EX-99.2 3 snv_03312022xex992xfilingx.htm EX-99.2 Document

SynovusExhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)20222021First Quarter
First QuarterFourth QuarterThird QuarterSecond QuarterFirst Quarter '22 vs '21
% Change
Interest income$416,062 418,279 412,504 412,743 409,817 %
Interest expense23,814 25,966 27,587 30,883 35,960 (34)
Net interest income392,248 392,313 384,917 381,860 373,857 
Provision for (reversal of) credit losses11,400 (55,210)(7,868)(24,598)(18,575)nm
Net interest income after provision for credit losses380,848 447,523 392,785 406,458 392,432 (3)
Non-interest revenue:
Service charges on deposit accounts22,539 22,221 22,641 21,414 20,033 13 
Fiduciary and asset management fees20,277 20,602 19,786 18,805 17,954 13 
Card fees14,756 12,861 13,238 13,304 11,996 23 
Brokerage revenue14,655 14,795 14,745 13,926 12,974 13 
Mortgage banking income5,953 7,059 11,155 13,842 22,315 (73)
Capital markets income 5,472 7,188 8,089 3,335 7,505 (27)
Income from bank-owned life insurance6,556 15,168 6,820 7,188 8,843 (26)
Investment securities gains (losses), net 230 962 — (1,990)nm
Other non-interest revenue15,126 16,944 17,519 15,273 11,326 34 
Total non-interest revenue105,334 117,068 114,955 107,087 110,956 (5)
Non-interest expense:
Salaries and other personnel expense164,684 167,018 160,364 160,567 161,477 
Net occupancy, equipment, and software expense42,877 42,780 43,483 41,825 41,134 
Third-party processing and other services20,996 22,791 19,446 24,419 20,032 
Professional fees8,474 9,014 6,739 7,947 9,084 (7)
FDIC insurance and other regulatory fees6,250 6,016 5,212 5,547 5,579 12 
Restructuring charges(6,424)5,958 319 415 531 nm
Other operating expenses35,593 41,630 31,469 29,811 29,297 21 
Total non-interest expense272,450 295,207 267,032 270,531 267,134 
Income before income taxes213,732 269,384 240,708 243,014 236,254 (10)
Income tax expense42,695 68,983 53,935 56,814 49,161 (13)
Net income171,037 200,401 186,773 186,200 187,093 (9)
Less: Preferred stock dividends8,291 8,291 8,291 8,291 8,291 — 
Net income available to common shareholders$162,746 192,110 178,482 177,909 178,802 (9)%
Net income per common share, basic$1.12 1.32 1.22 1.20 1.20 (7)%
Net income per common share, diluted1.11 1.31 1.21 1.19 1.19 (7)
Cash dividends declared per common share0.34 0.33 0.33 0.33 0.33 
Return on average assets *1.22 %1.40 1.34 1.36 1.40 (18) bps
Return on average common equity *14.20 16.11 14.96 15.40 15.77 (157)
Weighted average common shares outstanding, basic145,273 145,316 146,308 148,113 148,467 (2)%
Weighted average common shares outstanding, diluted146,665 146,793 147,701 149,747 149,780 (2)
 nm - not meaningful
 bps - basis points
* - ratios are annualized




Synovus
BALANCE SHEET DATAMarch 31, 2022December 31, 2021March 31, 2021
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks$557,178 $432,925 $493,645 
Interest-bearing funds with Federal Reserve Bank941,272 2,479,006 2,722,100 
Interest earning deposits with banks27,411 25,535 23,969 
Federal funds sold and securities purchased under resale agreements27,642 72,387 88,552 
Cash, cash equivalents, and restricted cash1,553,503 3,009,853 3,328,266 
Investment securities available for sale, at fair value10,463,101 10,918,329 8,825,757 
