Profile: United Community Banks Inc (UCBI.O)
United Community Banks, Inc. (United), incorporated on October 21, 1987, is a bank holding company. United conducts its operations through a community-focused operating model of separate community banks, which, as of December 31, 2016, operated at 139 locations throughout the Atlanta-Sandy Springs-Roswell, Georgia, and Gainesville, Georgia metropolitan statistical areas, upstate and coastal South Carolina, north and coastal Georgia, western North Carolina, and east Tennessee. The community banks offer a range of retail and corporate banking services, including checking, savings and time deposit accounts, secured and unsecured loans, wire transfers, brokerage services and other financial services. The Company operates through its subsidiary, United Community Bank, Blairsville, Georgia (the Bank) and Four Oaks Bank & Trust Company. The Company is also engaged in the sale of non-deposit investment products.
The Bank offers both secured and unsecured loans to individuals and businesses. Its secured loans include first and second real estate mortgage loans and commercial loans secured by non-real estate assets. The Bank also offers direct installment loans to consumers on both a secured and unsecured basis. It offers commercial real estate-owner occupied, commercial real estate-income producing, commercial and industrial, commercial construction, residential mortgage, home equity lines of credit, residential construction, consumer installment and indirect auto loans, among others. As of December 31, 2016, its total loans were $6.92 billion.
United classifies its securities in one of three categories: trading, securities held-to-maturity or securities available-for-sale. Its available-for-sale securities include the United States Treasuries, the United States Government agencies, State and political subdivisions, Corporate bonds, Asset-backed securities and Other securities. Its held-to-maturity securities include state and political subdivisions, and other securities. As of December 31, 2016, United had securities held-to-maturity with a carrying value of $330 million and securities available-for-sale totaled $2.43 billion.
Sources of Funds
The Bank's primary sources of funds include deposits and borrowings. Its deposits include customer deposits, time deposits and brokered deposits. Its total customer deposits, excluding brokered deposits, as of December 31, 2016 were $8.31 billion. Its total core deposits, such as demand, negotiable order of withdrawal (NOW), money market and savings deposits totaled $7.77 billion, as of December 31, 2016. Its total time deposits, excluding brokered deposits, as of December 31, 2016 were $1.29 billion. Its brokered deposits totaled $327 million, as of December 31, 2016. The Bank also invests in Federal Home Loan Bank of Atlanta (FHLB). FHLB secured advances totaled $709 million, as of December 31, 2016.
The Bank, through its full-service retail mortgage lending division, United Community Mortgage Services (UCMS), is approved as a seller/servicer for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and provides fixed and adjustable-rate home mortgages. The Bank owns an insurance agency, United Community Insurance Services, Inc. (UCIS), known as United Community Advisory Services, which is a subsidiary of the Bank. United also owns a captive insurance subsidiary, United Community Risk Management Services, Inc. (UCRMSI) that provides risk management services for United's subsidiaries. Another Bank subsidiary, United Community Payment Systems, LLC (UCPS), provides payment processing services for the Bank's commercial and small business customers. UCPS is a joint venture with Security Card Services, LLC, which is a merchant services provider.
United Community Banks Inc
59 Highway 515,
PO Box 398
BLAIRSVILLE GA 30512-3569