EX-99.2 3 snv_03312023xex992xfilingx.htm EX-99.2 Document

SynovusExhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)20232022First Quarter
First QuarterFourth QuarterThird QuarterSecond QuarterFirst Quarter '23 vs '22
% Change
Interest income$716,879 654,654 551,299 453,772 416,062 72 %
Interest expense236,128 153,308 73,380 28,384 23,814 892 
Net interest income480,751 501,346 477,919 425,388 392,248 23 
Provision for (reversal of) credit losses32,154 34,884 25,581 12,688 11,400 182 
Net interest income after provision for credit losses448,597 466,462 452,338 412,700 380,848 18 
Non-interest revenue:
Service charges on deposit accounts22,974 23,639 23,398 23,491 22,539 
Fiduciary and asset management fees19,696 18,836 19,201 20,100 20,277 (3)
Card fees15,824 15,887 15,101 16,089 14,756 
Brokerage revenue22,558 19,996 17,140 15,243 14,655 54 
Mortgage banking income3,858 2,554 5,065 3,904 5,953 (35)
Capital markets income 13,725 6,998 6,839 7,393 5,472 151 
Income from bank-owned life insurance7,262 7,206 6,792 9,165 6,556 11 
Investment securities gains (losses), net1,030 — — — — nm
Recovery of NPA13,126 — — — — nm
Other non-interest revenue13,073 7,323 10,762 1,881 15,126 (14)
Total non-interest revenue133,126 102,439 104,298 97,266 105,334 26 
Non-interest expense:
Salaries and other personnel expense188,924 182,629 173,334 161,063 164,684 15 
Net occupancy, equipment, and software expense42,860 45,192 43,462 43,199 42,877 — 
Third-party processing and other services21,833 23,130 22,539 21,952 20,996 
Professional fees8,963 11,096 6,755 10,865 8,474 
FDIC insurance and other regulatory fees10,268 8,232 7,707 6,894 6,250 64 
Restructuring charges (reversals)(733)(2,372)956 (1,850)(6,424)nm
Loss on other loans held for sale16,750 — — — — nm
Other operating expenses32,987 41,089 39,257 39,928 35,593 (7)
Total non-interest expense321,852 308,996 294,010 282,051 272,450 18 
Income before income taxes259,871 259,905 262,626 227,915 213,732 22 
Income tax expense57,712 54,135 59,582 49,863 42,695 35 
Net income202,159 205,770 203,044 178,052 171,037 18 
Less: Preferred stock dividends8,291 8,291 8,291 8,291 8,291 — 
Net income available to common shareholders$193,868 197,479 194,753 169,761 162,746 19 %
Net income per common share, basic$1.33 1.36 1.34 1.17 1.12 19 %
Net income per common share, diluted1.32 1.35 1.33 1.16 1.11 19 
Cash dividends declared per common share0.38 0.34 0.34 0.34 0.34 12 
Return on average assets *1.36 %1.38 1.39 1.26 1.22 14  bps
Return on average common equity *19.23 20.93 18.66 16.48 14.20 503 
Weighted average common shares outstanding, basic145,799 145,467 145,386 145,328 145,273 — %
Weighted average common shares outstanding, diluted146,727 146,528 146,418 146,315 146,665 — 
 nm - not meaningful
 bps - basis points
* - ratios are annualized






Synovus
BALANCE SHEET DATAMarch 31, 2023December 31, 2022March 31, 2022
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks$638,150 $624,097 $557,178 
Interest-bearing funds with Federal Reserve Bank2,656,953 1,280,684 941,272 
Interest earning deposits with banks34,779 34,632 27,411 
Federal funds sold and securities purchased under resale agreements35,518 38,367 27,642 
Cash, cash equivalents, and restricted cash3,365,400 1,977,780 1,553,503 
Investment securities available for sale, at fair value9,732,618 9,678,103 10,463,101 