Loans held for sale ($111,992, $108,198, and $242,010 measured at fair value, respectively)723,921 750,642 993,887 
Loans, net of deferred fees and costs40,169,150 39,311,958 38,805,101 
Allowance for loan losses(414,956)(427,597)(563,214)
Loans, net39,754,194 38,884,361 38,241,887 
Cash surrender value of bank-owned life insurance1,075,175 1,068,616 1,054,475 
Premises, equipment, and software, net386,631 407,241 454,911 
Goodwill452,390 452,390 452,390 
Other intangible assets, net33,478 35,596 42,733 
Other assets1,977,156 1,790,198 1,764,705 
Total assets$56,419,549 $57,317,226 $55,159,011 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits$16,611,344 $16,392,653 $14,660,287 
Interest-bearing deposits32,044,900 33,034,623 32,708,664 
Total deposits48,656,244 49,427,276 47,368,951 
Federal funds purchased and securities sold under repurchase agreements501,124 264,133 293,659 
Long-term debt805,259 1,204,229 1,202,825 
Other liabilities1,632,287 1,124,788 1,131,859 
Total liabilities51,594,914 52,020,426 49,997,294 
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 169,912,021, 169,383,758, and 168,978,380; outstanding 145,334,763, 145,010,086, and 148,888,513169,912 169,384 168,978 
Additional paid-in capital3,899,269 3,894,109 3,864,281 
Treasury stock, at cost – 24,577,258, 24,373,672, and 20,089,867 shares(941,168)(931,497)(731,690)
Accumulated other comprehensive income (loss), net(662,065)(82,321)15,278 
Retained earnings1,821,542 1,709,980 1,307,725 
Total shareholders’ equity4,824,635 5,296,800 5,161,717 
Total liabilities and shareholders' equity$56,419,549 $57,317,226 $55,159,011 





Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
First Quarter 2022Fourth Quarter 2021First Quarter 2021
(dollars in thousands)
Average BalanceInterest  Yield/
   Rate
Average BalanceInterest  Yield/
   Rate
Average BalanceInterest  Yield/
   Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$30,756,752 $280,588 3.70 %$29,685,876 $286,513 3.83 %$29,924,651 $291,200 3.95 %
Consumer loans (1) (2)
8,594,009 81,368 3.81 8,679,721 83,836 3.89 8,287,616 82,065 3.83 
Less: Allowance for loan losses
(423,953)  (474,972)— — (599,872)— — 
Loans, net
38,926,808 361,956 3.76 37,890,625 370,349 3.88 37,612,395 373,265 4.02 
Investment securities available for sale
11,259,800 47,250 1.68 10,884,571 41,447 1.52 8,437,563 29,458 1.40 
Trading account assets
9,078 39 1.73 11,280 42 1.50 3,063 222.81 
Other earning assets(4)
1,919,531 815 0.17 3,186,271 1,208 0.15 2,838,063 7160.10 
FHLB and Federal Reserve Bank stock    
160,065 685 1.71 159,933 919 2.30 157,657 668 1.69 
Mortgage loans held for sale
103,887 882 3.40 130,786 1,009 3.09 246,962 1,657 2.68 
Other loans held for sale597,062 5,300 3.55 518,992 4,189 3.16 660,753 4,805 2.91 
Total interest earning assets
52,976,231 $416,927 3.18 %52,782,458 $419,163 3.16 %49,956,456 $410,591 3.32 %
Cash and due from banks
548,684 541,788 518,738 
Premises and equipment
398,774 421,577 460,466 
Other real estate
11,759 1,351 1,823 
Cash surrender value of bank-owned life insurance
1,070,886 1,067,004 1,051,520 
Other assets(5)    
1,849,564 2,097,751 2,199,501 
Total assets
$56,855,898 $56,911,929 $54,188,504 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits    
$9,549,527 $2,372 0.10 %$9,165,054 $2,238 0.10 %$8,570,753 $2,973 0.14 %
