United Community Banks, Inc. · NYSE:UCB
United Community Banks — Q4 2011 Earnings Presentation
62 slides from United Community Banks's earnings presentation, Jan 26, 2012
Slide 1: United Community Banks, Inc. Investor Presentation Fourth Quarter 2011
United Community Banks, Inc. Investor Presentation Fourth Quarter 2011 Jimmy C. Tallent Rex S. Schuette David P. Shearrow President & CEO EVP & CFO EVP & CRO rex_schuette@ucbi.com (706) 781-2266 1
Slide 2: Cautionary Statement
Cautionary Statement 2 This presentation contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance. Such performance i
Slide 3: Non-GAAP Measures
Non-GAAP Measures 3 This presentation also contains non-GAAP 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, c
Slide 4: Highlights
Highlights Fourth Quarter 4 Net Income of $9.9 Million, or 12 Cents per Share Second quarterly profit in 2011 Loan Growth Flat First time since March 2008 Strong Core Deposit Growth Nonperforming Assets Decline to $160 Million, or 2.3% of Assets 4
Slide 5: Loan Portfolio & Credit Quality
LOAN PORTFOLIO & CREDIT 5 QUALITY 5
Slide 6: Loan Portfolio (total $4.11 billion)
Loan Portfolio (total $4.11 billion) 6 Geographic Diversity $.45B $ in millions Residential Construction $1.14B .11B 11% Residential Installment Mortgage 3% 28% $2.41B Commercial 58% 6
Slide 7: Commercial Loans (total $2.41 billion)
Commercial Loans (total $2.41 billion) 7 $.16B Geographic Diversity Comm Const $ in millions 7% $.43B C & I 18% $1.11B Owner Occupied 46% $.71B Income Producing 29% Avg Loan Size (,000) $700 $600 610 $500 $400 449 420 $300 $200 $100 84 $0 Owner Income C & I Comm Occupied Producing Constr 7
Slide 8: Commercial Real Estate (by loan type)
Commercial Real Estate (by loan type) 8 (in millions) December 31, 2011 Portfolio Characteristics Owner Income Loan Type Occupied Producing Total Percent Office Buildings $ 285 $ 211 $ 496 27 % 61% owner-occupied Retail 120 145 265 15 Small Warehouses/Storage 115 78 193 11 Multi-Residential Properti
Slide 9: Commercial Construction (by loan type)
Commercial Construction (by loan type) 9 (in millions) December 31, 2011 Loan Type Amount Percent Land Develop - Vacant (Improved) $ 65 39 % Portfolio Characteristics Raw Land - Vacant (Unimproved) 57 35 Commercial Land Development 25 15 Average loan size: $449k Golf Course/Country Club 6 4 Office B
Slide 10: Residential Mortgage (total $1.14 billion)
Residential Mortgage (total $1.14 billion) 10 Geographic Diversity $.30B Home Equity $ in millions 26% Avg loan size: $44k $.84B Mortgage Avg loan 74% size: $72k Origination Characteristics No broker loans Policy Max LTV: 80-85% 53.8% of HE Primary Lien 10
Slide 11: Residential Construction (total $.45 billion)
Residential Construction (total $.45 billion) 11 Geographic Diversity a L d n $ in millions Developing o C s n r u t t i c n o Average Loan Size Spec $223k Develop $619k Sold $132k Raw Land $150k Lot $88k 11
Slide 12: Residential Construction – Total Company
Residential Construction – Total Company 12 4Q11 vs. (in millions) 4Q11 3Q11 2Q11 1Q11 4Q10 4Q10 Land Loans Developing Land $ 88 $ 97 $ 105 $ 116 $ 174 $ (86) Raw Land 61 60 62 69 99 (38) Lot Loans 207 216 218 228 275 (68) Total 356 373 385 413 548 (192) Construction Loans Spec 59 64 74 88 97 (38) S
Slide 13: New Loans Funded – Category and Market
New Loans Funded – Category and Market 13 (in millions) 2011 2011 CATEGORY 4Q YTD MARKET 4Q YTD Commercial RE: Atlanta $ 56.1 $ 138.4 Owner Occupied $ 54.1 $ 146.8 N. Georgia 30.0 113.3 Income Producing 24.1 66.1 Coastal Georgia 35.6 73.0 Total Commercial RE 78.2 212.9 North Carolina 7.2 25.2 Commer
Slide 14: New Loan Commitments – Category and Market
New Loan Commitments – Category and Market 14 (in millions) 2011 2011 CATEGORY 4Q YTD MARKET 4Q YTD Commercial RE: Atlanta $ 69.3 $ 206.5 Owner Occupied $ 56.7 $ 152.1 N. Georgia 40.0 155.2 Income Producing 25.4 72.7 Coastal Georgia 38.1 81.3 Total Commercial RE 82.1 224.8 North Carolina 10.1 38.8 C
Slide 15: Credit Quality
Credit Quality 15 (in millions) 4Q11 3Q11 2Q11 1Q11 4Q10 Operating Net Charge-offs (1) $ 20.6 $ 17.5 $ 16.5 $ 231.6 $ 47.7 a % of Average Loans (1) 1.99 % 1.68 % 1.58 % 20.71 % 4.03 % Allowance for Loan Losses $ 114.5 $ 146.1 $ 127.6 $ 133.1 $ 174.7 as % of Total Loans 2.79 % 3.55 % 3.07 % 3.17 % 3.
