EX-99.2 3 snv_ex992x12312020prtables.htm EX-99.2 Document

SynovusExhibit 99.2
INCOME STATEMENT DATA
(Unaudited)Years Ended
(Dollars in thousands, except per share data)December 31,
20202019% Change
Interest income$1,804,495 $2,050,638 (12)%
Interest expense291,747 454,835 (36)
Net interest income1,512,748 1,595,803 (5)
Provision for credit losses355,022 87,720 305 
Net interest income after provision for credit losses1,157,726 1,508,083 (23)
Non-interest revenue:
    Service charges on deposit accounts73,132 88,190 (17)
    Fiduciary and asset management fees63,251 58,388 
    Card fees42,702 45,659 (6)
    Brokerage revenue44,781 41,608 
    Mortgage banking income91,413 32,599 180 
    Capital markets income27,336 30,529 (10)
    Income from bank-owned life insurance31,297 21,226 47 
    Investment securities gains (losses), net78,931 (7,659) nm
    Gain on sale and fair value increase, net of private equity
investments
4,775 11,607  nm
    Other non-interest revenue48,895 33,753 45 
Total non-interest revenue506,513 355,900 42 
Non-interest expense:
   Salaries and other personnel expense618,214 570,036 
   Net occupancy, equipment, and software expense169,658 161,906 
   Third-party processing and other services83,034 75,696 10 
   Professional fees56,899 35,300 61 
   FDIC insurance and other regulatory fees25,210 31,696 (20)
   Amortization of intangibles10,560 11,603 (9)
Goodwill impairment44,877 —  nm
   Restructuring charges26,991 1,230 nm
   Loss on early extinguishment of debt10,466 4,592  nm
   Earnout liability adjustments4,908 10,457  nm
   Merger-related expense 56,580  nm
   Other operating expenses128,757 139,872 (8)
Total non-interest expense1,179,574 1,098,968 
Income before income taxes484,665 765,015 (37)
Income tax expense110,970 201,235 (45)
Net income373,695 563,780 (34)
Less: Preferred stock dividends33,163 22,881 45 
Net income available to common shareholders$340,532 $540,899 (37)%
Net income per common share, basic2.31 3.50 (34)%
Net income per common share, diluted2.30 3.47 (34)
Cash dividends declared per common share1.32 1.20 10 
Return on average assets*0.72 %1.20 %(48)bps
Return on average common equity*7.51 12.34 (483)
Weighted average common shares outstanding, basic147,415 154,331 (4)%
Weighted average common shares outstanding, diluted148,210 156,058 (5)
 nm - not meaningful
 bps - basis points
* - ratios are annualized




Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)20202019Fourth Quarter
Fourth QuarterThird QuarterSecond QuarterFirst QuarterFourth Quarter'20 vs '19
% Change
Interest income$433,479 435,550 451,569 483,897 506,253 (14)%
Interest expense47,547 58,560 75,003 110,637 106,985 (56)
Net interest income385,932 376,990 376,566 373,260 399,268 (3)
Provision for credit losses11,066 43,383 141,851 158,722 24,470 (55)
Net interest income after provision for credit losses374,866 333,607 234,715 214,538 374,798 — 
Non-interest revenue:
Service charges on deposit accounts19,063 17,813 15,567 20,689 22,385 (15)
Fiduciary and asset management fees17,242 15,885 14,950 15,174 15,645 10 
Card fees11,743 10,823 9,186 10,950 11,325 
