United Community Banks, Inc. · NYSE:UCB
United Community Banks — Q1 2012 Earnings Presentation
60 slides from United Community Banks's earnings presentation, Apr 26, 2012
Slide 1: United Community Banks, Inc. Investor Presentation First Quarter 2012
United Community Banks, Inc. Investor Presentation First Quarter 2012 April 26,2012 Jimmy C. Tallent Rex S. Schuette David P. Shearrow President & CEO EVP & CFO EVP & CRO rex_schuette@ucbi.com (706) 781-2266
Slide 2: Cautionary Statement
Cautionary Statement 2 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 f
Slide 3: Non-GAAP Measures
Non‐GAAP Measures 3 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 the following: net interest margin – pre credit, core net interest margin, core net i
Slide 4: United at a Glance
United at a Glance 4 Founded in 1950 27 Banks and 106 Offices Third‐largest bank holding company in Georgia Headquartered in Blairsville, Georgia with 106 locations throughout north Georgia, metro Atlanta, coastal Georgia, western North Carolina and east Tennessee 1,707 employees Deposit Market Shar
Slide 5: Highlights First Quarter
Highlights First Quarter 5 Improving Quarterly Results Net Income of $11.5 million, or 15 cents per share Third quarterly profit in past four quarters Core earnings (pre‐tax, pre‐credit) of $29.3 million; highest level since 4Q 2009 Loan Growth Traction Second linked‐quarter with loan growth, first
Slide 6: Loan Portfolio & Credit Quality
6 LOAN PORTFOLIO & CREDIT QUALITY
Slide 7: Loan Portfolio (total $4.13 billion)
Loan Portfolio (total $4.13 billion) 7 Geographic Diversity $ in millions $.44B Residential Construction $1.13B Gainesville MSA 11% .11B Residential Installment 6% $262 Mortgage 3% 27% East Tennessee 7% $265 Coastal Georgia 9% $366 $2.45B Commercial Western North 59% Carolina 14% $588 Atlanta MSA 30
Slide 8: Commercial Loans (total $2.45 billion)
Commercial Loans (total $2.45 billion) 8 Geographic Diversity $.17B Comm $ in millions Const 7% East Tennessee $.44B 6% $157 C&I 18% $1.13B Owner Gainesville MSA Occupied 7% $178 46% $.70B Western North Income Carolina 8% $201 Producing 29% Coastal Georgia 10% $257 North Georgia 29% $687 Avg Loan Si
Slide 9: Commercial Real Estate (by loan type)
Commercial Real Estate (by loan type) 9 (in millions) March 31, 2012 Owner Income Portfolio Characteristics Loan Type Occupied Producing Total Percent Office Buildings $ 297 $ 207 $ 504 27 % Retail 122 142 264 14 62% owner-occupied Small Warehouses/Storage 117 74 191 10 Multi-Residential/Other Prope
Slide 10: Commercial Construction (by loan type)
Commercial Construction (by loan type) 10 (in millions) March 31, 2012 Loan Type Amount Percent Portfolio Characteristics Land Develop - Vacant (Improved) $ 66 39 % Raw Land - Vacant (Unimproved) 55 33 Average loan size: $455k Commercial Land Development 23 14 Golf Course/Country Club 6 4 Office Bui
Slide 11: Residential Mortgage (total $1.13 billion)
Residential Mortgage (total $1.13 billion) 11 Geographic Diversity $.30B Home Equity $ in millions 26% Gainesville MSA Avg loan 5% $58 size: $43k Coastal Georgia $.83B 7% $79 Mortgage Avg loan 74% size: $72k East Tennessee 7% $85 Atlanta MSA 15% $164 Western North Carolina 25% $278 Origination Chara
