UNITED COMMUNITY BANKS INC
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
UCB$36.99+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0000857855-25-000131
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0000857855-25-000164
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 123 previous paragraphs and 128 current paragraphs.
84 unchanged; 32 reworded; 12 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
On September 15, 2025, we redeemed all outstanding shares of our Series I preferred stock, which had a carrying value of $88.3 million. The redemption reflects our ongoing capital management strategy.
Current report
Net income - operating and diluted earnings per common share - operating for the third quarter of 2025 were $94.2 million and $0.75, respectively, compared to $70.5 million and $0.57, respectively, for the third quarter of 2024. For the nine months ended September 30, 2025, we reported net income - operating and diluted earnings per common share - operating of $249 million and $2.00, respectively, compared to $206 million and $1.67, respectively, for the same periods of 2024. Net income - operating for the periods of 2025 excludes merger-related and other charges, while the periods of 2024 also exclude additional items, notably the loss on the sale of the manufactured housing loans of $27.2 million discussed above. See Table 1 of MD&A for the Non-GAAP Performance Measures Reconciliation for further detail.
Current report
Noninterest income of $43.2 million and $114 million for the third quarter and first nine months of 2025 increased by $35.1 million and $29.3 million, respectively, compared to the same periods of 2024. The periods of 2024 included a $27.2 million loss on the manufactured housing loan portfolio sale. In addition, the third quarter of 2025 included more favorable fair value adjustments to our mortgage servicing asset, which resulted in a $3.00 million increase in mortgage loan gains and related fees compared to the third quarter of 2024.
Current report
Noninterest expense of $151 million and $440 million in the third quarter and first nine months of 2025 were up 5% and 1%, respectively, compared to the same periods of 2024. Salaries and employee benefits expense contributed to much of the increase for the three and nine months of 2025, reflecting the acquisition of ANB and annual merit increases as well as higher incentive compensation reflecting improvement in financial performance. The increase for the nine months ended September 30, 2025 was partially offset by a decrease in other noninterest expense as the comparable period of 2024 included a $5.10 million goodwill write-down related to the sale of FinTrust.
Current report
For the nine months ended:
Current report
For the Nine Months Ended September 30,
Current report
The change in gains on sales of other loans for the three and nine months ended September 30, 2025 was primarily driven by the periods of 2024 including a $27.2 million loss on the sale of substantially all of our manufactured housing portfolio.
Current report
The increase in BOLI earnings during the third quarter of 2025 was driven by higher death benefits received during the period compared to the third quarter of 2024.
Current report
We recorded provisions for credit losses of $7.91 million and $35.1 million for the three and nine months ended September 30, 2025, compared to $14.4 million and $39.6 million for the same periods of 2024. The provision expense for the three and nine months ended September 30, 2025 reflected the partial release of the 2024 Hurricane Helene reserve of $2.54 million and $7.92 million, respectively. In addition, provision expense for the nine months ended September 30, 2025 included $2.49 million for ANB’s non-PCD loans and unfunded commitments. The three and nine months ended September 30, 2024 included $9.89 million of provision expense related to the establishment of the Hurricane Helene reserve.
Current report
The increase in salaries and employee benefits for the third quarter and first nine months of 2025 compared to the same periods of 2024 was mostly driven by annual merit increases that went into effect on April 1, 2025, higher performance-related incentive compensation and the addition of ANB employees on May 1, 2025.
Current report
The following table provides industry concentrations of our non-owner occupied CRE loans, which include the income producing CRE portfolio and non-owner occupied commercial construction loans as of the dates indicated.
Current report
Table 9 - Industry Concentrations of Non-Owner Occupied CRE Loans
Removed paragraphs (7)
Previous report
Noninterest income of $34.7 million and $70.4 million for the second quarter and first half of 2025 decreased by $1.85 million and $5.78 million, respectively, compared to the same periods of 2024. The decrease was mostly driven by negative fair value adjustments to our mortgage servicing asset and a decrease in wealth management fees. The decrease in wealth management fees is reflective of the decrease in assets under management following the sale of FinTrust in the fourth quarter of 2024.