Brokerage revenue11,794 10,604 9,984 12,398 11,106 
Mortgage banking income24,426 31,229 23,530 12,227 9,287 163 
Capital markets income 4,352 5,690 6,050 11,243 8,972 (51)
Income from bank-owned life insurance9,725 7,778 7,756 6,038 5,620 73 
Investment securities gains (losses), net2,337 (1,550)69,409 8,734 (2,157)nm
Gain on sale and fair value increase/(decrease) of private equity investments63 260 8,707 (4,255)8,100 nm
Other non-interest revenue14,016 15,879 8,345 10,659 7,672 83 
Total non-interest revenue114,761 114,411 173,484 103,857 97,955 17 
Non-interest expense:
Salaries and other personnel expense153,946 154,994 159,597 149,678 145,084 
Net occupancy, equipment, and software expense44,183 41,554 41,727 42,194 42,644 
Third-party processing and other services19,569 20,620 21,366 21,480 20,293 (4)
Professional Fees17,541 13,377 15,305 10,675 9,921 77 
FDIC insurance and other regulatory fees6,288 6,793 6,851 5,278 9,825 (36)
   Amortization of intangibles2,640 2,640 2,640 2,640 2,901 (9)
Goodwill impairment 44,877 — — — nm
Restructuring charges18,068 2,882 2,822 3,220 1,259 nm
   Loss on early extinguishment of debt8,409 154 — 1,904 — nm
Earnout liability adjustments — 4,908 — — nm
Other operating expenses31,854 28,764 28,925 39,210 34,194 (7)
Total non-interest expense302,498 316,655 284,141 276,279 266,121 14 
Income before income taxes187,129 131,363 124,058 42,116 206,632 (9)
Income tax expense36,720 39,789 30,866 3,595 54,948 (33)
Net income150,409 91,574 93,192 38,521 151,684 (1)
Less: Preferred stock dividends8,291 8,291 8,291 8,291 8,291 — 
Net income available to common shareholders$142,118 83,283 84,901 30,230 143,393 (1)
Net income per common share, basic$0.96 0.57 0.58 0.21 0.98 (1)%
Net income per common share, diluted0.96 0.56 0.57 0.20 0.97 (1)
Cash dividends declared per common share0.33 0.33 0.33 0.33 0.30 10 
Return on average assets *1.11 %0.69 0.71 0.32 1.27 (16)bps
Return on average common equity *12.31 7.28 7.48 2.75 13.08 (77)
Weighted average common shares outstanding, basic147,744 147,314 147,288 147,311 146,948 %
Weighted average common shares outstanding, diluted148,725 147,976 147,733 148,401 148,529 — 
 nm - not meaningful
 bps - basis points
* - ratios are annualized



Synovus
BALANCE SHEET DATADecember 31, 2020September 30, 2020December 31, 2019
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks$531,625 $578,026 $535,846 
Interest-bearing funds with Federal Reserve Bank3,586,565 1,266,313 553,390 
Interest earning deposits with banks20,944 20,929 20,635 
Federal funds sold and securities purchased under resale agreements113,783 120,095 77,047 
Cash and cash equivalents4,252,917 1,985,363 1,186,918 
Investment securities available for sale, at fair value7,962,438 7,566,525 6,778,670 
Loans held for sale ($216,647, $285,899, and $115,173 measured at fair value,
respectively)
760,123 745,160 115,173 
Loans, net of deferred fees and costs38,252,984 39,549,847 37,162,450 
Allowance for loan losses(605,736)(603,800)(281,402)
Loans, net37,647,248 38,946,047 36,881,048 
Cash surrender value of bank-owned life insurance1,049,373 1,044,046 775,665 