Slide 16: NPL Inflow Trends
NPL Inflow Trends 16 Quarterly NPL Inflows Since 2009 ($mm) $193.3 76.4% $200.0 $174.8 $177.7 $174.9 Decline $155.0 from Peak $139.0 $150.0 $119.8 $103.4 $100.0 $81.0 $54.7 $45.7 $50.0 $35.9 $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 Construction Co
Slide 17: Net Charge-offs by Loan Category
Net Charge‐offs by Loan Category 17 (in thousands) 4Q11 (1) % of Average Loans (Annualized) % of Avg Total Loans 3Q11 2Q11 (2) 1Q11 (2) Commercial (Sec. by RE): Owner Occupied $ 3,019 1.16 % .34 % .89 % .89 % Income Producing 1,042 .57 .71 1.54 .33 Total Comm (Sec. by RE) 4,061 .90 .50 1.16 .65 Comm
Slide 18: Net Charge-offs by Market
Net Charge‐offs by Market 18 (in thousands) 4Q11 (1) % of Average Loans (Annualized) % of Avg Total Loans 3Q11 2Q11 (2) 1Q11 (2) Atlanta MSA $ 4,195 1.37 % .94 % 1.66 % 1.04 % Gainesville MSA 2,572 3.84 2.64 3.73 1.32 North Georgia 9,970 2.70 2.16 2.71 2.06 Western North Carolina 3,180 2.10 2.31 2.6
Slide 19: NPAs by Loan Category and Market
NPAs by Loan Category and Market 19 (in thousands) 4Q11 4Q11 NPLs OREO Total NPAs NPLs OREO Total NPAs LOAN CATEGORY MARKETS Commercial (sec. by RE): Atlanta MSA $ 14,480 $ 6,169 $ 20,649 Owner Occupied $ 15,490 $ 6,931 $ 22,189 Gainesville MSA 2,069 3,760 5,829 Income Producing 11,832 2,814 14,621
Slide 20: Financial Review
Financial Review ~~ UNITED a Py United
Slide 21: Core Earnings Summary
Core Earnings Summary 21 (In Thousands) Variance - Incr / (Decr) 4Q11 3Q11 4Q10 Net Interest Revenue $ 59,050 $ (231) $ (1,082) Fee Revenue 11,442 133 294 Gross Revenue 70,492 (98) (788) Operating Expense (Excl OREO) 43,843 (250) (261) Pre-Tax, Pre-Credit (Core) $ 26,649 $ 152 $ (527) Net Interest M
Slide 22: Net Interest Margin
Net Interest Margin 22 NIM Characteristics 4.50% 4.48% • Margin changes 4.05% 3.87% 3.84% 3.81% 3.71% -4 bps vs. 3Q11 -7 bps vs. 4Q10 • Lowered Core and CD Deposit Pricing • Loan Pricing at risk • 4Q Excess liquidity –lowered Margin by 67 bps NIM and 66 bps in Q3 NIM – Core Credit (1)(2) (1) Exclude
Slide 23: Margin – Credit Costs
Margin – Credit Costs 23 Credit Costs Impacting Margin .50% .47% .46%* .45% .11% .11% Historically 8 to 12 bps .40% .35% .30% .30% Significant improvement with .29% .30% de-risking balance sheet first .19% .16% .05% .05% .25% .07% quarter .07% .20% .07% .13% .15% Cost 4Q11 vs. Historical – 18
Slide 24: Key Drivers of Net Interest Revenue / Margin
Key Drivers of Net Interest Revenue / Margin 24 Positive Impact on Margin Holding loan pricing flat Actively lowering deposit pricing 4.35 4.31 4.74 4.76 4.79 Loan Pricing Spreads 24
Slide 25: Deposit Pricing, Excluding Brokered Deposits
Deposit Pricing, Excluding Brokered Deposits 25 1.25 1.16 1.12 1.00 .93 .89 .75 .62 .61 .46 .50 .46 .44 .39 .32 .36 .26 .30 .25 .22 .00 CDs MMDA NOW Note – CD pricing reflects the quarter-ending new and renewed yield. MMDA / NOW pricing reflects the deposit yield for each quarter 25
Slide 26: Deposit Mix (total $6.1 billion)
Deposit Mix (total $6.1 billion) 26 4Q11 Brokered ($ in millions) $6.1B 3% Public Funds 14% Demand & 48% NOW 4Q11 3Q11 4Q10 4Q08 28% Demand / NOW $ 1,674 $ 1,686 $ 1,573 $ 1,457 Time >$100k 13% MMDA / Savings 1,228 1,220 1,063 630 Core Transaction 2,902 2,906 2,636 2,087 -4 +266 Time <$100k MMDA & S
