EX-99.2 3 a06302019-8kexhibit992prta.htm EXHIBIT 99.2 Exhibit
Synovus
 
 
 
 
 
Exhibit 99.2

 
 
 
 
 
 
 
 
 
INCOME STATEMENT DATA
 
 
 
(Unaudited)
 
Six Months Ended
 
(Dollars in thousands, except per share data)
 
June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
% Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
1,020,970

 
$
642,968

 
58.8
 %
 
Interest expense
 
226,532

 
84,107

 
169.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
794,438

 
558,861

 
42.2

 
Provision for loan losses
 
35,688

 
24,566

 
45.3

 
 
 
 
 
 
 
 
 
Net interest income after provision for loan losses
 
758,750

 
534,295

 
42.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest income:
 
 
 
 
 
 
 
    Service charges on deposit accounts
 
42,853

 
39,938

 
7.3

 
    Fiduciary and asset management fees
 
28,057

 
27,419

 
2.3

 
    Card fees
 
22,037

 
21,032

 
4.8

 
    Brokerage revenue
 
19,431

 
17,085

 
13.7

 
    Capital markets income
 
13,291

 
2,086

 
 nm

 
    Mortgage banking income
 
12,962

 
9,887

 
31.1

 
    Income from bank-owned life insurance
 
10,466

 
7,949

 
31.7

 
    Investment securities losses, net
 
(1,771
)
 
(1,296
)
 
 nm

 
    Increase/(decrease) in fair value of private equity investments, net
 
2,313

 
(3,093
)
 
 nm

 
    Other non-interest income
 
19,546

 
19,426

 
0.6

 
 
 
 
 
 
 
 
 
Total non-interest income
 
169,185

 
140,433

 
20.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest expense:
 
 
 
 
 
 
 
   Salaries and other personnel expense
 
282,436

 
225,583

 
25.2

 
   Net occupancy and equipment expense
 
78,245

 
64,134

 
22.0

 
   Third-party processing expense
 
36,875

 
29,012

 
27.1

 
   Professional fees
 
15,660

 
11,789

 
32.8

 
   FDIC insurance and other regulatory fees
 
14,629

 
13,335

 
9.7

 
   Advertising expense
 
11,045

 
10,312

 
7.1

 
   Merger-related expense
 
57,140

 

 
 nm

 
   Amortization of intangibles
 
5,802

 
583

 
 nm

 
   Other operating expenses
 
54,705

 
44,486

 
23.0

 
 
 
 
 
 
 
 
 
Total non-interest expense
 
556,537

 
399,234

 
39.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
371,398

 
275,494

 
34.8

 
Income tax expense
 
95,028

 
61,146

 
55.4

 
 
 
 
 
 
 
 
 
Net income
 
276,370

 
214,348

 
28.9

 
 
 
 
 
 
 
 
 
Less: Preferred stock dividends
 
6,300

 
5,119

 
23.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income available to common shareholders
 
$
270,070

 
$
209,229

 
29.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per common share, basic
 
1.70


1.77

 
(3.9
)%
 
 
 
 
 
 
 
 
 
Net income per common share, diluted
 
1.68


1.75

 
(4.4
)
 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
 
0.60

 
0.50

 
20.0

 
 
 
 
 
 
 
 
 
Return on average assets*
 
1.21
%
 
1.38

 
(17
)bps
 
Return on average common equity*
 
12.65

 
15.01

 
(236
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding, basic
 
159,148

 
118,531

 
34.3
 %
 
Weighted average common shares outstanding, diluted
 
160,908

 
119,229

 
35.0

 
 
 
 
 
 
 
 
 
 nm - not meaningful
 
 
 
 
 
 
 
 bps - basis points
 
 
 
 
 
 
 
* - ratios are annualized
 
 
 
 
 
 





Synovus
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME STATEMENT DATA
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share data)
2019
 
2018
 
Second Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Quarter
 
First Quarter
 
Fourth Quarter
 
Third Quarter
 
Second Quarter
 
'19 vs '18
 
 
 
 
 
 
% Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
$
516,131

 
504,839

 
357,394

 
343,942

 
329,834

 
56.5
 %
 
Interest expense
118,869

 
107,664

 
59,461

 
52,323

 
45,257

 
162.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
397,262

 
397,175

 
297,933

 
291,619

 
284,577

 
39.6

 
Provision for loan losses
12,119

 
23,569

 
12,148

 
14,982

 
11,790

 
2.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income after provision for loan losses
385,143