Premises and equipment, net463,959 471,208 493,940 
Goodwill452,390 452,390 497,267 
Other intangible assets, net45,112 47,752 55,671 
Other assets1,732,526 1,782,047 1,418,930 
Total assets$54,366,086 $53,040,538 $48,203,282 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits$13,477,854 $13,075,081 $9,439,485 
Interest-bearing deposits33,213,717 31,590,823 28,966,019 
Total deposits46,691,571 44,665,904 38,405,504 
Federal funds purchased and securities sold under repurchase agreements227,922 202,344 165,690 
Other short-term borrowings7,717 400,000 1,753,560 
Long-term debt1,202,494 1,628,385 2,153,897 
Other liabilities1,075,048 1,079,363 782,941 
Total liabilities49,204,752 47,975,996 43,261,592 
Shareholders' equity:
Preferred stock – no par value. Authorized 100,000,000 shares; issued 22,000,000 537,145 537,145 537,145 
Common stock – $1.00 par value. Authorized 342,857,143 shares; issued 168,132,522, 167,410,950, and 166,800,623; outstanding 148,039,495, 147,317,923, and 147,157,596 168,133 167,411 166,801 
Additional paid-in capital3,851,208 3,832,142 3,819,336 
Treasury stock, at cost – 20,093,027, 20,093,027, and 19,643,027 shares(731,806)(731,806)(715,560)
Accumulated other comprehensive income, net158,635 174,914 65,641 
Retained earnings1,178,019 1,084,736 1,068,327 
Total shareholders’ equity5,161,334 5,064,542 4,941,690 
Total liabilities and shareholders' equity$54,366,086 $53,040,538 $48,203,282 





Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
20202019
FourthThirdSecondFirstFourth
QuarterQuarterQuarterQuarterQuarter
Interest Earning Assets
Investment securities (2) (4)
$7,493,822 7,227,400 6,618,533 6,680,047 6,696,768 
Yield
2.07 %2.39 2.72 3.09 3.12 
Trading account assets (5)
$8,496 5,391 6,173 6,306 7,986 
Yield
1.03 %1.69 2.19 2.70 2.69 
Commercial loans (3) (4)
$30,363,102 30,730,135 30,236,919 27,607,343 26,698,202 
Yield
3.96 %3.80 3.95 4.57 4.82 
Consumer loans (3)
$8,521,449 9,032,437 9,899,172 9,985,702 9,809,832 
Yield
4.00 %4.08 4.34 4.60 5.07 
Allowance for loan losses
$(595,547)(591,098)(498,545)(368,033)(269,052)
Loans, net (3)
$38,289,004 39,171,474 39,637,546 37,225,012 36,238,982 
Yield
4.03 %3.92 4.08 4.62 4.93 
Mortgage loans held for sale
$309,278 244,952 221,157 86,415 117,909 
Yield
2.74 %2.92 3.09 3.67 3.77 
Other loans held for sale$544,301 493,940 19,246 — — 
Yield2.81 %3.61 4.19 — — 
Federal funds sold, due from Federal Reserve Bank, and other short-term investments
$2,716,645 1,265,880 1,709,086 652,130 514,635 
Yield
0.10 %0.11 0.11 1.02 1.71 
Federal Home Loan Bank and Federal Reserve Bank Stock (5)
$162,537 200,923 247,801 284,082 278,586 
Yield
2.64 %2.73 3.60 3.38 2.85 
Total interest earning assets
$49,524,083 48,609,960 48,459,542 44,933,992 43,854,866 
Yield
3.49 %3.58 3.75 4.33 4.60 
Interest-Bearing Liabilities
Interest-bearing demand deposits
$8,531,415 7,789,095 7,260,940 6,445,986 6,381,282 
Rate
0.16 %0.19 0.21 0.51 0.60 
Money Market accounts
$14,411,860 13,272,972 12,238,479 11,548,014 10,526,296 
Rate
0.26 %0.36 0.46 1.00 1.13 
Savings deposits
$1,147,667 1,114,956 1,036,024 926,822 915,640 
Rate