Previous report
Noninterest expense of $148 million and $289 million in the second quarter and first six months of 2025 were relatively consistent with the expense reported for the comparative periods of 2024. The three and six months of 2025 included ANB merger-related expense and higher communications and equipment expense, while the comparative periods of 2024 included a $5.10 million goodwill write-down related to the sale of FinTrust.
Previous report
For the six months ended:
Previous report
For the Six Months Ended June 30,
Previous report
The increase in outside services - electronic banking reflects both volume-based cost increases and enhancements to our digital banking solutions.
Previous report
The following table provides a disaggregation of our income producing CRE portfolio as of June 30, 2025 and December 31, 2024.
Previous report
Table 9 - CRE - Income Producing Portfolio Composition
Reworded paragraphs (32)
Previous wording
The following is a discussion of our financial condition at June 30, 2025 and December 31, 2024 and our results of operations for the three and six months ended June 30, 2025 and 2024. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. The following discussion and analysis should be read along with our consolidated financial statements and related notes included in Part I - Item 1 of this Report, “Cautionary Note Regarding Forward-Looking Statements” and the risk factors discussed in our 2024 10-K and the other reports we have filed with the SEC after we filed the 2024 10-K.
Current wording
The following is a discussion of our financial condition at September 30, 2025 and December 31, 2024 and our results of operations for the three and nine months ended September 30, 2025 and 2024. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. The following discussion and analysis should be read along with our consolidated financial statements and related notes included in Part I - Item 1 of this Report, “Cautionary Note Regarding Forward-Looking Statements” and the risk factors discussed in our 2024 10-K and the other reports we have filed with the SEC after we filed the 2024 10-K.
Previous wording
We offer a wide array of commercial and consumer banking services and investment advisory solutions through a network of 200 banking offices in Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama. Our equipment finance and SBA/USDA lending businesses operate throughout the United States. At June 30, 2025, we had consolidated total assets of $28.1 billion and 3,050 full-time equivalent employees.
Current wording
We offer a wide array of commercial and consumer banking services and investment advisory solutions through a network of 199 banking offices in Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama. Our equipment finance and SBA/USDA lending businesses operate throughout the United States. At September 30, 2025, we had consolidated total assets of $28.1 billion and 3,058 full-time equivalent employees.
Previous wording
On May 1, 2025, we completed the acquisition of ANB, which was headquartered in Oakland Park, Florida where it operated one banking location. We acquired $447 million of assets, including goodwill, and assumed $381 million of liabilities in the acquisition, which included $301 million in loans and $374 million in deposits. Our operating results for the three and six months ended June 30, 2025 include ANB’s operating results for the period subsequent to the acquisition date.
Current wording
On May 1, 2025, we completed the acquisition of ANB, which was headquartered in Oakland Park, Florida where it operated one banking location. We acquired $447 million of assets, including goodwill, and assumed $381 million of liabilities in the acquisition, which included $301 million in loans and $374 million in deposits. Our operating results for the three and nine months ended September 30, 2025 include ANB’s operating results for the period subsequent to the acquisition date.
Previous wording
We reported net income and diluted earnings per common share of $78.7 million and $0.63, respectively, for the second quarter of 2025, compared to $66.6 million and $0.54, respectively, for the same period in 2024. For the six months ended June 30, 2025 and 2024, we reported net income of $150 million and $129 million, respectively, and diluted earnings per common share of $1.21 and $1.05, respectively.
Current wording
We reported net income and diluted earnings per common share of $91.5 million and $0.70, respectively, for the third quarter of 2025, compared to $47.3 million and $0.38, respectively, for the same period in 2024. For the nine months ended September 30, 2025, we reported net income and diluted earnings per common share of $242 million and $1.91, respectively, compared to $177 million and $1.43, respectively, in the same periods of 2024. The third quarter and first nine months of 2024 included a $27.2 million loss on the sale of substantially all of our manufactured housing loan portfolio which lowered diluted earnings per common share for those periods by approximately 18 cents, affecting comparability between 2025 and 2024.
Previous wording
Net interest revenue for the second quarter and first half of 2025 was $226 million and $438 million, respectively, compared to $209 million and $408 million, respectively, for the same periods of 2024. The increase in net interest revenue was mostly driven by lower deposit interest expense.