 
373,606

 
285,785

 
276,637

 
272,787

 
41.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest income:
 
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
21,994

 
20,859

 
20,320

 
20,582

 
19,999

 
10.0

 
Fiduciary and asset management fees
14,478

 
13,578

 
13,805

 
13,462

 
13,983

 
3.5

 
Card fees
11,161

 
10,877

 
10,862

 
10,608

 
10,833

 
3.0

 
Brokerage revenue
10,052

 
9,379

 
9,241

 
9,041

 
8,709

 
15.4

 
Capital markets income
8,385

 
4,906

 
1,693

 
836

 
1,118

 
nm

 
Mortgage banking income
7,907

 
5,054

 
3,781

 
5,290

 
4,839

 
63.4

 
Income from bank-owned life insurance
5,176

 
5,290

 
3,682

 
3,771

 
3,733

 
38.7

 
Investment securities (losses)/gains, net
(1,845
)
 
75

 

 

 
(1,296
)
 
nm

 
Increase/(decrease) in fair value of private equity investments, net
1,455

 
858

 
(2,084
)
 
434

 
(37
)
 
nm

 
Other non-interest income
11,044

 
8,502

 
6,691

 
7,644

 
11,506

 
(4.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-interest income
89,807

 
79,378

 
67,991

 
71,668

 
73,387

 
22.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and other personnel expense
143,009

 
139,427

 
113,496

 
114,341

 
111,863

 
27.8

 
Net occupancy and equipment expense
39,851

 
38,394

 
34,260

 
32,088

 
32,654

 
22.0

 
Third-party processing expense
19,118

 
17,758

 
14,803

 
14,810

 
15,067

 
26.9

 
Professional Fees
9,312

 
6,348

 
8,650

 
6,298

 
6,284

 
48.2

 
FDIC insurance and other regulatory fees
7,867

 
6,761

 
4,728

 
6,430

 
6,543

 
20.2

 
Advertising expense
5,923

 
5,123

 
6,834

 
3,735

 
5,220

 
13.5

 
Earnout liability adjustments

 

 

 
11,652

 

 
nm

 
Merger-related expense
7,401

 
49,738

 
3,381

 
6,684

 

 
nm

 
   Amortization of intangibles
2,410

 
3,392

 
292

 
292

 
292

 
nm

 
Other operating expenses
29,235

 
25,469

 
23,478

 
23,967

 
26,134

 
11.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-interest expense
264,126

 
292,410

 
209,922

 
220,297

 
204,057

 
29.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
210,824

 
160,574

 
143,854

 
128,008

 
142,117

 
48.3

 
Income tax expense
54,640

 
40,388

 
38,784

 
18,949

 
30,936

 
76.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
156,184

 
120,186

 
105,070

 
109,059

 
111,181

 
40.5

 
 
 
 
 
 
 
 
 
 
 
 


 
Less: Preferred stock dividends and redemption charge
3,150

 
3,150

 
3,151

 
9,729

 
2,559

 
23.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income available to common shareholders
$
153,034

 
117,036

 
101,919

 
99,330

 
108,622

 
40.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per common share, basic
$
0.97

 
0.73

 
0.88

 
0.85

 
0.92

 
6.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per common share, diluted
0.96

 
0.72

 
0.87

 
0.84

 
0.91

 
5.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
0.30

 
0.30

 
0.25

 
0.25

 
0.25

 
20.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets *
1.35
%
 
1.06

 
1.29

 
1.36

 
1.42

 
(7
)bps
 
Return on average common equity *
14.32

 
10.98

 
14.25

 
13.95

 
15.39

 
(107
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding, basic
157,389

 
160,927

 
116,303

 
117,241

 
118,397

 
32.9
 %
 
Weighted average common shares outstanding, diluted
159,077

 
162,760

 
116,986

 
118,095

 
119,139

 
33.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 nm - not meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 bps - basis points
 
 
 
 
 
 
 
 
 
 
 
 
* - ratios are annualized
 
 
 
 
 
 
 
 
 
 
 





Synovus
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE SHEET DATA
 
June 30, 2019
 
December 31, 2018
 
June 30, 2018
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
Cash and due from banks
 
