United Community Banks, Inc.

What they do

United offers commercial and consumer banking services and investment advisory solutions through 200 banking offices in Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama as of June 30, 2026. Its equipment finance subsidiary, Navitas, and its SBA/USDA lending businesses operate throughout the United States. The company had 3,141 full-time equivalent employees at June 30, 2026. It completed the acquisition of ANB, headquartered in Oakland Park, Florida, on May 1, 2025.

Revenue drivers

• Net interest revenue — The dominant revenue source; FTE net interest revenue rose $81.6 million in 2025, mostly on lower deposit interest expense, and net interest margin was 3.68% in Q2 2026, up 18 basis points year over year.
• Noninterest income — Fee and other income totaled $29.3 million higher in 2025 than 2024 (up 23%), largely because 2024 included losses on the manufactured housing loan sale and FinTrust sale that did not repeat.
• Commercial and consumer lending — Loans grew $332 million, or 6.8% annualized, in Q2 2026, with over $1 billion of loan production; the Southeast footprint is the stated driver of this growth.
• Equipment finance (Navitas) — A nationwide equipment financing subsidiary holding $1.91 billion in receivables reclassified to held for sale in Q2 2026; a definitive agreement to sell the unit was signed June 11, 2026.

Recent performance

For Q2 2026, net income was $115.6 million and diluted EPS was $0.95, versus $78.7 million and $0.63 a year earlier. Total revenue was $279.3 million, up $19.0 million or 7% year over year. The GAAP quarter included a $38.5 million pre-tax provision release tied to the Navitas loans reclassified to held for sale; excluding it, the provision was $8.7 million and operating EPS was $0.71, up 8% year over year. Net interest margin of 3.68% rose 18 basis points from a year ago and 3 basis points from Q1 2026, the sixth consecutive quarter of margin expansion. Reported net charge-offs were $7.9 million, or 0.16% of average loans annualized, including $3.7 million on the Navitas portfolio.

Strategy

Management describes a strategic emphasis on the core relationship banking business, with the pending sale of Navitas intended to enhance liquidity and capital strength. A definitive agreement to sell Navitas was signed June 11, 2026, and the sale is expected to close in Q3 2026; proceeds could fund organic loan growth, share repurchases, balance sheet optimization and/or further M&A. United closed the acquisition of Peach State Bank & Trust on August 1, 2026, adding $786 million in assets, $523 million in loans and $707 million in deposits, to strengthen its Gainesville, Georgia MSA presence. The company repurchased $44.3 million of common stock in 2025, redeemed $88.3 million of Series I preferred stock, and redeemed $135 million of senior debt early. The Board renewed the $100 million common stock repurchase program for calendar 2026.

Risks

• Acquisition integration and growth strategy execution — The 10-K states that failure to successfully implement growth strategy or integrate acquisitions such as Peach State and ANB could materially and adversely affect results.
• Navitas sale execution and redeployment — The Navitas sale is expected to close in Q3 2026, and the company says future redeployment of resulting capital and liquidity is subject to market conditions and not yet determined.
• Credit quality, including equipment finance — Q2 2026 net charge-offs included $3.7 million on the Navitas portfolio, and allowance coverage stood at 1.04% of total loans.
• Deposit and funding volatility — Customer deposits fell $295 million from Q1 2026, mostly on seasonal public funds outflows, highlighting sensitivity of the funding base.

Outlook

Management expects the Navitas sale to close in the third quarter of 2026 and frames the Peach State acquisition and Navitas sale as catalysts for deepening Southeast relationships. Chairman and CEO Lynn Harton cites the demographic strength of the footprint and disciplined relationship pricing as supports for continued loan growth and margin performance. The company says post-sale capital and liquidity could fund organic growth, buybacks, balance sheet optimization or further M&A, subject to market conditions.