Slide 27: Core Deposit Growth – Category and Market
Core Deposit Growth – Category and Market 27 (in millions, excluding public) 2011 2011 CATEGORY 4Q YTD MARKET 4Q YTD Demand $ 8.8 $ 185.7 Atlanta $ 10.2 $ 102.4 MM Accounts 8.7 149.8 N. Georgia (12.8) 80.8 Savings (1.3) 14.9 North Carolina (3.6) 27.4 NOW (20.1) (84.1) Tennessee 1.6 20.7 Total Catego
Slide 28: Fee Revenue - Core
Fee Revenue - Core 28 (In Thousands) Variance - Incr / (Decr) 4Q11 3Q11 4Q10 NSF & Overdraft Fees $ 3,537 $ (4) $ (295) ATM Fees 2,969 (333) 434 Other Service Charges 742 51 70 Total Service Charges and Fees 7,248 (286) 209 M ortgage Loan & Related Fees 1,825 677 (43) Brokerage Fees 782 (54) 4 Other
Slide 29: Operating Expenses - Core
Operating Expenses - Core 29 (In Thousands) Variance - Incr / (Decr) 4Q11 3Q11 4Q10 Salaries & Employee Benefits $ 25,538 $ (110) 1,973 Communications & Equipment 3,129 (155) (248) Occupancy 3,972 178 (52) FDIC Assessment 2,599 (4) (700) Advertising & Public Relations 944 (108) (158) Postage, Printi
Slide 30: Net Operating Loss
Net Operating Loss 30 (In Thousands) 4Q11 3Q11 4Q10 Pre-Tax, Pre-Credit (Core) $ 26,649 $ 26,497 $ 27,176 Provision for Loan Loss (14,000) (36,000) (47,750) Foreclosed Property Costs: Write-downs (3,892) (1,772) (8,031) Gains (Losses) on Sales (3,041) 804 (7,818) Maintenance, Taxes, Etc. (2,369) (1,
Slide 31: Net Income (Loss)
Net Income (Loss) 31 (In Thousands) 4Q11 3Q11 4Q10 Net Income (Loss) $ 9,901 $ (11,339) $ (173,104) Preferred Stock Dividends (3,025) (3,019) (2,586) Net Income (Loss) Avail to Common Shareholders $ 6,876 $ (14,358) $ (175,690) Net Income (Loss) Per Share $ .12 $ (.25) $ (9.25) Tangible Book Value $
Slide 32: Capital Ratios
Capital Ratios 32 Well- Minimum Capitalized Guideline DEC '11 SEP '11 JUN '11 Bank Tier 1 RBC 6 % 10 % 13.6 % 13.5 % 13.3 % Total RBC 10 11 14.8 14.8 15.1 Leverage 5 8 8.8 8.7 8.4 Holding Company Tier 1 RBC 6 10 13.6 13.8 13.6 Total RBC 10 11 15.4 15.6 16.2 Leverage 5 8 8.8 8.8 8.5 Tier I Common RBC
Slide 33: United
U UNITED a fy United
Slide 34: United at a Glance
United at a Glance 34 Assets $7.0 Billion Banks 27 Deposits $6.1 Billion Offices 106 34
Slide 35: Experienced Proven Leadership
Experienced Proven Leadership 35 Joined Years in UCBI Banking Jimmy Tallent President & CEO 1984 37 Rex Schuette Chief Financial Officer 2001 34 David Shearrow Chief Risk Officer 2007 30 Craig Metz Marketing & Retail Banking 2002 19 Regional Presidents: Bill Gilbert North & Coastal Georgia 2000 35 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 $7.0 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 Markets 1 (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
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) Rank (1) North Georgia $ 6.8 $ 2.0 11 23 33 % 1 Atlanta MSA 48.2 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 Total Assets 2010 - 2015 Population Rank Ticker Company (1) State ($ B) Growth (2) 1 CFR Cullen/Frost Bankers, Inc. TX $19.5 9.07% 2 WAL Western Alliance Bancorporation AZ 6.5 7.60 3 FCNCA First Citizens Bancshares, Inc. NC 21.0 7.41 4 GBCI Glacier Bancorp, Inc. MT 7.0 7.19 5
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: Performing Classified Loans