$
549,616

 
$
468,426

 
$
404,080

 
Interest-bearing funds with Federal Reserve Bank
 
531,488

 
641,476

 
613,082

 
Interest earning deposits with banks
 
20,271

 
19,841

 
33,754

 
Federal funds sold and securities purchased under resale agreements
 
49,946

 
13,821

 
40,872

 
Cash and cash equivalents
 
1,151,321

 
1,143,564

 
1,091,788

 
 
 
 
 
 
 
 
 
Investment securities available for sale, at fair value
 
7,007,012

 
3,991,632

 
3,929,962

 
Mortgage loans held for sale, at fair value
 
81,855

 
37,129

 
53,673

 
 
 
 
 
 
 
 
 
Loans
 
36,138,561

 
25,946,573

 
25,134,056

 
Allowance for loan losses
 
(257,376
)
 
(250,555
)
 
(251,725
)
 
Loans, net
 
35,881,185

 
25,696,018

 
24,882,331

 
 
 
 
 
 
 
 
 
Cash surrender value of bank-owned life insurance
 
766,287

 
554,134

 
547,261

 
Premises and equipment, net
 
490,644

 
434,307

 
428,633

 
Goodwill
 
492,390

 
57,315

 
57,315

 
Other intangible assets
 
61,473

 
9,875

 
10,458

 
Other assets
 
1,386,036

 
745,218

 
738,884

 
Total assets
 
$
47,318,203

 
$
32,669,192

 
$
31,740,305

 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
Non-interest-bearing deposits
 
$
9,205,066

 
$
7,650,967

 
$
7,630,491

 
Interest-bearing deposits
 
28,761,656

 
19,069,355

 
18,812,197

 
 
 
 
 
 
 
 
 
Total deposits
 
37,966,722

 
26,720,322

 
26,442,688

 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under repurchase agreements
 
273,481

 
237,692

 
207,580

 
Other short-term borrowings
 
1,330,000

 
650,000

 

 
Long-term debt
 
2,306,072

 
1,657,157

 
1,656,647

 
Other liabilities
 
688,112

 
270,419

 
265,696

 
Total liabilities
 
42,564,387

 
29,535,590

 
28,572,611

 
 
 
 
 
 
 
 
 
Shareholders' equity:
 

 

 
 
 
Series C Preferred Stock - no par value; 5,200,000 outstanding at June 30, 2018
 

 

 
125,980

 
Series D Preferred Stock - no par value. Authorized 100,000,000 shares; 8,000,000 shares issued and outstanding at June 30, 2019, December 31, 2018, and June 30, 2018
 
195,140

 
195,140

 
195,138

 
Common stock - $1.00 par value. Authorized 342,857,143 shares; 166,079,543 issued at June 30, 2019, 143,300,449 issued at December 31, 2018, and 143,077,973 issued at June 30, 2018; 156,872,026 outstanding at June 30, 2019, 115,865,510 outstanding at December 31, 2018, and 117,841,369 outstanding at June 30, 2018
 
166,080

 
143,300

 
143,078

 
Additional paid-in capital
 
3,801,748

 
3,060,561

 
3,045,014

 
Treasury stock, at cost – 9,207,517 shares at June 30, 2019, 27,434,939 shares at December 31, 2018, and 25,236,604 shares at June 30, 2018
 
(344,901
)
 
(1,014,746
)
 
(916,484
)
 
Accumulated other comprehensive income (loss), net
 
49,289

 
(94,420
)
 
(125,720
)
 
Retained earnings
 
886,460

 
843,767

 
700,688

 
Total shareholders’ equity
 
4,753,816

 
3,133,602

 
3,167,694

 
Total liabilities and shareholders' equity
 
$
47,318,203

 
$
32,669,192

 
$
31,740,305













Synovus
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AVERAGE BALANCES AND YIELDS/RATES (1)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
 
 
Second
First
 
Fourth
Third
Second
 
 
 
Quarter
Quarter
 
Quarter
Quarter
Quarter
 
Interest Earning Assets
 
 
 
 
 
 
 
 
Taxable investment securities (2)
 
$
6,953,278

6,515,561

 
4,073,685

4,061,239

4,077,564

 
Yield
 
3.04
%
3.05

 
2.45

2.38

2.34

 
Tax-exempt investment securities(2)(4)
 
$
2,108

20,638

 

89

115

 
Yield (taxable equivalent)
 
4.91
%
4.45

 

5.91

6.87

 
Trading account assets(5)
 