Money market accounts
16,045,627 5,349 0.14 15,998,203 5,562 0.14 15,348,916 8,730 0.23 
Savings deposits
1,460,648 67 0.02 1,408,858 65 0.02 1,219,288 49 0.02 
Time deposits
3,009,795 2,138 0.29 3,163,062 2,599 0.33 4,155,302 7,042 0.69 
Brokered deposits2,788,124 3,733 0.54 2,836,841 3,980 0.56 3,369,333 6,224 0.75 
Federal funds purchased and securities sold under repurchase agreements    
194,352 11 0.02 227,664 24 0.04 209,448 34 0.07 
Other short-term borrowings
4,653   — — — — — — 
Long-term debt
982,423 10,144 4.13 1,203,959 11,498 3.82 1,202,613 10,908 3.63 
Total interest-bearing liabilities
34,035,149 $23,814 0.28 %34,003,641 $25,966 0.30 %34,075,653 $35,960 0.42 %
Non-interest-bearing demand deposits
16,491,643 16,545,203 13,791,286 
Other liabilities
1,144,535 1,095,112 1,185,344 
Shareholders' equity
5,184,571 5,267,973 5,136,221 
Total liabilities and shareholders' equity
$56,855,898 $56,911,929 $54,188,504 
Net interest income and net interest margin, taxable equivalent (6)
$393,113 3.00 %$393,197 2.96 %$374,631 3.04 %
Less: taxable-equivalent adjustment
865 884 774 
Net interest income
$392,248 $392,313 $373,857 
(1)Average loans are shown net of deferred fees and costs. NPLs are included.
(2)Interest income includes net loan fees as follows: First Quarter 2022 — $20.7 million, Fourth Quarter 2021 — $24.7 million, and First Quarter 2021 — $31.9 million.
(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $(247.4) million, $(34.2) million, and $116.1 million for the First Quarter 2022, Fourth Quarter 2021, and First Quarter 2021, respectively.
(6)The net interest margin is calculated by dividing annualized net interest income-taxable equivalent by average total interest earning assets.



Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)Total LoansTotal LoansLinked QuarterTotal LoansYear/Year
(Dollars in thousands)
Loan TypeMarch 31, 2022December 31, 2021% Change March 31, 2021% Change
Commercial, Financial, and Agricultural$12,659,611 $12,147,858 %$12,748,106 (1)%
Owner-Occupied7,692,714 7,475,066 7,031,505 
Total Commercial & Industrial20,352,325 19,622,924 19,779,611 
Multi-Family2,288,497 2,129,424 2,220,939 
Hotels1,593,983 1,537,060 1,462,370 
Office Buildings2,521,381 2,511,058 — 2,280,053 11 
Shopping Centers1,500,768 1,655,465 (9)1,627,933 (8)
Warehouses814,756 801,639 692,267 18 
Other Investment Property1,327,760 1,268,130 1,052,163 26 
Total Investment Properties10,047,145 9,902,776 9,335,725 
1-4 Family Construction229,038 206,881 11 189,626 21 
1-4 Family Investment Mortgage391,636 438,588 (11)449,328 (13)
Total 1-4 Family Properties620,674 645,469 (4)638,954 (3)
Commercial Development102,757 102,790 — 142,380 (28)
Residential Development193,580 171,820 13 196,653 (2)
Land Acquisition181,162 192,256 (6)220,216 (18)
Land and Development477,499 466,866 559,249 (15)
Total Commercial Real Estate11,145,318 11,015,111 10,533,928 
Consumer Mortgages5,052,003 5,068,998 — 5,299,130 (5)
Home Equity 1,416,341 1,361,419 1,460,866 (3)
Credit Cards188,247 204,172 (8)181,594 
Other Consumer Loans2,014,916 2,039,334 (1)1,549,972 30 
Total Consumer8,671,507 8,673,923 — 8,491,562 
Total$40,169,150 $39,311,958 %$38,805,101 %
NON-PERFORMING LOANS COMPOSITION
(Unaudited)Total
Non-performing Loans
