142	$	39,409
Basic earnings per share	$	.56	$	.49	$	.85	$	.75	$	1.15
Diluted earnings per share:
Weighted average shares outstanding		33,060		32,111		33,752		32,103		34,132
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		686		805		688		817		715
Effect of conversion of subordinated debt		420		420		410		420		405
Total weighted average shares and common stock equivalents outstanding		34,166		33,335		34,849		33,340		35,252
Net income available to common shareholders		18,462		15,767		28,814		24,142		39,409
Income effect of conversion of subordinated debt, net of tax		49		57		72		86		95
Net income, adjusted for effect of conversion of subordinated debt, net of tax		18,511		15,824		28,886		24,228		39,504
Diluted earnings per share	$	.54	$	.47	$	.83	$	.73	$	1.12
Period-end shares outstanding		34,967		32,121		35,232		32,017		35,289
Cash dividends declared per share	$	.1000	$	.0833	$	.1500	$	.1250	$	.2000
Book value per share	$	8.15	$	6.47	$	8.20	$	6.67	$	8.47

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Years Ended
	December 31,		December 31,		December 31,		December 31,		December 31,
	2002		2001		2000		1999		1998
Basic earnings per share:
Weighted average shares outstanding		32,062		31,691		30,900		30,237		29,997
Net income available to common shareholders	$	32,676	$	28,194	$	21,704	$	17,253	$	15,650
Basic earnings per share	$	1.02	$	.89	$	.70	$	.57	$	.52
Diluted earnings per share:
Weighted average shares outstanding		32,062		31,691		30,900		30,237		29,997
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		759		513		471		606		498
Effect of conversion of subordinated debt		420		420		420		420		420
Total weighted average shares and common stock equivalents outstanding		33,241		32,624		31,791		31,263		30,915
Net income available to common shareholders		32,676		28,194		21,704		17,253		15,650
Income effect of conversion of subordinated debt, net of tax		113		169		220		191		206
Net income, adjusted for effect of conversion of subordinated debt, net of tax		32,789		28,363		21,924		17,444		15,856
Diluted earnings per share	$	.99	$	.87	$	.69	$	.56	$	.51
Period-end shares outstanding		31,895		32,266		31,542		30,281		29,508
Cash dividends declared per share	$	.1667	$	.1333	$	.1000	$	.0667	$	.0500
Book value per share	$	6.89	$	5.98	$	4.97	$	3.85	$	3.91

(1) The financial information above is presented on an operating basis which excludes after-tax merger-related charges totaling $580 thousand or $.01 per diluted share occurring in the 4th quarter of 2003, $668 thousand or $.01 per diluted share occurring in the 2nd quarter of 2003, $840 thousand or $.01 per diluted share occurring in the 1st quarter of 2003, $1.1 million or $.03 per diluted share occurring in the 4th quarter of 2001, $7.2 million or $.23 per diluted share occurring in the 3rd quarter of 2000, and $1.2 million or $.04 per diluted share occurring in 1999.

United Community Banks, Inc.
Proforma Earnings per share (GAAP)
Restated for 3 for 2 stock split (Record date — April 14, 2004 / Distribution date — April 28, 2004)
(in thousands, except per share data)

	December 31,		September 30,		June 30,		March 31,		December 31,
For the quarter ended	2003		2003		2003		2003		2002
Basic earnings per share:
Weighted average shares outstanding		35,260		35,112		34,280		31,827		31,940
Net income available to common shareholders	$	10,197	$	10,352	$	9,441	$	8,047	$	8,534
Basic earnings per share	$	.29	$	.29	$	.28	$	.25	$	.27
Diluted earnings per share:
Weighted average shares outstanding		35,260		35,112		34,280		31,827		31,940
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		759		670		687		689		757
Effect of conversion of subordinated debt		372		402		420		420		420
Total weighted average shares and common stock equivalents outstanding		36,391		36,185		35,387		32,936		33,117
Net income available to common shareholders		10,197		10,352		9,441		8,047		8,534
Income effect of conversion of subordinated debt, net of tax		23		23		24		25		27
Net income, adjusted for effect of conversion of subordinated debt, net of tax		10,220		10,375		9,465		8,072		8,561
Diluted earnings per share	$	.28	$	.29	$	.27	$	.25	$	.26
Period-end shares outstanding		35,289		35,232		34,967		33,055		31,895
Cash dividends declared per share	$	.0500	$	.0500	$	.0500	$	.0500	$	.0417
Book value per share	$	8.47	$	8.20	$	8.15	$	7.39	$	6.89

