EX-99.2 3 snv_06302021xex992xfilingx.htm EX-99.2 Document

Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)Six Months Ended
20212020'21 vs '20
% Change
Interest income$822,560 $935,466 (12)%
Interest expense66,844 185,640 (64)
Net interest income755,716 749,826 
(Reversal of) provision for credit losses(43,173)300,573 nm
Net interest income after provision for credit losses798,889 449,253 78 
Non-interest revenue:
Service charges on deposit accounts41,448 36,255 14 
Fiduciary and asset management fees36,759 30,124 22 
Card fees25,300 20,136 26 
Brokerage revenue26,899 22,383 20 
Mortgage banking income36,157 35,757 
Capital markets income10,840 17,294 (37)
Income from bank-owned life insurance16,031 13,794 16 
Investment securities (losses) gains, net(1,990)78,144 nm
Other non-interest revenue26,599 23,454 13 
Total non-interest revenue218,043 277,341 (21)
Non-interest expense:
Salaries and other personnel expense322,044 309,274 
Net occupancy, equipment, and software expense82,959 83,921 (1)
Third-party processing and other services44,451 45,366 (2)
Professional fees17,031 25,980 (34)
FDIC insurance and other regulatory fees11,127 12,129 (8)
Other operating expenses60,053 83,751 (28)
Total non-interest expense537,665 560,421 (4)
Income before income taxes479,267 166,173 188 
Income tax expense105,975 34,461 208 
Net income373,292 131,712 183 
Less: Preferred stock dividends16,581 16,581 — 
Net income available to common shareholders$356,711 $115,131 210 %
Net income per common share, basic$2.41 $0.78 208 %
Net income per common share, diluted2.38 0.78 206 
Cash dividends declared per common share0.66 0.66 — 
Return on average assets *1.38 %0.52 %86 bps
Return on average common equity *15.58 5.15 1,043 
Weighted average common shares outstanding, basic148,289 147,300 %
Weighted average common shares outstanding, diluted149,764 148,067 
nm - not meaningful
bps - basis points
* - ratios are annualized




Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)20212020Second Quarter
Second QuarterFirst QuarterFourth QuarterThird QuarterSecond Quarter '21 vs '20
% Change
Interest income$412,743 409,817 433,479 435,550 451,569 (9)%
Interest expense30,883 35,960 47,547 58,560 75,003 (59)
Net interest income381,860 373,857 385,932 376,990 376,566 
(Reversal of) provision for credit losses(24,598)(18,575)11,066 43,383 141,851 nm
Net interest income after provision for credit losses406,458 392,432 374,866 333,607 234,715 73 
Non-interest revenue:
Service charges on deposit accounts21,414 20,033 19,063 17,813 15,567 38 
Fiduciary and asset management fees18,805 17,954 17,242 15,885 14,950 26 
Card fees13,304 11,996 11,743 10,823 9,186 45 
Brokerage revenue13,926 12,974 11,794 10,604 9,984 39 
Mortgage banking income13,842 22,315 24,426 31,229 23,530 (41)
Capital markets income 3,335 7,505 4,352 5,690 6,050 (45)
Income from bank-owned life insurance7,188 8,843 9,725 7,778 7,756 (7)
Investment securities (losses)/gains, net (1,990)2,337 (1,550)69,409 nm
Other non-interest revenue15,273 11,326 14,079 16,139 17,052 (10)
Total non-interest revenue107,087 110,956 114,761 114,411 173,484 (38)
Non-interest expense:
Salaries and other personnel expense160,567 161,477 153,946 154,994 159,597 
Net occupancy, equipment, and software expense41,825 41,134 44,183 41,554 41,727 — 
Third-party processing and other services24,419 20,032 20,799 21,827 22,666 
Professional fees7,947 9,084 17,541 13,377 15,305 (48)
FDIC insurance and other regulatory fees5,547 5,579 6,288 6,793 6,851 (19)
Other operating expenses30,226 29,828 59,741 78,110 37,995 (20)
Total non-interest expense270,531 267,134 302,498 316,655 284,141 (5)
Income before income taxes243,014 236,254 187,129 131,363 124,058 96 
Income tax expense56,814 49,161 36,720 39,789 30,866 84 
