8-K

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 22, 2015

United Community Banks, Inc.
(Exact name of registrant as specified in its charter)

	Georgia		No. 001-35095		No. 58-180-7304
(State or other jurisdiction of		(Commission File Number)		(IRS Employer
incorporation)				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))

Item 2.02

Results of Operations and Financial Condition.

On July 22, 2015, United Community Banks, Inc. (the “Registrant”) issued a news release announcing its financial results for the quarter ended June 30, 2015 (the “News Release”). In connection with issuing the News Release, on July 22, 2015 at 11:00 a.m. ET, the Registrant intends to hold a conference call/webcast to discuss the News Release. In addition to the News Release, during the conference call the Registrant intends to discuss certain financial information contained in the Second Quarter 2015 Investor Presentation (the “Investor Presentation”), which will be posted to the Registrant’s website at www.ucbi.com. The Investor Presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 8.01

Other Events.

The News Release, including financial schedules, is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The presentation of the Registrant’s financial results includes operating and core earnings measures, which are measures of performance determined by methods other than in accordance with generally accepted accounting principles, or GAAP. Management included non-GAAP core earnings measures because it believes they are useful for evaluating the Registrant’s operations and performance over periods of time, and uses core earnings measures in managing and evaluating the Registrant’s business and intends to refer to them in discussions about the Registrant’s operations and performance. Operating earnings measures exclude merger-related charges. Core earnings measures also exclude credit related costs such as the provision for loan losses and foreclosed property expense, securities gains and losses, income taxes and other items of a non-recurring nature. Operating and core earnings measures are useful in evaluating the underlying earnings performance trends of the Registrant. Management believes these non-GAAP performance measures may provide users of the Registrant’s financial information with a meaningful measure for assessing the Registrant’s financial results and comparing those financial results to prior periods. Operating and core earnings measures should be viewed in addition to, and not as an alternative to or substitute for, the Registrant’s performance measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Item 9.01	Financial Statements and Exhibits.
(d)	Exhibits
Exhibit No.	Description
99.1	Investor Presentation, Second Quarter 2015
99.2	News Release, dated July 22, 2015

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/ Rex S. Schuette
	Rex S. Schuette
	Executive Vice President and
	Chief Financial Officer

Date: July 22, 2015

EX-99.1

Exhibit 99.1

ucbi.com | 1

ucbi.com | 2 ucbi.com | 2 Disclosures efficiency ratio, operating dividend payout ratio, core fee revenue, core operating expense, core earnings, tangible common equity to tangible assets, tangible equity to tangible assets and tangible common equity to risk - weighted assets . The most comparable GAAP measures to these measures are : net income, net income available to common shareholders, diluted income per common share, ROE, ROA, efficiency ratio, dividend payout ratio, fee revenue, operating expense, net income, and equity to assets . Management uses these non - GAAP financial measures because we believe they are useful for evaluating our operations and performance over periods of time, as well as in managing and evaluating our business and in discussions about our operations and performance . Management believes these non - GAAP financial measures provide users of our financial information with a meaningful measure for assessing our financial results and credit trends, as well as for comparison to financial results for prior periods . These non - GAAP financial measures should not be considered as a substitute for financial measures determined in accordance with GAAP and may not be comparable to other similarly titled financial measures used by other companies . For a reconciliation of the differences between our non - GAAP financial measures and the most comparable GAAP measures, please refer to the ‘Non - GAAP Reconcilement Tables’ at the end of the Appendix to this presentation . CAUTIONARY STATEMENT This investor presentation may contain forward - looking statements, as defined by federal securities laws, including statements about United’s financial outlook and business environment . These statements are based on current expectations and are provided to assist in the understanding of future financial performance . Such performance involves risks and uncertainties that may cause actual results to differ materially

from those expressed or implied in any such statements . For a discussion of some of the risks and other factors that may cause such forward - looking statements to differ materially from actual results, please refer to United Community Banks, Inc . ’s filings with the Securities and Exchange Commission, including its 2014 Annual Report on Form 10 - K and its most recent quarterly report on Form 10 - Q under the sections entitled “Forward - Looking Statements” . Forward - looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward - looking statements . NON - GAAP MEASURES This presentation also contains financial measures determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) . Such non - GAAP financial measures include : operating net income, operating net income available to common shareholders, operating diluted income per common share, operating ROE, operating ROA, operating

ucbi.com | 3 Highlights Second Quarter 2015 (in millions) 2Q15 1Q15 2Q14 Net Income ($ in millions) + Operating (1) $ 20.0 $ 17.7 $ 16.4 + GAAP 17.8 17.7 16.4 EPS + Operating (1) .32 .29 .27 GAAP .28 .29 .27 ROA + Operating (1) 1.00% .94% .88% GAAP .89 .94 .88 ROCE + Operating (1) 9.90 9.34 8.99 GAAP 8.83 9.34 8.99 ucbi.com | 3 IMPROVING QUARTERLY RESULTS Net Interest Revenue ► $61.3 Mill

ion vs. $57.6 Million in 1Q15 and $55.0 Million in 2Q14 ● Loan growth of $142 million in 2Q15, up $520 million, or 12%, from 2Q14 ● Margin of 3.30% vs. 3.31% in 1Q15 and 3.21% in 2Q14 o Loan yield of 4.24%, down 4 bps from 1Q15; investment sec’s yield of 2.15%, down 6 bps from 1Q15 o Lower funding costs – down 2 bps from 1Q15 and 10 bps from 2Q14 o Balance sheet restructured late 2Q14 Core Fee Revenue ► $ 17.2 Million - Up $3.3 Million from 2Q14 ● Gain on sales of SBA loans of $1.49 million vs. $1.14 million in 1Q15 and $.74 million in 2Q14 ● Mortgage revenue of $3.71 million, up $1.83 million from 2Q14 ( 1) Excludes the effect of merger - related charges of $3.2 million

ucbi.com | 4 Highlights Second Quarter 2015 ucbi.com | 4 IMPROVING QUARTERLY RESULTS Loan Growth ► Growth in Many Sectors ● Loan growth of $142 million, or 12% annualized (excludes FNB - $238 million) ● Loan Production of $518 million vs. $423 million 1Q15 and $357 million year ago Core Transactio n Deposits ► Up $109 Million from First Quarter, or 11% Annualized ● Up $381 million from 2Q14, or 11% ● Represents 68% of total customer deposits Credit Quality ► Solid Improvement ● Provision of $.9 million vs. $1.8 million in 1Q15 ● Net charge - offs decline to .08% of total loans vs. .22% in 1Q15 ● NPAs were .26% of total assets vs. .26% in 1Q15 and .32% in 2Q14 ● Allowance 1.36% (1.42% FNB) of total loans vs. 1.46% at 1Q15 and 1.66% at 2Q14 Capital Ratios ► Solid and Well - Capitalized ● Quarterly dividend of 5 cents per share ● Tier I Common to Risk Weighted Assets of 11.9%; Tangible Common to RWAs of 13.2% ● Tier I Risk Based Capital of 11.9% and Tier I Leverage of 9.1% Acquisition ► Executing Growth Strategy ● Closed merger with MoneyTree Corporation (First National Bank: “FNB”) on May 1 ● Announced merger with Palmetto Bancshares (The Palmetto Bank) on April 22; received all regulatory approvals; shareholders’ meeting on August 12; expect closing on September 1

ucbi.com | 5 $55.0 $57.0 $58.3 $57.6 $61.3 $40.1 $41.1 $42.1 $42.2 $45.1 $28.8 $30.3 $30.8 $30.5 $33.4 $13.9 $14.4 $14.6 $15.1 $17.2 $10 $20 $30 $40 $50 $60 $70 2Q14 3Q14 4Q14 1Q15 2Q15 Net Interest Revenue Core Operating Expenses Core Earnings Core Fee Revenue 2Q15 1Q15 2Q14 Salaries & Employee Benefits 27,909$ 1,547$ 3,921$ Communications & Equipment 3,304 33 267 Occupancy 3,415 137 153 FDIC Assessment 1,298 89 (127) Advertising & Public Relations 1,127 377 (12) Postage, Printing & Supplies 993 55 189 Professional Fees 2,257 338 85 Other Expense 4,832 368 528 Core Operating Expenses 45,135 2,944 5,004 Non-Core (1) 3,285 2,415 2,884 Reported GAAP 48,420$ 5,359$ 7,888$ Variance - Incr/(Decr) 2Q15 1Q15 2Q14 Overdraft Fees 2,730$ 132$ (214)$ Interchange Fees 4,220 582 244 Other Service Charges 1,425 46 (182) Total Service Charges and Fees 8,375 760 (152) Mortgage Loan & Related Fees 3,707 952 1,830 Brokerage Fees 1,232 (319) (13) Gains from SBA Loan Sales 1,494 353 750 Other 2,412 354 867 Total Fee Revenue - Core 17,220 2,100 3,282 Non-Core (1) 46 (516) (159) Reported - GAAP 17,266$ 1,584$ 3,123$ Variance - Incr/(Decr) 2Q15 1Q15 2Q14 Net Interest Revenue 61,317$ 3,700$ 6,367$ Fee Revenue 17,220 2,100 3,282 Gross Revenue 78,537 5,800 9,649 Operating Expense (Excl OREO) 45,135 2,944 5,004 Pre-Tax, Pre-Credit (Core) 33,402$ 2,856$ 4,645$ Net Interest Margin 3.30 % (.01) % .09 % Variance - Incr/(Decr) Trends – Core Earnings, Fee Revenue, and Expenses $ in Thousands $ in Thousands (1) Includes securities gains / losses, charges on prepayment of borrowings, and gains / losses on deferred compensation plan assets (2) Includes foreclosed pro

perty costs, severance costs, merger - related charges, charge for settlement of loss sharing agreements and gains / losses on deferred compensation plan liabilities. $ in Thousands Core Earnings $33.4 Million Up $2.9 million from 1Q15 and Up $4.6 million from 2Q14 Core Operating Expenses Millions Core Earnings Core Fee Revenue ucbi.com | 5