Performing Classified Loans 41 (in millions) 4Q11 3Q11 2Q11 1Q11 4Q10 LOANS BY CATEGORY Commercial (Sec. by RE): Owner Occupied $ 79 $ 69 $ 72 $ 75 $ 86 Income Producing 64 65 46 45 71 Total Comm (Sec. by RE) 143 134 118 120 157 Commercial Construction 18 26 31 35 90 Commercial & Industrial 16 25 17
Slide 42: Business Mix Loans (at quarter-end)
Business Mix Loans (at quarter-end) 42 4Q11 vs. (in millions) 4Q11 3Q11 2Q11 1Q11 4Q10 4Q10 LOANS BY CATEGORY Commercial (Sec. by RE): Owner Occupied $ 1,111 $ 1,037 $ 1,014 $ 994 $ 980 $ 131 Income Producing 711 734 728 698 781 (70) Total Comm (Sec. by RE) 1,822 1,771 1,742 1,692 1,761 61 Commercia
Slide 43: Loans – Markets Served (at quarter-end)
Loans – Markets Served (at quarter-end) 43 4Q11 vs. (in millions) 4Q11 3Q11 2Q11 1Q11 4Q10 4Q10 LOANS BY MARKET Atlanta MSA $ 1,220 $ 1,192 $ 1,188 $ 1,179 $ 1,310 $ (90) Gainesville MSA 265 272 275 282 312 (47) North Georgia 1,426 1,478 1,500 1,531 1,689 (263) Western North Carolina 597 607 626 640
Slide 44: Residential Construction – North Georgia
Residential Construction – North Georgia 44 4Q11 vs. (in millions) 4Q11 3Q11 2Q11 1Q11 4Q10 4Q10 Land Loans Developing Land $ 44 $ 51 $ 58 $ 62 $ 88 $ (44) Raw Land 26 25 25 27 40 (14) Lot Loans 118 124 129 131 159 (41) Total 188 200 212 220 287 (99) Construction Loans Spec 12 15 18 25 31 (19) Sold
Slide 45: Residential Construction – Atlanta MSA
Residential Construction – Atlanta MSA 45 4Q11 vs. (in millions) 4Q11 3Q11 2Q11 1Q11 4Q10 4Q10 Land Loans Developing Land $ 17 $ 19 $ 20 $ 22 $ 30 $ (13) Raw Land 14 15 16 19 23 (9) Lot Loans 22 22 22 24 32 (10) Total 53 56 58 65 85 (32) Construction Loans Spec 27 28 30 34 38 (11) Sold 6 8 9 11 10 (
Slide 46: Business Mix Loans (at year-end)
Business Mix Loans (at year-end) 46 (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 Construction 164 297 363 500 527 Commercial & Industrial 428 441 390 410 418 Total Commercial 2,414 2,499 2,532 2,537 2,421 Resident
Slide 47: Loans – Markets Served (at year-end)
Loans – Markets Served (at year-end) 47 (in millions) 2011 2010 2009 2008 2007 LOANS BY MARKET Atlanta MSA $ 1,220 $ 1,310 $ 1,435 $ 1,706 $ 2,002 Gainesville MSA 265 312 390 420 399 North Georgia 1,426 1,689 1,884 2,040 2,060 Western North Carolina 597 702 772 810 806 Coastal Georgia 346 335 405 46
Slide 48: Lending – Credit Summary
Lending – Credit Summary 48 (in millions) Legal lending limit $156 House lending limit 20 Project lending limit 12 Top 25 relationships 414 Regional credit review – Standard underwriting 48
Slide 49: NPAs by Loan Category, Market, and Activity
NPAs by Loan Category, Market, and Activity 49 Credit Quality (1) Fourth Quarter 2011 Third Quarter 2011 Second Quarter 2011 Non-performing Foreclosed Total Non-performing Foreclosed Total Non-performing Foreclosed Total (in thousands) Loans Properties NPAs Loans Properties NPAs Loans Properties NPA
Slide 50: Net Charge-offs by Category and Market
Net Charge-offs by Category and Market 50 Credit Quality (1) Fourth Quarter 2011 Third Quarter 2011 Second Quarter 2011 (2) Net Charge- Net Charge- Net Charge-Offs to Offs to Offs to Net Average Net Average Net Average (in thousands) Charge-Offs Loans (3) Charge-Offs Loans (3) Charge-Offs Loans (3)