$
4,853

2,049

 
7,493

16,646

23,772

 
Yield
 
1.83
%
1.30

 
1.90

2.52

2.79

 
Commercial loans(3)(4)
 
$
26,353,973

26,140,672

 
19,150,252

19,025,830

18,857,271

 
Yield
 
5.13
%
5.16

 
5.13

4.98

4.85

 
Consumer loans(3)
 
$
9,423,427

9,180,679

 
6,476,026

6,298,643

6,092,899

 
Yield
 
5.17
%
5.10

 
4.85

4.80

4.76

 
Allowance for loan losses
 
$
(259,284
)
(252,815
)
 
(251,098
)
(251,684
)
(257,966
)
 
Loans, net(3)
 
$
35,518,116

35,068,536

 
25,375,180

25,072,789

24,692,204

 
Yield
 
5.17
%
5.17

 
5.11

4.99

4.88

 
Mortgage loans held for sale
 
$
70,497

34,913

 
36,477

49,030

50,366

 
Yield
 
4.27
%
4.48

 
4.79

4.71

4.42

 
Federal funds sold, due from Federal Reserve Bank, and other short-term investments
 
$
511,488

679,477

 
641,832

544,704

724,537

 
Yield
 
2.37
%
2.45

 
2.20

1.90

1.77

 
Federal Home Loan Bank and Federal Reserve Bank Stock(5)
 
$
234,949

211,408

 
162,369

163,568

165,845

 
Yield
 
3.29
%
4.82

 
4.31

4.41

4.63

 
Total interest earning assets
 
$
43,295,289

42,532,582

 
30,297,036

29,908,065

29,734,403

 
Yield
 
4.79
%
4.80

 
4.69

4.58

4.47

 
Interest-Bearing Liabilities
 
 
 
 
 
 
 
 
Interest-bearing demand deposits
 
$
6,335,953

6,393,304

 
4,692,804

4,701,204

5,001,826

 
Rate
 
0.71
%
0.68

 
0.41

0.38

0.35

 
Money Market accounts
 
$
10,024,836

10,244,556

 
8,050,732

7,936,621

7,791,107

 
Rate
 
1.23
%
1.18

 
0.89

0.72

0.55

 
Savings deposits
 
$
904,183

901,059

 
815,588

824,935

829,800

 
Rate
 
0.05
%
0.06

 
0.04

0.03

0.03

 
Time deposits under $100,000
 
$
2,245,878

2,238,568

 
1,242,811

1,205,987

1,161,890

 
Rate
 
1.39
%
1.24

 
1.16

0.99

0.82

 
Time deposits over $100,000
 
$
6,331,665

6,211,067

 
2,478,649

2,273,582

2,021,084

 
Rate
 
1.70
%
1.60

 
1.67

1.46

1.22

 
Non-maturing brokered deposits
 
$
766,718

937,629

 
349,480

358,277

262,976

 
Rate
 
2.46
%
2.60

 
2.46

2.10

1.94

 
Brokered time deposits
 
$
1,985,589

1,845,819

 
1,275,276

1,414,700

1,659,941

 
Rate
 
2.28
%
2.13

 
2.03

1.94

1.85

 
Total interest-bearing deposits
 
$
28,594,822

28,772,002

 
18,905,340

18,715,306

18,728,624

 
Rate
 
1.30
%
1.24

 
0.96

0.83

0.70

 
Federal funds purchased and securities sold under repurchase agreements
 
$
300,168

233,076

 
194,370

230,504

207,655

 
Rate
 
0.20
%
0.22

 
0.18

0.25

0.35

 
Other short-term borrowings
 
$
1,090,581

517,456

 
112,228

146,794

3,024

 
Rate
 
2.59
%
2.58

 
2.51

2.12

2.84

 
Long-term debt
 
$
2,114,819

1,983,910

 
1,657,022

1,656,743

1,852,094

 
Rate
 
3.53
%
3.33

 
3.06

2.87

2.66

 
Total interest-bearing liabilities
 
$
32,100,390

31,506,444

 
20,868,960

20,749,347

20,791,397

 
Rate
 
1.48
%
1.38

 
1.12

0.99

0.87

 
Non-interest-bearing demand deposits
 
$
9,304,839

9,054,949

 
8,014,761

7,672,006

7,539,451

 
Cost of funds
 
1.15
%
1.07

 
0.81

0.73

0.64

 
Net interest margin
 
3.69
%
3.78

 
3.92

3.89

3.86

 
Taxable equivalent adjustment 
 
$
811

630

 
181

136

120

 
 
 
 
 
 
 
 
 
 
(1) Yields and rates are annualized.
 