Current wording
Net interest revenue for the third quarter and first nine months of 2025 was $234 million and $671 million, respectively, compared to $209 million and $617 million, respectively, for the same periods of 2024. The increase in net interest revenue was mostly driven by lower deposit interest expense.
Previous wording
Net interest margin for the second quarter and first half of 2025 increased to 3.50% and 3.43%, respectively, from 3.37% and 3.28%, respectively, for the comparative 2024 periods. The increases in net interest margin were primarily due to the larger decrease in interest rates paid on deposits compared to the decrease in interest rates earned on loans.
Current wording
Net interest margin for the third quarter and first nine months of 2025 increased to 3.58% and 3.48%, respectively, from 3.33% and 3.30%, respectively, for the comparable 2024 periods. The increases in net interest margin were primarily due to the larger decrease in interest rates paid on deposits compared to the decrease in interest rates earned on loans.
Previous wording
We recorded a provision for credit losses of $11.8 million and $27.2 million for the second quarter and first half of 2025, respectively, which included $2.49 million for the initial ACL for ANB non-PCD loans and unfunded commitments. Provision expense for the comparative periods of 2024 was $12.2 million and $25.1 million.
Current wording
We recorded a provision for credit losses of $7.91 million and $35.1 million for the third quarter and first nine months of 2025, respectively. The nine months ended September 30, 2025 included $2.49 million for the initial ACL for ANB non-PCD loans and unfunded commitments. Provision expense for the comparable periods of 2024 was $14.4 million and $39.6 million, respectively, and included $9.89 million for the Hurricane Helene reserve.
Previous wording
Results for the second quarter and first six months of 2025 are discussed in further detail throughout the following sections of MD&A.
Current wording
Results for the third quarter and first nine months of 2025 are discussed in further detail throughout the following sections of MD&A.
Previous wording
FTE net interest revenue for the second quarter of 2025 was $227 million, an increase of $16.8 million from the same period in 2024. Net interest-rate spread and net interest margin were 2.62% and 3.50%, respectively, which were up 30 basis points and 13 basis points, respectively, compared to the second quarter of 2024. The interest rate changes during the past year included cuts of 100 basis points in the federal funds rate, which drove decreases in funding costs, and to a lesser extent, loan yields.
Current wording
FTE net interest revenue for the third quarter of 2025 was $235 million, an increase of $24.4 million from the same period in 2024. Net interest spread and net interest margin were 2.73% and 3.58%, respectively, which were up 43 basis points and 25 basis points, respectively, compared to the third quarter of 2024. Improvement in the net interest spread and net interest margin resulted from cuts of 125 basis points in the federal funds rate beginning in September of 2024, which drove decreases in funding costs, and to a lesser extent, loan yields.
Previous wording
FTE net interest revenue for the first six months of 2025 and 2024 was $440 million and $410 million, respectively. During the first six months of 2025, our net interest spread increased 31 basis points and our net interest margin increased by 15 basis points compared to the same period of 2024. Changes in net interest revenue and related metrics for the six months ended 2025 were a result of the same factors affecting the quarter.
Current wording
FTE net interest revenue for the first nine months of 2025 and 2024 was $674 million and $620 million, respectively. During the first nine months of 2025, our net interest spread increased 35 basis points and our net interest margin increased by 18 basis points compared to the same period of 2024. Changes in net interest revenue and related metrics for the nine months ended 2025 were a result of the same factors affecting the quarter.
Previous wording
(1)Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $983,000 and $1.06 million, respectively, for the three months ended June 30, 2025 and 2024. The tax rate used to calculate the adjustment was 25%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
Current wording
(1)Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $1.04 million and $1.09 million, respectively, for the three months ended September 30, 2025 and 2024. The tax rate used to calculate the adjustment was 25%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
Previous wording
(3)Unrealized losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $240 million in 2025 and $344 million in 2024 are included in other assets for purposes of this presentation.
Current wording
(3)Unrealized losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $223 million in 2025 and $295 million in 2024 are included in other assets for purposes of this presentation.