Slide 12: Residential Construction (total $.44 billion)
Residential Construction (total $.44 billion) 12 Geographic Diversity $ in millions $.06B $.09B Raw Developing 13% East Tennessee 20% 3% $13 $.03B Sold Gainesville 7% 5% $20 Developing $.06B Spec $.20B Coastal Georgia 13% Lot 5% $24 47% Atlanta MSA 20% $86 Western North Carolina 20% $88 Average Loan
Slide 13: Residential Construction – Total Company
Residential Construction – Total Company 13 1Q12 vs. (in millions) 1Q12 4Q11 3Q11 2Q11 1Q11 1Q11 Land Loans Developing Land $ 86 $ 88 $ 97 $ 105 $ 116 $ (30) Raw Land 57 61 60 62 69 (12) Lot Loans 203 207 216 218 228 (25) Total 346 356 373 385 413 (67) Construction Loans Spec 57 59 64 74 88 (31) Sol
Slide 14: New Loans Funded – Category and Market
New Loans Funded – Category and Market 14 (in millions) CATEGORY 1Q12 MARKET 1Q12 Commercial RE: Atlanta $ 54.2 Owner Occupied $ 55.0 Coastal Georgia 25.4 Income Producing 15.3 N. Georgia 25.1 Total Commercial RE 70.3 Tennessee 14.1 Commercial C & I 26.0 North Carolina 7.9 Commercial Constr. 2.9 Gai
Slide 15: New Loan Commitments – Category and Market
New Loan Commitments – Category and Market 15 (in millions) CATEGORY 1Q12 MARKET 1Q12 Commercial RE: Atlanta $ 70.9 Owner Occupied $ 55.7 N. Georgia 36.3 Income Producing 16.7 Coastal Georgia 28.0 Total Commercial RE 72.4 Tennessee 18.7 Commercial C & I 39.0 North Carolina 9.8 Commercial Constr. 6.1
Slide 16: Credit Quality
Credit Quality 16 (in millions) 1Q12 4Q11 3Q11 2Q11 1Q11 (1) Operating Net Charge-offs $ 15.9 $ 20.6 $ 17.5 $ 16.5 $ 231.6 as % of Average Loans (1) 1.55 % 1.99 % 1.68 % 1.58 % 20.71 % Allowance for Loan Losses $ 113.6 $ 114.5 $ 146.1 $ 127.6 $ 133.1 as % of Total Loans 2.75 % 2.79 % 3.55 % 3.07 % 3
Slide 17: NPL Inflow Trends
NPL Inflow Trends 17 Quarterly NPL Inflows Since 2009 ($mm) $193.3 83.2% $200.0 Decline $174.8 $177.7 $174.9 $155.0 from Peak $139.0 $150.0 $119.8 $103.4 $100.0 $81.0 $54.7 $45.7 $50.0 $35.9 $32.4 $0.0 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Resi Construct
Slide 18: Net Charge-offs by Loan Category
Net Charge‐offs by Loan Category 18 (in thousands) 1Q12 % of Average Loans (Annualized) % of Avg (1) (2) Total Loans 4Q12 3Q11 2Q11 Commercial (Sec. by RE): Owner Occupied $ 2,462 .87 % 1.16 % .34 % .89 % Income Producing 1,235 .70 .57 .71 1.54 Total Comm (Sec. by RE) 3,697 .81 .90 .50 1.16 Commerci
Slide 19: Net Charge-offs by Market
Net Charge‐offs by Market 19 (in millions) 1Q12 % of Average Loans (Annualized) % of Avg (1) (2) Total Loans 4Q11 3Q11 2Q11 North Georgia $ 9,022 2.56 % 2.70 % 2.16 % 2.71 % Atlanta MSA 2,729 .89 1.37 .94 1.66 North Carolina 1,679 1.14 2.10 2.31 2.67 Coastal Georgia 1,329 1.53 .41 .88 1.52 Gainesvil
Slide 20: NPAs by Loan Category and Market
NPAs by Loan Category and Market 20 (in thousands) 1Q12 1Q12 NPLs OREO Total NPAs NPLs OREO Total NPAs LOAN CATEGORY MARKETS Commercial (sec. by RE): North Georgia $ 81,117 $ 14,559 $ 95,676 Owner Occupied $ 12,830 $ 7,892 $ 20,722 Atlanta MSA 22,321 7,647 29,968 Income Producing 13,251 2,916 16,167
Slide 21: Financial Review
Financial Review ae 2p. comm [uniteo] Community Banks.