Loans held for sale (includes $44,400, $51,136 and $111,992 measured at fair value, respectively)669,447 391,502 723,921 
Loans, net of deferred fees and costs44,044,939 43,716,353 40,169,150 
Allowance for loan losses(457,010)(443,424)(414,956)
Loans, net43,587,929 43,272,929 39,754,194 
Cash surrender value of bank-owned life insurance1,094,072 1,089,280 1,075,175 
Premises, equipment, and software, net367,089 370,632 386,631 
Goodwill452,390 452,390 452,390 
Other intangible assets, net25,267 27,124 33,478 
Other assets2,545,813 2,471,638 1,977,156 
Total assets$61,840,025 $59,731,378 $56,419,549 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits$14,642,677 $15,639,899 $16,611,344 
Interest-bearing deposits35,311,259 33,231,660 32,044,900 
Total deposits49,953,936 48,871,559 48,656,244 
Federal funds purchased and securities sold under repurchase agreements195,695 146,588 501,124 
Other short-term borrowings253,152 603,384 400,389 
Long-term debt5,146,252 4,109,597 805,259 
Other liabilities1,520,860 1,524,449 1,231,898 
Total liabilities57,069,895 55,255,577 51,594,914 
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 170,713,864, 170,141,492 and 169,912,021 respectively; outstanding 146,059,006, 145,486,634 and 145,334,763 respectively170,714 170,141 169,912 
Additional paid-in capital3,925,449 3,920,346 3,899,269 
Treasury stock, at cost; 24,654,858, 24,654,858, and 24,577,258 shares, respectively(944,484)(944,484)(941,168)
Accumulated other comprehensive income (loss), net(1,289,327)(1,442,117)(662,065)
Retained earnings2,370,633 2,234,770 1,821,542 
Total shareholders’ equity4,770,130 4,475,801 4,824,635 
Total liabilities and shareholders' equity$61,840,025 $59,731,378 $56,419,549 





Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
First Quarter 2023Fourth Quarter 2022First Quarter 2022
(dollars in thousands)
Average BalanceInterest  Yield/
   Rate
Average BalanceInterest  Yield/
   Rate
Average BalanceInterest  Yield/
   Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$35,030,809 $526,529 6.10 %$34,103,384 $474,439 5.52 %$30,756,752 $280,588 3.70 %
Consumer loans (1) (2)
8,762,631 104,147 4.78 9,041,520 101,905 4.50 8,594,009 81,368 3.81 
Less: Allowance for loan losses
(445,192)  (427,525)— — (423,953)— — 
Loans, net
43,348,248 630,676 5.89 42,717,379 576,344 5.36 38,926,808 361,956 3.76 
Investment securities available for sale
11,293,958 61,054 2.16 11,296,449 58,840 2.08 11,259,800 47,250 1.68 
Trading account assets
11,338 124 4.39 15,552 68 1.75 9,078 391.73 
Other earning assets(4)
1,513,800 17,212 4.55 1,148,099 10,490 3.58 1,919,531 8150.17 
FHLB and Federal Reserve Bank stock    
306,935 3,355 4.37 270,822 2,805 4.14 160,065 685 1.71 
Mortgage loans held for sale
36,497 566 6.20 46,240 688 5.95 103,887 882 3.40 
Other loans held for sale443,690 5,011 4.52 514,811 6,550 4.98 597,062 5,300 3.55 
Total interest earning assets
56,954,466 $717,998 5.11 %56,009,352 $655,785 4.65 %52,976,231 $416,927 3.19 %
Cash and due from banks
643,502 651,189 548,684 
Premises and equipment
370,275 375,352 398,774 
Other real estate
 — 11,759 
Cash surrender value of bank-owned life insurance
1,091,080 1,085,394 1,070,886 
Other assets(5)    
1,074,238 842,130 1,849,564 
Total assets
$60,133,561 $58,963,417 $56,855,898 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits    