Net income186,200 187,093 150,409 91,574 93,192 100 
Less: Preferred stock dividends8,291 8,291 8,291 8,291 8,291 — 
Net income available to common shareholders$177,909 178,802 142,118 83,283 84,901 110 %
Net income per common share, basic$1.20 1.20 0.96 0.57 0.58 107 %
Net income per common share, diluted1.19 1.19 0.96 0.56 0.57 109 %
Cash dividends declared per common share0.33 0.33 0.33 0.33 0.33 — 
Return on average assets *1.36 %1.40 1.11 0.69 0.71 65 bps
Return on average common equity *15.40 15.77 12.31 7.28 7.48 792 
Weighted average common shares outstanding, basic148,113 148,467 147,744 147,314 147,288 %
Weighted average common shares outstanding, diluted149,747 149,780 148,725 147,976 147,733 
 nm - not meaningful
 bps - basis points
* - ratios are annualized




Synovus
BALANCE SHEET DATAJune 30, 2021December 31, 2020June 30, 2020
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks$560,396 $531,579 $572,169 
Interest-bearing funds with Federal Reserve Bank2,598,213 3,586,565 860,289 
Interest earning deposits with banks21,513 20,944 20,719 
Federal funds sold and securities purchased under resale agreements82,554 113,829 118,048 
Cash, cash equivalents, and restricted cash3,262,676 4,252,917 1,571,225 
Investment securities available for sale, at fair value9,442,170 7,962,438 7,197,493 
Loans held for sale ($202,216, $216,647, and $266,306 measured at fair value, respectively)750,916 760,123 900,936 
Loans, net of deferred fees and costs38,236,018 38,252,984 39,914,297 
Allowance for loan losses(516,708)(605,736)(588,648)
Loans, net37,719,310 37,647,248 39,325,649 
Cash surrender value of bank-owned life insurance1,059,235 1,049,373 1,038,049 
Premises, equipment, and software, net446,447 463,959 481,716 
Goodwill452,390 452,390 497,267 
Other intangible assets, net40,354 45,112 50,392 
Receivable on unsettled securities sales — 1,289,116 
Other assets1,765,161 1,760,599 1,770,146 
Total assets$54,938,659 $54,394,159 $54,121,989 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits$15,345,629 $13,477,854 $12,555,714 
Interest-bearing deposits31,826,333 33,213,717 31,638,866 
Total deposits47,171,962 46,691,571 44,194,580 
Federal funds purchased and securities sold under repurchase agreements194,786 227,922 225,576 
Other short-term borrowings 7,717 300,000 
Long-term debt1,203,293 1,202,494 2,327,921 
Due on unsettled securities purchases48,795 — 922,952 
Other liabilities1,082,109 1,103,121 1,097,992 
Total liabilities49,700,945 49,232,825 49,069,021 
Shareholders' equity:
Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000537,145 537,145 537,145 
Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 169,107,609, 168,132,522, and 167,405,730; outstanding 147,071,532, 148,039,495, and 147,312,703169,108 168,133 167,406 
Additional paid-in capital3,872,949 3,851,208 3,826,726 
Treasury stock, at cost – 22,036,077, 20,093,027, and 20,093,027 shares(824,197)(731,806)(731,806)
Accumulated other comprehensive income, net45,726 158,635 202,970 
Retained earnings1,436,983 1,178,019 1,050,527 
Total shareholders’ equity5,237,714 5,161,334 5,052,968 
Total liabilities and shareholders' equity$54,938,659 $54,394,159 $54,121,989 






Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)20212020
(Dollars in thousands)
SecondFirstFourthThirdSecond
QuarterQuarterQuarterQuarterQuarter
Interest Earning Assets
Investment securities (2) (4)
$9,184,691 8,437,563 7,493,822 7,227,400 6,618,533 
Yield
1.45 %1.40 2.07 2.39 2.72 
Trading account assets (5)
$2,831 3,063 8,496 5,391 6,173 
Yield
1.15 %2.81 1.03 1.69 2.19 
Commercial loans (3) (4)
$29,849,029 29,844,491 30,363,102 30,730,135 30,236,919 
Yield
3.86 %3.95 3.96 3.80 3.95 
Consumer loans (3)
$8,647,448 8,367,776 8,521,449 9,032,437 9,899,172 
Yield