Slide 22: Core Earnings Summary
Core Earnings Summary 22 (in thousands) Variance - Incr / (Decr) 1Q12 4Q11 1Q11 Net Interest Revenue $ 58,864 $ (186) $ 458 Fee Revenue 13,091 1,649 2,739 Gross Revenue 71,955 1,463 3,197 Operating Expense (Excl OREO) 42,670 (1,173) (3,974) Pre-Tax, Pre-Credit (Core) $ 29,285 $ 2,636 $ 7,171 Net Int
Slide 23: Net Interest Margin
Net Interest Margin 23 NIM Characteristics 4.5% • Margin 3.84% 3.67% 3.79% 3.77% 3.76% +2 bps vs. 4Q11 3.55% +23 bps vs. 1Q11 3.41% 3.51% 3.53% 3.0% 3.41% • Lowered Core and CD Deposit Pricing 1.5% • Loan Pricing Pressure .0% • 1Q Excess Liquidity – 1Q11 2Q11 3Q11 4Q11 1Q12 Lowered Margin by 53 bps
Slide 24: Margin – Credit Costs
Margin – Credit Costs 24 Credit Costs .45% Impacting Margin .42%* .40% .11% Historically 8 to 12 bps .35% .30% Significant improvement after .26% .26% .25% .05% .24% .05% .23% de-risking balance sheet 1Q11 .16% .20% .07% .05% .07% Cost 1Q12 vs. Historical – 11 .15% .07% .13% .12% bps (annual e
Slide 25: Key Drivers of Net Interest Revenue / Margin
Key Drivers of Net Interest Revenue / Margin 25 6.0 5.73 5.62 5.49 5.39 5.39 Positive Impact on Margin 5.0 Loan pricing 4.0 under pressure 3.0 Actively lowering deposit pricing 2.0 1.08 .99 .86 1.0 .70 .60 4.31 4.74 4.76 4.79 4.79 Loan Spreads .0 Loan Yields Average Rate on Interest Bearing Depo
Slide 26: Deposit Pricing, Excluding Brokered Deposits
Deposit Pricing, Excluding Brokered Deposits 26 1.25 1.12 1.00 .89 .75 .62 .61 .50 .46 .44 .39 .36 .32 .30 .32 .25 .26 .22 .24 .17 .00 1Q11 2Q11 3Q11 4Q11 1Q12 CDS MMDA NOW Note – CD pricing reflects the quarter-ending new and renewed yield. MMDA / NOW pricing reflects the deposit yield for each qua
Slide 27: Deposit Mix (total $6.0 billion)
Deposit Mix (total $6.0 billion) 27 (in millions) 1Q12 $5.8B Public Funds 13% Dem and & NOW 52% 29% Tim e >$100k 1Q12 4Q11 1Q11 4Q08 13% Demand / NOW $ 1,722 $ 1,674 $ 1,576 $ 1,457 MMDA / Savings 1,331 1,228 1,149 630 Core Transaction 3,053 2,902 2,725 2,087 Tim e <$100k 20% +151 +328 MMDA & Sav. 2
Slide 28: Core Deposit Growth – Category and Market
Core Deposit Growth – Category and Market 28 (in millions, excluding public) Growth Growth CATEGORY 1Q12 Last 12 Mo MARKET 1Q12 Last 12 Mo Demand $ 107.8 $ 227.6 Atlanta $ 62.3 $ 123.1 MM Accounts 88.2 161.6 North Carolina 30.5 56.8 Savings 15.2 20.5 Coastal Georgia 25.4 31.8 NOW (60.2) (81.3) N. Ge
Slide 29: Fee Revenue - Core
Fee Revenue ‐ Core 29 (in millions) Variance - Incr / (Decr) 1Q12 4Q11 1Q11 NSF & Overdraft Fees $ 3,245 $ (292) $ (265) Debit Card Fees 3,102 133 572 Other Service Charges 1,436 694 756 Total Service Charges and Fees 7,783 535 1,063 Mortgage Loan & Related Fees 2,099 274 605 Brokerage Fees 813 31 1
Slide 30: Operating Expenses - Core
Operating Expenses ‐ Core 30 (in thousands) Variance - Incr / (Decr) 1Q12 4Q11 1Q11 Salaries & Employee Benefits $ 24,765 $ (773) (31) Communications & Equipment 3,155 26 (189) Occupancy 3,771 (201) (303) FDIC Assessment 2,510 (89) (2,903) Advertising & Public Relations 846 (98) (132) Postage, Print
Slide 31: Net Operating Loss