[Additional columns below]

[Continued from above table, first column(s) repeated]

	September 30,		June 30,		March 31,		December 31,
For the quarter ended	2002		2002		2002		2001
Basic earnings per share:
Weighted average shares outstanding		32,089		32,111		32,110		31,914
Net income available to common shareholders	$	8,375	$	8,073	$	7,694	$	6,595
Basic earnings per share	$	.26	$	.25	$	.24	$	.21
Diluted earnings per share:
Weighted average shares outstanding		32,089		32,111		32,110		31,914
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		841		1,043		564		506
Effect of conversion of subordinated debt		420		420		420		420
Total weighted average shares and common stock equivalents outstanding		33,349		33,574		33,094		32,840
Net income available to common shareholders		8,375		8,073		7,694		6,595
Income effect of conversion of subordinated debt, net of tax		29		29		28		32
Net income, adjusted for effect of conversion of subordinated debt, net of tax		8,404		8,102		7,722		6,627
Diluted earnings per share	$	.25	$	.24	$	.23	$	.20
Period-end shares outstanding		32,017		32,121		32,101		32,267
Cash dividends declared per share	$	.0417	$	.0417	$	.0417	$	.0333
Book value per share	$	6.67	$	6.47	$	6.07	$	5.98

	Six Months Ended				Nine Months Ended				Years Ended
	June 30,		June 30,		September 30,		September 30,		December 31,
	2003		2002		2003		2002		2003
Basic earnings per share:
Weighted average shares outstanding		33,060		32,111		33,752		32,103		34,132
Net income available to common shareholders	$	17,488	$	15,767	$	27,840	$	24,142	$	38,052
Basic earnings per share	$	.53	$	.49	$	.82	$	.75	$	1.11
Diluted earnings per share:
Weighted average shares outstanding		33,060		32,111		33,752		32,103		34,132
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		686		805		688		817		715
Effect of conversion of subordinated debt		420		420		410		420		405
Total weighted average shares and common stock equivalents outstanding		34,166		33,335		34,849		33,340		35,252
Net income available to common shareholders		17,488		15,767		27,840		24,142		38,052
Income effect of conversion of subordinated debt, net of tax		49		57		72		86		95
Net income, adjusted for effect of conversion of subordinated debt, net of tax		17,537		15,824		27,912		24,228		38,147
Diluted earnings per share	$	.51	$	.47	$	.80	$	.73	$	1.08
Period-end shares outstanding		34,967		32,121		35,232		32,017		35,289
Cash dividends declared per share	$	.1000	$	.0833	$	.1500	$	.1250	$	.2000
Book value per share	$	8.15	$	6.47	$	8.20	$	6.67	$	8.47

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Years Ended
	December 31,		December 31,		December 31,		December 31,		December 31,
	2002		2001		2000		1999		1998
Basic earnings per share:
Weighted average shares outstanding		32,062		31,691		30,900		30,237		29,997
Net income available to common shareholders	$	32,676	$	27,110	$	14,474	$	16,098	$	15,650
Basic earnings per share	$	1.02	$	.86	$	.47	$	.53	$	.52
Diluted earnings per share:
Weighted average shares outstanding		32,062		31,691		30,900		30,237		29,997
Net effect of the assumed exercise of stock options based on the treasury stock method using average market price for the period		759		513		471		606		498
Effect of conversion of subordinated debt		420		420		420		420		420
Total weighted average shares and common stock equivalents outstanding		33,241		32,624		31,791		31,263		30,915
Net income available to common shareholders		32,676		27,110		14,474		16,098		15,650
Income effect of conversion of subordinated debt, net of tax		113		169		220		191		206
Net income, adjusted for effect of conversion of subordinated debt, net of tax		32,789		27,279		14,694		16,289		15,856
Diluted earnings per share	$	.99	$	.84	$	.46	$	.52	$	.51
Period-end shares outstanding		31,895		32,266		31,542		30,281		29,508
Cash dividends declared per share	$	.1667	$	.1333	$	.1000	$	.0667	$	.0500
Book value per share	$	6.89	$	5.98	$	4.97	$	3.85	$	3.91