3.94 %3.98 4.00 4.08 4.34 
Allowance for loan losses
$(561,242)(599,872)(595,547)(591,098)(498,545)
Loans, net (3)
$37,935,235 37,612,395 38,289,004 39,171,474 39,637,546 
Yield
3.93 %4.02 4.03 3.92 4.08 
Mortgage loans held for sale
$242,940 246,962 309,278 244,952 221,157 
Yield
3.06 %2.68 2.74 2.92 3.09 
Other loans held for sale$615,301 660,753 544,301 493,940 19,246 
Yield3.05 %2.91 2.81 3.61 4.19 
Federal funds sold, due from Federal Reserve Bank, and other short-term investments
$2,705,819 2,838,063 2,716,645 1,265,880 1,709,086 
Yield
0.11 %0.10 0.10 0.11 0.11 
Federal Home Loan Bank and Federal Reserve Bank Stock (5)
$159,340 157,657 162,537 200,923 247,801 
Yield
2.01 %1.69 2.64 2.73 3.60 
Total interest earning assets
$50,846,157 49,956,456 49,524,083 48,609,960 48,459,542 
Yield
3.26 %3.32 3.49 3.58 3.75 
Interest-Bearing Liabilities
Interest-bearing demand deposits
$8,601,262 8,570,753 8,531,415 7,789,095 7,260,940 
Rate
0.11 %0.14 0.16 0.19 0.21 
Money Market accounts
$15,476,262 15,348,916 14,411,860 13,272,972 12,238,479 
Rate
0.19 %0.23 0.26 0.36 0.46 
Savings deposits
$1,333,297 1,219,288 1,147,667 1,114,956 1,036,024 
Rate
0.02 %0.02 0.01 0.02 0.02 
Time deposits under $100,000
$1,077,931 1,161,306 1,239,592 1,379,923 1,621,943 
Rate
0.41 %0.56 0.74 1.03 1.43 
Time deposits over $100,000
$2,714,451 2,993,996 3,302,959 3,863,821 4,772,555 
Rate
0.56 %0.74 1.03 1.44 1.80 
Other brokered deposits
$1,901,097 1,950,582 1,978,393 1,912,114 1,998,571 
Rate
0.19 %0.20 0.23 0.23 0.25 
Brokered time deposits
$1,156,510 1,418,751 1,795,982 2,232,940 2,244,429 
Rate
1.35 %1.50 1.60 1.59 1.86 
Total interest-bearing deposits
$32,260,810 32,663,592 32,407,868 31,565,821 31,172,941 
Rate
0.24 %0.31 0.39 0.54 0.73 
Federal funds purchased and securities sold under repurchase agreements
$204,053 209,448 174,316 180,342 250,232 
Rate
0.07 %0.07 0.07 0.09 0.12 
Other short-term borrowings
$ — — 46,739 550,000 
Rate
 %— — 1.12 1.23 
Long-term debt
$1,203,038 1,202,613 1,552,791 2,234,665 2,834,188 
Rate
3.82 %3.63 3.96 2.71 2.36 
Total interest-bearing liabilities
$33,667,901 34,075,653 34,134,975 34,027,567 34,807,361 
Rate
0.36 %0.42 0.55 0.68 0.86 
Non-interest-bearing demand deposits
$15,088,836 13,791,286 13,566,112 12,773,676 11,923,534 
Cost of funds
0.25 %0.30 0.40 0.50 0.65 
Effective cost of funds(6)
0.24 %0.28 0.37 0.48 0.62 
Net interest margin
3.02 %3.04 3.12 3.10 3.13 
Taxable equivalent adjustment (4)
$791 774 821 956 861 
(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.
(6) Includes the impact of non-interest-bearing capital funding sources.




Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)Total LoansTotal LoansLinked QuarterTotal LoansYear/Year
(Dollars in thousands)
Loan TypeJune 30, 2021March 31, 2021% Change June 30, 2020% Change
Commercial, Financial, and Agricultural$12,085,534 $12,662,329 (5)%$12,947,164 (7)%
Owner-Occupied7,064,599 7,031,505 — 7,084,481 — 
Total Commercial & Industrial19,150,133 19,693,834 (3)20,031,645 (4)
Multi-Family2,086,641 2,220,939 (6)2,247,959 (7)
Hotels1,411,443 1,462,370 (3)1,362,183 
Office Buildings2,340,378 2,280,053 2,244,366 
Shopping Centers1,645,275 1,662,158 (1)1,775,638 (7)
Warehouses657,699 692,267 (5)779,109 (16)
Other Investment Property1,076,577 1,017,938 826,302 30 
Total Investment Properties9,218,013 9,335,725 (1)9,235,557 — 
1-4 Family Construction174,009 189,626 (8)229,806 (24)
1-4 Family Investment Mortgage462,335 449,328 466,577 (1)
Total 1-4 Family Properties636,344 638,954 — 696,383 (9)
Commercial Development120,683 142,380 (15)112,426 
Residential Development164,950 196,653 (16)270,145 (39)
Land Acquisition221,061 220,216 — 299,659 (26)
Land and Development506,694 559,249 (9)682,230 (26)
Total Commercial Real Estate10,361,051 10,533,928 (2)10,614,170 (2)