Previous wording
(1)Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $1.97 million and $2.12 million, respectively, for the six months ended June 30, 2025 and 2024. The tax rate used to calculate the adjustment was 25%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
Current wording
(1)Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $3.01 million and $3.22 million, respectively, for the nine months ended September 30, 2025 and 2024. The tax rate used to calculate the adjustment was 25%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
Previous wording
(3)Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $254 million and $333 million in 2025 and 2024, respectively, are included in other assets for purposes of this presentation.
Current wording
(3)Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $244 million and $320 million in 2025 and 2024, respectively, are included in other assets for purposes of this presentation.
Previous wording
The decrease in mortgage loan gains and related fees for the three and six months ended June 30, 2025 compared to the same periods of 2024 was primarily a result of negative fair value adjustments to our mortgage servicing asset which were less favorable by $1.40 million and $2.98 million, respectively, compared to the fair value adjustments for the comparable periods of 2024. This decrease was partially offset by higher gains on mortgage sales and rate lock volume. The following table provides additional mortgage metrics for the periods indicated.
Current wording
The increase in mortgage loan gains and related fees for the three months ended September 30, 2025 compared to the same period of 2024 was primarily a result of more favorable fair value adjustments to our mortgage servicing asset which provided an increase of $3.00 million compared to 2024. The following table provides an overview of mortgage metrics for the periods presented.
Previous wording
The decrease in wealth management fees reflects the decrease in assets under management and advisement as a result of the FinTrust sale in the fourth quarter of 2024. Assets under management and advisement totaled $3.29 billion and $5.30 billion at June 30, 2025 and 2024, respectively.
Current wording
The decrease in wealth management fees reflects the decrease in assets under management and advisement as a result of the FinTrust sale in the fourth quarter of 2024. Assets under management and advisement totaled $3.46 billion and $5.59 billion at September 30, 2025 and 2024, respectively.
Previous wording
Customer derivative fees for the three and six months ended June 30, 2025 were up due to stronger loan growth and increased product demand, attributable to the lower rates compared to the same periods of 2024.
Current wording
Customer derivative fees for the three and nine months ended September 30, 2025 were up due to stronger loan growth and increased product demand, attributable to the lower interest rate environment compared to the same periods of 2024.
Previous wording
The decrease in other investment income was primarily driven by weaker market conditions for the 2025 reporting periods, particularly related to our mutual fund and fintech investments.
Current wording
During the third quarter of 2025, other investment income increased, due to stronger investment performance, particularly our limited partnership and mutual fund investments, compared to the same period of 2024. The decrease for the nine months ended September 30, 2025 was driven by weaker market conditions during the first six months of 2025, particularly related to our mutual fund and other equity investments. Our other investment portfolio includes mutual funds, equity securities, fintech and other limited partnership investments. Gains and losses from these investments are generally unrealized.
Previous wording
We recorded a provision for credit losses of $11.8 million and $27.2 million for the three and six months ended June 30, 2025, compared to $12.2 million and $25.1 million for the same periods of 2024. For the three and six months ended June 30, 2025, the provision for credit losses included the initial provision for ANB’s non-PCD loans and unfunded commitments of $2.49 million. Additional discussion on credit quality and the ACL is included in the “Asset Quality and Risk Elements” section of MD&A in this Report.
Current wording
Additional discussion on credit quality and the ACL is included in the “Asset Quality and Risk Elements” section of MD&A in this Report.
Previous wording
Communications and equipment expense for the second quarter and first half of 2025 compared to the same periods of 2024 increased primarily due to new software contracts and incremental software contract costs on existing contracts, including volume based increases.
Current wording
Communications and equipment expense for the third quarter and first nine months of 2025 compared to the same periods of 2024 increased primarily due to new software contracts and incremental software contract costs on existing contracts, including volume based increases.
Previous wording
FDIC assessments and other regulatory charges decreased for the first six months of 2025 as the comparative period of 2024 included $1.74 million of FDIC special assessment accrued expense.
Current wording
FDIC assessments and other regulatory charges decreased for the first nine months of 2025 as the comparative period of 2024 included $1.74 million of FDIC special assessment accrued expense.
Previous wording
The increase in merger-related and other charges for the second quarter and first half of 2025 was primarily driven by ANB merger-related costs.
Current wording
The increase in merger-related and other charges for the third quarter and first nine months of 2025 was primarily driven by ANB merger-related costs.