0.01 %0.02 0.02 0.05 0.05 
Time deposits under $100,000
$1,239,592 1,379,923 1,621,943 1,761,741 1,873,350 
Rate
0.74 %1.03 1.43 1.64 1.27 
Time deposits over $100,000
$3,302,959 3,863,821 4,772,555 5,051,705 5,198,266 
Rate
1.03 %1.44 1.80 2.04 1.51 
Other brokered deposits
$1,978,393 1,912,114 1,998,571 1,376,669 1,156,131 
Rate
0.23 %0.23 0.25 1.42 1.84 
Brokered time deposits
$1,795,982 2,232,940 2,244,429 2,166,496 2,121,069 
Rate
1.60 %1.59 1.86 2.11 2.16 
Total interest-bearing deposits
$32,407,868 31,565,821 31,172,941 29,277,433 28,172,034 
Rate
0.39 %0.54 0.73 1.18 1.16 
Federal funds purchased and securities sold under repurchase agreements
$174,316 180,342 250,232 167,324 192,731 
Rate
0.07 %0.09 0.12 0.30 0.24 
Other short-term borrowings
$ 46,739 550,000 1,384,362 1,565,507 
Rate
 %1.12 1.23 1.66 1.87 
Long-term debt
$1,552,791 2,234,665 2,834,188 2,678,651 2,153,983 
Rate
3.96 %2.71 2.36 2.78 3.07 
Total interest-bearing liabilities
$34,134,975 34,027,567 34,807,361 33,507,770 32,084,255 
Rate
0.55 %0.68 0.86 1.30 1.30 
Non-interest-bearing demand deposits
$13,566,112 12,773,676 11,923,534 9,409,774 9,706,784 
Cost of funds
0.40 %0.50 0.65 1.04 1.02 
Net interest margin
3.12 %3.10 3.13 3.37 3.65 
Taxable equivalent adjustment
$821 956 861 786 769 
(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 LoansTotal LoansLinked QuarterTotal LoansYear/Year
Loan TypeDecember 31, 2020September 30, 2020% ChangeDecember 31, 2019% Change
Commercial, Financial, and Agricultural$12,574,899 $13,120,038 (4)%$10,239,559 23 %
Owner-Occupied6,798,780 6,894,113 (1)6,529,811 
Total Commercial & Industrial19,373,679 20,014,151 (3)16,769,370 16 
Multi-Family2,197,942 2,365,118 (7)1,989,096 10 
Hotels1,444,264 1,409,424 1,284,291 12 
Office Buildings2,261,253 2,313,346 (2)2,255,308 — 
Shopping Centers1,607,223 1,698,993 (5)1,785,616 (10)
Warehouses702,020 730,253 (4)703,705 — 
Other Investment Property1,133,828 1,145,313 (1)986,311 15 
Total Investment Properties9,346,530 9,662,447 (3)9,004,327 
1-4 Family Construction183,373 180,406 284,594 (36)
1-4 Family Investment Mortgage445,795 474,632 (6)495,421 (10)
Total 1-4 Family Properties629,168 655,038 (4)780,015 (19)
Commercial Development130,802 111,493 17 103,643 26 
Residential Development245,776 260,313 (6)282,677 (13)
Land Acquisition218,158 276,584 (21)323,122 (32)
Land and Development594,736 648,390 (8)709,442 (16)
Total Commercial Real Estate10,570,434 10,965,875 (4)10,493,784 
Consumer Mortgages5,507,700 5,658,525 (3)5,546,368 (1)
Home Equity Lines1,523,836 1,615,207 (6)1,713,157 (11)
Credit Cards281,018 264,829 268,841 
Other Consumer Loans1,073,989 1,130,237 (5)2,396,294 (55)
Total Consumer8,386,543 8,668,798 (3)9,924,660 (15)
Unearned Income(77,672)(98,977)(22)(25,364)206 
Total$38,252,984 $39,549,847 (3)%$37,162,450 %
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)Total
Non-performing Loans
Total
Non-performing Loans
Linked QuarterTotal
Non-performing Loans
Year/Year
Loan TypeDecember 31, 2020September 30, 2020% ChangeDecember 31, 2019% Change
Commercial, Financial, and Agricultural$77,386 $95,365 (19)%$56,186 38 %