 
 
 
 
 
 
 
(2) Excludes net unrealized gains and losses.
 
 
 
 
 
 
 
 
(3) Average loans are shown net of unearned income. Non-performing loans are included.
 
 
 
(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
 
(5) Included as a component of other assets on the consolidated balance sheet.





Synovus
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LOANS OUTSTANDING BY TYPE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans
 
Total Originated Loans
 
Total Acquired Loans (1)
 
Total Loans (1)
 
Linked Quarter
 
Total Loans
 
Year/Year
Loan Type
 
June 30, 2019
 
June 30, 2019
 
June 30, 2019
 
March 31, 2019
 
% Change(2)
 
June 30, 2018
 
% Change
Commercial, Financial, and Agricultural
 
$
9,717,746

 
7,800,635

 
1,917,111

 
9,566,935

 
6.3
 %
 
$
7,271,080

 
33.6
 %
Owner-Occupied
 
6,529,797

 
5,366,404

 
1,163,393

 
6,560,681

 
(1.9
)
 
5,004,392

 
30.5

Total Commercial & Industrial
 
16,247,543

 
13,167,039

 
3,080,504

 
16,127,616

 
3.0

 
12,275,472

 
32.4

 
 
 
 
 
 
 
 
 
 

 
 
 
 
Multi-Family
 
2,113,938

 
1,342,157

 
771,781

 
2,077,666

 
7.0

 
1,358,211

 
55.6

Hotels
 
1,244,512

 
761,387

 
483,125

 
1,179,395

 
22.1

 
755,125

 
64.8

Office Buildings
 
2,291,617

 
1,495,989

 
795,628

 
2,300,671

 
(1.6
)
 
1,429,166

 
60.3

Shopping Centers
 
1,677,555

 
919,244

 
758,311

 
1,657,789

 
4.8

 
811,186

 
106.8

Warehouses
 
696,692

 
581,980

 
114,712

 
725,862

 
(16.1
)
 
602,707

 
15.6

Other Investment Property
 
980,786

 
826,949

 
153,837

 
979,579

 
0.5

 
553,201

 
77.3

Total Investment Properties
 
9,005,100

 
5,927,706

 
3,077,394

 
8,920,962

 
3.8

 
5,509,596

 
63.4

 
 
 
 
 
 
 
 
 
 

 
 
 
 
1-4 Family Construction
 
219,032

 
174,242

 
44,790

 
215,881

 
5.9

 
177,140

 
23.6

1-4 Family Investment Mortgage
 
528,358

 
469,206

 
59,152

 
549,120

 
(15.2
)
 
543,570

 
(2.8
)
Total 1-4 Family Properties
 
747,390

 
643,448

 
103,942

 
765,001

 
(9.2
)
 
720,710

 
3.7

 
 
 
 
 
 
 
 
 
 

 
 
 
 
Commercial Development
 
138,840

 
65,111

 
73,729

 
147,516

 
(23.6
)
 
61,375

 
126.2

Residential Development
 
218,850

 
126,827

 
92,023

 
215,814

 
5.6

 
100,246

 
118.3

Land Acquisition
 
238,267

 
172,750

 
65,517

 
219,146

 
35.0

 
252,244

 
(5.5
)
Land and Development
 
595,957

 
364,688

 
231,269

 
582,476

 
9.3

 
413,865

 
44.0

 
 
 
 
 
 
 
 
 
 

 
 
 
 
Total Commercial Real Estate
 
10,348,447

 
6,935,842

 
3,412,605

 
10,268,439

 
3.1

 
6,644,171

 
55.8

 
 
 
 
 
 
 
 
 
 

 
 
 
 
Consumer Mortgages
 
5,407,762

 
3,194,027

 
2,213,735

 
5,365,635

 
3.1

 
2,750,935

 
96.6

Home Equity Lines
 
1,650,745

 
1,587,854

 
62,891

 
1,606,227

 
11.1

 
1,453,855

 
13.5

Credit Cards
 
258,283

 
258,283

 