ucbi.com | 6 .17% .16% .16% .22% .19% .20% .12% .11% .10% .04% .08% .12% .16% .20% .24% .28% 2Q14 3Q14 4Q14 1Q15 2Q15 $55.0 $57.0 $58.3 $57.6 $61.3 $45 $47 $49 $51 $53 $55 $57 $59 $61 $63 2Q14 3Q14 4Q14 1Q15 2Q15 Key Drivers of Net Interest Revenue / Margin KEY DRIVERS OF NIR NET INTEREST REVENUE & MARGIN Loan / Securities Pricing Deposit Pricing (excl. brokered) Loan Yields Securities Yields Avg Rate on Int Bearing Dep’s • CD pricing reflects the quarter - average new and renewed yield • MMDA / NOW pricing reflects the deposit yield for each quarter CDs MMDA NOW INCREASE IMPACTED BY NET INTEREST REVENUE ► Two months of FNB ► Solid loan growth of $142M and lower funding costs Millions ucbi.com | 6 3.21% 3.32% 3.31% 3.31% 3.30% 3.00% 3.25% 3.50% 4.44% 4.28% 4.24% 2.10% 2.21% 2.15% .27% .19% .17% 0% 2% 4% 6% 2Q14 3Q14 4Q14 1Q15 2Q15

ucbi.com | 1 2Q15 1Q15 2Q14 Banks: 2Q15 1Q15 2Q14 Commercial C & I 143.1$ 107.5$ 115.4$ Atlanta 116.9$ 98.0$ 91.0$ Owner Occupied CRE 79.3 54.2 65.6 Coastal Georgia 48.9 43.4 28.5 Income Producing CRE 73.5 68.3 40.8 N. Georgia 66.7 47.0 69.0 Commercial Constr. 4.6 9.5 2.7 North Carolina 27.6 19.6 21.0 Total Commercial 300.5 239.5 224.5 Tennessee 17.7 15.0 16.7 Residential Mortgage 37.3 25.5 19.2 Gainesville 12.4 12.3 10.1 Residential HELOC 43.6 29.4 32.9 South Carolina (2) 158.6 112.0 88.3 Residential Construction 50.9 37.8 34.0 Other (Indirect Auto) 77.3 75.5 32.2 Consumer 93.8 90.6 46.2 Total Markets 526.1$ 422.8$ 356.8$ Total Categories 526.1$ 422.8$ 356.8$ 2Q15 1Q15 2Q14 Asset-based Lending 4.2$ 8.9$ 5.9$ Commercial RE 16.3 36.0 14.1 Healthcare 55.4 39.5 17.2 Middle Market 22.7 16.7 4.1 SBA 31.2 7.3 11.0 Builder Finance 22.6 - - Total Special'd Lending 152.4$ 108.4$ 52.3$ Balance Sheet Growth – New Loans Funded and Advances (1) CATEGORY (1) Represents new loans funded and net loan advances (net of payments on lines of credit) (2) Includes Specialized Lending New Loans Funded and Advances Specialized Lending (Included in South Carolina) $ in Millions MARKET ucbi.com | 7 $356.8 $453.1 $401.1 $422.8 $526.1 $325 $425 $525 2Q14 3Q14 4Q14 1Q15 2Q15

of credit) (2) Includes Specialized Lending New Loans Funded and Advances Specialized Lending (Included in South Carolina) $ in Millions MARKET ucbi.com | 7 $356.8 $453.1 $401.1 $422.8 $517.9 $325 $375 $425 $475 $525 2Q14 3Q14 4Q14 1Q15 2Q15

ucbi.com | 8 Loan Growth $4.11 $4.18 $4.33 $4.67 $5.17 - $.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 2011 2012 2013 2014 2Q15 Billions Commercial construction Income producing commercial real estate Owner occupied commercial real estate Commercial & industrial Indirect auto Home equity lines of credit Residential mortgage Residential construction Consum

er installment Commercial Retail 2011 2012 2013 2014 2Q15 LOANS - BUSINESS MIX BY CATEGORY Commercial: Comm & Indus 428$ 458$ 472$ 710$ 793$ Owner Occ'd 1,112 1,131 1,134 1,163 1,266 Total C & I 1,540 1,589 1,606 1,873 2,059 Income Prod CRE 710 682 623 599 689 Comm Constr 164 155 149 196 238 Total Comm 2,414 2,426 2,378 2,668 2,986 Resi Mortgage 835 829 875 866 935 HELOC 300 385 441 466 491 Resi Constr 448 382 328 299 299 Consum / Install 113 115 111 104 106 Indirect Auto - 38 196 269 357 Total Loans 4,110$ 4,175$ 4,329$ 4,672$ 5,174$ 2011 2012 2013 2014 2Q15 LOANS - BY REGION North Georgia 1,426$ 1,364$ 1,240$ 1,163$ 1,155$ Atlanta MSA 1,220 1,250 1,275 1,282 1,317 North Carolina 597 579 572 553 533 Coastal Georgia 346 400 423 456 499 Gainesville MSA 265 261 255 257 257 East Tennessee 256 283 280 280 525 (1) So Carolina/Specialized - - 88 412 531 Indirect Auto - 38 196 269 357 Total Loans 4,110$ 4,175$ 4,329$ 4,672$ 5,174$ Millions Millions ucbi.com | 8 (1) Includes FNB acquisition of $244 million

ucbi.com | 9 Balance Sheet Growth – Customer Deposit Mix $5.92 $5.71 $5.78 $5.90 $6.28 - $.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 2011 2012 2013 2014 2Q15 Billions Public funds Time (customer) Interest bearing core transaction Non-interest bearing core transaction Time & Public Funds Core Transaction 2011 2012 2013 2014 2Q15 TOTAL DEPOSIT MIX Non-Interest Bearing Core Tx Demand Deposit 955$ 1,188$ 1,311$ 1,471$ 1,762$ Interest Bearing Core Tx NOW 719 654 659 668 752 MMDA 1,030 1,145 1,218 1,259 1,391 Savings 198 226 250 291 348 Total Interest Bearing Core Dep 1,947 2,025 2,127 2,218 2,491 Total Core Deposits 2,902 3,213 3,438 3,689 4,253 Time (Customer) < $100,000 1,121 1,050 888 744 788 > $100,000 1,012 674 557 479 434 Total Time Dep 2,133 1,724 1,445 1,223 1,222 Public Funds 884 770 894 989 803 Brokered 179 245 412 425 530 Total Deposits 6,098$ 5,952$ 6,189$ 6,326$ 6,808$ 2011 2012 2013 2014 2Q15 CORE DEPOSIT GROWTH - CATEGORY & MARKET Demand Deposit 185$ 232$ 123$ 161$ 80$ MMDA 150 115

73 41 21 Savings 15 29 24 41 11 NOW (84) (65) 4 9 (2) Growth by Category 266$ 311$ 224$ 252$ 110$ Atlanta 102 160 75 84 31 N. Georgia 81 41 62 90 17 North Carolina 27 47 42 35 25 Coastal Georgia 20 38 2 22 6 Tennessee 21 9 4 8 9 Gainesville 15 16 19 10 11 South Carolina - - 20 3 11 Growth by Market 266$ 311$ 224$ 252$ 110$ $ in Millions $ in Millions ucbi.com | 9

ucbi.com | 10 Credit Quality ucbi.com | 10 2Q15 1Q15 4Q14 3Q14 2Q14 Net Charge-offs 1.0$ 2.6$ 2.5$ 3.2$ 4.2$ as % of Average Loans .08 % .22 % .22 % .28 % .38 % Allowance for Loan Losses 70.1$ 70.0$ 71.6$ 71.9$ 73.2$ as % of Total Loans 1.36 % 1.46 % 1.53 % 1.57 % 1.66 % as % of NPLs 373 368 401 384 353 Past Due Loans (30 - 89 Days) .24% .25% .31% .35% .32% Non-Performing Loans

18.8$ 19.0$ 17.9$ 18.7$ 20.7$ OREO 2.4 1.2 1.7 3.2 3.0 Total NPAs 21.2 20.2 19.6 21.9 23.7 Performing Classified Loans 115.7 121.7 128.4 149.0 147.5 Total Classified Assets 136.9$ 141.9$ 148.0$ 170.9$ 171.2$ as % of Tier 1 / Allowance 18 % 20 % 20 % 24 % 23 % Accruing TDRs (see page 27) 86.1$ 82.3$ 81.3$ 82.2$ 84.5$ As % of Original Principal Balance Non-Performing Loans 64.9 % 72.0 % 69.9 % 68.6 % 66.5 % OREO 46.6 56.6 54.1 54.5 50.4 Total NPAs as % of Total Assets .26 .26 .26 .29 .32 as % of Loans & OREO .41 .42 .42 .48 .54 $ in Millions

ucbi.com | 11 Operating Earnings per Share and Operating Return on Assets $.27 $.29 $.30 $.29 $.32 $.18 $.20 $.22 $.24 $.26 $.28 $.30 $.32 $.34 2Q14 3Q14 4Q14 1Q15 2Q15 OPERATING EARNINGS PER SHARE (1) .88% .95% .96% .94% 1.00% .70% .75% .80% .85% .90% .95% 1.00% 2Q14 3Q14 4Q14 1Q15 2Q15 OPERATING RETURN ON ASSETS (1) ucbi.com | 11 (1) Excludes the effect of merger - related charges

ucbi.com | 12 Capital Ratios (1) ucbi.com | 12 HOLDING COMPANY Well - Cap 2Q15 1Q15 4Q14 3Q14 2Q14 Tier I RBC 6% 11.9% 11.5% 12.1% 12.1% 11.8% Total RBC 10 13.1 12.8 13.3 13.3 13.0 Leverage 5 9.1 8.7 8.7 8.7 8.3 Tier I Common RBC 11.9 11.5 11.1 11.0 10.7 Tangible Comm to Assets 9.8 9.8 9.7 9.8 9.6 Tangible Equity to Assets 9.9 9.8 9.7 9.8 9.6 BANK Well - Cap 2Q15 1Q15 4Q14 3Q14 2Q14 T

ier I RBC 6% 12.0 % 11.8% 12.9% 12.6% 13.4% Total RBC 10 13.2 13.1 14.1 13.8 14.6 Leverage 5 9.1 8.9 9.3 9.1 9.4 (1) Effective January 1, 2015, all regulatory ratios calculated under Basel III rules.