Owner-Occupied20,019 20,261 (1)9,780 105 
Total Commercial & Industrial97,405 115,626 (16)65,966 48 
Multi-Family168 157 385 (56)
Office Buildings1,134 27,608 (96)600 89 
Shopping Centers21,082 257 nm718 nm
Warehouses217 — nm— nm
Other Investment Property2,030 238 753 321 532 
Total Investment Properties24,631 28,260 (13)2,024 nm
1-4 Family Construction1,236 1,556 (21)698 77 
1-4 Family Investment Mortgage2,383 1,815 31 1,555 53 
Total 1-4 Family Properties3,619 3,371 2,253 61 
Commercial Development582 833 (30)87 569 
Residential Development533 648 (18)395 35 
Land Acquisition1,048 910 15 628 67 
Land and Development2,163 2,391 (10)1,110 95 
Total Commercial Real Estate30,413 34,022 (11)5,387 465 
Consumer Mortgages8,740 7,433 18 12,545 (30)
Home Equity Lines12,145 10,297 18 12,034 
Other Consumer Loans2,376 1,459 63 5,704 (58)
Total Consumer23,261 19,189 21 30,283 (23)
Total$151,079 $168,837 (11)%$101,636 49 %



Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)20202019Fourth Quarter
FourthThirdSecondFirstFourth'20 vs '19
QuarterQuarterQuarterQuarterQuarter% Change
Non-performing Loans (NPL)$151,079 168,837 147,437 156,287 101,636 49 %
Impaired Loans Held for Sale23,590 — — — — nm
Other Real Estate and Other Assets17,394 23,280 30,242 33,679 35,810 (51)
Non-performing Assets (NPAs)192,063 192,117 177,679 189,966 137,446 40 
Allowance for Loan Losses (ALL)605,736 603,800 588,648 493,452 281,402 115 
Reserve for Unfunded Commitments47,785 60,794 61,029 38,420 1,375 nm
Allowance for Credit Losses (ACL)
653,521 664,594 649,677 531,872 282,777 131 
Net Charge-Offs - Quarter22,139 28,466 24,046 20,061 8,821 
Net Charge-Offs - YTD94,712 72,573 44,107 20,061 57,612 
Net Charge-Offs / Average Loans - Quarter (1)
0.23 %0.29 0.24 0.21 0.10 
Net Charge-Offs / Average Loans - YTD (1)
0.24 0.25 0.23 0.21 0.16 
NPLs / Loans0.39 0.43 0.37 0.41 0.27 
NPAs / Loans, ORE and specific other assets0.50 0.49 0.44 0.50 0.37 
ACL/Loans1.71 1.68 1.63 1.39 0.76 
ALL/Loans1.58 1.53 1.47 1.29 0.76 
ACL/NPLs432.57 393.63 440.65 340.32 278.23 
ALL/NPLs400.94 357.62 399.25 315.74 276.87 
Past Due Loans over 90 days and Still Accruing$4,117 7,512 8,391 6,398 15,943 (74)
As a Percentage of Loans Outstanding0.01 %0.02 0.02 0.02 0.04 
Total Past Due Loans and Still Accruing$47,349 57,316 46,390 83,235 123,793 (62)
As a Percentage of Loans Outstanding0.12 %0.14 0.12 0.22 0.33 
Accruing Troubled Debt Restructurings (TDRs)$134,972 163,511 166,461 160,128 133,145 
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
December 31, 2020September 30, 2020December 31, 2019
Tier 1 Capital$4,572,173 4,450,547 4,280,604 
Total Risk-Based Capital5,604,043 5,536,918 5,123,381 
Common Equity Tier 1 Capital Ratio9.67 %9.30 8.95 
Tier 1 Capital Ratio10.95 10.57 10.23 
Total Risk-Based Capital Ratio13.43 13.16 12.25 
Tier 1 Leverage Ratio8.50 8.48 9.16 
Common Equity as a Percentage of Total Assets (2)
8.51 8.54 9.14 
Tangible Common Equity Ratio (3) (5)
7.66 7.67 8.08 
Book Value Per Common Share (4)
$31.24 30.73 29.93 
Tangible Book Value Per Common Share (3)
27.88 27.34 26.17 
(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.