$9,088,533 $23,218 1.04 %$8,627,386 $14,160 0.65 %$9,549,527 $2,372 0.10 %
Money market accounts
14,397,683 72,618 2.05 14,771,308 46,671 1.25 16,045,627 5,349 0.14 
Savings deposits
1,370,173 211 0.06 1,450,153 176 0.05 1,460,648 67 0.02 
Time deposits
3,601,288 21,496 2.42 2,567,979 7,648 1.18 3,009,795 2,138 0.29 
Brokered deposits5,553,970 56,392 4.12 4,986,542 39,500 3.14 2,788,124 3,733 0.54 
Federal funds purchased and securities sold under repurchase agreements    
133,360 670 2.01 141,707 437 1.21 194,352 11 0.02 
Other short-term borrowings
1,677,519 18,994 4.53 660,295 6,383 3.78 4,773 — — 
Long-term debt
3,148,062 42,529 5.41 3,446,306 38,333 4.39 982,423 10,144 4.13 
Total interest-bearing liabilities
38,970,588 $236,128 2.46 %36,651,676 $153,308 1.66 %34,035,269 $23,814 0.28 %
Non-interest-bearing demand deposits
15,014,224 16,569,275 16,491,643 
Other liabilities
1,522,827 1,462,394 1,144,415 
Shareholders' equity
4,625,922 4,280,072 5,184,571 
Total liabilities and shareholders' equity
$60,133,561 $58,963,417 $56,855,898 
Net interest income and net interest margin, taxable equivalent (6) (7)
$481,870 3.43 %$502,477 3.56 %$393,113 3.01 %
Less: taxable-equivalent adjustment
1,119 1,131 865 
Net interest income
$480,751 $501,346 $392,248 
(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 2023 — $11.5 million, Fourth Quarter 2022 — $11.7 million, and First Quarter 2022 — $20.7 million.
(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans 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 $(1.52) billion, $(1.69) billion, and $(247.4) million for the First Quarter 2023, Fourth Quarter 2022, and First Quarter 2022, respectively.
(6)The net interest margin is calculated by dividing annualized net interest income-taxable equivalent by average total interest earning assets.
(7)Net interest margin reflects Actual/Actual day count and includes other immaterial adjustments versus NIM previously reported.



Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)Total LoansTotal LoansLinked QuarterTotal LoansYear/Year
(Dollars in thousands)
Loan TypeMarch 31, 2023December 31, 2022% Change March 31, 2022% Change
Commercial, Financial, and Agricultural$14,201,398 $13,874,416 %$12,659,611 12 %
Owner-Occupied8,398,778 8,192,240 7,692,714 
Total Commercial & Industrial22,600,176 22,066,656 20,352,325 11 
Multi-Family3,374,129 3,134,571 2,288,497 47 
Hotels1,737,163 1,708,194 1,593,983 
Office Buildings3,071,236 3,011,911 2,521,381 22 
Shopping Centers1,332,078 1,403,928 (5)1,500,768 (11)
Warehouses1,020,921 1,035,152 (1)814,756 25 
Other Investment Property1,441,303 1,350,291 1,327,760 
Total Investment Properties11,976,830 11,644,047 10,047,145 19 
1-4 Family Construction201,896 229,263 (12)229,038 (12)
1-4 Family Investment Mortgage394,754 387,670 391,636 
Total 1-4 Family Properties596,650 616,933 (3)620,674 (4)
Commercial Development63,004 79,889 (21)102,757 (39)
Residential Development106,872 108,661 (2)193,580 (45)
Land Acquisition253,399 200,783 26 181,162 40 
Land and Development423,275 389,333 477,499 (11)
Total Commercial Real Estate12,996,755 12,650,313 11,145,318 17 
Consumer Mortgages5,246,640 5,214,443 5,052,003 
Home Equity 1,757,250 1,757,038 — 1,416,341 24 
Credit Cards184,595 203,612 (9)188,247 (2)
Other Consumer Loans1,259,523 1,824,291 (31)2,014,916 (37)
Total Consumer8,448,008 8,999,384 (6)8,671,507 (3)