ucbi.com | 13 Strategic Principles ucbi.com | 13 LEVERAGE OUR STRENGTHS ► Community bank service with large bank resources ► Strong local leadership and senior management ► Funding strength in legacy markets ► Consistent and attractive culture ► Class leading customer satisfaction 2015 ► Continue to invest in and improve commercial and retail capabilities ● Diversify portfolio – focus on: C&I; CRE owner occupied; Specialized Lending for healthcare, corporate, asset - based and SBA ● Momentum building across footprint ● Invest in people; strengthen commercial and grow specialized lending area and markets ● Grow loans in mid - to upper - single digits ► Improve retail and small business bank ● Grow sales with better / diversified product design, merchandising and campaign execution ● Improve our technology with a focus on making it easy for our customers to bank with us ● Incr

ease core transaction deposits in the mid - single digits ► Grow net interest revenue by solid loan growth and maintain margin ► Credit trends and costs continue at or below current levels ► Grow fee revenue by investing in mortgage, advisory services, and SBA capabilities ► Maintain operating efficiency below 58 percent while investing in revenue producers ► Seek acquisition opportunities that fit our culture, risk and return targets

ucbi.com | 14 United Acquisition of MoneyTree Corporation / FNB ucbi.com | 14 ( 1) Including the conversion of the Series C Cumulative Convertible Preferred Stock Data Source: SNL Financial and Company Documents; financial data as of 12/31/14 Founded: 1907 Headquarters: Lenoir City, TN Total Assets: $425 million Deposits: $354 million Consolidated TCE (1) : $39 million FY 2014 ROAA: 0.64% NPAs / Assets: 0.28% January 27 , 2015 merged with MoneyTree Corporation (First National Bank) ▪ 107 year old community bank ▪ Doubles UCBI’s East Tennessee presence ▪ Increases presence in key markets of Knoxville, Lenoir City and Cleveland ▪ Meaningful cost synergies resulting from significant branch overlap – consolidating six branches 3Q15 ▪ 1 % EPS accretion in 2015; 3% in 2016 and 2017 ▪ Tangible book value dilution of < 1% and breakeven in < 3 years ▪ Nominal impact on UCBI’s capital ratios Deal Highlights Date Closed: May 1, 2015 UCBI MoneyTree Aggregate Dea

l Value: $52 million Price Per Share: $63.59 Price / 2014 EPS: 19.9x Price / TBV: 1.4x Consideration Mix: 80% Stock (2.359M issued) 20% Cash ($10.7M) Pricing Summary

ucbi.com | 15 United Acquisition of Palmetto Bancshares $ in Thousands ucbi.com | 15 Founded: 1906 Headquarters: Greenville, SC Total Assets: $1,173 million Loans: $836 million Deposits: $967 million Tangible Common Eq. $136 million ROA: 1.0% ROE: 8.3% TCE / TA 11.6% April 22 , 2015 has agreed to merge with Palmetto Bancshares, Inc. ▪ Continues Southeastern metro market expansion ▪ Accelerates Greenville expansion and leverages existing, on - the - ground, senior leadership and in - market resources ▪ High - quality franchise, founded 108 years ago, with deep community roots ▪ Shared community banking philosophy driven by client focus, local expertise, and cultural fit ▪ Strong core deposit base (0.04% overall cost of deposits) ▪ Significant cost synergies enhance deal economics ▪ Low execution risk and attractive returns ▪ Double - digit EPS accretion in 2017, TBV earnback < 5 years, IRR > 20% Deal Highlights Closing Date: September 1, 2015 UCBI Palmetto Data Sourc

e: SNL Financial and Company Documents; financial data as of Q1 - 2015 Aggregate Deal Value: $241 million Price Per Share: $18.53 Price / 2016 EPS: 19.5x Price / TBV: 1.8x Consideration Mix: 70% Stock (8.701M shares to be issued) 30% Cash ($74.0M) Pricing Summary

ucbi.com | 16 2Q15 1Q15 4Q14 3Q14 2Q14 CORE FEE REVENUE Core fee revenue 17,220$ 15,120$ 14,553$ 14,419$ 13,938$ Securities gains, net 13 1,539 208 11 4,435 Losses on prepayment of borrowings - (1,038) - - (4,446) Mark to market on deferred compensation plan assets 33 61 62 (18) 216 Fee revenue (GAAP) 17,266$ 15,682$ 14,823$ 14,412$ 14,143$ CORE OPERATING EXPENSE Core operating expense 45,135$ 42,191$ 42,081$ 41,097$ 40,131$ Foreclosed property expense 60 96 131 285 102 Severance 19 23 353 - 83 Reversal of litigation reserve - - (1,200) - - Loss share settlements - 690 492 - - Merger-related charges 3,173 - - - - Mark to market on deferred compensation plan liability 33 61 62 (18) 216 Operating expense (GAAP) 48,420$ 43,061$ 41,919$ 41,364$ 40,532$ TANGIBLE COMMON EQUITY AND TANGIBLE EQUITY TO TANGIBLE ASSETS Tangible common equity to tangible assets 9.83 % 9.82 % 9.72 % 9.83 % 9.58 % Effect of preferred equity .08 - - - - Tangible equity to tangible assets 9.91 9.82 9.72 9.83 9.58 Effect of goodwill and other intangibles .14 .04 .04 .02 .03 Equity to assets (GAAP) 10.05 % 9.86 % 9.76 % 9.85 % 9.61 % TANGIBLE COMMON EQUITY TO RISK-WEIGHTED ASSETS (1) Tangible common equity to risk-weighted assets 13.24 % 13.53 % 13.82 % 14.10 % 13.92 % Effect of preferred equity .17 - - - - Tangible equity to risk weighted assets 13.41 13.53 13.82 14.10 13.92 Effect of deferred tax limitation (2.46) (2.86) (3.11) (3.39) (3.74) Effect of other comprehensive income .28 .19 .35 .34 .53 Effect of trust preferred .63 .67 1.00 1.02 1.04 Tier I capital ratio (Regulatory) 11.86 % 11.53 % 12.06 % 12.07 % 11.75 % Non - GAAP Reconciliation Tables $ in Thousands ucbi.com |

16 (1) June 30 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.

ucbi.com | 17 2Q15 1Q15 4Q14 3Q14 2Q14 RETURN ON ASSETS Operating return on assets 1.00 % .94 % .96 % .95 % .88 % Merger-related charges (.11) - - - - Return on Assets (GAAP) .89 % .94 % .96 % .95 % .88 % RETURN ON COMMON EQUITY Operating return on common equity 9.90 % 9.34 % 9.60 % 9.41 % 8.99 % Merger-related charges (1.07) - - - - Return on Common Equit

y (GAAP) 8.83 % 9.34 % 9.60 % 9.41 % 8.99 % NET INCOME Operating net income 19,972$ 17,670$ 18,247$ 17,616$ 16,357$ Merger-related charges (2,176) - - - - Net Income (GAAP) 17,796$ 17,670$ 18,247$ 17,616$ 16,357$ EARNINGS PER SHARE Operating Earnings per Share 0.32$ 0.27$ 0.30$ 0.29$ 0.27$ Merger-related charges (.04) - - - - Earnings per Share (GAAP) 0.28$ 0.27$ 0.30$ 0.29$ 0.27$ Non - GAAP Reconciliation Tables $ in Thousands ucbi.com | 17

ucbi.com | 18 UNITED COMMUNITY BANKS, INC. SECOND QUARTER 2015 EXHIBITS July 22, 2015 ucbi.com | 18

ucbi.com | 19 Current Footprint ucbi.com | 19 Key Statistics as of 6/30/15 ► Headquartered in Blairsville, Georgia ► Four state regional community bank: GA, NC, SC and TN ► 114 Locations ► Founded in 1950 ► Largest community bank headquartered in Georgia and one of the largest in the Southeast ► 1,644 employees ► $8.2 billion in assets $5.2 billion in loans; $6.8 billion in deposits

ucbi.com | 20 Business and Operating Model Local CEOs with deep roots in their communities Resources of a $8.2 billion bank Operate in a number of the more demographically attractive U.S. markets Organic growth supported by de novos and selective acquisitions Twenty - eight “community banks” Strategic footprint with substantial banking opportunities Disciplined growth strategy SERVICE IS POINT OF DIFFERENTIATION ► #1 in Customer Satisfaction according to Customer Service Profiles ► #1 in Southeast and #2 in US in Customer Satisfaction by national research company ► Golden rule of banking – treating people the way we want to be treated ► “The Bank that SERVICE Built” SM