Net Operating Loss 31 (in thousands) 1Q12 4Q11 1Q11 Pre-Tax, Pre-Credit (Core) $ 29,285 $ 26,649 $ 22,114 Provision for Loan Loss (15,000) (14,000) (10,000) Problem Asset Disposition Plan - - (246,219) Foreclosed Property Costs: Write-downs (2,111) (3,892) - Losses on Sales (93) (3,041) - Maintenanc
Slide 32: Net Income (Loss)
Net Income (Loss) 32 (in thousands) 1Q12 4Q11 1Q11 Net Income (Loss) $ 11,528 $ 9,901 $ (237,336) Preferred Stock Dividends (3,030) (3,025) (2,778) Net Income (Loss) Avail to Common Shareholders $ 8,498 $ 6,876 $ (240,114) Net Income (Loss) Per Share $ .15 $ .12 $ (13.00) Tangible Book Value $ 6.54
Slide 33: Capital Ratios
Capital Ratios 33 Well- Minimum Capitalized Guideline MAR '12 DEC '11 MAR '11 Bank Tier 1 RBC 6 % 10 % 13.7 % 13.6 % 12.7 % Total RBC 10 11 15.0 14.9 14.5 Leverage 5 8 9.0 8.8 8.1 Holding Company Tier 1 RBC 6 10 13.7 13.7 7.4 Total RBC 10 11 15.4 15.4 14.9 Leverage 5 8 8.9 8.8 4.8 Tier I Common RBC
Slide 34: Appendix
United [uniteo] Community Banks.
Slide 35: Experienced Proven Leadership
Experienced Proven Leadership 35 Joined Years in UCBI Banking Jimmy Tallent President & CEO 1984 38 Rex Schuette Chief Financial Officer 2001 35 David Shearrow Chief Risk Officer 2007 31 Craig Metz Marketing & Retail Banking 2002 20 Regional Presidents: Bill Gilbert North & Coastal Georgia 2000 36 T
Slide 36: Business and Operating Model
Business and Operating Model 36 “Community bank service, large bank resources” Twenty-seven “community banks” Local CEOs with deep roots in their communities Resources of $7.2 billion bank Service is point of differentiation #1 in Customer Satisfaction according to Customer Service Profiles
Slide 37: Robust Demographics (fast growing markets)
Robust Demographics (fast growing markets) 37 Population Growth (%) Population Actual Projected Markets1 (in thousands) 2000 - 2010 2010 - 2015 North Georgia 394 23 % 7% Atlanta MSA 5,611 32 10 Gainesville MSA 191 37 13 Coastal Georgia 373 11 5 Western North Carolina 429 12 4 East Tennessee 860 14 6
Slide 38: Market Share Opportunities
Market Share Opportunities 38 (excellent growth prospects) Market Deposits United Deposit Markets (in billions) (1) Deposits (2) Banks Offices Share (1) (1) Rank North Georgia $ 6.8 $ 2.0 11 23 33 % 1 Atlanta MSA 45.7 2.1 10 38 4 7 Gainesville MSA 2.5 .3 1 5 14 3 Coastal Georgia 7.0 .4 2 8 6 7 Weste
Slide 39: Leading Demographics
Leading Demographics 39 2010 ‐ 2015 Total Assets Population (1) Rank Ticker Company State ($B) Growth(2) 1 CFR Cullen/Frost Bankers, Inc. TX 20.3 8.38 2 IBOC International Bancshares Corporation TX 11.7 6.99 3 HBHC Hancock Holding Company MS 19.8 6.38 4 PB Prosperity Bancshares, Inc. TX 9.8 6.21 5 F
Slide 40: Proactively Addressing Credit Environment
Proactively Addressing Credit Environment 40 Structure Centralized underwriting and approval process Segregated work‐out teams Highly skilled ORE disposition group Seasoned regional credit professionals Process Continuous external loan review Intensive executive management involvement: o
Slide 41: Lending – Credit Summary
Lending – Credit Summary 41 (in millions) Legal lending limit $158 House lending limit 20 9Project lending limit 12 Top 25 relationships 414 Regional credit review – Standard underwriting
Slide 42: Performing Classified Loans