Consumer Mortgages5,200,762 5,299,175 (2)5,817,525 (11)
Home Equity Lines1,358,211 1,432,367 (5)1,724,973 (21)
Credit Cards285,508 267,371 250,448 14 
Other Consumer Loans1,880,353 1,578,426 19 1,475,536 27 
Total Consumer8,724,834 8,577,339 9,268,482 (6)
Total$38,236,018 $38,805,101 (1)%$39,914,297 (4)%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)Total
Non-performing Loans
Total
Non-performing Loans
Linked QuarterTotal
Non-performing Loans
Year/Year
(Dollars in thousands)
Loan TypeJune 30, 2021March 31, 2021% ChangeJune 30, 2020% Change
Commercial, Financial, and Agricultural$70,943 $76,460 (7)%$83,000 (15)%
Owner-Occupied13,155 17,192 (23)19,605 (33)
Total Commercial & Industrial84,098 93,652 (10)102,605 (18)
Multi-Family2,407 2,698 (11)— nm
Office Buildings1,618 1,645 (2)836 94 
Shopping Centers124 20,138 (99)409 (70)
Warehouses218 221 (1)— nm
Other Investment Property407 887 (54)393 
Total Investment Properties4,774 25,589 (81)1,638 191 
1-4 Family Construction548 1,291 (58)2,593 (79)
1-4 Family Investment Mortgage1,927 2,760 (30)1,844 
Total 1-4 Family Properties2,475 4,051 (39)4,437 (44)
Commercial Development560 567 (1)840 (33)
Residential Development451 452 — 685 (34)
Land Acquisition1,029 782 32 1,042 (1)
Land and Development2,040 1,801 13 2,567 (21)
Total Commercial Real Estate9,289 31,441 (70)8,642 
Consumer Mortgages51,376 11,201 359 17,438 195 
Home Equity Lines8,938 12,191 (27)14,200 (37)
Other Consumer Loans7,327 6,684 10 4,552 61 
Total Consumer67,641 30,076 125 36,190 87 
Total$161,028 $155,169 %$147,437 %




Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)20212020Second Quarter
SecondFirstFourthThirdSecond '21 vs '20
QuarterQuarterQuarterQuarterQuarter% Change
Non-performing Loans (NPLs)$161,028 155,169 151,079 168,837 147,437 %
Impaired Loans Held for Sale 23,590 23,590 — — nm
Other Real Estate and Other Assets16,806 16,849 17,394 23,280 30,242 (44)
Non-performing Assets (NPAs)177,834 195,608 192,063 192,117 177,679 — 
Allowance for Loan Losses (ALL)516,708 563,214 605,736 603,800 588,648 (12)
Reserve for Unfunded Commitments46,890 51,528 47,785 60,794 61,029 (23)
Allowance for Credit Losses (ACL)
563,598 614,742 653,521 664,594 649,677 (13)
Net Charge-Offs - Quarter26,547 20,204 22,139 28,466 24,046 
Net Charge-Offs - YTD46,750 20,204 94,712 72,573 44,107 
Net Charge-Offs / Average Loans - Quarter (1)
0.28 %0.21 0.23 0.29 0.24 
Net Charge-Offs / Average Loans - YTD (1)
0.24 0.21 0.24 0.25 0.23 
NPLs / Loans0.42 0.40 0.39 0.43 0.37 
NPAs / Loans, ORE and specific other assets0.46 0.50 0.50 0.49 0.44 
ACL/Loans1.47 1.58 1.71 1.68 1.63 
ALL/Loans1.35 1.45 1.58 1.53 1.47 
ACL/NPLs350.00 396.18 432.57 393.63 440.65 
ALL/NPLs320.88 362.97 400.94 357.62 399.25 
Past Due Loans over 90 days and Still Accruing$4,415 3,804 4,117 7,512 8,391 (47)
As a Percentage of Loans Outstanding0.01 %0.01 0.01 0.02 0.02 
Total Past Due Loans and Still Accruing$49,321 45,693 47,349 57,316 46,390 
As a Percentage of Loans Outstanding0.13 %0.12 0.12 0.14 0.12 
Accruing Troubled Debt Restructurings (TDRs)$124,528 129,776 134,972 163,511 166,461 (25)
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
June 30, 2021December 31, 2020June 30, 2020
Tier 1 Capital$4,751,865 4,572,010 4,364,374 
Total Risk-Based Capital5,725,176 5,604,230 5,459,568 
Common Equity Tier 1 Capital Ratio9.75 %9.66 8.90 
Tier 1 Capital Ratio10.99 10.95 10.15 
Total Risk-Based Capital Ratio13.25 13.42 12.70 
Tier 1 Leverage Ratio8.72 8.50 8.38 
Common Equity as a Percentage of Total Assets (2)
8.56 8.51 8.34 
Tangible Common Equity Ratio (3) (5)
7.73 7.66 7.41 
Book Value Per Common Share (4)
$31.96 31.24 30.65 
Tangible Book Value Per Common Share (3)
28.61 27.88 26.94 
(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.