► Customer surveys consistently reveal 95%+ satisfaction rate ► #14 in “Best Banks in America” for 2015 by Forbes “COMMUNITY BANK SERVICE, LARGE BANK RESOURCES ” ucbi.com | 20

ucbi.com | 21 Experienced Proven Leadership Jimmy C. Tallent Chairman & CEO Joined 1984 H. Lynn Harton Board, President & COO Joined 2012 Bill M. Gilbert President of Community Banking Joined 2000 Bradley J. Miller EVP, CRO & General Counsel Joined 2007 • Over 40 years in banking • Led company from $42 million in assets in 1989 to $8.2 billion today • Trustee of Young Harris College • Georgia Power Company Board Member • GA Economic Developers Association Spirit of Georgia Award recipient • Over 30 years in banking • Responsible for overall banking, credit and operations • Former Consultant and Special Assistant to the CEO and EVP of Commercial Banking for TD Bank Financial Group; and President & CEO of The South Financial Group • Over 35 years in banking • Responsible for accounting, finance and reporting activities, M&A, and investor relations • Former CAO and Controller for State Street Corporation • Former ABA Accounting Committee Chairman • Over 35 years in banking • Responsible

for 28 community banks with 103 branch offices • Formerly of Riegel Textile Credit Union; President of Farmers and Merchants Bank • Former Georgia Board of Natural Resources Board Chairman • Over 20 years of experience in consumer and banking law • Responsible for Legal, Enterprise Risk Management, and Compliance • Chairman of the Georgia Bankers Association Bank Counsel Section • Member of the American Bankers Association Regional General Counsels Robert A. Edwards EVP & CCO Joined 2015 Richard W. Bradshaw President, Specialized Lending Joined 2014 • Over 24 years in lending • Responsible for specialized lending • Former SBA head: TD Bank and Carolina First’s SBA programs; President of UPS Capital Business Credit • Highly decorated Commander in the U.S. Naval Reserve Intelligence Program (retired) • Over 25 years in banking • Responsible for Credit Risk; including credit underwriting, policy and special assets • Former EVP & Executive Credit Officer for TD Bank, NA; and Chief Credit Officer of The South Financial Group. ucbi.com | 21 Rex S. Schuette EVP & CFO Joined 2001

ucbi.com | 22 Market Share Opportunities ucbi.com | 22 North Georgia $ 6.3 $ 2.3 11 22 35% 1 Atlanta, Georgia 56.3 2.3 10 36 4 6 Gainesville, Georgia 2.8 .4 1 5 12 4 Coastal Georgia 7.1 .3 2 8 5 7 W. North Carolina 11.3 .9 1 19 8 3 E. Tennessee 15.7 .6 2 18 4 5 Greenville, SC (4) 20.5 1.0 1 26 5 7 Total Markets $ 120.0 $ 7.8 28 134 EXCELLENT GROWTH OPPORTUNITIES Markets Banks Offices (3) Rank (1) Market Deposits (in billions) (1) United Deposits (in billions) (2) Deposit Share (1) (1) FDIC deposit market share and rank as of June 30, 2014 for markets where United takes deposits. Data Source: FDIC . (2) Based on current quarter. (3) Excludes five loan production offices (4) Pro forma with Palmetto Bancshares Source: SNL Financial

ucbi.com | 23 Market Share Demographics ucbi.com | 23 3.09% 3.72% 4.80% 5.04% 5.91% 6.11% 6.22% 0% 1% 2% 3% 4% 5% 6% 7% Knoxville, TN Cleveland, TN Asheville, NC Greenville, SC Atlanta, GA Gainesville, GA Savannah, GA Key MSA Growth Markets - Projected Change 2015 - 2020 3.52% 3.54% 4.51% 4.92% 5.00% 0% 1% 2% 3% 4% 5% United States Tennessee Georgia North Carolina South Carolina STATE POP

ULATION GROWTH - Projected Change 2015 - 2020 Source: SNL Financial

ucbi.com | 24 Liquidity ucbi.com | 24 Unused Capacity 2Q15 1Q15 2Q14 vs 1Q15 vs 2Q14 WHOLESALE BORROWINGS Brokered Deposits 163$ (1) 530$ 498$ 424$ 32$ 106$ FHLB 550 385 270 175 115 210 Holding Company LOC 50 - - 40 - (40) Fed Funds 415 25 - 25 25 - Other Wholesale - - - 11 - (11) Total 1,178$ 940$ 768$ 675$ 172$ 265$ LONG-TERM DEBT Senior Debt 75$ 75$ 75$ -$ -$ Trust Preferred Securities 39 39 55 - (16) Total Long-Term Debt 114$ 114$ 130$ -$ (16)$ Variance 2Q15 1Q15 2Q14 vs 2Q14 Loans 5,174$ 4,788$ 4,410$ 386$ 764$ Core (DDA, MMDA, Savings) 4,253$ 3,896$ 3,624$ 357$ 629$ Public Funds 803 874 793 (71) 10 CD's 1,222 1,170 1,321 52 (99) Total Deposits (excl Brokered) 6,278$ 5,940$ 5,738$ 338$ 540$ Loan to Deposit Ratio 82% 81% 77% Investment Securities: Available for Sale -Fixed 1,282$ 1,114$ 1,076$ 168$ 206$ -Floating 660 662 665 (2) (5) Held to Maturity -Fixed 376 396 443 (20) (67) -Floating 4 5 6 (1) (2) Total Investment Securities 2,322$ 2,177$ 2,190$ 145$ 132$ Floating as % of Total Securities 29% 31% 31% vs. 1Q15 V

ariance Wholesale Borrowings Loans / Deposits (1) Estimated brokered deposit total capacity at 10% of assets $ in Millions

ucbi.com | 25 Lending & Credit Environment ucbi.com | 25 $ in Millions Regional Credit Review – Standard Underwriting • Legal Lending Limit $ 203 • House Lending Limit 25 • Project Lending Limit 15 • Top 25 Relationships 413 STRUCTURE PROCESS • Continuous external loan review • Internal loan review of new credit relationships • Intensive executive management involvement POLICY • Ongoing enhancements to credit policy • Quarterly updates to portfolio limits and concentrations (Quarterly review with Board of Directors) • Centralized underwriting and approval process • Segregated work - out teams • Highly skilled ORE disposition group • Seasoned regional credit professionals x Weekly senior credit meetings x Weekly NPA/ORE and past due meetings x Quarterly criticized watch loan review meetings PROACTIVELY ADDRESSING CREDIT ENVIRONMENT

ucbi.com | 26 Performing Classified Loans ucbi.com | 26 By Category $ in Millions 2Q14 3Q14 4Q14 1Q15 2Q15 Commercial: Commercial

& Industrial 6$ 7$ 8$ 7$ 6$ Owner Occupied 48 50 46 44 40 Total C & I 54 57 54 51 46 Income Producing CRE 25 22 20 20 19 Commercial Construction 4 4 4 3 3 Total Commercial 83 83 78 74 68 Residential Mortgage 42 43 32 30 30 Home Equity Lines of Credit 7 8 5 6 6 Residential Construction 13 12 11 10 10 Consumer / Installment 2 3 2 2 2 Total Performing Classified 147$ 149$ 128$ 122$ 116$ Classified to Tier 1 + ALL 23% 24% 20% 20% 0% $147.5 $149.0 $128.4 $121.7 $115.7 $110 $130 $150 2Q14 3Q14 4Q14 1Q15 2Q15

ucbi.com | 27 $84.8 $82.2 $81.3 $82.3 $89.9 $- $50 $100 $150 2Q14 3Q14 4Q14 1Q15 2Q15 TDRs ucbi.com | 27 $ in Thousands $ in Millions LOAN TYPE 2Q15 (1) 2Q14 2Q15 (1) 2Q14 2Q15 (1) 2Q14 Owner Occupied Commercial Real Estate 31.9$ 25.6$ 1.5$ 1.1$ 33.4$ 26.7$ Income Producing Commercial Real Estate 15.6 18.2 .1 .8 15.7 19.0 Commercial & Industrial 3.6 2.9 - - 3.6 2

.9 Commercial Construction 11.1 11.1 - .1 11.1 11.2 Total Commercial 62.2 57.8 1.6 2.0 63.8 59.8 Residential Mortgage 17.5 17.7 1.6 2.3 19.1 20.0 Home Equity Lines of Credit .5 .6 .1 - .6 .6 Residential Construction 5.8 8.4 .5 2.0 6.3 10.3 Consumer Installment .1 .3 - - .1 .3 Total 86.1$ 84.8$ 3.8$ 6.3$ 89.9$ 91.0$ Accruing Non-Accruing Total TDRs Accruing TDRs ► Accruing TDR past due 30 – 89 days = 3.29% ► 56.92% of accruing TDRs are pass credits (1) 73.85 percent of accruing TDR loans have an interest rate of 4 percent or greater

ucbi.com | 28 Lending & Credit Environment ucbi.com | 28 $ in Millions Average Loan Size ($ in thousands) • Commercial Construction $564 • Commercial RE: • Composite CRE 483 • Owner Occupied 443 • Income Producing 644 Commercial RE Characteristics • 64.7% owner occupied • Small business, doctors, dentists, attorneys, CPAs • $15 million project limit Amount Percent Multi-Residential 58$ 25 % Land Develop - Vacant (Improved) 53 22 Commercial Land Development 24 10 Raw Land - Vacant (Unimproved) 24 10 Hotels / Motels 22 9 Other Properties 13 5 Warehouse 11 5 Retail Building 10 4 Office Buildings 9 4 Restaurants / Franchise 4 2 Poultry Houses 3 1 Assisted Living/Nursing Home/Rehab 3 1 Churches 3 1 Total Commercial Construction 238$ 2Q15 COMMERCIAL CONSTRUCTION Owner Occupied Income Producing Total Percent Office Buildings 335$ 151$ 487$ 24.9 % Retail Building 102 209 311 15.9 Warehouse 116 70 186 9.5 Other Properties 159 27 186 9.5 Churches 153 - 153 7.8 Convenience Stores 97 14 110 5.7 Manufacturing Facility 55 17 72 3.7 Hotels / Motels - 70 70 3.6 Restaurants/Franchise Fast Food 36 29 65 3.3 Multi-Residential - 60 60 3.0 Assisted Living / Nursing Home 34 14 48 2.5 Farmland 44 - 44 2.3 Golf Course/Country Club 26 - 26 1.3 Leasehold Property 16 8 24 1.2 Carwash 23 0 23 1.2 Automotive Service 16 7 23 1.2 Automotive Dealership 18 4 22 1.1 Daycare Facility 7 8 15 .8 Funeral Home 14 1 15 .8 Marina 6 - 6 .3 Mobile Home Parks - 4 4 .2 Movie Theaters/Bowling/Rec 4 - 4 .2 Total Commercial Real Estate 1,263$ 691$ 1,955$ 2Q15 COMMERCIAL REAL ESTATE

EX-99.2

Exhibit 99.2

For Immediate Release

For more information:

Rex S. Schuette

Chief Financial Officer

(706) 781-2266

Rex_Schuette@ucbi.com

UNITED COMMUNITY BANKS, INC. REPORTS

NET OPERATING INCOME OF $20.0 MILLION FOR SECOND QUARTER 2015,

UP 22 PERCENT FROM A YEAR AGO

· Operating earnings per diluted share of 32 cents, up 19 percent from a year ago

· Completed merger with MoneyTree Corporation and its wholly owned subsidiary, First National Bank, on May 1st

· Loans up $142 million from first quarter, or 12 percent annualized, excluding loans acquired in the merger

· Core transaction deposits up $109 million, or 11 percent annualized, excluding deposits acquired in the merger

· Net interest margin holds steady at 3.30 percent

· Regulatory approvals received for acquisition of Palmetto Bancshares

BLAIRSVILLE, GA – July 22, 2015 – United Community Banks, Inc. (NASDAQ: UCBI) (“United”) today reported net operating income of $20.0 million for the second quarter of 2015, up 22 percent from a year ago. Operating earnings per diluted share was 32 cents, up 19 percent from a year ago. The increase reflects strong loan and core deposit growth, a stable net interest margin, growth in fee revenue and a lower provision for credit losses.