Performing Classified Loans 42 (in millions) LOANS BY CATEGORY 1Q12 4Q11 3Q11 2Q11 1Q11 Commercial (Sec. by RE): Owner Occupied $ 78 $ 79 $ 69 $ 72 $ 75 Income Producing 56 64 65 46 45 Total Comm (Sec. by RE) 134 143 134 118 120 Commercial & Industrial 17 16 25 17 16 Commercial Construction 23 18 26
Slide 43: Business Mix Loans (at quarter-end)
Business Mix Loans (at quarter‐end) 43 (in millions) 1Q12 vs. LOANS BY CATEGORY 1Q12 4Q11 3Q11 2Q11 1Q11 1Q11 Commercial (Sec. by RE): Owner Occupied $ 1,137 $ 1,111 $ 1,037 $ 1,014 $ 994 $ 143 Income Producing 706 711 734 728 698 8 Total Comm (Sec. by RE) 1,843 1,822 1,771 1,742 1,692 151 Commercia
Slide 44: Loans – Markets Served (at quarter-end)
Loans – Markets Served (at quarter‐end) 44 (in millions) 1Q12 vs. LOANS BY MARKET 1Q12 4Q11 3Q11 2Q11 1Q11 1Q11 North Georgia $ 1,408 $ 1,426 $ 1,478 $ 1,500 $ 1,531 $ (123) Atlanta MSA 1,239 1,220 1,192 1,188 1,179 60 North Carolina 588 597 607 626 640 (52) Coastal Georgia 366 346 316 325 312 54 Ea
Slide 45: Residential Construction – North Georgia
Residential Construction – North Georgia 45 (in millions) 1Q12 vs. 1Q12 4Q11 3Q11 2Q11 1Q11 1Q11 Land Loans Developing Land $ 44 $ 44 $ 51 $ 58 $ 62 $ (18) Raw Land 26 26 25 25 27 (1) Lot Loans 112 118 124 129 131 (19) Total 182 188 200 212 220 (38) Construction Loans Spec 12 12 15 18 25 (13) Sold 1
Slide 46: Residential Construction – Atlanta MSA
Residential Construction – Atlanta MSA 46 (in millions) 1Q12 vs. 1Q12 4Q11 3Q11 2Q11 1Q11 1Q11 Land Loans Developing Land $ 17 $ 17 $ 19 $ 20 $ 22 $ (5) Raw Land 13 14 15 16 19 (6) Lot Loans 22 22 22 22 24 (2) Total 52 53 56 58 65 (13) Construction Loans Spec 27 27 28 30 34 (7) Sold 7 6 8 9 11 (4) T
Slide 47: Business Mix Loans (at year-end)
Business Mix Loans (at year‐end) 47 (in millions) 2011 2010 2009 2008 2007 LOANS BY CATEGORY Commercial (Sec. by RE) $ 1,822 $ 1,761 $ 1,779 $ 1,627 $ 1,476 Commercial & Industrial 428 441 390 410 418 Commercial Construction 164 297 363 500 527 Total Commercial 2,414 2,499 2,532 2,537 2,421 Resident
Slide 48: Loans – Markets Served (at year-end)
Loans – Markets Served (at year‐end) 48 (in millions) LOANS BY MARKET 2011 2010 2009 2008 2007 North Georgia $ 1,426 $ 1,689 $ 1,884 $ 2,040 $ 2,060 Atlanta MSA 1,220 1,310 1,435 1,706 2,002 North Carolina 597 702 772 810 806 Coastal Georgia 346 335 405 464 416 Gainesville MSA 265 312 390 420 399 Ea
Slide 49: NPAs by Loan Category, Market, and Activity
NPAs by Loan Category, Market, and Activity 49 (1) Credit Quality First Quarter 2012 Fourth Quarter 2011 Third Quarter 2011 Non-performing Foreclosed Total Non-performing Foreclosed Total Non-performing Foreclosed Total (in thousands) Loans Properties NPAs Loans Properties NPAs Loans Properties NPAs
Slide 50: Net Charge-offs by Category and Market
Net Charge‐offs by Category and Market 50 (1) Credit Quality First Quarter 2012 Fourth Quarter 2011 Third Quarter 2011 Net Charge- Net Charge- Net Charge- Offs to Offs to Offs to Net Average Net Average Net Average (2) (2) (2) (in thousands) Charge-Offs Loans Charge-Offs Loans Charge-Offs Loans NET
Slide 51: Net Charge-offs by Category and Market – Asset Disposition Plan