 
252,762

 
8.8

 
238,424

 
8.3

Other Consumer Loans
 
2,249,337

 
2,237,406

 
11,931

 
2,037,477

 
41.7

 
1,793,916

 
25.4

Total Consumer
 
9,566,127

 
7,277,570

 
2,288,557

 
9,262,101

 
13.2

 
6,237,130

 
53.4

 
 
 
 
 
 
 
 
 
 


 
 
 
 
Unearned Income
 
(23,556
)
 
(23,556
)
 

 
(23,655
)
 
(1.7
)
 
(22,717
)
 
3.7

 
 
 
 
 
 
 
 
 
 

 
 
 
 
Total
 
$
36,138,561

 
27,356,895

 
8,781,666

 
35,634,501

 
5.7
 %
 
$
25,134,056

 
43.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)On 1/1/19 $9.29 B of loans (at fair value) were acquired from FCB. The amounts presented in these columns are net of paydowns and payoffs since acquisition date.
(2) Percentage change is annualized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NON-PERFORMING LOANS COMPOSITION(1)
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
Total
Non-performing Loans
 
Total Originated Non-performing Loans
 
Total Acquired Non-performing Loans(2)
 
Total
Non-performing Loans(3)
 
Linked Quarter
 
Total
Non-performing Loans
 
Year/Year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Type
 
June 30, 2019
 
June 30, 2019
 
June 30, 2019
 
March 31, 2019
 
% Change
 
June 30, 2018
 
% Change
Commercial, Financial, and Agricultural
 
$
72,934

 
68,573

 
4,361

 
85,917

 
(15.1
)%
 
$
81,231

 
(10.2
)%
Owner-Occupied
 
13,465

 
11,557

 
1,908

 
13,813

 
(2.5
)
 
6,076

 
121.6

Total Commercial & Industrial
 
86,399

 
80,130


6,269

 
99,730

 
(13.4
)
 
87,307

 
(1.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multi-Family
 

 

 

 
1,503

 
nm

 
176

 
nm

Hotels
 

 

 

 
7,346

 
nm

 

 
nm

Office Buildings
 
300

 
186

 
114

 
221

 
35.7

 
670

 
(55.2
)
Shopping Centers
 
671

 
613

 
58

 
676

 
(0.7
)
 
412

 
62.9

Warehouses
 

 

 

 

 
nm

 
21

 
nm

Other Investment Property
 
7

 

 
7

 

 
nm

 
459

 
nm

Total Investment Properties
 
978

 
799


179

 
9,746

 
(90.0
)
 
1,738

 
(43.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1-4 Family Construction
 
208

 
208

 

 
445

 
(53.3
)
 

 
nm

1-4 Family Investment Mortgage
 
1,637

 
1,410

 
227

 
1,522

 
7.6

 
3,247

 
(49.6
)
Total 1-4 Family Properties
 
1,845


1,618

 
227

 
1,967

 
(6.2
)
 
3,247

 
(43.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Development
 

 

 

 
46

 
nm

 
42

 
nm

Residential Development
 
1,253

 
1,253

 

 
1,569

 
(20.1
)
 
3,184

 
(60.6
)
Land Acquisition
 
1,482

 
1,482

 

 
1,035

 
43.2

 
1,398

 
6.0

Land and Development
 
2,735

 
2,735



 
2,650

 
3.2

 
4,624

 
(40.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Commercial Real Estate
 
5,558

 
5,152


406

 
14,363

 
(61.3
)
 
9,609

 
(42.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Mortgages
 
13,628

 
13,628

 

 
11,556

 
17.9

 
4,822

 
182.6

Home Equity Lines
 
13,830

 
13,494

 
336

 
14,078

 
(1.8
)
 
14,265

 
(3.0
)
Other Consumer Loans
 
4,667

 
4,667

 

 
4,249

 
9.8

 
1,325

 
252.2

Total Consumer
 
32,125

 
31,789


336

 
29,883

 
7.5

 
20,412

 
57.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
124,082

 
117,071


7,011

 
143,976

 
(13.8
)%
 
$
117,328

 
5.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
(2) Represents loans acquired from FCB and designated as non-accrual, net of payments and dispositions since acquisition date
(3) March 31, 2019 total non-performing loans included $23.5 million of acquired non-performing loans, net of payments since acquisition date





Synovus
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CREDIT QUALITY DATA
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
2019
 
2018
 
Second Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second
 
First
 
Fourth
 
Third
 
Second
 
'19 vs '18
 
 
 