Total$44,044,939 $43,716,353 %$40,169,150 10 %
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, 2023December 31, 2022% ChangeMarch 31, 2022% Change
Commercial, Financial, and Agricultural$94,196 $59,307 59 %$64,888 45 %
Owner-Occupied25,591 10,104 153 10,854 136 
Total Commercial & Industrial119,787 69,411 73 75,742 58 
Multi-Family1,806 1,857 (3)2,639 (32)
Office Buildings190 309 (39)2,205 (91)
Shopping Centers727 735 (1)915 (21)
Warehouses222 223 — 482 (54)
Other Investment Property668 349 91 1,047 (36)
Total Investment Properties3,613 3,473 7,288 (50)
1-4 Family Construction 55 (100)55 (100)
1-4 Family Investment Mortgage3,515 3,067 15 2,187 61 
Total 1-4 Family Properties3,515 3,122 13 2,242 57 
Commercial Development — nm625 (100)
Residential Development267 267 — 407 (34)
Land Acquisition886 891 (1)1,021 (13)
Land and Development1,153 1,158 — 2,053 (44)
Total Commercial Real Estate8,281 7,753 11,583 (29)
Consumer Mortgages39,536 36,847 29,997 32 
Home Equity 7,967 6,830 17 8,854 (10)
Other Consumer Loans6,889 7,220 (5)5,955 16 
Total Consumer54,392 50,897 44,806 21 
Total$182,460 $128,061 42 %$132,131 38 %




Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)20232022First Quarter
FirstFourthThirdSecondFirst '23 vs '22
QuarterQuarterQuarterQuarterQuarter% Change
Non-performing Loans (NPLs)$182,460 128,061 122,094 109,024 132,131 38 %
Impaired Loans Held for Sale — 447 — — nm
Other Real Estate and Other Assets 15,320 15,320 26,759 26,759 (100)
Non-performing Assets (NPAs)182,460 143,381 137,861 135,783 158,890 15 
Allowance for Loan Losses (ALL)457,010 443,424 421,359 407,837 414,956 10 
Reserve for Unfunded Commitments57,473 57,455 57,936 50,559 47,317 21 
Allowance for Credit Losses (ACL)
514,483 500,879 479,295 458,396 462,273 11 
Net Charge-Offs - Quarter18,550 13,300 4,682 16,565 18,609 
Net Charge-Offs - YTD18,550 53,156 39,856 35,174 18,609 
Net Charge-Offs / Average Loans - Quarter (1)
0.17 %0.12 0.04 0.16 0.19 
Net Charge-Offs / Average Loans - YTD (1)
0.17 0.13 0.13 0.18 0.19 
NPLs / Loans0.41 0.29 0.29 0.26 0.33 
NPAs / Loans, ORE and specific other assets0.41 0.33 0.32 0.33 0.40 
ACL/Loans1.17 1.15 1.13 1.11 1.15 
ALL/Loans1.04 1.01 0.99 0.99 1.03 
ACL/NPLs281.97 391.13 392.56 420.45 349.86 
ALL/NPLs250.47 346.26 345.11 374.08 314.05 
Past Due Loans over 90 days and Still Accruing$3,529 3,373 3,443 2,251 3,067 15 
As a Percentage of Loans Outstanding0.01 %0.01 0.01 0.01 0.01 
Total Past Due Loans and Still Accruing$55,053 65,568 63,545 56,160 45,385 21 
As a Percentage of Loans Outstanding0.12 %0.15 0.15 0.14 0.11 
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
March 31, 2023December 31, 2022March 31, 2022
Common Equity Tier 1 Capital Ratio9.76 %9.63 9.49 
Tier 1 Capital Ratio10.79 10.68 10.63 
Total Risk-Based Capital Ratio12.69 12.54 12.56 
Tier 1 Leverage Ratio9.14 9.07 8.87 
Total Shareholders' Equity as a Percentage of Total Assets 7.71 7.49 8.55 
Tangible Common Equity Ratio (2) (4)
6.12 5.84 6.80 
Book Value Per Common Share (3)
$28.98 27.07 29.50 
Tangible Book Value Per Common Share (2)
25.71 23.78 26.16 
(1) Current quarter regulatory capital information is preliminary.
(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
(3) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
(4) See "Non-GAAP Financial Measures" for applicable reconciliation.