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 4Q11 3Q11 4Q10 vs 3Q11 vs 4Q10 Loans $ 4,110 $ 4,110 $ 4,604 $ - $ (494) Core (DDA, MMDA, Savings) $ 2,902 $ 2,906 $ 2,636 $ (4) $ 266 Public Funds 884 635 725 249 159 CD's 2,133 2,254 2,431 (121) (298) Total Deposits (excl Brokered) $ 5,919 $ 5
Slide 54: Wholesale Borrowings - Liquidity
Wholesale Borrowings - Liquidity 54 (in millions) Unused Variance Capacity 4Q11 3Q11 4Q10 vs 3Q11 vs 4Q10 Wholesale Borrowings Brokered Deposits $ 1,567 $ 179 $ 210 $ 677 $ (31) $ (498) FHLB 1,058 41 41 55 - (14) Fed Funds 50 - - - - -Other Wholesale 453 103 103 101 - 2 Total $ 3,128 $ 323 $ 354 $ 8
Slide 55: Business Mix – Deposits (at quarter-end)
Business Mix – Deposits (at quarter-end) 55 (in millions) 4Q11 vs. DEPOSITS BY CATEGORY 4Q11 3Q11 2Q11 1Q11 4Q10 4Q10 Demand & Now $ 1,674 $ 1,686 $ 1,620 $ 1,576 $ 1,573 $ 101 MMDA & Savings 1,228 1,220 1,174 1,149 1,063 165 Core Transaction Deposits 2,902 2,906 2,794 2,725 2,636 266 Time < $100,00
Slide 56: Core Transaction Deposits
Core Transaction Deposits 56 Geographic Diversity 4Q 10 4Q 11 Core Transactions / Total Deposits (%) $ in millions 4Q11 4Q10 Eastern Tennessee Atlanta MSA 51.0 % 50.3 % North Georgia 44.0 39.5 Coastal Georgia Western NC 52.9 48.2 Gainesville MSA 56.8 51.2 Gainesville MSA Coastal GA 43.2 39.5 Western
Slide 57: NPA Sale in 2Q10
NPA Sale in 2Q10 57 Sold $103 Million NPA’s – With a $65 Million Capital Option and Warrant Completed sale on April 30, 2010 Accelerates disposition of the more illiquid assets CATEGORY (in millions) MARKETS (in millions) Commercial $ 29.4 Atlanta $ 10.7 Commercial Construction 11.3 Gainesville
Slide 58: NPA Sale – Fair Value Accounting
NPA Sale – Fair Value Accounting 2Q10 58 Fair Value Accounting – Warrant / Option to Purchase Equity Increase to Capital Surplus - $39.8 million Pre-tax expense charge - $45.3 million; after-tax cost - $30.0 million GAAP Capital +$9.8million – Slight Negative to “Regulatory Capital” (DTA) (in
Slide 59: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables 59 (in thousands except EPS) Operating Earnings to GAAP Earnings Reconciliation 4Q11 3Q11 4Q10 Core net interest revenue reconciliation Core net interest revenue $ 59,050 $ 59,281 $ 60,132 Taxable equivalent adjustment (423) (420) (497) Net interest revenue (GAAP) $ 58
Slide 60: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables 60 Operating Earnings to GAAP Earnings Reconciliation 4Q11 3Q11 4Q10 Net interest margin - pre credit reconciliation Net interest margin - pre credit 3.81 % 3.84 % 4.05 % Effect of interest reversals, lost interest, and carry costs of NPAs (.30) (.29) (.47) Net interes
Slide 61: Analyst Coverage
Analyst Coverage 61 FBR Capital Raymond James & Assoc. (Market Perform - Jul 28, 2011) (Market Perform - Oct 31, 2011) FIG Partners Sandler O'Neill & Partners (Market Perform - Jan 6, 2012) (Hold, Jan 6, 2012) Guggenheim Securities, LLC Stephens, Inc. (Neutral - Jan 6, 2012) (Equal Weight - Jan 23,
Slide 62: United Community Banks, Inc. Fourth Quarter 2011
62 United Community Banks, Inc. Investor Presentation Fourth Quarter 2011 Copyright 2012 United Community Banks, Inc. All rights reserved.
United Community Banks — Q4 2011 Earnings Presentation on 6ix