United Community Banks : Investor Presentation Fourth Quarter 2020

4Q Investor Presentation

January 19, 2021

Disclosures

CAUTIONARY STATEMENT

This Investor Presentation contains forward-looking statements about United Community Banks, Inc. ("United"), as defined in federal securities laws. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on information available to, and assumptions and estimates made by, management as of the date hereof. Because forward-looking statements involve inherent risks and uncertainties, our actual results may differ materially from those expressed or implied in any such statements. The COVID-19 pandemic is adversely impacting United, its employees, customers, vendors, counterparties, and the communities that it serves. The ultimate extent of the impact of COVID- 19 on United's financial position, results of operations, liquidity, and prospects is highly uncertain. United's results could be adversely affected by, among other things, volatility in financial markets, continued deterioration of economic and business conditions, further increases in unemployment rates, deterioration in the credit quality of United's loan portfolio, deterioration in the value of United's investment securities, and changes in statutes, regulations, and regulatory policies or practices. For a discussion of these and other risks 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 2019 Annual Report on Form 10-K and Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under the sections entitled "Cautionary Note Regarding 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.

NON-GAAP MEASURES

This Investor Presentation includes financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations. Such measures include: "Earnings per share - operating," "Diluted earnings per share - operating," "Tangible book value per share," "Return on common equity - operating," "Return on tangible common equity - operating," "Return on assets - operating," "Return on assets - pre-tax pre- provision, excluding merger-related and other charges," "Efficiency ratio - operating," "Expenses - operating," and "Tangible common equity to tangible assets."

Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating United's underlying performance trends. Further, management uses these measures in managing and evaluating United's business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the 'Non-GAAP Reconciliation Tables' included in the exhibits to this Presentation.

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United Community Banks, Inc.

Committed to Service Since 1950

Company Overview

Regional Full Service Branch Network

National Navitas and SBA Markets

Banking Offices

Premier Southeast Regional Bank

• Metro-focusedbranch network with locations in the fastest growing MSAs in the Southeast
• 152 branches, 8 loan production sites, and 4 mortgage loan offices across five SE states
• • Closed 6 branches in 4Q and entered the Columbia, SC market with 2 new branches to support an existing LPO
• Top 10 market share in GA and SC
• Proven ability to integrate bank transactions - 8 transactions over the past 10 years

Extended Navitas and SBA Markets

• Offered in 48 states across the continental U.S.
• SBA business has both in-footprint and national business (4 specific verticals)
• Navitas subsidiary is a small ticket, essential use commercial equipment finance provider

1. Assets Under Administration

$17.8

BILLION IN ASSETS

$2.5

BILLION IN AUA(1)

13.0%

TIER 1 RBC

$0.18

QUARTERLY DIVIDEND - 2020 DIVIDENDS UP 6%

YOY

160

BANKING OFFICES

ACROSS THE

SOUTHEAST

#1 IN CUSTOMER

SATISFACTION

with Retail Banking in the Southeast - J.D. Power

$11.4

BILLION IN

TOTAL LOANS

$15.2

BILLION IN

TOTAL DEPOSITS

100 BEST BANKS IN

AMERICA

for the seventh consecutive

year - Forbes

WORLD'S BEST

BANKS

in 2019 & 2020 - Forbes

2020 TOP

WORKPLACES

In S.C. & Atlanta - Greenville

Business Magazine & Atlanta

Journal Constitution

BEST BANKS TO

WORK FOR

for the fourth consecutive year - American Banker

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$0.66

Diluted earnings per share

• GAAP

$0.68

Diluted earnings per share

• operating(1)

1.30%

Return on average assets

• GAAP

1.34%

Return on average assets - operating(1)

1.82%

PTPP return on average assets - operating(1)

0.17%

Cost of Deposits

35%

DDA / Total Deposits

12.4%

Return on common equity

- GAAP

16.3%

Return on tangible common equity - operating (1)

8%

Annualized 4Q EOP core

loan growth

(excluding PPP loans)

13%

Annualized 4Q EOP core transaction deposit growth

8%

Annualized 4Q core net interest income growth(2)

Other 4Q notable items:

$8.5 mm contribution to

UCB Foundation

($0.07 EPS)

$19.4 mm of PPP fee

income ($0.18 EPS)

4Q20 Highlights

		Diluted Earnings Per Share							Return on Average Assets
$0.61	$0.61				$0.66	$0.68		1.50% 1.50%			1.30%1.34%
			$0.55
					$0.52												1.07%	1.14%

		4Q19	3Q20		4Q20			4Q19	3Q20	4Q20
						GAAP				Operating	(1)														(1)
																	GAAP			Operating
			Book Value Per Share					PTPP Return on Average Assets
	$21.45			$21.90											1.93%
	$20.53															1.86%	1.77%1.82%
									$17.09				$17.56	1.50% 1.50%
			$16.28

4Q19	3Q20	4Q20		4Q19		3Q20	4Q20
		GAAP			Tangible(1)		PTPP		Operating PTPP

(1)	See non-GAAP reconciliation table slides in the Appendix for a reconciliation of
	operating performance measures to GAAP performance	4
(2)	Excludes PPP fees and loan accretion