Previous wording
Other noninterest expense for the three and six months ended 2025 was down compared to the same periods of last year as 2024 included a goodwill write-down of $5.10 million related to the sale of FinTrust.
Current wording
Other noninterest expense for the nine months ended 2025 decreased compared to the same period of last year as 2024 included a goodwill write-down of $5.10 million related to the sale of FinTrust. In addition, for the three and nine months ended September 30, 2025, fraud losses declined compared to the same periods of 2024.
Previous wording
Total assets at June 30, 2025 and December 31, 2024 were $28.1 billion and $27.7 billion, respectively. Total liabilities at June 30, 2025 and December 31, 2024 were $24.5 billion and $24.3 billion, respectively. Shareholders’ equity totaled $3.61 billion and $3.43 billion at June 30, 2025 and December 31, 2024, respectively.
Current wording
Total assets at September 30, 2025 and December 31, 2024 were $28.1 billion and $27.7 billion, respectively. Total liabilities at September 30, 2025 and December 31, 2024 were $24.5 billion and $24.3 billion, respectively. Shareholders’ equity totaled $3.60 billion and $3.43 billion at September 30, 2025 and December 31, 2024, respectively.
Previous wording
The ACL for loans at June 30, 2025 totaled $217 million compared to $207 million at December 31, 2024. The ACL for loans as a percentage of total loans remained flat at 1.14%. The increase in the ACL was primarily attributable to loan growth and the initial allowance established for ANB, partially offset by a reduction in the Hurricane Helene related allowance based on our latest assessment of potential storm related-loan losses. The initial ACL for ANB loans totaled $3.65 million, $1.25 million of which was reclassified from the fair value of PCD loans with no impact to earnings. The Hurricane Helene related reserve totaled $4.42 million and $9.80 million at June 30, 2025 and December 31, 2024, respectively. Our ACL for unfunded commitments, which totaled $11.5 million, increased $1.15 million compared to December 31, 2024 mostly due to an increase in our construction commitments.
Current wording
The ACL for loans at September 30, 2025 totaled $216 million compared to $207 million at December 31, 2024 and the ACL for loans as a percentage of total loans decreased slightly to 1.13% from 1.14%. The increase in the ACL was primarily attributable to loan growth and the initial allowance established for ANB, partially offset by a reduction in the Hurricane Helene related allowance based on our latest assessment of potential storm related-loan losses. The initial ACL for ANB loans totaled $3.65 million, $1.25 million of which was reclassified from the fair value of PCD loans with no impact to earnings. The Hurricane Helene related reserve totaled $1.88 million and $9.80 million at September 30, 2025 and December 31, 2024, respectively. Our ACL for unfunded commitments, which totaled $12.5 million, increased $2.09 million compared to December 31, 2024 mostly due to an increase in our construction commitments.
Previous wording
We completed the sale of substantially all of our manufactured housing loan portfolio in the third quarter of 2024. For the second quarter and first six months of 2025, the average balance and net charge-offs related to the remaining manufactured housing loans are reflected in consumer loans. Equipment finance charge-offs for the three months ended June 30, 2025 decreased compared to the same period in 2024 due to lower long-haul trucking related losses.
Current wording
We completed the sale of substantially all of our manufactured housing loan portfolio in the third quarter of 2024. In connection with the sale, we recorded an $11.0 million charge-off in the third quarter and first nine months of 2024. For the third quarter and first nine months of 2025, the average balance and net charge-offs related to the remaining manufactured housing loans are reflected in consumer loans.
Previous wording
The table below summarizes NPAs for the periods indicated. NPAs include nonaccrual loans, OREO and repossessed assets. The decrease in NPAs since December 31, 2024 was primarily driven by $49.6 million in payoffs and paydowns of nonaccrual loans. Notably, we had two payoffs of senior care loans (included in income producing CRE) totaling $14.6 million and significant paydowns and payoffs for three larger relationships totaling $17.8 million included in commercial and industrial and owner occupied CRE loans.
Current wording
The table below summarizes NPAs for the periods indicated. NPAs include nonaccrual loans, OREO and repossessed assets. Notably, we had two payoffs of senior care loans (included in income producing CRE) totaling $14.6 million.