Operating earnings and diluted operating earnings per share exclude the effects of merger-related charges which are not considered part of ongoing operations. Including those charges, net income was $17.8 million for the second quarter, or 28 cents per diluted share. For the first six months, United reported net income of $35.5 million, or 57 cents per diluted share. Excluding merger related charges, net operating income was $37.6 million, or 61 cents per diluted share.

1

“Our second quarter financial performance was outstanding by every measure,” said Jimmy Tallent, chairman and chief executive officer. “I’m especially proud to report that we achieved our goal for a one percent return on assets, excluding merger-related charges.

“We had solid loan growth combined with a steady net interest margin,” Tallent continued. “Strong recoveries of previously charged-off loans drove our provision for credit losses down to half the first quarter level. Fee revenue was up significantly, with strong growth in our mortgage business and gains from our SBA lending business.

“Second quarter net loan growth of $142 million, excluding the merger with MoneyTree Corporation and its wholly owned subsidiary, First National Bank (“FNB”), was driven by strong loan production of $526 million across all United markets. Our community banks originated $296 million of loan production while our specialized lending area, which includes health care, corporate, SBA, asset-based, middle market and commercial real estate lending, produced $152 million. Core deposit growth was another contributing factor with a linked-quarter increase of $109 million, or 11 percent annualized, excluding deposits acquired in the merger. Increased demand deposits in our Atlanta and western North Carolina markets drove over half of this growth.”

Second quarter taxable equivalent net interest revenue totaled $61.3 million, up $3.70 million from the first quarter and up $6.37 million from the second quarter of 2014. The acquisition of FNB added just over $2.0 million to second quarter net interest revenue. The taxable equivalent net interest margin of 3.30 percent held steady with the first quarter and was up 9 basis points from a year ago. Along with loan growth, this drove the remainder of the increase in net interest revenue.

At $900 thousand, the second quarter provision for credit losses was half of the amount from the first quarter and down $1.3 million from the second quarter of 2014. Second quarter net charge-offs were $978 thousand compared with $2.56 million in the first quarter and $4.18 million a year ago. Strong recoveries of previously charged-off loans drove net charge-offs down in the second quarter. Nonperforming assets to total assets were .26 percent, equal to last quarter, and down from .32 percent a year ago.

2

Second quarter fee revenue totaled $17.3 million, up $1.58 million from the first quarter and $3.12 million from the second quarter of 2014. Higher mortgage fees and an increase in gains from SBA loan sales account for most of the increase from both prior periods. Mortgage fees of $3.71 million were up $952 thousand from the first quarter and up $1.83 million from a year ago, reflecting strong growth in home purchases and an increase in refinancing activity. Closed mortgage loans totaled $128 million in the second quarter of 2015, compared with $87.9 million in the first quarter and $68.5 million in the second quarter of 2014. SBA loan sale gains totaled $1.49 million in the second quarter of 2015 compared with $1.14 million in the first quarter of 2015 and $744 thousand in the second quarter of 2014.

Second quarter brokerage fees of $1.23 million from United’s advisory services business were down $319 thousand from the first quarter and were level with the second quarter of 2014. Service charges and fees of $8.38 million were up $760 thousand from the first quarter, reflecting growth in interchange fees, while down $152 thousand from a year ago, primarily reflecting the declining trend in overdraft fees.

“Our growth in fee revenue reflects our commitment to diversifying the revenue stream by focusing on fee generating products and services,” stated Tallent.

Operating expenses, excluding merger-related charges of $3.17 million, were $45.2 million in the second quarter compared to $43.1 million in the first quarter and $40.5 million a year ago. The acquisition of FNB added approximately $1.6 million in operating expenses from the acquisition date of May 1. FNB’s expenses are expected to decline as anticipated cost savings are realized. First quarter 2015 operating expenses included a non-core charge of $690 thousand associated with closing all loss sharing agreements with the FDIC.

3

Second quarter salaries and employee benefits expense of $28.0 million was up $1.52 million from the first quarter and $3.67 million from a year ago. The increases reflect the addition of FNB’s compensation expenses for two months, investment in new producers and support staff for the specialized lending area, and higher commissions and incentives associated with growth in the mortgage business and in commercial loans and core deposits. Other operating expenses of $4.89 million for the second quarter were down $358 thousand from the first quarter and up $486 thousand from the second quarter of 2014. Other operating expenses for the first quarter 2015 included the $690 thousand charge associated with closing all loss sharing agreements with the FDIC. The increase from a year ago is mostly due to higher lending support costs.

Tallent noted, “the previously announced merger with FNB closed on May 1, and their results of operations are included in United’s results from that date forward. Conversion of the operating systems was successfully completed last weekend.

“We also announced our planned merger with Palmetto Bancshares, Inc. and its banking subsidiary, The Palmetto Bank, which is headquartered in Greenville, South Carolina,” Tallent said. “The Palmetto Bank is a high-quality franchise with $1.2 billion in assets and 25 banking offices in the Upstate South Carolina markets. The merger creates significant benefits for United, including meaningful earnings per share accretion, improved growth profile and profitability, attractive rates of return, and higher franchise value. We have received all regulatory approvals and the transaction is scheduled to close on September 1. I am very pleased to welcome both First National Bank and The Palmetto Bank to the United family.”

At June 30, 2015, capital ratios were as follows: Tier 1 Risk-Based of 11.9 percent; Total Risk-Based of 13.1 percent; Tier 1 Common Risk-Based of 11.9 percent; and, Tier 1 Leverage of 9.1 percent.

“Our second quarter results continue the positive momentum from the first quarter, with strong growth in loans, core deposits, and fee revenue,” Tallent said. “We are excited about executing our growth strategies to expand the franchise and add value for shareholders. And, as always, we look forward to serving our customers – both existing and new – with the outstanding service for which our bankers are so very well known.”

4

Conference Call

United will hold a conference call today, Wednesday, July 22, 2015, at 11 a.m. ET to discuss the contents of this news release and to share business highlights for the quarter. To access the call, dial (877) 380-5665 and use the conference number 74542415. 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.

About United Community Banks, Inc.

United Community Banks, Inc. (UCBI) is a bank holding company based in Blairsville, Georgia, with $8.2 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast’s largest full-service banks, operating 114 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in personalized community banking services for individuals, small businesses and corporations. A full range of consumer and commercial banking services includes mortgage, advisory, treasury management and other products. In 2014 and 2015, United Community Bank was ranked first in customer satisfaction in the southeast by J.D. Power and in 2015 was ranked fourteenth on the Forbes list of America’s Best Banks. Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com.

Safe Harbor

This news release contains forward-looking statements, as defined by federal securities laws, including statements about United’s financial outlook and business environment. These statements are based on current expectations and are provided to assist in the understanding of future financial performance. Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United’s filings with the Securities and Exchange Commission including its 2014 Annual Report on Form 10-K under the sections entitled “Forward-Looking Statements” and “Risk Factors.” Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements.