Net Charge‐offs by Category and Market 51 Asset Disposition Plan as of March 31, 2011 Credit Quality - Net Charge-Offs First Quarter 2011 (1) Asset Disposition Plan Bulk Loan Sale (2) First Quarter Performing Nonperforming Other Bulk Loan Foreclosure Other Net 2011 Net Charge- (in thousands) Loans L
Slide 52: Credit Quality – Bulk Loan Sale Summary
Credit Quality – Bulk Loan Sale Summary 52 as of March 31, 2011 Credit Quality - Bulk Loan Sale Summary (1) Performing Loans Nonperforming Loans Total Loans Carrying Charge- Loans Held Carrying Charge- Loans Held Carrying Charge- Loans Held (in thousands) Amount (2) Offs (3) for Sale (4) Amount (2)
Slide 53: Loans / Deposits – Liquidity
Loans / Deposits – Liquidity 53 (in millions) Variance 1Q12 4Q11 1Q11 vs 4Q11 vs 1Q11 Loans $ 4,128 $ 4,110 $ 4,194 $ 18 $ (66) Core (DDA, MMDA, Savings) $ 3,053 $ 2,902 $ 2,725 $ 151 $ 328 Public Funds 820 884 672 (64) 148 CD's 1,960 2,133 2,516 (173) (556) Total Deposits (excl Brokered) $ 5,833 $
Slide 54: Wholesale Borrowings - Liquidity
Wholesale Borrowings ‐ Liquidity 54 (in millions) Unused Variance Capacity 1Q12 4Q11 1Q11 vs 4Q11 vs 1Q11 Wholesale Borrowings (1) Brokered Deposits $ 1,625 $ 168 $ 179 $ 685 $ (11) $ (517) FHLB 715 215 41 55 174 160 Fed Funds 50 - - - - - Other Wholesale 468 102 103 102 (1) - Total $ 2,858 $ 485 $
Slide 55: Business Mix – Deposits (at quarter-end)
Business Mix – Deposits (at quarter‐end) 55 (in millions) 1Q12 vs. DEPOSITS BY CATEGORY 1Q12 4Q11 3Q11 2Q11 1Q11 1Q11 Demand & Now $ 1,722 $ 1,674 $ 1,686 $ 1,620 $ 1,576 $ 146 MMDA & Savings 1,331 1,228 1,220 1,174 1,149 182 Core Transaction Deposits 3,053 2,902 2,906 2,794 2,725 328 Time < $100,00
Slide 56: Core Transaction Deposits
Core Transaction Deposits 56 Geographic Diversity 1Q 11 1Q 12 Core Transactions / Total Deposits (%) $ in millions 1Q12 1Q11 Eastern Tennessee $149 Atlanta MSA 55.0 % 49.8 % $174 North Georgia 46.2 40.7 Gainesville MSA $173 North Carolina 55.5 48.3 $188 Gainesville MSA 58.4 50.7 Coastal Georgia $165
Slide 57: Non-GAAP Reconciliation Tables
Non‐GAAP Reconciliation Tables 57 (in thousands except EPS) Operating Earnings to GAAP Earnings Reconciliation 1Q12 4Q11 1Q11 Core net interest revenue reconciliation Core net interest revenue $ 58,864 $ 59,050 $ 58,406 Interest reversed on performing lonas included in Bulk Loan Sale $ - $ - $ (2,01
Slide 58: Non-GAAP Reconciliation Tables
Non‐GAAP Reconciliation Tables 58 Operating Earnings to GAAP Earnings Reconciliation 1Q12 4Q11 1Q11 Net interest margin - pre credit reconciliation Net interest margin - pre credit 3.76 % 3.77 % 3.84 % Effect of interest reversals, lost interest, and carry costs of NPAs (.23) (.26) (.43) Net interes
Slide 59: Analyst Coverage
Analyst Coverage ® FIG Partners (Market Perform - Mar 22, 2012) ™ Guggenheim Securities, LLC (Neutral - Jan 27, 2012) ™ Keefe, Bruyette & Woods (Market Perform - Jan 26, 2012) ™ Macquarie Capital (USA) (Neutral - Jan 25, 2012) ™ Raymond James & Assoc. (Market Perform - Jan 27, 2012) ™ Sandler O'Neil
Slide 60: United Community Banks, Inc.
60 United Community Banks, Inc. Investor Presentation First Quarter 2012 Copyright 2012 United Community Banks, Inc. All rights reserved.
United Community Banks — Q1 2012 Earnings Presentation on 6ix