Quarter
 
Quarter
 
Quarter
 
Quarter
 
Quarter
 
% Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing Loans (1)
 
124,083

 
143,976

 
106,733

 
108,425

 
117,328

 
5.8
 %
 
Impaired Loans Held for Sale (2)
 
631

 
12

 
1,506

 
12

 
2,733

 
(76.9
)
 
Other Real Estate
 
14,848

 
11,329

 
6,220

 
8,542

 
6,288

 
136.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing Assets (1)
 
139,562

 
155,317

 
114,459

 
116,979

 
126,349

 
10.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses
 
257,376

 
257,036

 
250,555

 
251,450

 
251,725

 
2.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Charge-Offs - Quarter
 
11,778

 
17,088

 
13,044

 
15,257

 
17,829

 
 
 
Net Charge-Offs - YTD
 
28,867

 
17,088

 
50,410

 
37,366

 
22,109

 
 
 
Net Charge-Offs / Average Loans - Quarter (3)
 
0.13
%
 
0.19

 
0.20

 
0.24

 
0.29

 
 
 
Net Charge-Offs / Average Loans - YTD (3)
 
0.16

 
0.19

 
0.20

 
0.20

 
0.18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-performing Loans / Loans (1)
 
0.34

 
0.40

 
0.41

 
0.42

 
0.47

 
 
 
Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE (1)
 
0.39

 
0.44

 
0.44

 
0.46

 
0.50

 
 
 
Allowance / Loans
 
0.71

 
0.72

 
0.97

 
0.98

 
1.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance / Non-performing Loans (1)
 
207.42

 
178.53

 
234.75

 
231.91

 
214.55

 
 
 
Allowance / Non-performing Loans excluding impaired and acquired loans with no reserve
 (1)
 
282.51

 
291.62

 
297.68

 
288.21

 
262.99

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Past Due Loans over 90 days and Still Accruing (1)
 
$
5,851

 
4,486

 
3,798

 
4,856

 
3,222

 
81.6

 
As a Percentage of Loans Outstanding
 
0.02
%
 
0.01

 
0.01

 
0.02

 
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Past Due Loans and Still Accruing (1)
 
$
80,792

 
88,135

 
56,927

 
78,323

 
55,614

 
45.3

 
As a Percentage of Loans Outstanding
 
0.22
%
 
0.25

 
0.22

 
0.31

 
0.22

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accruing Troubled Debt Restructurings (TDRs)
 
$
126,369

 
112,205

 
115,588

 
114,740

 
125,310

 
0.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of this table, 2019 non-performing loans and past due loans over 90 days exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
 
(2) Represent impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.
 
(3) Ratio is annualized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED CAPITAL INFORMATION (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019
 
December 31, 2018
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 Capital
 
$
4,094,672

 
3,090,416

 
3,156,805

 
 
 
 
 
 
 
Total Risk-Based Capital
 
4,913,043

 
3,601,376

 
3,668,904

 
 
 
 
 
 
 
Common Equity Tier 1 Capital Ratio
 
9.61
%
 
9.95

 
10.12

 
 
 
 
 
 
 
Common Equity Tier 1 Ratio (fully phased-in) (5)
 
9.60

 
9.92

 
10.06

 
 
 
 
 
 
 
Tier 1 Capital Ratio
 
10.09

 
10.61

 
11.25

 
 
 
 
 
 
 
Total Risk-Based Capital Ratio
 
12.11

 
12.37

 
13.08

 
 
 
 
 
 
 
Tier 1 Leverage Ratio
 
8.92

 
9.60

 
10.03

 
 
 
 
 
 
 
Common Equity as a Percentage of Total Assets (2)
 
9.63

 
8.99

 
8.97

 
 
 
 
 
 
 
Tangible Common Equity Ratio (3) (5)
 
8.56

 
8.81

 
8.77

 
 
 
 
 
 
 
Book Value Per Common Share (4)
 
$
29.06

 
25.36

 
24.16

 
 
 
 
 
 
 
Tangible Book Value Per Common Share (3)
 
25.53

 
24.78

 
23.58

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Current quarter regulatory capital information is preliminary.
 
 
 
 
 
 
 
(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.
 
 
 
 
 
(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
 
 
 
 
 
(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
 
 
 
(5) See "Non-GAAP Financial Measures" of this report for applicable reconciliation.