# # #

5

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Selected Financial Information
																Second			For the Six
	2015						2014									Quarter			Months Ended						YTD
(in thousands, except per share	Second			First			Fourth			Third			Second			2015-2014			June 30,						2015-2014
data; taxable equivalent)	Quarter			Quarter			Quarter			Quarter			Quarter			Change			2015			2014			Change
INCOME SUMMARY
Interest revenue	$	66,134		$	62,909		$	64,353		$	63,338		$	61,783					$	129,043		$	122,278
Interest expense		4,817			5,292			6,021			6,371			6,833						10,109			13,159
Net interest revenue		61,317			57,617			58,332			56,967			54,950			12	%		118,934			109,119			9	%
Provision for credit losses		900			1,800			1,800			2,000			2,200						2,700			4,700
Fee revenue		17,266			15,682			14,823			14,412			14,143			22			32,948			26,319			25
Total revenue		77,683			71,499			71,355			69,379			66,893			16			149,182			130,738			14
Expenses - operating (1)		45,247			43,061			41,919			41,364			40,532			12			88,308			79,582			11
Income before income tax expense - operating (1)		32,436			28,438			29,436			28,015			26,361			23			60,874			51,156			19
Income tax expense - operating (1)		12,447			10,768			11,189			10,399			10,004			24			23,215			19,399			20
Net income - operating (1)		19,989			17,670			18,247			17,616			16,357			22			37,659			31,757			19
Preferred dividends and discount accretion		17			-			-			-			-						17			439
Net income available to common shareholders - operating (1)		19,972			17,670			18,247			17,616			16,357			22			37,642			31,318			20
Merger-related charges, net of income tax benefit		2,176			-			-			-			-						2,176			-
Net income available to common shareholders - GAAP	$	17,796		$	17,670		$	18,247		$	17,616		$	16,357			9		$	35,466		$	31,318			13
PERFORMANCE MEASURES
Per common share:
Diluted income - operating (1)	$	.32		$	.29		$	.30		$	.29		$	.27			19		$	.61		$	.52			17
Diluted income - GAAP		.28			.29			.30			.29			.27			4			.57			.52			10
Cash dividends declared		.05			.05			.05			.03			.03						.10			.03
Book value		12.95			12.58			12.20			12.15			11.94			8			12.95			11.94			8
Tangible book value (3)		12.66			12.53			12.15			12.10			11.91			6			12.66			11.91			6
Key performance ratios:
Return on common equity - operating (1)(2)(4)		9.90	%		9.34	%		9.60	%		9.41	%		8.99	%					9.63	%		8.82	%
Return on common equity - GAAP (2)(4)		8.83			9.34			9.60			9.41			8.99						9.08			8.82
Return on assets - operating (1)(4)		1.00			.94			.96			.95			.88						.97			.87
Return on assets - GAAP (4)		.89			.94			.96			.95			.88						.92			.87
Dividend payout ratio - operating (1)		15.63			17.24			16.67			10.34			11.11						16.39			5.77
Dividend payout ratio - GAAP		17.86			17.24			16.67			10.34			11.11						17.54			5.77
Net interest margin (4)		3.30			3.31			3.31			3.32			3.21						3.30			3.21
Efficiency ratio - operating (1)		57.59			59.15			57.47			57.96			58.65						58.34			58.85
Efficiency ratio - GAAP		61.63			59.15			57.47			57.96			58.65						60.44			58.85
Average equity to average assets		10.05			9.86			9.76			9.85			9.61						9.96			9.56
Average tangible equity to average assets (3)		9.91			9.82			9.72			9.83			9.58						9.87			9.54
Average tangible common equity to average assets (3)		9.83			9.82			9.72			9.83			9.58						9.83			9.40
Tangible common equity to risk-weighted assets (3)(5)		13.24			13.53			13.82			14.10			13.92						13.24			13.92
ASSET QUALITY
Nonperforming loans	$	18,805		$	19,015		$	17,881		$	18,745		$	20,724			(9	)	$	18,805		$	20,724
Foreclosed properties		2,356			1,158			1,726			3,146			2,969			(21	)		2,356			2,969
Total nonperforming assets (NPAs)		21,161			20,173			19,607			21,891			23,693			(11	)		21,161			23,693
Allowance for loan losses		70,129			70,007			71,619			71,928			73,248						70,129			73,248
Net charge-offs		978			2,562			2,509			3,155			4,175			(77	)		3,540			8,214
Allowance for loan losses to loans		1.36	%		1.46	%		1.53	%		1.57	%		1.66	%					1.36	%		1.66	%
Net charge-offs to average loans (4)		.08			.22			.22			.28			.38						.15			.38
NPAs to loans and foreclosed properties		.41			.42			.42			.48			.54						.41			.54
NPAs to total assets		.26			.26			.26			.29			.32						.26			.32
AVERAGE BALANCES ($ in millions)
Loans	$	5,017		$	4,725		$	4,621		$	4,446		$	4,376			15		$	4,872		$	4,366			12
Investment securities		2,261			2,203			2,222			2,231			2,326			(3	)		2,232			2,323			(4	)
Earning assets		7,444			7,070			7,013			6,820			6,861			8			7,258			6,844			6
Total assets		8,017			7,617			7,565			7,374			7,418			8			7,818			7,401			6
Deposits		6,669			6,369			6,383			6,143			6,187			8			6,520			6,192			5
Shareholders’ equity		806			751			738			726			713			13			778			708			10
Common shares - basic (thousands)		62,549			60,905			60,830			60,776			60,712						61,730			60,386			2
Common shares - diluted (thousands)		62,553			60,909			60,833			60,779			60,714						61,734			60,388			2
AT PERIOD END ($ in millions)
Loans	$	5,174		$	4,788		$	4,672		$	4,569		$	4,410			17		$	5,174		$	4,410			17
Investment securities		2,322			2,201			2,198			2,222			2,190			6			2,322			2,190			6
Total assets		8,246			7,664			7,567			7,526			7,352			12			8,246			7,352			12
Deposits		6,808			6,438			6,327			6,241			6,164			10			6,808			6,164			10
Shareholders’ equity		827			764			740			736			722			15			827			722			15
Common shares outstanding (thousands)		62,700			60,309			60,259			60,248			60,139						62,700			60,139

⁽¹⁾ Excludes merger-related charges. ⁽²⁾ Net income available to common shareholders, which is net of 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⁾ June 30 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
Selected Financial Information
	2015						2014									For the Six Months Ended June 30,
(in thousands, except per share	Second			First			Fourth			Third			Second
data; taxable equivalent)	Quarter			Quarter			Quarter			Quarter			Quarter			2015			2014
Interest revenue reconciliation
Interest revenue - taxable equivalent	$	66,134		$	62,909		$	64,353		$	63,338		$	61,783		$	129,043		$	122,278
Taxable equivalent adjustment		(326	)		(375	)		(398	)		(405	)		(377	)		(701	)		(734	)
Interest revenue (GAAP)	$	65,808		$	62,534		$	63,955		$	62,933		$	61,406		$	128,342		$	121,544
Net interest revenue reconciliation
Net interest revenue - taxable equivalent	$	61,317		$	57,617		$	58,332		$	56,967		$	54,950		$	118,934		$	109,119
Taxable equivalent adjustment		(326	)		(375	)		(398	)		(405	)		(377	)		(701	)		(734	)
Net interest revenue (GAAP)	$	60,991		$	57,242		$	57,934		$	56,562		$	54,573		$	118,233		$	108,385
Total revenue reconciliation
Total operating revenue	$	77,683		$	71,499		$	71,355		$	69,379		$	66,893		$	149,182		$	130,738
Taxable equivalent adjustment		(326	)		(375	)		(398	)		(405	)		(377	)		(701	)		(734	)
Total revenue (GAAP)	$	77,357		$	71,124		$	70,957		$	68,974		$	66,516		$	148,481		$	130,004
Expense reconciliation
Expenses - operating	$	45,247		$	43,061		$	41,919		$	41,364		$	40,532		$	88,308		$	79,582
Merger-related charges		3,173			-			-			-			-			3,173			-
Expenses (GAAP)	$	48,420		$	43,061		$	41,919		$	41,364		$	40,532		$	91,481		$	79,582
Income before taxes reconciliation
Income before taxes - operating	$	32,436		$	28,438		$	29,436		$	28,015		$	26,361		$	60,874		$	51,156
Taxable equivalent adjustment		(326	)		(375	)		(398	)		(405	)		(377	)		(701	)		(734	)
Merger-related charges		(3,173	)		-			-			-			-			(3,173	)		-
Income before taxes (GAAP)	$	28,937		$	28,063		$	29,038		$	27,610		$	25,984		$	57,000		$	50,422
Income tax expense reconciliation
Income tax expense - operating	$	12,447		$	10,768		$	11,189		$	10,399		$	10,004		$	23,215		$	19,399
Taxable equivalent adjustment		(326	)		(375	)		(398	)		(405	)		(377	)		(701	)		(734	)
Merger-related charges, tax benefit		(997	)		-			-			-			-			(997	)		-
Income tax expense (GAAP)	$	11,124		$	10,393		$	10,791		$	9,994		$	9,627		$	21,517		$	18,665
Net income reconciliation
Net income - operating	$	19,989		$	17,670		$	18,247		$	17,616		$	16,357		$	37,659		$	31,757
Merger-related charges, net of income tax benefit		(2,176	)		-			-			-			-			(2,176	)		-
Net income (GAAP)	$	17,813		$	17,670		$	18,247		$	17,616		$	16,357		$	35,483		$	31,757
Net income available to common shareholders reconciliation
Net income available to common shareholders - operating	$	19,972		$	17,670		$	18,247		$	17,616		$	16,357		$	37,642		$	31,318
Merger-related charges, net of income tax benefit		(2,176	)		-			-			-			-			(2,176	)		-
Net income available to common shareholders (GAAP)	$	17,796		$	17,670		$	18,247		$	17,616		$	16,357		$	35,466		$	31,318
Diluted income per common share reconciliation
Diluted income per common share - operating	$	.32		$	.29		$	.30		$	.29		$	.27		$	.61		$	.52
Merger-related charges		(.04	)		-			-			-			-			(.04	)		-
Diluted income per common share (GAAP)	$	.28		$	.29		$	.30		$	.29		$	.27		$	.57		$	.52
Book value per common share reconciliation
Tangible book value per common share	$	12.66		$	12.53		$	12.15		$	12.10		$	11.91		$	12.66		$	11.91
Effect of goodwill and other intangibles		.29			.05			.05			.05			.03			.29			.03
Book value per common share (GAAP)	$	12.95		$	12.58		$	12.20		$	12.15		$	11.94		$	12.95		$	11.94
Return on common equity reconciliation
Return on common equity - operating		9.90	%		9.34	%		9.60	%		9.41	%		8.99	%		9.63	%		8.82	%
Merger-related charges		(1.07	)		-			-			-			-			(.55	)		-
Return on common equity (GAAP)		8.83	%		9.34	%		9.60	%		9.41	%		8.99	%		9.08	%		8.82	%
Return on assets reconciliation
Return on assets - operating		1.00	%		.94	%		.96	%		.95	%		.88	%		.97	%		.87	%
Merger-related charges		(.11	)		-			-			-			-			(.05	)		-
Return on assets (GAAP)		.89	%		.94	%		.96	%		.95	%		.88	%		.92	%		.87	%
Dividend payout ratio reconciliation
Dividend payout ratio - operating		15.63	%		17.24	%		16.67	%		10.34	%		11.11	%		16.39	%		5.77	%
Merger-related charges		2.23			-			-			-			-			1.15			-
Dividend payout ratio (GAAP)		17.86	%		17.24	%		16.67	%		10.34	%		11.11	%		17.54	%		5.77	%
Efficiency ratio reconciliation
Efficiency ratio - operating		57.59	%		59.15	%		57.47	%		57.96	%		58.65	%		58.34	%		58.85	%
Merger-related charges		4.04			-			-			-			-			2.10			-
Efficiency ratio (GAAP)		61.63	%		59.15	%		57.47	%		57.96	%		58.65	%		60.44	%		58.85	%
Average equity to assets reconciliation
Tangible common equity to assets		9.83	%		9.82	%		9.72	%		9.83	%		9.58	%		9.83	%		9.40	%
Effect of preferred equity		.08			-			-			-			-			.04			.14
Tangible equity to assets		9.91			9.82			9.72			9.83			9.58			9.87			9.54
Effect of goodwill and other intangibles		.14			.04			.04			.02			.03			.09			.02
Equity to assets (GAAP)		10.05	%		9.86	%		9.76	%		9.85	%		9.61	%		9.96	%		9.56	%
Tangible common equity to risk-weighted assets reconciliation (1)
Tangible common equity to risk-weighted assets		13.24	%		13.53	%		13.82	%		14.10	%		13.92	%		13.24	%		13.92	%
Effect of other comprehensive income		.28			.19			.35			.34			.53			.28			.53
Effect of deferred tax limitation		(2.46	)		(2.86	)		(3.11	)		(3.39	)		(3.74	)		(2.46	)		(3.74	)
Effect of trust preferred		.63			.67			1.00			1.02			1.04			.63			1.04
Effect of preferred equity		.17			-			-			-			-			.17			-
Tier I capital ratio (Regulatory)		11.86	%		11.53	%		12.06	%		12.07	%		11.75	%		11.86	%		11.75	%
(1) June 30 and March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.