Previous wording
At June 30, 2025, HTM debt securities had a fair value of $1.94 billion, indicating net unrealized losses of $371 million (pre-tax). Additional unrealized losses on HTM debt securities of $55.5 million (pre-tax) were included in AOCI as a result of the transfer of AFS debt securities to HTM in 2022. Unrealized losses were primarily attributable to changes in interest rates.
Current wording
At September 30, 2025, HTM debt securities had a fair value of $1.94 billion, indicating net unrealized losses of $337 million (pre-tax). Additional unrealized losses on HTM debt securities of $53.5 million (pre-tax) were included in AOCI as a result of the transfer of AFS debt securities to HTM in 2022. Unrealized losses were primarily attributable to changes in interest rates.
Previous wording
As of June 30, 2025 and December 31, 2024, goodwill and other intangibles totaled $974 million and $957 million, respectively. In connection with the acquisition of ANB in the second quarter of 2025, we recorded goodwill and a core deposit intangible of $18.0 million and $6.29 million, respectively. See Notes 3 and 7 to the financial statements for further information.
Current wording
As of September 30, 2025 and December 31, 2024, goodwill and other intangibles totaled $971 million and $957 million, respectively. In connection with the acquisition of ANB in the second quarter of 2025, we recorded goodwill and a core deposit intangible of $18.0 million and $6.29 million, respectively. See Notes 3 and 7 to the financial statements for further information.
Previous wording
Customer deposits are the primary source of funds for the continued growth of our earning assets. We believe our high level of service, as evidenced by our strong customer satisfaction scores, is instrumental in attracting and retaining customer deposit accounts, which has continued to contribute to our organic deposit growth. Since December 31, 2024, customer deposits increased $514 million, which includes deposits of $374 million acquired in the ANB transaction as of the acquisition date. As of June 30, 2025, we had approximately $9.64 billion of uninsured deposits, of which $2.81 billion was collateralized by investment securities.
Current wording
Customer deposits are the primary source of funds for the continued growth of our earning assets. We believe our high level of service, as evidenced by our strong customer satisfaction scores, is instrumental in attracting and retaining customer deposit accounts, which has continued to contribute to our organic deposit growth. Since December 31, 2024, customer deposits increased $572 million, which includes deposits of $374 million acquired in the ANB transaction as of the acquisition date. As of September 30, 2025, we had approximately $9.85 billion of uninsured deposits, of which $2.73 billion was collateralized by investment securities.
Previous wording
At June 30, 2025 and December 31, 2024, we had long-term debt outstanding of $155 million and $254 million, respectively, which includes senior debentures, subordinated debentures, and trust preferred securities. During the second quarter of 2025, we redeemed our $100 million 2030 senior debentures. At June 30, 2025 there were no short-term borrowings outstanding. At December 31, 2024, there were $195 million in short-term borrowings outstanding. The need to utilize wholesale funding sources has decreased because our liquidity needs have been met by our deposit and cash balances.
Current wording
At September 30, 2025 and December 31, 2024, we had long-term debt outstanding of $155 million and $254 million, respectively, which includes senior debentures, subordinated debentures, and trust preferred securities. During the second quarter of 2025, we redeemed our $100 million 2030 senior debentures. On September 30, 2025, holders of our $35.0 million senior debt were notified that the debt would be redeemed on November 14, 2025. At September 30, 2025 there were no short-term borrowings outstanding. At December 31, 2024, there were $195 million in short-term borrowings outstanding. The need to utilize wholesale funding sources has decreased because our liquidity needs have been met by our deposit and cash balances.
Previous wording
Shareholders’ equity at June 30, 2025 was $3.61 billion, an increase of $181 million from December 31, 2024 primarily due to year-to-date earnings, other comprehensive income and the issuance of stock for the ANB acquisition, partially offset by dividends declared on common and preferred stock.
Current wording
Shareholders’ equity at September 30, 2025 was $3.60 billion, an increase of $165 million from December 31, 2024 primarily due to year-to-date earnings, other comprehensive income and the issuance of stock for the ANB acquisition, partially offset by the redemption of our preferred stock and dividends declared on common and preferred stock.