Total
Non-performing Loans
Linked QuarterTotal
Non-performing Loans
Year/Year
(Dollars in thousands)
Loan TypeMarch 31, 2022December 31, 2021% ChangeMarch 31, 2021% Change
Commercial, Financial, and Agricultural$64,888 $61,787 %$76,460 (15)%
Owner-Occupied10,854 11,196 (3)17,192 (37)
Total Commercial & Industrial75,742 72,983 93,652 (19)
Multi-Family2,639 2,380 11 2,698 (2)
Office Buildings2,205 1,615 37 1,645 34 
Shopping Centers915 915 — 20,138 (95)
Warehouses482 223 116 221 118 
Other Investment Property1,047 717 46 887 18 
Total Investment Properties7,288 5,850 25 25,589 (72)
1-4 Family Construction55 55 — 1,291 (96)
1-4 Family Investment Mortgage2,187 4,508 (51)2,760 (21)
Total 1-4 Family Properties2,242 4,563 (51)4,051 (45)
Commercial Development625 449 39 567 10 
Residential Development407 446 (9)452 (10)
Land Acquisition1,021 1,023 — 782 31 
Land and Development2,053 1,918 1,801 14 
Total Commercial Real Estate11,583 12,331 (6)31,441 (63)
Consumer Mortgages29,997 29,078 11,201 168 
Home Equity 8,854 9,773 (9)12,207 (27)
Other Consumer Loans5,955 6,877 (13)6,668 (11)
Total Consumer44,806 45,728 (2)30,076 49 
Total$132,131 $131,042 %$155,169 (15)%




Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)20222021First Quarter
FirstFourthThirdSecondFirst '22 vs '21
QuarterQuarterQuarterQuarterQuarter% Change
Non-performing Loans (NPLs)$132,131 131,042 155,465 161,028 155,169 (15)%
Impaired Loans Held for Sale — — — 23,590 nm
Other Real Estate and Other Assets26,759 27,137 16,883 16,806 16,849 59 
Non-performing Assets (NPAs)158,890 158,179 172,348 177,834 195,608 (19)
Allowance for Loan Losses (ALL)414,956 427,597 492,243 516,708 563,214 (26)
Reserve for Unfunded Commitments47,317 41,885 42,971 46,890 51,528 (8)
Allowance for Credit Losses (ACL)
462,273 469,482 535,214 563,598 614,742 (25)
Net Charge-Offs - Quarter18,609 10,522 20,516 26,547 20,204 
Net Charge-Offs - YTD18,609 77,788 67,266 46,750 20,204 
Net Charge-Offs / Average Loans - Quarter (1)
0.19 %0.11 0.22 0.28 0.21 
Net Charge-Offs / Average Loans - YTD (1)
0.19 0.20 0.24 0.24 0.21 
NPLs / Loans0.33 0.33 0.41 0.42 0.40 
NPAs / Loans, ORE and specific other assets0.40 0.40 0.45 0.46 0.50 
ACL/Loans1.15 1.19 1.40 1.47 1.58 
ALL/Loans1.03 1.09 1.28 1.35 1.45 
ACL/NPLs349.86 358.27 344.27 350.00 396.18 
ALL/NPLs314.05 326.31 316.63 320.88 362.97 
Past Due Loans over 90 days and Still Accruing$3,067 6,770 5,960 4,415 3,804 (19)
As a Percentage of Loans Outstanding0.01 %0.02 0.02 0.01 0.01 
Total Past Due Loans and Still Accruing$45,385 57,565 60,817 49,321 45,693 (1)
As a Percentage of Loans Outstanding0.11 %0.15 0.16 0.13 0.12 
Accruing Troubled Debt Restructurings (TDRs)$145,957 119,804 126,055 124,528 129,776 12 
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
March 31, 2022December 31, 2021March 31, 2021
Common Equity Tier 1 Capital Ratio9.47 %9.50 9.74 
Tier 1 Capital Ratio10.60 10.66 10.99 
Total Risk-Based Capital Ratio12.53 12.61 13.34 
Tier 1 Leverage Ratio8.87 8.72 8.80 
Common Equity as a Percentage of Total Assets (2)
7.60 8.30 8.38 
Tangible Common Equity Ratio (3) (5)
6.80 7.52 7.55 
Book Value Per Common Share (4)
$29.50 32.82 31.06 
Tangible Book Value Per Common Share (3)
26.16 29.46 27.74 
(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.