UNITED COMMUNITY BANKS, INC.
Financial Highlights
Loan Portfolio Composition at Period-End
	2015				2014						Linked			Year over
											Quarter Change			Year Change
	Second		First		Fourth		Third		Second
(in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
LOANS BY CATEGORY
Owner occupied commercial RE	$	1,266	$	1,167	$	1,163	$	1,153	$	1,163	$	99		$	103
Income producing commercial RE		689		636		599		605		598		53			91
Commercial & industrial		793		716		710		650		554		77			239
Commercial construction		238		230		196		181		160		8			78
Total commercial		2,986		2,749		2,668		2,589		2,475		237			511
Residential mortgage		935		864		866		866		861		71			74
Home equity lines of credit		491		465		466		459		451		26			40
Residential construction		299		291		299		307		302		8			(3	)
Consumer installment		463		419		373		348		321		44			142
Total loans	$	5,174	$	4,788	$	4,672	$	4,569	$	4,410		386			764
LOANS BY MARKET
North Georgia	$	1,155	$	1,150	$	1,163	$	1,168	$	1,175		5			(20	)
Atlanta MSA		1,317		1,296		1,282		1,289		1,305		21			12
North Carolina		533		539		553		553		555		(6	)		(22	)
Coastal Georgia		499		476		456		444		426		23			73
Gainesville MSA		257		255		257		254		257		2			-
East Tennessee		525		281		280		281		270		244			255
South Carolina / Specialized Lending		531		475		412		337		206		56			325
Indirect auto		357		316		269		243		216		41			141
Total loans	$	5,174	$	4,788	$	4,672	$	4,569	$	4,410		386			764

UNITED COMMUNITY BANKS, INC.

Financial Highlights

Credit Quality

	Second Quarter 2015									First Quarter 2015									Fourth Quarter 2014
	Nonperforming			Foreclosed			Total			Nonperforming			Foreclosed			Total			Nonperforming			Foreclosed			Total
(in thousands)	Loans			Properties			NPAs			Loans			Properties			NPAs			Loans			Properties			NPAs
NONPERFORMING ASSETS BY CATEGORY
Owner occupied CRE	$	4,878		$	360		$	5,238		$	4,360		$	173		$	4,533		$	4,133		$	355		$	4,488
Income producing CRE		883			-			883			835			-			835			717			-			717
Commercial & industrial		1,389			-			1,389			1,629			-			1,629			1,571			-			1,571
Commercial construction		59			382			441			60			-			60			83			15			98
Total commercial		7,209			742			7,951			6,884			173			7,057			6,504			370			6,874
Residential mortgage		8,599			1,373			9,972			8,669			796			9,465			8,196			1,183			9,379
Home equity lines of credit		940			54			994			693			50			743			695			40			735
Residential construction		1,358			187			1,545			2,127			139			2,266			2,006			133			2,139
Consumer installment		699			-			699			642			-			642			480			-			480
Total NPAs	$	18,805		$	2,356		$	21,161		$	19,015		$	1,158		$	20,173		$	17,881		$	1,726		$	19,607
Balance as a % of
Unpaid Principal		64.9	%		46.6	%		62.2	%		72.0	%		56.6	%		70.9	%		69.9	%		54.1	%		68.1	%
NONPERFORMING ASSETS BY MARKET
North Georgia	$	6,157		$	657		$	6,814		$	6,101		$	662		$	6,763		$	5,669		$	711		$	6,380
Atlanta MSA		2,361			135			2,496			1,903			227			2,130			1,837			372			2,209
North Carolina		4,746			690			5,436			5,321			159			5,480			5,221			234			5,455
Coastal Georgia		659			-			659			901			-			901			799			105			904
Gainesville MSA		864			22			886			781			22			803			1,310			81			1,391
East Tennessee		1,885			852			2,737			1,808			30			1,838			1,414			201			1,615
South Carolina / Specialized Lending		1,565			-			1,565			1,700			58			1,758			1,285			22			1,307
Indirect auto		568			-			568			500			-			500			346			-			346
Total NPAs	$	18,805		$	2,356		$	21,161		$	19,015		$	1,158		$	20,173		$	17,881		$	1,726		$	19,607
NONPERFORMING ASSETS ACTIVITY
Beginning Balance	$	19,015		$	1,158		$	20,173		$	17,881		$	1,726		$	19,607		$	18,745		$	3,146		$	21,891
Acquisitions		-			962			962			-			-			-			-			-			-
Loans placed on non-accrual		6,552			-			6,552			5,944			-			5,944			7,140			-			7,140
Payments received		(3,839	)		-			(3,839	)		(1,513	)		-			(1,513	)		(5,286	)		-			(5,286	)
Loan charge-offs		(1,854	)		-			(1,854	)		(2,838	)		-			(2,838	)		(1,841	)		-			(1,841	)
Foreclosures		(1,069	)		1,069			-			(459	)		459			-			(877	)		877			-
Capitalized costs		-			-			-			-			-			-			-			-			-
Property sales		-			(895	)		(895	)		-			(1,108	)		(1,108	)		-			(2,483	)		(2,483	)
Write downs		-			(9	)		(9	)		-			(166	)		(166	)		-			(1	)		(1	)
Net gains (losses) on sales		-			71			71			-			247			247			-			187			187
Ending Balance	$	18,805		$	2,356		$	21,161		$	19,015		$	1,158		$	20,173		$	17,881		$	1,726		$	19,607

	Second Quarter 2015						First Quarter 2015						Fourth Quarter 2014
				Net Charge-						Net Charge-						Net Charge-
				Offs to						Offs to						Offs to
	Net			Average			Net			Average			Net			Average
(in thousands)	Charge-Offs			Loans (1)			Charge-Offs			Loans (1)			Charge-Offs			Loans (1)
NET CHARGE-OFFS BY CATEGORY
Owner occupied CRE	$	285			.09	%	$	357			.12	%	$	891			.31	%
Income producing CRE		(276	)		(.17	)		241			.16			143			.09
Commercial & industrial		(627	)		(.33	)		341			.19			(295	)		(.17	)
Commercial construction		96			.16			22			.04			(6	)		(.01	)
Total commercial		(522	)		(.07	)		961			.14			733			.11
Residential mortgage		787			.35			416			.20			1,226			.56
Home equity lines of credit		322			.27			59			.05			238			.20
Residential construction		107			.14			1,061			1.46			(44	)		(.06	)
Consumer installment		284			.26			65			.07			356			.39
Total	$	978			.08		$	2,562			.22		$	2,509			.22
NET CHARGE-OFFS BY MARKET
North Georgia	$	911			.32	%	$	1,053			.37	%	$	791			.27	%
Atlanta MSA		(234	)		(.07	)		188			.06			147			.05
North Carolina		176			.13			666			.49			1,103			.79
Coastal Georgia		(40	)		(.03	)		134			.12			30			.03
Gainesville MSA		(233	)		(.36	)		(65	)		(.10	)		94			.15
East Tennessee		127			.11			471			.68			54			.08
South Carolina / Specialized Lending		148			.12			-			-			110			.11
Indirect auto		123			.14			115			.16			180			.29
Total	$	978			.08		$	2,562			.22		$	2,509			.22

(1)  Annualized.

UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Income (Unaudited)
	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in thousands, except per share data)	2015		2014			2015			2014
Interest revenue:
Loans, including fees	$	52,976	$	48,261		$	102,640		$	95,949
Investment securities, including tax exempt of $181, $193, $339 and $381		12,037		12,165			24,095			23,772
Deposits in banks and short-term investments		795		980			1,607			1,823
Total interest revenue		65,808		61,406			128,342			121,544
Interest expense:
Deposits:
NOW		348		411			742			851
Money market		806		757			1,479			1,320
Savings		26		21			46			41
Time		895		2,018			2,004			3,789
Total deposit interest expense		2,075		3,207			4,271			6,001
Short-term borrowings		82		908			180			1,748
Federal Home Loan Bank advances		454		80			846			138
Long-term debt		2,206		2,638			4,812			5,272
Total interest expense		4,817		6,833			10,109			13,159
Net interest revenue		60,991		54,573			118,233			108,385
Provision for credit losses		900		2,200			2,700			4,700
Net interest revenue after provision for credit losses		60,091		52,373			115,533			103,685
Fee revenue:
Service charges and fees		8,375		8,527			15,990			16,425
Mortgage loan and other related fees		3,707		1,877			6,462			3,231
Brokerage fees		1,232		1,245			2,783			2,422
Gains from sales of SBA loans		1,494		744			2,635			744
Securities gains, net		13		4,435			1,552			4,652
Loss from prepayment of debt		-		(4,446	)		(1,038	)		(4,446	)
Other		2,445		1,761			4,564			3,291
Total fee revenue		17,266		14,143			32,948			26,319
Total revenue		77,357		66,516			148,481			130,004
Operating expenses:
Salaries and employee benefits		27,961		24,287			54,407			48,683
Communications and equipment		3,304		3,037			6,575			6,276
Occupancy		3,415		3,262			6,693			6,640
Advertising and public relations		1,127		1,139			1,877			1,765
Postage, printing and supplies		993		804			1,931			1,580
Professional fees		2,257		2,172			4,176			3,599
FDIC assessments and other regulatory charges		1,298		1,425			2,507			2,778
Merger-related charges		3,173		-			3,173			-
Other		4,892		4,406			10,142			8,261
Total operating expenses		48,420		40,532			91,481			79,582
Net income before income taxes		28,937		25,984			57,000			50,422
Income tax expense		11,124		9,627			21,517			18,665
Net income		17,813		16,357			35,483			31,757
Preferred stock dividends and discount accretion		17		-			17			439
Net income available to common shareholders	$	17,796	$	16,357		$	35,466		$	31,318
Earnings per common share:
Basic	$	.28	$	.27		$	.57		$	.52
Diluted		.28		.27			.57			.52
Weighted average common shares outstanding:
Basic		62,549		60,712			61,730			60,386
Diluted		62,553		60,714			61,734			60,388

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheet (Unaudited)
	June 30,			December 31,			June 30,
(in thousands, except share and per share data)	2015			2014			2014
ASSETS
Cash and due from banks	$	80,865		$	77,180		$	91,791
Interest-bearing deposits in banks		94,032			89,074			100,270
Short-term investments		30,000			26,401			47,999
Cash and cash equivalents		204,897			192,655			240,060
Securities available for sale		1,942,319			1,782,734			1,741,268
Securities held to maturity (fair value $388,066, $425,233 and $458,864)		379,757			415,267			448,752
Mortgage loans held for sale		22,003			13,737			14,918
Loans, net of unearned income		5,173,517			4,672,119			4,410,285
Less allowance for loan losses		(70,129	)		(71,619	)		(73,248	)
Loans, net		5,103,388			4,600,500			4,337,037
Premises and equipment, net		173,313			159,390			161,614
Bank owned life insurance		92,952			81,294			80,922
Accrued interest receivable		21,030			20,103			19,141
Net deferred tax asset		195,746			215,503			233,149
Derivative financial instruments		21,728			20,599			22,024
Goodwill and other intangible assets		20,190			3,641			2,731
Other assets		68,980			61,563			50,450
Total assets	$	8,246,303		$	7,566,986		$	7,352,066
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand	$	1,847,696		$	1,574,317		$	1,519,635
NOW		1,416,279			1,504,887			1,334,883
Money market		1,406,352			1,273,283			1,245,912
Savings		350,049			292,308			279,203
Time:
Less than $100,000		792,300			748,478			805,289
Greater than $100,000		465,347			508,228			554,310
Brokered		529,920			425,011			424,313
Total deposits		6,807,943			6,326,512			6,163,545
Short-term borrowings		25,000			6,000			76,256
Federal Home Loan Bank advances		385,125			270,125			175,125
Long-term debt		113,901			129,865			129,865
Derivative financial instruments		32,374			31,997			36,545
Unsettled securities purchases		-			5,425			7,264
Accrued expenses and other liabilities		54,728			57,485			41,497
Total liabilities		7,419,071			6,827,409			6,630,097
Shareholders’ equity:
Preferred stock, $1 par value; 10,000,000 shares authorized;
Series H; $1,000 stated value; 9,992 shares issued and outstanding		9,992			-			-
Common stock, $1 par value; 100,000,000 shares authorized;
54,414,863, 50,178,605 and 50,058,295 shares issued and outstanding		54,415			50,178			50,058
Common stock, non-voting, $1 par value; 26,000,000 shares authorized;
8,285,516, 10,080,787 and 10,080,787 shares issued and outstanding		8,286			10,081			10,081
Common stock issuable; 413,014, 357,983 and 314,039 shares		6,071			5,168			4,649
Capital surplus		1,123,730			1,080,508			1,091,780
Accumulated deficit		(358,294	)		(387,568	)		(418,583	)
Accumulated other comprehensive loss		(16,968	)		(18,790	)		(16,016	)
Total shareholders’ equity		827,232			739,577			721,969
Total liabilities and shareholders’ equity	$	8,246,303		$	7,566,986		$	7,352,066

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended June 30,
	2015									2014
	Average						Avg.			Average					Avg.
(dollars in thousands, taxable equivalent)	Balance			Interest			Rate			Balance			Interest		Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)(2)	$	5,017,306		$	53,081			4.24	%	$	4,376,174		$	48,435		4.44	%
Taxable securities (3)		2,235,561			11,856			2.12			2,306,457			11,972		2.08
Tax-exempt securities (1)(3)		25,685			296			4.61			19,592			316		6.45
Federal funds sold and other interest-earning assets		165,643			901			2.18			158,418			1,060		2.68
Total interest-earning assets		7,444,195			66,134			3.56			6,860,641			61,783		3.61
Non-interest-earning assets:
Allowance for loan losses		(71,006	)								(76,843	)
Cash and due from banks		77,124									63,853
Premises and equipment		167,926									161,443
Other assets (3)		398,356									408,768
Total assets	$	8,016,595								$	7,417,862
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,419,142			348			.10		$	1,356,141			411		.12
Money market		1,607,665			806			.20			1,361,045			757		.22
Savings		335,093			26			.03			275,540			21		.03
Time less than $100,000		774,193			791			.41			818,048			933		.46
Time greater than $100,000		474,905			482			.41			563,489			865		.62
Brokered time deposits		276,073			(378	)		(.55	)		334,919			220		.26
Total interest-bearing deposits		4,887,071			2,075			.17			4,709,182			3,207		.27
Federal funds purchased and other borrowings		47,698			82			.69			108,311			908		3.36
Federal Home Loan Bank advances		289,707			454			.63			154,795			80		.21
Long-term debt		113,901			2,206			7.77			129,865			2,638		8.15
Total borrowed funds		451,306			2,742			2.44			392,971			3,626		3.70
Total interest-bearing liabilities		5,338,377			4,817			.36			5,102,153			6,833		.54
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,782,405									1,477,849
Other liabilities		90,091									125,173
Total liabilities		7,210,873									6,705,175
Shareholders’ equity		805,722									712,687
Total liabilities and shareholders’ equity	$	8,016,595								$	7,417,862
Net interest revenue				$	61,317								$	54,950
Net interest-rate spread								3.20	%							3.07	%
Net interest margin (4)								3.30	%							3.21	%

⁽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 39%, 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 where 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 $18.9 million in 2015 and pretax unrealized gains of $1.86 million in 2014 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.

UNITED COMMUNITY BANKS, INC.

Average Consolidated Balance Sheets and Net Interest Analysis

For the Six Months Ended June 30,

	2015									2014
	Average						Avg.			Average					Avg.
(dollars in thousands, taxable equivalent)	Balance			Interest			Rate			Balance			Interest		Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)(2)	$	4,872,112		$	102,946			4.26	%	$	4,365,930		$	96,303		4.45	%
Taxable securities (3)		2,211,293			23,756			2.15			2,303,404			23,391		2.03
Tax-exempt securities (1)(3)		20,987			555			5.29			19,881			624		6.28
Federal funds sold and other interest-earning assets		153,597			1,786			2.33			154,651			1,960		2.53
Total interest-earning assets		7,257,989			129,043			3.58			6,843,866			122,278		3.60
Non-interest-earning assets:
Allowance for loan losses		(71,596	)								(77,165	)
Cash and due from banks		78,069									62,958
Premises and equipment		163,737									162,112
Other assets (3)		389,874									409,466
Total assets	$	7,818,073								$	7,401,237
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW	$	1,447,370			742			.10		$	1,385,964			851		.12
Money market		1,537,678			1,479			.19			1,368,975			1,320		.19
Savings		317,814			46			.03			267,588			41		.03
Time less than $100,000		755,826			1,515			.40			847,707			1,946		.46
Time greater than $100,000		484,624			1,146			.48			570,799			1,783		.63
Brokered time deposits		274,708			(657	)		(.48	)		311,579			60		.04
Total interest-bearing deposits		4,818,020			4,271			.18			4,752,612			6,001		.25
Federal funds purchased and other borrowings		41,953			180			.87			110,436			1,748		3.19
Federal Home Loan Bank advances		264,584			846			.64			140,014			138		.20
Long-term debt		120,782			4,812			8.03			129,865			5,272		8.19
Total borrowed funds		427,319			5,838			2.76			380,315			7,158		3.80
Total interest-bearing liabilities		5,245,339			10,109			.39			5,132,927			13,159		.52
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,702,140									1,439,447
Other liabilities		92,138									120,943
Total liabilities		7,039,617									6,693,317
Shareholders’ equity		778,456									707,920
Total liabilities and shareholders’ equity	$	7,818,073								$	7,401,237
Net interest revenue				$	118,934								$	109,119
Net interest-rate spread								3.19	%							3.08	%
Net interest margin (4)								3.30	%							3.21	%

⁽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 39%, 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 where 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 $14.8 million in 2015 and pretax unrealized losses of $1.37 million in 2014 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.